Goldilocks' Comments and Global Economic News for Thursday afternoon, August 31, 2023

Good afternoon Dinar Recaps,

Goldilocks posted comments and news links on the global financial system

Our world is in the process of synchronizing many digital money networks into one Collective Quantum Financial/Technological System.

It is a collection of many ideas inspired from different cultures all over the world.

This is why a world-changing event such as this has the capacity to evolve the human race into another level of being.

The birth of our new economy is also the birth of a new human.

Many of the dynamics taking shape in this new economy of spirit have the capacity to motivate and secure a healthy environment.

It is an open banking source capable of making changes at any given moment when the direction is not for the well-being of the whole Global Nation.

It is a baptism by a fire in many ways for all of us, but our movement forward takes us on a journey into the unknown and mysteries of life never seen before in history.

© Goldilocks

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Is the World Prepared for Central Bank Digital Currencies? | Fintech Singapore
https://fintechnews.sg/77571/blockchain/is-the-world-prepared-for-central-bank-digital-currencies/

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ISO 20022 Crypto: List of Compliant Coins in 2023 – Cryptopolitan
https://www.cryptopolitan.com/iso-20022-compliant-crypto-list/

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Sometimes I like to do a review for myself and others. Today, I would like to remind you of a few articles that have been written in the past to clarify the use of Central Bank Digital Currency.

So far, CBDCs are for wholesale use only and Central Banks. On the retail level of CBDCs, we have a problem.

Retail CBDCs do not scale as fast as other coins, and they are not private. All of this has been written about in articles outlining where we are in this process. AI is currently working on a mechanism to give us privacy, but they are a long way from its adoption even if passed through public adoption.

Stablecoins that represent a country's currency is much further along, and the SEC and CFTC are requiring the full backing of these coins to be made by gold and other commodities.

Anyone who has been following this room is aware that I have backed this information by articles from legitimate sources. This is just a reminder as to where we are in the process.

© Goldilocks

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Iraqi News Highlights Thursday Afternoon 8-31-23

Iraqi News Highlights Thursday Afternoon 8-31-23

Tlm724 Administrator Bondlady’s Corner

High Oil Prices Thanks To The Shortage Of American Supplies

Thursday 31 August 2023 | Economical Number of readings: 296  Baghdad / NINA / - International oil prices rose in early trading, today, Thursday, supported by the scarcity of US supplies, and at the same time, attention is drawn to factory activity data in China, which will be issued later today, amid data on weak economic expansion in the second largest economy in the world. .

Brent crude futures for October delivery (which expires today) rose 14 cents, or 0.16 percent, to reach $86 a barrel. November contracts, the most active, rose by 10 cents, or 0.12 percent, to $85.34.

West Texas Intermediate crude futures increased by 10 cents, or 0.13 percent, to $81.74.

Prices rose this week thanks to US government data that showed a drop in crude supplies more than expected, as well as developments in Gabon, a member of the Organization of the Petroleum Exporting Countries (OPEC), which raised fears of disruption to oil supplies and provided additional support for prices on Wednesday.    https://ninanews.com/Website/News/Details?key=1074543

The Stability Of Dollar Prices In Baghdad With The Closing Of The Stock Exchange

Economy   Thursday, August 31, 2023 Baghdad / The National News Center The US dollar prices stabilized against the Iraqi dinar, today, Thursday, in the Baghdad markets, with the closing of the stock exchange.

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

He added, "The selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 153,500 dinars, while the purchase price reached 152,500 dinars for every 100 dollars."   https://nnciraq.com/224377/

Central Bank Sales Amounted To More Than 201 Million Dollars

Economy News-Baghdad   Today, Thursday, sales of the Central Bank of Iraq in the foreign currency sale window amounted to more than 201 million dollars.

The Central Bank's website published a table of its dollar sales, and "Al-Iqtisad News" reviewed it, as it included the participation of 28 banks and 91 exchange companies, and covered external transfer requests of $154.5 million, while cash requests amounted to more than $46.5 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 33   08/31/2023 - https://economy-news.net/content.php?id=36104

The Iraq Stock Exchange.. Trading Indicators Of Joint-Stock Companies Rose 38% In August

Market  Economy News-Baghdad  The Iraqi Stock Exchange announced, on Thursday, the trading indicators for the shares of joint-stock companies for the month of August 2023

The Executive Director of the market, Taha Ahmed Abdel Salam, said in a statement that the Iraq Stock Exchange organized (23) trading sessions for the shares of the listed (103) Iraqi joint-stock companies during the month of August 2023.

The number of trading days was (23) trading session. The number for the current year, up to August 31, reached (159) sessions, which represents (67%) of the number of days planned for the year 2023, which correspond to the official working days.

The number of traded shares was (67 billion shares). The number for the current year, until August 31, reached (475) billion shares, which represents (84%) of their number for the year 2022.

The value of traded shares amounted to (444) billion dinars. For the current year, up to August 31, it amounted to (371) billion dinars. It represents (85%) of its value for the year 2022.

The ISX60 traded stock price index closed at (809.Cool points. Compared to the close of 2022, the index increased at the close of August 2023 by (38%). Compared to the close of July 2023, the index increased for August 2023 by (13%). Views 64  08/31/2023  https://economy-news.net/content.php?id=36108

Trade: The Window For Electronic Registration Of Companies Has Met With Wide Acceptance And Success

Money  and business  Economy News _ Baghdad  Today, Thursday, the Ministry of Commerce confirmed that the electronic registration window for companies has met with wide acceptance and success, while indicating the adoption of a mechanism for selling cars that achieved 8 percent profits.

A spokesman for the Ministry of Commerce, Muthanna Jabbar, said in an interview with the Iraqi News Agency, followed by "Al-Iqtisad News", that "there is a promising program that is being followed up by the government, and it was an initiative of the Prime Minister's Office to automate and create a window for registering companies according to complaints submitted by lawyers and many company owners."

Pointing out that "there is an electronic registration program in the world that starts from an electronic window and ends with the applicant obtaining a registration or creating a company, and ends with results through the window."

Jabbar added, "The Ministry of Commerce has started relying on this program, and it has been activated and implemented for more than two years, in addition to having met with wide acceptance and success," noting that "the archive in the Registrar of Companies, which has more than 45,000 registered companies, has been transferred and archived from The approved paper-based systems to the electronic systems lasted two years and were not completed until the end.

He pointed out that "6 months ago, the applicant who wanted to register a company, add an activity, transfer, sell, or exit one of the founders, through the electronic window and through the approved program," expressing his hope for "the ratification of the electronic signatures law, to overcome all obstacles that It is possible that you will face the company and its electronic window.”

Regarding the sale of cars, Jabbar said, "The General Company for Car Trade has gone through periods similar to the ebb and flow, as after all cars were purchased through the company that used to adopt Japanese, German and American origins, the purchase turned today to a competitive market and a change in the purchase policy."

He continued, "Iraq's openness to the free market took the advantage of the number that was enjoyed by the General Motors Company, as it was granting the number directly with the car, but now its capabilities have been transferred to the private sector, which has freedom of decision and negotiation, in addition to being not bound by the Iraqi standard, although The opposite of the General Motors Company.

He pointed out, "The existence of partnerships between the General Motors Company and the private sector by the fact of selling on a disposal fee that achieves a profit of 8 percent for the company and the rest for the private sector.

And he added, "Now the company has offers in installments for a group of cars, including (Sunny) cars with an engine size of 1300, at a good price and very low installments, in agreement with Iraqi banks that are sold to employees and holders of electronic payment cards, and everyone can enter the company's website and know its offers." He stressed that "there is a good turnout, especially since the number of cars is available." Views 46  08/31/2023 https://economy-news.net/content.php?id=36110

Visa Cooperates With The Central Bank Of Iraq To Raise Awareness Of The Importance Of Digital Payments

Money  and business  Economy News-Baghdad  On Thursday, the leading company in the field of global digital payments, Visa announced its cooperation with the Central Bank of Iraq to raise awareness of the importance of digital payments, pointing out that the campaign has the support of Prime Minister Muhammad Shiaa al-Sudani.

A company statement, received by "Al-Iqtisad News", stated that "the world's leading company in the field of digital payments, Visa, launched, in partnership with the Central Bank of Iraq, an initiative to introduce merchants and consumers in Iraq to the benefits of digital payments, and to raise awareness about the safety and security of these transactions."

He added, "This initiative enjoys the support of the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, and aims to encourage the Iraqi population to adopt the financial independence provided by the non-cash payment system."

The statement indicated that "the campaign seeks, in partnership with the Central Bank of Iraq, to ​​build a secure digital payment system for merchants and consumers by limiting the use of paper money, promoting non-cash payments and contactless payment solutions, and empowering people through financial inclusion."

Commenting on the matter, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, said: “We at the Central Bank of Iraq are pleased to cooperate with Visa in the framework of this awareness campaign for merchants and consumers.

We have always been keen to support financial inclusion initiatives in various parts of the country, in addition to regulatory frameworks and related supervision processes.Iraq remains a major supporter of digital financial services in line with the strategic plan of the Central Bank of Iraq.

He added, “In its first phase, the campaign will focus on educating the growing community of Visa merchants and customers. Throughout history, merchants have shown clear caution in using direct point of sale devices, and this explains the high reliance on cash payment solutions.

However, there is an increasing demand for payments In Iraq, it is expected to grow by 14.23% between 2023 and 2027. This initiative will increase financial literacy and enhance financial inclusion, especially since about 80% of the Iraqi population still do not have bank accounts, or do not have access to digital payment solutions. ".

