"Tidbits From TNT" Saturday 8-26-2023

TNT:

CandyKisses:  Sudanese Adviser: Iraq Is In A State Of High Economic Stability

Earth News / Prime Minister Mazhar Mohammed Saleh's economic adviser said on Saturday that Iraq is living in a high state of economic stability.

Saleh told Earth News that "the country is living in a high state of economic stability as a result of the adoption of the general budget law and the launch of new projects and works in their various joints, and that the budget law may already touch a positive income in addition to more than one million citizens between new jobs and an expansion in social welfare, with a high determination in maintaining support programs in the scope of fuel, agriculture and food baskets.

Saleh added, “The launch of the spark of service businesses nationwide and has led to the activation of the business sector and the labor market at the same time, especially in the fight against unemployment activities and the continuation of a strong demand policy that helps to sustain the provision of job opportunities.”

Saleh pointed out that "an reconstruction activity in the construction, building and infrastructure sector is in a diligent state and has not stopped, but is on the escalation of progress, noting that the construction sector is one of the vital sectors responsible for the employment of about 20% of the national labor force in various business and human skills."

Saleh pointed out that "Iraq currently enjoys a surplus in the current account of the balance of payments relative to GDP - close in my personal estimate - 10% - a positive - which is a high indicator that helped strengthen Iraq's stock of foreign currency reserves supporting stability."

Saleh continues, “There are great hopes waiting for the launch of both the Iraq Development Fund and the Investment Development Road project. Thus, the meeting of positive factors in the course of economic life is now surpassing many of the inherited negatives after the vision and the right path of development became clear, which truly expresses an effective partnership between the state and the market or the private sector without neglecting the social goals in maximizing human happiness and well-being and providing life guarantees, which is the ideal goal that the state is seeking now and in the future.”

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Tishwash:  Is Iraq able to prevent dealings in dollars to restore the "prestige" of the dinar? – Urgent

 On Saturday (August 26, 2023), the expert in economic affairs, Mustafa Akram Hantoush, confirmed the difficulty of canceling dealing in dollars, especially since Iraq imports everything in hard currency . 

Hantoush told "Baghdad Today" that "the government's tendency to sell cars in Iraqi dinars instead of US dollars is very difficult from a practical point of view, despite the government's attempt to impose pledges on exhibition owners and carry out a massive arrest campaign. "

He added, "The decision is practically difficult to implement, since the car trade passes through a global market that deals in hard currency, because we do not have the possibility of manufacturing cars inside Iraq, and we only have the Mahmoudiya factory ."

He pointed out that "large quantities of cars are imported from abroad and in the currency of the dollar, and therefore they are priced in hard currency, and even if they are priced in dinars, this will be done on the basis of the last price of the dollar, and therefore the citizen will not benefit anything from the process of selling cars in dinars. "

And that "the central bank is trying to strengthen the currency by reducing access to the dollar by traders only ."

The government is trying to control the continuing rise in the exchange rate of the dollar against the Iraqi dinar in the market, about seven months after its official decision to raise the value of the Iraqi dinar at a price of 1320 per dollar .

The government had taken a decision last February to raise the value of the Iraqi dinar against the dollar, after its price at the end of 2020 reached 1,470 dinars per dollar. It was implemented by the previous government to bridge the deficit in expenditures and salaries due to the drop in oil prices in global markets .

The dollar is forbidden

The Ministry of the Interior prevented merchants and citizens from dealing in dollars in markets and shops, and restricted transactions to Iraqi dinars.

It seems that the security solution to the rise in the price of the dollar in the parallel market inside Iraq did not achieve any significant results, but rather complicated the economic scene and led in part to a rise in prices in the Iraqi markets.

Economic specialists point out that the market requires many measures to maintain the stability of the currency, most notably preventing smuggling.   link

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CandyKisses:  Panama Canal To Restrict Navigation For A Year Due To Drought

The Panama Canal Authority has announced that it plans to restrict shipping for a year, after weeks of imposing measures due to drought that has reduced the level of water needed to operate this vital maritime trade corridor between the Atlantic and Pacific oceans.

The canal suffers from a shortage of rainwater to transport ships through a series of huge gates that act as water elevators that allow ships from the Pacific and Atlantic sides to be lifted to the level of the canal or lowered to sea level.

Since July 30, the Canal Authority, through which 6% of global maritime trade passes, has reduced the number of ships allowed to cross daily from 40 to 32. The drought, made worse by El Niño's weather phenomenon, prompted the canal's management to allow ships to cross under the surface of the water with a hull depth of only 13.11 meters.

"Currently, we intend (to extend these restrictions) for a year, unless there is heavy rainfall in September, October and November to fill the basin that feeds the canal and fills the two lakes," Canal Authority deputy director Elia Espino told AFP on Thursday evening.

Two artificial lakes, Alajuela and Gatun, supply the canal with the water needed to operate the control gates. But their level dropped significantly due to drought.

Espino said the time period would give shipping companies time to better "plan" for their ships to cross the canal linking the Caribbean and Pacific Sea, and allow boats to travel from the Atlantic to the Pacific without circumventing South America.

The 80-kilometre canal employs shipping companies, most notably from the United States, China and Japan. On Thursday, about 130 ships were waiting to cross the waterway, compared to about 90 usually.

Espino acknowledged that the authority is able to "easily handle a queue of 90 vessels... But 130 or 140 causes us problems and delays."

While the waiting period used to be between three and five days, it is now averaging 11 days, although some ships sometimes have to wait 19 days.

Each ship consumes 200 million litres of fresh water.

Panama Canal to restrict navigation for a year due to drought - Earth News (earthiq.news)

Mot.. As YOU Season - ~~~~~~

Mot:  .... siiiggghhhhhh -- Guys can't Win!!! 

Saturday Morning Iraq Economic News Highlights 8-26-23

Saturday Morning Iraq Economic News Highlights 8-26-23

Is Iraq Able To Prevent Dealings In Dollars To Restore The "Prestige" Of The Dinar? - Urgent

Economy  |Today  Baghdad today – Baghdad   On Saturday (August 26, 2023), the expert in economic affairs, Mustafa Akram Hantoush, confirmed the difficulty of canceling dealing in dollars, especially since Iraq imports everything in hard currency .

Hantoush told "Baghdad Today" that "the government's tendency to sell cars in Iraqi dinars instead of US dollars is very difficult from a practical point of view, despite the government's attempt to impose pledges on exhibition owners and carry out a massive arrest campaign. "

He added, "The decision is practically difficult to implement, since the car trade passes through a global market that deals in hard currency, because we do not have the possibility of manufacturing cars inside Iraq, and we only have the Mahmoudiya factory ."

