Iraqi Economic News & Points to Ponder Late Tuesday Eve 9-12-23

Iraqi Economic News & Points to Ponder Late Tuesday Eve  9-12-23

Tlm724 Administrator Bondlady’s Corner

Visa Company To Al-Iqtisad News: We Have Licensed More Than 20 Entities To Export Visa Cards Inside Iraq

Dialogues    Economy News – Baghdad  Director General of Visa for the Arab Levant, Mario Macari, revealed that more than 20 entities have been licensed to issue Visa cards by banks and electronic payment companies in order to meet the needs of the market.

Al-Makari said in his speech to “Al-Iqtisad News” that the Iraqi market is one of the very promising markets, and we at Visa consider it one of the important markets for us, and we are working with all institutions, such as the Central Bank, the government, and banks, to build a very strong, safe and fast electronic payment network, including Benefit to the national economy.

He stressed that electronic payment in Iraq is growing annually, especially since 20% of the Iraqi people have bank accounts and benefit from the services. Visa has granted a license to more than 20 banks and electronic payment companies, and we have partnerships with banks and companies licensed by the Central Bank in order to develop payment. Electronic in Iraq.

Al-Makari praised the government's steps in activating electronic payment tools within government institutions and Iraqi society, but they require a period of time for their spread, especially since Iraq is witnessing a growth in the number of cards and merchants' use of electronic payment devices.

He added that electronic payment greatly serves the merchant, avoiding the risks of counterfeiting currency, theft, transferring money, and increasing sales. He can also measure the volume of his business through the revenues generated through electronic payment, indicating that trust between the citizen and the banking sector is increasing day after day.

Al-Makari pointed out that Visa has close cooperation with the Iraqi government, and we have successive meetings with the Prime Minister’s Office, to activate electronic payment, and electronic payment eliminates money laundering operations, because it knows its sources.

He stated that the citizen does not bear any cost in using electronic payment tools, but rather it is a small cost to the merchant, in exchange for the services he obtains, through technical support, and it is small compared to the quality of the services.

He noted that Visa has many partnerships with some companies, such as the Miswak application, as its sales through electronic payment were 1%, and when we worked on the partnership, it increased to 11%, of which 10% was Visa’s share, and this is a very large growth, so we are looking forward to making partnerships. With local and international merchants within the Iraqi market, we are currently working on partnerships with the Careem, Twitters and Meta applications.

He continued that Iraq is witnessing the spread of electronic payment tools through electronic wallets, and most cards are prepaid, but we are witnessing an increase in cards linked to a bank account, indicating that Visa has launched more than 50 products within the Iraqi market.

Al-Makari concluded his speech by saying that Visa is currently working on developing the electronic payment network within the Iraqi market through the use of QR and making the mobile phone a payment and collection point at the same time, and this is considered an optimal investment in technology.   Views 85 09/12/2023 -https://economy-news.net/content.php?id=36301

Al-Sudani: The Central Banks Of Iran And Iraq Are Working To Establish A Mechanism To Regulate Trade

The Iraqi Prime Minister said in an interview on Monday that the central banks of Iran and Iraq are working to establish a mechanism to regulate trade and eliminate the parallel market.

Iraqi Prime Minister Muhammad Shiaa Al-Sudani said on Monday that business in Iraq has now become reliable and real. Speaking to reporters, he said: The central banks in Iran and Iraq are working to establish a mechanism to regulate trade and eliminate the parallel market.

The Prime Minister of Iraq referred to the water crisis in this country, and said: “Today we are facing a global water crisis, and Iraq and the region are facing it because of climate change.” He added: “This summer was the most difficult season in the history of the Iraqi government, and water resources decreased to this extent for the first time.”

Of course, the Iraqi Prime Minister said that the Iranian side had made a major discharge in the Karun River.

Al-Sudani referred to the recent movements of American forces in Iraq and Syria, and said that these movements were a process of replacing one brigade with another brigade from the forces present in Syria.

He added that any movement in the Iraqi bases that include American military advisors will be made with the approval of the Iraqi government.

The Iraqi Prime Minister stressed that the movement of any military force in this country will not take place without notifying the central government.

Al-Sudani also referred to the country’s fight against the terrorist organization ISIS, and said that we obtained important information about the whereabouts of ISIS leaders in Iraq and targeted these places.

He added that his country’s strategy is to target ISIS, and we will not wait for attacks by this group anywhere.

In this interview, the Iraqi Prime Minister confirmed that Iraq does not need foreign military forces and announced this clearly. Al-Sudani added that Iraq is part of the international efforts to combat the terrorist organization ISIS.    https://economy-news.net/content.php?id=36299

“Black Gold Mafias” In Iraq...Holes That Generate Billions Of Dollars In The Pockets Of Influential Parties - Urgent

Today, Sunday (September 10, 2023), oil affairs specialist Ghanem Hassan revealed the truth about the existence of crude oil “mafias” in Iraq.

Hassan told "Baghdad Today", "Crude oil mafias exist in the country, especially the southern governorates, and they are basically arms of powerful parties that steal oil by bypassing the main pipelines, but they are not able to drill any well and steal crude oil because the well-drilling mechanism is complex and requires huge resources." It can only be provided through the Ministry of Oil and international investment companies.”

He added, "The theft of oil takes place in the remote areas through which crude oil pipelines pass and is monitored from time to time," pointing out that "the Ministry of Interior dismantled, months ago, the largest network in the history of Iraq for stealing and smuggling oil in which senior officers were involved," noting that “The network revealed many secrets.”

He continued: "There are wells in northern Iraq being drilled by specialized companies, and oil is being smuggled away from the Iraqi Marketing Company (SOMO), and there are important parties involved in this act and they are monitored and known by those concerned."

He pointed out that "Iraq's problem is smuggling, which represents a huge waste of the country's wealth, as it is sold for up to 40% less than its real price, and the money goes into the pockets of corrupt people, mafias, and the economic arms of certain parties." 

Black Gold Mafia

Observers indicate that due to the weakness of government oversight and the difference in fuel prices between the provinces of the region compared to other provinces and neighboring countries, oil smuggling operations are carried out by creating holes in the main transport pipelines by connecting high-pressure pipes to withdraw and smuggle the oil .

Prime Minister Muhammad Shiaa Al-Sudani announced on November 2, 2022, “the dismantling of the largest oil smuggling network in Basra Governorate, at a time when the National Security Service revealed the involvement of senior officers and employees, directors in the Energy Police and a number of associates in Basra Governorate, and the confiscation of 49 tanks.” With wheels prepared for smuggling, 93 dens and 496 tanks violating controls were found, in addition to the closure of 11 stations violating controls as well, while the smuggled quantities were estimated at 75 million barrels per month.

By calculating the minimum return on sales from the smuggling network. If the value of one barrel is estimated at $50, the revenues generated from selling 75 million barrels would be approximately four billion dollars per month.

