Goldilocks' Comments and Global Economic News for Wednesday morning August 23, 2023

Goldilocks' Comments and Global Economic News for Wednesday morning August 23, 2023

Good morning Dinar Recaps,

Goldilocks posted comments and news links on the global financial system:

Attach your mind and heart to truth and service, and there will be no limits to what you can achieve.  

© Goldilocks

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U.S. National Security Adviser Jake Sullivan said President Joe Biden will call for reforms at the International Monetary Fund and World Bank during the G20 summit scheduled for New Delhi next month.

Biden “will focus a significant portion of his energy while there on modernizing multilateral development banks, including the World Bank and the International Monetary Fund,” Sullivan explained.

Sullivan also confirmed that Biden will attend the G20 summit next September in the Indian capital, New Delhi.

India has been chairing the G20 since December 1, 2022, with the 18th Summit of G20 Heads of State and Government to be held from 9 to 10 September 2023.

https://economy-news.net/content.php?id=35810

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Chinese President Xi Jinping says that relations between China and South Africa have entered a “golden era” and are set to deepen.

Interesting choice of words.

Read: https://twitter.com/GoldTelegraph_/status/1694331200343626055

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The BRICS Nations, The Jackson Hole Symposium, and the G20 are all about monetary policies.

Monetary policy changes the money supply and credit availability to countries which can also affect exchange rates.

In this case, we have Tokenized Assets backed by Commodities going forward that will shift prices on goods and services and exchange rates of our local currencies around the world.

On September the 10th, these new monetary policies will be encouraged to move forward with proposed revisions by the G20.

This is not calling an RV date. I am just letting you know what the next steps are after these monetary policies go into effect.

© Goldilocks

Study Link

IMF Link

https://www.investopedia.com/articles/forex/11/golds-effect-currencies.asp

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"BRICS Bank shifts away from the dollar, to issue 30% of loans in local currencies"

This would not be a smart move unless there is an awareness that the appreciation of those currencies being loaned are about to appreciate.  

© Goldilocks

https://www.thecable.ng/brics-bank-shifts-away-from-dollar-to-issue-30-of-loans-in-local-currencies

http://treasury.worldbank.org/en/about/unit/treasury/ibrd-financial-products/local-currency-financing

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China says African countries want industrialization over infrastructure

https://www.reuters.com/world/china-says-african-countries-want-industrialisation-over-infrastructure-2023-08-22/

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A more inclusive path beneficial for a multipolar world

"Settling foreign trade deals in non-dollar currencies is slowly but surely becoming a global trend, reflecting many countries' desire to realize currency sovereignty."

It is becoming increasingly clear that currency reforms across the Globe are becoming a priority.

The shift towards the East exchanging in their local currencies, rather than, the dollar is gaining traction.

Demand equals a raising in value.

© Goldilocks

https://global.chinadaily.com.cn/a/202308/22/WS64e3e796a31035260b81d661.html

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Early Wednesday Morning Iraq Economic News Highlights 8-23-23

Early Wednesday Morning Iraq Economic News Highlights 8-23-23

Parliamentary Finance Determines A Factor To Reduce The Exchange Rate

425    The Parliamentary Finance Committee stressed, today, Wednesday, the implementation of a number of measures in order to reduce the exchange rate of the dollar, whether they are technical or related to the central bank and its procedures.

Committee member Mueen Al-Kazemi said, according to the official newspaper, that “the important factor for the decline in the dollar exchange rate is the simplification of the central bank’s procedures for merchants to urge them to resort to the currency window and not go to the parallel market that caused the high exchange rate, in addition to simplifying the procedures for granting sums to Iraqi travelers.” instead of the current method.

Al-Kadhimi added, “Another problem must be discussed with the US Federal Reserve regarding the countries from which the Iraqi merchant imports and does not grant a transfer to them, given that there is a national interest for the Iraqi people with this import.”

And on some technical matters, the committee member called for “consideration of simplifying the issue of tax that can be deducted in the central bank instead of reviewing the tax departments and entering into a complex routine.”

He stressed that "all these matters must be followed up by consulting the private sector, which is basically the root of the problem in order to obtain positive results."

https://takadum-news.com/archives/179917#hathalyoum

Economist: Iraq Lost More Than $2 Billion After Stopping The Region's Oil Exports

Energy  Economy News – Baghdad  Researcher Muhammad Salih confirmed that stopping Turkey from producing 500,000 barrels per day of oil in the Kurdistan region and Kirkuk has cost Iraq more than two billion dollars in losses so far.

Salih said that the decision of the International Chamber of Commerce, which obligated Turkey to pay $1.5 billion in fines to Iraq, to​​facilitate the Kurdistan region's oil exports, contributed to weakening Ankara's influence and its ability to maneuver in Iraqi energy resources.

He pointed out that the investment of Turkish companies in the energy sector in the region added more complexity to the Iraqi-Turkish relations, because Turkey views the oil and gas reserves in the region as a low-cost source of energy for its growing economy.

Views 97  08/22/2023 - https://economy-news.net/content.php?id=35811

Ministry Of Oil: Last Month's Revenues Amounted To (8) Billion And (330) Million Dollars

Political  |  08/23/2023  Baghdad - Mawazine News  The Ministry of Oil announced today, Wednesday, that revenues for the month of July amounted to more than 8 billion dollars, indicating that the average price per barrel amounted to (78,033) dollars.

The ministry stated in a statement, which Mawazine News received a copy of, that "the final statistics for the quantity of crude oil exports issued by the Iraqi Oil Marketing Company (SOMO) amounted to (106) million and (755) thousand and (169) barrels, with revenues amounting to ( 8) billion and (330) million and (475) thousand dollars.

She added that "the total quantities of crude oil exported for the month of July from the oil fields in central and southern Iraq amounted to (105) million and (487) thousand and (610) barrels, while the quantities exported from Qayyarah were (922) thousand and (755) barrels. While exports to Jordan were (344) thousand and (804) barrels.

And she indicated that "the average price of one barrel amounted to (78,033) dollars," explaining that "the exported quantities were loaded by (40) international companies of several nationalities, from the ports of Basra, Khor Al-Khabeer, the mono-buoys on the Gulf, the Turkish port of Ceyhan on the Mediterranean, and the Kirkuk warehouse." Talking about trucking.

It is noteworthy that the Ministry of Oil, through its belief in informing the people of export operations and the revenues generated from it, took this monthly procedure. Ended 29 / H

https://www.mawazin.net/Details.aspx?jimare=233763

Parliamentarian Expects To Pass The Oil And Gas Law Before The Local Elections

Energy   Economy News – Baghdad  A member of the Parliamentary Oil and Gas Committee, Zainab al-Moussawi, expected, on Tuesday, to vote on the draft oil and gas law before the provincial elections scheduled for December 18.

Al-Moussawi said, "Discussions and discussions are continuing about the oil and gas law, which will join the work of natural resources in Iraq, but we want to reach a formula for a law that serves the country and does not serve one party at the expense of another."

She added, "There are objections by the Kurdish blocs about some articles in the law, such as handing over oil production in the region to Baghdad and exporting it through SOMO, in addition to allocations for oil-producing provinces and other matters that will be resolved soon."

Al-Moussawi added, in an interview with "Euphrates News" agency, which was followed by "Al-Iqtisad News", that "a vote on the law is expected before the next local elections."

Views 52   08/22/2023 - https://economy-news.net/content.php?id=35812

KDP: Oil And Gas Negotiations Are Difficult

Posted On2023-08-23 By Sotaliraq   The Kurdistan Democratic Party bloc described the negotiations on the oil and gas law as difficult, pointing out that there are parties that want to legislate it in a manner that is not in accordance with the constitution.

"Several negotiating rounds entered by the delegation of the Kurdistan region in Baghdad faced great difficulties," said the representative of the bloc, Jay Taymur, in a statement to (Al-Mada). Timur continued,

That "these difficulties are represented by the federal government that wants to enact this law away from the articles of the constitution that guaranteed the region and the oil-producing governorates a joint administration with the federal government that allows for fair marketing and production of oil."

He pointed out, "The Kurdistan Regional Government wants a fair and just law in the light of the articles of the constitution through which it can draw up a joint oil policy with the center to come up with a fair formula that satisfies everyone."

For his part, MP for the State of Law Coalition, Firas Al-Maslamawi, stated that “the priority of the presidency of Parliament and the House of Representatives is to legislate laws sent by the government, and in the second stage come the proposals of laws and committees.”

Al-Maslamawi added, “Parliamentary committees decided that the proposals and amendments of laws sent by the government should be in a way that touches the lives of citizens.”

He pointed out, “The important laws that Parliament intends to legislate after the receipt of its draft includes, among them, the oil and gas law,” stressing that “there is a parliamentary and governmental will to legislate it in a manner that preserves justice in the distribution of wealth.”

