Goldilocks' Comments and Global Economic News for Thursday, August 24, 2023

Goldilocks' Comments and Global Economic News for Thursday, August 24, 2023

Good afternoon Dinar Recaps,

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

Banking Announcement:

"Last November, the FSB published a new framework for monitoring progress toward enhancing cross-border payments, including a target for 75 percent of international payments to be processed within one hour by 2027."

"Yesterday, 89% of transactions processed on the Swift network now reach recipient banks within one hour. The FSB target was 75% by 2027."

RegulationAsia Link

THORChain Launches Innovative Lending Feature, Empowering Users with Interest-Free Loans

In an unprecedented leap towards promoting financial inclusivity, THORChain (RUNE), the dynamic liquidity network, has rolled out a revolutionary lending capability that is set to reshape the landscape of decentralized finance.

This pioneering move opens up new avenues for users to unlock the potential of their native Layer-1 (L1) assets, including prominent cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), to obtain loans denominated in TOR, a stablecoin pegged to the US Dollar.

https://thecurrencyanalytics.com/defi/thorchain-launches-innovative-lending-feature-empowering-users-with-interest-free-loans-65785.php

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Washington D.C., Aug. 23, 2023 —
"The Securities and Exchange Commission today adopted new rules and rule amendments to enhance the regulation of private fund advisers and update the existing compliance rule that applies to all investment advisers. The new rules and amendments are designed to protect private fund investors by increasing transparency, competition, and efficiency in the private funds market."

Foreign currency exchanges are considered private fund investing. These new rules are to guide and protect private fund investors and private fund advisors. The following paragraph is an example of a rule or expectation of private fund investors.

"To enhance transparency, the final rules will require private fund advisers registered with the Commission to provide investors with quarterly statements detailing certain information regarding fund fees, expenses, and performance."

A private fund investor pools money from a group of individual investors and "not required to be registered or regulated as an investment company under the Investment Company Act."

© Goldilocks

https://www.sec.gov/news/press-release/2023-155

https://www.sec.gov/education/glossary/jargon-z#PFund

https://www.wsj.com/articles/private-equity-hedge-funds-brace-for-coming-sec-overhaul-78aa672d

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The Securities and Exchange Commission today reopened the comment period on its proposed rule that would redesignate and amend the current custody rule under the Investment Advisers Act of 1940 to enhance protections of customer assets managed by registered investment advisers, which was proposed by the Commission on February 15, 2023. The initial comment period ended on May 8, 2023.

The reopened comment period will allow interested persons additional time to analyze the issues and prepare comments in light of the final rules and amendments to certain rules under the Investment Advisers Act of 1940 to enhance the regulation of private fund advisers.

The comment period will remain open until 60 days after the date of publication of the reopening release in the Federal Register.

https://www.sec.gov/news/press-release/2023-156

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"SEC Adopts Amendments to Exemption From National Securities Association Membership. Amendments will enhance FINRA oversight of firms that trade securities proprietarily across markets."

FINRA The Financial Industry Regulatory Authority is authorized by Congress to protect US investors. They make sure the broker-dealer relationship operates fairly and honestly.

Broker-dealers who engage in forex business with retail customers must comply with the FINRA rules that apply to those activities.

© Goldilocks

https://www.sec.gov/news/press-release/2023-154

FINRA Link

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"Chinese President Xi Jinping attended a special press conference at Johannesburg for the 15th BRICS summit, saying that the five leaders had unanimously agreed to invite Saudi Arabia, Egypt, the United Arab Emirates, Argentina, Iran and Ethiopia to join the BRICS."

Yes, Saudi Arabia is a part of this group. This will take a bite out of the big dollar in terms of trading in local currencies instead of the dollar.

Trading in local currencies is part of the deal, and it will go a long way in leveling the playing field among currencies creating new demands that will add value to those part of this new monetary system.

"BRICS launched the BRICS Interbank Cooperation Mechanism in 2010 to facilitate international transactions between BRICS banks in local currencies."

© Goldilocks

http://www.aastocks.com/en/stocks/news/aafn-con/NOW.1288363/popular-news/HK6

English.Alarabiya Link

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BRICS Crafting Massive Expansion Agreement With Dozens of Countries Looking to Join: Official - The Daily Hodl
https://dailyhodl.com/2023/08/21/brics-crafting-massive-expansion-agreement-with-dozens-of-countries-looking-to-join-official/

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"Despite teething problems that have troubled the African Continental Free Trade Area, or AfCFTA, since its official launch in Jan 2021, the business community and experts have expressed confidence that momentum for the initiative is building.

Speaking at the BRICS Business Forum in Johannesburg, South Africa on Tuesday, leaders called for accelerated implementation and advancement of the AfCFTA to boost economic growth across the continent and enhance trade relations with the BRICS countries."

The Renminbi Mechanism payment system is expected to be implemented in this Trade Agreement.

This will accelerate trade in the region and broaden Africa's reach into the world of trade.

© Goldilocks

https://global.chinadaily.com.cn/a/202308/24/WS64e66bfca31035260b81dd96.html

Investors should be holding more than 5% in gold as a recession is inevitable - Adrian Day | Kitco News

Kitco Link

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Digital Banking Announcement:

The Stellar Development Foundation’s smart contract platform, Soroban, is nearing its official mainnet launch after over a year in public preview releases. This milestone could prove significant for Stellar’s native XLM token by expanding its utility and use cases.

Soroban offers Turing-complete smart contract functionality on the Stellar blockchain. After 10 preview releases, it now has all its core features implemented and is considered “feature complete” according to the SDF.

While auditing and documentation work remains, Soroban already has a burgeoning ecosystem of over 70 projects building decentralized applications on the platform. These include oracles, developer tools, DeFi protocols, DAOs, and more.

This demonstrates Soroban’s potential to enable a whole new realm of applications on Stellar beyond simple payments and tokenization. The ability to implement more complex smart contract logic could make Stellar competitive with other smart contract blockchains like Ethereum.

https://captainaltcoin.com/sorobans-impending-launch-may-boost-stellar-xlm-prices/

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Next Hurricane Could Shut-In 40% Of Gulf Of Mexico Production | OilPrice.com
https://oilprice.com/Latest-Energy-News/World-News/Next-Hurricane-Could-Shut-In-40-Of-Gulf-Of-Mexico-Production.html

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TouchBistro Updates POS System And Other Digital Transactions News briefs from 8/23/23 – Digital Transactions
https://www.digitaltransactions.net/touchbistro-updates-pos-system-and-other-digital-transactions-news-briefs-from-8-23-23/

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Everything You Need To Know About - Crypto-Backed Mortgages
https://blockchainmagazine.net/everything-you-need-to-know-about-crypto-backed-mortgages/

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BREAKING: Saudi Arabia, Argentina, Egypt, Ethiopia, Iran, and UAE to join BRICS on January 1st, 2024.