The revelation of the dismantling of a number of oil derivatives smuggling networks opens the door to the file of the “black gold mafia,” which has spread in the country under the auspices of a number of senior officials and police commanders, causing severe damage to the Iraqi economy and negatively impacting the livelihood of citizens  LINK

To end the dispute between the region and Baghdad. Parliament intends to legislate the oil and gas law in its current session, 11 SEPT

Time : 2023/09/10 13:09:44  {Political: Euphrates News} Member of the House of Representatives Zainab Al-Khazraji confirmed the determination of the House of Representatives to approve the oil and gas law during the current session to end all differences between Baghdad and the region.

Al-Khazraji said in a statement drawn by {Euphrates News}, that "the adoption of the oil and gas law will end all the differences that exist between Baghdad and the region, which have been pending for years."

She added, "Among the important laws that the House of Representatives intends to approve is the oil and gas law, which has been suspended since 2005," indicating that "its approval will contribute to preserving the fair distribution of wealth throughout Iraq.   LINK

Parliamentary Finance Reduces The Importance Of The Rise In Dollar Exchange Rates: It Does Not Harm The Markets

2023-09-11 02:47  Parliamentary Finance reduces the importance of the rise in dollar exchange rates: it does not harm the marketsShafaq News/ The Finance Committee in the Iraqi Parliament considered, on Monday, the fluctuation and rise in the exchange rates of the US dollar as “not affecting the local markets,” while revealing plans to reduce the need for the dollar on the black market.

Committee member Moin Al-Kadhimi told Shafaq News Agency that the Iraqi government provides the market’s needs for imported goods, living benefits, and travelers’ needs for dollars through the currency sale window at the official prices (1,320 dinars) by 80%.

Al-Kadhimi stated that the reasons for the rise are the merchants’ need for 20% of the general needs of the Iraqi market to import goods from countries that are not permitted to be dealt with in dollars, and this is the most prominent reason for the rise in the price of the dollar.

Al-Kadhimi stressed that the government is making continuous efforts and plans to reduce the need for the dollar in black markets, maintain the stability of exchange rates, and secure all basic needs for the dollar.

Al-Kadhimi promised that the rise and fluctuation of the current dollar exchange rates does not affect the Iraqi market, stressing that the trading of goods takes place in a smooth manner.  shafaq.com   

Al-Sudani: The Decision To Raise The Dollar Exchange Rate In The Previous Government Was Not Well Thought Out And Its Impact Was Negative On The Citizen

Monday 11, September 2023 22:01 | Economical Number of readings: 201  Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that the decision to raise the dollar exchange rate in the previous government was not considered and its impact was negative on the citizen. He  said in an interview with a number of Iraqi satellite channels that the dollar is linked to many sectors and cannot be dismantled.

He added that the banking and financial sector He has not witnessed any reform process since 2003, and he explained that Iraq's trade is now reliable and real.

He continued that the Iraqi and Iranian central banks are working on a mechanism to regulate trade and break the back of the parallel market.

He explained that the tobacco trade has zero revenues despite it being the strongest trade.

He continued: We have real reforms for the financial sector, and the teams are working on that.

He said that the banks that were banned from dealing in dollars were supposed to be punished by the Central Bank

He added: There is an American understanding of all the measures taken regarding reforms from Iraq./End    https://ninanews.com/Website/News/Details?key=1077006

Al-Halbousi Opens Fire On The Central Bank: Money Smuggling Chaos!

On Monday, economic expert Omar Al-Halbousi revealed a significant problem that has arisen since the United States introduced Iraq to the external transfer platform. He emphasized that the complexity and delay in sending remittances is not due to the platform itself, but rather due to influential individuals and speculators who are manipulating the financial and banking sector. These individuals have dangerous influence in the central bank, causing further complications.

In an exclusive statement to “Jarida”, Al-Halbousi expressed that after the US decision to introduce Iraq to the external transfer platform in order to monitor and limit unauthorized transfers, a significant problem arose due to the complicated procedures implemented by the Central Bank and banks, which led to delays in sending transfers.

Citizens and merchants were unhappy with a delay and complicated procedures caused by the Central Bank’s failure to monitor and hold violators accountable. The Central Bank could have prevented these issues by better utilizing its authority. This was stated by an individual who added that these complaints were received.

Al-Halbousi stated that the complexity and delay serve the purpose of perpetuating chaos in remittances, in order to maintain the black transfer process under this chaos.

The economic expert explained that despite the presence of the platform, illegal transfers still occur and are redirected towards their intended destination.

During an interview, he disclosed that the Central Bank not only turned a blind eye to the disorder and illegal transactions but also colluded with banks to sustain the smuggling process and create obstacles for ordinary citizens. This is done in order to exploit the situation by channeling money to specific parties.

Al-Halbousi explained that the complexity of the issue would persist as it is advantageous for certain parties to maintain it in this manner. They do this to be able to push through their own agendas and to use the excuse of complications and delays. Although this is often attributed to the platform, it is not the platform’s fault.

At the conclusion of his speech, the economic expert blamed “influential people and speculators” for manipulating the financial and banking sector, delaying and complicating the sending of remittances.

https://jaredaiq.net/News/5597

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

https://www.bondladyscorner.com/

MilitiaMan: IRAQ - UST - IRAN - CENTRAL BANKS - IRAQ DINAR - RIAL and or TOMAN?

IRAQ - UST - IRAN - CENTRAL BANKS - IRAQ DINAR - RIAL and or TOMAN?

MilitiaMan and Crew:  9-12-2023

The Crew:  Samson, PompeyPeter, Petra, Angel1,  Daytrader, Sunkissed, GIGI and Militia Man

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

https://www.youtube.com/watch?v=Xf7pcAZGwC4

Iraqi Economic News & Points to Ponder Tuesday Evening 9-12-23

Iraqi Economic News & Points to Ponder Tuesday Evening 9-12-23

Tlm724 Administrator Bondlady’s Corner

A Source Reveals Details Of Dollar Smuggling: The Responsibility Falls On The Kurdistan Region In Cooperation With Speculators

Political | 03:44 - 12/09/2023   Baghdad - Mawazine News   An informed source revealed details of dollar smuggling, holding the Kurdistan Region and speculators in the Al-Kifah and Al-Harithiya stock exchanges responsible.

The source said in an interview with Mawazine News, “The current rise in the dollar exchange rates is the responsibility of the Kurdistan region and most of the currency smuggling operations through the border crossings of Erbil, in cooperation with speculators in the Al-Kifah and Al-Harithiya stock exchanges.”

He added, "Speculators, smugglers, and currency traders are using the region as a safe haven for their illegal actions." https://www.mawazin.net/Details.aspx?jimare=234833

The Dollar Continues To Rise In Local Markets

Economy  Tuesday, September 12, 2023 10:31 AM  Baghdad/National News Center  Today, Tuesday, dollar prices recorded an increase in the markets of the capital, Baghdad.

Dollar prices rose at the opening of the Al-Kifah and Al-Harithiya stock exchanges to record $155,000 against $100, while prices yesterday morning, Monday, were 154,100 dinars against $100.

Selling prices in exchange shops in local markets in Baghdad reached 156,000 dinars per 100 dollars, while purchasing prices reached 154,000 dinars per 100 dollars.   https://nnciraq.com/226446/

Central Bank Sales Amounted To More Than $201 Million

Economy News – Baghdad  Today, Tuesday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 201.3 million dollars.