Last week, the Ministry of Oil organized a meeting for the working group tasked with preparing the draft oil and gas law. The meeting was chaired by the Ministry's Adviser for Administrative, Legal and Supervisory Affairs, Hamdan Awijel, and included a number of officials in the oil companies and departments of the Ministry's headquarters.

The Ministry of Oil said in a statement that the meeting aims to discuss the preparation of a draft oil and gas law, and work to develop a professional national vision that achieves the goals of optimal investment of oil wealth to serve the public interest.

Prime Minister Muhammad Shia al-Sudani had directed in early August to form a ministerial committee to supervise the technical dialogues between the Federal Ministry of Oil and the Ministry of Natural Resources in the region, as well as inviting the governors of the oil-producing provinces of Basra, Maysan, Kirkuk and Dhi Qar, and the general managers of the companies. Governmental Oil Ministry for the ongoing technical dialogues regarding the draft oil and gas law, provided that these dialogues are followed by the completion of the political dialogue to agree on presenting the draft law.

The oil and gas law is one of the most important differences between the federal government and the Kurdistan region, and the parties did not reach a settlement on it throughout the past four parliamentary sessions. During the current parliamentary session, the political blocs are counting on finding solutions to the existing differences and pushing for understandings that satisfy all parties to pass the law.  LINK

The Dollar Is Hovering Near A Two-Month High

Arab and international   Economy News-Baghdad  The US dollar approached its highest level in two months on Wednesday, as investors await the speech of the Federal Reserve Chairman (US Central Bank) this week to search for indications on the path of monetary policy, while the yen fluctuated near 146 per dollar.

The dollar index, which measures the performance of the US currency against six competing currencies, scored 103.55, not far from the two-month high of 103.71 that it touched on Tuesday. The index rose 1.6 percent in August and is on track to end two straight months of losses.

The currency market is weakening amid a lull in summer volatility and ahead of a symposium organized by the Federal Reserve of central banks in Jackson Hole, Wyoming, this week, said Christopher Wong, currency strategist at OCBC in Singapore.

Traders are awaiting a speech by US Federal Reserve Chairman Jerome Powell at the event scheduled for August 24-26. Investors will analyze his words to predict the course of the Federal Reserve's monetary policy.

The yen rose 0.20 percent to $145.59 in Asian trading hours, not far from a nine-month high of 146.565 hit last week, leaving traders on the lookout for any signs of state intervention.

Atsushi Takeuchi, who was head of the foreign exchange department at the Bank of Japan during state intervention between 2010 and 2012, predicted that Tokyo would hold back unless the yen crossed 150 to the dollar.

The euro rose 0.07% to $1.0852, a little off the two-month low of $1.0833 it touched overnight.

The Australian dollar rose 0.40% to $0.645, while the New Zealand dollar rose 0.29% to $0.596.

As for cryptocurrencies, Bitcoin increased in the latest transactions by 0.77 percent to $ 26,049, after touching a two-month low of $ 25,350 last night.

Views 27  08/23/2023 - https://economy-news.net/content.php?id=35815

Minister Of Planning To Vice President Of The World Bank: The Policy Of Borrowing From Abroad Will Be Regulated

Money  and business  Economy News _ Baghdad  Deputy Prime Minister and Minister of Planning Muhammad Ali Tamim confirmed today, Wednesday, that the policy of borrowing from abroad will be regulated.

A statement by the Ministry of Planning, received by "Al-Iqtisad News", stated that "Deputy Prime Minister, Minister of Planning, Muhammad Ali Tamim, received the Vice President of the World Bank, Farid Belhadj, and his accompanying delegation, which included the Regional Director for the Levant Countries, Jean-Christophe Carré, and the Special Representative of the Bank's mission. International in Iraq, Richard Abdel Nour, and advisor to the Vice President of the World Bank, Lubna Haji.

He added, "The meeting discussed prospects for joint cooperation between the two sides in many fields, including discussing work mechanisms in the Social Fund for Development, which is run by the Ministry of Planning, and aims to implement basic service projects in villages and poor areas in various governorates."

The Deputy Prime Minister stated, according to the statement, that "the relationship with the World Bank is good and is witnessing tangible development in its paths," noting, "the investment of this relationship in supporting the government's efforts to improve the level of services, and directing loans towards achieving development."

And he continued, "The policy of borrowing from abroad will be heavily regulated, directed to very urgent necessities, and of a developmental nature, not consumption."

For his part, Belhadj expressed "the World Bank's great desire to continue its support for Iraq in various fields, especially in the field of automation and expertise, water and agriculture, as well as infrastructure projects and services, and the Social Fund for Development, which the World Bank considers one of its most important projects." in Iraq". Views 14  08/23/2023 - https://economy-news.net/content.php?id=35827

No Explanation As Xi Jinping Unexpectedly Skips His Speech At Brics Business Forum

No Explanation As Xi Jinping Unexpectedly Skips His Speech At Brics Business Forum

South China Morning Post  Wed, August 23, 2023

Chinese President Xi Jinping failed to show up at the Brics Business Forum on Tuesday in South Africa, where he was expected to deliver a speech alongside his counterparts. In his place, Commerce Minister Wang Wentao read the speech that criticised the US over its tendency toward "hegemony". Xi, in the speech read by Wang at the Sandton Convention Centre in Johannesburg, said the US tended to fight countries that threaten its dominance in global affairs and financial markets.

The speech said that every country has a right to development and that people should have the freedom to pursue a happy life. But one country, he said in a thinly veiled swipe at the US, is "obsessed with maintaining hegemony, has gone out of its way to cripple the emerging markets and developing countries".

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

"Whoever develops first becomes their target of containment. Whoever is catching up becomes its target of obstruction," Xi added.

Although he had arrived in South Africa on Monday evening, Xi skipped the business forum and no explanation was given, prompting a reaction from China watchers.

Bonnie Glaser, managing director of the Indo-Pacific Programme at the German Marshall Fund, wondered if his absence meant something was "amiss".

Xi Jinping fails to show up at the BRICS Business Forum. Something is amiss? https://t.co/Xkz8puYmtE

Bonnie Glaser / 葛來儀 🇺🇦 (@BonnieGlaser) August 22, 2023

"This should be 'stop the presses' news!" Jorge Guajardo, a former Mexican ambassador to China, said in response to Glaser's post. "An unannounced absence, especially in a multilateral forum (which the PRC seldom misses), after all the ground work with India, is truly newsworthy. If true, something is certainly amiss."

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/no-explanation-xi-jinping-unexpectedly-093000801.html

"Tidbits From TNT" Wednesday 8-23-2023

TNT:

CandyKisses:  Amid efforts to establish a new world order. BRICS summit continues

Economy News - Baghdad

The BRICS Emerging Economies Summit continues, for the second day in a row in Johannesburg, with the participation of leaders from Brazil, Russia, India, China and South Africa.

In his opening speech to the BRICS summit in Johannesburg, South African President Cyril Ramaphosa said:

- We seek to strengthen cooperation between BRICS countries and the African continent.

- We seek to preserve the interests of the countries of the South and we call on the major countries to do so.

- We seek to enhance the interaction of local currencies between the countries of the BRICS Group.

- Concerned about the use of global financial institutions as tools of political conflict.

-BRICS Group seeks to provide equal economic opportunities.

- We seek the prosperity of the peoples of the countries of the group.

Brazilian President Luiz Inacio Lula da Silva said:

- The BRICS group has become stronger, but it faces very complex scenarios.

- BRICS countries account for 41 percent of the world's population and more than 30 percent of global output.

- The Ukrainian war showed the limitations of the UN Security Council.

- Many UN bodies do not have much influence.

- What is happening in Ukraine has global repercussions.

- The pursuit of peace is a shared commitment, the BRICS Group must act as a force to achieve this and cooperate between us.

Subsequently, Russian President Vladimir Putin stated via video:

- BRICS Group has proven its credibility in front of the international community.

- BRICS Group supports a multipolar society that respects international law.

- We reject the quest of some countries to strengthen their dominance and restore their colonial policy.

- We seek to establish a new world order that respects international law.

- We seek to stop the war launched by the West against the “Donbass people”.

- Anyone who rejected the previous coup in Ukraine was subjected to war.

- We seek to exclude the dollar from commercial transactions between BRICS countries and replace it with local currencies.

After Putin, India’s Prime Minister, Narendra Modi, said:

- We worked to create economic safety nets through various initiatives.

- We are working as much as possible to make a positive change in the lives of the citizens of the BRICS countries.

- Cooperation between BRICS countries in the fields of education, technology and space should be strengthened.

- India supports the expansion of the BRICS group.

- We have proposed permanent membership of the African Union in the BRICS group to strengthen the presence of the countries of the South.

