"Tidbits From TNT" Monday 8-28-2023

TNT:

CandyKisses:  Oil prices rise after China moves to prop up struggling economy

Baghdad - NAS  

Oil prices rose on Monday in line with a rally in stock markets, after China took steps to support its struggling economy, although investors remain concerned about the pace of growth as well as rising U.S. interest rates that could dampen fuel demand.      

By 0049 GMT, Brent crude was up 22 cents, or 0.3 percent, at $84.70 a barrel, while U.S. West Texas Intermediate crude was at $80.08 a barrel, up 25 cents, or 0.3 percent.  

Tony Sycamore, an analyst at IG Markets, said oil benefited from positive signs at the opening after China halved stamp duty on stock trading from Monday in the latest attempt to boost struggling markets.  

"Unfortunately, after the modest rate cut (issued by China's central bank) last week, the above announcements are another gradual measure that will not change investors' pessimism towards China," he said.  

Sycamore said China's manufacturing PMI, due later this week, was likely to reveal more gloomy economic news for the world's second-largest economy. He added that the PMI is likely to remain in contraction territory for the fifth consecutive month.  

CMC Markets analyst Tina Teng said the scenario of a soft fall for the U.S. economy boosted energy markets on Monday despite the Federal Reserve's insistence on continuing to raise interest rates.  

Brent and WTI posted losses for a second week on Friday, after Federal Reserve Chairman Jerome Powell said the U.S. central bank may need to raise interest rates further to calm inflation, which remains very high.  

However, oil prices remained above $80 per barrel supported by lower oil inventories and supply cuts from the OPEC+ group of oil producers.  

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CandyKisses:  Parliamentary Finance reveals the most important thing that was agreed upon while hosting the Governor of the Central Bank

Baghdad- Mawazine 

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, revealed today, Sunday, the most important thing that was agreed upon during the committee’s hosting of the Governor of the Central Bank, Ali Al-Alaq, while indicating his assertion that the stability of the exchange rate takes place with the commitment to purchase from the government platform.

Al-Atwani said to the official agency, followed by Mawazine News, that "it was agreed during the hosting to form a joint committee from the Finance Committee and the competent staff at the Central Bank to study the revival and support of the housing loan initiative and ensure the permanence and continuity of its financing in a way that enhances economic stability and achieves sustainable development."

He added, "The governor of the central bank affirmed his efforts to reach a state of stability in the exchange rates of the dollar by committing to buying from the government platform."
The Parliamentary Finance Committee confirmed in a statement issued by it that it discussed with Al-Alaq the Central Bank’s initiative to grant citizens loans to solve the housing crisis, as well as the exchange rate file.

The statement said, "Al-Atwani praised during the hosting the role of the Central Bank in financing loans related to solving the housing crisis in the country, with the aim of facilitating the investment sector, economic movement and employment," noting that "the suspension of the initiative affects the economic aspect and job opportunities, with the increasing need for housing units, Which requires conducting a feasibility study to reach an appropriate formula that meets the citizen's needs.

The statement quoted Al-Alaq as explaining the reasons that led to the suspension of the initiative, adding that “money has been allocated to the Real Estate Bank and the Housing Fund with the aim of achieving economic activity and launching the initiative,” while he indicated that “the bank deals with the file with an in-depth study in order to control the monetary mass in accordance with the policy.” Finance, stressing the need to increase capital and support the Central Bank to continue the initiatives.

According to the statement, hosting discussed the issue of the exchange rate of the dinar against the dollar, as well as tax procedures on products imported through the ports. 

https://www.mawazin.net/Details.aspx?jimare=233983

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Tishwash:  Disclosure of an application that includes the world's wealthy

A press report revealed, on Sunday, that there is an application on smartphones dedicated to the world's richest people, with an annual subscription price of $30,000.

And the American New York Post reported that the supervisors of the application gave its correspondent the opportunity to view this application, which is characterized by confidentiality and exclusiveness.

She explained that the reporter obtained information that the name of the application is “Myria” and all those on the application are successful and have a global influence, according to its designer, Ray Flemings, and the average wealth of subscribers to the application is $ 600 million.

According to the newspaper, the application currently serves less than 100 people, and a number of them belong to Silicon Valley, the prominent technology industry region in the United States.

There is a waiting list of 500 people, with hopes that the number of subscribers to the app will rise to 1,000 by the end of 2024.

The American newspaper drew attention to the presence of celebrities, sports stars, and others, noting that the idea of ​​​​the application is simple, which is to allow the wealthy to communicate with everyone they desire, out of sight and completely confidential.

The application also allows the rich to obtain tickets to important matches and the most popular parties, such as the Oscars, and the application appears to be the solution to obtaining impossible tickets.    link

Mot:  .. Doggies are Always Welcome!!!

Mot:  Always trying to Help! – siigghhhhhh 

Goldilocks' Comments and Global Economic News for Monday, August 28, 2023

Goldilocks' Comments and Global Economic News for Monday, August 28, 2023

Good morning Dinar Recaps,

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

Zimbabwe's President Mnangagwa re-elected for second term — Reuters

https://tass.com/world/1665879

Hong Kong’s central bank issued HK$800 million worth of blockchain-based green bonds under a tokenization initiative launched in February called Project Evergreen. The project used distributed ledger technology (DLT) to issue and trade the digital bonds.

https://cryptoslate.com/hong-kongs-bond-tokenization-efforts-yield-significant-operational-improvements/
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Stablecoins are making significant waves in the payments sphere, primarily as a vehicle for non-speculative transactions, according to a new report by European hedge fund Brevan Howard.

In 2022, the stablecoin market settled an eye-watering value of over $11 trillion, drawing parallels to payments giant Visa’s annual figure of $11.6 trillion and overshadowing the numbers posted by Paypal and Mastercard during the year.

Paypal processed a total volume of $1.4 trillion during the year, while Mastercard reported settling a total of $6.57 trillion.

https://cryptoslate.com/stablecoin-settlements-were-on-par-with-payments-giant-visa-during-2022/

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Rupee to inch up after Powell's speech, key US data eyed

https://www.reuters.com/markets/currencies/rupee-inch-up-after-powells-speech-key-us-data-eyed-2023-08-28/

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XRP THE CALM BEFORE THE STORM 💥 SHOCKING U.S. NEWS 💥 THEY WANT US POOR & OUT!

https://youtu.be/KY2yjsA9N7U?feature=shared

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The Metal Market has been controlled so far. Inflation continues to rise higher, and countries around the world are beginning to drive the price of gold up at this point.

Look for these price pressures to force gold to decouple from the US Treasury and move into real values in the near term.

This catalyst along with the tokenization of assets being activated inside the new digital asset-based trading system will be indicators of new values being integrated across the markets.

© Goldilocks

https://www.cbsnews.com/news/how-does-inflation-affect-gold-prices/#:~:text=Inflation%20can%20have%20a%20major,a%20means%20of%20preserving%20wealth.

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ALERT: Shares in troubled Chinese property giant Evergrande plummeted nearly 80 percent in Hong Kong on Monday after the end of a 17-month trading suspension

READ: https://insiderpaper.com/china-developer-evergrande-plunges-as-hong-kong-trading-resumes/

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Exchange regulation Bill to cover foreign banks 

https://www.thehindu.com/archives/from-the-hindu-archives-august-28-1973-exchange-regulation-bill-to-cover-foreign-banks/article67241158.ece

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Iraqi News Highlights Late Sunday Evening 8-27-23

Iraqi News Highlights Late Sunday Evening 8-27-23

Tlm724 Administrator Bondlady’s Corner

Iraq Ranks 45th In The Ranking Of The Most Powerful Countries In The World For The Year 2023

Iraq ranked 45th in the ranking of the most powerful countries in the world, while its strengths and weaknesses reached 83.9, while the United States maintained its position in the highest rank in terms of strength and influence for the year 2023, according to the annual ranking of CEOWORLD magazine.

According to the CEOWorld 2023 report, the most powerful countries in the world are those that shape global economic policies and dominate through seven main attributes: political stability, economic influence, defense budget, weapons, global alliances, soft power, and military power.