The Central Bank’s website published its dollar sales schedule, which Al-Iqtisad News reviewed. It included the participation of 27 banks and 145 exchange companies, and foreign transfer requests covered $137.2 million, while cash requests amounted to more than $64.1 million.

The Central Bank of Iraq sells the dollar for documentary credits and international settlements for electronic cards at a price of 1,305 dinars per dollar, for every dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash. Views 25  09/12/2023 - https://economy-news.net/content.php?id=36300

Parliamentary Finance Decides To Host The Ministers Of Federal Oil And Wealth In Kurdistan

Economy News – Baghdad  The Parliamentary Finance Committee decided, on Tuesday, to host the Ministers of Federal Oil and Resources in the Kurdistan Region, while indicating that it would submit its report to the Presidency of Parliament to find out the reasons for the interruption of funds from the region.

The head of the committee, Atwan Al-Atwani, told the Iraqi News Agency (INA), followed by “Al-Eqtisad News,” that “the committee hosted the government team negotiating with the Kurdistan region, which is the first step regarding the task assigned to the House of Representatives to reach appropriate solutions regarding the region’s amounts in accordance with the constitution and the budget law.” .

He added, "The committee will host during the current week the current Minister of Oil in the government and the Minister of Wealth in the Kurdistan region to complete the meetings and boycott the information provided by the government team to find out where the defect lies,"

noting that "the committee will submit its report to the House of Representatives during the current week to find out the reasons for cutting The amounts for the region, and what solutions the House of Representatives could take to guarantee the rights of citizens in Kurdistan.”  Views 53   09/12/2023   Https://Economy-News.Net/Content.Php?Id=36303

The Parliamentary Economy And Trade Committee Monitors Financial And Administrative Corruption In The Ministry Of Commerce

Economy News – Baghdad  The Parliamentary Economy, Industry and Trade Committee announced, on Tuesday, monitoring suspicions of financial and administrative corruption, cases of circumvention of laws and instructions, and clear confusion in the Ministry of Commerce, specifically the General Company for Central Markets.

The head of the subcommittee of the Ministry of Commerce, Representative Kazem Al-Shammari, said in a statement received by Al-Iqtisad News, “The General Company for Central Markets is experiencing a state of confusion, mismanagement, and lack of planning by announcing tenders to occupy central market complexes, and after companies submit their bids, the company resorts to replacing The method of contracting and the transition to investment and then moving to the method of participation.

These rapid transitions and change in the method of contracting confirm the existence of circumvention of the law and a complete disregard for the role of the regulatory authorities.”

He added, "These procedures have been taking place for quite some time, and the Minister of Commerce has not done anything despite being informed more than once, in official letters, of the existence of these serious violations that cause the waste of public money."

Al-Shammari stressed, “After the Parliamentary Economy, Industry and Trade Committee completes its audit procedures for the Ministry of Commerce, the appropriate decision will be taken in a manner consistent with the Constitution and stipulated in the bylaws.”

Views 44 09/12/2023   https://economy-news.net/content.php?id=36299

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

https://www.bondladyscorner.com/

Points to Ponder on Education and Wisdom:

“It is the mark of an educated mind to be able to entertain a thought without accepting it.”  - Aristotle

“Education is when you read the fine print. Experience is what you get if you don’t.”   - Pete Seeger

“The only true wisdom is knowing that you know nothing.”  - Socrates

 “To repeat what others have said requires education. To challenge it requires brains.”
- Marry Pettibone Poole

“It is possible to store the mind with a million facts and still be entirely uneducated.”
- Alec Bourne

“Life is not divided into semesters. You don’t get summers off and very few employers are interested in helping you find yourself.”  - Bill Gates

“Intellectual growth should commence at birth and cease only at death.”  - Albert Einstein

“Education is like a double-edged sword. It may be turned to dangerous uses if it is not properly handled.”  - Wu Ting-Fang

“Ignorance, the root and the stem of every evil.” - Plato

“Education’s purpose is to replace an empty mind with an open one.”  - Malcolm Forbes 

Goldilocks' Comments and Global Economic News for September 12th

Goldilocks' Comments and Global Economic News for September 12th

Good evening Dinar Recaps,

"A lithium deposit discovered in a volcanic crater along the Nevada-Oregon border may hold up to 40 million metric tons of the rare metal — possibly the largest ever in the world, which could have a massive impact on the electric vehicle industry, according to a new study."

Just when you think there is no hope for the US, Mother Nature goes and surprises everyone with a historical find hidden underneath our feet.  This historical site contains what is being currently perceived to be the largest lithium deposit in the world.

It is the next stage of our evolution in creating electronic vehicles and a wonderful resource that will become a monetary catalyst for the future of our new digital economy.

© Goldilocks

https://nypost.com/2023/09/11/lithium-deposit-found-in-us-mcdermitt-caldera/

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"Crypto Market Anticipates Impact of Upcoming FTX Liquidation"

FTX is expected to liquidate $3.4 billion worth of cryptocurrencies on September 13th, 2023. At the time of this writing, this will be tomorrow.

The entire cryptocurrency space is interconnected, and the impact of such an event as this is expected to affect prices.

A market liquidation affects everything. A majority of the investors will be leaving or selling off their assets currently being traded on that market.

This could temporarily bring the price of many of your favorite cryptos down temporarily. It is an opportunity for investors to assess the cryptos they may want at lower prices that is different from what they had on the FTX platform.

Look for tomorrow's FTX liquidation to cause volatility and formulate new price patterns on current preferred digital assets.

We have a historical moment in the making and one of which has the potential to change many lives.

© Goldilocks

TheCurencyAnalytics Link
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I have noticed hundreds joining the Goldilocks QFS - Conversations Room for the last 2 days, so I want to clarify what this room is all about.

It is set up as a read-only room, so we can understand the new steps that lead to the new digital economy as it is becoming available to us each day and has for the last 2 years.

We are currently witnessing the new QFS forming its final building blocks. The new digital economy is called, a "digital asset-based trading system."

You will see various forms of Intel provided in this room from many sources, but the real Intel is coming from technological advances on the new digital payment system.

Technology is the real Intel going forward on the Global Currency Reset since its primary mission is to level the playing field for all countries around the world digitally.

Feel free to share any information that you get in this room, but if you copy and paste any of the information provided by the author in other rooms just give credit where credit is due.

We are in this together, and the author of this room and those who help keep it safe and secure feel that it is important to share info as it comes along.

This new information does not belong to the author for its origination comes from sources beyond this room. We just simply want to help people.

© Goldilocks

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New IRS Form 1099 Crypto Reporting Rules Bring More Taxes
Forbes Link

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NIST Stablecoin Report Highlights Security and Stability Concerns

"The report begins by identifying four “properties” that typically apply to all stablecoins. Stablecoins are “tokenized”, meaning that they are a cryptocurrency token managed by smart contracts. Stablecoins also are “fungible”, meaning that they can be substituted for each other and are not unique, but also meaning that they have little to no pricing volatility, relative to their pegged asset or index. They are “tradeable”, and finally, they are “convertible” in that they can be converted to other currencies or the pegged asset."