@WatcherGuru

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BRICS will be inviting Saudi Arabia to join.

Who else?

Egypt and others in the Middle East.

The world is about to change.

This is massive.

Read: https://x.com/goldtelegraph_/status/1694596835266945442?s=46

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Peter Schiff: Inflation, Debt, and the Gold Opportunity
▶️ 1000x Global Crypto Conference, Nov 2023   ▶️ 

https://youtu.be/aoAs7IYAUW4?feature=shared

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Market transition incoming.

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Zimbabwean Central Bank starts implementing African payment system

https://www.thezimbabwemail.com/banking/zimbabwean-central-bank-starts-implementing-african-payment-system/

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The End Game for the Unbacked Fiat Monetary System was ALWAYS planned for when the West started LOSING the Game and the rest of the world started Winning...NOW IS THAT TIME!! 

With the addition of the Saudi's and UAE into the BRICS the announcement has been made! 

Putin is smiling all the way but when the USA clicks the mouse for the Final Rigging Meltdown...the "Creative Destruction Event" will level the playing field for all humans! 
 
HANG ON TIGHT!
 
ALERT! Gold/Silver Ratio Collapsing! BRICS Announces Global Shift! USA Ready to Pull Plug! (Bix Weir)
https://youtu.be/R2nlAgejdYk 

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Central African Republic becomes first country to tokenize land and natural resources

https://www.kitco.com/news/2023-08-24/Central-African-Republic-becomes-first-country-to-tokenize-land-and-natural-resources.html

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LIVE! The US Dollar Threat Just Went Into HIGH GEAR! Brace Yourselves... Mannarino

https://www.youtube.com/live/6BbmD0j2cRA?feature=shared

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Thank you Dinar Recaps

KTFA Members "News and Views" Thursday PM 8-24-2023

KTFA:

Clare:  Saudi Foreign Minister meets Iranian President on the sidelines of the "BRICS" summit

8/24/2023

Saudi Foreign Minister Faisal bin Farhan met today, Thursday, with Iranian President Ibrahim Raisi.

Tasnim International News Agency reported that the two sides held short talks on the sidelines of the BRICS summit.

Six new countries have joined the "BRICS" group, according to what was announced by South African President Cyril Ramaphosa during a summit of the group in Johannesburg.

As of January 1, 2024, Iran, Saudi Arabia, the United Arab Emirates, Egypt, Argentina and Ethiopia will join the group of emerging countries seeking to enhance their influence in the world.

It should be noted that Iranian-Saudi relations have recently witnessed several developments, and Iranian Foreign Minister Hussein Amir Abdollahian visited Riyadh, while the two sides exchanged invitations for King Salman bin Abdulaziz and his crown prince, Mohammed bin Salman, to visit Tehran, and for Ibrahim Raisi to visit Riyadh.    LINK

Clare: Banking reform file.. The Governor of the Central Bank discusses it with the World Bank delegation

August 24, 2023

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, received today, Thursday, a high-ranking delegation from the World Bank headed by Mr. Farid Belhadj, Vice President of the World Bank for the Middle East and North Africa.

During the meeting, they discussed the efforts of the Central Bank of Iraq to organize and consolidate external transfers in accordance with compliance requirements and international standards, and to encourage merchants to enter the electronic platform to buy dollars by providing facilities and simplifying tax and customs procedures that the government is making anticipated amendments to.

The meeting discussed granting small loans through the "Riyada" bank, which will be responsible for providing various loans with the support of the Central Bank of Iraq and private banks, and working to establish a loan guarantee company, as well as paying attention to compliance and risk standards for the development of the banking sector.

The meeting dealt with the conditions of government banks, which constitute approximately 80% of the size of the Iraqi banking sector, and dealt with plans to improve their work, including amending their internal systems to implement institutional governance issued by the Central Bank, and plans to restructure those banks.

In turn, the World Bank delegation praised the efforts and procedures of the Central Bank of Iraq at all levels, expressing its readiness to provide any advice or technical expertise in these areas, and to continue implementing the programs it is working on with the Central Bank.

The Central Bank of Iraq, 
Media Office, 
August 24, 2023

https://cbi.iq/news/view/2405

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Turk182:  Doesn't Today mark the "30-Days" that the Court gave Iraq/CBI to Enact/Implement/Open/Spend/Etc on their 2023, 2024, 2025 Budget that was Officially Posted in the Gazette back on Monday, June 26th 2023?

Just curious, will the Courts be forced to intervene here in order to give the Citizens of Iraq that of which their Government has been promising them for 9+Months?

The beginning of the 3rd quarter was July, and end of the quarter is the end of September.
Frank was saying that thing's happen at beginning or end of a quarter on the call. He also said 30 days from July 26th. It will be what it will be. Whatever.
Will be excited when it's over.

Zeeman:  while you are correct remember Iraq is in the middle east and they do things on their time and not always when they are supposed to…. imo

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Clare:  The US ambassador meets with representatives of the World Bank to support the Sudanese government

8/24/2023   Baghdad:

The US Ambassador to Baghdad, Elena Romanowski, announced today, Thursday, the meeting with representatives of the World Bank, to support the efforts of Prime Minister Muhammad Shia Al-Sudani, to build the Iraqi economy.

Romanowski said, in her tweet: "I met with representatives from the World Bank and discussed ways to provide technical assistance and other ways in which the bank can support the efforts of Prime Minister Muhammad Shia al-Sudani to build Iraq's economy and provide world-class infrastructure to ensure a better future for Iraqis."  LINK

Al-Sudani launches a major tourism project: a landmark and architectural masterpiece in Baghdad

8/24/2023  Baghdad

Al-Sudani launches work on a project to build a large tourist complex in central Baghdad

Al-Sudani Office: The project includes a hotel and a residential complex implemented by the Qatari Investment Holding Company

Al-Sudani in a speech during his launch of the work on the project: I welcome the brothers from the State of Qatar and thank them for their initiative in implementing the first cooperation with Iraq

Al-Sudani: The project will be tourism, service and developmental

Al-Sudani: The promising cooperation between Iraq and Qatar has made a serious start

Al-Sudani: Baghdad today is the heart of commercial, cultural, political and economic activity

Al-Sudani: The tourism project will be a distinctive sign and an architectural masterpiece in the capital, Baghdad

Al-Sudani: Qatar has pioneering investment companies and experiences

Al-Sudani: Arab investment in Iraq is one of the gateways to partnership and integration

Al-Sudani: Iraq has promising investment opportunities, and the government provides the necessary support and facilities

Al-Sudani: Iraq has a solid base of resources, opportunities and capabilities   LINK

Iraqi News Highlights Thursday Afternoon 8-24-23

Iraqi News Highlights Thursday Afternoon 8-24-23

Tlm724 Administrator Bondlady’s Corner

The President Of The Republic: The Government Continues To Consolidate Stability And Promote Investment Opportunities

Political  | 08/24/2023  Baghdad - Mawazine News, President of the Republic Abdul Latif Jamal Rashid affirmed, on Thursday, the government's move to consolidate stability and enhance investment opportunities.