While some might argue that strength depends on a state's political prowess or a strong military and defense system, these traits are what set states apart.

The three most powerful countries are the United States, China, and Russia, followed by India, the United Kingdom, and Japan. France and Germany come in directly at second place, while South Korea, Italy and Turkey round out the top ten. The bottom five countries in the ranking are Liberia, Somalia, Benin, Bhutan and Moldova.  2023-08-26 | 3,377 views  Alsumaria News – Localities

https://www.alsumaria.tv/news/localnews/465830/العراق-بالمرتبة-45-في-تصنيف-أقوى-دول-العالم-لعام-2

Iraq Ranks 62nd Globally And 10th In The Arab World In Average Salaries During 2023

Economy      Iraq     breaking     Countries of the world     Average salaries  2023-08-26 22:41

Shafaq News/ Iraq ranked 62nd in the world and 10th in the Arab world in average salaries during the year 2023, according to CEOWORLD magazine.

In its report, which was seen by Shafaq News agency, the magazine said that it looked at the average monthly net salary (after taxes) around the world and compared incomes in some of the richest and poorest countries in 105 countries. 

According to the magazine,  "the highest average monthly salary was in Switzerland, where it amounted to 6,142 US dollars, and Singapore came in second place, with 4,350 US dollars, and Australia came third with 4,218 US dollars, and the United States of America came fourth with 3,721 US dollars, and the UAE came fifth."

With 3663 dollars, Norway sixth with 3457 dollars, Canada seventh with 3338 dollars, Denmark eighth with 3294 dollars, Iceland ninth with 3237 dollars, and the Netherlands tenth with 3215 dollars, while the smallest average monthly salary was in Sri Lanka, which amounted to 143 dollars, followed by Pakistan. $163, followed by Nigeria with $166.

In the Arab world, according to the magazine, "the UAE came in the forefront with the highest average monthly salaries with 3663 dollars, followed by Qatar second with 3168 dollars, Saudi Arabia third with 1888 dollars, Kuwait came fourth with 1854 dollars, Bahrain fifth with 1728 dollars, Oman sixth with 1626 dollars, and Lebanon." Seventh with $837, Palestine eighth with $778, Jordan ninth with $599,

Iraq ranked 62nd globally and tenth in the Arab world with an average monthly salary of $583, Morocco ranked 11th with an average of $385, Tunisia ranked 12th with $277, and Algeria ranked The 13th with 249 dollars, and Egypt ranked 14th with 219 dollars.

https://www.shafaq.com/ar/اقتصـاد/العراق-بالمرتبة-الـ-62-عالميا-و-الـ10-عربيا-في-متوسط-الرواتب-خلال-2023

Parliamentary Committee: The Industrial Investment Law Will See The Light Soon

Information / Baghdad.. On Sunday, the deputy head of the Parliamentary Investment Committee, Susan Mansour, confirmed her committee's intention to pass the industrial investment law during the next stage, noting that "there are 100,000 industrial licenses in Baghdad."

Mansour said in an interview with Al-Maalouma Agency, "One problem in the law is the ownership of lands located within the basic design in Baghdad."   She added that "the industrial investment law will soon see the light," noting that

"her committee is one of the strongest supporters of investment of all kinds, provided that the state lands are not exploited."  

Mansour pointed out, "The reason for the investment committee's refusal to legislate the law is that the lands are state assets, and we have demanded that they be owned outside the basic design of Baghdad."

The Parliamentary Industry, Economy and Trade Committee had confirmed, earlier, the importance of enacting the industrial investment law during the upcoming sessions. End / 25 h

https://almaalomah.me/news/economy/لجنة-نيابية:-قانون-الاستثمار-الصناعي-سيرى-النور-قريبا

The Private Sector And Its Potential Role

Economical 2023/08/28  Abdul Zahra Muhammad Al-Hindawi  On the far horizon, a light appears for a slow-moving vehicle, because it carries a lot of loads, which make its movement slow,

in addition to the many bumps that fill that road, and when that vehicle approaches, after a tedious wait for its arrival, it turns out that it is the vehicle of the Iraqi private sector, this sector We demand a lot from him, without giving him anything.

For twenty years, talk about the private sector was at the forefront of the councils dealing with economic files, and this sector has become like fish (eaten and blameworthy).

About a free economy, without restrictions, but it seems clear that the socialist mentality still dominates many of the decision-making minds, and

perhaps one of the problems caused by the constitution to the private sector is that it does not specify a clear identity for the Iraqi economy, as it did not clarify whether this economy socialist, free, or mixed.

Therefore, a situation like this confused the economy and led to more wear and tear of the various development sectors.

This allowed the public sector to more dominate the development scene as a whole, (plans and implements), and

this was the reason for the growth of a parasitic private sector that was unable to truly participate in development, and this matter also caused the growth of corruption by striking many public joints.

https://alsabaah.iq/83242-.html

Foiling A Scheme Similar To Theft Of The Century In Maysan

The first 2023/08/28  Baghdad: morning  The Federal Integrity Commission thwarted a scheme similar to the theft of the century case, after it detected that tax secretariat statements were not sent to the Maysan Treasury Directorate. For the purpose of matching and restricting it as a final revenue for the state.

The authority stated in a statement that “the team of the Maysan Investigation Office, which moved to the General Authority for Taxes in the governorate, revealed that the authority had not sent the statements of tax secretariats for the years (2015-2017) totaling (2,521,000,000) two billion, five hundred and twenty-one million dinars to the Treasury Directorate.”

Maysan, for the purpose of matching and obtaining a final revenue for the state.  And she explained that “the General Tax Authority did not prepare the statements, despite the passage of five years, and the amounts were not recorded as final revenue for the state, in clear violation of Federal Financial Management Law No. (6 of 2019).

In October 2022, a case dubbed the theft of the century was revealed for the first time, after the seizure of $ 2.5 billion in tax secretariat funds, involving former senior officials and businessmen.

According to the General Tax Authority, the seizure was from the government-run Al-Rafidain Bank by 5 Iraqi private companies, between September 2021 and August 2022.

The tax secretariat account belongs to the General Authority for Taxes, but the funds were stolen by cashing checks and withdrawing them in cash from the branches of the state-owned Rafidain Bank, which maintains the tax deposit accounts of the General Authority for Taxes. https://alsabaah.iq/83265-.html

The Future Of Government Banking

Economical 2023/08/27  Muhammad Sharif Abu Maysam   The decision to merge banks, "including government ones", that are unable to raise the value of their capital to no less than 400 billion dinars within a maximum period of 12/31/2024 was not surprising, as

it was mentioned in the economic reform paper or the so-called white paper that approved In October 2020, in Seventh - the second axis - first - qualifying the financial sectors, a text stating "addressing the level of capital of all government banks, and organizing the process of increasing their capital if necessary."

As stated in it with regard to the financial and administrative restructuring of government banks in preparation for the merger, since some of these banks suffer from financial imbalances resulting from high rates of suspensions and uncollectible debts, in addition to being late in the axis of introducing technologies and automating banking operations.

Since then, all possibilities have become available regarding the future of government banks, and we are in the process of preparing for a new banking reality that is in line with the scene of the market economy, in addition to what was said about replacing the private banking sector with the government banking sector in the task of managing the development process under the conditions of economic reform.

This matter was not hidden from some observers and some workers in the banking sector, according to what was stated in the same paper regarding the privatization or liquidation of loss-making public companies, which makes government banks, as public companies, candidates for privatization if they are losing.

This means that the banking sector will witness a new transition, paving the way for the transition of government banks to the market under the economic reform program that the country was committed to, according to the conditions of indebtedness and integration with the economy led by the institutions of globalization.

However, what is important in this matter is to give an opportunity to government banks whose departments achieve success and growth before the merger, through the independence of their boards of directors and their exit from the routine routine performance and liberation from bureaucratic restrictions under the pretext of complying with instructions and orders, especially those instructions and orders that are not productive, and

thus maximizing the role of successful departments To be a building block for the foundation of partnership between the public and the private, and

we are in the process of strengthening the state’s support in the scene of market liberalism, in which globalization capitalists are trying to replace their authority with the authority of the state, and it is also important to adopt a mechanism that does not overlook the small details in the stages of integration.