He pointed out that "large quantities of cars are imported from abroad and in the currency of the dollar, and therefore they are priced in hard currency, and even if they are priced in dinars, this will be done on the basis of the last price of the dollar, and therefore the citizen will not benefit anything from the process of selling cars in dinars. "

And that "the central bank is trying to strengthen the currency by reducing access to the dollar by traders only ."

The government is trying to control the continuing rise in the exchange rate of the dollar against the Iraqi dinar in the market, about seven months after its official decision to raise the value of the Iraqi dinar at a price of 1320 per dollar .

The government had taken a decision last February to raise the value of the Iraqi dinar against the dollar, after its price at the end of 2020 reached 1,470 dinars per dollar. It was implemented by the previous government to bridge the deficit in expenditures and salaries due to the drop in oil prices in global markets .

The Dollar Is Forbidden

The Ministry of the Interior prevented merchants and citizens from dealing in dollars in markets and shops, and restricted transactions to Iraqi dinars.

It seems that the security solution to the rise in the price of the dollar in the parallel market inside Iraq did not achieve any significant results, but rather complicated the economic scene and led in part to a rise in prices in the Iraqi markets.

Economic specialists point out that the market requires many measures to maintain the stability of the currency, most notably preventing smuggling.  LINK

The Dollar Stabilizes In Baghdad And Erbil

2023-08-26 Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar have stabilized in the markets of Baghdad and Erbil, the capital of Kurdistan Region, today, Saturday morning.

Shafaq News agency reporter said that the dollar prices in the Al-Kifah and Al-Harithiya stock exchanges in Baghdad stabilized at 153,000 dinars for every 100 dollars, which are the same prices that were recorded this morning.

Our correspondent indicated that the selling prices also stabilized in exchange shops in the local markets in Baghdad, at 154,000 dinars, while the purchase price reached 152,000 dinars for every 100 dollars.

As for Erbil, the stock exchange does not trade on official holidays, but some exchange offices traded in the dollar, which also recorded stability, as the selling price reached 153,650 dinars against 100 dollars, and the purchase price was 153,000 dinars against 100 dollars.  LINK

Iran: The Release Of 7 Times The Money Held In Iraq

SAT, 08-26-2023, TAYSEER AL-ASADI  Iran: Today, Friday, the Assistant Foreign Minister for Political Affairs and chief Iranian negotiator, Ali Bagheri Kani, announced the release of nearly 7 times the total amount of money seized and used in Iraq last year.

Ali Bagheri said in a press statement: "Since the past three weeks, we have been able to release nearly 7 times the total money that we used in Iraq last year, in the process of economic activities, and of course we expect an acceleration of the liberation process."

 Bagheri explained, "We currently have serious, effective and purposeful interaction with our neighbors and regional and peripheral countries in the political and economic fields, and Iran, with its diplomatic initiatives, has created conditions that require many goals in the field of releasing frozen funds."

In response to a question about whether Iran has other funds frozen in other countries, the Iranian assistant foreign minister said: "Except for South Korea, part of our money is also in Iraq."

 Ali Bagheri stated, "The neighborhood policy of the 13th government is based on a win-win game for both sides, and this is what made this policy successful." He explained that "the bilateral relations between Iran and Saudi Arabia are going well, and that the ambassadors of the two countries will be stationed in Tehran and Riyadh in the near future, and this may happen in the next two weeks."

 He also pointed out that Iran's accession to the "BRICS" group was "a strategic decision that was followed up at various levels in the country," noting that what happened was an important event.

https://non14.net/public/159632

It Will Destroy The Entire Region.” An American Report: There Is No Solution To The Dispute Between Iraq And Turkey Over The Oil Crisis

Posted On2023-08-26 By Sotaliraq   Translated reports  Translation:  The American Foreign Policy newspaper revealed in a report published, on Friday (August 25, 2023), that the dispute between the Iraqi and Turkish government over oil export operations through the Turkish port of Ceyhan is still continuing without any signs of imminent solutions, stressing that the dispute is now “affecting It destroys the region and beyond.

The newspaper stated, according to what was translated by “Baghdad Today”, that the agreement concluded fifty years ago between the two countries regarding the export of oil through the port of Ceyhan is still so far without solutions, despite the visit of Turkish Foreign Minister Hakan Fidan to Baghdad and the announcement of the imminent “achievement of a historic visit to the president.” Turkish Recep Tayyip Erdogan to Iraq.

And she indicated that “the process of stopping oil exports, which has been going on for five months, is doubly affecting the global oil market in the region in general and the world in particular, as the cutting process led to the loss of the international market about 0.5% of the total international oil exports and nearly 10% of Iraq’s exports.” Which left effects whose consequences became more dangerous with the progress of time on the oil market and its prices,” according to its description.

The newspaper added, "Despite the ongoing talks between the two parties, the Turkish foreign minister refused to acknowledge or address his government's refusal to launch oil exports through the Ceyhan pipeline and port, while the Iraqi oil reserves remained stuck in the port's storage," adding, "There are no indications, until now, about the intention of Turkey re-launching Iraqi oil exports through its port.

The newspaper expected that the continued cutting of oil exports by Turkey would lead to "the complete destruction of the Kurdistan region of Iraq," stressing that "the regional government has been suffering economically for years and is losing the ability to pay the dues of its employees gradually and growing, which has become multiplying in effect as a result of the Turkish position."

The newspaper also indicated that the continued deterioration of economic conditions within the region, along with the continuation of the export crisis with Turkey, will eventually lead to a “civil war” between the two main Kurdish parties, the Patriotic Kurdistan and the Kurdistan Democratic Party, warning that the terrorist organization ISIS will take advantage of the expected civil conflict in the Kurdistan region. To achieve another return to the region, according to its description.  LINK

Dollar Exchange Rates In The Iraqi Market

Economy  2023-08-26 | 4,539 views  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets, for Saturday, August 26, 2023.

 The exchange rates of the dollar on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad stabilized at 153,000 dinars for every 100 dollars, while the selling prices also stabilized in exchange shops in the local markets in Baghdad, at 154,000 dinars, while the purchase amounted to 152,000 dinars for every 100 dollars.

And the   Central Bank of Iraq decided, earlier, to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of purchasing a dollar from the Ministry of Finance  reached 1,300 dinars per dollar and sold it at (1310) dinars per dollar to banks through the electronic platform, and sold at (1320) dinars per dollar. Dollars from banks and non-bank financial institutions to the final beneficiary.  LINK

Cutting Off Trade With Iran And Turkey As An "Iraqi Pressure Card"... Who Will Be The Real Loser?

Baghdad today – Baghdad  With the persistence of disputed issues and disputes between Iraq and its neighbors Turkey and Iran, especially with regard to the issue of water, the issue of the "economic card" is often raised, and talk is made that Iraq can put pressure on these two countries by cutting off trade with them, while the question arises about who is the real loser. In the event of interruption of trade.