- We must prepare all our communities for the future.

The two countries are seeking to exploit the August 22-24 summit in Johannesburg, to make the group a parallel force for Western dominance of global institutions.

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Tishwash:  Iraqi Securities signs an agreement for financial investment and economic development in the Kurdistan Region

Iraqi Securities signs an agreement for financial investment and economic development in the Kurdistan Region 

Today, Wednesday, the Securities Commission announced the signing of a cooperation agreement between it and the International Center for Finance and Trade, obligating the two parties to promote financial investment and develop economic activities in the Kurdistan Region of Iraq.   link

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Tishwash:  Samsung signs an agreement with Zain Iraq to provide its approved devices in next generation branches, the main distributor for Zain in Iraq

Samsung Electronics Levant, along with Zain (Iraq), signed a strategic cooperation agreement with Next Generation Company, the main distributor of Zain Iraq, with the aim of enhancing sales and supply services, and expanding business scope and approved official distribution channels throughout Iraq.

Where the agreement was signed on the evening of Tuesday, corresponding to August 22, 2023, at the headquarters of Zain (Iraq) in Baghdad, by Mr.Laith Al-Obaidi, General Manager of Next Generation Company, along with MrAlex Limthe head of the companySamsung ElectronicsinThe Middle EastAnd in the presence of MrAli asceticCEO ofZain Iraq. The terms of the agreement became valid from the date of its signing.

The signing ceremony was also attended by executive directors and heads of various departments in Zain (Iraq) and Samsung Levant.

said the masterAli ascetic, CEO of Zain (Iraq): “This partnership reflects Zain’s (Iraq) commitment to providing the best solutions and services to our customers, as we will be able, under this strategic partnership, to achieve sustainable growth and expand our business in the Iraqi market. In addition, this partnership will contribute positively in meeting the needs of customers of all partners, and will give them a comprehensive and integrated experience."

In a related context, MrAlex Limthe head of the companySamsung ElectronicsinThe Middle EastWe are looking forward to a bright future with our new strategic partners, as we will work hard with Zain (Iraq) and Next Generation Company to achieve mutual success and meet the expectations of our customers in the coming years. Samsung Levant seeks to expand in the Iraqi market - one of the largest smart phone markets And the most diverse inThe Middle East- By creating strategic relationships; To better raise the level of services and products provided in the Iraqi market, to achieve the aspirations and expectations of customers, and to obtain their satisfaction and loyalty.

It is worth noting that Next Generation Solutions andelectronic servicesAnd General Trading, the main distributor forZain IraqIt is one of the most prominent Iraqi companies specialized in providing advanced services in the fields of wired and wireless communications. It acts as a link between the end user and service providers, and under this agreement, Next Generation will be one of the main distributors authorized to sell Samsung devices in Iraq.   link

Mot:  .... Just Saying!! - Ya'll Have a Very ~~~~~

Mot:  .. Starts OK - it Really Does! – Buttttttt 

Goldilocks' Comments and Global Economic News "BRICS" 8-22-2023

Goldilocks' Comments and Global Economic News

Good evening Dinar Recaps,

Goldilocks posted comments and news links on the global financial system:

Brics bank strives to reduce reliance on the dollar | Financial Times

"The development bank set up by the BRICS nations plans to begin lending in the South African and Brazilian currencies as part of a plan to reduce reliance on the dollar and promote a more multipolar international financial system, according to its president. We’re going to try to either do a currency swap or issue debt. And also in rupees.” The bank already lends in renminbi."

On the first day of the BRICS Summit, the process of trading in local currencies has begun. Multipolarity has begun.

Several countries are beginning to have equal amounts of power going forward for those who join the BRICS system. This equal amount of power will begin to erode on the dollar because it will have to begin sharing money velocity in trade from this point forward.

This levels the playing field and creates a transition of power at the same time for our world.

It begins.

© Goldilocks

https://www.ft.com/content/1c5c6890-3698-4f5d-8290-91441573338a

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Visualized: U.S. Corporate Bankruptcies On the Rise

https://www.visualcapitalist.com/visualized-u-s-corporate-bankruptcies-on-the-rise/

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S&P downgrades five US banks following Moody's lead | CNN Business

https://www.cnn.com/2023/08/21/business/sp-us-bank-downgrades/index.html

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🇮🇳 India to ban rare metals exports

The Indian government is considering imposing an export ban on lithium, beryllium, niobium and tantalum as a strategic move aimed at ensuring the country's self-sufficiency in essential minerals, Business Standard reported

These metals are vital to India's defense, aerospace, and engineering industries.

“The government is planning to introduce a ban on the export of these minerals because of their importance in powering sectors critical to national security and technological advancements,” a senior official said.

As of 2022, China accounted for 70% of global rare metals exports, United States Geological Survey (USGS) data shows. Therefore, with other actors withdrawing from this market, its role as a critical supplier will increase further.

Follow us on Telegram and Twitter

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"Comex Inventories Plummet - Is A 'Vault-Run' Underway?"

We have seen an acceleration of gold leaving the vaults inside the Comex as of late.

The acceleration of silver has not seen the same fate, but the amount of silver registered in the Comex has significantly declined.

The Metals Market is the canary in the mining shaft that flies out to signal danger. The price of gold rises during times of economic crisis.

At some point, we are going to see a release of caps on the Metals Market that will lead to a repricing event.

When gold is free, so are we.

© Goldilocks

https://seekingalpha.com/article/4535043-comex-inventories-plummet-is-a-vault-run-underway

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Gold, Silver, Platinum Forecasts – XAG/USD Rallies 2.4% As Gold/Silver Ratio Declines | Nasdaq
https://www.fxempire.com/forecasts/article/gold-silver-platinum-forecasts-xag-usd-rallies-2-4-as-gold-silver-ratio-declines-1369517

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For the past few years, we have witnessed a redefining of indicators in the market to account for changing market trends.

The manipulation of these indicators holds economic readings at a steady level. They have hidden many volatile reactions to shield us from the view of an economic crisis.

Take a look at the history of the Dow. (34,000) Did you know we were at 34,000 in 2021? This is called stagflation - meaning that we are not going up or down. How can this be when so many people have lost their jobs? Answer: It is the manipulation of economic indicators.

These economic indicators have been fed a great deal of monetary (debt) to keep this hidden from 70% of the market whereby investments are made by consumers.

We are coming up on new monetary policies these next few weeks being set forth into the economic world.

A releasing event into these new economic indicators based upon new digital assets being integrated into the market will cause fluctuations.

We will attempt to navigate ourselves through turbulent times even though much of it is being hidden.

Any new asset or major shift in opportunities integrated into our markets creates a shift in attention and money flow. Markets are reformed by them in new price patterns and attempts to find equilibrium take time.

We are in this together.

© Goldilocks

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Putin, Xi, and BRICS Allies See Chance to Shake Up World Order
https://finance.yahoo.com/news/emerging-market-bloc-wants-shake-040107444.html

BRICS and the Evolution of Global Finance: Why Blockchain Payment Systems Are the Way Forward Part 1 - Modern Diplomacy
https://moderndiplomacy.eu/2023/08/21/brics-and-the-evolution-of-global-finance-why-blockchain-payment-systems-are-the-way-forward-part-1/

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Gold and the ‘G7 of the East’ | GoldSeek
https://goldseek.com/article/gold-and-g7-east

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Blockchain in Energy Market is in huge demand | GridPlus, BTL
https://www.openpr.com/news/3172884/blockchain-in-energy-market-is-in-huge-demand-gridplus-btl

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Revolutionizing Cross-Border Payments: Ripple and Stellar Ride the SWIFT Integration Wave

SWIFT Integration enhances settlement transparency, aiding market participants, meeting regulatory demands, and collaborating with Ripple and Stellar for blockchain advancements, reshaping global transactions. 

Amazon partners with Ripple to integrate XRP for efficient e-commerce payments.

https://www.crypto-news-flash.com/revolutionizing-cross-border-payments-ripple-and-stellar-ride-the-swift-integration-wave/

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Cross-Border E-Commerce: The Future of Retail in the Asia-Pacific
https://fagenwasanni.com/news/cross-border-e-commerce-the-future-of-retail-in-the-asia-pacific/49645/

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The European Securities and Markets Authority (ESMA) has launched a consultation relating to the authorization and operating procedures for crypto asset service providers (CASP).

This provides a framework to guide the activities of service providers under the Regulation on Markets in Cryptoassets (MiCA), which entered into force in the European Union on 29 June 2023.

https://www.assetservicingtimes.com/assetservicesnews/regulationarticle.php?article_id=14719&navigationaction=regulationnews&newssection=Regulation

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What is digital infrastructure? | Colt Technology Services

Asia-based digital exchange AsiaNext has selected Colt Technology Services to provide digital infrastructure solutions across its digital securities and crypto derivatives trading operations.

