Goldilocks' Comments and Global Economic News for Tuesday afternoon, August 29, 2023

Good afternoon Dinar Recaps,

Goldilocks posted comments and news links on the global financial system

"China Moves Ahead With Capital Market Support Measures. The measures include a lower minimum margin ratio, a stamp duty cut, and curbs on stock sales and new IPOs."

Stamp duty cuts boost liquidity and increase transaction sentiment in the markets. In other words, the stamp duty rate for currency (exchange rate changes) and interest rate derivatives have been reduced.

At the same time, China is currently utilizing lower margin rates in their trades to get through their crisis in the markets concerning Evergrande's widespread bankruptcy effect.

This allows them to reduce expenses, enhance profit potential, and enjoy greater flexibility in utilizing their capital.

When a company or a market is restructured, many provisions go into play that allow for changes to occur knowing values have changed.

This absorbs the shock inside markets for when companies like Evergrande who can't make their bills. A limited number of new offerings occur during these transitions to help markets make their adjustments.

In other words, Evergrande stocks and stocks affected by this company are on sale. This allows a market to move into real values based upon their ability to pay for them in the present economy.

This is a great time for new tokenized assets based upon real values to come into play through the activation of Quantum Technologies that have been interfacing with one another as of late.

We have not completed this process, but it is in the works.

© Goldilocks

https://www.regulationasia.com/china-moves-ahead-with-capital-market-support-measures/

https://www.cnbc.com/2023/08/25/china-to-cut-stamp-duty-on-stock-trading-to-revive-sentiment.html

UBS Link

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Banking Announcement:

Vietnam Joins ASEAN Payment Connectivity Initiative

The inclusion of the SBV has increased the Regional Payment Connectivity group from five to six ASEAN central banks.

https://www.regulationasia.com/vietnam-joins-asean-payment-connectivity-initiative/

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STELLAR XLM MIND OFFICIALLY BLOWN BANKS CAN USE #XLM FOR OFFLINE PAYMENT DURING GREAT RESET
STELLAR XLM MIND OFFICIALLY BLOWN BANKS CAN USE LUMENS FOR OFFLINE PAYMENT DURING GREAT RESET

https://youtube.com/watch?v=7e2V4ACtgzQ&si=RnbHuCFLXM6QxKEm

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JUST IN: X (Twitter) obtains license required for crypto payments and trading.

@WatcherGuru

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ANKARA — Turkey and Saudi Arabia signed a memorandum of understanding to advance the two countries' cooperation in mining, Turkey’s Energy Minister Alparslan Bayraktar announced Monday.

Bayraktar said the deal is particularly aiming to advance cooperation between Turkey and Saudi Arabia on the mining of critical minerals. “One of the most important components of this memorandum involves cooperation on critical mines that are required in new technologies such as electric vehicles or solar panel technologies,” he told Turkey’s public broadcaster, adding that the scope of the deal involves the mining of critical minerals in Turkey and Saudi Arabia as well as third countries. 

Read more: https://www.al-monitor.com/originals/2023/08/turkey-saudi-arabia-ink-critical-mineral-cooperation-deal#ixzz8Bo4nuMDf

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"The Energy Act of 2020 defines a critical mineral as a “non-fuel mineral or mineral material essential to the economic or national security of the U.S. and which has a supply chain vulnerable to disruption.” The law requires the USGS to update its list of critical minerals at least every three years, which informs federal agencies’ use of funds dedicated to strengthening supply chains, awarding tax credits, and setting strategy for increasing and diversifying supply."

The need for copper in our future economy is so great that copper has been put on the critical mineral list.

This means it has the potential to disrupt supply chains because of the demand for it in electronic vehicles, electrical products, wind solar, and hydropower.

At this point, Energy Infrastructure is of wide concern due to how much is needed to supply the next economy.

© Goldilocks

https://www.csis.org/analysis/building-larger-and-more-diverse-supply-chains-energy-minerals

https://www.australianmining.com.au/copper-joins-critical-minerals-list/

https://www.kitco.com/commentaries/2023-08-28/Copper-now-classified-as-US-critical-mineral-and-rightly-so.html

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https://x.com/sprinter99800/status/1696557067266413059?s=52 original post via X

https://oilprice.com/Latest-Energy-News/World-News/Iran-To-Help-Venezuela-Overhaul-Major-Refinery-Complex.html

Interestingly, this above article is from February of this year. Inroads were being made then, to set up the commodities sector of trade. Oil especially. As a reminder, Iran pushed for a quick entry into BRICS, and they have been granted entry starting January 2024.

Venezuela also connected to Russia via their use of MIR pay, Russia’s payment service.
https://www.riotimesonline.com/brazil-news/mercosur/venezuela/venezuela-integrates-into-russias-mir-payment-system/

See how all these pieces are coming together?

© Marie G.    Q & A Telegram Room

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Tuesday Afternoon Iraq Economic News Highlights 8-29-23

Tuesday Afternoon Iraq Economic News Highlights 8-29-23

He Said That The Dollar Is More Dangerous Than Weapons..

Al-Maliki: America punished Iraq with the consequences of Damascus and Tehran, and soon we will replace Iranian gas

Posted On2023-08-29 By Sotaliraq   The head of the State of Law Coalition said on Monday that Iraq has been included in the US sanctions that effectively besiege Iran, Syria and Lebanon, due to the nature of money transfers to these countries, and therefore there have been restrictions on the dollar and Iranian gas supplies, stressing that this is an issue that must be addressed, although Iraq will dispense with Iranian fuel during the next two years, as he put it.  LINK

After Decades Of Burning It... What Is The Possibility Of Saving Iraq's Gas Wealth?

2023-08-29 Shafaq News/ The Canadian "Natural Gas" website, which specializes in energy news, concluded that Iraq, by squandering its gas wealth over decades, now finds itself dependent on Iranian energy imports instead of being a regional energy center. However, the new project of my company " Total Energies and Qatar Energy offer some hope.

The Canadian report, translated by Shafaq News Agency, indicated that the government of Muhammad Shia al-Sudani paid Iran a long-owed debt of $2.8 billion that covers the cost of gas imports in order to operate electricity, adding that Baghdad, after obtaining an exemption from sanctions from the United States, to be able to transfer Money to Iran, the money was deposited in the Trade Bank of Iraq, and then transferred from there to the Central Bank of Iran.

Huge Gas Wealth

The report spoke of a paradox represented in the fact that these arrangements are not supposed to be necessary at all, explaining that Iraq possesses huge resources of gas in the form of associated gas, but instead of capturing this gas emitted during oil extraction, it was left to be burned.

The economic report considered that given the course of the history of oil and gas in Iraq, this country can be a regional energy center, and secure large quantities of gas to meet its electricity needs, in addition to providing gas and additional energy available to be exported to its neighbors.

However, the report expressed regret for "the misfortune of the Iraqi people", as this natural resource, which was a very vital element for achieving development during the twentieth century, was wasted, adding that even now, with the beginning of the twenty-first century, Iraqis are taking steps within the framework of efforts aimed at stopping burning Associated gas, and the search for gas resources in order to produce and develop it in economically viable ways.

