"Tidbits From TNT" Wednesday 9-6-2023

TNT:

CandyKisses:  The Gulf Chambers Union organizes the Gulf-Iraqi Business Forum this September

{Economic: Euphrates News} The Federation of Chambers of the Gulf Cooperation Council is organized on September 26.

The Gulf-Iraqi Business Forum is held under the title "Partnership for a Promising Economic Future", hosted by the Sharjah Chamber of Commerce and Industry, with the great participation of Gulf and Iraqi officials and businessmen from the Gulf Cooperation Council countries and beyond.

The two-day forum will address a number of working sessions, most notably food security, agriculture and cooperation in the fields of financial, banking and investment services, productive energy, electricity, water, infrastructure, housing, health care sector, youth development, higher education and vocational training.

It is noteworthy that the forum is held in cooperation with the Federation of Emirates Chambers, the Federation of Iraqi Chambers of Commerce and the Sharjah Chamber of Commerce and Industry and with the support of the General Secretariat of the Cooperation Council.

Tishwash:  Right out of a movie

The arrest of an Iraqi female traveler in possession of thumb prints for withdrawing money from cards

Today, Tuesday (September 5, 2023), the Border Ports Authority announced the arrest of an Iraqi female traveler at Al-Qaim port, in possession of the thumbprints of several people, for the purpose of withdrawing money from (Master and Qi Card) cards.

A statement of the authority received by "Baghdad Today" stated, "As part of the qualitative control operations carried out by the Border Crossings Authority through the exercise of its oversight role, the Al-Qaim Border Crossing Directorate managed to arrest an Iraqi female traveler and seized her possession, through manual inspection, 9 thumbprints and 3 Master and Key Cards." ".

He pointed out that the seizures were "for the purpose of withdrawing money from the cards without the presence of the owner in a fraudulent manner through the use of fake fingerprints."

The statement pointed out that, "a joint committee was formed and the accused and the criminal evidence were referred to the existing Kamrak police station to take legal measures against her."  link 

CandyKisses:  Iraq maintains its 30th position in the world with the largest gold reserves

Shafaq News / The World Gold Council revealed on Wednesday that Iraq maintained its 30th rank in the world with the largest reserves of the yellow metal.

The latest schedule of the Council for the month of September 2023, seen by Shafaq News Agency, showed that Iraq maintained its ranking 30th globally out of 100 countries listed in the table with the largest gold reserves, despite buying 2.3 tons of gold in May, bringing its possession of gold to 132.6 tons, representing 7.6% of the rest of its other reserves.

He added that Iraq ranked fourth in the Arab world with the largest gold reserves after Saudi Arabia 323.1 tons, Lebanon 286.8 tons, Algeria 173.6 tons, and Egypt came in fifth place 125.9 tons.

He pointed out that the most central banks buying gold during the second quarter of 2023 were Poland, where they bought 48.41 tons, followed by China by 45.10 tons, followed by the Czech Republic by 6.06 tons and then Russia by 3.11 tons, while the most central banks of the countries selling gold during this period were for Turkey with 132.23 tons, followed by Tunisia with 18.50 tons and then Uzbekistan with 4.04 tons.

Globally, according to the table, the United States of America still leads the rest of the countries with the largest possession of gold in the world by 8.133 thousand tons, followed by Germany with 3.352 thousand tons, then Italy came with 2.451 thousand tons, while Suriname ranked 100th and 1.5 tons, followed by Bosnia and Herzegovina with the same amount by 1.5 tons.

Financial expert Mohammed al-Hasani said that "all countries, including Iraq, are trying to diversify their basket of currencies and gold to be an investment portfolio to reduce risks and sudden fluctuations that may occur as a result of crises or currency devaluation, as it is a kind of hedging and gives monetary stability to the state."

He added that "countries do not rely on gold significantly in their investment portfolio, because it is a heavy commodity not like the rest of the currencies that are sold and bought quickly, so we see that some rich countries have gold, but they are almost reserves of gold fixed do not sell and buy continuously such as America, Germany and the United Kingdom."

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CandyKisses:  Saudi decision to raise oil prices to $90

Shafaq News / Saudi Arabia announced on Tuesday that it will extend its voluntary reduction of oil production of 1 million barrels per day (bpd) for another three months until the end of December 2023.

According to the official Saudi Press Agency, the decision to voluntarily reduce will be reviewed monthly to consider increasing the reduction or enhancing production.

Once the decision to extend the cut was announced, Brent crude surpassed $90 a barrel for the first time since November 2022.

Russia also kept reducing its oil exports by 300,000 barrels per day until the end of 2023, the Russian deputy prime minister announced, in parallel with the Saudi announcement.

Alexander Novak on Telegram’s account told the Russian government that “Russia will extend the voluntary cut. for oil shipments to global markets at a rate of 300,000 barrels per day until the end of December 2023."

Mot:  ... Finally!! -- Me Excercise Program is in sync!! ~~~~

Mot:  .. and Yet Another One of Lifes ""Truisms""

Iraqi Economic News and Points to Ponder Wed AM 9-6-23

Iraqi Economic News and Points to Ponder Wed AM 9-6-23

Iraq Ranks 4th In The Arab World And 30th In The World With The Largest Gold Reserves

Economy  |Baghdad today - follow-up  Today, Wednesday (September 6, 2023), the World Gold Council announced that Iraq has maintained its 30th rank in the world with the largest gold reserves.

A schedule of the council for the current month of September 2023, seen by “Baghdad Today,” stated that “Iraq maintained its rank 30 globally out of 100 countries listed in the table with the largest reserves of gold, despite its purchase of 2.3 tons of gold in the month of May, bringing its possession of gold to 132.6 tons, which is It represents 7.6% of the rest of its other reserves.

He added, "Iraq ranked fourth in the Arab world with the largest reserves of gold, after Saudi Arabia, 323.1 tons, Lebanon 286.8 tons, Algeria 173.6 tons, and Egypt ranked fifth, with 125.9 tons."  

He pointed out, "The most central banks buying gold during the second quarter of 2023 was the share of Poland, as it bought 48.41 tons, followed by China by 45.10 tons, followed by the Czech Republic 6.06 tons, then Russia 3.11 tons, while the most central banks of countries sold gold. During this period, Turkey's share came with 132.23 tons, followed by Tunisia with 18.50 tons, and then Uzbekistan with 4.04 tons.

According to the table, “the United States of America still leads the rest of the countries with the largest possession of gold in the world, at 8,133 thousand tons, followed by Germany with 3,352 thousand tons, and then Italy came with 2,451 thousand tons, while Suriname ranked 100th with 1.5 tons, followed by Bosnia and Herzegovina with the same amount by 1.5 ton".

On June 27, 2022, Iraq announced the purchase of new quantities of gold, amounting to approximately (34) tons, an increase of 35% over what was in its possession, while in May it announced its purchase of 2.3 tons of gold.  LINK

An Iranian Warning Of The "Dangerous" Development Of Iraqi Infrastructure

WED, 06-09-2023, TAYSEER AL-ASADI   An Iranian report stated, on Wednesday, that Iraq had acquired 20% of the country's exports over the past year, warning at the same time of the danger of excluding Iran from the Iraqi market due to infrastructure development.

And the Iranian Farsi-language news agency Donya Al-Iqtisad wrote, on the sidelines of a press interview it conducted with the head of the Iranian-Iraqi Joint Chamber of Commerce, Yahya Al-Ishaq, that "Iran's exports to Iraq during the past year amounted to 10 billion dollars, which is equivalent to nearly 20% of Iran's exports." To the countries of the world, while Iran's exports during the first five months of this year 2023 amounted to about $3.5 billion, a growth rate of 18.5% compared to the same period last year.