AsiaNext offers integrated listing, trading and post-trade services for digital assets, aiming to grant institutional investors access to a range of digital asset and crypto derivative trading opportunities. This could help to facilitate capital efficiencies for institutional investors, the organization says.

Designed for capital markets, Colt’s digital infrastructure solutions have been chosen to enable high frequency-trading. Colt PrizmNet provides deterministic low latencies for the delivery of data, software, content and financial services."

👆Asia has come a long way. Pay close attention to the above article. They have chosen a digital infrastructure solution through Colts.

In simple terms, digital infrastructures connect investors to the global markets.

© Goldilocks

Colt Net Link

Asset Servicing Times Link

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The Next Money Model: Unveiling the Cryptocurrency VSL Revolution** https://medium.com/@lumintuasyik/the-next-money-model-unveiling-the-cryptocurrency-vsl-revolution-cb54fd3cf142

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Seven Reasons Credit Should Welcome ISO20022

https://www.credittoday.net/public/Seven-Reasons-Credit-Should-Welcome-ISO20022.cfm

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JUST IN: 🇸🇦 Saudi Arabia Foreign Minister to attend BRICS Summit in South Africa.

@WatcherGuru

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The Russian Central Bank says it plans to begin classifying the digital ruble, the nation’s CBDC, as a 600 Russians to Trial CBDC Next Week: Pilot Begins

The Russian digital ruble pilot proper will begin next week, says the Central Bank, with 600 citizens set to become the first to use the CBDC.), and will likely eventually oblige banks in the country to follow suit.

Central banks typically classify assets such as fiat cash, central bank reserves, and government bonds issued by nations with high credit ratings as “high-quality liquid assets (HQLAs).”

https://cryptonews.com/news/russian-central-bank-digital-rubles-will-classified-as-highly-valuable-liquid-assets.htm

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600 Russians to Trial CBDC Next Week: Pilot Begins
The Russian digital ruble pilot proper will begin next week, says the Central Bank, with 600 citizens set to become the first to use the CBDC.

https://cryptonews.com/news/600-russians-trial-cbdc-next-week-digital-ruble-pilot-begins.htm

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Top MP: China, Russia’s CBDCs May Be Compatible
A leading Russian lawmaker says China and Russia’s CBDCs may be “compatible” and could be used to make international payments between the nations.

https://cryptonews.com/news/top-lawmaker-suggests-china-russias-cbdcs-are-compatible.htm

The digital ruble is considered a high-quality liquid asset. The above gives you information on how important the introduction of this digital asset really is going forward.

Comments and testing of the digital ruble are currently in play. If accepted as is on October 1st, 2023, the digital ruble will be implemented.

This is a highly transformative event capable of creating a balance of power in the Currency Market.

© Goldilocks

CryptoNews Link

BabyPips Link.

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The Brazilian President says he wants Argentina to join the BRICS group of emerging nations.

Keep a close eye on Argentina and Indonesia.

Russian President Vladimir Putin says BRICS works for the global majority.

Read: https://x.com/goldtelegraph_/status/1694030289222164531?s=46

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BREAKING: BRICS Needs XRP.  PROOF!

https://youtu.be/GEMbHL4YKk0

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Financial Innovation and Technology for the 21st Century Act - H.R. 4763

The Congressional Research Service ("CRS") reviewed proposed legislation, H.R. 4763  ("Financial Innovation and Technology for the 21st Century Act"), that would change the way digital assets are regulated (see related coverage).

CRS explained that under the Act, if a digital asset runs on a decentralized blockchain, the CFTC would be the designated regulator. CRS said that by classifying certain digital assets as commodities, the Act might address the "perceived digital asset regulatory gap" by (i) providing the CFTC exclusive jurisdiction over cash or spot market digital commodities and (ii) requiring entities trading digital commodities to register with the CFTC.
CRS explained that digital assets that qualify as securities would be exempt from existing regulations if they comply with the Act's (i) restrictions on transaction amounts, including non-accredited investor access caps and purchaser limits, and (ii) issuer disclosures.

Commentary

The SEC's failure for these many years to give any consideration to the development of a workable regulatory scheme for digital assets puts Congress in a bind. The Ripple case created further uncertainty as to whether the SEC even has jurisdiction over many digital assets. Now there is real pressure on Congress to adopt a digital asset framework, but the legislators must do so without the regulatory groundwork that should have been provided by the SEC.
Fried Frank Harris Shriver & Jacobson LLP - Steven Lofchie

https://agriculture.house.gov/uploadedfiles/fit_for_the_21st_century_act_of_2023.pdf

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Tuesday Evening Iraq Economic News Highlights 8-22-23

Tuesday Evening Iraq Economic News Highlights 8-22-23

An International Group Discussing Reducing Dependence On The Dollar

Arab and international   Economy News – Baghdad  South African Vice President Paul Machattel stressed the importance of the "BRICS" summit held this week in Johannesburg, and revealed the main issues to be discussed.  He pointed out that representatives of the "BRICS" countries (Russia, Brazil, India, China and South Africa) will focus in today's meeting mainly on discussing reducing the group's dependence on the dollar.  He stressed that "BRICS" will discuss the issue of increasing payments among its members in national currencies.

Today, Tuesday, in Johannesburg, South Africa, the 15th BRICS summit kicked off, where the summit will discuss the issue of accepting new members and developing an economic, trade and financial plan for the bloc.

South Africa, which chairs the summit this year, said more than 20 countries, including Algeria and Saudi Arabia, had applied to join the group.

The presidents and leaders of Brazil, China, India and South Africa will meet, while Russian President Vladimir Putin will participate via video technology in the summit held under the slogan "BRICS and Africa". Moscow will be represented at the event in the personal presence of Russian Foreign Minister Sergey Lavrov.   Views 43  08/22/2023 https://economy-news.net/content.php?id=35801

In The Document.. The Central Bank Determines The Exchange Of The Dollar For Travel Purposes

Time: 08/22/2023 Read: 1,196 times  {Economic: Al Furat News} The Central Bank of Iraq set the dollar exchange rate for banks and exchange companies authorized to sell the dollar for cash for travel purposes.

In its communication to banks and companies, the bank specified, a copy of which {Euphrates News} obtained, "the exchange rate of the dollar for the purposes of travel in cash sales at 1305 dinars." 

It is noteworthy that the Central Bank had set the price of selling amounts of documentary credits and international settlements of electronic cards (1305) dinars per dollar, the price of selling amounts of transfers abroad (1310) dinars per dollar, and the price of cash sales (1310) dinars per dollar. LINK

An Accused Steals Nine Billion Dinars From A Government Bank

August 22, 2023  Baghdad / Obelisk Al-Hadath: The Federal Integrity Commission announced the issuance of (6) sentences in absentia that imposed a term of imprisonment of (42) years against a customer of a government bank. For stealing about nine billion dinars.

The Legal Department of the Commission indicated that the Rusafa Criminal Court, which is specialized in examining cases of integrity, issued (6) sentences in absentia, with a total of (42) years in prison, against a customer of Al-Rafidain Bank. For stealing an amount of (8,985,000,000) billion dinars by issuing checks in agreement with other defendants whose cases were separated, noting that among them were employees of a branch of Al-Rafidain Bank in Baghdad.

The department added, indicating that the amounts were deposited in the accused’s account in (4) banks, and withdrawn without the bank sending notices to the banks from which the amounts were withdrawn regarding the existence of a balance in the customer’s account covering the amount of the checks to clear it.

She explained that the court, as a result of the available evidence and evidence, as well as the convict's escape from justice; I found it sufficient and convincing to criminalize him, based on the provisions of Article (444 / Fourth and Eleventh) of the Penal Code, in association with Articles (47, 48 and 49) thereof, and the rulings issued against the fugitive convict also included support for seizing his movable and immovable money, and giving the affected party the right to request Compensation if the decision becomes final    https://almasalah.com/archives/63689

Minister Of Labor: We Have About 400 Billion Dinars Within The Budget Of The Lending Fund

Money  and business  Economy News – Baghdad   The Minister of Labor and Social Affairs, Ahmed Al-Asadi, confirmed, on Tuesday, that the ministry has set new instructions for granting loans through the amendments made to the lending law, "so that the loans go to real projects that are economically feasible."

The Ministry of Labor stated in a statement that Al-Asadi "presided over a meeting of the Board of Directors of the Fund for Supporting Small, Income-Generating Projects."

Al-Asadi said, "The ministry has about 400 billion dinars within the budget of the lending fund, and these amounts must be spent on real projects," pointing out that "90% of the loans granted are advances, not loans to establish real productive projects."