"The campaign will introduce merchants and customers to the process of issuing cards, including obtaining and activating Visa cards, and using them for daily transactions, while applying realistic use cases such as online shopping payments, supermarkets and fast food restaurants.

Visa's efforts also include hosting training workshops and developing Easy-to-use toolkits for merchants and consumers to accelerate acceptance and use of digital payments.

In this regard, Mario Makari, General Manager of Visa for the Arab Levant region, said in the same statement: “There are wonderful advantages to the cashless economy. We at Visa are striving to provide these benefits to the Iraqi population, of whom 80% still do not have bank accounts and do not have sufficient access to The digital payment services they need.

Our new campaign, which has the support of the Prime Minister and the Central Bank of Iraq, is in line with the goals of Iraq Vision 2030 to promote financial inclusion and build a diversified economy."

He added, "The world's economies are witnessing rapid development in conjunction with the increasing use of digital technology in all fields of life. Based on our deep belief in the importance of education and education for development and moving forward, we urge all our merchants and consumers to help build this cashless system in Iraq, and enjoy all its economic benefits." Visa has been collaborating for years with the Central Bank of Iraq and key players in the sector to advance financial literacy by providing tools that facilitate digital commerce.

He pointed out that "the Iraqi government has recently been seeking digital transformation in the country to achieve diversified economic growth in response to Iraq's vision for the year 2030. And last January of 2023, the Prime Minister's Office issued a mandate to use points of sale in all governmental and non-governmental institutions, which enhances Visa's efforts in Iraq".

The statement concluded, "Visa is always striving to stay at the forefront of innovation in its endeavors to create the largest open and dynamic global network of technology, partnerships and people. By establishing many initiatives and partnerships from Iraq, Visa has achieved a pioneering achievement represented in launching the first digital payment card and multiple cards." From this ancient country, Visa has succeeded in achieving advanced, secure and world-class capabilities, including providing customers with a rich and rewarding experience.”

Views 147  08/31/2023 - https://economy-news.net/content.php?id=36102

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

https://www.bondladyscorner.com/

Goldilocks' Comments and Global Economic News for Thursday, August 31, 2023

Good morning Dinar Recaps,

Goldilocks posted comments and news links on the global financial system

Bitcoin has no real backing, gold is the future of digital currency - World Gold Council Chair 

Kitco News Link

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India’s Prime Minister Narendra Modi called for a global framework on cryptocurrency, artificial intelligence, and other emerging technologies. 

Days ahead of the G20 summit scheduled to begin September 8 in New Delhi, Modi was asked in a recent interview with Business Today about a potential worldwide framework for regulating cryptocurrencies.

https://decrypt.co/154043/global-crypto-regulation-ai-emerging-technology-economies-india

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The major stablecoin company CIRCLE said it will launch its USDC stablecoin natively on two blockchains in the first week of September.  The company said on  AUG30 that it will launch USDC on Optimism’s OP Mainnet. It said that this new, native version of USDC will gradually replace OP Mainnet’s current version of the stablecoin, which is bridged from the Etherium blockchain.  The symbol for Optimism’s bridged version of USDC will be changed to USDC.e, while the new native version will be labeled USDC.  Previously, Circle announced a native version of USDC on Coinbase’s Layer 2 Base network on AUG29 Just like in the other launch, the new version of USDC on Base will gradually replace an existing version bridged from Ethereum. The bridged version will be renamed USDbC, while the new native version will be labeled USDC.  Circle said that these native versions of USDC will allow for institutional on- and off-ramps and will help ensure that USDC is always fully backed and redeemable.

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"Paxos Acquisition Marks a New Era for Stablecoin Landscape. Binance’s strategic decision to phase out its stablecoin, BUSD, by the end of 2024 marks a significant turning point within the cryptocurrency space."

This announcement is a sign of things to come. The acquisition of BUSD by Paxos allows us to know what is on the horizon.

Paxos is a stablecoin backed by gold. It is a new regulation requirement expectation of stablecoins going forward. Stablecoins represent a country's currency in digital form.

The standardization of the new digital economy is dependent on protocols that allow stable exchanges from one country to the next. In this case, it will be done with stablecoins backed by gold.

© Goldilocks

https://thecurrencyanalytics.com/crypto-exchanges/paxos-acquisition-marks-a-new-era-for-stablecoin-landscape-67208.php

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"The more crypto regulations evolve, the higher the chances are for them to reshape investor sentiment."

Crypto regulations are beginning to shape the way we live, invest, and even think. Just two years ago, you hardly heard anyone talk about a new digital economy. And now, it is commonplace.

The use of AI and other digital mechanisms to ensure a secure and certain movement forward on the growth of money is capturing the sentiments of people young and old.

Many governing regulations have surfaced to give guidance for the movement of this new decentralized banking system. It serves as a reminder of the ever-evolving nature of money itself.

An economy has a life of its own, and what we spend our money on says a lot about those who invest in it.

This is why the movement of money is an ever-changing creative act that expresses who we are as a Global Nation.

These new digital regulatory developments are shaping the Crypto Market in ways none of us could have imagined. It is giving us direction for a future expressed by those who participate in it.

When people decide to buy certain cryptocurrencies, it becomes a sentiment or bias towards the network's philosophy and ideas that come with it.

New laws and regulations support each Network that is interfaced onto the new Quantum Financial System. It has the ability to influence the world in a way it never has before. We are currently in an ever-evolving evolutionary event that will change the way we live forever.

© Goldilocks

https://www.techopedia.com/how-crypto-regulations-shape-market-sentiment-and-drive-prices

https://www.techopedia.com/crypto-regulation-challenges

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Banking Announcement:

The State Bank of Vietnam has joined an alliance of Asian central banks that has been working together to link up their domestic payment systems.

The State Bank of Vietnam signed a memorandum of understanding to become a member of the Regional Payment Connectivity (RPC) initiative on August 25, according to a joint statement issued by six central banks. The event was held on the sidelines of a high-level meeting organized by the Association of Southeast Asian Nations (ASEAN).

The central

Central Banking Link

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Blockchain Adoption: Stellar Development Foundation Comments on Decision to Join Bytecode Alliance
August 29, 2023

One of the first decisions made when building Soroban, the Stellar network‘s smart contract platform, was “choosing a platform for it to run on.”

The developers say they decided “to build on WebAssembly (Wasm) in April of 2022.” As noted in a blog post, Wasm offers a robust execution environment “for smart contracts and a thriving ecosystem.”

It also contributes “to building a safe, scalable system that promotes equitable access.” Choosing Wasm, or any platform really, is “a foundational decision because it informs just about every decision that comes next.” Which is why it was “a no-brainer for the Stellar Development Foundation (SDF) to join the Bytecode Alliance.”

As only the second blockchain in the Alliance, SDF can now help “shape the future and development of WebAssembly to include blockchain’s point of view.”

https://www.crowdfundinsider.com/2023/08/212055-blockchain-adoption-stellar-development-foundation-comments-on-decision-to-join-bytecode-alliance/

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Thursday Morning Iraq Economic News Highlights 8-31-23

Thursday Morning Iraq Economic News Highlights 8-31-23

Economic Proposals To Reduce The Differences Between The Official And Parallel Dollar Price

Information / Baghdad...The researcher in economic affairs, Muhammad Al-Saadi, explained how to reduce the differences between the official dollar exchange rate and the one sold in the parallel market through government procedures and decisions.

Al-Saadi told Al-Maalouma, that "there is a commission that exchange companies receive when buying and selling dollars, and it is assumed that there will be a commitment to the specified commission according to the Central Bank's policies."

He added, "The competent authorities can reduce the demand for the dollar by reducing money transfers and pushing for imports through documentary credits, so that the process of obtaining the dollar at the official price takes place smoothly, away from any complications that push the merchant to resort to the black market."

And he indicated that "there are many options available to the government in order to reduce the withdrawal of the dollar from the markets, especially the parallel one, impose control and monitor any cases of manipulation or speculation, and support the dinar in the local markets, as well as providing more facilities for merchants to push them towards registering on the electronic platform in order to obtain dollars in order to import their goods. LINK

A Parliamentary Committee Reveals The Latest Developments In The Oil And Gas Law: 4 Dimensions In Front Of Its Legislation

Time: 08/31/2023 Read: 2,496 times  {Economic: Al Furat News} The Parliamentary Oil, Gas and Natural Resources Committee revealed that the draft oil and gas law, which has been stalled for years, is still "in the process of writing its draft."

Committee member Sabah Sobhi said, in a press statement, "The draft oil and gas law is still in the process of writing its draft, which is the first stage in enacting any law. This law needs a comprehensive political consensus, as it is a sensitive law that needs deep study and discussion by the parties." political".

He added, "The law includes many dimensions, the most important of which is the economic dimension, which is the most important, because the enactment of this law leads to the restructuring of the Iraqi economy, and the second dimension is the legal one, because until now there is a legal vacuum with the existence of a constitutional article related to oil that requires the enactment of a law of its own."

He continued, "As for the third dimension, it is political, given that the issue of the oil commodity is very important from a political point of view, as it is the main revenue on which the economy and the Iraqi state depend, because 90% of the country's budget depends on oil imports, so we need to legislate this law, and another after It is the technical dimension because oil is full of techniques from exploration until we reach sale, so we are in the process of enacting an important, complex, sensitive and fateful law for Iraq.

Many explain the reason for the delay in enacting the oil and gas law to the political dimension that is governed by consensus between the parties to the political process, while relying on the law being approved in the current parliamentary session if it is completed by the government.