Iranian Energy

The report stated that the overthrow of Saddam Hussein and the rise of the Shiite majority within the Iraqi political system led to the emergence of a new relationship with Iran, a transformation that was not smooth, but led to Iran supplying gas to Iraqi power plants to operate the electricity grid.

He also reminded that in light of Washington's tough stance against Iran, it is imperative for Baghdad to obtain periodic exemptions from the US government in order to import gas and electricity from Iran due to the US sanctions imposed on Tehran, noting that Washington lifted some of the sanctions imposed in 2015 after the agreement on The Joint Comprehensive Plan of Action related to the Iranian nuclear program, but reimposed sanctions in 2018 after Washington withdrew from the agreement.

According to the report, Iraq imports between 40 and 45 million cubic meters per day of Iranian gas, which is equivalent to about 16 billion cubic meters annually, adding that according to BP statistics for the year 2022, Iraq produced 9.4 billion cubic meters per year. 2021, but it consumed 17.1 billion cubic meters.

The report pointed out that gas resources are estimated at about 3.5 trillion cubic meters, indicating that since Iraq paid off debts to Iran, Tehran has offered to increase its gas exports to Iraq, but given that Iraq is not able to provide enough domestic gas to meet demand, this arrangement It will continue for some time now.

Decades of waste

The report quoted satellite data, that Iraq burns more than 16 billion cubic meters annually of associated gas, which is second only to Russia, and emits 30 million tons of carbon dioxide annually during this process.

In addition, the report says that stopping gas flaring would make a big difference in the Iraqi economy, adding that gas flaring was something that should have been dealt with decades ago, but through Iraq's crises, simply extracting oil from the ground and transferring it to the market was a challenge. sufficient for the energy sector in Iraq.

Repeated Promises

The report considered that the United States, which provides billions of dollars in aid annually over the past twenty years to Iraq, is frustrated about this matter and has repeatedly called on Baghdad to take the necessary measures to end its imports of Iranian energy by stopping gas flaring.

The report pointed out that Baghdad took a few steps in this context, and made repeated promises to stop flaring gas by the year 2030, adding that Baghdad says, a position that raises doubts, that more than 60% of associated gas has been acquired, and that it has developed a road map with the aim of Eliminate burning gas.

In addition, Baghdad signed the Global Methane Pledge, which was presented at the World Climate Conference in November 2021.

The report mentioned that the Iraqi Ministry of Oil concluded, in 2021, an agreement with the American company, "Baker Hughes", to implement a project aimed at capturing and treating about 200 million cubic feet per day of gas wasted by burning from the oil fields in Nasiriyah and Al-Gharf in Dhi Qar Governorate, noting that the project will be completed in The year is 2024.

In addition, Iraq is also working with the World Bank through the "Global Partnership to Reduce Gas Flaring" to stop gas flaring by 2030, adding that the Basra Gas Company has obtained financing from the World Bank to collect and process about 400 million cubic feet per day from the fields in Southern Iraq, which will reduce carbon dioxide emissions by 10 million tons annually.

Exploration Efforts

After the report referred to the efforts of Iraq, which is the second largest oil producer in the "OPEC" organization, and its sales constitute almost all of the country's foreign exchange earnings and almost all export earnings, and no less than 85% of the government budget, the report recalled that Iraq had put forward the fifth licensing round for exploration. About oil and gas in 11 areas along the borders with Iran and Kuwait, then the sixth licensing round last June, which includes 11 oil and gas fields along the Syrian and Saudi borders.

The report pointed out that the areas offered for investment may have large deposits of natural gas, and these development operations are likely to help build its own gas sector, as it is estimated that Iraq's proven reserves of conventional natural gas amount to about 3.5 trillion cubic meters, but About 70% of it is considered associated gas.

But according to some agencies, Iraq's gas reserves may in fact be much higher than that, and for this reason, any future drilling operations must be equipped to capture and process associated gas.

"GGIP"

The report considered that achieving a significant difference in the Iraqi gas sector could be achieved through the "Integrated Gas Development Project" (GGIP) signed between the Iraqi government and the French company "Total Energies" last April, in which the Basra Oil Company also participates. 30%, and Qatar Energy Company 25%, compared to 45% for the French company.

The report believed that in light of the involvement of major gas companies such as the French and Qatari companies, this is supposed to lead the project on the right track, as the French company said in a statement that the contract "represents a strong and positive signal for foreign investment in the country."

The company also said in its statement last April that the goal of the "GGIB" project is "to promote the development of natural resources in Iraq to improve the electricity supply in the country." In this context, $10 billion will be invested in the "GGIB" project. B" that spans 25 years.

The report indicated that the scope of work of the project is to recover associated gas from three oil fields in order to provide gas for power generation plants, in addition to establishing a seawater treatment plant to provide water injection to maintain pressure to increase oil production, as an alternative to using fresh water from rivers and groundwater.

In addition, the report said that "Total" companies will develop a solar energy plant with a capacity of 1 gigawatt to secure energy for the electricity grid in Basra, and that Iraq has agreed with "Total" to invite the Saudi company "Aqua Power" to join the solar energy project.   LINK

Türkiye Is "Optimistic" About The Amount Of Money In The Tripartite Budget For Iraq...And Is Looking For Its Share

Economy  | Baghdad today - follow-up  Today, Tuesday (August 29, 2023), Turkish Minister of Trade Omar Polat said that the size of the share allocated for investments in Iraq’s approved budget for 3 years provides important opportunities for Turkish companies.

This came in his tweet, via his account on the "X" platform (formerly Twitter), commenting on his meeting with the Iraqi Minister of Construction, Housing and Public Works, Bankin Rikani, as part of his official visit to Baghdad.

He explained that he had a "productive" meeting with Rikani, who praised the success and performance of Turkish companies in the projects they have implemented to date in Iraq.

Polat indicated that, during the meeting, he expressed the desire of the Turkish business world to contribute to the development of Iraq by engaging in new projects taking place in the Arab country.

And he added, "Our companies are ready to play an active role in all infrastructure and superstructure projects in Iraq."

He continued, "The size of the share allocated for investments in Iraq's budget approved for 3 years provides important opportunities for Turkish companies."

Polat revealed that he had reached an agreement with the Iraqi minister for the latter to hold a meeting with Turkish contracting companies in the coming days, to discuss concrete projects.

The Turkish minister added that after his meeting with Rikani, a round-table meeting was held with representatives of the business world of the two neighboring countries.

In a related context, Polat said that he also met with the Iraqi Minister of Transport, Muhibis Al-Saadawi.