Al-Asadi stressed "the necessity of setting up a mechanism to implement the new instructions for granting loans, diagnosing weaknesses in financing projects, introducing borrowers to training courses to qualify them, implementing projects with the importance of studying the economic feasibility of each project," adding that "the ministry is facing a major project, which is amending the law, The minimum loan amount is 20 million.

During the meeting, according to the statement, "the loans granted within batch 35 and batch 36, which were launched recently, were reviewed, and a study was discussed on mechanisms to ensure that loans achieve the goals set for them, as well as the recommendation of the Prime Minister regarding taking the necessary measures to include social protection beneficiaries with loans, and establishing mechanisms regarding This is by the Department of Labor and Vocational Training and the Social Protection Authority.    Views 28  08/22/2023 https://economy-news.net/content.php?id=35802

The Government Rejects The World Bank's Report On The Size Of The Debt, And Specialists Confirm.. Where Is The Truth?

TUE, 22-08-2023, KARRAR AL-ASADI  The World Bank report on Iraq's debts amounting to 152 billion dollars, aroused the ire of a government financial advisor, and considered it exaggerated because all internal and external debts do not reach half of the aforementioned amount, while economists agreed with the report, which described the Iraqi economy as "fragile", due to its dependence on oil. Just.

The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, says, “The internal public debt is approximately 71 trillion dinars (about 48 billion dollars), and the government banking system still maintains its possession in the form of government bonds and treasury transfers, which are also estimated when evaluated in foreign currency at approximately 54 billion dollars.” ".

And Saleh added, "As for the external debts payable from now until the year 2028, it is estimated at 23 billion dollars, but there are debts due after the aforementioned year, and with it the external debt may become about 30 billion dollars."

And he shows that "there is a debt pending on the 2004 Paris Club agreement, that is, the sovereign debt before 1990, and it belongs to four Gulf countries and four other countries, it is about $ 40 billion, and if it is activated, if it is correct (because it is obnoxious debt that funded the Iraqi-Iranian war at the time ), it must be discounted at 80 percent, under the Paris Club to be less than $9 billion or less.”

Saleh is surprised at "how the Iraqi debts are calculated by the World Bank report," and he attributes this to "his reliance on the hypothetical deficit in the federal general budget, estimated at about 64 trillion dinars, so that the external debt reached $50 billion, meaning that 40 percent of the annual deficit estimates were added."

As an expectation of the total internal and external public debt, therefore, the reading of Iraq’s internal and external debt, according to what was published by the World Bank, came to be approximately $153 billion. However, the ratio of public debt to GDP will remain between 52-55 percent of that estimated output for the year. 2023, which is within the current safe economic stability area, which is usually estimated at 60 percent.

And the World Bank announced, yesterday, in a report entitled ( Renewed Pressures: Iraq's Recovery is in Danger ), that the Iraqi economy is a fragile economy, and that the country's debts have increased to 152 billion dollars, indicating that the Iraqi economy suffers from stagnant non-oil gross domestic product, and industries , and agricultural activities, with high rates of inflation, as Iraq lacks under its current government; For large-scale structural reforms that strengthen its economy away from oil, according to the report.

For his part, the researcher specialized in economic affairs, Nabil Jabbar Al-Tamimi, points out that "the Iraqi economy is certainly fragile, because it still depends on oil only, and the World Bank report was an assessment of the situation of the Iraqi economy, as the report indicates that there are no variables to avoid crises, The report was not talking about a temporary situation."

Al-Tamimi adds, "The World Bank report talked about an ongoing dilemma, and indicated the absence of any changes in the fragile Iraqi economic situation during the previous government headed by Mustafa Al-Kazemi or the current government headed by Muhammad Shia'a Al-Sudani."

And he shows that "extricating the Iraqi situation from the characteristic of fragility, is done through diversifying the economy and the state's financial resources, and not relying only on oil," pointing out that "there is a government tendency for this diversity through gas investment and activating and activating refineries, and great attention must be paid to activating the sector." It is not possible for job opportunities to remain in the government sector only.

According to the World Bank, Iraq's lack of diversification of income sources due to the chaotic policies of successive governments led to a contraction of the gross domestic product by 1.1% in 2023 and an increase in the country's public debt to reach 58.3% after it was 53.8% in the previous year, which will reach $152 billion. , an increase of 10 billion dollars,

while the total external debt amounted to 50 billion dollars, and the internal debt amounted to 102 billion dollars, which means that the government authorities borrowed in the previous three years internally about 60 billion dollars, at a rate of 15 billion annually, and with annual interest on internal debts of 16 to 17 percent of the debt.

In addition, the researcher in financial affairs, Alaa Gluub Al-Fahd, states that "Iraq still has a rentier economy and relies mainly on oil by about 95 percent of the gross domestic product, and this is what makes the Iraqi economic situation fragile, and its situation depends on international fluctuations in oil prices."

Al-Fahd added, "There are no real plans to activate the agricultural, industry and tourism sectors, in addition to the fact that there is inflation in government spending and an increase in the annual budget, and this spending goes to the salaries of employees, and this is what makes the economy dependent on the oil market, and that is why it is fragile."

And he continues, "There is a need to make real reforms in order to change the interface of the Iraqi economy by activating the idle sectors and the private sector in the field of investment, energy, and manpower employment, especially with a population increase of (3%) and a significant weakness in the private sector, thus increasing government employment generates An increase in the volume of spending, and all of this requires a real implementation of reforms in order to diversify funding sources.

The researcher concludes in the financial issue that "the value of debts owed by Iraq, whether internal or external, does not affect Iraq's economic situation, as long as there is a large reserve for the Central Bank of Iraq in addition to the large reserves of gold in the bank, especially since most of these debts have been settled and most of them are internal debts." Also, some of those debts are not real and the former regime is responsible for them.

External borrowing in the budget constitutes 20 percent of total investment spending, and most of it goes towards developing the two most important sectors in the country, namely electricity and health. The process is that the sectors to which the money goes are still suffering from major problems, indicating that borrowing confirms the state’s inability to implement projects on its own.

The value of the budget for the current year and the next two years is 198 trillion dinars (about 150 billion dollars) for each year, and the budget was based on a price of 70 dollars per barrel, while the deficit rate reached 63 trillion dinars.    https://non14.net/public/159539

A Key Russia-Friendly Bloc May Decide To Expand. Who Stands To Benefit?

A Key Russia-Friendly Bloc May Decide To Expand. Who Stands To Benefit?

Analysis by Simone McCarthy, CNN Updated 3:18 AM EDT, Tue August 22, 2023

Members of the BRICS economic group of major emerging economies are meeting this week in South Africa for a summit that could determine the future of the bloc – and how hard it pushes back against a world order it sees as unfairly dominated by the West.  The group of Brazil, Russia, India, China and South Africa has never been more prominent on the world stage. But the BRICS themselves are complicated.

Russia’s leader can’t attend the summit because host country South Africa would be obliged to arrest him for alleged war crimes. Two other members, India and China, have a simmering border conflict. And while Beijing is locked in a rivalry with the United States, New Delhi has close ties with Washington.

It’s not the happiest of families. But nonetheless that family is now entertaining formal bids from nearly two dozen countries to join their bloc of major emerging economies.

Discussions around adding new members are expected to figure high on the agenda of the three-day summit beginning Tuesday, where BRICS leaders – with the exception of Russia’s Vladimir Putin – will gather in-person for the first time since the pandemic.

Putin, who has an International Criminal Court warrant out for his arrest linked to his brutal invasion of Ukraine, will attend virtually.

South African President Cyril Ramaphosa on Sunday threw his support behind BRICS expansion, saying a larger body would “represent a diverse group of nations” that share a “common desire to have a more balanced global order” in a “increasingly complex and fractured” world.

At stake in decisions around expanding is the direction and identity of the group, whose members aim for more say in an international system they see as favoring the West and Group of Seven (G7) nations, despite a shift in who dominates the global economy over recent decades.

The bloc risks becoming more pointedly geopolitical in its bid to rebalance global power, analysts say, especially as China and Russia seek to bring it on side against rising tensions with the West – something its expansion could facilitate.

Speaking at a news conference ahead of the summit last week, China’s envoy in South Africa said more and more countries hoped to join BRICS to “safeguard their legitimate interests.”

“In the face of some countries wielding the ‘big stick’ of unilateral sanctions and engaging in long-arm jurisdiction, the BRICS countries insist on equal dialogue and consultation,” Ambassador Chen Xiaodong said, using Beijing’s typical language to criticize what it sees as US policy.

The issue of expansion may be “the association’s first stress test in its near decade-and-a-half of existence,” according to Bhaso Ndzendze, an associate professor of politics and international relations at the University of Johannesburg.

Adding members “would expand the group’s global presence” and increase buy-in for its agenda to counter Western political dominance, he said.