Stablecoins are currently going through reforms to make them more safe and more usable for countries around the world.

This study provided six areas of concern that need to be cleared up before their implementation is possible. No date was given, but everything is in process at this point anyway inside a pilot phase that will give us a safe environment for testing currently taking place this month.

This article is a report. A report monitors trends and policies related to access. It monitors use-case scenarios. And, a report offers recommendations based on the impact of digital technologies from a development perspective.

In other words, stablecoins have moved to the developmental stage.

© Goldilocks

https://www.jdsupra.com/legalnews/nist-stablecoin-report-highlights-3575983/

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President Biden Announces New USAID Commitments to Vietnam | Press Release | U.S. Agency for International Development
USAID Link

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Banking Announcements:

Hong Kong is expanding its technical testing to include more banks and testing the digital yuan wallet’s top-up function through FPS.

https://www.regulationasia.com/hkma-pboc-enter-next-phase-of-e-cny-technical-testing/

Companies seeking to purchase $50mn or more in dollars will now need approval from the PBOC, which is trying to stabilise the yuan.

https://www.regulationasia.com/china-tightens-approval-process-for-large-usd-purchases/

Taiwan Set to Issue New Regulatory Guidelines for Crypto Sector

https://www.regulationasia.com/taiwan-set-to-issue-new-regulatory-guidelines-for-crypto-sector/

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Further interest rate rises needed to crush inflation, Bank rate-setter warns
https://www.telegraph.co.uk/business/2023/09/11/bank-rate-setter-interest-rate-rises-needed-inflation/

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Use of local currencies to speed up trade and reduce costs 

"The use of local currencies in trade relations between BRICS countries will accelerate trade and reduce international costs. This was stated by Brazilian Foreign Minister Mauro Vieira during the Bom Dia, Ministro programme."

https://tvbrics.com/en/news/use-of-local-currencies-to-speed-up-trade-and-reduce-costs-in-brics/

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Press Release: PayPal Introduces On and Off Ramps for Web3 Payments
NewsroomPaypal Link

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FTX 2.0: Crypto exchange to lay out reboot plan

FTX has contacted more than 75 bidders since May to gauge industry interest in supporting the reopening of the exchange, according to a presentation filed in Delaware state court.

Several bidders have submitted proposals that are currently going through the due diligence and information exchange process, the legacy managers said, and the deadline for submitting new proposals is Sept. 24.

A plan to relaunch a new version of the defunct cryptocurrency exchange could come as early as next year.

In case you're new to this, FTX was one of the world's largest digital asset trading platforms prior to its bankruptcy.

It was a key part of a cryptocurrency empire controlled by its now-jailed CEO Sam Bankman-Fried, who faces trial next month on fraud and other charges.

https://twitter.com/MultiPolarMarkt

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Stellar Announcement:

The moment is here. The idea is no longer just an idea. The hard work, long nights, and sacrifice have turned into something we can touch, see, and experience. Welcome to the new Stellar — where blockchain meets the real world.

-denelle

Stellar Link
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Thank you Dinar Recaps

Iraqi Economic News & Points to Ponder Tuesday Afternoon 9-12-23

Iraqi Economic News & Points to Ponder Tuesday Afternoon  9-12-23

The Dollar Crushes The Dinar And The Central Bank Continues To “Pump Hard Currency”

TUESDAY, SEPTEMBER 12, 2023, KARAR AL-ASSADI   Central Bank sales at auction on Tuesday amounted to more than $200 million, while the dollar continues to crush the Iraqi dinar in local markets.

Today, during its auction for buying and selling the US dollar, the Central Bank sold 201 million, 395 thousand and 261 dollars, which the bank covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash. (131,000 dinars per 100 dollars).

Most of the dollar sales went to strengthen balances abroad in the form of (remittances, credits), amounting to 137 million 225 thousand and 261 dollars, while cash sales amounted to 64 million and 100 thousand dollars.

The number of banks that purchased cash dollars reached 10 banks, while the number of banks that responded to requests to enhance balances abroad reached 17 banks, while the total number of exchange and brokerage companies participating in the auction was 145 companies.

The Dollar Crushes The Dinar

The exchange rates of the US dollar against the Iraqi dinar rose today in the markets of Baghdad and the rest of the provinces.

Prices in the main Kifah and Harithiya stock exchanges in Baghdad recorded 155,500 dinars for 100 dollars, while  selling prices in exchange shops in local markets in Baghdad reached 156,500 dinars for every 100 dollars, while purchase prices reached 154,500 dinars for every 100 dollars.

Citizen And Government

The government has repeatedly confirmed, through Iraqi Prime Minister Muhammad Shiaa Al-Sudani, that the exchange rate will decline immediately after the approval of the country's general budget, which was also confirmed by many government officials over the past months, but that has not happened yet.

While the rise in the exchange rate of the dollar against the Iraqi dinar raised concerns among official and popular circles in Iraq, after the US Federal Bank set strict regulatory conditions requiring the currency selling window to display lists of dollars sold that include the names of the people and beneficiaries to indicate the Federal Bank’s position on the safety of the purchasing process for the party presented.

The request is not linked to entities subject to international embargoes or sanctions by the US Federal Reserve.

Representative Raed Al-Maliki says, “The solutions proposed by the government regarding exchange rates did not contribute to addressing the root of the problem, and it was expected that the government’s determination of the exchange rate was what determined the price, and what happened in the budget was the approval of the price, but in the market the price was different and a gap occurred.” .

Al-Maliki points out that "the real cause of the problem, which will solve the exchange rate crisis, is related to trade, as a large part of Iraqi trade and imports are not covered by dollars, and the reason for this is that they occur unofficially, through unofficial outlets, and countries that refuse to deal with the United States of America."

He asserts, "The continued lack of state control over trade and the continuation of informal trade, which takes place without knowledge and passes through official ports, has deprived Iraq of many revenues related to the economic situation."

Currency Bank

A Western website specialized in Iraqi economic affairs stated that what is happening in Iraq is the “largest difference” between market prices and the official “window” price of the Central Bank of Iraq. He also urged the Central Bank to activate the steps of selling foreign currency at official prices to citizens through purchases with electronic cards, opening sales outlets for travelers or patients outside Iraq, or financing foreign trade, in accordance with fundamentalist contexts and international standards for opening documentary credits and remittances.

The Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, on July 24, 2023, to discuss the banking sector, the high exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks.

The relationship between “there is optimism in the process of reforming the economic reality and money management, and the process of controlling the exchange rate,” adding: “We hope to achieve economic stability and improve performance,” pointing out that there is a problem related to the presence of sanctions imposed on some banks, which leads to challenges that must be faced. There is a need to find sufficient measures to control the labor market and the exchange rate.

Specialists have confirmed that opening outlets to sell the dollar on a monthly basis to every citizen does not have any positives. Rather, this matter will lead to an increase in currency smuggling operations and an increase in black transfers, and this matter will raise the dollar more in the market, as the citizen will sell the dollar to speculators, with the aim of making black transfers, and for this reason There is no such government approach.