He added, in a tweet, that Turkey and Iraq are of major importance to the "development road project" that extends from the port of Faw in the Gulf, all the way to northern Iraq and then Turkey.  LINK

Expert: Iraq Is Currently Earning At Least 50 Million Dollars A Month As A Result Of Stopping Kurdistan's Exports

TUE, 08-29-2023, TAYSEER AL-ASADI  Economic expert Nabil Al-Marsoumi said that Iraq is currently earning at least $50 million per month as a result of stopping Kurdistan's exports in light of the current circumstances that oblige Iraq to reduce its oil production in compliance with OPEC Plus decisions.

Al-Marsoumi told Al-Mirbad that the amount of compulsory and optional reduction currently for Iraq within OPEC Plus = 430 thousand barrels per day, and Iraq’s current production share = 4.220 thousand barrels per day, domestic consumption of crude oil = 720 thousand barrels per day, and the planned export capacity in the 2023 budget = 3.5 million barrels per day.

He added that Iraq's exports in July 2023 = 3.440 million barrels per day, and the difference between actual exports and export capacity = 56 thousand barrels per day, and the average price of Iraqi oil sold in July 2023 = 78 dollars per barrel, and the direct financial loss incurred by Iraq in July 2023 due to the difference between Export capacity and actual exports = 136 million dollars.

He added that Kurdistan's oil exports = 400,000 barrels per day, and the difference between the price of Iraqi oil and the price of Kurdistan's oil, according to the accounts of Deloitte, which is charged with auditing Kurdistan's oil exports, = $8 per barrel (because of the quality of Kurdistan's oil, being a heavy, acidic oil and export restrictions).

He indicated that the resumption of Kurdistan's oil exports would lead to a reduction in Iraqi oil exports to the south by 400,000 barrels per day.

He pointed out that the loss of Iraq as a result of the resumption of oil exports from Kurdistan due to the price difference = 99 million dollars per month, and the transit and transportation fees = 87 million dollars per month, and the net financial loss incurred by Iraq from re-exporting Kurdistan oil = (87 99) - 136 = 50 million dollars per month,

and this loss will increase when we calculate the value of the cuts granted by Kurdistan to its oil sales to Turkey, and this means that Iraq is currently earning at least $50 million per month as a result of stopping Kurdistan’s exports in light of the current circumstances that oblige Iraq to reduce its oil production in compliance with the decisions of OPEC Plus.   https://non14.net/public/159730

Key BRICS Member Admits The Dollar Will Remain Dominant Despite Oil Deals In Rupees And Yuan

Key BRICS Member Admits The Dollar Will Remain Dominant Despite Oil Deals In Rupees And Yuan

Filip De Mott  Mon, August 28, 2023

Indian Oil and Gas Minister Hardeep Singh Puri doesn't see de-dollarization as taking root yet.

"I wish the Indian rupee should be the lead currency in the world. But I'm also a realist," he said.

That's despite India's recent purchases of oil using the rupee and China's yuan.

The greenback's dominance is under no real threat from emerging market currencies, India's oil and gas minister told CNBC, despite recent efforts to de-dollarize global trade.

The dollar is the dominant form of payment for commodities like oil. But in June, Indian refiners used China's yuan to buy Russian crude. And earlier this month, an Indian refiner used rupees to buy oil from the UAE.

When asked about the dollar's role in the oil market, Hardeep Singh Puri replied, it's "not so easy" to replace it. When pressed further if the dollar's prominence will remain, he replied, "Yes, I think it will."

His comments come after the BRICS bloc of developing economies held its 15th annual summit last week, where ideas for how to de-dollarize were discussed.

The coalition — made up of Brazil, Russia, India, China, and South Africa — has previously floated the concept of a new BRICS currency, but support for such an initiative was relatively lacking during the event. More emphasis was laid on efforts to increase trade in existing local currencies.

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

https://news.yahoo.com/finance/news/key-brics-member-admits-dollar-020644077.html

Goldilocks' Comments and Global Economic News for Tuesday Morning, August 29, 2023

Good Morning Dinar Recaps,

Goldilocks posted comments and news links on the global financial system

BREAKING NEWS

TURKEY AND SAUDI ARABIA HAVE SIGNED A MEMORANDUM OF UNDERSTANDING TO ENHANCE COLLABORATION IN THE FIELD OF CRITICAL MINERALS

Saudi Arabia and hard assets.

They are making moves.
Read: https://x.com/goldtelegraph_/status/1696249440246321259?s=46

more on this one today

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BRICS Member Admits Dollar Will Remain Dominant Despite Rupee, Yuan Deals
https://markets.businessinsider.com/news/currencies/brics-india-dollar-dominance-dedollarization-rupee-yuan-deals-alternative-currencies-2023-8

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Digital Banking Announcement:

Google and other major internet platforms must update their service policies to comply with EU standards from its Digital Services Act by Aug. 28.

https://www.investing.com/news/cryptocurrency-news/google-updates-service-policies-to-comply-with-eu-regulations-3162668

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Evergrande down nearly 15% at open.

Read: https://x.com/goldtelegraph_/status/1696346667971199043?s=46

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"During the period of January to June 2023, India's top trading partners included China ($38.1 billion USD), Russia ($29.6 billion USD), Saudi Arabia ($12.9 billion USD), Iraq ($12.5 billion USD), and Switzerland ($7.5 billion USD)."

In the above information, we see that India traded with Iraq in US dollars around 12.9 billion dollars worth in trade.

Now, Iraq is no longer using the dollar inside the UPI trading mechanism with India who is running out of dollars for trade per a recent article last week forcing India to use the Rupee in their new Bilateral Trade Agreements.

This is just one country that Iraq is doing business with now in their own currency going forward.

As Iraq begins to increase demand for their currency, this will begin to put price pressures on the Dinar raising its value the second half of the year.

© Goldilocks

https://shafaq.com/en/Economy/Iraq-India-trade-reaches-12-5-Billion-in-the-first-half-of-2023

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"Today, Tuesday, the Ministry of Commerce announced an agreement with the Turkish side to activate joint committees and agreements signed between them, overcoming obstacles, increasing the volume of trade exchange, and promoting joint investments."

Joint committees and agreements between two countries in terms of a trade deal with price valuation agreements.

These two countries had to agree upon acceptable values on goods and services that would allow them to trade at fair values between the two countries.

A few months ago we read that Iraq had a bank inside of Turkey or at the very least Bank capabilities. Now, we know why. They intended to do business together.

© Goldilocks

https://mawazin-net.translate.goog/Details.aspx?jimare=234096&_x_tr_sl=ar&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp

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"Tidbits From TNT" Tuesday 8-29-2023

TNT:

CandyKisses:  US President to visit Vietnam on the tenth of next September

Baghdad / Nina / The White House announced that US President Joe Biden will visit Vietnam on the tenth of next September.

The White House said in a statement that Biden will meet during the visit with Nguyen Phu Truong, general secretary of the Communist Party of Vietnam, and a number of senior officials to discuss ways to enhance and develop cooperation between Washington and Hanoi.

Biden will discuss with senior Vietnamese officials opportunities to promote the growth of the Vietnamese economy, which focuses on technology and innovation, as well as strengthen bilateral relations through educational exchanges and workforce development programs, combat climate change, and increase peace, prosperity and stability in Vietnam and the region.