And the Presidency of the Republic stated in a statement, which Mawazine News received a copy of, that "President Abdul Latif Jamal Rashid received, at the Baghdad Palace, Malaysian Foreign Minister Zambri Abdul Qadir, in the presence of Foreign Minister Fuad Hussein, and during the meeting, they discussed the existing bilateral relations between Iraq." and Malaysia.”

The President stressed "the importance of strengthening and developing it in areas of common interest, in a way that achieves the mutual interests of the two peoples and the two countries," noting "Iraq's keenness to build good relations with neighboring countries and the world."

For his part, Minister Zambri Abdul Qadir expressed his happiness to visit Baghdad and meet the President of the Republic, praising the developments that Iraq is witnessing at various levels.

He pointed out, "Malaysia's endeavor to enhance cooperation and investment between the two countries by encouraging the work of companies, factories and factories," expressing his hope that "the Malaysian embassy in Iraq will open within the next two months."

https://www.mawazin.net/Details.aspx?jimare=233818

Iraq Market: Trading Of Shares Worth More Than 8 Billion In 5 Sessions

Money  and business  Economy News – Baghdad  The Iraqi Stock Exchange announced today, Thursday, the weekly trading indicators.

The market stated in a statement that, during the third week of August, it organized five trading sessions from Sunday (August 20) to Thursday (August 24), and the following indicators were achieved during this week:

1. The number of shares traded during this week amounted to more than (11) billion shares.

2. The value of shares traded this week amounted to more than (Cool billion dinars.

3. The trading index in the market closed for the first session of the week at (829.96) points, while the index closed at the end of the week at (845.60) points, achieving an increase of (1.85%) from its closing at the beginning of the session.

4. During the week, (5429) sale and purchase contracts were executed on the shares of the companies listed in the market.  Views 20   08/24/2023 https://economy-news.net/content.php?id=35869

Central Bank Sales Amounted To More Than 198.8 Million Dollars

Economy News-Baghdad  Today, Thursday, the sales of the Central Bank of Iraq, in the foreign currency sale window, amounted to more than 198.8 million dollars.

The Central Bank's website published a table of its dollar sales, and "Al-Iqtisad News" reviewed it, as it included the participation of 31 banks and 96 exchange companies, and covered external transfer requests of 166.7 million dollars, while cash requests amounted to more than 32 million dollars.

The Central Bank of Iraq sells the dollar for documentary credits and international settlements of electronic cards at a price of 1305 dinars per dollar, per dollar for documentary credits and international settlements of electronic cards and at a price of 1310 dinars per dollar for foreign transfers and at a price of 1310 dinars per dollar in cash.  Views 32  08/24/2023 - https://economy-news.net/content.php?id=35862

The Opening Of A Branch Of The Securities Commission And Its Market In Sulaymaniyah

Money  and business  Economy News-Baghdad  On Thursday, the governor of Sulaymaniyah announced the opening of the International Center for Finance and Trade in Sulaymaniyah, which will start its work in the coming period, indicating that the center will bring investors and funds together to create job opportunities and move Sulaymaniyah to an important economic stage.

"The International Center for Finance and Trade will open in Sulaymaniyah for the first time in Iraq and the Kurdistan Region," said the governor of Sulaymaniyah, Haval Abu Bakr, during a press conference followed by "Al-Iqtisad News".

He added, "The center will gather investors and money to create job opportunities and encourage and finance small and medium enterprises."

turn; Between the head of the Securities Commission at the Central Bank of Iraq, Faisal Al-Haimus, during the conference; "Over the past two months, we have reached an agreement between the Commission and the Miran Group to work on granting a license to a branch of the stock market in the International Center for Finance and Trade in Sulaymaniyah," he said.

The head of the authority referred to "the signing of a memorandum of understanding to open a branch of the Securities Commission and a branch of the stock market in Sulaymaniyah," stressing "the authority's support for the center by providing job opportunities and financing in Sulaymaniyah and the Kurdistan Region."

The International Center for Finance and Trade started with the support of the Iraqi government, the Ministry of Finance and the Central Bank of Iraq to support those wishing to open small or medium projects. This center will be important for gathering investors with capital.

Yesterday, 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 enhance financial investment and develop economic activities in the Kurdistan Region, in a strategic step aimed at supporting the Iraqi economy and enhancing cooperation between the public and private sectors.

Views 35  Added 08/24/2023 - https://economy-news.net/content.php?id=35865 \

The Price Of The Dollar Rose In Baghdad With The Closing Of The Stock Market

Economy  Thursday, August 24, 2023 Baghdad / The National News Center  The prices of the US dollar rose against the Iraqi dinar, today, Thursday, in the Baghdad markets, with the closing of the stock exchange.

The correspondent of the National News Center said, "The dollar prices rose with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 152,900 Iraqi dinars against 100 dollars, while the prices this morning were 152,500."

He added, "The selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 153,500 dinars, while the purchase price reached 152,500 dinars for every 100 dollars."

https://ninanews.com/Website/News/List?key=4

Oil Is Falling In Early Trading

Economy  Thursday, August 24, 2023  Follow-up / National News Center  Oil prices fell in early trading on Thursday amid disappointing economic data from major economies and as investors waited for US Federal Reserve Chairman Jerome Powell's speech on Friday for clues about interest rates.

And by 0359 GMT, Brent crude fell 26 cents, or 0.3 percent, to $ 82.95 a barrel, while US West Texas Intermediate crude fell 30 cents, or 0.4 percent, to $ 78.59 a barrel.

Manufacturing data released by a batch of Purchasing Managers' Index (PMI) surveys on Wednesday painted a bleak picture of the health of economies around the world, raising concerns about demand, analysts said.