A legal system that regulates the transition process and prevents the “comrador” class from taking over the state banking sector, as in the experiences of developing countries that witnessed such a transformation.   https://alsabaah.iq/83172-.html

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

https://www.bondladyscorner.com/

The BRICS Summit Ended With No New Currency

The BRICS Summit Ended With No New Currency And All 5 Members Issuing Differing And Contradictory Commentary On De-Dollarization

Huileng Tan   Mon, August 28, 2023   De-dollarization was a closely watched topic amid the BRICS summit last week.  But BRICS nations appear divided on the issue, as statements from the bloc's leaders indicated.  The latest SWIFT data showed the USD was used for a record 46% of foreign exchange payments in July.  A group of major emerging economies wrapped up a summit in South Africa last Thursday by welcoming six new members — but without a new dollar-challenging currency.

The summit of Brazil, Russia, India, China, and South Africa or BRICS nations added Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates to its fold. It is the bloc's first expansion in 13 years as it seeks to be an alternative to Western-led groupings.

While there was talk about the bloc's possible creation of a common currency to rival the US dollar, that didn't happen – in fact, chatter from the BRICS nations on the issue was divided, pointing to different opinions that may delay any such development.

As this dollar alternative was being discussed, data from SWIFT showed the greenback was used for a record 46% of foreign exchange payments via the communications system in July.

Here's what the leaders of five BRICS members said about de-dollarization:

Brazil's President called for a common BRICS currency

"The creation of a currency for trade and investment transactions between BRICS members increases our payment options and reduces our vulnerabilities," Brazil's President Luiz Inacio Lula da Silva said at the summit's opening plenary session on Wednesday.

The Brazilian leader has been one of the most vocal proponents of alternative trade settlement currencies.

"Why can't we do trade based on our own currencies?" he said in an April state visit to China, per The Financial Times. "Who was it that decided that the dollar was the currency after the disappearance of the gold standard?"

Putin renewed his call to increase the use of local currencies for trade

"We are working to fine-tune effective mechanisms for mutual settlements and monetary and financial control," said Russian President Vladimir Putin on Tuesday.

He added that de-dedollarization within the BRICS bloc is "irreversible" and gaining pace.

https://news.yahoo.com/brics-summit-ended-no-currency-045430858.html  

Goldilocks' Comments and Global Economic News for Sunday, August 27, 2023

Goldilocks' Comments and Global Economic News for Sunday, August 27, 2023

Good afternoon Dinar Recaps,

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

$48,810,000,000 in Deposits Exit US Banks in One Week As Money Market Funds Report Massive Inflows - The Daily Hodl

The Daily Hodl Link

"A LLL is the most a bank can lend to a single borrower. These limits protect the safety and soundness of banks, promote diversification of loans, and help ensure equitable access to banking services."

"Lending Legal Limits" are coming into play inside the banking system going forward. As you have noticed from other lending services in recent articles, banks are beginning to protect themselves from their customers. 

We have moved from the customer always comes first idea to new ones based on survival. The question remains. Are you making investments that protect you? I cannot give you advice, but I can tell you to look back over some of our articles together. 

Everything I have shared in this room is investments that can be made inside the new system, and they are protective assets for you and the bank. It is a teaching room designed to give people ideas on how to prepare for the future.

We are at a point where there is no tomorrow. It only takes one good idea to help you through this economy as it shifts into another one.

© Goldilocks 

Dodd Frank Update Link

OCC Treasury Link

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Silver is coiled like a spring. Move from your left to your right and look at the end of it. This design on a market chart is called a coil. It is ready to spring upward toward higher levels.

Yes, we can see on the market charts it is beginning to climb making up the distance between gold and silver ratios.

We can claim it has been held down for many many years.

And, there are many other factors. Let's take just a few mentioned in the article below.

"The silver exchange rate is determined by many factors:

* Industrial demand

* The US dollar

* Correlation between gold and silver

* Geopolitical issues

* And the economic cycle"

We have all of these going on, but the bottom line is we need a catalyst to move us forward.

A primary reason why silver will grow is because of green energy projects such as electric cars.

© Goldilocks

Purple Trading Link

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HI-HO SILVER: Silver Is About To Be Unleashed To New All-Time Highs Above $50 | King World News
https://kingworldnews.com/hi-ho-silver-silver-is-about-to-be-unleashed-to-new-all-time-highs-above-50/

The Digital Dollar Project partnered with Western Union for a survey assessing central bank digital currencies (CBDCs) use in cross-border payments. The pilot project highlighted the potential benefits that came from CBDCs.

Most studies on CBDCs have focused on the preferences of central banks. However, the CFA conducted a survey to assess whether stakeholders were ready for this product.

The survey results showed limited support and understanding of CBDCs. It showed that 42% of the respondents believe central banks need to launch CBDCs, while 34% disagreed. Only 13% of the respondents admitted having a solid understanding of CBDCs.

The research also demonstrated that the adoption of CBDCs differed by region. It found that younger respondents were receptive to CBDCs.

Despite the conflicting opinions about CBDCs, leading players in the financial industry are taking the initiative to support these assets. Mastercard launched a new CBDC Partner Program to boost collaborations with top players in the industry to boost innovation and efficiencies. The program involves leading providers of blockchain technology and payment services.

https://fxdailyreport.com/digital-dollar-project-partners-with-western-union-for-a-cbdc-pilot/

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√ Top Forex Brokers for Online Trading in 2023
https://fxdailyreport.com/top-forex-brokers/

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MUMBAI, Aug 25 (Reuters) - "India's foreign exchange reserves (INFXR=ECI) declined to a near two-month low of $594.89 billion as of Aug. 18 and posted their steepest weekly fall in more than six months, data from the country's central bank showed on Friday."

This has been going on for some time, and it is beginning to reach critical levels. The demand for the Rupee has been increasing through the use of new bilateral trade agreements utilizing their UPI mechanism for trade.  

India has been spending down their foreign currency reserves and their rupee in their trades. The use of spending the dollar in trades while they still can has been in play.

In terms of trading, their next step will be to increase their Rupee exchange rate in anticipation of their main use of the dollar having the potential to go to lower levels.

Are you beginning to see what happens in a de-dollarization process?

© Goldilocks

Reuters Link

Currency Crises and Capital Flight Link

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Mortgage demand is now at its lowest level since 1995 and still falling SHARPLY.

To put this in perspective, mortgage demand in 2005 was ~300% above current levels.

Since 2021, mortgage demand is down a massive 60%.

Meanwhile, existing home sales are down 16% this year, their lowest since 2010.

No one wants to sell and no one wants to buy.

Truly historic times.

https://x.com/kobeissiletter/status/1695573981435162767?s=46

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This week lived up to the hype as transformational and historic.

A new global paradigm is unfolding before us.

Argentina
Ethiopia
Iran
Saudi Arabia
Egypt
United Arab Emirates

All added to BRICS.

Read full article: https://x.com/goldtelegraph_/status/1695824616055250995?s=46

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How e-RUPI Works?
https://www.finextra.com/blogposting/24795/how-e-rupi-works

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Iraq's Electronic Payment Acceptance Landscape – Iraqi Innovators

IraqTech Link

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Follow Goldilocks' Roadmap

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Iraqi News Highlights Sunday Afternoon 8-27-23

Iraqi News Highlights Sunday Afternoon 8-27-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Reveals Details Of Hosting The Governor Of The Central Bank Regarding The Dollar Exchange Rate And Housing Initiatives

Economy | 03:23 - 08/27/2023  Baghdad - Mawazine News  The Finance Committee hosted, on Sunday, the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss the Central Bank's initiative to grant citizens loans to solve the housing crisis and the exchange rate of the dollar.

And the media department of the House of Representatives stated in a statement, which Mawazine News received a copy of, that “the committee chairman, Atwan Al-Atwani, welcomed the governor of the Central Bank, praising the role he plays in the bank in financing loans related to resolving the housing crisis in the country, with the aim of facilitating the investment sector, economic movement and employment.” ".