Tishwash: Al-Fateh: Iraq's accession to BRICS will break Washington's hegemony over the dollar

Today, Monday, the leader of the Al-Fateh Alliance, Ali Al-Zubaidi, stressed the necessity of liberating himself from the restrictions of the US treasury and entering the "global BRICS" group, while stressing that the government will not control the rise in the exchange rate of the dollar without exiting the power of the US treasury.  

Al-Zubaidi said, in an interview with Al-Maalouma Agency, that "Iraq's economic situation requires the government to join the global Brexit group," noting that "getting rid of the restrictions imposed by the United States of America on Iraq lies in making the decision to enter the BRICS group." 

And he continued, "Washington will remain in control of Iraq with the card of raising the exchange rate of the dollar to pass its own interests," calling on the government to "the need to liberate itself from the US treasury and enter the BRICS group." 

The leader of the Al-Fatah coalition concluded his speech, saying: "The BRICS group, after the accession of more than twenty countries, most notably the eastern ones, will compete with the dollar and will become the first currency in the coming years, given the program and the numbers that the major countries are working on now," adding that "the government will not control the high price of Exchange the dollar without leaving the power of the US treasury. 

The BRICS group has become one of the most important global economic organizations, given the growth figures achieved by the countries of this group over the years, which made it a source of interest for many other countries, which no longer wanted to join the group after the number of countries reached 20 countries.  link

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Tishwash:  Iraq and Turkey agree to increase trade exchange and promote joint investments

Iraq and Turkey agreed, on Tuesday, to activate the joint committees and agreements signed between them, to overcome obstacles, to increase the volume of trade exchange, and to promote joint investments. 

The media of the Iraqi Ministry of Trade said, in a statement received by Shafaq News Agency, that a joint meeting was held today between the Ministry of Trade and the Iraqi private sector and the Turkish delegation at the ministry's headquarters in Baghdad, to hold discussions on ways to develop and strengthen economic, trade and investment relations and overcome obstacles between them in a way that serves the interest of the two countries. The two neighbors.

The ministry statement stated that the Minister of Commerce, Atheer Al-Ghurairy, chaired the talks on the Iraqi side, and on the Turkish side, his Turkish counterpart, Omar Polat, chaired the talks, in the presence of a number of the ministry's advanced staff, the head of the chambers of commerce and a number of Turkish businessmen.

The statement quoted the minister during the meeting as saying, "We have a directive from the Prime Minister to overcome all obstacles that stand in the way of developing trade, economic and investment relations with the Turkish side, providing a business environment and increasing the volume of trade exchange to broad horizons that translate into reality and serve common interests." The importance of the entry of Turkish companies into investment projects in the field of industries, services and other fields needed by the Iraqi market, which develop and develop relations and raise the volume of trade exchange in line with the government's directions in this aspect. 

Al-Ghurairy indicated that the Turkish companies registered in Iraq are the highest among countries, and we will be serious in providing facilities, overcoming obstacles, and translating joint work and agreements signed on the ground, which serve the course of bilateral relations between Iraq and Turkey.

For his part, Turkish Minister of Trade Omar Polat affirmed, "They are determined to raise Turkish-Iraqi relations to higher levels in various fields, especially trade, investment, and contracting, and to discuss ways to develop bilateral relations, and concrete steps that can be taken to enhance trade and mutual investments between Ankara and Baghdad." .

The two sides agreed to activate the joint committees and the agreements signed between them, to overcome obstacles, to increase the volume of trade exchange, and to promote joint investments. link

Mot:  Ya Ever Seen a Picture of the 2nd Day of School!!!???

Mot: ..... the Karma of the ""Nerds""

Tuesday Morning Iraq Economy News Highlights 8-29-23

Tuesday Morning Iraq Economy News Highlights 8-29-23

Site: Abu Dhabi Commercial Bank Selects Banks To Test The Appetite For A Possible Green Bond Offering

Arab and international   Economy News-Baghdad  Fixed Income Instruments News Service reported on Tuesday that Abu Dhabi Commercial Bank intends, subject to market conditions, to issue dollar-denominated five-year green bonds after scheduled investor meetings on Aug. 30.

The UAE bank itself, Barclays Banks (LON:BARC), Deutsche Bank, Emirates NBD Capital, JPMorgan and Mizuho are tasked with handling the books for arranging the meetings, while Barclays acts as the sole ESG coordinator.   Views 19  08/29/2023 - https://economy-news.net/content.php?id=36011

Chairman Of The Finance Committee: The Path Of The New Central Bank Will Preserve The Cash And Exchange Rate

Economy News-Baghdad  The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed that the path of the new central bank will preserve the cash and the exchange rate.

Al-Atwani said to the "Tenth" program, which is shown on Al-Iraqiya News, followed by "Al-Iqtisad News", that "the path of the new central bank will preserve the cash and the exchange rate," stressing that "there is no such thing as a parallel market, but there is a black market for selling the dollar."

He added, "The turnout on the electronic platform has reached more than 85 percent," noting that "the Central Bank wants to deal with solid companies that disclose the final beneficiary."

He pointed out that "the border crossings do not collect more than 10 percent of the customs tariff," stressing "the need for there to be determinants of trade in all its forms."

He continued, "Irregular trade has disturbed the Iraqi economy," noting that "there are paths not subject to the government that allow the entry of goods without fees."

He went on to say: "You must review investment housing projects with high prices," pointing out that "the Iraq Fund for Development aims to provide an attractive environment for investment."

He pointed out that "the Baiji refinery will start working again after returning its stolen materials."

Views 52  Added 08/29/2023 -  https://economy-news.net/content.php?id=35987    

Iraq And Turkey Stress The Importance Of Increasing The Volume Of Trade Exchange

2023-08-29 | Today, Tuesday, the Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, discussed with Turkish Minister of Trade Omar Polat all issues related to the development of bilateral relations between the two countries, while the two sides stressed the importance of increasing the volume of trade exchange between Iraq and Turkey.

A statement by the Ministry of Planning , received by Alsumaria News, stated that "Deputy Prime Minister and Minister of Planning, Muhammad Ali  Tamim, received the Turkish Minister of Trade, Omar Polat, and his accompanying delegation, which included a number of Turkish officials and businessmen."

He pointed out, "During the meeting, they discussed all issues related to the development of bilateral relations between the two countries, in the economic, investment and trade fields."

The statement added, "The two sides affirmed their great keenness to enhance cooperation and joint action, in a way that contributes to developing the investment environment in Iraq and increasing the volume of trade exchange between Iraq and Turkey."  LINK

The Exchange Rates Of The Dollar Against The Iraqi Dinar In The Local Markets

Economy  2023-08-29 | 4,897 views  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets, for Tuesday, August 29, 2023.