Japan reported factory activity contracted for the third consecutive month in August. Business activity in the Eurozone also fell more than expected, especially in Germany. The British economy appears to be heading for contraction in the current quarter, at risk of falling into recession.

Business activity in the US came close to a recession point in August, with growth recording its weakest level since February.   https://nnciraq.com/223164/

The Us Ambassador Is Discussing With Representatives Of The World Bank Ways To Support The Sudanese Efforts To Build The Economy Of Iraq

political | 12:11 - 08/24/2023  Baghdad - Mawazine News,  the US Ambassador to Iraq, Ilia Romansky, discussed with representatives of the World Bank support for the efforts of Prime Minister Muhammad Shia al-Sudani to build Iraq's economy.

Romansky said in her tweet: "I met yesterday with representatives from the World Bank and discussed ways to provide technical assistance and other ways in which the bank can support Sudanese efforts to build Iraq's economy and provide world-class infrastructure to ensure a better future for Iraqis."

https://www.mawazin.net/Details.aspx?jimare=233806

The US Ambassador Tweeted: I Met With Representatives Of The World Bank To Support The Efforts Of The Iraqi Government

Thursday 24, August 2023 | political Number of readings: 109  Baghdad / NINA / - The US Ambassador to Iraq, Alina Romansky, said that she had met with representatives of the World Bank to support the efforts of the Iraqi government.

And the ambassador added in her tweet on Twitter: I met yesterday with representatives of the World Bank and discussed ways to provide technical assistance and other ways in which the bank can support Prime Minister Muhammad Shia al-Sudani to build Iraq's economy and provide world-class infrastructure to ensure a better future for Iraqis./ https://ninanews.com/Website/News/Details?key=1073037

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

https://www.bondladyscorner.com/

Xi And Putin Are Seeking To Expand The Alliance Of BRICS Nations To Challenge The Global Dominance Of The US And The Dollar

Xi And Putin Are Seeking To Expand The Alliance Of BRICS Nations To Challenge The Global Dominance Of The US And The Dollar

Tom Porter  Wed, August 23, 2023  

Putin/BRICS   Russia's President Vladimir Putin attends an informal meeting of leaders of the BRICS countries via video link in Moscow, on August 22, 2023.  China's Xi Jinping is in South Africa this week for the BRICS summit.  China and Russia want to expand the group and challenge the West.  Putin recently touted de-dollarization and renewed calls to use of local currencies for trade.

At this week's BRICS summit in Johannesburg, South Africa, the future of the world's leading non-Western economies is at stake.  Russia and China are seeking to remake the alliance, which promotes economic cooperation between members, into a power bloc to challenge the dominance of the US and the dollar.

Addressing the BRICS summit by video link Tuesday, Russian President Vladimir Putin took swipes at the West, and said the summit represented the "global majority."

"This is the essence of the future-oriented strategic course of our association, a course that meets the aspirations of the main part of the world community, the so-called global majority," said Putin, who couldn't attend in person because he is wanted for war crimes.

Russia and China have ambitions for the group that extend beyond its initial purpose to promote mutual prosperity, say analysts.

"China and Russia in particular hope to leverage the group's combined economic weight to counterbalance US and more broadly Western influence in global politics," Graeme Thompson, an analyst with the Eurasia Group, told Insider.

Creating A Power Bloc To Challenge The US

The BRICS are the leading non-Western economies in the world, with the group comprising Brazil, Russia, India, China, and South Africa.

Together, they make up around 40% of the world's population, around $27.7 trillion of the global economy, and are seen to represent the so-called "Global South" of southern hemisphere nations.

Xi, BRICS Summit

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

https://www.businessinsider.com/xi-putin-seek-brics-expansion-challenge-us-power-and-dollar-2023-8

"Tidbits From TNT" Thursday Morning 8-24-2023

TNT:

Tishwash:  BRICS members agree to expand their bloc during the Johannesburg summit

The five member states of the BRICS group agreed on the principle of expanding their bloc that seeks to expand its influence, provided that decisions related to accepting membership of candidate countries are taken after studying their files.

The approval of the countries of the group (Brazil, Russia, India, China and South Africa) came during the summit of the group held in Johannesburg, South Africa.” South African Foreign

Minister Naledi Pandor said: “We have agreed on the issue of expansion, and we have adopted a document that sets out the guidelines, principles and mechanisms that are supposed to be followed to study requests countries that wish to become members of BRICS.

South Africa will host, from August 22 to 24, the fifteenth summit of the BRICS group of countries, in an effort to consolidate its role in the global economic system, as a number of files are discussed in the presence of more than 40 heads of state and government, in addition to leaders of the BRICS countries that include Brazil. Russia, India, China and South Africa. "

Since its founding in 2009, the BRICS group has sought to transform into a global economic power similar to the G7 industrialized countries."

The group was established at its first meeting in Russia under the name "BRICS" before South Africa joined it the following year and its name was modified to "BRICS", as the abbreviation constitutes the first letter of each of the five countries in it.

And during the current summit of the group, which indicates that it was established to achieve a global balance in light of American hegemony, about 40 countries expressed their desire to join the bloc, among them: Argentina, Bahrain, Bangladesh, Belarus, Bolivia, Cuba, Ethiopia, Honduras, Indonesia, Iran, Kazakhstan, the Emirates, Egypt, Algeria, Kuwait, Morocco, Nigeria and Palestine. And Saudi Arabia, Senegal, Thailand, Venezuela and Vietnam. link

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Tishwash:  Despite efforts to abandon it, the dollar's transactions globally are at a record level

Despite the increasing calls to abandon the US currency, the use of dollars in international payments increased last month, reaching an all-time high, according to the latest data of the global transfer system "Swift".

Dollar-related trading rose in July to a record high of 46 percent, which is just over a third a decade ago, and the dollar was the number one currency in terms of the number of transactions, followed by the euro, the pound sterling, and then the yen and yuan.

Although SWIFT data does not include the entire currency market, it shows the extent of dependence on the dollar, which still plays a strong role in international financing operations, even with the emergence of some efforts towards more diversification and the use of national currencies in trade exchanges.

The BRICS summit currently being held in South Africa is witnessing extensive discussions about the need to reduce dependence on the dollar and to seek the use of national currencies.

And the New Development Bank, which was established by the "BRICS" group, which includes five emerging market countries (Brazil, Russia, China, India and South Africa), announced that it would raise the share of financing in local currencies to 30 percent from less than 20 percent.