Representative Hussein Mardan considered that the Iraqi markets are in dire need of Turkish and Iranian goods due to the shortage in the local production of these types of goods, while he reviewed 3 reasons why Iranian and Turkish goods have preference in Iraq.

Mardan said in an interview with (Baghdad Today), Friday (August 25, 2023), that "Iraq's exceptional situation in the files of industry, agriculture, and the economy in general imposes on it determinants in exchange mechanisms with neighboring countries, including Iran and Turkey," noting that "Iraq needs their products." to fill the void in the market.

He added, "3 direct reasons for the flow of Iranian and Turkish products to the Iraqi markets are represented by geography, ease of transportation and competitive prices, in addition to the intertwined trade relations that extend for centuries, meaning that it is not an exceptional case arising from recent years."

He pointed out that "Iraq's situation and the weakness of its industrial, agricultural and productive capabilities make closing the borders to the products of neighboring countries fraught with dangers," stressing that "the talk about political pressures behind the flow of goods is inaccurate, but rather it results from a need that is being provided, and when an alternative becomes available, there will be a reduction in its flow." ".

It is often mentioned that the economic card is in the hands of Iraq, which could be used against Turkey and Iran, especially in the issue of the dispute over water.

This conversation leads to an important question, which is, "Who is most affected by the severance of trade with Turkey or Iran?" While the numbers can clearly answer this question.

The average import of Iraq from Turkey is about 12 billion dollars and from Iran between 8 to 10 billion dollars annually, as Iraq depends heavily on the goods of the two countries, and in the event of stopping trade with them, many goods and commodities will increase their prices significantly in the local markets from electrical appliances and even Other food commodities.

While it is possible to replace some of them with local products, other goods are not manufactured locally and cannot be provided.

On the other hand, Turkey's total exports in 2022 amounted to about 255 billion dollars, which means that the amount of the effect of stopping trade between Iraq and Turkey is less than 5% of the total Turkish trade, which may not significantly affect the Turkish economy, which makes Iraq perhaps more They will be affected in the event of stopping trade with Turkey, and this matter is not considered a very profitable card against Turkey.

The total Iranian oil and non-oil exports, in 2022, are approximately $100 billion, which means that what Iraq imports from Iran is equivalent to 10% of its total exports, which makes Iran somewhat more affected than Turkey in the event of stopping trade with Iraq.  LINK

MilitiaMan: IRAQ DINAR RATE CHANGE - IRAN RIAL RATE CHANGE - USA - IRAQ - BRICS - CHANGES COMING?

IRAQ DINAR RATE CHANGE - IRAN RIAL RATE CHANGE - USA - IRAQ - BRICS - CHANGES COMING?

MilitiaMan and Crew:  8-26-2023

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

Powerful data about Iraq Dinar and far more.

Be sure to listen to full video for all the news.

https://www.youtube.com/watch?v=uSIpAj56ue0

Goldilocks' Comments and Global Economic News for Friday evening, August 25, 2023

Good evening Dinar Recaps,

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

ALERT! USA Readies to "Allocate" Gold & Silver Coinage AFTER the CRASH! BUY SILVER NOW!! (Bix Weir)

https://clicks.aweber.com/y/ct/?l=A5rju&m=3YTr97fNg_AZ85B&b=uXwH4m2T5evHEUayj0qAOw

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$1,900,000,000 worth of Bitcoin options expire today.

Some of this money will be rolled over into another options contract on Bitcoin, and some of this will go into other digital assets.

Either way, investors are going to get a second look at what they are investing in and decide if they want to stay with it or move to another asset.

© Goldilocks

https://decrypt.co/42773/billion-bitcoin-options-expire-friday-heres-what-it-means

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Saudi Arabia is considering a proposal from China to build a nuclear power plant in the country.

Saudi Arabia will introduce two Chinese language classes per week in secondary schools.

The Kingdom will officially enter BRICS on January 1, 2024.

The pressure is now on.

Read: https://x.com/goldtelegraph_/status/1695157672926941396?s=46

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BRICS group invites 6 new members to join next year – DW – 08/24/2023
https://www.dw.com/en/brics-group-invites-6-new-members-to-join-next-year/a-66618967

I will say more about this tomorrow.

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Powell Smacks Down Calls to Raise 2% Inflation Target: “2% Is and Will Remain our Inflation Target” | Wolf Street
https://wolfstreet.com/2023/08/25/powell-smacks-down-calls-to-raise-2-inflation-target-2-is-and-will-remain-our-inflation-target/

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For Global Oil Markets, a US-Iran Deal Is Already Happening - Bloomberg
https://www.bloomberg.com/news/articles/2023-08-25/for-global-oil-markets-a-us-iran-deal-is-already-happening

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Saudi Arabia Eyes Chinese Bid for Nuclear Plant - WSJ
https://www.wsj.com/world/middle-east/saudi-arabia-eyes-chinese-bid-for-nuclear-plant-e4a56f

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6 New Nations Are Set To Join BRICS

6 New Nations Are Set To Join BRICS

As The G7’s Political Counterweight Grows, Is The Dollar At Risk To A New Rival?

Will Daniel  Thu, August 24, 2023

The bloc of emerging market nations known as BRICS—which currently includes Brazil, Russia, India, China, and South Africa—is expanding its membership for the first time since 2010.  On the final day of the annual BRICS summit in Johannesburg on Thursday, leaders of the group announced Saudi Arabia, Iran, Egypt, Argentina, Ethiopia, and the United Arab Emirates (UAE) will join their ranks starting Jan. 1.

"BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous," South African President Cyril Ramaphosa said of the move, noting that this is “the first phase of this expansion process and other phases will follow."

BRICS nations have long sought to bolster their group's geopolitical power in order to counter the West on economic and political issues, and the addition of some of the world’s largest energy exporters—Saudi Arabia, Iran, and the UAE—will certainly help with that goal. BRICS also has a waiting list of dozens of nations that are ready and willing to join the group amid dissatisfaction with the current, often U.S.-led, world order.

But Gregory Daco, chief economist at Ernst & Young's global strategy consulting arm EY-Parthenon, questions whether BRICS can really compete with the West on the global stage in the near term, given the differing priorities of its constituent nations.

“It's a nice acronym, but it's not really something that would rival the G7 in the next 15 years, 20 years; that's more of a long-term consideration,” he told Fortune after the BRICS summit Thursday, referencing the rival bloc of Western nations that includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

And when it comes to BRICS's ambitions of de-dollarization, or the goal of becoming less reliant on the dollar, Daco is even more incredulous.

“The problem is the current lack of trust, lack of alignment, and lack of priorities when it comes to each country's strategic plan,” he said. “What this means is that we currently have an environment in which these large emerging markets cannot represent a viable alternative to the dollar.”