The selling prices in exchange shops in the local markets in the capital, Baghdad, witnessed an increase, as the selling price reached 154,750 dinars, while the purchase price reached 152,750 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

Nuri Al-Maliki Reveals The Reason For Al-Kazemi's Contacts With Him, The Secrets Of Iranian Gas And The Relationship Of Former US President Bush

 Policy  2023/08/29, Number of readings: 165 Baghdad-Iraq today:  The leader of the State of Law coalition said that the Coordination Framework bloc is “more important than the elections and more important than the government.” He talked about his "continuous" contacts with former Iraqi Prime Minister Mustafa Al-Kazemi, and also confirmed his openness to reconciliation with the leader of the Sadrist movement.

Nuri al-Maliki, head of the State of Law Coalition, said in a televised interview, that: "The decision of the framework is to keep itself coherent, and I have said it repeatedly that the framework is more important than everything, even more important than the elections and the government. Without the unity of the framework, we would not have reached what we have reached today.”

Regarding the reconciliation efforts with al-Sadr, al-Maliki said, “My hand will remain extended to Sayyid Muqtada al-Sadr, and every attempt at reconciliation is welcome, and he does not stop at the question of my going to Hana, or the Sayyid's coming to Baghdad.

And about his relationship with Mustafa Al-Kazemi, he also said, “Al-Kazemi is not afraid of me, and calls me from abroad, and sends me some information that he sees and hears abroad, and the last time he contacted me was a month ago He considered that the cabinet reshuffle in the Sudanese government is necessary, as he said, “I find it necessary in the blood reshuffle reshuffle.

And about the upcoming local elections, Al-Maliki explained: The decision in the coordination framework was to enter the provincial council elections with one list, but we found it technically difficult to organize one list for ten parties, and some of the Brotherhood were not convinced, but when they became small lists they found difficulties in these small, coordinated groups.

And he pointed out, "We can enter the arena through several better doors. If the public does not want to elect a specific party, it can elect other parties, so as not to refrain from electing the entire framework," stressing that "the list of the state of law will be swept away, God willing.”

Bush and Talabani relationship

Al-Maliki also recalled his contacts with former US President George W. Bush about exempting Iraq from sanctions imposed on Iran, especially in the field of gas imports, and explained how he obtained exceptions from Washington, and said that Ambassador Alina Romanowski was “very” positive” when they discussed the matter during “His Few Encounters”.

And he said in the same dialogue, "The sanctions regime on Iran is old, even in the time of Bush, and we used to buy electricity and with it gas from Iran, and some commercial issues, so the sanctions imposed on Iran included us , so America stopped Iraq from buying gas and some commercial materials, and he continued, “so I called Bush, and I told him, you claim to serve Iraq and its people, but the inclusion of Iraq by preventing it from gas and electricity is Paid for by the Iraqi people, so where is your support?

He asked me what is required? So I asked him to exempt Iraq from the sanctions imposed on Iran, and indeed, it issued exemptions for Iraq annually.

And about his meetings with the American ambassador to Iraq, Al-Maliki replied, "I have a few meetings with the American ambassador, but my last meeting with her was positive, when I asked her to exempt Iraq from the sanctions. When the delegation left , she said, "We will contact the American leaders directly and we will talk to them about it." When I spoke with the British ambassador, I raised the issue, as they influence American politics, and I asked him why this position harms the Iraqi people, and he promised that he would follow up with them. LINK

An American Newspaper Reveals A Secret Visit Of Three Members Of Congress To Northern Syria

Information/translation...   A report by the American newspaper Star and Stripe revealed, on Monday, that three Republican members of Congress made a quick secret visit yesterday to the areas of northern Syria that are controlled by the Kurdish forces allied with the United States.

The report, which was translated by the information agency, stated, "This is the first visit of its kind by American lawmakers in six years to express their support for those forces and call on the Biden administration and America's allies to continue pressure on Syrian President Bashar al-Assad," according to the newspaper's allegations.

He added, "The visit, which lasted about an hour, was a sign of the Republican members' long support for the so-called" opposition "in Syria, which reveals the fact that the United States was behind the terrorist groups that caused the destruction of the country and the killing of thousands of Syrian civilians as a result of the war. On behalf of".

"This visit comes at a time when Middle Eastern leaders are beginning to restore relations with the government, and by doing so, Arab leaders are breaking sharply from the United States and its imperial interests in the region," he said.

The report stated that "the three members of Congress, who are Fringe Hill, Kevin McCarthy and R. Calf, entered Syria from Turkey through the Bab al-Salama crossing in northern Aleppo governorate without the permission or approval of the Syrian government, which constitutes a clear violation of international protocols and laws."      

He pointed out that "security concerns were among the main reasons for concealing the visit, while the US State Department refused to comment on the reasons for the visit by members of Congress." LINK

Al-Sarraj: America Is Waging Psychological Warfare Against Iraq And Will Not Risk Any Military Foolishness

Information / Baghdad...  Political analyst Ibrahim al-Sarraj accused America of practicing psychological warfare against Iraq, stressing its inability to risk any military intervention, as it had experienced it previously.

Al-Sarraj told Al-Maalouma, that "America will not risk sending 3,000 soldiers to occupy Iraq, but there are electronic armies that have begun to promote in favor of the American side, as well as some satellite channels and communication sites that have promoted that the American army will enter into a war with Iraq and will overthrow the government." .

He added, "What happened in terms of promoting the US army is nothing but a psychological war against the Iraqi people, especially after the success achieved by the Sudanese government at various levels and fields."

And he indicated that "there is a state of security, political and social stability, which is something that America does not want, and therefore it has resorted to the method of psychological warfare in order to create a crisis and stir up popular circles." LINK

MilitiaMan: IRAQ DINAR EXCHANGE RATE - INTERNAL - EXTERNAL - PROJECTS - INTERNATIONAL - SECURITY - BORDERS

IRAQ DINAR EXCHANGE RATE - INTERNAL - EXTERNAL - PROJECTS - INTERNATIONAL - SECURITY - BORDERS

Militia Man & Crew :  8-28-2023

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

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

https://youtu.be/Obveb53znss?si=vBq2C4xPRpwhXNKW

Iraqi News Highlights Monday Evening 8-28-23

Iraqi News Highlights Monday Evening 8-28-23

Tlm724 Administrator Bondlady’s Corner

Representative Hussein Moanes Stresses The Need To Put An End To The Window For Selling The Currency

Information / Baghdad..  A member of the Parliamentary Finance Committee, Hussein Moanis, stressed, on Sunday, the need to put an end to the window for selling currency in Iraq, describing it as the one-eyed American policeman.  "The three reform packages launched by the Central Bank of Iraq have proven their failure in the context of limiting the turmoil of the dollar market," Moanis said in a statement received by Al-Maalouma. 