The report of the Iranian agency specialized in economic affairs indicated that "exports clearly represent the strategic importance of Iraq in Iran's trade map, which is the opposite of China, to which raw materials are exported," noting that "most of Iranian exports to Iraq are finished products."

She pointed out that "the structural changes in the Iraqi economy and the country's focus on developing infrastructure prompted experts to warn of the danger of excluding Iran from the country's market, which would lead to the advantage of Iranian goods to compete in the Iraqi market."

And it indicated that "according to current investigations, it was found that a total of 351 major products are exported by Iran to Iraq. If competitors enter this market, Iranian products still have an advantage in only 35 products."

Earlier, the Tehran Chamber of Commerce announced that its exports to Iraq during the past year exceeded $10 billion, and indicated that Iraq will be an important market for Iran in the next 15 years.

Follow ups   https://non14.net/public/159946

Source: Erdogan Will Visit Iraq Next Month...And Reveal The Latest Negotiations To Export The Region's Oil

Time: 09/06/2023  Read: 1,950 times  Source:   {Politics: Al Furat News} Sources said that it is not expected to resume pumping Iraqi oil to Turkey before next October, during which Turkish President Recep Tayyip Erdogan is likely to visit Baghdad, after postponing the visit that was initially planned to take place last August. .

Turkey suspended export flows from northern Iraq on March 25 after an ICC ruling in an arbitration case required Ankara to pay Baghdad $1.5 billion in compensation for allowing KRG oil exports without permission between 2014 and 2018.

Iraq filed a petition in April with a US federal court to enforce the decision by the International Chamber of Commerce. The sources said that the lack of progress in settling this lawsuit was one of the reasons behind the postponement of Erdogan's visit to Baghdad in August.

A senior Turkish official said Erdogan still plans to visit Baghdad and "wants to sign an agreement," but "so far Iraq has not taken the concrete steps expected of it," which has led to a lack of progress.

The source added that one of the steps that Ankara is seeking is to stop the lawsuit in the United States, and that is why Erdogan is scheduled to visit Iraq in October.

An official at the Iraqi Foreign Ministry said that Baghdad had not yet received a specific timetable from Ankara regarding the expected date of Erdogan's visit to Iraq.

He added that Erdogan may visit Iraq at the end of this month or most likely in October, indicating that this will depend on the success of the talks related to energy issues, which require longer than expected due to the multiplicity of thorny issues.

An Iraqi oil official familiar with the talks said energy officials in Baghdad and Ankara were "holding complex discussions" and that resuming flows was "the hardest issue". He ruled out the resumption of flows this month.

Two Iraqi oil officials familiar with the talks said Turkey was also seeking a compromise to reduce compensation to Iraq for damages under the ICC arbitration award.

Iraqi sources said earlier that Turkey wants Iraq to drop a second arbitration case related to exports covering the period from 2018 onwards.

The Turkish Energy Ministry has not yet responded to a request for comment.

Two informed sources said that the Iraqi Kurdistan government has lost about four billion dollars since the stoppage of oil flows to the Turkish port of Ceyhan through a pipeline.  LINK

Growing Kuwaiti fears that the Federal Court will invalidate the Khor Abdullah agreement

Information / Baghdad... The Federal Court said its final word on Iraq's agreement with Kuwait in the nineties of the last century regarding Khor Abdullah.

The court’s decision ruled the ratification of this agreement in accordance with the law in which two-thirds of Parliament are required to vote on any agreement that Iraq concludes with another country, despite Kuwait sending mediators in order to thwart any attempt to cancel the agreement and restore the Iraqi maritime borders.

This prompted the neighbor to open a channel of communication with Foreign Minister Fuad Hussein to discuss the latest developments, after the court issued a decision to revoke the ratification of the Khor Abdullah Agreement.

The representative of the State of Law coalition, Alia Nassif, told Al-Maalouma, that "national figures in the Iraqi Ministry of Foreign Affairs were able to install a memorandum related to Iraq's view of the sea and submitted it to the General Secretariat of the Council of Ministers for the purpose of voting on it."

She added, "The Kuwaiti side quickly assigned two personalities from inside and outside the Iraqi Ministry of Foreign Affairs with an ambassadorial rank to put pressure on the ministry and the General Secretariat of the Council of Ministers to withdraw the memorandum and not submit it to a vote. Indeed, the two personalities succeeded in persuading the ministry to withdraw the memorandum and that it keeps a copy of the book withdrawing the memorandum."

Nassif called on Prime Minister Mohamed Shia Al-Sudani to "ask the Ministry of Foreign Affairs to return the first memorandum related to the borders with Kuwait that was withdrawn from the General Secretariat of the Council of Ministers for the purpose of voting to compare it with any new memorandum related to the same subject."

On the other hand, the head of the Parliamentary Rights Bloc, Representative Saud Al-Saadi, told Al-Maalouma, that "the Federal Court's decision to invalidate Law 42 of 2013, which pertains to the ratification of the agreement regulating maritime navigation between Iraq and Kuwait in Khor Abdullah, is binding on application by the federal government."

He added, "The Iraqi government must remove all effects and repercussions of this agreement and its implementation on Iraqi waters, which is binding."

Al-Saadi added, "The agreement became canceled after the court's decision, and Khor Abdullah returned to Iraq after the last decision."

On the other hand, legal expert Ali Al-Tamimi explained to Al-Maalouma that "the agreement signed between Iraq and Kuwait in 2012 stipulates in Article 14 of it (in the event of a problem with the application or interpretation of the agreement, then resort to the Court of the Seas)."

He added, "Law No. 42, according to which the border demarcation agreement was ratified before the issuance of Law No. 35 of 2015 regarding the conclusion of Iraqi agreements, required the approval of two-thirds of parliament for any agreement."

He pointed out that "this agreement is considered, from the point of view of the Federal Court, unconstitutional because it violates Article 61 Fourth of the Constitution, which stipulates that the agreements be enacted by a two-thirds majority."

Yesterday, Tuesday, Foreign Ministry spokesman Ahmed Al-Sahhaf revealed that Foreign Minister Fuad Hussein had received a call from his Kuwaiti counterpart, Salem Abdullah Al-Jaber Al-Sabah, where the two sides discussed the close bilateral relations linking the two brotherly countries and discussed the latest regional developments and current developments in the region, as well as discussing A number of issues of bilateral interest and everything that would achieve the common good of the two brotherly countries and peoples.  LINK

 Points To Ponder on Money:

The darkest hour of any man's life is when he sits down to plan how to get money without earning it.- Horace Greeley

Laws go where dollars please.- Portuguese Proverb

Bankruptcy is a legal proceeding in which you put your money in your pants pocket and give your coat to your creditors.- Joey Adams

In the bad old days, there were three easy ways of losing money - racing being the quickest, women the pleasantest and farming the most certain.- William Pitt Amherst

Never invest your money in anything that eats or needs repairing.-Billy Rose

What some people mistake for the high cost of living is really the cost of living high.- Doug Larson

Definition of the upper crust: A bunch of crumbs held together by dough.- Anonymous

MilitiaMan: Iraq Dinar Exchange Rate - A Road Map - All Iraqi's

Iraq Dinar Exchange Rate - A Road Map - All Iraqi's

MilitiaMan and Crew:  9-5-2023

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

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

https://www.youtube.com/watch?v=ha3beV5jCuE

Iraqi Economic News & Points To Ponder 9-5-23

Iraqi Economic News & Points To Ponder 9-5-23

Tlm724 Administrator Bondlady’s Corner

Planning Announces The Decline In The Inflation Rate Last July

Economy | 05/09/2023    Baghdad - Mawazine News  Today, Tuesday, the Ministry of Planning announced a decrease in the inflation rate during the month of July, by (0.6%), compared to what it was in the month of June that preceded it.