He added, "The suspension of the initiative affects the economic aspect and job opportunities, with the increasing need for housing units, which requires a feasibility study to reach an appropriate formula that meets the citizen's need."

He added, "Amounts of money have been allocated to the Real Estate Bank and the Housing Fund with the aim of achieving economic activity and launching the initiative," noting that "the bank deals with the file with an in-depth study in order to control the monetary mass in accordance with the financial policy."

And he stressed, "the need to increase the capital and support the Central Bank to continue the initiatives."

The statement added, “The interventions of the committee members focused on the Central Bank’s procedures and the possibility of increasing the amounts granted, with the expansion of initiatives, as well as the new instructions issued regarding interest and the payment period, and stressing the intensification of meetings in order to study the mechanisms in place and issue appropriate instructions to banks in implementing the initiative.” .

He pointed out, "The issue of the exchange rate of the dinar against the dollar and the reasons for the high prices were discussed, as well as procedures regarding the tax on products imported through the ports." Ended 29 / h   https://www.mawazin.net/Details.aspx?jimare=233978

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

Economy  Sunday, August 27,  Baghdad / The National News Center  The prices of the US dollar rose against the Iraqi dinar, today, Sunday, 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 153,200 Iraqi dinars against 100 dollars, while the prices this morning were 152,800.”

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://nnciraq.com/223695/

Parliamentary Finance Reveals The Most Important Thing That Was Agreed Upon While Hosting The Governor Of The Central Bank

Political  | 04:47 - 08/27/2023   Baghdad- Mawazine   The head of the Parliamentary Finance Committee, Atwan Al-Atwani, revealed today, Sunday, the most important thing that was agreed upon during the committee’s hosting of the Governor of the Central Bank, Ali Al-Alaq, while indicating his assertion that the stability of the exchange rate takes place with the commitment to purchase from the government platform.

Al-Atwani said to the official agency, followed by Mawazine News, that "it was agreed during the hosting to form a joint committee from the Finance Committee and the competent staff at the Central Bank to study the revival and support of the housing loan initiative and ensure the permanence and continuity of its financing in a way that enhances economic stability and achieves sustainable development."

He added, "The governor of the central bank affirmed his efforts to reach a state of stability in the exchange rates of the dollar by committing to buying from the government platform."

And the Parliamentary Finance Committee confirmed in a statement issued by it that it discussed with Al-Alaq the Central Bank’s initiative to grant citizens loans to solve the housing crisis, as well as the exchange rate file.

The statement said that "Al-Atwani praised during the hosting the role of the Central Bank in financing loans related to solving the housing crisis in the country, with the aim of facilitating the investment sector, economic movement and employment," noting that "the suspension of the initiative affects the economic aspect and job opportunities, with the increasing need for housing units, Which requires conducting a feasibility study to reach an appropriate formula that meets the citizen's needs.

The statement quoted Al-Alaq as explaining the reasons that led to the suspension of the initiative, adding that “money has been allocated to the Real Estate Bank and the Housing Fund with the aim of achieving economic activity and launching the initiative,” while he indicated that “the bank deals with the file with an in-depth study in order to control the monetary mass in accordance with the policy.” Finance, stressing the need to increase capital and support the Central Bank to continue the initiatives.

According to the statement, hosting discussed the issue of the exchange rate of the dinar against the dollar, as well as tax procedures on products imported through the ports. End 29

https://www.mawazin.net/Details.aspx?jimare=233983

Formation Of A Joint Committee Between Baghdad And The Region Regarding Approving The Oil And Gas Law

political | 03:16 - 08/27/2023   Baghdad - Mawazine News, a member of the House of Representatives, Firas Al-Maslamawi, announced, on Sunday, the formation of a joint committee with the region regarding the approval of the oil and gas law, while he expected the date for the approval of the law.

Al-Maslamawi said, "A committee was formed by the Minister of Oil, the Minister of Natural Resources in the region, the general manager of SOMO and the advanced staff in the Ministry of Oil, as well as the oil-producing governorates such as Basra, Dhi Qar, Maysan and Kirkuk," noting that "the task of the committee is to develop a draft of the oil and gas law and present it to government and the House of Representatives.

He pointed out that "there is a real will of the House of Representatives in order to legislate the law," noting that "the current year's budget included the addition of two articles to the law, which is regulating the export of the region's oil in terms of export and depositing imports in a bank accredited by the Central Bank."

He explained, "Iraq's oil is one and indivisible, and there is a movement towards achieving justice in the distribution of wealth to the people, whether in the Kurdistan region or the center and south."

He added, "The atmosphere is suitable for approving the law, and it is hoped that the draft will be completed and reached parliament in the current legislative term," expecting "the approval of the law in the next legislative term after about 4 months." https://www.mawazin.net/Details.aspx?jimare=233977

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More Iraq News from TNT Members Sunday Afternoon 8-27-2023

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CandyKissses:  Investment: Residential cities are about to be announced as investment opportunities in several governorates

The authority's official spokesman, Muthanna Al-Ghanmi, said in a press statement, "In the interest of the government to proceed with addressing the housing crisis, a new group of cities will be announced as investment opportunities in the governorates."

He added, "The Chairman of the Commission is keen to develop the reality of investment in all industrial, agricultural, residential, commercial and energy sectors through the implementation of the directives of Prime Minister Muhammad Shia'a al-Sudani."

And Al-Ghanmi indicated, "The current move is to establish new cities outside the main city centers instead of residential complexes."

He explained that "these cities will be integrated in terms of services and infrastructure and will meet the standards of sustainability and smart buildings," noting that "the investment opportunities represented in the new cities represent a distinctive investment method."

And the Minister of Construction, Bengin Rikani, announced on August 21 the opening of bids to implement five projects for new residential cities within the government program, noting that, for the first time, these large areas are offered for investment as new, smart and urbanly planned residential cities that comply with environmental standards and sustainability

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Tishwash:  Al-Sudani issues circulars to all governorates regarding the implementation of projects

The Iraqi Prime Minister, Muhammad Shia'a Al-Sudani, chaired, on Sunday, a meeting to discuss the projects of Al-Diwaniyah Governorate (south of the country), in the federal general budget, and issued circulars to all governorates regarding the implementation of projects that are compatible with his government program.

His media office said, in a statement received by Shafaq News Agency, that Al-Sudani chaired today a meeting devoted to discussing service projects and infrastructure projects for Al-Diwaniyah Governorate in the federal general budget, during which the planned projects in the governorate were reviewed

Al-Sudani was briefed on the proposed projects, and the distribution of these projects within the governorate, and His Excellency stressed the need to keep projects and their implementation away from political or electoral influences, and to distance the services provided to citizens from any political interference or attempt to recruit and propagandistic exploitation.

The Prime Minister renewed his directives for the projects to focus on the priorities identified in the government program, in infrastructure projects, including sanitation, water, electricity, health, education and public services projects. 

And he directed circulars to all governorates to commit to implementing projects that are compatible with the government program, and that they do not conflict with the government's vision in the priority of implementing infrastructure projects, and then moving on to complementary or secondary projects.

With regard to the implementation of sanitation projects, the Prime Minister directed, during the meeting, to proceed with the implementation and completion of sewage networks in nine districts and districts in Diwaniyah Governorate, as it represents a priority that must be completed in conjunction with the completion of the rest of the service projects that directly affect the lives of citizens.  link

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Tishwash:  Disclosure of the details of hosting the Governor of the Central Bank in the House of Representatives

Today, Sunday, the head of the Parliamentary Finance Committee, Atwan Al-Atwani, revealed the most important things that were agreed upon during the committee’s hosting of the Governor of the Central Bank, Ali Al-Alaq, while indicating his assertion that the stability of the exchange rate takes place with the commitment to purchase from the government platform.

Al-Atwani said, in a statement to the official agency, that "it was agreed during the hosting to form a joint committee from the Finance Committee and the competent staff at the Central Bank to study the revival and support of the housing loan initiative and ensure the permanence and continuity of its financing in a way that enhances economic stability and achieves sustainable development."