Don’t Expect A Common Currency

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

https://finance.yahoo.com/news/6-nations-set-join-brics-205647314.html

Goldilocks' Comments and Global Economic News for Friday, August 25, 2023

Goldilocks' Comments and Global Economic News for Friday, August 25, 2023

Good afternoon Dinar Recaps,

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

URGENT: 4 Major U S Banks Just Bought Gold and Plan for Bail Ins - Peter Schiff

https://youtu.be/2N6xYgrMcbo?feature=shared

Swift's cross-border payments processing speed has surpassed the G20 target set for the digital banking community.

On September the 9th through the 10th 2023, G20 meets to confirm Global Monetary Policies on crypto clarity that will move us forward. Barring no major loose ends, we will be given the green light to move forward with the new digital economy reforms and implementations.

BRICS, Jackson Hole, and the G20 meetings are sharing with us plans and monetary policies to move forward inside a new digital economy.

These meetings together represent a Global Collective Vision that will focus our attention into new pathways.

© Goldilocks

https://www.swift.com/news-events/press-releases/swifts-cross-border-payments-processing-speed-surpasses-g20-target

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Major indexes fall 1%, focus shifts to upcoming Powell speech

https://www.reuters.com/markets/us/nasdaq-futures-rally-1-nvidias-blowout-results-lift-ai-stocks-2023-08-24/

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As Fed registers gains, Powell may take a lay-low approach

https://www.reuters.com/markets/us/fed-registers-gains-powell-may-take-lay-low-approach-2023-08-25/

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Vietnam joins Southeast Asian effort on cross-border payments

https://www.reuters.com/business/finance/vietnam-joins-southeast-asian-effort-cross-border-payments-2023-08-25/

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"BRICS Currency Is Highly Unlikely, But Currency Swap Is Rather Possible"

We shared several times in this room that a gold-back single trading currency would not be on the table at The BRICS Summit.

What we are finding out is somewhat different. BRICS are interested in trading with local currencies. Trading disparities are rather minimal since the bulk of their trading has been rerouted these last 3 years. Many of their trading partners have similar exchange rates, and the increasing demand for each other's currencies will raise their values organically.

Tokenized assets is another story. This levels the playing field through digital mechanisms ensuring trade balances utilizing artificial intelligence.

Put simply, "A gold-backed currency cannot be adjusted in value through interest rate changes, quantitative easing, or exchange rate interventions.”

Economies are heterogeneous in nature. The socioeconomic differences in our world make it difficult for the BRICS Nations to enter into the currency gold standard at this time.

A digital asset-based trading system is possible. At this time, trading in local currencies will prevail pushing the demand and value of individual countries' currencies to higher levels. Currency swaps will reign!

© Goldilocks

https://www.tekedia.com/brics-currency-is-highly-unlikely-but-currency-swap-is-rather-possible/

https://sesmad.dartmouth.edu/variables/18#:~:text=Definition,%2Doperate%20with%20each%2Dother.

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Official: BRICS drops US dollar for settlements – Cryptopolitan

https://www.cryptopolitan.com/brics-drops-us-dollar-for-settlements/

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Read Powell’s Full Speech From Jackson Hole Symposium

https://finance.yahoo.com/news/read-powell-full-speech-jackson-140248038.html

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Fed Chair Powell calls inflation 'too high' and warns that 'we are prepared to raise rates further'.

https://www.cnbc.com/2023/08/25/fed-chair-powell-calls-inflation-too-high-and-warns-that-we-are-prepared-to-raise-rates-further.html

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Saudi looking forward to starting ‘new phase’ with Iran – Middle East Monitor

https://www.middleeastmonitor.com/20230823-saudi-looking-forward-to-starting-new-phase-with-iran/

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"A file photo shows a man counting US dollar notes in the capital Dhaka. The volume of foreign currencies held by the country’s commercial banks increased further in July amid increased remittances, export earnings, and import restrictions."

Foreign currency holdings in banks are on the rise. There are greater numbers of people switching the dollar for currencies of other nations.

It is becoming increasingly clear that banking reforms no longer favor one country holding a World Reserve Status.

And today, we see that Jerome Powell at the Jackson Hole Symposium is telling us that interest rates rising are still on the table.

What this tells us is that market reforms are still in play. We have inflated prices on the markets that still need to be dealt with and brought into real value among our Global Markets.

Once we are given the green light to move forward with global monetary policies on our new digital asset-based economy, we very well could see the transition of a global market move rapidly.

Many of us over the years have bought foreign currency from years ago, and we are experiencing them rise to much higher levels than we bought them. Can you imagine the new prices on these foreign currencies as we go forward?

Demand equals higher values...

© Goldilocks

https://www.newagebd.net/article/210168/forex-holding-in-banks-rises

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“Bank Negara Malaysia (BNM), Bank Indonesia (BI), and Bank of Thailand (BOT) have collectively entered into three bilateral Memorandum of Understanding (MoUs) aimed at enhancing collaboration in advancing the utilization of domestic currencies in bilateral transactions.

The signing event occurred during the ASEAN Finance Ministers and Central Bank Governors’ Meeting held in Jakarta, Indonesia.

The collective objective of the three central banks is to fortify collaboration concerning the utilization of domestic currencies for bilateral transactions. The framework’s scope has been broadened to encompass a wider array of eligible cross-border transactions beyond trade and direct investment, with gradual implementation.

This extended framework will also synergize with initiatives related to cross-border payments, aiming to provide enhanced accessibility and efficiency in settling transactions using local currencies”.

It’s not just BRICS making moves towards using local currencies. Here we see ASEAN members taking the same directive and setting up the ability to completely circumvent the USD.

Watch the East 😉

© Marie G.  Q & A Telegram Room

https://www.cryptopolitan.com/malaysia-indonesia-thai-domestic-currency/

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Follow Goldilocks' Roadmap

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Iraqi News Highlights Friday Afternoon 8-25-23

Iraqi News Highlights Friday Afternoon 8-25-23

Tlm724 Administrator Bondlady’s Corner

About 80 Billion Dinars, “Fines” Imposed By The Iraqi Central Bank On Banks And Exchange Companies

Posted On2023-08-25 By Sotaliraq  The Central Bank of Iraq announced that the fines imposed on banks and non-banking institutions (exchange companies) amounted to about 80 billion Iraqi dinars during the past seven months.  And a table for the bank showed that the fines imposed on banks and financial companies during the past seven months, starting from January 2023, and until the end of last July amounted to 79 billion and 777 million and 817 thousand and 397 dinars, indicating that “the fines also included 318 administrative penalties for these banks and institutions.” Non-banking distributed between warning, warning and respite.

And the table indicated that “the month of April witnessed the highest fines on banks and non-financial institutions, as these fines reached 17 billion and 440 million and 383 thousand and 447 dinars, with administrative penalties amounting to 17 penalties, while the month of June witnessed the lowest fines, amounting to 8 billion and 353 million and 387 thousand and 476.” dinars with administrative penalties amounting to 50 penalties.