The official spokesman for the ministry, Abdul Zahra Al-Hindawi, said in a statement, a copy of which Mawazine News received, that "the Central Statistical Organization recorded a decline in the inflation rate during the month of July, by (0.6%), compared to what it was in the month of June that preceded it." ".

He added, "The decrease in the inflation rate was affected by the decrease in the prices of the food and non-alcoholic beverages section, by (0.2%)."

He pointed out that the prices of milk, cheese and eggs decreased by (1.6%), while the prices of vegetables decreased by (1.5%), oils and fats decreased by (1.6%), while the prices of fish and non-alcoholic beverages decreased by (0.5%). and (0.4%), respectively.

He pointed out that “the sections of tobacco, clothing, shoes, supplies and equipment, health, transportation, education, restaurants, and miscellaneous goods and services recorded a slight increase in their prices during the month of July, ranging between (0.1%) and (0.6%), with the exception of the housing section, which recorded an increase by (2.2%). %), while the prices of the entertainment department decreased by (0.1%).

Regarding the annual inflation, Al-Hindawi stated that it "increased by (3.5%) in July this year, compared to what it was in the same month of last year 2022."

He explained that "the Central Statistical Organization updated the entire food basket during the month of June, in addition to updating the prices of phones, computers and cars," noting that "the sample that is being monitored in the markets includes all goods and services, the number of which is (333) goods and services, with an average rate of The monthly expenditure on it is 88% of the total per capita expenditure.

He continued, "The number of items within this basket reaches (486) items distributed over (12) sections, as the average per capita spending on them per month is (25) thousand dinars or more."

https://www.mawazin.net/Details.aspx?jimare=234461

Minister Of Transport: The Government Is Looking Forward To Creating Economic Integration With The Countries Of The Region

 Money  and business  Economy News _ Baghdad  Minister of Transport, Razak Muhibis Al-Saadawi, confirmed today, Tuesday, that the government is looking forward to finding economic integration with the countries of the region, noting that it is about to complete an important stage of the completion of the great port of Faw.

A statement by the ministry's media office, received by "Al-Iqtisad News", stated that "the Minister of Transport, Razzaq Muhibis Al-Saadawi, met with the CEO of the Saudi Ports Authority, Omar bin Talal Hariri, on the sidelines of the meetings of the Maritime Industry Sustainability Conference held in Jeddah."

The statement added, "The meeting, which was attended by the Iraqi Ambassador to Saudi Arabia Safia Al-Suhail, the Undersecretary of the Ministry of Transport for Technical Affairs, Eng. Talib Baish, and the Director General of the Planning and Follow-up Department, Mr. Abbas Omran, reviewed the work of the ports between the two countries, where it was emphasized the need to exchange experiences in the field of automation and management and discussion Regarding the work of the Transport, Border Crossings and Ports Committee in the Iraqi-Saudi Coordination Council.

The Minister of Transport confirmed, "The Iraqi government is looking forward to finding economic integration with the countries of the region," noting that "we are about to complete an important stage of the completion of the great port of Faw, which constitutes an important lung for the strategic development road project."

He added, "The Iraqi government is keen to strengthen relations and joint work between the two countries," noting that "the geographical location of both countries guarantees us the success of any joint investment projects."

In turn, Omar bin Talal Hariri, CEO of the Saudi Ports Authority, said, "Ports play an important role in the growth of the economy and the achievement of strategic goals." Bin Talal reviewed "the work and services of the Kingdom's ports, and the authority's regulatory and supervisory role in it," expressing his readiness to "support and exchange experiences with Iraq".

Views 77  09/05/2023 - https://economy-news.net/content.php?id=36177

The Price Of A Barrel Of Brent Crude Exceeds $90 For The First Time In 9 Months

Energy  Economy News – Baghdad  Oil prices rose today, Tuesday, and the barrel of Brent rose above $ 90, its highest level since November 18, 2022, after Russia and Saudi Arabia announced decisions to support the oil markets.

Today, Wednesday, Saudi Arabia decided to extend the voluntary cut in oil production by one million barrels per day for three months, from October until the end of December 2023.

And the Saudi Press Agency stated that the voluntary cut aims to enhance the precautionary efforts made by OPEC + to support the balance of oil markets.

In the context, Russian Deputy Prime Minister Alexander Novak announced that his country would extend the voluntary reduction of oil exports by 300 thousand barrels per day until the end of 2023, indicating that the volume of the voluntary reduction of oil production in Russia will be considered monthly, according to the situation in the global market.

Views 54  09/05/2023 - https://economy-news.net/content.php?id=36183

The Rise In The Exchange Rate Of The Dollar Locally

Economy  Tuesday, September 5, 2023 Baghdad / National News Center  The exchange rates of the US dollar against the Iraqi dinar rose slightly, today, Tuesday, in the markets of the capital, Baghdad.  The selling prices in the exchange shops in the local markets in Baghdad amounted to 154,500 Iraqi dinars, while the purchase price amounted to 152,500 dinars for every 100 dollars.  https://nnciraq.com/225197/

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

https://www.bondladyscorner.com/

Points To Ponder on Security:

"Let us never confuse stability with stagnation."  -- Mary Jean LeTendre

"Many people think that by hoarding money they are gaining safety for themselves. If money is your ONLY hope for independence, you will never have it. The only real security that a person can have in this world is a reserve of knowledge, experience, and ability. Without these qualities, money is practically useless."  -- Henry Ford

"One has to abandon altogether the search for security, and reach out to the risk of living with both arms. One has to court doubt and darkness as the cost of knowing." -- Morris L. West

Indonesia and Zimbabwe News Posted by Harambe at TNT 9-5-2023

TNT:

Harambe:  ASEAN’s Digital Economy Pact to be Game Changer, Indonesia Says | JakartaGlobe (9/4/23)

Chief Economic Affairs Minister Airlangga Hartarto has said that the digital economy pact that ASEAN had just begun negotiating would become a game changer to the Southeast Asian bloc.

ASEAN over the weekend officially launched the negotiations to the Digital Economy Framework Agreement (DEFA). The regional grouping has set a goal to complete the negotiations by 2025. According to Airlangga, the DEFA addresses new technologies that past ASEAN agreements did not house.

“Such as the transformation of artificial intelligence [AI], blockchains, and changes in technologies over the next 2-3 years. The DEFA will become a game changer for ASEAN,” Airlangga said at the ASEAN Business & Investment Summit (ABIS) in Jakarta on Sunday evening.

ASEAN’s digital economy is expected to reach $1 trillion by 2030 under a business-as-usual scenario. Having a DEFA in place is set to double the numbers to $2 trillion by that year. And Indonesia's digital economy can rise up to $800 billion with DEFA, according to Airlangga.

In 2021, ASEAN endorsed the Bandar Seri Begawan Roadmap (BSSR) which called for the commencement of the DEFA negotiations by 2025. This meant that ASEAN began the negotiations much earlier than originally planned.

Airlangga reported that ASEAN’s economy grew between 4 and 5 percent on an annual basis over the past decade. The minister added ASEAN became the fifth-largest economy, and also ranked fourth in terms of exports. ASEAN was the second-largest recipient of foreign direct investment (FDI) last year.

ASEAN posted a 5.7 percent growth in 2022. Airlangga attributed the growth to domestic consumption, trade, and investment. The digital economy was also among the sectors that witnessed an increase in investment last year. Foreign direct investment (FDI) inflows to the region grew 5.5 percent.

https://jakartaglobe.id/tech/aseans-digital-economy-pact-to-be-game-changer-indonesia-says

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Harambe:  Jokowi Welcomes World Bank, IMF Leaders at Jakarta Palace - En.tempo.co (9/4/23)

Jakarta - Indonesian President Joko Widodo or Jokowi received the arrival of delegations from the World Bank and the International Monetary Fund (IMF) at the Jakarta Merdeka Palace today, September 4, 2023.