In his video address to the BRICS summit, Russian President Vladimir Putin said that the dollar's share in the BRICS group's transactions fell by 28 percent, and that the reduction of dependence on the dollar continues "and cannot be reversed."

Major global banks use the Society for International Interbank Financial Telecommunications system, known as SWIFT, to communicate with each other and facilitate interbank currency deals.

The increased dollar earnings from SWIFT transactions came largely at the expense of the euro, whose share in international transactions reached a 2012 high of 46 percent. Last month, the common European currency's share of trades was at an all-time low, at just under a quarter, according to a Bloomberg report.

The SWIFT data also revealed the increasing frequency of yuan-related transactions, as the Chinese currency gradually became more integrated into global foreign exchange flows.

In July, for only the second time ever, more than 3 percent of transactions via SWIFT were in the yuan, while in 2010 this figure was only about 0.03 percent.  lin

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Tishwash:  The coordination framework reveals that the differences over the oil and gas law have been overcome

 The leader in the coordination framework, Turki Jadaan, confirmed that half of the controversial paragraphs on the oil and gas law have been bypassed.

Jadaan said in a press interview followed by (Iraq Today), that "the number of outstanding points in the oil law reaches 14 points, half of which have been exceeded through meetings and discussions between specialized technical committees," pointing out that "there is political support by all parties in order to overcome All differences and obstacles to reach a space of acceptance support the option to approve it during 2023.

He added, "The adoption of the law will address the challenges of smuggling and the influence of foreign companies and contribute to restoring the administration's compass towards federalism, considering oil and gas as wealth for all Iraqi components."

He pointed out that "discussions are currently taking place and there are expectations that a preliminary report will be submitted on the size of what has been achieved next September to the government in order to discuss the possibility of resolving what remains in coordination with the political forces."

Oil and gas are among the important laws that have been postponed for 4 parliamentary sessions due to disagreements, and the government still has the purpose of coming up with substantive clauses that contribute to a consensus that leads to its approval.  link

Mot: . siiigghhhhhh - Been un of Those Daze! - ((( Shaking me Head ))) 

Mot:  .. ooooh Deeeer! -- Sorry! - Had to Share!

MilitiaMan: IRAQ DINAR - Global Moves - Unification - BRICS - Global Financial System

IRAQ DINAR - Global Moves - Unification - BRICS - Global Financial System

MilitiaMan and Crew:  8-24-2023

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

Please listen to full video for all the news……

https://www.youtube.com/watch?v=N_FN-Hs1XTg

Thursday Morning Iraq Economic News Highlights 8-24-23

Thursday Morning Iraq Economic News Highlights 8-24-23

The Judiciary: The Investigation Of The Exchange Rate Files Continues, And Most Of The Accused Are Referred To The Courts

Posted On2023-08-24 By Sotaliraq   The judiciary reported the continuation of investigations regarding the exchange rate files, pointing out that legal measures were taken against all the accused and they were referred to the courts after conducting an investigation with them, stressing that the theft of tax secretariats took place with the complicity of employees, some of whom are in detention and others outside Iraq.

In a statement to the official news agency, the judge of the Karkh Investigation Court, which specializes in integrity issues, Diaa Jaafar, said, “The investigation courts specialized in money laundering and organized crime cases that conduct investigations in exchange rate cases base their investigations on accurate information issued by the competent authorities,” adding that “all The accurate information that was provided to the courts, legal measures were taken regarding it.”

Jaafar added, "All the important cases that were brought before the courts took legal measures towards the arrest of the accused." He pointed out that "most of the courts referred the accused, with whom the investigations were completed, to the competent courts for a trial."

And between Jaafar, that “the court gives way in some cases by presenting evidence that proves the validity of the procedures taken by companies and banks.”

He pointed out, "These issues are technical, and the reason for investigating them is because they are linked to more than one axis, including their association with technical procedures related to the Central Bank of Iraq, which has a vision and a certain point of view in managing the currency file inside the country."

Jaafar stressed, "The Central Bank is an independent body specialized in managing monetary policy in the country, in addition to the presence of investigative bodies working to follow up on this file."

And he talked about, “The existence of different points of view on how to manage the file requires the courts to be accurate and keen to take into account more than one aspect, which is taking into account the views of the technical authorities concerned with managing this important file and taking into account the information provided by the intelligence agencies and the authorities competent to follow up this file.”

Jaafar described, "This file is one of the difficult files that must be managed according to a vision and methodology that includes more consideration on the part of the competent authorities."

And he stated, “The issue of the currency file is not only related to the inside of the country, but also to an external dimension, and we are keen to deal with all aspects of this file accurately and that the competent authority to manage the file be aware and follow-up on this issue, taking into account its procedures in order to preserve the country’s monetary policy and take into account the information provided by Before the security authorities and taking legal measures regarding them in a fundamental manner, with the need to take legal measures against manipulators of currency rates.

Jaafar stated, "All the defendants in the tax secretariat case, in which the Integrity Commission stated that there are recovery files to return them to Iraq, have taken legal measures against them, on charges of facilitating the seizure of tax secretariat amounts."

He added, "This is what we emphasized in the past periods, that the accusation will not stop at one person, but rather investigations will be completed to prove it against all the accused who participated in that."

 Jaafar noted, "The process of theft of tax secretariats was facilitated by a number of employees, some of whom are arrested and the other part outside the country, and investigations are still continuing to pursue them and force them to attend until their trial takes place."

And he continues, “The statements of a member of the House of Representatives regarding the settlement of the Anbar land issue are inaccurate, because the accused, Ahmed Kamel, was arrested pending a case related to real estate in the Fallujah region.”

And he continued, “It has not yet been proven or presented to the judiciary with investigations issued by specialized authorities that explain the process of forgery taking place,” noting that “all investigations that are conducted with land forgery are related to state employees.”

He noted, "The investigations in the case that was raised against Ahmed Kamel are still ongoing and incomplete, and the accused was released on financial bail, despite the passage of a long period of time since his arrest."

Jaafar stressed, “Not to confuse the Anbar lands issue with the case of the accused Ahmed Kamel, as the land issue is independent and related to the existence of information and forgery, but no evidence was presented to the judiciary to explain the forgery that occurred.”

He pointed out, “The court is convinced that in the event of fraud, the palaces are supposed to be assigned to the employees and property owners, if proven.”

He continued, "The case of the Anbar lands relates to a group of employees, as the court is continuing the procedures for arresting these employees from the Anbar Governorate, the governorate's municipality, and the Real Estate Registration Directorate."