It is noteworthy that Prime Minister Muhammad Shia' al-Sudani held a meeting on the second of August to discuss the draft oil and gas law, and witnessed the review of the latest drafts of the draft law, its details and clauses. In the meeting, al-Sudani affirmed that "the draft oil and gas law is one of the basic and important laws, and the law is part of the commitment to the ministerial curriculum. " to his government.  LINK

Parliamentary Oil: The Oil And Gas Law Is Still In The Process Of Writing Its Draft

Energy  Economy News _ Baghdad  Although years have passed since the talks about the oil and gas law and the arguments about it, it is still a draft of the government and has not been completed yet. It is being relied upon that the law will be approved in the current parliamentary session if it is completed by the government.

A member of the Oil, Gas and Natural Resources Committee in the House of Representatives, Sabah Sobhi, said, in an interview with “Al-Sabah” followed by “Al-Iqtisad News”, that “the oil and gas law is still in the process of writing its draft, and it is the first stage in the legislation of any law, as this law needs political consensus.” Comprehensive, because it is a sensitive law that needs deep study and discussion by the political parties.

He added, “The law includes many dimensions, the most important of which is the economic dimension, which is the most important, because the legislation of this law leads to the structuring of the Iraqi economy, and the second dimension is the legal one because until now there is a legal vacuum with the existence of a constitutional article related to oil that requires legislation of its own law.”

And he continued: “As for the third dimension, it is political, given that the issue of the oil commodity is very important from a political point of view, as it is the main revenue on which the economy and the Iraqi state depend, because 90% of the country’s budget depends on oil imports,

so we need to legislate this law, and another after It is the technical dimension because oil is full of techniques from exploration until we reach sale, so we are in the process of enacting an important, complex, sensitive and fateful law for Iraq and for the parties involved in the issue of oil production, since this commodity is linked to the producing region and provinces and it has rights and obligations at the same time Therefore, there must be a conscious and practical view that is compatible with the Iraqi federal constitution.”

And Sobhi indicated, “The law is still with the government until now, and there is no official draft by the government, and what is currently in circulation is the draft that was written by the Iraqi Federal Ministry of Oil, and it came from only one party, and this draft must include the ideas of the Kurdistan region and the oil-producing provinces as well.”

So that it is integrated and can be discussed in the Council of Ministers and voted on, and then sent to Parliament and work on it.

He stressed, “The law is sensitive, and if a political agreement is not reached on it, it will be the same as the previous sessions, but we believe that the current session will be decisive for the law.” He added, “It is true that the conditions are not appropriate for the issuance of the law; But the will of the Prime Minister and the Prime Minister of the region to issue the law exists in order to overcome the problems that Iraq suffers from regarding oil ». Views 77  08/31/2023 - https://economy-news.net/content.php?id=36088

{Oil And Gas}.. Postponed Until Further Notice

The first  2023/08/31   Baghdad: Shaima Rasheed  Many explain the reason for the delay in legislating the oil and gas law to the political dimension that is governed by consensus between the parties to the political process, while it is being relied upon that the law will be approved in the current parliamentary session if it is completed by the government.

A member of the Oil, Gas and Natural Resources Committee in the House of Representatives, Sabah Sobhi, told Al-Sabah: “The oil and gas law is still in the process of writing its draft, which is the first stage in enacting any law. This law needs a comprehensive political consensus, as it is a sensitive law.” It needs deep study and discussion by the political parties.

He added, "The law includes many dimensions, the most important of which is the economic dimension, which is the most important, because the enactment of this law leads to the restructuring of the Iraqi economy, and the second dimension is the legal one, because until now there is a legal vacuum with the existence of a constitutional article related to oil that requires the enactment of a law of its own."

And he continued, "As for the third dimension, it is political, given that the issue of the oil commodity is very important from a political point of view, as it is the main revenue on which the economy and the Iraqi state depend, because 90% of the country's budget depends on oil imports,

so we need to legislate this law, and another after It is the technical dimension because oil is full of techniques from exploration until we reach sale, so we are in the process of enacting an important, complex, sensitive and fateful law for Iraq.   https://alsabaah.iq/83492-.html

Oil and Gas Law.. Postponed until further notice

Iraq  2023/08/31   Baghdad: Shaima Rasheed  Although years have passed since the talks about the oil and gas law and the arguments about it, it is still a draft with the government and its writing has not been completed yet. Many explain the reason for the delay in enacting this important law to the political dimension that is governed by consensus between all parties. The political process, while it is being relied upon that the law will be approved in the current parliamentary session if it is completed by the government.

A member of the Oil, Gas and Natural Resources Committee in the House of Representatives, Sabah Sobhi, told Al-Sabah: “The oil and gas law is still in the process of writing its draft, and it is the first stage in enacting any law. This law needs a comprehensive political consensus, because it is a sensitive law that needs To a deep study and discussion by the political parties ».

He added, “The law includes many dimensions, the most important of which is the economic dimension, which is the most important, because the legislation of this law leads to the structuring of the Iraqi economy, and the second dimension is the legal one because until now there is a legal vacuum with the existence of a constitutional article related to oil that requires legislation of its own law.

And he continued: “As for the third dimension, it is political, given that the issue of the oil commodity is very important from a political point of view, as it is the main revenue on which the economy and the Iraqi state depend, because 90% of the country’s budget depends on oil imports, so we need to legislate this law, and another after It is the technical dimension because oil is full of techniques from exploration until we reach sale,

so we are in the process of enacting an important, complex, sensitive and fateful law for Iraq and for the parties involved in the issue of oil production, since this commodity is linked to the producing region and provinces and it has rights and obligations at the same time Therefore, there must be a conscious and practical view that is compatible with the Iraqi federal constitution.”

And Sobhi indicated, “The law is still with the government until now, and there is no official draft by the government, and what is currently in circulation is the draft that was written by the Iraqi Federal Ministry of Oil, and it came from only one party, and this draft must include the ideas of the Kurdistan region and the oil-producing provinces as well.” So that it is integrated and can be discussed in the Council of Ministers and voted on, and then sent to Parliament and work on it.

He stressed, “The law is sensitive, and if a political agreement is not reached on it, it will be the same as the previous sessions, but we believe that the current session will be decisive for the law.” He added, “It is true that the conditions are not appropriate for the issuance of the law; But the will of the Prime Minister and the Prime Minister of the region to issue the law exists in order to overcome the problems that Iraq suffers from regarding oil ». Edited by: Muhammad Al-Ansari   https://alsabaah.iq/83475-.html

Kurdistan Oil Companies Are Challenging The Center: We Will Not Export Even If Baghdad And Ankara Agree

Money  and business     Economy News-Baghdad  Today, Thursday (August 31, 2023), the Kurdistan Petroleum Industries Union announced its refusal to resume production and pumping of oil from the region, even if the government reached an agreement with the Turkish authorities.

The union, which includes a group of foreign and local companies working in the field of oil production, said, according to statements to the American newspaper, "The Cradle," that "oil-producing companies refuse to return to work again within the region,"

stressing that "the production and export of oil will be stopped completely, even if they reach The Iraqi government has reached an agreement with the Turkish side to re-pump through the port of Ceyhan until the conditions are fully implemented."

The Federation of Companies, according to what the newspaper showed, called on the Kurdistan Regional Government of Iraq to "provide guarantees that fully protect the rights of companies, including financial rights,"

stressing that they were "significantly affected" by the Kurdistan Regional Government of Iraq's breach of the official agreements governing the export of oil and the resulting suspensions. For export, it caused damages worth “billions” to companies, according to its description.

It is noteworthy that the threats of the companies coincide with continuous announcements from the Iraqi and Turkish government hinting that they are close to signing an agreement that guarantees the export of oil from the Kurdistan region of Iraq through the port of Ceyhan without problems, as the American newspaper confirmed that the companies’ implementation of their threat will mean the continuation of the current crisis even if Baghdad and Ankara reach an agreement agreement.

It is noteworthy that a responsible source in the Kurdistan region revealed, on (August 18, 2023), an arrangement for a meeting between the Prime Minister, Muhammad Shia al-Sudani, and the Kurdish oil companies, and with the mediation of the American ambassador in Baghdad, Elena Romanowsky, for the purpose of ensuring her fate and financial dues after the entry of the oil sector in Kurdistan into an unknown tunnel.

The source told "Baghdad Today" that "the reason for the meeting is for Al-Sudani to preserve the financial dues of these companies and their wages in the new agreement between Baghdad and Erbil on oil."

The source confirms that "the Kurdish oil companies in the region have not received their financial dues as well as their monthly wages since September of last year."

He pointed out that "the work of these companies is distributed in the regions of Kurdistan by filtering, extracting, investing and selling oil, and they used to receive their wages from the regional government, but the wages stopped with the cessation of oil export business and the reduction of extraction,

while they are now trying to guarantee the payment of their dues and wages in the event that the oil and gas law was enacted and also in If the oil export through Turkey resumes, or if the suspension continues for a longer period.

The official of the Foreign Relations Office of the Kurdistan Regional Government, Sven Dizyi, said on Tuesday, August 29, that Turkey supports the export of Kurdistan's oil, noting that the suspension of the region's oil exports "caused financial losses of more than $5 billion to the government."

 Source / Baghdad Today Agency   https://economy-news.net/content.php?id=36094

Sovereign Fund And The Problem Of The Iraqi Economy

2023.08.30 - Thamer Al-Ani  Baghdad - Nas    Savings and investment funds currently account for the largest percentage of sovereign wealth funds, according to the classifications of funds registered at the International Institute of Sovereign Funds, followed by development funds in second place. Sovereign wealth funds contribute to diversifying the economies of the countries that own them by converting the financial or cash surpluses of those countries into assets with economic return and using them in investment fields (stocks, bonds, real estate...etc). 