He added, "The reform packages, and after their failure, it has become necessary to put an end to (the window for selling the currency), because

it has become just (a one-eyed American policeman who sees nothing but Iran), which made the central bank not trusted with monetary policy in the country." ended 25 n

https://almaalomah.me/news/politics/النائب-حسين-مؤنس-يشدد-على-ضرورة-وضع-نهاية-لنافذة-بيع-العملة

Drought Strikes The Symbol Of The Largest Iraqi Currency

Kurdistan     Kurdistan Region     Drought     falls  2023-08-27 08:33  Shafaq News / The local administration in Qusri district of Joman district, north of Erbil Governorate in Kurdistan Region announced, on Sunday, that there has been a drought in the "Kani Best" waterfall, whose image is printed on the Iraqi banknote of 50,000 dinars.

The director of Qusri district, Shakhwan Hussein, explained to Shafaq News agency, "The reasons for the drought are due to the farmers cutting off the flow of the waterfall's water to irrigate their agricultural lands and orchards," noting that "this drought occurs only in the summer, due to the increase in water use during this period." 

Hussein added, "The waterfall located in the village of Wardi, which belongs to the Qusri district, is an important tourist destination, as many visitors and tourists come to enjoy its beauty and splendor."

The director of the district confirmed that the image that embodies the waterfall, which has a height of more than 35 meters, was used in designing a banknote worth 50,000 Iraqi dinars, which represents part of the natural and cultural heritage of the region.

https://www.shafaq.com/ar/كوردســتانيات/الجفاف-يضرب-رمز-كبر-عملة-عراقية-صور

Central Bank Sales Amounted To More Than 195.4 Million Dollars

Economy News-Baghdad  Today, Monday, the sales of the Central Bank of Iraq in the foreign currency sale window amounted to more than 195.4 million dollars.

The Central Bank’s website published a schedule of its dollar sales, and “Al-Iqtisad News” reviewed it, as it included the participation of 26 banks and 57 exchange companies, and covered external transfer requests of $170.4 million, while cash requests amounted to more than $25 million.

And the Central Bank of Iraq sells the dollar for documentary credits and international settlements of electronic cards at a price of 1305 dinars per dollar, per dollar for documentary credits and international settlements of electronic cards and at a price of 1310 dinars per dollar for external transfers and at a price of 1310 dinars per dollar in cash. Views 47  08/28/2023 https://economy-news.net/content.php?id=35961

12.5 Billion Dollars, The Value Of Trade Exchange Between Iraq And India In Half A Year

Money  and business   Economy News-Baghdad  Trade exchange between Iraq and India reached $12.5 billion during the 6 months of the current year 2023.

According to the Global Trade Research Initiative (GTRI) analysis, “India's foreign trade (exports and imports of goods and services) amounted to US$800.9 billion during January-June 2023, which is a decrease of 2.5 percent compared to the same period last year (January-June-2020). June 2022).

India's exports with 41 countries exceed USD 1 billion as these countries account for 87 per cent of India's exports. India's exports have grown positively in 12 of these countries and decreased in 29 countries.

During January-June 2023, India's trade with China (US$38.1 billion), Russia (US$29.6 billion), Saudi Arabia (US$12.9 billion), Iraq (US$12.5 billion) and Switzerland (US$7.5 billion) .

Views 36   Added 08/28/2023 - https://economy-news.net/content.php?id=35967

Dollar Prices Are Rising In Baghdad Markets

Economy   Monday, August 28, 2023 Baghdad / National News Center  Today, Monday, the exchange rates of the US dollar against the Iraqi dinar recorded an increase in the Baghdad Stock Exchange.

The selling prices in exchange shops in the local markets amounted to 154,250 dinars per 100 dollars, while the purchase price amounted to 152,250 dinars per 100 dollars.  https://nnciraq.com/223776/

The President Of The Republic Ratifies The Retirement And Social Security Law

Political  |08/28/2023   Baghdad - Mawazine News   The President of the Republic, Abd al-Latif Rashid, ratified the Retirement and Social Security Law.   https://www.mawazin.net/Details.aspx?jimare=234056

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

https://www.bondladyscorner.com/

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

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

Good afternoon Dinar Recaps,

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

INDIA'S G20 AGENDA 2023 |  9 & 10TH SEPTEMBER.

• Address Inequalities
• Climate Finance from Rich Nations
• Cyber Security
• Debts Relief

https://twitter.com/IBcroc/status/1696187136259555783?t=GvtESwCvcNeKZ1tEPqzmQw&s=19

Delhi Court Finds Online Payment Service Provider is Payment System Operator
https://www.natlawreview.com/article/technology-dispute-resolution-hotline-fintechs-to-be-covered-under-anti-money

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Polkadot Gears Up for Stellar-Based USDC Launch: Web3 Interoperability Meets Billion-Dollar Stablecoin Giant Circle

Crypto News Flash Link

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'Regulation by enforcement': New report unpacks US approach to digital asset regulation

https://coingeek.com/regulation-by-enforcement-new-report-unpacks-us-approach-to-digital-asset-regulation/

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New Codes Could Make Quantum Computing 10 Times More Efficient

New simulations from two groups reported that a rising class of quantum error-correcting codes is more efficient by an order of magnitude than the current gold standard, known as the surface code.

The codes all work by transforming a horde of error-prone qubits into a much smaller band of “protected” qubits that rarely make mistakes. But in the two simulations, low-density parity check — or LDPC — codes could make protected qubits out of 10 to 15 times fewer raw qubits than the surface code.

Neither group has implemented these simulated leaps in actual hardware, but the experimental blueprints suggest that these codes, or codes like them, could hasten the arrival of more capable quantum devices.

https://www.quantamagazine.org/new-codes-could-make-quantum-computing-10-times-more-efficient-20230825/

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Follow Goldilocks' Roadmap

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Thank you Dinar Recaps

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

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

Good afternoon Dinar Recaps,

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

Digital clarity on crypto assets has become a major issue.

 There are four bills currently in development that are designed to make things more user-friendly for the retail market and the government.

"These include the Financial Innovation and Technology for the 21st Century Act (FITCA), the Responsible Financial Innovation Act (RFIA), the Digital Asset Market Structure Bill (DAMS), and the Digital Commodity Exchange Act (DCEA)."

US Regulators are currently working on these bills in order to move away from a punishing entity to an encouraging entity going forward. More clarity will give guidance and a path forward for everyone involved in the new digital economic system.

Meanwhile, the stablecoin industry is growing significantly despite the challenges taking place in cryptocurrency clarity.

It is becoming increasingly clear that stablecoins will need assets to back them and investors are preparing themselves for this implementation.

© Goldilocks

https://www.thecoinrepublic.com/2023/08/25/four-bills-that-could-solve-crypto-regulation-issues-in-the-u-s/

https://cryptomode.com/stablecoin-market-grows-robustly-and-defies-crypto-slump/

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How Digital Payment Records are Reshaping Financial Management

And finally, "Digital Payment Records" are beginning to form and streamline new ways of managing companies going forward.

This new digital mechanism can show strengths and weaknesses of a company along with paths forward that promote more revenue.

The implementation of this phase of the digital economy is expected to begin January 1st with a soft implementation phase working towards full integration by the month of April in 2024.