From time to time, “proposals and demands” come out to sell the dollar directly to all citizens, to eliminate the dollar crisis and its rise in the parallel market, which is rejected by experts.

Smuggling

The government took a decision last February to raise the value of the Iraqi dinar against the dollar after its price reached 1,470 dinars per dollar at the end of 2020. It was implemented by the previous government to fill the deficit in expenses and salaries due to the decline in oil prices in global markets. While the Ministry of Interior prevented merchants and citizens from dealing in dollars in markets and shops, and limited transactions to the Iraqi dinar.

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

It seems that the economic and security solutions to the rise in the price of the dollar in the parallel market inside Iraq did not achieve any significant results, but rather complicated the scene and led, in part, to an increase in prices in the Iraqi markets.   https://non14.net/public/160107

A Hand Has Been Placed On The “Reason” For The Rise In Dollar Prices, And An Expert Warns A Group Against “Burning With Fire”

2023-09-12 Shafaq News/ Economist and former general director at the Central Bank, Mahmoud Dagher, revealed on Tuesday that the rise in the dollar is due to the leakage of currency to punished entities.

Dagher said in an interview with Shafaq News Agency, “There is no dollar crisis, but rather a crisis of merchant dollars in cash that leaks to cover trade with punished entities, and it represents only less than 10 percent of the central bank’s sales. The dollar is stable in financing imports to Iraq at 1,320 dinars to one dollar.” ".

He added, "The cash problem does not represent a large volume, and therefore the demand for it is a demand for the purpose of continuing imports from punished entities. This is a mistake committed by these merchants, so let them bear the price increase."

He pointed out that "the poor Iraqi citizen has nothing to do with the dollar, as inflation is low, and the person who has a salary has nothing to do with the dollar. When he wants to travel, for example, he has a card that he puts the required amounts on, and he goes out and takes dollars for purposes of living and shopping, so he does not need cash dollars."

He continued, "Those who need cash dollars are those who deal with sanctioned entities or speculators," noting that "these will suffer the fire of this rise until they abandon this type of trade or find another outlet until they return to the right path."

He stated that "the central bank is not responsible for what happens to the cash dollar, but rather speculators and importers from the sanctioned entities, who represent a small amount of the bank's total sales."

The dollar is witnessing a gradual rise against the Iraqi dinar during these days, recording 155,000 dinars against 100 dollars on Tuesday morning on the Al-Kifah Stock Exchange.   LINK

An Upcoming Round Of Negotiations Regarding The Oil And Gas Law

Time: 09/12/2023   Read: 806 times   {Politics: Al-Furat News} Member of the Parliamentary Finance Committee, Moin Al-Kadhimi, revealed today, Tuesday, an upcoming round of negotiations between Baghdad and Erbil regarding the oil and gas law.

A useful summary of important news can be found on the Al-Furat News channel on Telegram. To subscribe, click here

Al-Kazemi said {to Al-Furat News}: “There is an upcoming round of negotiations on the oil and gas law from joint committees in Baghdad, Erbil, and the oil-producing governorates to agree on the final draft of the law.”

He explained, "The Ministry of Oil presented the draft law, but it requires, in addition to the professional and specialized side, a political decision from the blocs to be convinced to submit the draft law to the House of Representatives for the first and second reading and approval, to end the chronic crisis between the center, the region, and the center over the previous years."

It is noteworthy that on August 2, Prime Minister Muhammad Shiaa Al-Sudani held a meeting to discuss the draft oil and gas law, which witnessed a review of the latest drafts of the draft law, its details and clauses.

Blocked Laws

Al-Kadhimi referred to “the package of laws that the government sent to the House of Representatives and set a schedule for their approval,” stressing “the seriousness of the parliamentary committees in continuing to pass them, even those that are disputed, including the Mental Health Law.”

He stated that "the mental health law includes an article that refers to global health concepts and instructions, and there are fears of attempts to penetrate the traditions of Iraqi society, and it was rejected by most representatives. Accordingly, there is a strict decision to amend these articles, and so on if we reach the Domestic Violence or Child and Family Law."  

Al-Kadhimi stressed, “The desire of the coordination framework to conform the laws in accordance with social norms, even the general amnesty law, on the condition that it does not include terrorists and those whose hands are stained with the blood of Iraqis,” adding, “There is a clear majority within the House of Representatives and an unprecedented comfort and harmony to proceed with passing laws that affect the life of the citizen.”

Yesterday, Monday, the House of Representatives completed the first reading of the draft mental health law submitted by the Health and Environment Committee to improve the level and quality of mental health services in Iraq and their compatibility with international standards by developing treatment methods, respecting the rights of mentally ill patients, developing the efficiency of workers in the field of mental health, and activating the role of health institutions. Psychological and granting incentives to encourage work in psychiatry.    LINK

Points to Ponder From Albert Einstein:

The intellect has little to do on the road to discovery -- There comes a leap in Consciousness, call it intuition or what you will -- and the solution comes to you and you don't know how or why - Albert Einstein

“Imagination is more important than knowledge - For while knowledge defines all we currently know and understand, imagination leads us to all we might yet discover and create.” - Albert Einstein

"Great spirits have always found violent opposition from mediocre minds. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence"  Albert Einstein 

"Tidbits From TNT" Tuesday 9-12-2023

TNT:

Tishwash:  The Austrian Foreign Minister announces from Baghdad the reopening of his country's embassy in Iraq

Austrian Foreign Minister Alexander Schallenberg announced today, Tuesday (September 12, 2023), the reopening of his country's embassy in Baghdad, while indicating the signing of an agreement with Iraq in the field of internal security. 

The Austrian Foreign Minister said in a joint press conference with his Iraqi counterpart, Fuad Hussein, followed by “Baghdad Today”: “Today we will sign an agreement in the field of internal security in Iraq.” 

He added, "Iraq plays an important role in the stability of the region," noting that "he is here in Baghdad to deepen relations with Iraq in several areas." 

For his part, Iraqi Foreign Minister Fuad Hussein said, "Iraq welcomes Austrian companies," noting that he "touched political consultations with Austria and relations continue." 

He continued, "We also discussed the return of Austrian Airlines to Baghdad, and the file of the Iraqi community in Austria, which numbers 30,000." 

While Hussein indicated that "he will visit Tehran tomorrow," noting that "the constitution does not allow any party to use Iraqi lands to attack neighboring countries."   link

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CandyKisses:  Iraqi-Iranian cooperation to strike parallel market

Baghdad - Iraq Today:

Prime Minister Mohammed Shia al-Sudani revealed cooperation with Iran to strike the parallel market.

In an interview with a group of journalists, al-Sudani said that "the dollar is linked to many sectors and cannot be dismantled, and that the banking and financial sector has not witnessed any reform process since 2003."

He added, "The Central Bank dealt with a previous decision that was not studied when reducing the current dollar exchange rate," noting that "Iraq's trade is now reliable and it is real."

"The Iraqi and Iranian central banks are working on a mechanism to regulate trade and break the back of the parallel market," he said.

Al-Sudani pointed out that "the tobacco trade has zero revenues despite being the strongest trade."