Iraq has previous experience in establishing a sovereign wealth fund, through the establishment of the Iraqi Fund for Foreign Development, which was established under Law No. 77 of 1974, but after that the work of this fund was limited to managing Iraq’s financial contributions to regional and international organizations and bodies, and there was also an attempt To establish two sovereign funds for Iraq in 2018, but they remained without practical implementation. 

In terms of the source of revenue, the economies of countries are divided into 3 sections; Economics with diversified revenue sources, and economies with a single revenue source “one-basket economies” and what is between them Section III.

Iraq falls within the second group, as Iraq is considered one of the rentier countries, due to its almost total dependence on revenues from the sale of crude oil, as oil revenues constitute about more than “90 percent” of the total revenues of the general budget, and they also contribute about “45-60 percent.” percent of the gross domestic product. 

This led to a major structural imbalance in the sources of financing the general budget, and as a result of unwise policies, and the difficult circumstances that Iraq witnessed, this imbalance deepened. To extend to all economic indicators, until crude oil revenues became a function of the level of general revenues of the state, and more generally a function of the level of activity of the national economy. 

 Depleted natural resources are a double-edged sword. Because it depends on the nature of the management and use of these resources, these resources may appear in a country with a sound economic thought and are used as a basis for the advancement and development of its national economy and its financial sustainability, which requires allocating the surplus or a certain percentage of the revenues of these resources in the development and development of other economic sectors through the Wealth Fund Sovereign,

and these same resources may be available to a country that is unable to adopt and apply an economic thought that helps it exploit these resources in a way that enables it to develop its economic sectors and sustain its finances and revenues, which leads to waste of these resources.

With the huge revenues that crude oil generated in Iraq after 2003, these revenues were not properly exploited, and successive governments were unable to develop and diversify their sources of public revenues, and they remained dependent on depleted rent revenue. 

Therefore, some oil countries, such as Saudi Arabia, the UAE, Kuwait, and Qatar, realized the great danger they might face if they were unable to diversify their sources of public revenues, and given that oil is a depleted commodity, and in order to achieve the principle of optimal exploitation of resources, most countries tended to devise a method for managing oil revenues, through Establishing sovereign funds to achieve national goals; And financed either by foreign exchange reserves, exports of natural resources, or surplus public revenues of the state. 

It should be noted that the Saudi Public Investment Fund rose to the sixth position in the world among sovereign wealth funds, according to the latest statistics from 2023 “SWF Institute”, and the fund’s assets increased from $ 690 billion to $ 776.7 billion.

It is noteworthy that the Norwegian Wealth Fund sits on the top of sovereign funds with total assets of $1.47 trillion, followed by the Chinese Cooperative Investment Fund, with total assets of $1.35 trillion, and in third place in the world came the Chinese Sovereign Wealth Fund “SAFE” with net assets of $1.019 trillion.

While the Abu Dhabi Investment Authority Fund was the fourth in the world and the first in the Arab world, with assets amounting to $853 billion, followed by the Kuwaiti Wealth Fund with net assets of $803 billion, then the Qatari Investment Authority Fund with $475 billion. 

The importance of these funds lies in their consideration as a tool of financial policy to achieve financial stability and reduce the possibility of resorting to borrowing. They are also an important tool in investing the state’s financial surpluses, in addition to considering them as a precautionary tool against the effects resulting from the fluctuations of the global oil market, and preserving the future of future generations.  Accordingly, and based on the need to use the country's resources in the best way, so the time has come to establish the Iraq Sovereign Fund, or to activate alternatives that may play the same role, to take advantage of the financial surplus in oil prices, which is expected to provide a large financial surplus.   https://www.nasnews.com/view.php?cat=113559

Goldilocks' Comments and Global Economic News for Wednesday evening, August 30, 2023

Good evening Dinar Recaps,

Goldilocks posted comments and news links on the global financial system

YES Bank goes live with UPI interoperability on CBDC

Economic Times Link

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Metal Markets and Gold During a Mad Max Era

https://youtu.be/YYyWZGUeh68?feature=shared

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China boosting efforts to hold the new global reserve currency - Asia Times

https://asiatimes.com/2023/08/china-boosting-efforts-to-hold-the-new-global-reserve-currency/

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Canara Bank launches UPI Interoperable Digital Rupee mobile app - The Economic Times

The Economic Times Link

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The digital rupee is expanding.

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Thank you Dinar Recaps

Iraqi News Highlights Wednesday Afternoon 8-30-23

Iraqi News Highlights Wednesday Afternoon 8-30-23

Tlm724 Administrator Bondlady’s Corner

Deputy For / Al-Sadiqun / Calls For Iraq's Accession To "BRICS"

Wednesday, August 30, 2023 14:47 | Economical Number of readings: 207  Baghdad / NINA / - Zainab Juma Al-Moussawi, a representative of the Sadiqoon Parliamentary Bloc, called on the government to submit a request to join the international BRICS group.

Al-Moussawi said in a statement, "Part of the importance of the BRICS group is its possession of oil, wheat, and widely used minerals such as iron, or rare metals used in technological industries."

She added, "Iraq's accession to the BRICS group, similar to the accession of Arab and regional countries, comes due to its utmost importance for the Iraqi economy in getting rid of the dominance of the US dollar and liberating the country from Washington's financial and trade restrictions."

She pointed out that "the BRICS group has become one of the most important economic blocs in the world, due to the growth figures achieved by the countries of this bloc over the years, which has made it the focus of attention of many other countries."

It is noteworthy that the BRICS group and the countries currently under its banner, which are Russia, China, India, Brazil and South Africa, present themselves as an economic bloc that seeks to break the dominance of the West over the global economy, and many economists expect that it will be a symbol of the fastest growing economies in the world in the near future.

BRICS is a global economic bloc whose idea of​​establishment began in September 2006, when the first meeting of the foreign ministers of Brazil, Russia, India and China was held on the sidelines of the United Nations General Assembly in New York./ End 8 This group has become one of the most important economic blocs in the world, due to the growth figures it is achieving

The countries of this bloc over the years, as they aim to become a global economic power capable of competing with the Group of Seven "G7" (G7), which accounts for about 60% of global wealth./ End

https://ninanews.com/Website/News/Details?key=1074397

Integrity Reveals That The Mosul Bank For Investment And Development, Najaf Airport Branch, Wasted More Than One Billion Dinars

Iraq  Wednesday, August 30, 2023   Baghdad / National News Center  Today, Wednesday, the Federal Integrity Commission announced that it was able to seize all the priorities for violations committed by the Mosul National Bank for Investment and Development - Najaf Airport Branch, which caused a waste of more than one billion dinars, pointing out that this resulted from the failure of the airport administration to take legal measures to hold the bank accountable. By exploiting the latter and benefiting from it.

And the Commission’s Investigation Department stated, in a statement received by the National News Center, that “the commission’s investigation office in the holy city of Najaf has formed a working team;

To check and investigate information he received related to the transfer of the Mosul Bank for Investment and National Development - Najaf Airport Branch, the airport balance account from dollars to Iraqi dinars at the official exchange rate, closing his current account in dollars with them, and transferring it to the Iraqi Trade Bank, despite the deposit in dollars and without the approval of the airport administration. .

And she added, “The team moved to Al-Najaf Airport, and after conducting investigations, audits, and investigations, it concluded that the information included a waste of public money amounting to (1,140,300,000) billion dinars obtained from the prevailing market price difference from the price after transferring an amount of (5,430,000) million dollars to the Trade Bank of Iraq.”

And closing the account without the approval of the airport administration and in violation of the instructions of the Central Bank.

And she continued, “The office team was able to seize all the priorities related to the Najaf airport account in the Mosul National Bank for Investment and Development, noting that the director of the Mosul Bank for Investment and Development, the airport branch, refused to cooperate and provide the team with any information.”

And she indicated that “a fundamental record of the operation was organized, and it was presented, along with the seized items, to the attention of the judge of the Najaf Investigation Court, which is specialized in examining integrity cases; In order to complete the legal procedures and identify the defaulters.    https://nnciraq.com/224207/

The Investigation Committee Of The Theft Of The Century Ends Its Work And Submits Its Findings To The Judiciary

Iraq   Wednesday, August 30, 2023 Baghdad / The National News Center  The representative of the Sadiqoon Bloc and a member of the Parliamentary Integrity Committee, Representative Ali Turki Al-Jamali, announced today, Wednesday, the completion of the investigation into the case of theft of the century related to tax secretariat funds, indicating that the committee submitted the report to the competent authorities.

Al-Jamali said, in a press statement followed by the National News Center, that "the investigative committee that was formed inside Parliament investigated all the persons accused and involved in the theft of the century deal, in addition to conducting an investigation with the concerned employees."

He added that "all the elements of the investigation conducted by the investigation committee were approved by the members of the Integrity Committee and were submitted to the Council of Ministers, the Presidency of the Republic, the Federal Judicial Council and the Public Prosecution," noting that "the Iraqi judiciary is working very seriously to end the file."    https://nnciraq.com/224233/

Iraqi Central Sales Exceed $ 190 Million

Wednesday 30 August 2023 14:42 | Economical Number of readings: 184  Baghdad / NINA / - Today, Wednesday, the Central Bank's sales amounted to about 195 million dollars, during its auction to buy and sell the US dollar.