He added, "The governor of the central bank affirmed his efforts to reach a state of stability in the exchange rates of the dollar by committing to buying from the government platform."

The Parliamentary Finance Committee confirmed in a statement issued by it that it discussed with Al-Alaq the Central Bank’s initiative to grant citizens loans to solve the housing crisis, as well as the exchange rate file.

The statement said, "Al-Atwani praised during the hosting the role of the Central Bank in financing loans related to solving the housing crisis in the country, with the aim of facilitating the investment sector, economic movement and employment," noting that "the suspension of the initiative affects the economic aspect and job opportunities, with the increasing need for housing units, Which requires conducting a feasibility study to reach an appropriate formula that meets the citizen's needs.

The statement quoted Al-Alaq as explaining the reasons that led to the suspension of the initiative, adding that “money has been allocated to the Real Estate Bank and the Housing Fund with the aim of achieving economic activity and launching the initiative,” while he indicated that “the bank deals with the file with an in-depth study in order to control the monetary mass in accordance with the policy.” Finance, stressing the need to increase capital and support the Central Bank to continue initiatives.

According to the statement, the hosting discussed the exchange rate of the dinar against the dollar, as well as tax procedures on products imported through the ports. link

Tishwash:  An expert proposes to involve experts in the draft oil and gas law - urgent

 Today, Sunday (August 27, 2023), an expert in oil affairs, Hamza Al-Jawahiri, said that there is a need to involve experts in the oil field in preparing the draft oil and gas law, in addition to the participation of the authorities in the governments of Baghdad and Erbil.

Al-Jawahiri told "Baghdad Today" that "the legislation of laws in Iraq is subject to political agreements, which lead to the enactment of any law or not, but the preparation of draft laws must be from the competent authorities and personalities, so that there are no loopholes in the matter." any part of the law.

He explained, "The involvement of experts and specialists in the field of oil in preparing a draft oil and gas law is applicable in many countries and is a health condition, and therefore the competent government agencies in the federal government and the Kurdistan Regional Government can also participate in preparing the draft."

The oil sector in the Kurdistan region entered a "dark tunnel", since oil exports through the Turkish port of Ceyhan were stopped by an international judicial decision from the Paris Court, in addition to the continuing dispute between Iraq and Turkey regarding the mechanism for restoring oil exports through the Turkish port of Ceyhan, in addition to the Baghdad agreement. The new Erbil, which made the Kurdish oil sector not isolated from the control of the federal government in Baghdad.

While the political forces stress the need to legislate the oil and gas law, reliance is being placed on resolving all the problems between Baghdad and Erbil and drawing the form of the relationship and the clear mechanisms for controlling the oil of the Kurdistan region and the specific powers of the regional government and the Baghdad government. It obstructs the enactment of the law and reaching an agreed formula.  link

"Tidbits From TNT" Sunday 8-27-2023

TNT:

CandyKisses:  Iraq ranks 45th in the ranking of the most powerful countries in the world for the year 2023

Baghdad - Mawazine News

Iraq ranked 45th in the ranking of the most powerful countries The world, with its strengths and weaknesses reaching 83.9, while the United States maintained United on its position in the highest rank in terms of power and influence for the year 2023, according to the classification ANNUAL MAGAZINE CEOWORLD.

According to the CEOWorld 2023 report, the most powerful countries in the world are those that make up Global economic policies are dominated by seven main features: political stability, Economic influence, defense budget, arms, global alliances, and power Soft, military power.

While some may argue that power depends on The political prowess of a state or a strong military and defense system, these traits are what Distinguish countries from each other.

The three most powerful countries are the United States China and Russia, followed by India, the United Kingdom and Japan. France and Germany are at the center Second directly, while South Korea, Italy and Turkey came in ten places

The first. The bottom five countries in the ranking are Liberia, Somalia, Benin and Bhutan. and Moldova.

CandyKisses:  France's Total begins its strategic contracts in Basra

Economy News _ Baghdad

Last week, the French company Total Energy launched its four mega strategic projects in Basra province, which it had previously contracted with the Ministry of Oil, including the development of oil and gas fields, the production of renewable energy, the investment of seawater in the injection of fields, as well as the investment of burning gas in three fields.

The Director General of the Basra Oil Company, Bassem Abdul Karim Al-Shamkhani, said in an interview with "Al-Sabah" followed by "Economy News", that "Total activated its four contracts last week, August 16, and thus the two parties entered the Ministry of Oil and Total in the stage of commitment to implement the investment contracts signed in the final version last July,"

Noting that "the biggest challenge we faced in the past period is related to how to implement contracts to create sustainable oil development to invest associated gas within the projects of the south." integrated, which includes four major and large projects for the oil and gas sectors."

He explained that "the two contracts of the (GGIB) project between the French company (Total) and the (Basra Oil Company), out of a total of four contracts, to develop the Artawi field, and the investment of 600 million cubic feet in two phases for the fields of national effort, Majnoon field and gas field West Qurna 2, in addition to the implementation of the sea water project, which produces 5 million barrels for the purpose of water injection operations and the sustainability of production in the oil fields in Basra, Maysan and Dhi Qar."

The fourth project is the electric power project, which produces 1000,2021 megawatts, as well as extinguishing the flame of burnt gas in the fields of Artawi, Sabba, Lahis and Al-Tuba north of Basra, in addition to the giant Majnoon field in the northeast of the province," he said.
It is noteworthy that the Ministry of Oil signed with the French company "Total" in September 27, the first version of a group of giant strategic contracts in the fields of oil, gas, renewable energy, and seawater at an investment cost of $ 27 billion for <> years

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Tishwash:  Concerning "military mobilization"... A message from Baghdad to Washington that includes 3 important points - Urgent

Today, Sunday (August 27, 2023), the leader in the coordination framework, Jabbar Odeh, revealed the content of a message from Baghdad to Washington that includes 3 important points.

Odeh told "Baghdad Today" that "the government of Muhammad Sayaa al-Sudani sent an important message to Washington at the end of last week against the background of the influx of American military convoys, which raised public opinion. Supporting or participating in international conflicts, referring to the Ukrainian war, providing details of the number of forces present, and not accepting the flow of any smuggled oil from Syria towards Iraqi territory.

He added, "The Sudanese government is serious in its dealings with the American side in a way that preserves the country's sovereignty and prevents the country from being involved in regional and international conflicts, and confirms that the forces present in the bases are for training, not combat."

Odeh pointed out that "despite Washington's justifications regarding the reasons for the influx of convoys, that it is a change in its military units, but we do not trust them," stressing that "our position is clear on Iraq that does not need the presence of American forces in the country, and it is time to change the compass of those forces, especially since the country has an army and a popular crowd." And support forces are able to face any emergency.

Earlier, the US ambassador to Iraq, Elena Romanowski, denied the relationship of US military moves inside Iraq.

Romanowski said in a press statement, "The military movements were part of the exchange of the existing forces."

"These military movements have nothing to do with the Iraqi interior," she added.

Romanowski added, "Ensuring continued cooperation and developing common interests with Iraq."

During the past days, Iraqi communication sites were filled with news and pictures claiming the existence of a supposed military operation by the US forces in Iraq, but the US military leadership and the Ministry of Foreign Affairs denied several times the existence of any military operation in Iraq.

And the "Inherent Resolve" operations command, which is the official name of the operations led by the international coalition to confront ISIS in Iraq, announced that it is conducting a routine exchange of soldiers working in Iraq in a non-combat capacity, which also includes the replacement of combat equipment.  link

Mot: .. ooooh the Insight I get each day frum da INternet!!!

Mot:  . What a Work OUt!! -- Sweating Already!!!!

Sunday Morning Iraq Economic News Highlights 8-27-23

Sunday Morning Iraq Economic News Highlights 8-27-23

Kdp: Passing The Oil And Gas Law Is More Difficult Than The Budget

08/27/2023   2010  KDP: Earth News / A member of the Kurdistan Democratic Party, Wafaa Muhammad, confirmed today, Sunday, that passing the oil and gas law is more difficult than the budget.