And Jaafar concluded, “The investigation committees have almost completed their work, and according to what we received from the preliminary investigations, there are irregularities in the land distribution process by exploiting some loopholes in the law by relying on cooperative societies to grant lands, and during the coming period, the accused in this case will be referred to the courts.” competent.”  LINK

Al-Sudani: The Completion Of The Budget Financing Follow-Up Platform Is A First Step In Reforming The Financial System In Iraq

Political  | 06:55 - 08/23/2023  Baghdad - Mawazine News,  Prime Minister Muhammad Shia Al-Sudani affirmed today, Wednesday, that the completion of the budget financing follow-up platform is a first step in reforming the financial system in Iraq.

And the media office of the Prime Minister stated, in a statement, that “Prime Minister Muhammad Shia’ al-Sudani chaired today, Wednesday, a meeting dedicated to reviewing an electronic platform, which was designed and implemented by self-efforts for the purpose of following up the financing of the budget, and the platform was prepared by a committee headed by the advisor to the Prime Minister, with membership Sectoral agencies and a number of ministries and governorates, and implemented in cooperation with the National Data Center, through which it is possible to follow up on the implementation of the budgets of ministries, governorates and government agencies that are not linked to a ministry and the expenditure doors therein.

Al-Sudani appreciated "the efforts of those working to complete this platform, and considered it a first step in reforming the financial system in Iraq by dealing with this important file," and instructed "to circulate it to spending units in all ministries and government agencies."

And he indicated, "The program is an electronic mechanism that covers the entire chain of financing the general budget, ensuring the provision of updated data with the Prime Minister, or any responsible party that makes use of the information, and the possibility of diagnosing centers of imbalance and delay early."

And he stressed, "The program will also establish new work contexts that add more accuracy and transparency to the means of disbursing public funds, and contribute to supporting financial control and following up on the volume of financing, within the tabulation prepared and meeting the priorities of the government program in various sectors." https://www.mawazin.net/Details.aspx?jimare=233774

Iraq Announces The Final Statistics Of Oil Exports And The Revenues Generated From Them For The Month Of July

Posted On2023-08-24 By Sotaliraq   The National Oil Marketing Company (SOMO) announced the total oil exports and financial revenues achieved for the month of July.

And “SOMO” stated in its table that “the amount of exports of crude oil amounted to 106 million, 755 thousand and 169 barrels, with revenues amounting to 8 billion and 330 million and 475 thousand dollars.”

The statistics indicated that “the total exported quantities of crude oil for the month of July from the oil fields in central and southern Iraq amounted to 105 million 243 thousand and 722 barrels, and from the Qayyarah field 922 thousand and 755 barrels, and from the Kirkuk warehouse to Jordan 344 thousand and 904.” barrels,” indicating that “the average price per barrel amounted to 78,033 dollars.”

She pointed out that the exported quantities were loaded by 40 international companies of several nationalities, from the ports of Basra, Khor Al-Zubayr, mono-buoys on the Gulf, and the modern Kirkuk warehouse by tank trucks.

The Iraqi Ministry of Oil announced, at the beginning of August, the total exports and revenues achieved for the month of July.

A statement by the ministry quoted preliminary statistics issued by the Iraqi Oil Marketing Company “SOMO”, that the total amount of exports of crude oil amounted to (106) million (755) thousand and (169) barrels, with revenues amounting to (8.293) billion dollars.

The statistics indicated 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 to Jordan amounted to (344) thousand and (804) barrels. While exports from Qayyara were (922) thousand and (755) barrels.

While the average daily quantities exported (3) million and (444) thousand barrels per day.[/size]

The average price per barrel was (77.69) dollars.    LINK

The Kurdistan Regional Government Meets With All The Oil Companies Contracting With It

Posted On2023-08-24 By Sotaliraq   On Wednesday, August 23, 2023, the Kurdistan Regional Government held a meeting with the oil companies contracting with it, where it confirmed its support for those companies, and discussed with them the draft federal oil and gas law.

The meeting was held at the headquarters of the Presidency of the Council of Ministers of the Kurdistan Region, with all the oil companies contracting with the regional government, and in the presence of the Chief of the Council of Ministers, Dr. Omid Sabah, Cabinet Secretary Amanj Rahim, Acting Minister of Natural Resources Kamal Muhammad, Minister of Justice Firasat Ahmed, and Head of the Coordination and Follow-up Department in the KRG, Abdul Hakim Khosrow.

During the meeting, Omid Sabah reaffirmed the KRG's support for the oil companies, and highlighted the latest visits and talks of the KRG delegation to Baghdad, the steps to implement the budget law and the production costs of the oil companies and the KRG's directions regarding these issues, in addition to sending financial dues to the region. Kurdistan and Baghdad's position on that.

Omid Sabah also valued the work and activities of companies operating in the oil field as a “real partner of the regional government,” stressing the defense of the rights and contracts of the regional government.

The two sides agreed to continue discussions between the Kurdistan Regional Government and the federal government with the aim of addressing differences within the framework of the constitution and the budget law.

The meeting also touched on the draft oil and gas law, where the position of the regional government and the Iraqi government regarding the legislation of the law was highlighted, and the oil companies expressed their opinions and observations regarding the draft federal oil and gas law. LINK

Oil: Two International Companies Compete To Invest A “Crutch”

Baghdad: Rula Wathiq  The Oil, Gas and Natural Resources Committee in the House of Representatives revealed the intention to contract with two international companies to invest and develop the “Cruz” gas field in Anbar Province.

Committee member Ali Al-Mashkoor said: Two Armenian and Ukrainian companies are competing to invest in the Crutch gas field in Anbar instead of the Kukas company, noting that all hydrocarbon structures in the western region will be invested by one of the two companies that will win the investment contract.

A source in the Ministry of Oil confirmed The presence of open lines with several reputable companies to be an alternative to the “Kokaz” company to proceed with the development of the field in its previously planned stages, especially since it possesses huge reserves, in addition to the proven promising installations of large quantities of gas located near it, expressing his hope that it will be a major and main source for providing Dry gas fuel for power plants in Anbar, central and southern Iraq.

He pointed out that there are 29 promising and proven installations to provide hydrocarbons in Anbar Governorate, stressing that the region is mostly gas and outside the scope of the structural context of Iraq, which makes it rich in it and in need of development, adding that the governorates of Karbala, Najaf, and Muthanna include joint installations and are promising areas.