According to the bank’s regulations, its total sales today amounted to 195,371,636 dollars, which the bank covered at a basic exchange rate of 1,305 dinars per dollar for documentary credits and international settlements of electronic cards, at a rate of 1,310 dinars per dollar for foreign transfers, and at a rate of 1,310 dinars per dollar in cash.

According to the table published on the Central Bank’s website, “Most of the dollar sales went to boost balances abroad in the form of (transfers, credits) at 156 million 191 thousand and 636 dollars, while the rest of 39 million and 180 thousand dollars went in the form of cash sales.” ./End8

https://ninanews.com/Website/News/Details?key=1074395

The OPEC Basket Of Oil Rises To More Than 87 Dollars A Barrel, And Basra Falls

Energy Economy News _ Baghdad  OPEC announced today, Wednesday, that the prices of its basket of crudes rose to more than $87 per barrel, at a time when the price of Basra crude fell.

And OPEC stated in a report, seen by "Al-Iqtisad News", that "the price of the OPEC basket of 13 barrels of crude recorded 87.10 dollars per barrel," indicating that "the price rose from the previous day by 21 cents, after it recorded 86.89 dollars."

While Basra Heavy crude fell by 70 cents, to record 82.58 dollars, Basra medium crude also fell by 70 cents, to record 85.63.

The reference basket of the Organization of the Petroleum Exporting Countries (OPEC) consists of the following: Sahara Mix (Algeria), Girassol (Angola), Djino (Congo), Zafiro (Equatorial Guinea), Rabih Light (Gabon), Iran Heavy (Iran), Basra Light ( Iraq), Kuwait Export (Kuwait), S Sidr (Libya), Pony Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Miri (Venezuela).

Views 47 08/30/2023 - https://economy-news.net/content.php?id=36069

A Slight Decrease In The Exchange Rates Of The Dollar In Morning Trading

Economy  Wednesday, August 30, 2023   Baghdad / National News Center  Today, Wednesday, the exchange rates of the US dollar witnessed a decline in the morning trading in the markets of the capital, Baghdad.

The selling prices in exchange shops in the local markets in Baghdad were 154,000 Iraqi dinars for every 100 dollars, while the purchase price was 152,000 dinars for every 100 dollars.

https://nnciraq.com/224129/

Al-Sudani's Advisor: Iraq Has Not Recorded Any Failure In The Timing Of Repayment Of Its Debts

Economy | 05:40 - 08/30/2023  Baghdad - Mawazine News  , Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih considered today, Wednesday, the World Bank's estimate of Iraq's debts at more than $150 billion exaggerated and unreal, and while confirming the high creditworthiness of Iraq, he indicated that no failure was recorded in the timing of debt repayment. during more than a decade.

Saleh said to the official agency, followed by Mawazine News, that "the issue of Iraqi public debt requires a professional distinction of its history and details, and not taking its numbers on their own without a clear logical analysis.

The internal public debt, which is approximately 71 trillion dinars, and which the government banking system still retains possession of that Debts in the form of government bonds and treasury transfers are estimated at about 54 billion dollars when evaluated in foreign currency, while the external debts payable until the year 2028 are estimated at about 23 billion, and there are debts due after 2028, so the external debt becomes about 30 billion dollars.

He added, "There is a debt pending on the 2004 Paris Club agreement, i.e. sovereign debts before 1990 belonging to four Gulf countries and four other countries, which are about 40 billion dollars, and if they are activated, if they are correct (because they are, as is termed economically, reprehensible debts because they financed the Iraqi-Iranian war." At that time, if it is correct again, it must be deducted by 80% or more under the Paris Club agreement for the year 2004, to be less than $ 9 billion or less.

And Saleh continued, commenting on what the World Bank mentioned in its new report that Iraq’s debt exceeds 150 billion dollars: He said, “We do not know the method of calculating the debt in the World Bank report.

Aside from it, the external debt reached 50 billion dollars, as an expectation of the total internal public debt early, which was not achieved, and therefore the reading of Iraq’s internal and external debts, according to what was published by the World Bank, came to be about 152 billion dollars, and this is exaggerated rather than being About $84 billion (excluding the balance attached to the Paris Club agreement as an abhorrent debt) and what has been published about debt balances is unreal and discretionary. 

He pointed out, "However, the public debt-to-GDP ratio, even in light of its unjustified inflation, will remain between 54-57% of the estimated GDP for the year 2023, and it is within the current safe economic stability area, which is usually estimated at 60%."

And the advisor to the Prime Minister for Financial Affairs warned, "The financial policy in Iraq adopts a highly disciplined system in adjusting the timing of payment of debt dues (annual installments and interest) or when extinguishing the debt once on its annual due dates, and there are fixed and accurately estimated annual allocations that are monitored in the budget."

The public early to pay debt services and dues, especially Iraq's foreign debts, and no failure has been recorded in Iraq during a decade and a half of time, and this is what made Iraq's credit worthiness high, as Iraq is located within Area B in the global credit rating tables that are evaluated by international credit rating companies. Known and periodically since 2015 until today.

Saleh explained, "The vast majority of internal public debt is in the possession of government financial institutions or the government banking system, which is an (exclusive) internal governmental matter.

There is a strategy in dealing with this debt, especially since the monetary authority currently acquires about 64% of the total internal debt and has the ability to In managing it in coordination with financial policy and with high accuracy, bearing in mind that the banking system annually obtains interest on that debt at a rate of 3%, and it falls within the annual allocations of the general budget.

https://www.mawazin.net/Details.aspx?jimare=234163

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

https://www.bondladyscorner.com/

Goldilocks' Comments and Global Economic News for Wednesday, August 30, 2023

Good afternoon Dinar Recaps,

Goldilocks posted comments and news links on the global financial system

Oil’s historic price surge in 2008 will look like ‘child’s play’ compared with the expected copper boom by 2025, Citi says
“Copper’s eventual bull run is likely to make oil’s famous 2008 rally look like child’s play,”

https://finance.yahoo.com/amphtml/news/oil-historic-price-surge-2008-175714965.html

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US House Financial Services members scold Fed’s Powell for stablecoin bill obstruction

The committee members suspect the Fed is trying to hold up Congressional efforts to pass stablecoin legislation by restricting banks’ actions.

https://cointelegraph.com/news/us-house-financial-services-members-scold-fed-powell-stablecoin-bill-obstruction

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Banks Train AI as the New Financial Advisers

Pymnts Link

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Banking Announcement:

We talked about the banks wanting more requirements about a week ago. Now, they have moved to a proposal stage.

They are proposing new resolution plans regarding debt rules for banks. In a nutshell, large Banks are raising their long-term debt issuance to around 70 billion along with more detailed resolution plans.

Basically, the FDIC wants regional banks to be more prepared for any failures going forward.

Many of the mid-sized to smaller banks will not be able to handle this new capital requirement. This is why we are witnessing many of them consolidating to larger banks. In other words, banks are still in the midst of reforms leading to a reset into full Basel 3 compliance.

This will put the banking system into alignment with the new SOFR lending settings activated on July 1st, 2023 synchronizing the markets and the banks. Look for tokenized assets to be activated during this transition causing the markets and banking system to move into unison with real values.

The rising values on gold will formulate new price patterns leading to a repricing event bringing forth solid debt-to-equity ratios inside all sectors of the new digital asset-based trading system.

© Goldilocks

Bloomberg Law Link

Investopedia Link

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FDIC Announcement:

The Federal Deposit Insurance Corporation (“FDIC”) gave notice that its Board of Directors will meet next week with the following discussion agenda:

Memorandum and resolution re: Notice of Proposed Rulemaking on Long-term Debt Requirements for Large Bank Holding Companies, Certain Intermediate Holding Companies of Foreign Banking Organizations, and Large Insured Depository Institutions.

Memorandum and resolution re: Resolution Plans Required for Insured Depository Institutions with $100 Billion or More in Total Assets; Informational Filings Required for Insured Depository Institutions with At Least $50 Billion, but Less Than $100 Billion in Total Assets.

Memorandum and resolution re: Publication of Proposed Guidance for Dodd-Frank Act Resolution Plan Submissions of Triennial Full Filers.

Memorandum and resolution re: Conditions to Certain Receivership Delegations of Authority and Procedures.

Memorandum and resolution re: Board Approval of Midsized and Large Failed Bank Sales.

https://www.jdsupra.com/legalnews/fdic-to-meet-next-week-on-a-number-of-4378639/

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Gold is superior money, and tokenized gold a superior currency – ZeMing M. Gao
https://zemgao.com/gold-is-superior-money-tokenized-gold-is-a-superior-currency/

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Gold will play a big role in the coming global 'monetary reset' as U.S dollar loses its dominance - Maxime Bernier | Kitco News
Kitco Link

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The Second Circuit Agrees: Loans are Not Securities

"In its decision, the Second Circuit agreed with the District Court and, applying the Reves test, determined that the loans are distinguishable from other instructions that qualify as securities."

For now, the banking system has determined that loans qualify as securities.

These collateralized loans enable the banking system to make money on loans that do not get paid or do get paid based on the backing of these loans by collateralized assets.

What a win-win situation for everyone. I know we talked about this a week ago, but this new determination moving into law solidifies what we saw coming.

© Goldilocks

https://www.jdsupra.com/legalnews/the-second-circuit-agrees-loans-are-not-1509207/

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Banks are in the proposal phase of their banking reforms. What this means is they have made an offer that will move them towards new transactions based on Basel 3 compliance requirements.