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Tishwash:  A new American decision regarding transferring funds to Iran. Reuters reveals the details

US Secretary of State Anthony Blinken notified Congress and foreign banks of transferring $6 billion to Iran via Qatar, which are financial assets that were frozen in South Korea as part of a sanctions package on Tehran, in preparation for the implementation of a prisoner exchange agreement between Iran and the United States. United.

 This came according to what was reported by a news agencyBloomberg, Tuesday, September 12, 2023, which said it had obtained a copy of the notification issued by the US State Department.

Blinken stressed his assurance to Congress that the amount of $6 billion will be kept in restricted accounts in...Qatar, as it will be “available only for humanitarian commerce.”

America had paved the way for the return of $6 billion in oil revenues to...TehranAfter an agreement to hand over prisoners holding American citizenship, held in...IranAs of (06:12 GMT), no official statement has been issued by the US State Department or any official body confirming what was stated in the notification whose details were quoted.Bloomberg.

This notification issued by the US State Department allows German, Irish, Qatari, South Korean and Swiss banks to transfer $6 billion, which were frozen in...South KoreaWithout fear of violating US sanctions.

For its part, the agency saidReutersIt also reviewed the document confirming America's approval of an exception requiring the transfer of funds to...IranShe added that the document indicates that Secretary of State Blinken decided that the exception to the sanctions is in the national security interest of the United States.

The document stated that the transfer of funds would provide only “limited benefit to...Iran"Because the money can only be used for trade for humanitarian purposes.

White House spokeswoman,Adrian WatsonOn September 8, 2023, Blinken took “a procedural step in an ongoing process to ensure that Iranian funds can be transferred from one restricted account to another and remain restricted from trade for humanitarian purposes,” he said in a statement late yesterday, Monday.

In turn, she wasIranian Ministry of Foreign AffairsIt said Monday, September 11, 2023, that it expects to transfer assets frozen abroad to...Tehran“Within days,” as part of an agreement signed with the United States last August.

On August 10, 2023, the broad outlines of the agreement between America and...IranUnder which five US citizens will be detainedIranTo leave in exchange for the transfer of money and the release of five Iranians detained in the United States.

The Minister of State was BQatari Ministry of Foreign Affairs Muhammad Al-KhulaifiHe said in August 2023, in televised statements reported by the Qatari Foreign Ministry on the “X” platform, that the mediation carried out by Doha between the United States and...IranAn agreement was reached that would release prisoners.  link

Mot: siigghhhhh 

Mot: . Those Special Moments during Marital Bliss!! ~~~

Iraqi Economic News & Points to Ponder Monday Evening 9-11-23

Iraqi Economic News & Points to Ponder Monday Evening 9-11-23

Tlm724 Administrator Bondlady’s Corner

Federal Prime Minister: We Are Committed To The Budget Law And We Refer Those Accused In The Kirkuk Events To The Law

Iraq 14:25 - 2023-09-10 Federal Prime Minister Muhammad Shiaa al-Sudani announced his commitment to the general budget law and dealing with the region’s entitlement to the budget on the basis of the general budget law issued by the House of Representatives. Regarding the outbreak of the crisis that occurred around the building of the advanced headquarters of the Joint Operations Command in Kirkuk, which the Democratic Party left after the referendum, the Prime Minister confirmed Federal Ministers refer those accused of martyring and wounding citizens in Kirkuk to law.

Muhammad Shiaa Al-Sudani said during a statement to the Kurdsat News satellite channel: “There are numbers and statistics that govern everyone’s budget entitlements, and we, in turn, are committed to the general budget law.”

The Prime Minister of the Federal Council added: “We deal with the region’s share on the basis of the general budget law, and we are also awaiting the result of hosting the Minister of Finance of Iraq and the region to the Finance Committee and the House of Representatives to address budget-related disputes.”

Regarding the tensions and disturbances that occurred in the past few days in Kirkuk over a building belonging to the Democratic Party, which it left as a result of the Kurdistan Region’s referendum and occupied by the General Command of Joint Operations in the city, Muhammad Shiaa al-Sudani pointed out that: “Kirkuk must be removed from disputes and conflicts, and we will remove anyone whose hands are dirty.” "With the blood of the citizens of Kirkuk, it will be transformed into the law." https://kirkuktv.net/AR/Details/17301    

18 Countries Confirm Their Participation In The 47th Session Of The Baghdad International Fair

Money  and business   Economy News – Baghdad  The Ministry of Commerce announced, on Monday, the confirmation of the participation of 18 Arab and foreign countries, and 25 others under negotiation, to attend the Baghdad International Fair in its forty-seventh session.

Ministry spokesman Muthanna Jabbar said, “This year’s Baghdad International Fair is characterized by government support at the highest levels, in addition to a high interest in green spaces, dancing fountains, colorful interactive lights, artistic events, and poetry evenings, in addition to establishing a special radio for the fair, and providing free water and juices.” And some meals during the events, and the exhibition days will include other surprises.”

Jabbar added, "The international participation confirmed by official contracts is 18 countries, including Japan, Turkey, Spain, Azerbaijan, and all Arab countries, while the countries that are still under negotiation are 25 countries, and their participation will be decided within the next two weeks."

He pointed out, "The participation costs of Arab and neighboring countries will be 50 percent of the total participation costs per square meter, while for local companies, they will be 30 percent of the total participation costs."   102 views   09/11/2023 - https://economy-news.net/content.php?id=36272

Iraqi "SOMO": 2.504 Million Barrels Daily Export Rate During The First Week Of September

Energy    Economy News – Baghdad   The Iraqi State Oil Marketing Company, SOMO, announced on Monday that the daily export rate during the first week of September reached 2.5 million barrels.

SOMO stated in a table seen by Al-Iqtisad News that “the daily export rate during the first week of September amounted to 2.504 million barrels with a price rate of 89.203 dollars.”

She added that the rate of exports from Basra crude reached 3.470 million barrels per day, of which 2.275 million barrels per day are medium crude, and 1.195 million barrels per day are heavy crude, indicating that the daily export rate to Jordan reached 300 thousand barrels, and from Qayyarah a rate of 400 thousand barrels per day. .

She indicated that Iraq's oil exports for the month of September are expected to reach 105.111 million barrels if the same exported quantities remain for the rest of the month, while oil imports will reach 9.38 billion dollars and the daily export rate will be 3.504 million barrels.

132 views 09/11/2023 - https://economy-news.net/content.php?id=36244

Central Bank Sales Amounted To More Than 196.5 Million Dollars

Economy News – Baghdad  Today, Sunday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 196.5 million dollars.

The Central Bank's website published its dollar sales schedule, which Al-Iqtisad News reviewed. It included the participation of 25 banks and 65 exchange companies, and foreign transfer requests covered $169.1 million, while cash requests amounted to more than $27.4 million.

The Central Bank of Iraq sells the dollar for documentary credits and international settlements for electronic cards at a price of 1,305 dinars per dollar, for every dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.

Views 38 09/11/2023 - https://economy-news.net/content.php?id=36255

Saudi Arabia Expresses Its Desire To Increase The Volume Of Economic Exchange With Iraq

Money  and business   Economy News – Baghdad  Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani stressed, on Monday, the importance of strengthening and expanding the horizons of bilateral cooperation relations between Baghdad and Riyadh.