Muhammad told Earth News Agency, "Passing the oil and gas law is one of the most difficult laws and more difficult than the budget law due to the large number of complex technical matters and internal and regional political interference, but it is one of the points agreed upon by the political parties."

He added, "It is now in the final touches to write a draft law between the government, the region and the oil-producing provinces," stressing that "there are political parties trying to obstruct this law for commercial and political motives and in favor of a regional state."  https://earthiq.news/archives/272671

“Political Differences, Not Technical Ones.” The Oil And Gas Law Is Waiting For A Fair Birth According To Decentralization

Reports   Economy News-Baghdad  Despite the passage of more than two decades since the fall of the former Iraqi regime in 2003, the most important law pertaining to the structure of the Iraqi economy, which is the oil and gas law, did not actually see the light, and the concerned parties, whether the federal government, the Kurdistan Regional Government, or the oil-producing provinces, did not reach an agreement. Final agreement.

Consultations and meetings between these parties are still ongoing, and the formed committees hold their meetings periodically, in addition to involving the leaders of the political blocs to take their opinion in this regard, but the period has taken a long time, despite the confirmation of official bodies on the need for in-depth consultations, especially since this law determines the fate of 95% of the budget And from the Iraqi economy, which depends mainly on oil production.

The US State Department called on the Iraqi government and the Kurdistan Regional Government to sit at the negotiating table to reach a mutually acceptable solution to the oil issue and to avoid taking steps that fuel tensions.

Iraq's Oil and Gas Law, which has been awaiting legislation in parliament since 2005, states that responsibility for managing the country's oil fields should be vested in a national oil company, and supervised by a federal council specialized in the matter.

 Points of contention are political, not technical.

In this regard, a member of the Parliamentary Oil Committee, Bassem Al-Gharibawi, believes that the differences over the law are "political", while technical matters are "agreed upon" by the concerned parties.

Bassem Al-Gharibawi told Rudaw Media Network, "A higher governmental committee has been formed to present the findings of the sub-committees regarding the oil and gas law.

Basem Al-Gharibawi explains, "The Prime Minister, Muhammad Shia' al-Sudani, during his recent meetings, involved the leaders of the political blocs in order to mobilize towards the legislation of the law and absorb the problems that may arise," noting that "the subcommittees have resumed their meetings and negotiations again and are discussing the paragraphs of the law."

A member of the Parliamentary Oil Committee believes that “the points of disagreement over the oil and gas law are political, while the technical points are agreed upon,” noting that “the points have gone since the previous period and discussions have not taken place from Article 5 to Article 13 related to the issue of the Federal Oil Council, its powers and establishment, and who represents this The council is from the provinces and the Kurdistan region, and the powers of the center and oil management, which have disputes.

Earlier, the Iraqi Prime Minister, Muhammad Shia al-Sudani, agreed with the President of the Kurdistan Regional Government, Masrour Barzani, to resolve differences and outstanding issues, including the files of the financial budget for the year 2023, and the oil and gas law, but the law is still a matter of controversy after talking about preparation. For a new version of it after the dispute over its passage in light of the divergence of political opinions.

 Keeping the central idea away from the oil and gas law

For his part, a member of the Parliamentary Oil Committee, Sabah Sobhi, told Rudaw Media Network, "There are deep discussions about this sensitive and fateful law, and for this reason it takes necessary time in order to reach fair and balanced law legislation that is compatible with the requirements of the current circumstances, as well as with the constitutional rules that exist in Articles 111 and 112", believing that "there is no delay in these discussions, but rather that this time is necessary in order to enact the law in an equitable manner."

Sabah Sobhi adds, "It is assumed that there will be other times for discussions, because the more times increase, the opportunities increase in order to reach a tight law regarding the fate of the country, especially since 95% of the country's imports depend on oil, and all existing sources depend on the main source, which is oil. Any defect in this law causes problems and leads to the collapse of the country's economy," describing the oil and gas law as "restructuring the Iraqi economy."

A member of the Parliamentary Oil Committee, he points out that "the draft law has been issued since 2007, but it was not approved in the Iraqi parliament, although it is the only project issued by the will of the federal government and the Kurdistan Regional Government, and it turned into a project in 2011 by the federal government, because the Kurdistan Region owns special law.”

Sabah Sobhi points out that "Prime Minister Muhammad Shia' al-Sudani presented last October his ministerial curriculum, and one of the paragraphs of his curriculum was to legislate the oil and gas law, and therefore it became a necessity," adding that "we must have a wide scope in order to study this project, We, as deputies in the Iraqi parliament, are looking forward to having a draft agreed upon by all political parties, and there must be many discussions at the leadership level.

Sabah Sobhi explains, "The draft law must be written together with all relevant parties, such as the federal government with the Kurdistan Regional Government with the oil-producing governorates. The central idea of ​​the law, and there must be conviction that the federal system necessitates that there be powers for the Kurdistan Region with regard to oil exploration and extraction, and the oil-producing provinces must also have a say.

"We look forward to the idea based on political decentralization represented by federalism in the Iraqi constitution with administrative decentralization represented in the oil-producing provinces, which establishes the draft law to include the aspirations of all these parties," according to MP Sabah Sobhi.

It is scheduled that there will be an expected visit of a delegation from the Kurdistan Regional Government to Baghdad to contribute to the maturation of the oil and gas law with the aim of legislating it under the dome of the Iraqi Parliament.

A negotiating delegation that includes the oil-producing governorates

In the same context, economist Mazen Al-Ashiger believes, in his statement to the Rudaw media network, that "the matter in terms of the strategy of engaging in such negotiations is that Iraq is one country, not two, so a national law should be enacted to determine the responsibility of the federal government and the governments of the provinces and regions."

The economist adds, "The oil and gas law must be fair to all, and therefore it is necessary to involve a negotiating delegation from the provinces that produce or have reserves of oil and gas, including Basra, Kirkuk, Anbar, Erbil, Maysan, and Nineveh, for the purpose of issuing a draft oil and gas law that is submitted to the Iraqi parliament for discussion." revise and vote on it.

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

 Source / rudawarbia website  Views 56  08/27/2023 https://economy-news.net/content.php?id=35927

Expectations Of A Rise In The Exchange Rate To New Levels.. Huge Budget Sums Will Devour The Dollar From The Market

Baghdad today – Baghdad  Today, Saturday (August 26, 2023), the expert in economic affairs, Hammam Al-Shamma, expected that the dollar prices would record a new rise with the start of budget projects, while he confirmed that the rise does not affect commodity prices in the local markets only, but also major service projects.

Al-Shammaa told "Baghdad Today" that "the rise in the exchange rate of the dollar and the fluctuation of its prices is not limited to the local market and raising the prices of foodstuffs and commodities only, but also extends its impact on the implementation of service and strategic projects," noting that "economic instability has many consequences." ".

He added, "We expect that with the start of implementing large service projects in Iraq after the budget enters into force, there will be a new rise in the exchange rates of the dollar, as exchange operations in the market and demand and supply operations will have an impact on the rise again, and this may appear during the next few days." .

The difference in the price of the dollar between the official and the parallel against the Iraqi dinar is still 200 points, while experts expect that the large liquidity of the Iraqi dinar, after the launch of the budget amounting to more than 198 trillion dinars, will raise the demand for buying the dollar and thus raise the price of the dollar to new levels.

Experts summarize the reason for the dollar’s ​​rise in the parallel market, with a demand to finance trade with countries to which the Central Bank does not provide financial transfers of dollars at the official rate, due to the ban on sending dollars to them by the US Federal Bank.  LINK

It May Lead To Civil War.” An Analysis Warns Of The Repercussions Of The Continuation Of The Oil Dispute Between Baghdad And Ankara

Posted On2023-08-27 By Sotaliraq   An analysis published by the American magazine "Foreign Policy" warned of the dangers of the continuation of the oil dispute between Iraq and Turkey, and the possibility that its repercussions could lead to a civil war in the Kurdistan region, whose repercussions would extend to all parts of the country.

Turkey stopped Iraqi oil flows through the pipeline extending to the port of Ceyhan on March 25, after an ICC arbitration panel ordered Ankara to pay Baghdad compensation of approximately $1.5 billion for damages resulting from the illegal export of oil by the Kurdistan Regional Government between 2014 and 2018.