The next phase will be to test these new requirements inside the markets. This will call shifts in prices all over the stock market as well as the commodity sector.

It is an attempt to find a balance between debt-to-equity ratios that work. Once new ratios are formulated, we will see final rules and comments come into play by the end of November per articles shared in this room a few weeks ago.

The month of December is when the banking system closes their books on the year. It is a time when banks make changes and adjustments to prepare for the new year.

© Goldilocks

Law Insider Link

Investopedia Link

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Digital Commerce Applications Market May See a Big Move | IBM, Salesforce, Cognizant Technology Solution, Oracle

https://www.openpr.com/news/3186704/digital-commerce-applications-market-may-see-a-big-move-ibm

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IBM – Putting technology to work in the real world | CIO
https://www.cio.com/article/650618/ibm-putting-technology-to-work-in-the-real-world.html

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What can enlarged BRICS achieve?  - Tehran Times
https://www.tehrantimes.com/news/488477/What-can-enlarged-BRICS-achieve

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Why the US money supply is shrinking for the first time in 74 years
https://www.goldmansachs.com/intelligence/pages/why-the-us-money-supply-is-shrinking.html

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The Internal Revenue Service has awarded two companies positions on a potential four-year, $2.1 billion contract vehicle to help that agency roll out new electronic payment systems for use by taxpayers.

https://washingtontechnology.com/contracts/2023/08/irs-awards-2b-electronic-payment-system-contract/389789/

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The Most Splendid Housing Bubbles in America, August Update: 4th YoY(year over year) Price Drop Overall, 10 of 20 Cities with YoY Drops. Month-to-Month, Selling Season Begins to Fade | Wolf Street
https://wolfstreet.com/2023/08/29/the-most-splendid-housing-bubbles-in-america-august-update-4th-yoy-price-drop-overall-10-of-20-cities-with-yoy-drops-selling-season-begins-to-fade/

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When Did Kuwait Revalue Their Currency

When Did Kuwait Revalue Their Currency

By INVESTOR TIMES  in Money

Kuwait, a small but prosperous country located in the Arabian Peninsula, has a long-standing history of economic stability and a strong currency. The Kuwaiti Dinar (KWD) is one of the highest-valued currencies in the world, known for its exceptional purchasing power. However, there have been instances in Kuwait’s history when the country decided to revalue its currency, thereby altering its exchange rate. In this article, we will explore the timeline of Kuwait’s currency revaluation and address some frequently asked questions related to this topic.

Timeline of Kuwait’s Currency Revaluation:

1. Introduction of the Kuwaiti Dinar: The Kuwaiti Dinar was introduced in 1960, replacing the Gulf Rupee as the official currency of Kuwait. It was initially pegged to the British Pound Sterling.

2. Switch to the US Dollar Peg: In 1975, Kuwait decided to peg its currency to the United States Dollar (USD) instead of the British Pound. This move was primarily influenced by the growing economic ties between Kuwait and the United States.

3. Invasion by Iraq and Currency Devaluation: In 1990, Kuwait faced a catastrophic invasion by Iraq, which resulted in the occupation of the country for seven months. During this period, the Iraqi government imposed a new currency, rendering the Kuwaiti Dinar temporarily worthless.

4. Liberation and Restoration of the Kuwaiti Dinar: Following the liberation of Kuwait in 1991, the Kuwaiti Dinar was restored as the official currency. To reestablish confidence in the currency, the Central Bank of Kuwait issued new banknotes, replacing the ones circulated during the occupation.

5. Currency Revaluation: The most significant revaluation of the Kuwaiti Dinar occurred in 1991, when the currency was reinstated. The exchange rate was set at 1 Kuwaiti Dinar (KWD) to 3.47 USD, which represented a significant increase in value compared to the pre-invasion rate of approximately 1 KWD to 0.30 USD.

6. Stability and Continued Peg to the USD: Since the revaluation, Kuwait has maintained a stable exchange rate with the US Dollar, with the Central Bank of Kuwait meticulously managing the currency’s value.

Frequently Asked Questions (FAQs):

1. How often does Kuwait revalue its currency?

Kuwait has only undergone a significant currency revaluation once, in 1991.

2. Why did Kuwait revalue its currency in 1991?

After the liberation of Kuwait from Iraqi occupation, revaluing the currency was necessary to restore confidence, establish stability, and reflect the country’s economic strength.

3. What was the exchange rate before the currency revaluation?

Prior to the revaluation, the exchange rate was approximately 1 Kuwaiti Dinar to 0.30 USD.

4. What was the new exchange rate after the revaluation?

The exchange rate after the revaluation was set at 1 Kuwaiti Dinar to 3.47 USD.

5. Did the revaluation result in an increase or decrease in the currency’s value?

The revaluation significantly increased the value of the Kuwaiti Dinar.

6. How did the revaluation affect Kuwait’s economy?

The revaluation helped boost confidence in Kuwait’s economy and positioned the country as a strong player in the global market.

7. Is the Kuwaiti Dinar still pegged to the US Dollar?

Yes, the Kuwaiti Dinar remains pegged to the US Dollar.

8. Can individuals exchange their old Kuwaiti Dinars for the new ones?

Yes, individuals were given a specific period to exchange their old Kuwaiti Dinars for the newly issued ones after the revaluation in 1991.

9. Are there any plans for future currency revaluations?

There have been no official announcements regarding future currency revaluations in Kuwait.

10. How does the revaluation impact Kuwait’s imports and exports?

The revaluation can influence Kuwait’s imports, making them relatively cheaper, while exports might become more expensive, potentially affecting trade dynamics.

11. Does the revaluation affect Kuwaiti citizens’ purchasing power?

The revaluation generally enhances the purchasing power of Kuwaiti citizens, allowing them to afford more goods and services.

12. How does Kuwait maintain the stability of its currency after the revaluation?

The Central Bank of Kuwait employs various monetary policies and interventions to ensure the stability of the Kuwaiti Dinar, including managing interest rates and foreign currency reserves.

In conclusion, Kuwait revalued its currency in 1991 after the country’s liberation from Iraqi occupation. The revaluation significantly increased the value of the Kuwaiti Dinar and restored confidence in the economy. Since then, Kuwait has maintained a stable exchange rate with the US Dollar, and there have been no subsequent revaluations. The Kuwaiti Dinar continues to be recognized as a strong currency, reflecting the nation’s economic stability and prosperity.

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

https://investortimes.com/when-did-kuwait-revalue-their-currency/

Wednesday Morning Iraq Economic News Highlights 8-30-23

Wednesday Morning Iraq Economic News Highlights 8-30-23

Oil Smuggling Threatens The Economy Of Iraq

Sumerian special   2023-08-29 | Source:  Sumerian   Oil smuggling threatens the country's economy directly, as it has been, over the past years, one of the major challenges facing successive governments.

The smuggling of oil and its derivatives greatly burdens the country's economy. It can be considered as a continuous demolition process.

The file of oil smuggling is one of the biggest challenges facing the Iraqi economy, and it is economically considered one of the biggest crimes that threaten economic policy, and it is like a hole in the wall of the national economy.

These smuggling operations may not be closely related to security issues as much as they are linked to some political disputes, and perhaps the deterrent laws that have been put in place may play a role in limiting these operations.

Until now, there are no official statistics indicating the volume of oil smuggled from Iraq, but there are estimates that say that the volume of smuggled quantities is not small.   LINK

National Security Reveals The Outcome Of Its Operations Against The File Of Oil Smuggling

Economy News-Baghdad  On Wednesday, the National Security Agency announced the continuation of its strikes against the smuggling networks, revealing the outcome of its operations against the oil smuggling file.

A statement by the Iraqi National Security Service, which was received by "Al-Iqtisad News", stated that its detachments in Baghdad and the provinces managed, during the past four months, to seize more than "two million" liters of oil derivatives before they were smuggled.

She explained that the agency's detachments arrested (124) accused of smuggling according to judicial arrest warrants, in addition to seizing (15) dens that were used for storage and smuggling purposes.

The National Security Agency affirmed the continuation of its "painful" strikes against smuggling and organized crime networks, warning against harming or tampering with the national economy by participating in smuggling crimes or covering them up.

And that this comes as a continuation of the intelligence and field efforts and qualitative operations carried out by the National Security Apparatus in pursuing oil smuggling networks, the threat and destruction they pose to the citizen's economy.

Views 35  08/30/2023   https://economy-news.net/content.php?id=36046

Specialists Call For A Review Of The Iraqi Financial System

The first  2023/08/30     Baghdad: Hoda Al-Azzawi   The Integrity Commission thwarted two new attempts to steal tax secretariats in the governorates of Maysan and Muthanna, which were not recorded as final revenue for the state, similar to the famous "theft of the century" that took place in Baghdad. Specialists in the parliamentary and financial fields indicated that the repetition of such operations is due to the lack of transparency of the Iraqi financial system.

And the head of the “National Approach” bloc and a member of the Parliamentary Integrity Committee, Ahmed Al-Rubaie, stated in an interview with “Al-Sabah” that “the main reason that makes tax secretariats vulnerable to theft is the weakness of the procedures of the Ministry of Finance, the first concerned party that bears full responsibility, because these departments are affiliated with It has,” pointing out that “the deficiencies are clear, especially that the tax authority must deliver the final revenues after five years, but it keeps them exceeding this period.”

He noted that "the failure of the Ministry of Finance is clear in terms of not activating (electronic automation) and not using modern technologies, which provided an opportunity for the repetition of such thefts similar to the (theft of the century)."