World Bank President Ajay Banga and his delegation arrived at the State Palace  Indonesian Time (WIB). Their arrival was greeted by Jokowi and a number of cabinet ministers.

Finance Minister Sri Mulyani, State Secretary Minister Pratikno, and Deputy Minister of Foreign Affairs Pahala Mansury were seen accompanying Jokowi in a brief meeting that lasted 30 minutes.

At the second meeting, Jokowi received IMF Managing Director Kristalina Georgieva. Donning a pink dress, Georgieva was seen at the Palace  WIB.

Jokowi also met with Executive Chairman of the World Economic Forum (WEF) Klaus Schwab who came in  WIB.

Jokowi's meeting with the World Bank, IMF, and WEF was held behind closed doors. The media were only allowed to take photos and videos briefly before being asked to leave the room. 

https://en.tempo.co/read/1767980/jokowi-welcomes-world-bank-imf-leaders-at-jakarta-palace

Harambe:  Mnangagwa Hints At Strengthening The Zimbabwean Dollar | Pindula (9/5/23)

President Emmerson Mnangagwa, during his inauguration and swearing-in for his final term as Zimbabwe’s President, highlighted the significance of a national currency for development. While not explicitly mentioned, his remarks hinted at a preference for the Zimbabwean dollar as the sole currency. Additionally, he indicated a focus on utilizing internal resources to foster economic growth. The future of the United States dollar in the country’s currency system remains unclear. He said:

Comrades and Friends; 

The past five years have delivered valuable lessons on our intricate economy, especially the fact that a national currency that is supported by a vibrant productive sector is indispensable to sustainable development. No country has ever developed without its own currency. Further, we can only develop and grow the economy based on our own internal resources.

I urge us all to believe in ourselves and our abilities, as Zimbabweans and Africans. Development and national prosperity based on what we have is more sustainable and durable. We must take pride in who we are and what we can do for ourselves. 

The numerous mineral resources in our country must be sustainably exploited to leap-frog our industrialisation and development. The lives of our citizens and the fortunes of our country as a whole must be improved. We expect nothing less.

Our economy must realise maximum benefits from increased beneficiation and value addition. As such, my new Administration, through the Responsible Mining Initiative, will ensure greater stewardship over our finite natural resources. These must benefit both present and future generations.

During his speech, President Mnangagwa did not discuss the involvement of the African Development Bank (AfDB) in debt arrears or restructuring. Zimbabwe’s consolidated debt as of June 2023 amounted to $17.5 billion, with $14.04 billion owed to international creditors and $3.4 billion in domestic debt. The country is in arrears with multilateral development banks, including the AfDB. Finance Minister Mthuli Ncube said Zimbabwe aims to clear foreign debt by December 2025 to access new lines of credit for economic revitalization. The majority of the multilateral debt comprises arrears and penalties for non-payment.

Some context on Currencies:

Zimbabwe adopted a multi-currency system in 2009 as its national currency, the Zimbabwean dollar, faced hyperinflation and devaluation. The system allowed the use of foreign currencies such as the US dollar, South African rand, and Botswana pula as legal tender. While it provided some stability, challenges like limited access to smaller denominations and reliance on external economies emerged. In 2019, the Reserve Bank of Zimbabwe reintroduced the Zimbabwean dollar as the sole legal tender, discontinuing the use of foreign currencies for most transactions.

 However, the reintroduction has brought its own challenges, including inflation and currency instability. This forced the authorities to allow the use of the United States dollar together with the local currency albeit making it clear they would prefer having the Zimbabwe dollar as the sole legal tender.

Government critics including former Finance Minister Tendai Biti, argue that Zimbabwe should abandon the local currency due to its premature reintroduction without meeting the necessary prerequisites for sustainability. They propose using the US dollar as the sole legal tender until the prerequisites for reintroducing the Zimbabwean dollar are fulfilled.

These critics believe that the public lost faith in the governance of the ZANU PF government, leading to a lack of confidence in the local currency, which they predict will continue to depreciate until governance issues are addressed. 

 https://www.pindula.co.zw/2023/09/05/mnangagwa-hints-at-strengthening-the-zimbabwean-dollar/

Goldilocks' Comments and Global Economic News for September 5th

Goldilocks' Comments and Global Economic News for September 5th

Good morning Dinar Recaps,

"The G20 has tasked the Financial Stability Board with coordinating the creation of an effective regulatory, supervisory, and oversight framework for crypto-assets."

Yesterday, we found out that this had to be done by September the 7th just 2 days before the G20 meeting.

The nations of the G20 make up about 80 percent of the global economic output and consist of around 60 percent of the world's population.

These digital asset regulations will serve as monetary policies for the new digital economy going forward.

© Goldilocks

https://www.businesstoday.in/crypto/story/fsbs-views-on-crypto-asset-regulation-circulated-prior-to-g20-summit-396763-2023-09-04

https://www.cfr.org/backgrounder/what-does-g20-do

WOW! Something Big Is Coming Silver Price - Mike Maloney

https://youtu.be/OtdhJd6mzXM?feature=shared

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"Deutsche Bank, Germany’s largest bank, is reportedly engaged in early stage talks with digital investment and broker platform Scalable Capital over a potential investment or partnership deal, according to German business media outlet Handelsblatt."

Remember, Deutsche Bank reaches into every Bank around the world.

Scalable Capital is a leading digital investment platform in Europe.

This fintech partnership will enable them to work towards helping Banks digitize their services and serve those within these Banks by helping them reach their financial goals.

© Goldilocks

https://www.fintechfutures.com/2023/09/deutsche-bank-reportedly-makes-contact-with-digital-investment-fintech-scalable-capital/

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"Swift transfers tokenized assets between blockchains"

Swift has conducted a series of experiments utilizing several Banks to scale tokenized assets across existing Financial structures.

It has been found to be a success in moving money across several different digital networks.

"In publishing the results, Swift recognized the potential to remove significant friction slowing the growth of tokenized asset markets and enable them to scale globally as they mature."

© Goldilocks

https://www.fintechfutures.com/2023/09/swift-can-facilitate-tokenised-asset-transfers-between-different-blockchains-new-experiments-confirm/

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UPDATE 4-US expects to upgrade Vietnam ties, risks China's anger
https://finance.yahoo.com/news/1-us-expects-upgrade-vietnam-023538628.html

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Foreign Exchange Decreases By $ 30 Million; Details Inside
https://news24online.com/business/foreign-exchange-decreases-by-30-million-details-indside/166842/

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The Reserve Bank of India (RBI), the country’s central bank, announced on Aug. 30 that India’s digital currency (CBDC); The digital rupee will have greater ease of use. This is due to Yes Bank’s integration with the Unified Payments Interface (UPI) in RBI’s digital rupees app. Now Ja bank account holders can transact with the digital rupee by scanning UPI QR codes.

UPI is a national payment gateway operated by National Payments Corporation of India (NPCI), a division of RBI. The NPCI provides the infrastructure for both the UPI and the digital rupee. According to local reports, UPI is used by 150 million merchants in India, according to local media reports.

https://nationworldnews.com/thanks-to-yes-banks-integration-with-upi-the-digital-rupee-is-getting-a-big-boost/

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The US Payment Landscape: The Path to Digital

As we enter this period of unprecedented disruption in the marketplace, the importance of expediting the journey from paper to digital transactions for payers and receivers is becoming increasingly clear; payments are faster, more streamlined and feature enhanced capabilities around validation, security, and risk mitigation.

https://www.finance-monthly.com/2020/07/the-us-payment-landscape-the-path-to-digital/

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While USDC provides crypto traders with a convenient dollar-pegged asset, it doesn’t come without risks.