The table did not show the names of the banks on which fines and administrative penalties were imposed.

The Association of Investors in the Iraq Stock Exchange had criticized early last June, the Central Bank of Iraq to increase fines on banks, noting that it will affect the profitability of investors in the shares of these banks.  LINK

Iraq Falls One Place Among The Largest Holders Of US Bonds

Posted On2023-08-25 By Sotaliraq  The US Treasury announced, on Thursday, that Iraq is one of the largest foreign holders of US bonds.

And the treasury said in the latest table that “Iraq fell one place despite raising its holdings of bonds for the month of June by $300 million, to reach the 37th rank among the countries with the largest possession of US Treasury bonds of 38 countries listed in the table of countries,” indicating that “a country (Peru) raised its holdings of bonds to rank 36 instead of Iraq.”

And she added, "Iraq's possession of these bonds amounted to $33 billion for the month of June, up by 0.92% from last May, which Iraq's possession of bonds amounted to $32.7 billion, but it increased by 3.12% from June of 2022."

The treasury also indicated that “Iraq was the fourth largest Arab country after Saudi Arabia, the Emirates and Kuwait, while Japan came at the top of the countries with the largest possession of these bonds with 1.105 trillion dollars, followed by China second with 835 billion dollars, the United Kingdom third with 672 billion dollars, and Belgium fourth with 332.” One billion dollars, and Luxembourg fifth with 331 billion dollars.   LINK

Sudanese Seeks To Secure Fuel Needs And Reduce The Import Bill

Iraq  Friday, August 25, 2023  Baghdad / National News Center  Today, Friday, the Oil, Gas and Natural Resources Committee announced huge investments in the oil refining sector during the coming period, and while confirming its support for plans to increase production to 8 million barrels of oil per day by 2027, it indicated that Prime Minister Muhammad Shia’a al-Sudani seeks to secure fuel needs. and reduce the import bill.

Committee member Zainab Juma al-Moussawi said, “The committee supports plans that aim to increase Iraqi oil production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in natural gas, to meet the country’s needs that force us to import gas to operate power plants and industrial facilities.” , stressing “the need to develop plans for the oil industry in the country.”

Al-Moussawi added, “The committee also relies on developing the oil sector by relying on national companies with the support of foreign companies because oil represents the lifeblood of the Iraqi economy, and the development of the oil sector will result in providing the necessary financial resources to invest in building real human and material capital that leads to production creation and development.”

the rest of the economic sectors and enough to compensate society for the loss of the depleted natural resource by achieving comprehensive economic and social development.

And she continued: “We are expecting huge investments to enter during the coming period in the oil refining sector in Iraq, and there are efforts by the government of Prime Minister Muhammad Shia al-Sudani to secure the country’s fuel needs and reduce the import bill.”

He pointed out that “the refineries will be offered for investment by the Ministry of Oil after completing papers and information on the refinery portfolios that will be announced in the northern, central and southern governorates,” stressing that “the Parliamentary Oil and Gas Committee supports the ambitious plans of the Ministry of Oil to increase refining capacities in the country.” https://nnciraq.com/223325/

Iraq Confirms Its Keenness To Provide Indicators Of A Safe Environment For Investment

The head of the National Commission for Investment, Haider Muhammad Makiya, affirmed Iraq's keenness to provide indicators of a safe environment for investment.

And the authority stated in a statement, "Makiya received the Ambassador of the State of Kuwait to Iraq, Tariq Abdullah Al-Faraj, and they discussed developing investment and economic relations between Baghdad and Kuwait."

Makiya said, according to the statement, that "Iraq is keen to provide indicators of a safe environment for investment with standards of sustainability in investment projects, which are a vital tributary to the state budget," noting that "the commission implements a policy of openness in dealing with companies and foreign and local investors and granting investment licenses in accordance with the investment law." No. (13) for the year 2006 as amended.

For his part, the Kuwaiti ambassador expressed his thanks to the Chairman of the National Investment Authority for his interest in expanding transactions with international investment companies, including Kuwaiti ones.   https://www.radionawa.com/all-detail.aspx?jimare=35529

Oil Prices Close Higher

Friday 25 August 2023 07:11 | Economical Number of readings: 319

Baghdad / NINA / - Oil prices closed slightly higher, on Thursday, after falling by a dollar per barrel in early trading due to demand concerns and the strength of the dollar, but later recovered after a report on a decrease in diesel stocks in Europe.

Brent crude rose 15 cents, or 0.2 percent, to $83.36 a barrel, and West Texas Intermediate crude rose 16 cents, or 0.2 percent, to $79.05 a barrel. Prices were

low during most of the session, before rising in the last half hour of trading./ End2

https://ninanews.com/Website/News/Details?key=1073126

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

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Friday Morning Iraq Economic News Highlights 8-25-23

Friday Morning Iraq Economic News Highlights 8-25-23

Iraq Falls One Place Among The Largest Holders Of US Bonds

Posted On 2023-08-25 By Sotaliraq    ]The US Treasury announced, on Thursday, that Iraq is one of the largest foreign holders of US bonds.

And the treasury said in the latest table that “Iraq fell one place despite raising its holdings of bonds for the month of June by $300 million, to reach the 37th rank among the countries with the largest possession of US Treasury bonds of 38 countries listed in the table of countries,” indicating that “a country (Peru) raised its holdings of bonds to rank 36 instead of Iraq.”

And she added, "Iraq's possession of these bonds amounted to $33 billion for the month of June, up by 0.92% from last May, which Iraq's possession of bonds amounted to $32.7 billion, but it increased by 3.12% from June of 2022."

The treasury also indicated that “Iraq was the fourth largest Arab country after Saudi Arabia, the Emirates and Kuwait, while Japan came at the top of the countries with the largest possession of these bonds with 1.105 trillion dollars, followed by China second with 835 billion dollars, the United Kingdom third with 672 billion dollars, and Belgium fourth with 332.” One billion dollars, and Luxembourg fifth with 331 billion dollars.  LINK

Parliamentary Oil: The Prime Minister Seeks To Secure Fuel Needs And Reduce The Import Bill

Economy  08/25/2023   Baghdad - Mawazine News  Today, Friday, the Oil, Gas and Natural Resources Committee announced huge investments in the oil refining sector during the coming period, and while confirming its support for plans to increase production to 8 million barrels of oil per day by 2027, it indicated that Prime Minister Muhammad Shia’a al-Sudani seeks to secure fuel needs. and reduce the import bill.

Committee member Zainab Juma al-Moussawi said: "The committee supports plans aimed at increasing Iraqi oil production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in natural gas, to meet the country's needs that force us to import gas to operate power plants and industrial facilities." , stressing "the need to develop plans for the oil industry in the country."