At the same level, The oil expert, Dr. Furat Al-Mousawi, said in an interview that a number of companies sought to obtain an investment contract for the Crutch field, but none of them succeeded in negotiating with the Ministry of Oil to win the investment contract, explaining that after ISIS took control of Anbar Province in 2014, the Korean company KOKAZ withdrew

The contract was awarded to her within the third licensing round in 2010.He pointed out that last May, during the participation of Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani in the Iraqi-Saudi Coordination Council, he stated that it was agreed with the Saudi side that Aramco would invest and develop the Crutch gas field in Anbar Governorate,

and the aim of its investment and development was It is to reach a production capacity of up to (400 cubic meters) per day, stressing that this offer was one of the best offers made to invest in the field for several reasons, including the history of Aramco’s global name, which gives it high reliability in investment and the oil industry, and the fact that the structures of the subsurface crutch field are shared on The length of the border line with Saudi Arabia, as there are discovered gas fields on the Saudi border side, which may be of the same extent and specifications with the free gas in the Akkas field.

Al-Moussawi pointed out that the Ministry of Oil wants to benefit from the expertise of foreign companies specialized in investing in gas fields, which have a well-known and international history in this aspect, since Iraq is counting on investing in promising gas fields and patches, after heading to invest the gas associated with oil fields, in maintaining the electric power system in Iraq.

Which suffers from many problems due to the lack of supply of dry gas from the Iraqi fields, adding that Russian companies have applied to invest in the field, but the Ministry of Oil does not want to give them more concessions in Iraq, due to the presence of large projects for it in the south, in addition to its desire to create a kind of balance in the inclusion of companies from other nationalities.

Edit: Virgin Juma  LINK

Zimbabwe’s President Vows to Defend Local Dollar He Brought Back

Zimbabwe’s President Vows to Defend Local Dollar He Brought Back

Ray Ndlovu   Tue, August 22, 2023

(Bloomberg) -- Zimbabwean President Emmerson Mnangagwa vowed to defend the nation’s local currency on the eve of the southern African nation’s elections.

Mnangagwa, 80, who is seeking a second term Wednesday, told the state-owned Zimpapers Television Network that the economy and Zimbabwe dollar in particular, are under “attack” from Western nations that are fostering instability so they can effect regime change. The currency was scrapped in 2009 after hyper-inflation rendered it worthless, and Mnangagwa presided over its reintroduction four years ago.

Western nations had imposed sanctions on Zimbabwe but when they didn’t have the desired effect, they “decided to continue their attack on the economy and on our currency,” Mnangagwa said. The government then “introduced measures that have reversed that attack. Now there is stability in the economy and in the currency. It has stabilized,” he said.

The Zimbabwean dollar slumped more than 85% against the US dollar in May, before staging a turnaround after the Treasury introduced measures to boost the local unit’s demand including ordering corporates to pay taxes using the local currency. The Zimbabwe dollar officially trades at 4,568 Zimbabwe to the greenback, data on the central bank’s website shows.

“The Zimbabwe dollar is there to stay,” Mnangagwa said. “Every country to develop must have its own currency. It may be fought because of sanctions by those who want regime change, but I can assure you we shall continue to put measures to protect our currency.”

Other highlights:

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

https://www.yahoo.com/news/zimbabwe-president-vows-defend-local-175849806.html

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

Good evening Dinar Recaps,

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

"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

~~~~~~~~~~

TEMPO.CO, Jakarta - "Indonesia carries out a flexible approach to support the three main digitalization agenda discussed in the Digital Economy Working Group (DEWG) G20 India. The three main agendas are Digital Public Infrastructure (DPI) for Digital Inclusion and Innovation; Building Safety, Security, Resilience, and Trust in the Digital Economy; and Digital Skilling for Building a Global Future Ready Workforce."

https://en.tempo.co/read/1762234/indonesia-employs-flexible-approach-to-support-g20-digitalization-agendas

~~~~~~~~~~

Bloomberg -- "US banking watchdogs will next week propose requiring that banks with as little as $100 billion in assets issue enough long-term debt to cover capital losses if they ever failed."

This new ruling goes into effect on August 29th, 2023. A long-term debt is treated differently than a short-term debt. For the issuer, this is a liability. For the owner of a debt for example bank bonds, it becomes an asset.

Knowing that gold is about to rise in value for some time keeps Banks liquid for those who fail to pay. This is where Basel 3 capital requirements will come into play.

© Goldilocks

Investopedia Link

Finance Yahoo Link

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All current BRICS leaders have publicly supported the bloc's expansion.

China's President Xi Jinping says the world faces a global period of turbulence and transformation.

Read: https://x.com/goldtelegraph_/status/1694351976169914505?s=46

~~~~~~~~~~

Uh oh...

We have some short selling going on...

Back in a minute...

~~~~~~~~~~

While narratives are being built around the BRICS Nations this week, let's take a look at what Money Managers are doing in the Banking System.

And, let's take a look at who is investing in Banks backed by gold. Big investors and Banking institutions are now getting involved in accumulating gold at an unprecedented rate at this point.

Most are "going short" on gold. Going short is the practice of selling borrowed brokered assets, and then, buying these assets back at a later date and keeping the profits. As Bankers roll over their profits, more and more liquidity will provide them a path forward.

Institutional money moves mountains in the marketplace. These kinds of moves do not happen without a pretty clear idea where the market is going. In this case, the commodity markets are expected to begin taking the lead going forward. You can see this in the decisions that the banking system have been making since July 1st when we entered into a SOFR lending service.

Everything seems to be coming together all at once. Gold will set us free.

© Goldilocks

Kitco Link
MorningStar Link

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JUST IN: Russia's President calls on BRICS to abandon the US Dollar and settle trade in local currency.

@WatcherGuru

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JUST IN: BRICS leaders agree to expand the alliance, announcement set for tomorrow.

@WatcherGuru

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World Bank confirms its readiness to support government reforms in strengthening the Iraqi economy

WordPress Link

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BREAKING NEWS

BRAZIL HAS PROPOSED USING CHINESE YUAN GUARANTEES FOR EXPORTS HEADED TO ARGENTINA

It is raining down now.

Day 2.