A statement by the ministry said, “Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, received today, Monday, a delegation of the Saudi Shura Council, headed by Ibrahim Muhammad Al-Qannas, Chairman of the Iraqi-Saudi Friendship Committee in the Council.”

The statement added that Abdul Ghani "welcomed the guest delegation, expressing the depth of brotherly ties between the two countries, and the mutual keenness to strengthen and expand the horizons of bilateral cooperation relations in all fields, including economics, oil and energy."

For its part, the Saudi delegation affirmed “the Kingdom’s keenness to strengthen and strengthen the bonds of relations between the two countries,” expressing its hope for “cooperation in implementing projects and investment opportunities and seeking to increase the volume of economic exchange between the two countries.”   Views 86 09/11/2023 - https://economy-news.net/content.php?id=36271

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

https://www.bondladyscorner.com/

Points to Ponder on Wealth:

There is a burden of care in getting riches; fear in keeping them; temptation in using them; guilt is abusing them; sorrow in losing them; and a burden of account at last to be given concerning them. --
M Henry

The acquisition of wealth is a work of  great labor; its possession a source of continual fear; it loss, of excessive grief. -- From the Latin 

Agur said, "Give me neither poverty nor riches"; and this will ever be the prayer of the wise. Our incomes should be like our shoes: if too small, they will gall and pinch us, but if too large, they will cause us to stumble  and to trip. But wealth, after all, is a relative thing, since he that has little, and wants less, is richer than he that has much, but wants more. True contentment depends not upon what we have; a tub was large enough for Diogenes, but a world was too little for Alexander. -- Colton 

Our wealth is often a snare to ourselves, and always a temptation to others. -- Colton

Men pursue riches under the idea that their possession will set them at ease and above the world.  But the law of association often makes those who begin by loving gold as a servant, finish by becoming its slaves; and independence without wealth is at least as common as wealth without independence. -- Colton

In proportion as nations become more corrupt, more disgrace will attach to poverty and more respect to wealth. -- Colton

The larger the income, the harder it is to live within it. -- Whately

Militia Man & Angel1 - Update on 9/11 - Iraq Dinar - Exchange Rate

Militia Man & Angel1 - Update on 9/11 - Iraq Dinar - Exchange Rate

MilitiaMan and Crew:  9-11-2023

The Crew:  Samson, PompeyPeter, Petra, Angel1,  Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news

https://www.youtube.com/watch?v=nnSQ8D1DuMQ

Iraqi Economic News & Points To Ponder Monday Afternoon 9-11-23

Iraqi Economic News & Points To Ponder Monday Afternoon  9-11-23

Tlm724 Administrator Bondlady’s Corner

Al-Sudani: The Decision To Raise The Dollar Exchange Rate In The Previous Government Was Not Well Thought Out And Its Impact Was Negative On The Citizen

Monday 11, September 2023 22:01 | Economical Number of readings: 201

Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that the decision to raise the dollar exchange rate in the previous government was not considered and its impact was negative on the citizen. He  said in an interview with a number of Iraqi satellite channels that the dollar is linked to many sectors and cannot be dismantled.

He added that the banking and financial sector He has not witnessed any reform process since 2003, and he explained that Iraq's trade is now reliable and real.

He continued that the Iraqi and Iranian central banks are working on a mechanism to regulate trade and break the back of the parallel market.

He explained that the tobacco trade has zero revenues despite it being the strongest trade.

He continued: We have real reforms for the financial sector, and the teams are working on that.

He said that the banks that were banned from dealing in dollars were supposed to be punished by the Central Bank

He added: There is an American understanding of all the measures taken regarding reforms from Iraq./End   https://ninanews.com/Website/News/Details?key=1077006

A Slight Increase In The Dollar Exchange Rates On The Baghdad Stock Exchange

Economy  Monday, September 11, 2023 Baghdad/National News Center  The exchange rates of the US dollar against the Iraqi dinar witnessed a slight increase, today, Monday, in the markets of the capital, Baghdad.

Exchange rates rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 154,100 dinars against 100 dollars, while the prices yesterday morning, Sunday, were 154,000 dinars.

Selling prices in banking shops in local markets in Baghdad reached 155,000 dinars per 100 dollars, while purchasing prices reached 153,000 dinars per 100 dollars.    https://nnciraq.com/226268/

How Do We Benefit From The Decisions Of The G20 Summit?

Samir Al-Nusairi   The G20 Summit began in the Indian capital, New Delhi, and concluded its work over two days in the absence of the Russian President and the Chinese President, and with the participation of the leaders of 28 countries, including the original members of the summit, in addition to the leaders of the countries invited by India to attend the summit.

The leaders participating in the New Delhi summit focused on many plans and solutions aimed at confronting global crises, most notably climate change - which threatened to exacerbate poverty, famines and humanitarian crises, and negatively affected sustainable development plans in a large number of countries, especially developing ones.

The summit’s agenda also discussed many issues. Important ones include ways to promote green development, finance plans to confront the effects of climate change, the European Union Environment and Climate Action Programme, promote strong and sustainable economic growth, the progress that has occurred in efforts to implement the United Nations Sustainable Development Plan, technological transformation and digital infrastructure, and the efforts of international institutions to promote development and shape...

The economies of the G20 countries account for about 85 percent of the world's gross domestic product, 75 percent of the volume of trade, and 60 percent of the world's population.

Among the most prominent goals of the G20 are to strengthen and develop the global economy, in addition to reforming international financial institutions and improving the financial system, supporting global economic growth, developing mechanisms for job opportunities, and activating free trade initiatives.

What concerns us in Iraq is how our economy can benefit from the goals and decisions of the summit in particular, and the Iraqi economy is suffering from many problems that are exacerbated as it is affected by the crises and challenges of the global economy, which is also suffering from expectations of the continuation of the food, energy and climate crises, the problems of the Russian-Ukrainian war, and the currency conflict of some major economic countries. Russia and China are working with the US dollar to limit its dominance in financial transactions and exchanges between countries.

Since the successful economic reform in Iraq is not only achieved internally, but rather it is achieved to the extent that the competent economic bodies in Iraq are able to achieve by building diverse financial, commercial and economic relations with the countries of the world, especially the G20 countries, with a focus on bilateral relations with the seven major industrial countries and member countries with emerging economies.

At the summit, which currently constitutes an important economic pole in the areas of investment, sustainable development, and building important financial and banking relationships in a way that regulates control over the monetary and commercial market in Iraq, the Central Bank has actually begun concluding banking agreements with India and China, and unremitting efforts are being made to conclude agreements with European countries.

Therefore, we believe that the decisions issued by the G20 Summit must be taken into consideration and study how to deal with them through analysis and discussion in the Ministerial Council for the Economy, preparing an analytical and evaluation report to be submitted to the Council of Ministers with recommendations, and setting a time plan for action to achieve activation and strengthening of the existing bilateral economic agreements with some G20 countries and research. For new agreements with countries with which we do not have relations in all fields, because our adherence to the global economic system and its international standard standards is the basic solution to our complex and accumulated economic problems 227 views  09/11/2023 https://economy-news.net/content.php?id=36245

Al-Sudani: We Are Continuing To Evaluate The Ministers, And There Is A Cabinet Reshuffle Soon That We Will Announce In The Coming Days

Monday 11, September 2023 22:13 | Political Number of readings: 165 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani said, “We are continuing to evaluate the ministers, and there is a cabinet reshuffle soon that we will announce in the coming days.”