He stressed that "the Integrity Committee will follow up this file seriously in light of the repeated theft of tax secretariats in more than one province, and therefore we will have a follow-up with the Integrity Commission and the General Tax Commission in Baghdad and the provinces to ensure that the waste of public money and funds that remain for more than five years in the custody of the departments are not repeated."

 the aforementioned without handing them over to the state treasury and not applying the laws,” calling on “the Financial Supervision Bureau to carry out its work and follow-up for the purpose of knowing the accounts accurately and ensuring that they are not tampered with, and to make recommendations to the concerned authorities to take the necessary measures.”

The Federal Integrity Commission had announced, earlier in two separate statements, that an amount exceeding 3 billion dinars had been allocated for the benefit of the Muthanna Tax Authority in the Treasury Directorate in the governorate, which exceeded a period of 5 years, and statements of more than 2.5 billion dinars in the Maysan Tax Authority since 2015 were requested by the Governorate Treasury Directorate. For the purpose of matching and obtaining a final revenue for the state.

In addition, the rapporteur of the Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, said in an interview with "Al-Sabah": "The file on tax secretariats is one among dozens of files in which an abuse of public money occurs and is not discovered, due to the lack of transparency in the Iraqi financial system." In light of the lack of accountability and accountability of the tax system.

And he indicated, "The financial system of the Iraqi state is old and dilapidated, so the tax revenues that enter the state treasury are less than 10 percent of the real amounts, starting with customs taxes, income tax, real estate, and the rest of tax financial collections, as a result of the lack of scientific and technological development in digital finance." .

He pointed out that "the financial and administrative system in Iraq needs to be restructured, and the need to introduce new tools and mechanisms in dealing with it to keep pace with the global financial system, in light of the lack of control over non-oil revenues," and noted that "the financial authority is not serious about accessing these revenues, As the current government is supposed to turn to digital finance to access the real financial revenues of the state. Edited by: Muhammad Al-Ansari   https://alsabaah.iq/83410-.html

The Central Bank Announces Sales Of The Dollar Today, Wednesday

2023.08.30 - Baghdad - Nas   The Central Bank of Iraq announced the proceeds of selling the dollar through the electronic currency window on Wednesday (August 30, 2023). 

 Transfer sales: 156,191,636     Cash sales: 39,180,000     Total sales: 195,371,636     https://www.nasnews.com/view.php?cat=113528

Iran's Exports To Iraq Amounted To 3 Billion And 500 Million Dollars In 5 Months

Money  and business  Economy News _ Baghdad  During the past five months, Iran exported about 55,900,000 tons of goods to foreign countries, at a value of $19,300,000,000,000.

ILNA news agency quoted Iranian customs as saying that the amount of goods imported into the country within 5 months amounted to a total of 14,400,000 tons of goods worth $24,200,000,000,000, which grew by 2.17% in terms of weight and 7.49% in terms of volume. the value.

This report adds about the rate of changes in commodity exports during the past five months: The amount of non-oil commodity exports, with the exception of crude fuel oil, kerosene and luggage trade, witnessed a decrease of 8.55% in terms of value and an increase of 26.56% in terms of weight.

The customs expert's investigation shows that the main reason for the decline in the value of exports is the drop in the global price of petrochemical exports.

According to this report, the average customs value per ton of exported goods was $346, and the average customs value per ton of imported goods was $1,677 during the mentioned period.

Regarding the main destinations for Iranian exports, this report states that the value of exports to China amounted to 5 billion and 600 million dollars, Iraq 3 billion and 500 million dollars, the UAE about 2 billion and 300 million dollars, Turkey 2 billion and 200 million dollars, and India 845 million dollars. These five countries were the main destinations for Iranian merchandise exports.

The share of these countries in the total value of exports and weight during the past five months amounted to 74.77% and 75.13%, respectively.

According to this report, the value of imports during this period was as follows: UAE with 7 billion and 300 million dollars, China with 7 billion and 100 million dollars, Turkey with 2 billion and 500 million dollars, Germany with 879 million dollars, India with 813 million dollars .

The share of these countries in the total value of imports and weight during the past five months amounted to 76.60% and 62%, respectively.

The report referred to the value of importing various types of mobile phones to Iran during that period, which amounted to $913 million, which is equivalent to 3.77% of the total value of the country's imports.

According to this report, foreign transit weight through Iran increased by 5.4% to reach 6.2 million tons.

Views 7 08/30/2023 - https://economy-news.net/content.php?id=36067

The Decline In Dollar Prices In The Local Markets

WED, 08-30-2023, TAYSEER AL-ASADI  The decline in dollar prices in the local markets 9-1693383609

Today, Wednesday, the prices of the US dollar decreased in the markets of Baghdad and Erbil, the capital of the Kurdistan Region.

 Dollar prices recorded a decrease with the opening of the Kifah and Harthiya stock exchanges, 153,100 dinars, compared to 100 dollars, while the prices for yesterday, Tuesday, were 153,700 dinars, compared to 100 dollars.

 As for the selling prices in exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 154,000 Iraqi dinars, while the buying price reached 152,000 dinars for every 100 dollars.

 In Erbil, the dollar also recorded a decrease, as the selling price reached 153,650 dinars against the dollar, and the purchase price reached 153,550 dinars against 100 dollars.

https://non14.net/public/159739

Iraqi News Highlights Late Tuesday Evening 8-29-23

Iraqi News Highlights Late Tuesday Evening 8-29-23

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Al-Sudani And Al-Maliki Discuss The Most Important Bills Submitted To Parliament

Political  |  08/29/2023   Baghdad - Mawazine News  Prime Minister Muhammad Shia al-Sudani discussed with the head of the State of Law Coalition, Nuri al-Maliki, the most important draft laws and legislations submitted to Parliament.

The media office of the Prime Minister stated in a statement, a copy of which Mawazine News received, that "Prime Minister Muhammad Shia'a al-Sudani received, this evening, Tuesday, the head of the State of Law Coalition, Nuri Kamel al-Maliki, and the meeting witnessed discussions of public topics and issues, and progress in the implementation of the program."

The government and its priorities in providing services, the growing pace of performance of the executive agencies within the framework of economic reform, facing service challenges and meeting the demands of citizens, at various levels and fields.

He added, "They also discussed the most important draft laws and legislation submitted to Parliament, and ways to speed up files that affect the basic needs of citizens."

https://www.mawazin.net/Details.aspx?jimare=234127

Mawazine Publishes The Full Decisions Of The Council Of Ministers Session

Political  |  08/29/2023  Baghdad - Mawazine News  Today, Tuesday, the Council of Ministers issued a number of new decisions and approved several recommendations during its 34th session, including approval of amending the controls for selling plots of land and residential homes to their occupants of Yazidi citizens, and approval of the recommendation of the Ministerial Council of Economy regarding postponing the collection of customs duties for goods and commodities.

Imported, while the House of Representatives demanded to expedite the legislation of a number of draft laws related to the government program.

The media office of the Prime Minister said in a statement, "Prime Minister Muhammad Shia' al-Sudani presided today, the 34th regular session of the Council of Ministers, which witnessed discussions on issues, public files, and conditions related to the economic and service aspects and the progress of implementing the government program," noting that "there was a During the session, a review of the general framework of the work of the National Data Center, related to the strategic e-governance project, and the subsequent steps of digital transformation, with regard to services provided to citizens.

The Prime Minister directed that "priority in digital transformation be given to departments that have direct contact with citizens."

He also directed that "ministers set a known and announced day, to receive citizens and follow up on complaints submitted to them, which require consideration by ministers," stressing "the importance of ministers making maximum efforts to combat corruption and prosecute the corrupt."

And he stressed that "one of the most important criteria for evaluating the work of ministers and the level of their performance is the amount of their efforts in combating corruption, and resolving its files within their ministries," directing "all ministries, to fully commit to implementing Law (28) of 2019, regarding the abolition of the privileges of officials."

The Council of Ministers decided to suspend official working hours for Wednesday and Thursday of next week, corresponding to September 6 and 7, on the occasion of the revival of the visit ceremonies; To remember the fortieth of Imam Hussein and his companions (peace be upon them), and set next Sunday as the date for the regular session of the Council of Ministers.

The Prime Minister directed, "all ministries, to mobilize maximum efforts in order to provide services to visitors and Husseiniya processions, and to assign specialized committees to carry out their duties and tasks in making the visit ceremonies a success."

In the course of continuous support for the Iraqi fraternal spectrum, and based on what was included in the ministerial curriculum, the office stated that "the Council of Ministers agreed to amend the first paragraph of the Council of Ministers Resolution (364 of 2022) to include nationalities and other sects of minorities other than Yazidis residing in the compounds mentioned in the aforementioned paragraph."

exclusively above,” pointing out that he “approved the amendment of the controls for the sale of plots of land and residential homes to their occupants of Yazidi citizens, issued pursuant to Cabinet Resolution (23193 of 2023) to ensure the implementation of Paragraph (1) mentioned above.”

And he indicated that "the council approved the recommendations of the Municipality of Baghdad regarding the waste treatment and energy production project, as follows:

1.

2. Approval of the allocation of (1000) dunums; Including (900) dunums for the benefit of the Baghdad Municipality, and (100) dunums for the benefit of the Ministry of Electricity, on the plot listed below in the Abu Ghraib district, outside the boundaries of the basic design for the city of Baghdad, which is: Part of the plot numbered (504/30) District (4) Oriba and Suleiman, with an area of ​​(18,418) dunums and (4) acres, owned by the Ministry of Finance.