Maintaining the 1:1 dollar peg relies heavily on stability mechanisms and collateral reserves. Lapses in either could lead to loss of confidence and mass redemptions.

Moving forward, enhancing transparency and communication with users will be key for USDC to demonstrate its stability and retain trust. Yet despite best efforts, black swan events mean no stablecoin is ever 100% immune to volatility.

https://btcpeers.com/usdc-stablecoin-risks-of-breaks-in-dollar-peg-and-collateralization/

“We are pleased to be the first US bank in Canada to offer both C2B Request for Pay and B2C payment flows through this digital solution,” said Leslie Konecny, head of Product for Global Transaction Services (GTS), Canada at Bank of America. “This is a milestone for Bank of America in Canada, as we continue to meet the evolving digital needs of our multinational clients, providing them with enhanced speed, flexibility, and transparency to manage their payment and receipt flows.”

As you can see from today's articles, countries are beginning to interface their digital payment systems inside Banking systems, Market sectors, and their customers. Tokenized assets are becoming more and more available to the general public.

As these new monetary policies come into play, the testing of new capital requirements for banks, and the integration of tokenized assets into the digital economy this month, it is expected that we will see disruptions of service that will affect each sector of the market in the implementation process.

Movement into real values going forward will test us all. Just know we are in this together.

© Goldilocks

https://ibsintelligence.com/ibsi-news/bank-of-america-launches-global-digital-disbursements-solution-in-canada/

~~~~~~~~~~

Oil reforms are still in process. We need to see these completed along with gold and silver repricing events.

This will allow us to move forward inside a new digitized economy based on assets that support our tokenized assets going forward.

© Goldilocks

Bozeman Daily Chronicle Link

~~~~~~~~~~

Saudi Arabia Digital Transaction Management Market Big Profits on the Horizon as Market Size Continues to Grow
https://www.alliancedailynewspaper.com/2023/09/01/saudi-arabia-digital-transaction-management-market-big-profits-on-the-horizon-as-market-size-continues-to-grow/

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U.S. factory orders plunge in July...a moment of reckoning is coming.
https://gregorymannarino.substack.com/p/us-factory-orders-plunge-in-julya?publication_id=35435&isFreemail=true

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The London Stock Exchange Group has announced plans to launch a new digital markets business that will enable faster, cheaper, and more secure transactions by leveraging blockchain technology. This new platform will not be enabling the trading of cryptocurrencies - rather it will likely be tokenizing assets like stocks and bonds to allow ownership to be transferred on blockchain rails. This is yet another example of a bigger-picture trend of real-world asset tokenization that has been playing out over the course of the year.

https://decrypt.co/154852/london-stock-exchange-group-plans-blockchain-powered-digital-markets-business

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"Tidbits From TNT" Tuesday Morning 9-5-2023

TNT:

Tishwash:  Because of the delay in the salaries of the employees.. Mass demonstrations erupted in Dohuk

Today, Tuesday, Duhok employees organized a mass demonstration to protest against the delay in the payment of salaries.

The Dijla TV reporter stated, "The employees of Dohuk governorate organized massive demonstrations to protest against the delay in paying salaries, and demanded justice from the governments of Baghdad and Erbil in distributing the salaries of the region's employees and opening channels of cooperation between them."   link

CandyKisses:  Tourism Authority announces the provision of 791 hotels in the holy city of Karbala and Najaf

Baghdad / Nina / The Tourism Authority of the Ministry of Culture announced on Tuesday the provision of 791 hotels in the holy provinces of Karbala and Najaf.

The head of the Tourism Authority, Dhafer Mahdi Abdullah, said in a statement: "The Tourism Authority, under the direct guidance of Prime Minister Muhammad Shia Al-Sudani, the Minister of Culture, Tourism and Antiquities and the Chairman of the Tourism Authority, formed an operations room to provide the best hotel services to visitors in the holy provinces of Karbala and Najaf," stressing "the importance of exerting maximum efforts in order to ensure the success of service and security plans prepared to secure the ceremonies of the fortieth visit."

Abdullah added that "the Tourism Authority has prepared a plan to accommodate the number of visitors in first-class hotels," pointing to "the provision of approximately 524 hotels in the holy province of Karbala, which contains (62) thousand rooms, while the province of Najaf has equipped approximately (267) hotels that included up to (3000) thousand rooms prepared to receive visitors to Imam Hussein (peace be upon him).

Abdullah stressed that "the government looks responsibly towards the file of organizing visits, as a legitimate and functional obligation, in addition to the economic importance of this file to stimulate religious tourism, which requires the development of plans and programs to accommodate the number of million," noting "continuous coordination with officials in other countries with regard to the delegation of visitors and the provision of the required facilities at border crossings."

He pointed out that "the number of visitors to Iraqi territory through all ports of the country, namely (Manthiriya - Zarbatiya - Al-Shayb - Al-Shalamcha - Safwan - Mandali - Kirkuk - Al-Qaim - Baghdad Airport - Najaf Airport - Basra Airport), has so far reached nearly three million seven hundred and fifty thousand visitors from outside Iraq to perform the forty visit ceremonies," explaining that "the nationality of expatriates is (Pakistan, India, Iran, Afghanistan, America, Canada, Britain, Gulf countries, Turkey, Azerbaijan)."

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Tishwash:  Minister of Transport: The government is looking forward to creating economic integration with the countries of the region

 Minister of Transport, Razak Muhibis Al-Saadawi, confirmed today, Tuesday, that the government is looking forward to finding economic integration with the countries of the region, noting that it is about to complete an important stage of the completion of the great port of Faw.

A statement by the ministry's media office, received by "Al-Iqtisad News", stated that "the Minister of Transport, Razzaq Muhibis Al-Saadawi, met with the CEO of the Saudi Ports Authority, Omar bin Talal Hariri, on the sidelines of the meetings of the Maritime Industry Sustainability Conference held in Jeddah."

The statement added, "The meeting, which was attended by the Iraqi Ambassador to Saudi Arabia Safia Al-Suhail, the Undersecretary of the Ministry of Transport for Technical Affairs, Eng. Talib Baish, and the Director General of the Planning and Follow-up Department, Mr. Abbas Omran, reviewed the work of the ports between the two countries, where it was emphasized the need to exchange experiences in the field of automation and management and discussion Regarding the work of the Transport, Border Crossings and Ports Committee in the Iraqi-Saudi Coordination Council.

The Minister of Transport confirmed that "the Iraqi government is looking forward to finding economic integration with the countries of the region," noting that "we are about to complete an important stage of the completion of the great port of Faw, which constitutes an important lung for the strategic development road project."

He added, "The Iraqi government is keen to strengthen relations and joint work between the two countries," noting that "the geographical location of both countries guarantees us the success of any joint investment projects." In turn, Omar bin Talal Hariri ,

CEO of the General Authority for Saudi Ports, said that "ports play an important role in the growth of the economy and the achievement of strategic goals." Iraq".   link

Mot:  .. Kind of Makes Ya Go – Hmmmmmmmm 

Mot:  .. Helps but - I will still call her.

Tuesday Morning Iraq Economic News Highlights 9-5-23

Tuesday Morning Iraq Economic News Highlights 9-5-23

Parliament Holds The Central Bank Responsible For Manipulating The Price Of The Dollar

Policy  05/09/2023  the number of readings: 276  Baghdad-Iraq today:  The Parliamentary Finance Committee attributed the continued rise in the dollar exchange rate to the complex procedures included in the electronic window, while indicating the existence of collusion by some central bank employees by passing large sums of money to a group of merchants.