Read: https://x.com/goldtelegraph_/status/1694461323382341655?s=46

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Bond Markets, Downgrades, and Liquidity Breakdown Ahead?

https://youtu.be/Jerdz9qv6N0?feature=shared

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ICAN Offers Solutions To Exchange Rate Volatility

https://youtu.be/RDMUK2Ouu6s?feature=shared

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Congressman French Hill Sees Urgency In Congress To Pass Crypto Legislation
Forbes Link

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All Eyes on the Jackson Hole Symposium and What Central Bankers Say; Ira's Financial Video 8 23 2023

https://youtu.be/sSV7dFa_834?feature=shared

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Short Covering Rally Carried Across All Metals Today - Ira Epstein's Metals Video 8 23 2023

https://youtu.be/quza7v0e09I?feature=shared

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Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

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Goldilocks on the Seeds of Wisdom Team™ Website

Thank you Dinar Recaps

Iraqi News Highlights Wednesday Afternoon 8-23-23

Iraqi News Highlights Wednesday Afternoon 8-23-23

Tlm724 Administrator Bondlady’s Corner

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

Political  | 12:15 - 08/23/2023   Baghdad - Mawazine News  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 stated, "Deputy Prime Minister and 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 Mashreq Countries, Jean-Christophe Carré, and the Special Representative of the World Bank Mission in Iraq, Richard Abdel Nour." and Advisor to the Vice President of the World Bank, Lubna Hajji.

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."

He pointed out that "the two sides discussed the role of the World Bank in supporting the efforts of the Iraqi government to implement development plans and policies related to achieving economic reform, in the field of automating the banking sector, and developing policies to rationalize water uses in the framework of confronting climate changes."

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," pointing to "investing this relationship in supporting the government's efforts to improve the level of services, and directing loans towards achieving development."

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, Belhaj 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".  https://www.mawazin.net/Details.aspx?jimare=233755

Oil Prices Rose After US Crude Inventories Data

Economy | 10:43 - 08/23/2023  Baghdad - Mawazine News  Oil prices rose slightly in trading today, Wednesday, after the American Petroleum Institute published data on the decline in black gold stocks.

And by 07:48 Baghdad time, Brent global crude futures rose by 0.13% to $84.14 a barrel, while US West Texas Intermediate crude futures rose by 0.2% to $79.8 a barrel, according to Bloomberg data.

According to data from the American Petroleum Institute, US commercial oil inventories decreased in the week ending August 18 by 2.4 million barrels.

And the statistics of the institute are estimates of the reserves, provided that the official data from the US Department of Energy will be issued later today. Ended 29 / H

https://www.mawazin.net/Details.aspx?jimare=233750

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

Economy | 02:07 - 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 ( Cool 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

Signing a cooperation agreement between the Securities Commission and the International Center for Finance and Trade

Money  and business  Economy News – Baghdad  The Chairman of the Securities Commission, Faisal Al-Haimus, and the Director General of the International Center for Finance and Trade, Saad Abdul-Qahar Al-Sheikh, signed a cooperation agreement.

The Securities Commission said in a statement, "In a strategic step aimed at supporting the Iraqi economy and enhancing cooperation between the public and private sectors, a cooperation agreement was signed today between the Securities Commission and the International Center for Finance and Trade."

The statement indicated, "This agreement embodies the commitment of the two parties to strengthening financial investment and developing economic activities in the Kurdistan region."

He added, "This step comes as part of a strategy to achieve sustainable development by enhancing the economic environment and expanding the investment base."

The agreement included, according to the statement, "many objectives, including strengthening the role of the Central Bank of Iraq in supporting the initiative related to the establishment of the International Center for Finance and Trade in Sulaymaniyah, and the agreement also seeks to encourage and promote a culture of investing in securities."

And the statement continued: "The commission and the center are working, according to the agreement, to exchange experiences and knowledge in the legal, administrative and technical fields to enhance investment activity in securities in the Kurdistan region, and to make joint efforts to attract investors and develop the climate."  Views 64  08/23/2023  https://economy-news.net/content.php?id=35839

Director Of The Rafidain Bank Stresses The Advancement And Development Of Banking Performance

Iraq   Wednesday, August 23, 2023 1:00 PM   Baghdad / National News Center   The Director of the Rafidain Bank, Ali Karim Hussein, stressed today, Wednesday, the advancement and development of banking performance.

And the bank’s media stated in a statement received by the National News Center, that “Hussein made a field visit to the departments, corridors and departments of the bank, and during his tour he inspected the affairs of the employees, their workflow, and the obstacles that impede the progress of achievement and its development, the advancement of the level of banking performance, the introduction of modern technologies and keeping pace with global banking developments away from Red tape and bureaucracy.

The general manager of the bank stressed the need to build bridges of trust and cooperation between the official and the employee, and to consider and resolve issues in accordance with the legal frameworks and contexts.    https://nnciraq.com/223079/

The Price Of The Dollar Rose In Baghdad With The Closing Of The Stock Exchange

Economy  Wednesday, August 23, 2023 4:42 PM  Baghdad / The National News Center  The prices of the US dollar rose against the Iraqi dinar, today, Wednesday, in the Baghdad markets, with the closing of the stock exchange.

The correspondent of the National News Center said, "The dollar prices rose with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 152,000 Iraqi dinars against 100 dollars, while the prices this morning were 151,400."

He added, "The selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 152,500 dinars, while the purchase price reached 151,000 dinars for every 100 dollars."

https://nnciraq.com/223114/

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

https://www.bondladyscorner.com/

Is De-Dollarization Coming?

Is De-Dollarization Coming?

The Answer Depends On Whether You’re In Jackson Hole Or Johannesburg This Week

Peter Vanham, Nicholas Gordon  Wed, August 23, 2023

Good morning, Peter Vanham here in Geneva.

What will be the world’s future reserve currency?

That question is more relevant than it has been in years due to inflation and high interest rates in the U.S. and Europe, the crash of digital currencies, and the depreciation of emerging market currencies from the renminbi to the rupee. But depending on whether you’re in Jackson Hole or Johannesburg this week (or on one of our podcasts), the answer might be very different.

Over in the Rocky Mountains, the yearly Jackson Hole symposium mostly welcomes those rooting for the greenback: Western central bankers.

At the heart of their discussions lies the question of whether "higher-for-longer" interest rates are the right strategy to protect their currencies, or whether it’s time to pause, or even reverse course, given the risk of a recession. The likelihood of the dollar staying the world’s reserve currency will depend on getting that balance right.

On the other hand, participants at the annual BRICS summit in Johannesburg have a different outlook. The BRICS summit gathers the leaders of the world’s leading "emerging markets," including South Africa, China, India, Brazil, and Russia (although Russian President Vladimir Putin is not attending).

And the leader of the bloc’s international development bank, Dilma Roussef, left no doubt about their intentions: They want to reduce their reliance on the dollar–and introduce BRICS currencies for international payments and loans.

Amid this geoeconomic bickering, Jeremy Allaire, the CEO of cryptocurrency firm Circle, sees a third way.

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

https://finance.yahoo.com/news/dollarization-coming-answer-depends-whether-104456598.html