Al-Moussawi added, "The committee also relies on developing the oil sector by relying on national companies with the support of foreign companies because oil represents the lifeblood of the Iraqi economy, and the development of the oil sector will result in providing the necessary financial resources to invest in building real human and material capital that leads to production creation and development." the rest of the economic sectors and enough to compensate society for the loss of the depleted natural resource by achieving comprehensive economic and social development.

And she continued, "We are expecting huge investments to enter during the coming period in the oil refining sector in Iraq, and there are efforts by the government of Prime Minister Muhammad Shia' al-Sudani to secure the country's fuel needs and reduce the import bill."

He pointed out that "the refineries will be offered for investment by the Ministry of Oil after completing the papers and information related to the refinery portfolios that will be announced in the northern, central and southern governorates," stressing that "the Parliamentary Oil and Gas Committee supports the ambitious plans of the Ministry of Oil to increase refining capacities in the country."

https://www.mawazin.net/Details.aspx?jimare=233855

Iraq Escapes From The Problems Of Iranian Gas And American Pressure Towards Turkmenistan

Economy   2023/08/25 Number of readings: 249 Baghdad - Iraq today:  Iraq has begun to take serious steps to diversify the sources of gas supplies and not to rely on a single source in order to provide the necessary fuel for power stations.

In this context, Baghdad reached a preliminary agreement with the government of Turkmenistan to import gas, in a move that may pave the way for easing the country's electricity crisis, which has worsened with the decline in Iranian gas supplies.

During the past 3 years, Iraq faced several challenges to importing Iranian gas. As the pumping decreased to low levels with Baghdad's failure to pay its debts, due to the US sanctions imposed on Tehran.

Izzat Saber, Undersecretary of the Ministry of Oil for Gas Affairs, said that a high-ranking government delegation held meetings with officials in the gas sector in Turkmenistan, and it was agreed initially to import quantities of gas to meet part of the electric needs. power stations, according to a memorandum of cooperation that is being prepared.

It is expected that the memorandum of understanding will be signed before the end of this year, and it will include the proposed quantities and the mechanisms that will be adopted between the two countries.

Saber pointed out the importance of the agreement, which represents an advanced step to expand the horizons of cooperation with gas-producing countries, including Turkmenistan, which is one of the most important gas-producing countries in the region and the world.

The delegation included the Undersecretary of the Ministry of Electricity for Production Affairs, Adel Karim, and the Director General of the Studies and Planning Department at the Ministry of Oil, Naseer Aziz.

Governmental Committee

Iraq's moves to import gas are the first moves of the joint committee that the government recently formed from the Ministries of Oil and Electricity. To discuss importing gas from Qatar and Turkmenistan.

Electricity Minister Ziyad Ali Fadel said, in recent statements, that the government took a set of decisions and formed a joint committee with the Ministry of Oil, headed by the Undersecretary of the Ministry of Electricity for Production Affairs and the Ministry of Electricity's advisors.

He added that the committee will go with a delegation to Turkmenistan; To study the possibility of contracting to import gas, and another to Qatar; To discuss the possibility of supplying Iraq with liquefied gas through a port.

Iraq uses gas to operate power plants that are distributed in the center and south of the country, and together generate nearly 7 thousand megawatts per day.

Baghdad's gas import bill is about 8 trillion dinars ($6 billion); As the import takes place through tanker lines, whether with the Kurdistan region or Iran. LINK

Parliamentary Oil Affirms Its Support For Plans To Increase Production By 8 Million Barrels To Secure Fuel Needs

August 25, 2023  Baghdad / Obelisk Al-Hadath: Today, Friday, the Oil, Gas and Natural Resources Committee announced huge investments in the oil refining sector during the coming period, and while confirming its support for plans to increase production to 8 million barrels of oil per day by 2027, it indicated that Prime Minister Muhammad Shia Sudanese seeks to secure fuel needs and reduce the import bill.

Committee member Zainab Juma al-Moussawi said, “The committee supports plans aimed at increasing Iraqi oil production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in natural gas, to meet the country’s needs that force us to import gas to operate power plants and industrial facilities.” , stressing “the need to develop plans for the oil industry in the country.”

Al-Moussawi added, “The committee also relies on developing the oil sector by relying on national companies with the support of foreign companies because oil represents the lifeblood of the Iraqi economy, and the development of the oil sector will result in providing the necessary financial resources to invest in building real human and material capital that leads to production creation and development.” the rest of the economic sectors and enough to compensate society for the loss of the depleted natural resource by achieving comprehensive economic and social development.

And she continued: “We are expecting huge investments to enter during the coming period in the oil refining sector in Iraq, and there are efforts by the government of Prime Minister Muhammad Shia al-Sudani to secure the country’s fuel needs and reduce the import bill.”

He pointed out that “the refineries will be offered for investment by the Ministry of Oil after completing the papers and information related to the refinery portfolios that will be announced in the northern, central and southern governorates,” stressing that “the Parliamentary Oil and Gas Committee supports the ambitious plans of the Ministry of Oil to increase refining capacities in the country.”

https://almasalah.com/archives/64128

A Parliamentary Committee Determines The Causes Of The Current Fuel Crisis.. What Is The Relationship Between The Oil Departments?

Sumerian special  2023-08-25 | 1,377 views  Alsumaria News – Special  The Parliamentary Oil, Gas and Natural Resources Committee identified, today, Friday, the reasons for the crisis of the lack of oil derivatives in the local fuel reserves, while stressing that Iraq has not achieved self-sufficiency in kerosene and gasoline.

Committee member said,  Ali Shaddad Al-Fares, in an interview with  Alsumaria News "The oil derivatives crisis, especially kerosene, is repeated annually at this time and is raised in one way or another," noting that "there are many problems, including: the oil departments and the delay in supplying gas stations with this substance."

He added, "At the same time, we are going through the Arbaeen days, and therefore there is a large withdrawal of oil derivatives," stressing, "There is support from  Oil Ministry  for Husseini processions in order to carry out the visiting ceremonies.”

A member explained  Parliamentary Oil Committee And that “the petroleum products company is under great pressure as a result of the visit and the large clouds that accompany it,” noting that “the other reason revolves around the presence of disruptions used by some merchants responsible for importing kerosene into Iraq"

And between the strong, that" Iraq It has not yet achieved self-sufficiency, and we need imports from abroad," pointing out, "a company Sumo Al-Watania conducts tenders from time to time to import kerosene and gasoline.”