But there are differences in opinion on whether to expand, and “certainly not all (members) would support entry by the same countries.”

Joining The Club

Whether Putin, China’s Xi Jinping, India’s Narendra Modi, Brazil’s Luiz Inacio Lula da Silva, and their host, South Africa’s Cyril Ramaphosa, decide to add to their bloc – and how they choose those potential members – will have significant global implications, analysts say.

To continue reading, please go to the original article here:

https://www.cnn.com/2023/08/21/china/brics-summit-expansion-benefits-china-russia-intl-hnk/index.html

Iraqi News Highlights Tuesday Afternoon 8-22-23

Iraqi News Highlights Tuesday Afternoon 8-22-23

Tlm724 Administrator Bondlady’s Corner

The Stability Of The Exchange Rates Of The Dollar In The Baghdad Markets

Iraq   Tuesday, August 22, 2023 Baghdad / National News Center  Today, Tuesday, the exchange rates of the dollar witnessed stability in the local markets.

The prices came as follows:  – Sale price: 154,000 dinars per 100 dollars – Purchase price: 152,000 dinars per 100 dollars   https://nnciraq.com/222892/

An Economist For / NINA /: Private Commercial Banks Are Contingent On The Iraqi Banking System And Have Turned Into Centers For Currency Smuggling

Tuesday 22, August 2023 | Economical Number of readings: 117  Baghdad / NINA / - The expert in the economic affairs, Raad Twij, confirmed that the private commercial banks are considered an emergency on the Iraqi banking system and a hotbed for smuggling the local currency, calling on the government and the concerned authorities (the Central Bank) to sift the private commercial banks.

Twigg said in a statement to the National Iraqi News Agency ( NINA ) that "private commercial banks reach large numbers, with more than 70 private banks, and a large number entered the banking arena with lenient procedures from the Central Bank of Iraq and with weak capital, and instead of providing banking activity with more effectiveness." It has become a scourge on banking work, an emergency on the Iraqi banking system, a breeding ground for currency smuggling, and an obstacle to any banking reform."

And he continued, "The screening of private banks by the Central Bank of Iraq is an advanced step in a new monetary policy and will contribute to reducing the exchange rate of the Iraqi dinar."/ End 8

https://ninanews.com/Website/News/Details?Key=1072584

The President Of The Republic Stresses The Importance Of Joint Action To Consolidate Security And Preserve Iraq's Sovereignty

Political  | 08/22/2023  Baghdad - Mawazine News, President of the Republic Abd al-Latif Jamal Rashid stressed today, Tuesday, the importance of joint action to consolidate security and preserve Iraq's sovereignty.

A statement issued by the Presidency of the Republic, a copy of which Mawazine News received, said, "The President of the Republic received, at the Baghdad Palace, the Secretary-General of the Ministry of Peshmerga, Major General Bakhtiar Muhammad Siddiq and his accompanying delegation.

During the meeting, the security situation in the Kurdistan region and the rest of the country was reviewed. Iraqi cities, and an emphasis on continuing training and preparation to raise the combat capabilities of the Peshmerga forces and the rest of the security forces.

According to the statement, the President of the Republic stressed the importance of coordination and joint action to consolidate security and stability in a way that preserves Iraq's sovereignty and achieves prosperity and development in other areas for citizens.

For their part, the delegation reviewed the training plans, and expressed their happiness at meeting the President of the Republic. They emphasized the importance of his valuable directives in preserving security gains and achieving stability in the country, according to the statement. Ended 29/M99

https://www.mawazin.net/Details.aspx?jimare=233720

Basra Crude Prices Rise Amid Global Market Volatility

Energy   Economy News-Baghdad  Basra, "heavy and medium" crude prices rose by more than 1%, on Tuesday, with the fluctuation of international oil prices.

Basra Heavy crude prices rose 1.23 dollars, or 1.48%, to 84.10 dollars.

Basra medium crude prices rose by $1.23, or 1.43%, to $87.40.

Oil prices fluctuated with the scarcity of supply due to OPEC cuts offset by weak growth in China, the second largest consumer in the world. Views 32  08/22/2023 - https://economy-news.net/content.php?id=35790

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

"Tidbits From TNT" Tuesday 8-22-2023

TNT:

Tishwash:  Al-Sudani: The danger of corruption threatens all countries of the world

Yesterday, Monday, Prime Minister Muhammad Shia Al-Sudani welcomed the signing of the joint declaration of intent to be concluded between the Iraqi and British Ministries of Interior.

A statement by the Prime Minister's Media Office stated that Al-Sudani discussed, during his meeting with the British Minister of State for Security Affairs, Tom Tugendhat, bilateral relations between the two countries, and ways to enhance bilateral cooperation in all fields, especially security and military, and combating terrorism, as well as in the field of combating terrorism.  corruption.

During the meeting, Al-Sudani praised "the United Kingdom's support for Iraq and standing with it in the war against the terrorist organization ISIS," stressing "the importance of cooperation with the British side in combating cross-border crimes, especially those related to smuggling, human trafficking, drug and psychotropic drug trade, in addition to recovering Funds and those wanted by the Iraqi judiciary in corruption cases.

He pointed out that "combating corruption is a popular demand, and its danger does not stop at Iraq, but rather expands to threaten all countries of the world."

He stressed that "the government has prepared a national strategy to combat human trafficking in Iraq for the years 2023-2026, as well as the national strategy for combating narcotic drugs and psychotropic substances for the years 2023-2025," pointing to "the great efforts made by Iraq in the field of combating this scourge."

The Prime Minister welcomed "the signing of the joint declaration of intent, to be concluded between the Iraqi and British ministries of interior, and the draft memorandum of understanding between the two countries."

For his part, Tugendhat expressed "Britain's readiness to support the Iraqi security forces and provide them with modern technologies," praising "the Iraqi security services, of all kinds, in combating terrorism and eliminating the terrorist organization ISIS, and their role in the security stability of the country." link

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Tishwash:  Parliamentary Integrity: The Money Recovery Law guarantees the return of corrupt people from abroad

The Parliamentary Integrity Committee confirmed, on Tuesday, its intention to pass a law to recover smuggled funds from abroad, indicating that the law will support the government's directions in bringing in corrupt fugitives from abroad.

 Committee member Duha Al-Qaseer said in a statement to Al-Maalouma, that "the money recovery law was initially read in Parliament, and it will be read again in the coming days in order to pass it."

She added, "The law contains many paragraphs that support the government in its moves to bring in the corrupt and recover money smuggled from abroad."

 Al-Qusayr indicated, "The government's recent moves against corruption files confirm the scale of rampant corruption in the previous government and the extent of the leadership's involvement in it."

And the leader of the Al-Fateh Alliance, Jabbar Al-Mamouri, had confirmed in a statement to Al-Maalouma that the facts had begun to unfold about the extent of corruption in the government of Mustafa Al-Kazemi and the exploitation of some of their influence to enrich public money, expecting the issuance of arrest warrants against Al-Kazemi and the pillars of his rule soon. link

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Tishwash:  The relationship of the exchange rate with the power of the economy

Believes that the general public, who are not specialists in economics and money, believe that the criterion for the strength of a country’s economy is the exchange rate of its currency against the dollar, or any other currency or means.

While most economists in the world unanimously agree that this theory is not correct, we are often faced with a question; Does the value of the currency reflect the strength of the economy of that country?

What concerns me as a specialist in economic affairs is to show the reality of the strength of the Iraqi economy and that the fluctuation of exchange rates does not mean the reality of the country's economy, as financial and economic experts agree that the exchange rate for any currency is an accounting number agreed upon between global central banks and does not reflect the strength of the country's economy .

To analyze the facts of this theory, let's take a comparison between the Saudi currency and the Jordanian currency, to verify the correctness of the theory from its error.

With regard to the Saudi riyal, for example, (one dollar equals 3.75 riyals), 100 dollars equals 375 riyals), and as for the Jordanian currency (one dollar equals 70 piasters, every 100 dollars equals 70 Jordanian dinars.

 The question is: Does this mean that the Jordanian economy is stronger than Of course not, because Jordan's GDP is $50 billion, while Saudi Arabia's GDP is nearly $1 trillion.From this we conclude that the exchange rate does not reflect the strength and durability of the economy. Therefore, fixed exchange rates are a purely administrative government decision, not It is related to the robustness of the economy, and if we follow international experiences in dealing with the size of their currencies, Argentina, Turkey and Italy have worked to delete six zeros from their currencies, which is a treatment to regulate currency circulation and reduce its volumes in dealing, and this proves that the exchange rate is an accounting number, nothing more, and a government decision.

There are trends in some countries that work to liberalize the value of their currencies by floating them because the exchange rate of the dollar is floating and liberalized, and here the estimates of governments remain with such a decision. Finance and economic experts attribute the reason for the floating to the inability to fix the exchange rate indefinitely, and this is related to the extent of economic and political stability.