Does this mean we have to wait until next year to see currency revaluations? Time will tell on this one. It does appear to be the final piece of the puzzle we are looking for going forward, but companies must be liquidated before they can be offered to the general public. And, timelines have been known to be moved when needed.

Let's keep a close set of eyes on the currency reforms and revaluations that take place between now and then to see what we need to do. Windows of opportunity happen every day in the markets, this one is no different.

© Goldilocks

https://tribuneonlineng.com/how-digital-payment-records-are-reshaping-financial-management/

https://www2.deloitte.com/nl/nl/pages/tax/articles/fietsregeling-kan-worden-toegepast-naast-reguliere-reiskostenvergoeding.html

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JUST IN: 🇭🇰 Hong Kong officially launches its first Bitcoin & crypto trading platform.

@WatcherGuru

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Understanding the growing use of local currencies in cross-border payments - Atlantic Council
https://www.atlanticcouncil.org/blogs/econographics/understanding-the-growing-use-of-local-currencies-in-cross-border-payments/

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U.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers | U.S. Department of the Treasury
https://home.treasury.gov/news/press-releases/jy1705

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Venezuelan Crude Oil Output, Exports to the US Seen Rising If Sanctions Lift - Bloomberg
https://www.bloomberg.com/news/articles/2023-08-25/sanctions-lift-would-boost-venezuelan-oil-exports-to-the-us

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Goldman Sachs: A government shutdown would be 'manageable' for the economy. That's why it's likely to happen | CNN Business
https://www.cnn.com/2023/08/21/economy/government-shutdown-goldman-sachs-economy/index.html

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Fed's Jerome Powell warns the fight against inflation is far from over: NPR
https://www.npr.org/2023/08/25/1195908947/federal-reserve-jerome-powell-inflation-economy-interest-rates

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BRICS Now Controls 30% of the Entire Global Economy

https://watcher.guru/news/brics-now-controls-30-of-the-entire-global-economy

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Rupee Strengthens Against U.S. Dollar
https://www.bqprime.com/economy-finance/indian-rupee-strengthens-against-us-dollar-6

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Broker-Dealer Proprietary Trading Groups: FINRA May Be In Your Future

https://katten.com/broker-dealer-proprietary-trading-groups-finra-may-be-in-your-future

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The Coming Gold And Silver Price Crash!

https://www.youtube.com/live/4TOgYbf1lmA?feature=shared

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"On July 31, 2023, the US Department of Energy (DOE) officially put copper on its critical materials list, marking the first time a US government agency has included copper in a "critical” list, following the examples set by the EU, China, Canada, and many other major economies."  

Copper-no...   https://www.kitco.com
Copper now classified as US critical mineral, and rightly so | Kitco News 

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👆 I will say more about this tomorrow. You already know by the number of times I have been sharing in this room how important copper is in the next economy to me. Are you still saving those copper coins? How many times have you heard me ask you that question? It's important. Now you know why...

© Goldilocks

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IEA – International Energy Agency

"Critical minerals such as copper, lithium, nickel, cobalt, and rare earth elements are essential components in many of today's rapidly growing clean energy technologies – from wind turbines and electricity networks to electric vehicles."

https://www.iea.org

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Follow Goldilocks' Roadmap

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Goldilocks' Telegram Room

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Goldilocks on the Seeds of Wisdom Team™ Website

Thank you Dinar Recaps

Monday Afternoon Iraq Economic News Highlights 8-28-23

Monday Afternoon Iraq Economic News Highlights 8-28-23

Al-Fateh: Iraq's Accession To BRICS Will Break Washington's Hegemony Over The Dollar

Information / special..   Today, Monday, the leader of the Al-Fateh Alliance, Ali Al-Zubaidi, stressed the necessity of liberating himself from the restrictions of the US treasury and entering the "global BRICS" group, while stressing that the government will not control the rise in the exchange rate of the dollar without exiting the power of the US treasury. 

Al-Zubaidi said, in an interview with Al-Maalouma Agency, that "Iraq's economic situation requires the government to join the global Brexit group," noting that "getting rid of the restrictions imposed by the United States of America on Iraq lies in making the decision to enter the BRICS group."

And he continued, "Washington will remain in control of Iraq with the card of raising the exchange rate of the dollar to pass its own interests," calling on the government to "the need to liberate itself from the US treasury and enter the BRICS group."

The leader of the Al-Fatah coalition concluded his speech, saying: "The BRICS group, after the accession of more than twenty countries, most notably the eastern ones, will compete with the dollar and will become the first currency in the coming years, given the program and the numbers that the major countries are working on now," adding that "the government will not control the high price of Exchange the dollar without leaving the power of the US treasury.

The BRICS group has become one of the most important global economic organizations, given the growth figures achieved by the countries of this group over the years, which made it a source of interest for many other countries, which no longer wanted to join the group after the number of countries reached 20 countries.  LINK

Iraq: A Fragile Economy And More Than $100 Billion In Debt

Posted On 2023-08-27 By Sotaliraq    The World Bank described the Iraqi economy as “fragile” in its latest report, and stated that the country’s debts had increased to about $152 billion, and the currency auction of the Central Bank of Iraq caused the redirection of hard currency to the parallel market, which led to a decrease in the value of the dinar against the dollar.

The issued report indicated that the Iraqi economy continues to recover, driven by the oil boom, after the severe recession caused by the Corona pandemic in 2020, while the non-oil sectors are still suffering from recession, in addition to the emergence of growth obstacles again.

Despite Iraq reaping unexpected record oil revenues and approving the long-awaited new fiscal budget, Iraq is still at risk of missing an opportunity to move forward with urgent and long-awaited reforms that are critical to boosting private sector growth and providing millions of jobs needed over the years. the next ten, according to the report.

Great Risks

between the World Bank, through data for the spring and summer seasons of the current year 2023, for the report of the Economic Monitor for Iraq, which came under the title “Pressures Reappear: Recovery in Iraq is at stake,” that the real GDP rose at an accelerated rate to 7% in 2022, driven by The boom in the oil sector, however, decreased to 2.6% on an annual basis in the first quarter of this year.

As for the rate of consumer price inflation, which was at medium levels in 2022, it also rose at the beginning of this year due to the depreciation of the Iraqi dinar in the parallel (black) market, as the favorable oil market dynamics in the first nine months of 2022 led to an increase in total reserves. , excluding gold, to a record $89 billion, however, this trend slowed in early 2023.

Also, according to the World Bank, Iraq’s budget for the years 2023-2025, which was approved last June, indicated an increase in public spending, which could lead to a rapid drain on unexpected oil revenues, and thus pressure on public finances, in addition to that the expansion of spending has It causes the long-needed delay of the structural reforms needed to develop a vibrant and sustainable economy in Iraq.

He stated that “the annual budget approved by the Iraqi authorities witnessed an excessive increase in the volume of public expenditures by 59% compared to the previous budget, which represented 74.3% of total spending, which would lead to a large fiscal deficit of 51.6 trillion Iraqi dinars ($39.7 billion), representing about 14.3 % of the volume of public imports, more than half of the recent record reserves accumulated in the aftermath of the boom in oil prices.