The analysis believes that the economic, political and legal repercussions of this oil dispute are escalating, with millions of barrels of oil remaining stuck in the ports.

He adds that the pipeline transported about 10 percent of total Iraqi exports, which is equivalent to 0.5 percent of global production.

Turkey's suspension of exports, among other reasons, has pushed global oil prices above $70 a barrel.

Moreover, oil export revenues represent about 80 percent of the KRG's annual budget, which means that it faces great risks if exports continue to stop, according to the analysis.

The analysis indicates that the Turkish oil embargo has so far cost the Kurdistan Regional Government more than two billion dollars, indicating that its continuation could destroy the region's economy and may lead to the collapse of the semi-autonomous Kurdistan Regional Government.

For many years, the KRG's economy has been suffering as a result of disagreements with the federal government regarding the region's share of the budget.

And in the event that the dispute with Ankara remains unresolved, the analysis warns that this may lead to a large wave of migration of tens of thousands of Iraqi Kurds to Europe.

Also, the financial repercussions and large budget deficits in both the Kurdistan Regional Government and Baghdad could lead to a state of catastrophic instability in the region, something that armed groups such as ISIS could exploit, which could lead to further destabilization,” he said. analysis.

The analysis also indicated that the continuation of the conflict threatens “the collapse of US investments in Iraq, the economic destabilization of the Iraqi federal government, and perhaps the rush of Russia and Iran to fill the geopolitical vacuum.”

This deadlock, according to the analysis, has led IOCs in Iraq to cut investments by $400 million, lay off hundreds of workers, and threaten legal action.

As the crisis continues, the analysis says, Iraq's reputation among investors will suffer increasingly.

As a result of all this, the analysis believes that Erbil's continued loss of billions of dollars and the possibility of the collapse of the regional government may lead to a conflict between the two main parties in Kurdistan (the Kurdistan Democratic Party and the Patriotic Union) and eventually turn into an all-out civil war.

The analysis continues that the instability in the Kurdistan region may extend to the rest of Iraq, which is already teetering on the brink of sectarian conflict.

It is also possible that the fall of the “Kurdistan Regional Government” will create a vacuum that “allows Iran to intensify its interference in Iraq and threatens a nationwide civil war,” according to the analysis.

Iraqi Oil Minister Hayan Abdul Ghani visited Ankara this week as he and his Turkish counterpart failed to reach an agreement on resuming oil exports, but the two sides agreed to hold further talks.

The Turkish foreign minister, who arrived in Baghdad on Tuesday, held talks with his Iraqi counterpart on the issue of water and the resumption of oil exports from Iraqi Kurdistan to Turkey, in addition to the presence of the PKK in Iraq.

The Turkish foreign and energy ministers also met with the president of the semi-autonomous Kurdistan Regional Government for talks, Thursday, on issues including the region's oil exports.

There was no indication if an agreement had been reached to resume the flow of crude through Turkey. LINK

Iraqi News Highlights Saturday Afternoon 8-26-23

Iraqi News Highlights Saturday Afternoon 8-26-23

Tlm724 Administrator Bondlady’s Corner

Governor Of The Central Bank Hosted By Parliament Tomorrow

Iraq   Saturday, August 26, 2023 9:23 PM  Baghdad / National News Center  Governor of the Central Bank hosted by Parliament tomorrow   https://nnciraq.com/223583/

A Slight Decline In Dollar Prices In Baghdad With The Closing Of The Stock Exchange

Economy   Saturday, August 26, 2023 4:12 PM  Baghdad / The National News Center  The prices of the US dollar decreased against the Iraqi dinar, today, Saturday, in the Baghdad markets, with the closing of the stock exchange.

The correspondent of the National News Center said, “The dollar prices decreased with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 152,800 Iraqi dinars against 100 dollars, while the prices this morning were 153,000.”

He added, "The selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 153,250 dinars, while the purchase price reached 152,500 dinars for every 100 dollars." https://nnciraq.com/223539/

Nearly A Billion Dollars In Iraqi Central Sales During The Past Week

Saturday 26 August 2023 14:49 | Economical Number of readings: 217  Baghdad / NINA / - The Central Bank of Iraq's total sales of US dollars during the past week amounted to about one billion dollars.

A bank statement stated, “The central bank sold during the past week, and for the five-day period in which the auction opened, 980 million, 899 thousand and 248 dollars, at a daily rate of 196 million 179 thousand and 849 dollars, up by 0.22% from what was recorded in the previous week, which amounted to 195 million 739 thousand and 862 dollars.

The highest dollar sales were on Thursday, when sales amounted to 198,800,354 dollars, while the lowest sales were on Monday, when sales amounted to 190,408,102 dollars.

Over the past week, sales of foreign remittances amounted to 805,777,248 dollars, an increase of 78% compared to cash sales, which amounted to 175 million and 122 thousand dollars.

He explained, "The sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits amounts and international settlements for electronic cards amounted to 1305 dinars per dollar, while the selling price of remittances abroad and the cash sale price amounted to 1310 dinars per dollar."  https://ninanews.com/Website/News/Details?key=1073387

Oil Records Losses For The Second Week In A Row

Energy  Economy News – Baghdad  Oil prices incurred losses for the second week in a row, despite their rise in the Friday session by about 1 percent, recording the highest level in a week, supported by the increase in US diesel prices, the decrease in the number of oil drilling rigs, or the outbreak of a fire at a refinery in Louisiana.

Meanwhile, US Federal Reserve Chairman Jerome Powell said that the flexibility of the US economy may prompt the Fed to apply more interest increases in the coming period, noting that the US economy, the largest economy in the world, is growing more than expected, and that the spending method For consumers accelerating, trends that could keep inflationary pressures going in the country.

He also reiterated the Fed's determination to keep the key interest rate high until price increases (inflation) are brought down to the US central bank's 2 percent target.

Higher interest rates could slow economic growth and reduce demand for oil. A stronger dollar could make oil more expensive for holders of other currencies, negatively affecting demand.

Price action

Brent crude futures increased by about $1.12, or 1.34 percent, to settle at $84.48 a barrel, but incurred a weekly loss of 0.38 percent.

US West Texas Intermediate crude also rose 78 cents, or 0.99 percent, to settle at $ 79.83 a barrel, on the other hand, it recorded a weekly loss of more than 1 percent.

Throughout the month, oil prices are still on their way to record monthly gains.

Views 32   Added 08/26/2023 - https://economy-news.net/content.php?id=35901

Minister Of Housing To / NINA /: International Companies Will Implement New Cities Projects With This Mechanism

Saturday 26 August 2023 16:41 | Economical Number of readings: 408  Baghdad / NINA /- The Ministry of Housing and Construction revealed a mechanism for opening bids for competing companies to implement new cities in the governorates.

The head of the new cities team, Minister of Housing, Bankin Rikani, stated, in a statement to the National Iraqi News Agency ( NINA ), that "the new residential cities in the governorates will be implemented by solid international companies, and they will be in stages, the large cities will have four stages, and the smaller ones will be in one stage." But in total, the first phase of all new cities will be completed within two years.

He explained, "Tens of thousands of housing units will be implemented according to different levels of vertical and horizontal construction, as well as vertical and horizontal construction in large, medium and small degrees and areas, which makes them provide suitable housing for all segments of society."

He added, "There are joint technical committees from the Ministry of Housing, the Investment Authority and the governorates that will study the bids of competing companies to choose the best of them," noting that "the competent ministerial team has developed technical, financial and legal criteria for referring bids to competing companies,

which we are keen to be financially secure, because Most of the investment projects during the previous era failed due to the investor’s inability to finance,

and for this reason in the new cities projects, the identity of the project investor will not be announced before he presents support and guarantees his financial solvency and possession of cash liquidity that secures the work in full.