Committee member Mueen Al-Kazemi said in a press interview, “The Parliamentary Finance diagnosed, during its meeting with the bank's governor, the existence of errors in the procedures of the electronic window to buy the dollar, and the matter caused the reluctance of a significant proportion of merchants to register and request foreign currency, which led to a scarcity of supply.”

 In the market and the rise in the exchange rate,” noting that “the procedures adopted by the bank are complex and have caused the reluctance of many merchants and to avoid registering in the electronic dollar purchase window.”

Al-Kazemi added, "Some exchange rate speculators are working to publish unreal prices under the stock exchange title and broadcast them within (WhatsApp) groups and other sites, and this led to price conflicts and created a greater interest than the demand for buying or selling.”

And he explained, “The American sanctions also prevent the issuance of remittances to some merchants wishing to import from neighboring countries such as Iran, Lebanon and Syria, and this measure prompted merchants to use illegal methods in order to transfer their money to facilitate the task” of importing goods and merchandise,” pointing out that “the complicity of some employees in the central bank with a group of merchants, especially in the currency auction, it caused the passage of sums of money that are not parallel to the volume of goods that are imported.

And Al-Kazemi continued, “The Finance Committee has put in place some procedures and agreed with the bank’s governor regarding them, as they are likely to contribute to reducing the price, including granting an amount of 3 thousand dollars to citizens who wish to travel.”

Directly away from the exploitation of tourism companies and offices for their requests and benefits through their passports, with the committee's monitoring of the bank regarding the implementation of all observations that were identified during the hosting of the bank's governor.”

Al-Kazemi stated, "The Iraqi government has entered a battle between its desire to implement a sober banking system, and ending the power of speculators and currency smugglers."    LINK

The exchange rates of the dollar in the Iraqi market today

Economy  09-05-2023 | 5,714 views   Alsumaria News – Economy  Alsumaria News publishes today, Tuesday, the exchange rates of the dollar in the local markets.

And the dollar prices stabilized with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 153,400 Iraqi dinars for 100 dollars.

The selling prices in the exchange shops in the local markets in Baghdad amounted to 154,500 dinars, while the purchase price amounted to 152,500 dinars for every 100 dollars.

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

Iraq Achieves The Highest Trade Surplus In History.. An Expert Summarizes The Reasons And Clarifies The "Restrictions" - Urgent

Baghdad today - follow-up    Today, Monday (September 4, 2023), economist Nabil Al-Marsoumi announced that Iraq achieved the highest trade surplus in the past year 2022, while he indicated that the trade surplus had increased unrelated to reform.

In his post, Al-Marsawi outlined the reasons for Iraq achieving the highest trade surplus in the past year, pointing out that the surplus is "the difference between merchandise exports and imports."

And he continued, "The surplus achieved for the year 2022, over the course of the history of the oil industry, which is close to a hundred years old, as the surplus amounted to 53.54 billion dollars due to the increase in oil exports in 2022 to about 120 billion dollars, of which 115 billion dollars came from crude oil exports, and 5 billion dollars most of it." of black oil exports.

Al-Marsoumi added, "This means that the increase in the trade surplus in Iraq has nothing to do with reform, development, diversification of the economy, or any self-efforts, but rather is linked to an external variable, which is oil prices, whose annual rate in 2022 reached more than $95 a barrel."

 Trade Surplus

In addition, statistics conducted by the German company  Statista , which specializes in market and consumer data, today, Monday (September 4, 2023), revealed that Iraq achieved the largest trade surplus for the past year 2022 over the past ten years.

The trade balance indicates the differences in imports and exports of goods in the country during the year. If the value of its exports during a period exceeds the value of its imports, it is called a surplus in the trade balance. If the total value of imports exceeds the total value of exports, it is called a deficit in the trade balance.

And the company stated in a table it published today, that Iraq achieved the highest trade surplus for goods in 2022 over the past ten years, as the surplus last year amounted to $53.54 billion, up by 64% from 2021, when the trade surplus for goods in that year reached $20.08 billion.

He pointed out that Iraq achieved a deficit in its trade balance for two years, the first in 2020, when the deficit amounted to 4.11 billion dollars, and the second in 2015, when the trade deficit amounted to 0.94 billion dollars.

And the report continued, while in 2019 the balance achieved a trade surplus of $16.62 billion, in 2018 the trade surplus reached $35.95 billion, and the trade surplus in 2017 reached $15.1 billion, indicating that the trade surplus in 2012 amounted to $35.39 billion.

 Oil Export

And Iraq had achieved during the past year (2022) financial revenues of more than 115 billion dollars from the export of crude oil, to be the highest in years, according to official figures announced by the Iraqi Ministry of Oil.

According to those figures, the daily export rate amounted to 3,320,000 barrels, which is a total of one billion, 211,800,000 barrels for a full year.

 Reflections

And about the repercussions of these financial revenues on the economy and the citizen, and their impact on resolving the economic crises facing the country, whose budget depends more than 95% on oil sales, the financial advisor to the Iraqi government, Mazhar Muhammad Salih, says that these revenues were subject to two restrictions in financial behavior due to the absence of the budget law for the year 2022:

The first is by adhering to Article 13 of the amended Financial Management Law No. 6 of 2019, which requires spending 1/12 of the total actual ongoing or current expenditures in the previous budget estimated at 115 trillion dinars ($70 billion).

The second restriction refers to the allocations contained in the Emergency Law for Food Security and Development No. 2 of 2022, amounting to 25 trillion dinars ($17 billion), which means that the total expenditures for 2022 amount to 140 trillion dinars ($88 billion).

Saleh explains that the remaining financial surplus from the 2022 revenues is 27 trillion dinars ($18.5 billion), and it will be an opening balance in the 2023 budget.

Sovereign Fund

For his part, the economic academic at the University of Baghdad, Ali Dadoush, stresses the need to invest the financial surplus in developing industry and agriculture and supporting the foundations of the real private sector, to operate factories and factories and produce locally manufactured goods and services, in conjunction with the gradual re-imposition of taxes on goods that are produced locally, in line with Activating the role of oversight and preventing the removal of locally produced commodities and keeping them within prices equal to or a margin lower than the prices of competing foreign commodities.

Dadush added, "All of the aforementioned is achieved through the method of balancing programs and performance with the establishment of the sovereign fund," which he considers "the first step towards diversifying the sources of the Iraqi economy."

The academic indicated that this guarantees the solution of several problems rooted in the Iraqi economy, such as unemployment and corruption, in both its financial and administrative aspects, the imbalance of the trade balance and the smuggling of foreign currency abroad.

Source: "Baghdad Today - Agencies"   LINK

The Global Credit Rating Expects Economic Growth In Iraq Due To Oil Revenues

September 5, 2023  Baghdad / Obelisk Al-Hadath: The Ministry of Finance confirmed, on Tuesday, that Iraq had maintained its credit rating.

And the ministry stated in a statement that “in the latest report of Standard & Poor’s Credit Rating Agency (S&P), Iraq maintains its credit rating at B – / B with a stable outlook, with an emphasis on financial and economic stability, according to the report,” indicating that “the new rating came Reflecting the policy of continuous economic and financial reforms pursued by the Ministry of Finance, in addition to maintaining the level of foreign currency reserves that exceed the external public debt and fulfilling other external financial obligations as a result of the stability of crude oil prices.

She added, "The report adopted several indicators in its classification, the most important of which are: the Iraqi parliament's approval of the tripartite budget for the years (2023, 2024, and 2025), which aims to revive infrastructure projects and economic needs," noting that "the formation of the government at the end of 2022 led to a state of political stability." ".