He pointed out that, “at the end of this year, there will be self-sufficiency in kerosene, according to what was announced by the Ministry of Oil; Result of filtered entry Karbala With full production capacity, which is comparable to the refineries of the south in the province Basra In addition to some projects in the refineries of the south and the north, which will enter service soon

.Iraqneeds to import gasoline; Until a new group is created to improve this article and take advantage of the window, which is currently issued through Sumo

The capital, Baghdad, and a number of Iraqi provinces have been witnessing, for days, a severe fuel crisis that has created a large congestion in front of gas stations, and citizens have been forced to stand for long hours to supply gasoline, in addition to closing hundreds of stations in front of people due to the lack of gasoline .   LINK

What Is A BRICS Currency Could One Be Adopted?

What Is A BRICS Currency Could One Be Adopted?

Rachel Savage  Wed, August 23, 2023

JOHANNESBURG (Reuters) -Brazil's President called on Wednesday for the BRICS nations to create a common currency for trade and investment between each other, as a means of reducing their vulnerability to dollar exchange rate fluctuations.

Luiz Inacio Lula da Silva made the proposal at a BRICS summit in Johannesburg.

Officials and economists have pointed out the difficulties involved in such a project, given the economic, political and geographic disparities between Brazil, Russia, India, China and South Africa.

WHY DOES LULA WANT A BRICS CURRENCY?

Brazil's president doesn't believe nations that don't use the dollar should be forced to trade in the currency, and he has also advocated for a common currency in the Mercosur bloc of South American countries.

A BRICS currency "increases our payment options and reduces our vulnerabilities," he told the summit's opening plenary session.

WHAT DO OTHER BRICS LEADERS THINK?

South African officials had said a BRICS currency was not on the agenda for the summit.

In July, India's foreign minister said, "there is no idea of a BRICS currency". Its foreign secretary said before departing for the summit that boosting trade in national currencies would be discussed.

Russian President Vladimir Putin said the gathering, which ha attended via videolink, would discuss switching trade between member countries away from the dollar to national currencies.

China has not commented on the idea. President Xi Jinping spoke at the summit of promoting "the reform of the international financial and monetary system".

WHAT ARE THE CHALLENGES OF SETTING UP A BRICS CURRENCY?

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

https://finance.yahoo.com/news/explainer-brics-currency-could-one-143450675.html

"Tidbits From TNT" Friday Morning 8-25-2023

 TNT:

CandyKisses:  Al-Saadi: Iraq's strategic location and position made Washington covet the return of its forces

 Information / Baghdad,

Secretary-General of the Jihad and Construction Movement, Jawad Rahim Al-Saadi, confirmed today, Friday, that the location and strategic position of Iraq in the region and the world as a whole made Washington think about showing the true form of the presence in Iraq and announcing the presence of its forces instead of naming them as advisers.

Al-Saadi told Al-Maalouma, "America is seeking in various ways, through its ambassador in Baghdad, Elena Romanowski, to destabilize the situation and turn the people against the Sudanese government, especially since the citizen has begun to restore confidence in the government and the political process."

He added, "The American side seeks to prove its presence on the land of Iraq openly, as the current presence is one under the name of advisors, while Washington is trying to appear in its true form and change the name of the advisors to combat forces on the land of Iraq."

He pointed out that "the presence of advisers was scheduled within the strategic agreement with the American side, under which the military combat forces left Iraqi territory in 2011, but they are trying to return again, especially since Iraq has become a strategic country in the region and the whole world."

************

CandyKisses:  "We have full authority." Iran withdraws funds held in Iraq and Korea

Baghdad Today - Translation

Iranian Deputy Foreign Minister Baqeri Kani announced on Thursday evening (August 24, 2023) that his country no longer has any frozen funds in Iraq and South Korea after the understanding between Tehran and Washington, stressing that "Iran now has full authority to manage its money in those countries." . 

Kani said in a statement to Press TV, translated by "Baghdad Today", that the "problem" that prevented the Iranian government from obtaining its funds in Iraq has actually begun to be resolved now, explaining that "the agreement with the US government also included the release of funds." Iranian held in South Korea. 

The Iranian official also stressed that his government "decided to keep some funds in those countries for the purpose of trade exchange," explaining that the agreement included obtaining the benefits that accrue from the commercial use of those funds, as he described.

It is noteworthy that the US and Iranian governments reached an agreement two weeks ago on the release of Iranian funds held in Iraq and South Korea under the sanctions imposed by Washington, in exchange for the release of US prisoners held by Tehran.

************

CandyKisses:  Iraq flees Iranian gas problems and US pressure towards Turkmenistan

Baghdad – Iraq Today:  2023/08/25 10:06

Iraq has begun taking serious steps to diversify the sources of gas supplies and not rely on a single source in order to provide the necessary fuel for power plants.

Baghdad has reached a preliminary agreement with the government of Turkmenistan to import gas, in a move that could pave the way for easing the country's electricity crisis, which has worsened with declining Iranian gas supplies.

During the past 3 years, Iraq has faced several challenges to import Iranian gas, as pumping fell to low levels as Baghdad failed to pay its debts, due to US sanctions imposed on Tehran.

Undersecretary of the Ministry of Oil for Gas Affairs Ezzat Saber said that a high-level government delegation held meetings with officials in the gas sector in Turkmenistan, and it was agreed in principle to import quantities of gas to meet part of the needs of electric power plants, according to a memorandum of cooperation being prepared.

The memorandum of understanding is expected to be signed before the end of this year, and includes the proposed quantities and mechanisms to be adopted between the two countries.

Saber pointed to the importance of the agreement, which represents an advanced step to expand the horizons of cooperation with gas-producing countries, including Turkmenistan, which is one of the most important gas producing countries in the region and the world.

The delegation included Undersecretary of the Ministry of Electricity for Production Adel Karim and Director General of the Studies and Planning Department at the Ministry of Oil, Naseer Aziz.

Iraq's

moves to import gas are the first moves of the joint committee recently formed by the government from the ministries of oil and electricity to discuss importing gas from Qatar and Turkmenistan.

Electricity Minister Ziad Ali Fadel said in recent statements that the government has taken a set of decisions and formed a joint committee with the Ministry of Oil headed by the Undersecretary of the Ministry of Electricity for Production Affairs and advisers to the Ministry of Electricity.

He added that the committee will go with a delegation to Turkmenistan to study the possibility of contracting to import gas, and another to Qatar to discuss the possibility of supplying Iraq with liquefied gas through a port.

Iraq uses gas to operate power plants that are distributed in the center and south of the country, and collectively generate approximately 7,<> megawatts per day.

Baghdad's bill for gas imports is about 8 trillion dinars ($6 billion), with imports being carried out via tanker lines, whether with the Kurdistan region or Iran.

Mot:  .. hold on Boss..... My Doctor is on the Other Line!!