Last week, the capital, Baghdad, witnessed the official announcement of opening Tenders for the first phase of the project for the implementation of new residential cities in the governorates of (Baghdad, Holy Karbala, Anbar, Babylon, and Nineveh).  https://ninanews.com/Website/News/Details?key=1073425

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

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Goldilocks' Comments and Global Economic News for Saturday evening, August 26, 2023

Goldilocks' Comments and Global Economic News for Saturday evening, August 26, 2023

Good evening Dinar Recaps,

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

Japan blockchain startup seeks to build Asian digital payment network | KrASIA
https://kr-asia.com/japan-blockchain-startup-seeks-to-build-asian-digital-payment-network

Russia's presidency of BRICS+ starts next year. Let's see how the agenda changes under Putin's control...

https://twitter.com/MacleodFinance/status/1695343356040167781?t=FdXGxkftEYLRbxgCv3xiZQ&s=19

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The Securities and Exchange Commission proposed new rules and amendments under the Investment Advisers Act  
of 1940 (Advisers Act) to enhance the regulation of private fund advisers. The proposed new rules would:

● Require private fund advisers registered with the Commission to provide investors with quarterly statements  
detailing information about private fund performance, fees, and expenses;

● Require registered private fund advisers to obtain an annual audit for each private fund and cause the private   fund’s auditor to notify the SEC upon certain events;

● Require registered private fund advisers, in connection with an adviser-led secondary transaction, to  distribute to investors a fairness opinion and a written summary of certain material business relationships  between the adviser and the opinion provider;

● Prohibit all private fund advisers, including those that are not registered, from engaging in certain activities  and practices that are contrary to the public interest and the protection of investors; and

● Prohibit all private fund advisers from providing certain types of preferential treatment that have a material  negative effect on other investors, while also prohibiting all other types of preferential treatment unless  disclosed to current and prospective investors.

Additionally, the SEC is proposing to require all registered advisers, including those that do not advise private funds, to document the annual review of their compliance policies and procedures in writing.

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The Investment Advisers Act of 1940, codified at 15 U.S.C. § 80b-1 through 15 U.S.C. § 80b-21, is a United States federal law that was created to monitor and regulate the activities of investment advisers as defined by the law. Wikipedia 

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In financial services, a broker-dealer is a natural person, company or other organization that engages in the business of trading securities for its own account or on behalf of its customers. Broker-dealers are at the heart of the securities and derivatives trading process.[1]

https://en.m.wikipedia.org/wiki/Broker-dealer

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In the United States, a financial adviser carries a Series 7 and Series 66 or Series 65 qualification examination. According to the U.S. Financial Industry Regulatory Authority (FINRA), qualification designations and compliance issues must be reported for public view.[1]  Details of formal compliance issues can be found on the Investment Adviser Public Disclosure (IAPD) website and details of non-formal issues can be found on Onesta.

FINRA specifies the following groups who may use the term financial advisor: brokers, investment advisers, private bankers, accountants, lawyers, insurance agents, and financial planners.[2]  Financial advisors need to be able to take the full picture of the client's financial situation into account.[3]

https://en.m.wikipedia.org/wiki/Financial_adviser

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Jerome Powell's speech at the Jackson Hole symposium has made no significant changes to the markets yet, but he remains hawkish on interest rates until we get a firm control on inflation.

We have seen in the banking system many changes behind the scenes. Interest rates will take a toll on many of our banks going forward. We have more and more Banks being bought out because they do not have enough money to get in compliance with Basel 3 reforms. You can call this failures or you can call it consolidation. It depends on your point of view.

The truth is we have a lot going on in the markets. Real numbers are out of sight and away from public view. How this gets resolved is anybody's guess, but we will be here to lay it out the best we can in this room as we proceed further down the road.

Over the past two years, we have shared with you new statistical mechanisms designed to read our markets in new innovative ways. Innovation does not come to a market without changes about to take place to complement these new readings.

Because of these new mechanisms, we can say that the reset in the marketplace has been going on for some time. Let's see where it goes next.

© Goldilocks

https://www.kitco.com/news/2023-08-25/Powell-leans-hawkish-as-expected-markets-show-no-significant-reactions.html

https://www.occ.gov/topics/charters-and-licensing/weekly-bulletin/2023/index-weekly-bulletin-2023.html

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The BRICS System is a payment system that utilizes local currencies. This was one of the main characteristics that clearly came out during their conference.

And yes, Saudi Arabia was one of the six new additions to the BRICS System. Payments on oil production is expected to change in the next few months creating more price pressures on the dollar to come into alignment with a real value.

These new changes come into effect on January 1st 2024 along with Putin assuming the annual Presidency of the BRICS Nations. His preference towards gold supporting an economy is well known.

You can almost feel those changes coming as the BRICS Nations represent a quarter of the world's wealth and 42% of the global population.

© Goldilocks

Atlantic Council Link

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BRICS Member India Ditches US Dollar, Purchases 1,000,000,000 Barrels of Oil With Rupees for First Time Ever: Report - The Daily Hodl
https://dailyhodl.com/2023/08/25/brics-member-india-ditches-us-dollar-purchases-1000000000-barrels-of-oil-with-rupees-for-first-time-ever-report/

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What is the CFTC?

The CFTC is a market regulator like the SEC.  Only instead of stocks and bonds, we regulate derivatives of commodities like wheat, oil, and copper, as well as of interest rates and other financial products.  The risk management functions of these markets are integral to the global response to climate change.

[2]  These markets help discover prices for commodities like a megawatt hour of solar power generation or the lithium used in electric vehicles and batteries.  They can be used to hedge interest rate risk for long-term investments under the IRA or to hedge the risk that severe climate events pose to row crops.

https://www.cftc.gov/PressRoom/SpeechesTestimony/oparomero10

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Banking Announcement:

Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand will strengthen cooperation to promote the use of local currencies in bilateral transactions.

https://www.pattayamail.com/thailandnews/indonesia-malaysia-and-thailand-promote-use-of-local-currencies-in-bilateral-transactions-439186

Mortgage Rates Adjust to New Era, Jump to Highest since 2001. Long-Term Treasury Market Slowly Coming out of Denial | Wolf Street
https://wolfstreet.com/2023/08/24/mortgage-rates-adjust-to-new-era-jump-to-highest-since-2001-long-term-treasury-market-slowly-coming-out-of-denial/

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The Global Gold Market is undergoing several changes. One of which is who has control.

Statistical data is showing that the gold market is moving in favor of our Eastern countries because of their movement back and forth with gold and utilizing it for trade.

"The East has been driving up the gold price, predominantly in late 2022 and the first months of 2023, breaking the West’s long-standing pricing power."

As the West begins to lose some of its gold pricing power, it becomes more advantageous for Global Markets to utilize local currencies over a World Reserve Currency. These new demands will raise the value of local currencies going forward.

Central Banks in the East have been buying up gold to support their economies. These new changes will put global pressures on the price of gold releasing some of the stronghold on gold for it to rise to a real value.

© Goldilocks

https://www.gainesvillecoins.com/blog/the-west-is-losing-control-over-gold-price

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💥 XLM HUGE NEWS UPDATE 💥 PAY ATTENTION TO THIS CRYPTO 💥 STELLAR EXPANSION INCOMING!

https://youtu.be/dts1OEM9hXQ?feature=shared

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G20: India hopeful of reaching consensus on key trade areas

EconomicTimes Link

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4 takeaways from Powell’s Jackson Hole speech

The Fed isn’t done with restrictive monetary policy.

Inflation is down, but not by enough.

2% remains the inflation target.

Until that’s determined, though, they’ll be assessing their progress.

https://www.bankingdive.com/news/4-takeaways-jerome-powell-jackson-hole-speech-federal-reserve-restrictive-inflation-target/691917/

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New digital banking platform launched - BusinessGhana
https://www.businessghana.com/site/news/business/292545/New-digital-banking-platform-launched

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Why potential BTC and ETH ETF approvals would be game-changers - Blockworks
https://blockworks.co/news/spot-bitcoin-ether-etf-sec

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At G20 meet, trade ministers agree on 3 key deliverables | Latest News India - Hindustan Times
https://www.hindustantimes.com/india-news/g20-trade-ministers-agree-on-action-oriented-deliverables-to-boost-global-trade-and-investments-101692990920658.html

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