And she continued, “The report confirms that the prediction of a large surplus in the current account, within the economic expectations, will add to the already strong foreign currency reserves, which works to support Iraq’s external capabilities to service debt during the next 12 months.”

And she pointed out that “the agency predicts that economic growth will reach 2.6% annually, during the years 2023-2026, which is linked to an increase in oil production and its repercussions on growth in the non-oil field, in addition to a decrease in annual inflation rates to 4% in July 2023 after it was 5.” -6% during the years 2021 and 2022, which is due to government measures in revaluing the currency, controlling prices, and government support for food and energy prices.

While the agency’s report indicated, according to the statement, “the possibility of improving Iraq’s credit rating in the event of a high rate of economic growth, diversification of the public financial revenues of the oil and non-oil state, an increase in the per capita share of national income, and the continuation of financial and economic policy reform measures.” https://almasalah.com/archives/65442

Stopping The Disbursement Of An “Invalid” Check, Amounting To About 700 Million Dinars, To Establish A School And A Chapel In Baghdad

September 4, 2023  Baghdad / Obelisk Al-Hadath: The Investigation Department of the Integrity Commission announced, on Monday, that it was able to stop the disbursement of a check worth more than (650) million dinars, in addition to seizing tampering with the contract for the construction of a government property in Baghdad.

The department said in a statement, “A team from the Baghdad Investigation Directorate moved to the Directorate of Execution of the Justice of the Session; For the purpose of investigating the issue of suspicions of corruption in the disbursement of a check in the amount of (653,910,612) dinars,”

 pointing out that “the investigation and audit work revealed suspicions of corruption in the disbursement of the amount owed by the Oil Products Distribution Company to a company according to a judicial decision of the Court of First Instance in the Presidency of the Karkh Appeal.”

She added, “The deed was disbursed without authorization from the beneficiary company; based on a letter submitted by the company,” noting that “his history and the margin of the justice outlet have been tampered with, in addition to the existence of an old power of attorney that has not been renewed, and that the company’s papers and minutes date back to the year 2020.”

And she stated that “the authority’s procedures were able to stop the disbursement of the aforementioned amount, through coordination with the Rasheed Bank – General Administration.”

And she continued, “The team, which moved to the Engineering Department of the Shiite Endowment Diwan, detected violations in the contract concluded between the Diwan and a limited public contracting company; For the purpose of establishing a school and a chapel,”

explaining that “after conducting the on-site inspection by the Court of First Instance specialized in commercial cases in Rusafa, accompanied by three experts, it was found that the property subject of the examination has nothing to do with the school and the chapel, but rather it is a residence built on agricultural land that has been occupied by one of the families.

She explained, “The judge of the Rusafa Investigation Court, which is specialized in cases of integrity, decided to approach the Shiite Endowment Office; To inquire about the disbursed amounts, and to seize copies of the initial and deed of the property.    https://almasalah.com/archives/65346

Argentina, In Dollar Love Affair, Agonizes Over Divorcing The Peso

Argentina, In Dollar Love Affair, Agonizes Over Divorcing The Peso

Tue, September 5, 2023  USD=X  By Marc Jones, Eliana Raszewski and Rodrigo Campos

LONDON/BUENOS AIRES/NEW YORK (Reuters) - María Barro, a 65-year-old domestic worker in Buenos Aires, buys a few dollars each month with her peso salary, a hedge against Argentina's persistent inflation now running at over 100% and a steady devaluation of the little-loved local peso.

The peso currency is now in the crosshairs of the country's dark horse presidential front-runner, libertarian radical Javier Milei, who has pledged to eventually scrap the central bank and dollarize the economy, Latin America's third largest.

Milei - facing a tight three-way battle with traditional political candidates on the right and left ahead of an Oct. 22 vote - says savers like Barro underscore why Argentina should shed the peso.

"I try to buy dollars, no matter how little," said Barro, who started to buy greenbacks on parallel markets in 2022 when 2,000 pesos got her $10. Now it would get her $2.70. "Pesos go like water and every day they are worth less."

Barro supports the idea of a dollarized economy in theory, but says she doesn't like Milei's aggressive style, which involves regular expletive-laced tirades against rivals and even the Pope. She is still undecided about her vote.

Milei's dollarization plan has sharply divided opinion: his backers argue it is the solution to inflation near 115% while detractors say it an impractical idea that would sacrifice the country's ability to set interest rates, control how much money is in circulation and serve as the lender of last resort.

"The argument for dollarization is that there is no price stability and the independence of the central bank is an illusion," said Juan Napoli, a Senate candidate for Milei's Liberty Advances party.

Napoli admitted Argentina was not yet ready for full dollarization. Milei and advisers have talked about a nine-month to two-year time frame.

"It requires a great political agreement between us and also having sufficient reserves," Napoli said. The central bank's current net foreign currency reserves are deep in negative territory. "It will take a while, it won't happen immediately."

'ABSOLUTE LAST RESORT'

Dollarization has been tried elsewhere, usually either replacing the local currency with dollars at a set exchange rate, or intervening in the markets to 'peg' the local tender to the dollar. The central bank loses its monetary policy setting role, but often is kept to handle technical and administrative tasks such as reserves management and payment systems.

Argentina pegged its peso to the dollar in 1991 under the neo-liberal economic policies of President Carlos Menem and even debated full dollarization. However, it was forced to undo the peg a decade later as a major economic crisis and run on the peso sparked riots and saw the currency board collapse.

Bolivia has a dollar peg, Venezuela has a quasi-dollar driven economy, while Ecuador, El Salvador and Panama all officially use the dollar. Zimbabwe dollarized and then abandoned it, though economists estimate that 80% of its local economy remains in dollars.

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

https://finance.yahoo.com/news/argentina-dollar-love-affair-agonizes-103152859.html

A message from Goldilocks on Monday, September 4, 2023

A message from Goldilocks on Monday, September 4, 2023

Happy Labor Day Dinar Recaps,

From Goldilocks today:

This room will be closed for 24 hours in honor of Labor Day unless really good news comes in...

I hope you have a wonderful day with your family and your friends.

© Goldilocks

This is important and has to be shared. Crypto Clarity is coming along with monetary policies inside the new digital asset-based trading system.

The G20 meaning is expected to give the green light for countries to move forward with their digital asset-based trading protocols.  

© Goldilocks

123090300490-1693798385967-short.mp3

(109K)
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In brief

"On 25 August 2023, the United States Treasury Department issued a notice of proposed rulemaking regarding tax reporting by brokers of transactions involving the sale or exchange of digital assets (“Proposed Regulations“).1 

These long-awaited Proposed Regulations are in response to section 80603 of the Infrastructure Investment and Jobs Act of 2021, which expanded the scope of information reporting obligations for brokers under Code section 6045 to cover transfers of digital assets.2"

Here we go...

© Goldilocks

https://www.globalcompliancenews.com/2023/09/03/https-insightplus-bakermckenzie-com-bm-tax-united-states-crypto-regulations-proposed-by-treasury_08312023/

https://www.govinfo.gov/content/pkg/FR-2023-08-29/pdf/2023-17565.pdf

~~~~~~~~~~

Baker Mckenzie Report-- United States: Crypto Regulations Proposed by Treasury  

Crypto_Regs_Alert_for_Publication_16077

~~~~~~~~~~

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Vietnam and Indonesia News Posted by Harambe at TNT 9-4-2023

TNT:

Harambe:  Vietnam PM meets with IMF Managing Director in Indonesia  | Vietnam+ (9/4/23)

Prime Minister Pham Minh Chinh met with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva on the sidelines of the 43rd ASEAN Summit and Related Meetings in Jakarta, Indonesia, on September 4.