For his part, a professor of economics at Al-Maqel University in Basra says that there are many negatives that afflicted the country's general budget for the years (2023-2025), noting that it is represented by the large size of the budget, which recorded the largest deficit ever, in addition to that its financing will be through internal and external borrowing. By 66%, which will cause an increase in the indebtedness of the current government and future governments, according to the decree.

This may not be the only problem in the tripartite budget, as Al-Marsoumi adds that what he described as the recorded “fixed burdens” include salaries, gas imports, social welfare, and the costs of oil licensing rounds, which amount to about $99 billion, indicating that the dilemma is that these burdens cannot be reduced within the two years. For the arrivals, the budget relied on exporting oil by 90% in light of the restrictions imposed on the country in order not to increase production in accordance with the agreements concluded with the “OPEC Plus” group, and to stop the export of oil through the Kurdistan region to the Turkish port of Ceyhan, which is estimated at 400 thousand barrels per day.

Excessive Spending

The economist, Muhammad al-Hamdani, indicated that Iraq's restriction to the size of huge spending is due to poor planning resulting from the large economic benefits that Iraqi politicians reap, explaining that the tripartite budget allocated to Parliament is $350 million annually, with more than $1 billion during the next three years 2023. -2025, in addition to increasing the number of public sector employees by about 600 thousand job degrees through new appointments and contracts, which increased the financial burden on the public budget.

In an exclusive interview with Al-Jazeera Net, Al-Hamdani indicated that this increase in the number of public employees comes at a time when international indicators indicate that the Iraqi employee's work rate does not exceed 10 minutes a day, indicating that the other dilemma is represented by the huge number of private grades. And general managers, which exceeds 4,500 general managers, which causes huge losses to the Iraqi economy as a result of huge salaries and allocations for armored cars and protections, according to him.

The currency auction may not be far from these debilitating indicators of the Iraqi economy, according to Al-Hamdani, who explained that 20 years after the US invasion of the country, the government still relies on the currency auction, although this mechanism is not followed in all countries of the world, especially in oil producing countries.

Al-Hamdani also stated that despite the Central Bank's measures and promises of economic reforms, the Iraqi government is still unable to provide reassurance to the Iraqis in order to use banks and not to hoard money in homes and companies, which forces the government to proceed with the currency auction in order to provide cash liquidity in Iraqi dinars, at the same time Which economic reports indicate that about 80% of the volume of the Iraqi monetary mass amounting to 83 trillion Iraqi dinars is still outside the banking system, he said.

In the context, economist Rashid al-Saadi explained that the World Bank's announcement that Iraq's debts have risen to $152 billion is due to the failure of successive governments to adhere to plans, advice and warnings regarding managing the economic file, which led to the accumulation of those debts and their great benefits.

Al-Saadi also confirmed in his interview with a media outlet that the World Bank, prior to approving the tripartite general budget, issued a report confirming that an estimated $20 billion was spent for only about 100,000 Iraqis, and that among them are those who receive multiple salaries of up to 9 salaries per month.

Exaggeration In Numbers

Returning to Nabil Al-Marsoumi, a professor of economics at Al-Maqel University, and despite his acknowledgment of the negatives included in the tripartite budget, he believes that there is an exaggeration in the size of the public debt on Iraq, which was revealed by the World Bank report.

Al-Marsoumi says - in a post on his Facebook page - that the World Bank figures are incorrect, as the World Bank report assumed that Iraq's external debt is estimated at $50 billion, while the value of internal debt is about $102 billion, and the ratio of public debt to GDP estimated at 58.3%.

Al-Marsoumi’s rejection of the World Bank’s data stems from the fact that these figures assume that the 2023 budget will be fully implemented, which will result in adding about $31 billion to the total public debt, indicating that logic shows that this budget will not be fully implemented, especially after its implementation has been delayed. to the current month of August, which raises doubts about the credibility of the World Bank figures, as he put it.

For more details on Iraq's debts, he explained that Iraq's external debt, along with the frozen Gulf debt, amounts to $61 billion, not $50 billion - as reported by the World Bank - and if the 2023 budget is fully implemented, the debt will rise to about $70 billion.

As for the internal debt, he revealed that it amounts to 53 billion dollars, and if the budget is implemented, it will rise to about 77 billion dollars and not 102 billion dollars as in the data of the World Bank, indicating that the total public debt in the event of the full implementation of the budget will reach 138 billion dollars and not 152 One billion dollars, according to the World Bank, according to the decree.

Whether the World Bank data is accurate or not, the facts indicate that Iraq is saddled with heavy debts of no less than $138 billion, noting that internal debts are the biggest obstacle for the country because of the high interest rates, according to what Iraqi economists revealed.  LINK

The Exchange Rates Of The Dollar Against The Iraqi Dinar

Economy  2023-08-28 | 5,002 views  Alsumaria News – Economy   Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets, for Monday, August 28, 2023.

 The selling prices in exchange shops in the local markets in the capital, Baghdad, witnessed an increase, as the selling price reached 154,250 dinars, while the purchase price reached 152,250 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

Opportunistic And Rebellious"... A Parliamentarian Accuses The Kurdistan Government Of Supporting Türkiye To Prevent Oil Exports

Information / special.    Today, Sunday, a member of Parliament, Ali Turki, accused the Kurdistan government of dominating and imposing wills in the file of resuming oil exports through Turkey, while stressing that the region supports Ankara by setting impossible conditions to prevent the resumption of oil exports through the port of Ceyhan.  

Turki said in an interview with Al-Maalouma agency, "Kurdistan found by stopping oil exports a golden opportunity to show a lack of interest in the interests of the Iraqi people, especially the Kurds, as a result of the continued suspension of oil exports through Turkey," noting that "the Kurdish people suffer greatly due to the lack of financial liquidity and the deduction of employees' salaries." without right or legal justification.

He continued, "The region supports Ankara by setting impossible conditions in order to resume oil exports through the port of Ceyhan," pointing out that "what the region is going through is a reaction towards the Federal Court, which recognized the illegality of exporting oil in isolation from the central government."

The member of Parliament concluded his speech by saying: "The Kurdistan government continues to work according to the principle of opportunism, rebellion, and authoritarianism towards the central government," accusing "the Kurdistan government of authoritarianism and imposing wills in the file of resuming oil exports through Turkey."

The suspension of oil exports to Turkey caused Iraq to lose 400,000 barrels of export funds, as a result of; Non-commitment of the Kurdistan Regional Government to stop smuggling to Türkiye for several years.

Ankara began using all possible papers to harm the Iraqi economy and export its oil through the Turkish port of Ceyhan, in addition to its failure to pay the fine imposed on it by international courts, after Iraq won an international lawsuit for the illegality of its receipt of the oil of the Kurdistan region. LINK

An Expert Proposes To Involve Experts In The Draft Oil And Gas Law

Baghdad today – Baghdad  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