The closest example of this is the Lebanese currency, in which the exchange rate has remained fixed for decades, every 100 dollars equals 1,500 pounds, but it was soon exposed to chaos and instability until the exchange rate collapsed, unfortunately, which is what is happening to it now
.
In conclusion, the Iraqi economy is strong and solid, but the fluctuation of the exchange rate is caused by the political and economic instability in the country.  link

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Tishwash:  Canada is preparing to change its relationship with Iraq.. Its ambassador reveals the details via "Baghdad Today"

Today, Monday (August 21, 2023), the Canadian Ambassador to Iraq, Gregory Galligan, considered that his country’s relationship with Iraq must “change” from being a donor and another awaiting support, to a relationship of partnership and mutual benefit, while indicating that his country sees green energy as a field. suitable for cooperation between the two countries.

Galligan said in a special statement to "Baghdad Today", that "his country's government sees the green or clean energy sector in Iraq as an appropriate starting point for economic cooperation between the two countries," stressing "the importance of the sector in preserving the country's future with the recent security gains."

Galligan pointed out that "the security situation in Iraq has witnessed a significant improvement during the last period," pointing out that "this improvement must be accompanied by an economic improvement in the energy sector through the legislation and laws necessary to develop it and ensure its continuous growth."

The ambassador also made it clear that "the delay in approving laws and legislation is not strange for governments," noting that "the Canadian government sometimes takes a long time to pass laws and legislation related to the economy," according to his description. 

Galligan also stressed that "the Canadian government seeks during the coming period to change the form of its work from a 'donor' to an important 'partner' for Iraq," noting "the importance of developing relations between Iraq and Canada from the current form that relies on support, especially for civil society organizations, To an economic partnership that achieves broad benefits for the two countries through exchanging experiences in exchange for investment.   link 

Mot:  . A Kids Guide to Getting REady fer School!!!

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Early Tuesday Morning Iraq Economic News Highlights 8-22-23

Early Tuesday Morning Iraq Economic News Highlights 8-22-23

An American Analysis Describes Iraq As "More Like A Country Under International Tutelage"

2023-08-22 Shafaq News/ The "Washington Institute" for Strategic Studies published an analysis of the situation in Iraq and the crises it is going through at the internal and external levels, and the failure of successive federal governments to rule recently and temporarily, describing Iraq as "more like a country under international tutelage." At the same time, he did not rule out the return of the country under the seventh clause.  The analysis stated that the declining political and legal reality in Iraq today indicates that the country is still facing a deep strategic dilemma as a result of the international obligations and restrictions imposed on it.

According to the analysis of the American Institute, "Decades after the Iraqi invasion of Kuwait in 1990, Iraq is still practically under the influence of dozens of UN resolutions and sanctions as a result of the aggression launched by Saddam Hussein against Kuwait.

Despite Iraq's official removal from Chapter VII sanctions of the United Nations Charter in June June 2013, and his commitment to pay final dues that exceeded $50 billion in compensation to Kuwait in February 2022.

However, there are some issues that are still outstanding between the two countries, while Iraq struggles to obtain the description of a "normal country" and to integrate into the international community.

The analysis also stated that, in fact, returning Iraq from describing a "state that resorts to violence" to describing a "normal state" requires complex policies and procedures that take a long time.

Moreover, the problem of Iraq's failure to integrate with the international community is due to the ongoing internal crises. Since 2003, successive governments have plunged the country into complex internal crises of conflicts, terrorism, corruption, chaos and political polarization.

 Instead of returning Iraq to its normal state, these governments have turned into "caretaker governments" and each of them issues crises to the next government.

He pointed out that Iraq "has become in a situation similar to a state under international tutelage. Even today, the state is no longer able to fulfill its obligations under the strategic framework agreement concluded with the United States, its main ally.

Despite the tireless efforts made by the Iraqi government under the prime minister Muhammad Shia al-Sudani, however, Iraqi officials must realize that there is no real development for Iraq without ensuring its full commitment to the consequences of the decisions of Chapters VII and VI of the United Nations Charter related to Kuwait and other issues.

The analysis touched on a summary of the obstacles that Iraq still faces and the possible steps it can take to maintain its reputation as a stable and responsible country at the international level.

Avoid the violations set forth in Chapter VII

The analysis said that although Iraq was officially removed from Chapter VII sanctions in 2022, it still faces the risk of violating many United Nations resolutions, which in turn could lead to the reactivation of Chapter VII.

In particular, Iraq needs to heed Paragraph 32 of UN Resolution 628 which "requires Iraq to inform the Council of its commitment that it will not commit or support any act of international terrorism or allow any organization to commit such acts within its territory."

The American Institute pointed out that "Iraq has always been willing to host a number of dangerous militias supported by Iran, including groups that the United States has included on the terrorist list such as Asa'ib Ahl al-Haq and Kata'ib Hezbollah.

And with the Shiite coordination framework now in power, the roles of the militias have escalated." These organizations are classified by the United States on terrorist lists to unprecedented levels.

He added, "In fact, the Iraqi Minister of Higher Education, Naim al-Aboudi, is a member of Asa'ib Ahl al-Haq, and the head of the prime minister's press office, Rabih Nader, has long been associated with both Asa'ib Ahl al-Haq and Kata'ib Hezbollah. The association of these officials with groups classified on terrorist lists will constitute a source of embarrassment for Iraq and impede its return as a normal country.

The analysis also emphasized that "Iraq should work systematically to dismantle armed groups that have taken root within its borders, ensuring that they cannot threaten national or regional security.

In the long term, this initiative will be implemented alongside Iraq's efforts and commitment to support democratic mechanisms." in the political process, and the transfer of power peacefully without resorting to violence, which has become familiar during the past few decades in Iraq.

The analysis considered that "Iraq's success in controlling the status of those militias and combating those groups classified on terrorist lists would help it gain the confidence of the international community and would distance it from possible violations of Chapter VII. This may also lead to the termination of the work of the United Nations Assistance Mission for Iraq (UNAMI)." ".

Iraq's fulfillment of its obligations under Chapter VI

The analysis issued by the "Washington Institute" dealt with the issue of Iraq's commitment to Chapter Six, and said: There is a need to resolve Iraq's disputes with Kuwait peacefully in three files, which are the file of the missing Kuwaitis, the file of the missing Kuwaiti archive, and the file of border disputes.

With regard to the file of the missing, a joint committee could be formed between the two countries under the auspices of the United Nations to discuss and resolve this file, in addition to making more efforts to determine the fate of the missing Kuwaitis since 1990.

And he warned that the two parties must also coordinate efforts to recover the Kuwaiti archive, which was kept in the Iraqi intelligence headquarters, which was bombed and looted in 2003.

The thorny file, which is the file of demarcating the maritime borders, remains beyond the point of reference 162, so Iraq and Kuwait can refer to the UN committee.

And its documents, which drew the borders between Iraq and Iran in 1993, or resorting to an international technical committee to demarcate the water borders between the two parties, or the two parties may resort to the International Court of Justice, if all these efforts fail.

Improving relations with the United States through the strategic framework agreement

The analysis pointed out that Iraq can also gain more international credibility through its commitment to the strategic framework agreement with the United States, which could ensure that Iraq remains a strategic ally of the United States in any regional conflict.

Moreover, reforming and stabilizing the Iraqi National Security Apparatus in line with the objectives of the Strategic Framework Agreement will contribute to the development of the country's infrastructure in cooperation and coordination with US agencies and international organizations.

The analysis stressed that there is a need to restructure the Iraqi national security system to liberate Iraq from international restrictions of a defensive and security nature, especially with regard to four basic files: regional and international defense and intelligence cooperation, combating terrorism and corruption, and achieving security and stability in Iraq through a commitment to support The democratic political process, and the merging of armed entities with sovereign ministries.

There is also a need to activate the National Security Council to supervise all these files and support transparency and confidence in the banking and financial sector, which is a sticking point in relations between Iraq and the United States.

In addition, Al-Sudani’s avoidance of dealing with China or other countries, in a manner that violates Iraq’s obligations under the terms of this agreement, would contribute to building trust between Al-Sudani and the United States.

The internal situation in Iraq and the possibility of success for the Sudanese

The analysis highlighted the internal situation in Iraq, and stressed that "the Sudanese government must also work to restore voter confidence in the political process by preventing the use of coercion and force in the electoral process, and the involvement of the international community to supervise the integrity of the elections is a good way to build citizens' confidence in the electoral process."

And gaining international recognition and trust.Finally, dealing with internal issues related to the displaced and the rights of minorities and women will contribute greatly to building Iraq's reputation as a reliable and stable country.