Georgieva highlighted the Association of Southeast Asian Nations (ASEAN)’s and Vietnam’s positive economic growth, which, she said, has significantly contributed to spurring the sustainable growth of the global economy.

For his part, Chinh thanked the IMF and the Managing Director for their support to Vietnam in consultancy and policy making, helping the country stabilise the macro-economy and finance-monetary sector, and recover the national economy.

Lauding the fund’s role in promoting economic recovery after the COVID-19 pandemic and setting forth major orientations to remove difficulties and challenges, the PM said Vietnam stays ready to work together with the IMF to implement the agenda, focusing on the three pillars of stabilising the macro economy, supporting vulnerable countries and spurring growth.

Regarding the global economic situation, Georgieva pointed to a range of difficulties and challenges, which have also affected Vietnam.

Chinh also noted that the world economy is being impacted by many factors, including the lingering effects of the COVID-19 pandemic, the conflict in Ukraine, monetary tightening by many economies, supply – demand decline, and production and business stagnation.

To overcome the current difficulties and challenges, the PM and IMF Managing Directoragreed on the need for comprehensive solutions to ensure peace and stability.

They emphasised the importance of strengthening international solidarity, promoting multilateralism and continuing to boost international integration.

They shared the view that countries need to join hands to find new drivers for growth including green growth, circular economy, and sharing economy as well as the need to mobilse resources to expand production and business, create more jobs, promote innovation and start-ups, and not to politicise economic and scientific and technological issues.

The two sides agreed to strengthen the signing and negotiation of free trade agreements, remove trade barriers to facilitate the global circulation of goods; handle issues peacefully and cooperatively; promote the mobilisation of resources for development through public-private partnership.

The PM emphasised that in the context of complex global economic developments and potential risks, Vietnam will continue to implement the above mentioned groups of solutions to maintain macroeconomic stability, control inflation, maintain growth momentum, ensure major balances of the economy, and control public debt.

Vietnam will continue to implement flexible and effective monetary policy and fiscal policy with key focuses, promote both domestic and foreign investment, especially investment from the state sector. Vietnam will also coordinate and call on major economic hubs including ASEAN, to join hands in implementing the solutions.

The IMF Managing Director said that in the coming time, the IMF will continue to have solutions to help member economies increase their resilience against future shocks.

In the current trend of fragmentation in the world economy, the IMF hope that ASEAN in general and Vietnam in particular, on the basis of economic growth achievements,will promote its role in connecting economies and have a stronger voice in promoting global cooperation.

Chinh affirmed that Vietnam is ready to join hands with the IMF to implement measures to promote economic recovery.

Vietnam hopes that the IMF will continue to support Vietnam in policy consulting and making, technical support so that Vietnam can achieve its set development goals.

On this occasion, Chinh invited Georgieva to visit Vietnam soon and the latter happily accepted the invitation.

https://en.vietnamplus.vn/pm-meets-with-imf-managing-director-in-indonesia/267351.vnp

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

Harambe:  Vietnam, Indonesia eye comprehensive strategic partnership  | Vietnam+ (9/4/23)

Vietnamese Prime Minister Pham Minh Chinh met with Indonesian President Joko Widodo in Jakarta on September 4 on the sidelines of the 43rd ASEAN Summit and Related Meetings.

Both leaders spoke highly of the positive development in the strategic partnership between Vietnam and Indonesian since their meeting in Labuan Bajo in May.

They affirmed that the two countries will step up all-level delegation exchanges in the time ahead, setting milestones for the 10th anniversary of the strategic partnership in 2023 and looking towards the 70th founding anniversary of the bilateral diplomatic relations and the 80th anniversary of Vietnam’s National Day and Indonesia’s Independence Day in 2025.

The two sides agreed to effectively optimise bilateral cooperation mechanisms and coordinate to well implement signed agreements, including bringing the signed document on maritime cooperation into effect soon, creating momentum to elevate the strategic partnership to a new height, towards a comprehensive strategic partnership in the near future.

PM Chinh suggested the two countries maintain their trade ties in a more balanced way, striving to raise the bilateral trade revenue to 15 billion USD by 2028, and suggested the two governments encourage businesses of the two countries to increase investment, especially in such new areas as digital economy, green economy, energy transition and e-vehicle ecosystem development.

He also called on Indonesia ease the application of trade remedy measures against Vietnamese goods, thus facilitating the access of farm produce and Halal products originating from Vietnam to the Indonesian market.

The two countries should cooperate in new, strategic supply chains and enhance cooperation in the areas in which both sides are interested, he said.

The PM suggested Indonesia recognise Vietnam’s efforts in monitoring the operations of fishing boats, and minimising illegal, unreported, and unregulated (IUU) fishing activities.

President Widodo welcomed PM Chinh to Indonesia to attend the 43rd ASEAN Summit and related meetings.
He thanked and highly appreciated Vietnam's support for and active assistance to Indonesia's ASEAN Chairmanship in 2023.

President Widodo welcomed Vietnamese businesses, including VinFast, to invest in Indonesia and promote cooperation in the development of renewable energy and electric vehicle ecosystem.

The President suggested the two countries strengthen marine cooperation, and sustainable fishery cooperation and soon sign a Memorandum of Understanding on fishery cooperation.

Talking about regional and international issues, PM Chinh affirmed that Vietnam supports and works closely with Indonesia to ensure the success of the 43rd ASEAN Summit and the ASEAN Chairmanship Year 2023, contributing to strengthening solidarity, unity, and centrality of ASEAN and maintaining peace, stability, cooperation, and common development in the region.

Regarding the East Sea issue, the two leaders reaffirmed their support for maintaining ASEAN's solidarity and agreed principles in the East Sea issue, especially the early  finalisation of an effective Code of Conduct in the East Sea (COC) between ASEAN and China

In line with international law and the 1982 United Nations Convention on the Law of the Sea (UNCLOS). PM Chinh conveyed the invitations of Party General Secretary Nguyen Phu Trong and President Vo Van Thuong to President Widodo to visit Vietnam soon. President Widodo accepted the invitations with pleasure.

https://en.vietnamplus.vn/vietnam-indonesia-eye-comprehensive-strategic-partnership/267350.vnp

Harambe:  Vietnam central bank governor earns 'A+' in Global Finance report - VnExpress (9/4/23)

Hong, 55, is one of only three central bank governors in the world that was rated A+ by the U.S.-based magazine.

The other two were the Reserve Bank of India Governor Shaktikanta Das and Thomas J Jordan, Chairman of the Governing Board of the Swiss National Bank.

Hong became Governor of the State Bank of Vietnam (SBV), appointed by the legislative National Assembly, in November 2020.

She holds a master's degree in Developmental Economics and started working at SBV in 1991, where she held several management positions.

The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of 101 key countries, territories, and districts, including the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States, and the Central Bank of West African States.

Grades are based on a scale from A to F for success in inflation control, economic growth goals, currency stability and interest rate management, with an "A" representing an excellent performance down through an "F" for outright failure, according to a Global Finance press release.

The full Central Banker Report Cards 2023 report and grade list will appear in Global Finance's October issue print editions, as well as online at GFMag.com.

"Fighting inflation, which has been fueled by pent-up demand and disrupted supply chains, has everyone turning to their central bankers for help," said Global Finance founder and editorial director Joseph Giarraputo.

Governors that earned an A grade included Brazil's Roberto Campos Neto, Israel's Amir Yaron, Harvesh Kumar Seegolam of Mauritius, New Zealand's Adrian Orr, Paraguay's Jose Cantero Sienra, Julio Velarde of Peru, Chin-Long Yang of Taiwan, and Uruguay's Diego Labat.

https://e.vnexpress.net/news/business/economy/vietnam-central-bank-governor-earns-a-in-global-finance-report-4648918.html