Mot:  works fer me 

Thursday Evening Iraq Economic News Highlights 8-24-23

Thursday Evening Iraq Economic News Highlights 8-24-23

The Iraqi Central Bank Discusses The Banking Reform File With The World Bank

Zagros TV  Zagros Arabia – Erbil  Today, Thursday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, discussed with a high-level delegation from the World Bank headed by Farid Belhaj, Vice President of the World Bank for the Middle East and North Africa, the efforts made by the bank in organizing and safeguarding external transfers in accordance with compliance requirements and international standards and encouraging merchants to Login to the online platform.

During the meeting, according to a statement issued by the Central Bank's media, 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." on her" .

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 also 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 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.

https://zagrosnews.net/ar/news/45151#hathalyoum

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

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."

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

For The First Time.. Taxes Announce The Signing Of An Agreement With Kurdistan

2023.08.24   Baghdad - Nas   The Director General of the General Authority for Taxes, Ali Waad Allawi, revealed the revenues generated within four months, and while he indicated the signing of a record of an agreement with the Kurdistan region for the first time since 2003, he announced that measures had been taken to prevent the recurrence of the theft of the century. 

The Director General of the Tax Authority, Ali Waad Allawi, said, in an interview with the official agency, followed by “NAS” (August 24, 2023), that “since we assumed the tasks of the Authority, we have achieved revenues and deposits at the outlets, during a period of four months, approximately two and a half trillion dinars, at a rate of two trillion total revenue and 585 One billion dinars from the secretariats of the outlets,” noting that “a study was developed for the commission’s work, especially after the incident of theft of the century.”    

He added, "A committee formed to evaluate the performance of employees resulted in the issuance of administrative orders to isolate a number of employees from the positions they occupied due to the presence of some indicators, including those related to integrity and others to poor performance," indicating that the evaluation and transfers that took place were completely professional and 100 percent.    

Authority revenues    

He pointed out that "the Tax Authority is proceeding with progressive and progressive steps, and that the revenues generated came as a result of administrative orders, changes, monitoring and field visits to the Authority," noting that the Authority had achieved, during four months, nearly two trillion net revenues and more than half a trillion in revenues from safeties, such as border crossings. 

And he indicated that "the revenues generated came as a result of continuous and diligent work and follow-up by the Prime Minister," stressing that "the Prime Minister follows up on a daily basis and calls even late at night to follow up on the Authority's numbers and movements, as well as the Minister of Finance's great follow-up and support of the Authority."   

Amending The Law 

He pointed out that "a proposal was submitted to the Minister of Finance to amend some laws related to the General Authority for Taxes within the plan to implement the government program." 

And he indicated that "the legal department in the Ministry of Finance submitted requests for amendments to the State Council for the purpose of studying them, and then presenting them to Parliament for a vote on them." 

Protect The Local Product 

He stressed that "taxes have contributed greatly to protecting and supporting the local product, and we have a set of additional supportive steps," pointing out that "the authority's economic goal is to protect locally manufactured products through public sector factories, companies, or the private sector, and these products are subject to percentages."

Reduced, that is, the tax law and its instructions protected these products by imposing rates that are somewhat less than the tax rates or the standards of the tax rates imposed on the importer, for example the tanning industry and the metal and plastic industry. Turkey, Saudi Arabia and the Islamic Republic of Iran, all of these percentages are not less than 25 percent, but Iraq is 10 percent in order to protect the local product.    

He stressed, "Imposing a 100 percent tax on imported tobacco and cigarettes, and now it has become 200 percent on alcohol. This is in relation to the issue of protecting the local product for the tax."   

Communication Companies   

He pointed out that "the three most important departments in the General Tax Authority are the adult taxpayer department, the direct deduction department, and the companies department." 

And he indicated that "the department of senior taxpayers includes oil companies operating in Iraq, as well as communication and mobile phone companies," adding that "the vision of the current commission is to solve all existing problems without deportation, and we have a real communication group with mobile phone companies."    

He pointed out that "the tax authority has contact with mobile phone companies and has paid parts of the sums owed by them, such as Asiacell and Zain Iraq."    

And he indicated that "there are some meetings held in order to solve problems with the Korek company, as well as companies in the region," adding that "in light of this, the Prime Minister and Minister of Finance instructed to unify procedures with the Kurdistan region, because most of the communication companies are present there." 

Internet Companies 

Regarding Internet companies, he explained that a delegation from the Tax Authority, headed by the Chairman of the Authority, held meetings with the region and it was agreed to sign a report consisting of 15 articles, and this is happening for the first time since 2003. By 80 to 85 percent," pointing out, "there is a real and serious desire from officials in the region, as well as from the central government, to solve all problems." 

Budget Taxes   

He pointed out that "the authority's goal is to implement the comprehensive electronic system that will contribute to supplying the state treasury with funds and estimates three times what we achieve today, according to a study prepared in advance for the application of electronic automation." 

 He pointed out that "there is a clear will on the part of the Prime Minister and Minister of Finance, Taif Sami, in electronic tax work," noting that "a number of companies have submitted offers on their services in the electronic field." 

Theft Of The Century 

 And the head of the Tax Authority announced that “the prime minister approved 6 proposals that we submitted after a 50-day study, as these proposals that entered into force will prevent the recurrence of the crime of theft of the century,” noting that “the companies were suspended, and there was no clearance, no non-objection, no tender entry, and no payment.” ". 

He explained that "the money that was stolen is the money of companies whose time was supposed to expire within the five years, but before its period ended, the theft occurred," revealing "a claim that companies hate their money." 

  And he indicated that "solutions have been taken regarding the financial amounts of the companies affected by the theft of the century, including fixing the value of the company's secretariats, paying a part of it, and fixing it with an official letter until the other funds are returned." 

  Appointment Of 150 Degree Holders 

 He continued, "The authority needs approximately 500 employees to fill the shortfall," noting that "the Minister of Finance provided the authority with 150 employees who hold certificates." 

He stressed that "the authority is continuing to implement the electronic payment program, and has reached stages, and it will officially enter work next week," noting that "this program would eliminate bribery." 

 He referred to "submitting a proposal to ease tax reviews for taxpayers who are not subject to tax, which will reduce 50 percent of cases of extortion." 

  Private Universities 

  The head of the Tax Authority confirmed the submission of a detailed report on the private universities and the related delays in the process of paying what they owed and who is obligated," noting that "the lagging private universities began to respond and now more than three universities have paid an estimated amount of 17 billion dinars owed since 2004." 

He pointed out that "the Tax Authority, with a precedent that takes place for the first time in 15 years, has reserved funds worth one trillion and 500 billion dinars for a group of universities, laboratories, factories, and capital owners who failed to pay taxes." 

  Division of Execution of Reservations 

  And he continued, "The Minister of Finance, Taif Sami, agreed to create a special division for the implementation of reservations and recovery, which includes the collection of government debts, and she started the first list in the amount of one trillion and 600 billion, and this is a precedent that did not happen in 15 years."     https://www.nasnews.com/view.php?cat=113214