The analysis considered "these steps" as "the road map for the return of Iraq as a normal country for the international community. If the "Sudanese" succeeds in implementing it by dealing with it as one package of "indivisible" measures and policies, then it will make Iraq a quantum leap in its contemporary history, and will accelerate However, Iraq's failure to implement these commitments and steps will open the door to chaos, conflicts and division.   LINK

The Iraqi Agreement Upsets The Balance Of World Oil Prices

Information / Baghdad..   Oil prices fell on Tuesday, as the market waited to see if Iraqi exports through the Turkish port of Ceyhan would resume, which could ease the supply scarcity caused by OPEC cuts.

Brent crude fell eight cents to $84.38 a barrel, and US West Texas Intermediate crude fell seven cents to $80.65 a barrel.

A source in the office of Iraqi Oil Minister Hayan Abdul Ghani told Reuters on Monday that the minister arrived in the Turkish capital, Ankara, to discuss several issues, including the resumption of oil exports through the port of Ceyhan.

Meanwhile, pessimism about the economic outlook in China, the world's second largest oil consumer, put pressure on prices and increased concerns about fuel demand.

A preliminary poll by Reuters showed that it is expected that crude oil and gasoline inventories in the United States fell last week, which curbed the decline in oil prices.

The American Petroleum Institute is due to publish inventory data later on Tuesday. In turn, the Energy Information Administration, the statistical arm of the US Department of Energy, will release its data on Wednesday.     LINK

A Slight Decrease In The Exchange Rate.. The Currency Auction Pumps More Than 71 Million Dollars Into The Markets

TUE, 08-22-2023, Karrar Al-Asadi   The exchange rates of the US dollar against the Iraqi dinar decreased slightly, today, Tuesday, in the markets of Baghdad and the rest of the provinces, while the currency auction "pumped" more than 71 million dollars into the markets.

Today, the Central Bank of Iraq sold, during its auction for the sale and purchase of US dollars, 196 million, 599 thousand, and 621 dollars, which the bank covered at a basic exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for external transfers, and at the same price per dollar. In cash (131,000 dinars for every 100 dollars).

Most of the dollar sales went to enhance balances abroad in the form of (transfers, credits), which amounted to 127 million 587 thousand and 621 dollars, while cash sales amounted to 71 million and 13 thousand dollars, up by 228%, compared to yesterday, Monday, which amounted to 21 million 650. one thousand dollars.

The number of banks that bought cash dollars reached 9 banks, while the number of banks that met requests to strengthen balances abroad reached 16 banks, while the total number of exchange and mediation companies participating in the auction was 120 companies.

A Slight Decline

The exchange rates of the US dollar against the Iraqi dinar decreased slightly, today, Tuesday, in the markets of Baghdad and the rest of the provinces.

The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning an exchange rate of 152,900 Iraqi dinars for 100 US dollars, while the selling prices on Sunday morning were 153,000 Iraqi dinars for 100 dollars.

As for the dollar prices in exchange shops in the local markets in Baghdad, they have stabilized, as the selling price reached 154,000 dinars, while the purchase price reached 152,000 dinars for every 100 dollars.

Months ago, Washington intervened to limit the smuggling of dollars from Iraq, which led to a rise in the price of the dollar in the local market to a record level of 170,000 dinars per hundred dollars, due to the decline in sales of the central bank of dollars, given that it is subject to the international financial system, "Swift".

The Central Bank issued 3 packages of measures to control the sale of the dollar and ensure that it is not smuggled abroad, and at the beginning of the crisis it reduced the currency auction sales, and then it recently returned to its previous level of more than one billion dollars per week.

http://non14.net/public/159519

The Dollar Is At High Levels As Treasury Yields Increase

Economy  |Today  Baghdad today - follow-up  The dollar remained close to its highest level in 10 weeks against a basket of major currencies, and also close to its highest level since November against the yen, as Treasury yields rose to new highs for the post-financial crisis period on Tuesday amid speculation that US interest rates will remain high. longer.

China's central bank supported the yuan by setting a much stronger-than-expected official daily midpoint for the currency.

The yuan was stable in early trade after coming under increasing pressure in the past weeks as investors lost patience with the slow response of Chinese monetary policy despite the slowing economy and the deterioration of the real estate sector.

The dollar index, which measures the performance of the greenback against six developed market currencies such as the yen and the euro, fell 0.1 percent to 103.24, but remained not far from Friday's high of 103.68, not seen since June 12.

"Rising US long-term yields and the disappointing response by Chinese policymakers to persistent pressures in Chinese real estate and financial markets continue to provide an upward push" for the US dollar, Westpac currency analyst Richard Franulovich wrote in a note.

Regarding Federal Reserve Chairman (US Central Bank) Jerome Powell's upcoming speech on Friday at the annual symposium in Jackson Hole, Wyoming, Franulovich said, "If Powell keeps the door open to raising (interest rates)... a new front of bullish trend for the US dollar can be formed."

Against the Japanese currency, the dollar fell 0.1% to 146.125 yen, after earlier rising to 146.425, bringing it close to Thursday's peak of 146.565, the highest since November 10.

The price of the dollar against the yen tends to be very sensitive to changes in long-term US Treasury yields. The benchmark 10-year bond yield reached its highest level since November 2007 at 4.366 percent on Tuesday.

The euro rose 0.1 percent to $1.09055.

Meanwhile, China's central bank set the yuan's midpoint at 7.1992 per dollar on Tuesday, in an effort to put an end to the currency's slide after it fell to a 9-and-a-half-month low of 7.349 in offshore trading last week.

The yuan witnessed little change in the latest offshore transactions and recorded 7.2872, after rising about 0.1 percent after the Chinese central bank's decision.

The Australian dollar was little changed and recorded $0.6413.    LINK

Erdogan's Contract Solver" Is Visiting Baghdad Today.. Learn About The Most Prominent Files

Policy   2023-08-22 | Source:  Alsumaria News  2,193 views  Alsumaria News – Politics   It is expected that Turkish Foreign Minister Hakan Fidan, who has the title of "contract solver" for Erdogan, will make an official visit to the capital, Baghdad, today, Tuesday, August 22, 2023, to discuss several joint and "stuck" files between the two countries, the most prominent of which is the file Water and the resumption of oil exports to the Kurdistan region through the Turkish port of Ceyhan, amid great anticipation of the results of this visit.

According to a statement by a spokesperson  Ministry of Foreign Affairs    Ahmed Al-Sahhaf reported to Al-Sumaria News, the Turkish Foreign Minister arrives today Baghdad On a two-day official visit, during which he will meet the three presidencies, and the Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein".

This announcement comes in light of conflicting news about a visit that was revealed Baghdad The end of last month, to the Turkish president Recep Tayyip Erdogan to Iraq On July 25, a statement by the Iraqi government revealed an upcoming visit by Erdogan to the capital Baghdad He said that it was "to hold discussions" with Iraqi officials, without revealing any details about it or its official date.

According to observers, the Turkish minister's visit enhances the possibility of postponing the scheduled visit until agreement on joint files between the two countries, and Fidan's visit will pave the way for the scheduled visit of the Turkish president.

According to government sources, who spoke to Alsumaria News, "The Turkish minister will discuss the security file related to the common borders, in addition to the file of water and trade exchange between the two countries, as well as the file of resuming oil exports from the fields of the region."Kurdistanthrough the Turkish port of Ceyhan.

 Turkish efforts continue to obtain Iraqi Kurdistan's oil again, as Ankara seeks to make significant progress in negotiations with Baghdad, to restore oil supplies that were cut off 5 months ago again.

The political and governmental circles in Iraq are looking forward to the results of this visit due to the large number of joint and outstanding files between the two countries.

Last March, the Iraqi Prime Minister, Muhammad Shia al-Sudani, made an official visit to the Turkish capital, Ankara, at the head of a large ministerial and security delegation, during which he discussed several files, most notably security, borders, water, energy, and expanding trade between the two countries.

In conjunction with this visit, Iraq is witnessing an unprecedented drought crisis, due to the decline in water levels that reach the Tigris and Euphrates rivers, as a result of the water policies of Iran and Turkey, by building dams and diverting the courses of secondary rivers and preventing their entry into Iraq.

It is noteworthy that Hakan Fidan  is a Turkish politician and former officer in the armed forces who belongs to the ruling Justice and Development Party and an academic specializing in international relations and led the Turkish intelligence service. 2023.  LINK

MilitiaMan: Iraq Dinar News - Timing - Dates - Prime Minister - Central Bank - Federal Court - BRICS

Iraq Dinar News - Timing - Dates - Prime Minister - Central Bank - Federal Court - BRICS

MilitiaMan and Crew:  8-21-2023

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to the entire video for all the new…….

https://www.youtube.com/watch?v=Jk_4CbzghSc