3. The Baghdad Municipality, in cooperation with the Ministry of Electricity and the National Investment Commission, will attract investment offers to find out the appropriate technology for the Baghdad Municipality, provided that the Ministry of Finance decides to allocate lands to proceed with the implementation of the aforementioned project.

With the aim of strengthening defense systems, securing Iraq's airspace, achieving air sovereignty throughout the country, and providing support to our armed forces in the sectors of responsibility, the office stated that "the Council of Ministers approved a contract by the Ministry of Defense with the French company Thales to purchase radars, as an exception to the contracting methods stipulated in Article ( 3) From the instructions for implementing government contracts (3 of 2014).

And based on the continuous directives of the Prime Minister to relieve the burden of families and support prices, the Council approved the recommendation of the Ministerial Council for Economy (230192 s), which included approval to reduce the percentage of customs duty imposed on live animals imported for slaughter purposes (cattle and sheep) to become (4% ) and shall be reviewed after (6) months from the date of issuance of this decision.

In a step aimed at spreading general culture in society, the Council of Ministers approved the recommendation of the Ministerial Council for Human Development (23022 b) for the year 2023, which stipulated the adoption of March 3 of each year as a day to celebrate reading in Iraq, under the slogan (Iraq Reads), Assigning the concerned authorities to prepare their plans to activate the issue.

And within the framework of government support for sports federations and clubs, it was approved to increase the financial allocation for Al-Zawraa Sports Club by an amount of one billion dinars for the year 2023, from the social services account of the General Company for Iraqi Ports, based on the provisions of the amended Public Companies Law (22 of 1997), and as an exception to the decision Council of Ministers (25 of 2021).

According to the statement, the Council of Ministers approved the recommendation to the House of Representatives, regarding expediting the legislation of a number of draft laws, as one of the important projects related to the government program, as follows:

1. Draft Law on the First Amendment to the Law of Seizing and Confiscating Movable and Immovable Assets, Pertaining to the Elements of the Previous Regime No. (72) of 2017.

2. Draft Law Amending the Martyrs Foundation Law No. (2) of 2016

3. Draft Law on Freedom of Expression and Demonstration peaceful.

4. Child Protection Bill.

5. The draft law on protection from domestic violence.

6. The Ministry of Communications draft law.

7. The Communications and Informatics Bill.

8. A draft law for the allocation of lands and orchards located within the basic design of the city of Baghdad and the municipalities.

9. A draft law to return real estate to its owners, which was included in some decisions of the (dissolved) Revolutionary Command Council.

10. A draft law for renting agricultural lands.

11. The draft law of the Iraqi National Intelligence Service.

12. The draft law of the Iraqi National Security Agency.

13. The Anti-Terrorism Bill.

14. The Council of Ministers and Ministries Draft Law.

15. Draft Law for the Second Amendment to the Law to Abolish Legal Texts that Prevent Courts from Hearing Cases No. (17) of 2005.

16. Draft Law Granting Employees Regular Leave.

17. Births and Deaths Bill.

 According to the statement, the Council of Ministers discussed other issues on the agenda and issued the following decisions in their regard:

First:    Approval of the recommendation of the Ministerial Council of Economy No. (230200 s) regarding postponing the collection of customs duties, for goods and goods imported in the name of ministries and agencies not associated with a ministry, according to the following: Approval of

extending Cabinet Resolution No. (23035) for the year 2023 is effective until December 31, 2023, and this extension will be the last.

Second:   The Ministry of Finance allocates an additional (400) million dollars to the Ministry of Electricity; To complete projects whose details have been proven, based on the provisions of Article (60) of the Federal General Budget Law No. (13) for the year 2023.

Third:   Approving the recommendations of Meeting No. (19) of the National Population Council set out in the book of the Ministry of Construction, Housing, Municipalities and Public Works, based on the Diwani order (23550 of 2023), which included:

1- Inclusion of the wounded of the Ministry of Defense, who have a disability of 100%, to obtain apartments in the residential complexes of the governorates, similar to the families of the martyrs.

2- Determining the percentages of distribution of housing units implemented by the Ministry of Construction and Housing among societal groups (martyrs, displaced persons, victims of terrorism, widows, people with special needs, non-employee citizens, state employees), according to specific percentages.

3- Extinguishing the fines imposed on the residents of Al-Sadr and Al-Shumoukh complexes, which are located in Dhi Qar Governorate.

4- Reducing the prices of housing units for the category of beneficiaries of the Ministry of Migration and Displacement, returning from displacement inside Iraq only, by 50%.

5- Determining a percentage by the Higher Ministerial Committee for the new cities of the housing units, which are announced for investment, to be transferred to the housing departments in the concerned governorates. End29    https://www.mawazin.net/Details.aspx?jimare=234119

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Iraqi News Highlights Tuesday Evening 8-29-23

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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 confused 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 228 08/29/2023 - https://economy-news.net/content.php?id=35987

The Decline In The Exchange Rate In Baghdad And Erbil With The Closing Of The Stock Exchange

Economy   Tuesday, August 29, 2023  Baghdad / The National News Center  The prices of the US dollar fell against the Iraqi dinar, today, Tuesday, in the markets of Baghdad and Erbil, 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 153,300 Iraqi dinars against 100 dollars, while the prices this morning were 153,800 dinars.”

He added, "The selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 154,250 dinars, while the purchase price reached 152,250 dinars for every 100 dollars."

In Erbil, the dollar also recorded a decline, as the selling price reached 153,850 dinars for every 100 dollars, and the purchase price was 153,750 dinars for 100 dollars.  https://nnciraq.com/224045/

Central Bank Sales Amounted To More Than 195.9 Million Dollars

Economy News-Baghdad   Today, Tuesday, the sales of the Central Bank of Iraq in the foreign currency sale window amounted to more than 195.9 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 132 exchange companies, and covered external transfer requests of $157.8 million, while cash requests amounted to more than $38.1 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. 40 views  08/29/2023 - https://economy-news.net/content.php?id=36005

Slight Declines In Oil Prices Amid Anticipation Of Economic Data In America

Economy |  08/29/2023  Baghdad - Mawazine News  Oil prices fell slightly on Tuesday, as the market offset fears of lower demand due to the possibility of raising US interest rates for concern that a tropical storm off the US Gulf coast would affect supplies.

By 0032 GMT, Brent crude had fallen to $84.40 a barrel. West Texas Intermediate crude fell three cents to $80.07.

Investors are looking forward to important data from the US economy later this week that will help determine the course of interest rates this year and next.

US Federal Reserve Chairman Jerome Powell said on Friday that the bank may have to raise interest rates further to calm inflation.

Meanwhile, Tropical Storm Adalia lashed western Cuba on Monday and turned into a hurricane as it headed toward Florida. The storm is likely to cause power outages and may affect crude oil production on the eastern side of the US Gulf Coast.

The focus this week will be on the US PCE price index due for release on Thursday and the non-farm payroll data for August on Friday.

Investors are still concerned about the economic recovery in China, as well as about the demand for oil in its second largest consumer in the world. https://www.mawazin.net/Details.aspx?jimare=234076

The European Union Praises The "Significant Achievements" Of The Iraqi Government In Combating Corruption

Economy News – Baghdad  The head of the Federal Integrity Commission, Judge Haider Hanoun, affirmed, on Tuesday, Iraq's keenness to adhere to international commitments, charters and agreements, especially those related to combating corruption, pointing to the concerted efforts of the three authorities and their cooperation with the oversight agencies to achieve a response to the articles and provisions of the International Convention against Corruption.

And the Integrity Commission stated in a statement, “Judge Haider Hanoun reviewed, during his speech at the workshop held in cooperation between the Federal Integrity Commission and the United Nations Anti-Corruption Program, to enhance the knowledge and skills of the participants about the United Nations Convention and the review mechanism for countries’ compliance with its articles and chapters. He reviewed Iraq’s efforts in Responding to the decisions of the second and fifth review chapters of the Convention on preventive measures and asset recovery.

And Hanoun stated, "Iraq has made great strides in this field and worked on draft laws in this regard, including: draft laws on the right to obtain information and recover the proceeds of corruption and the second amendment to the Integrity and Illicit Gain Commission Law No. (30 of 2011), which will include subjugating the private sector." provisions for money inflation and illegal gain.

He stressed "working with all partners to eradicate the scourge of corruption, especially the executive authority, which has placed combating corruption in its first priority in its government program," noting that "increasing red-handed detection operations carried out by the authority's staff contributes to achieving two important goals: deterrence and prevention, The latter is part of the preventive measures to combat corruption.

Hanoun appreciated "the role of international organizations such as the UNDP and the European Union in assisting Iraq in the field of legal aid and training."

For her part, the representative of the European Union mission to Iraq, Barbara Iger, praised the "efforts of the government of Prime Minister Muhammad Shia'a al-Sudani in combating corruption," describing what "Iraq is doing in the field of corruption prevention and asset recovery as great achievements that will receive reinforcement and cooperation from the European Union mission." in Iraq".

Iger continued: "Iraq is on its way to extract international recognition of its efforts, and we hope that this will culminate in the next review to be held at the end of this year."

In turn, the Resident Representative of the United Nations Development Program, Yama Turabi, praised "the Republic of Iraq's tendency towards enacting laws that contribute to strengthening preventive measures," calling for "a mixture of legal frameworks and mechanisms for applying these frameworks," noting that "the Authority's action to automate procedures related to asset recovery And the readiness of the United Nations Development Program to assist the authority in this.

Views 54  08/29/2023 - https://economy-news.net/content.php?id=36028

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