Al-Sudani added in a meeting with representatives of a number of Iraqi satellite channels: “All ministers are subject to evaluation, and we will work to change any minister who is proven.” His negligence in work, adding, “We are continuing to evaluate the ministers, and there is a cabinet reshuffle soon that we will announce in the coming days.”

He continued: “We will announce during this week the dismissal of 15 undersecretaries and advisors in the ministries.”

Al-Sudani said that the commitment to combating corruption is a practical reality and not a reality included in the promises.

He added that the will The fight against corruption exists, and there are no red lines in front of any file.

He continued: All reports made by members of Parliament regarding our corruption files are investigated, indicating that our anti-corruption procedures are professional.

Al-Sudani said that the principle of recovering funds and wanted persons has become a reality and countries have begun to respond to Iraq.

He added: For the first time, the corrupt feel that they are being pursued and that nationality will not protect them. Our relationship with countries depends on responding to this file, stressing that many of those wanted abroad have begun calling, and some of them have turned themselves in./End

https://ninanews.com/Website/News/Details?key=1077009

Masrour Barzani Receives The US Ambassador To Iraq

Today, Monday (September 11, 2023), Masrour Barzani, Prime Minister of the Kurdistan Regional Government, received Alina Romanowski, the US Ambassador to Iraq, and her accompanying delegation.

The meeting witnessed a mutual agreement on the importance of resolving problems between the Kurdistan Region and the federal government, under the umbrella of the constitution and through dialogue and negotiations.

The discussions centered on the constitutional and financial rights of the Kurdistan Region in the Federal General Budget Law, where Barzani indicated that there are parties seeking to deal with the region unfairly and outside the scope of the provisions of the Budget Law, despite the fact that the region’s negotiating delegation provided the relevant authorities in the federal government with accurate data and information. Based on legal and constitutional documents.

n another context of the meeting, the recent events in Kirkuk Governorate were discussed, with an emphasis on the necessity of normalizing the situation, the return of the headquarters of the Kurdistan Democratic Party, and maintaining the security and stability of the governorate.

https://www.radionawa.com/all-detail.aspx?jimare=35651

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

https://www.bondladyscorner.com/

Points to Ponder on Change:

“You must be the change you wish to see in the world.” - Gandhi

“Consider how hard it is to change yourself and you’ll understand what little chance you have in trying to change others.”  - Jacob M. Braude

“It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”  - Charles Darwin

“The only thing constant in life is change.”  - Francois de la Rochefoucauld

“He who rejects change is the architect of decay. The only human institution which rejects progress is the cemetery.”  - Harold Wilson

“Progress is impossible without change, and those who cannot change their minds cannot change anything.”  - George Bernard Shaw

“No change of circumstances can repair a defect of character.”  - Ralph Waldo Emerson

“Only the wisest and stupidest of men never change.”  - Confucius

“Change the changeable, accept the unchangeable, and remove yourself from the unacceptable.”  - Denis Waitley

Goldilocks' Comments and Global Economic News for September 11th

Goldilocks' Comments and Global Economic News for September 11th

Good afternoon Dinar Recaps,

Banking and Market Announcement:

CFTC commissioner Caroline Pham said, "creating a pilot programme will enable the safe exploration of innovations involving crypto, digital assets, and tokenisation."

"Crypto regulatory sandboxes are controlled environments established by government agencies to enable fintech companies and startups to test cryptocurrency and blockchain projects under relaxed regulations."

In other words, the new regulations of our cryptocurrency inside a new digital economy is now on a pilot program and currently being phased into the new digital economy.

At this time, we have cryptocurrency and new Basel 3 Capital requirements being tested this month. If they hold, we can move forward as is or make adjustments.

These adjustments will be ongoing as the market goes to a real value. It's not all done in one month and can take time as it winds down from being inflated for so many years.

Meanwhile, new bilateral agreements are being rewritten around the world to comply with new protocols in the banking and Market systems.
© Goldilocks

https://www.regulationasia.com/cftc-commissioner-urges-creation-of-crypto-regulatory-sandbox/
https://www.investopedia.com/terms/c/crypto-regulatory-sandbox.asp

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DTCC’s Chris Childs on APAC's Derivatives Reporting Rule Rewrites

https://youtu.be/tJ1ZpC1waVw?feature=shared

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BRICS: Asian Currency Officials Look To Halt the Rising US Dollar

https://www.thegatewaypundit.com/2023/09/rise-brics-fall-g20/

https://watcher.guru/news/brics-asian-currency-officials-look-to-halt-the-rising-us-dollar

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Foreign currency exchanges are a part of the Basel 3 capital requirements.  Everything is being tokenized and backed by gold and other commodities.

The stock markets around the world are moving into a real value, and they will be reset to a real value based on gold at the time they are fully tokenized.

As the dollar wanes and gold rises as THE underlying asset that supports the new digital economy, we will see a release of the caps on gold. It will be allowed to rise to a value capable of supporting our new economy.

Here, the resetting of gold to a real value capable of moving our new digital asset-based economy forward will give rise to our new commodity-based Market that will lead us forward inside standard protocols currently being defined inside our transition into it.
© Goldilocks

Broadbridge Link

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Indonesia has intensified its efforts to minimize reliance on the U.S. dollar by establishing a National Task Force. The initiative aims to broaden the use of local currencies in transactions with partner countries. The announcement was made during the recent ASEAN Summit in Jakarta, marking a significant milestone in Indonesia’s financial strategy.

*Indonesia's central bank, Bank Indonesia, has established a National Task Force to expand the use of local currencies in transactions with partner countries, aiming to reduce reliance on the U.S. dollar.

* The task force involves multiple Indonesian government bodies and has already seen cooperation agreements for local currency transactions signed with countries like Singapore and South Korea, in addition to existing partnerships with Malaysia, Thailand, Japan, and China.

* The initiative aligns with broader global trends, including efforts by the BRICS nations and the ASEAN community to encourage using national currencies in international trade and financial transactions.

The task force is a multi-agency collaboration involving several key government bodies, including Bank Indonesia, the Coordinating Ministry for Economic Affairs, the Ministry of Finance, and the Financial Services Authority (OJK), among others. This collective approach is designed to formulate a cohesive strategy for promoting the use of the Indonesian Rupiah and other local currencies in international trade and financial transactions.

https://www.cryptopolitan.com/indonesia-accelerates-de-dollarization-formation-of-national-task-force/

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RBI likely to launch digital rupee pilot for interbank transactions by October: Report

Live Mint Link

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A New Era of Banking? JPMorgan Introduces Deposit Tokenization for Settlements - Wall Street Pit

Wall Street Pit Link

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US Department of the Treasury, IRS Release Guidance on Inflation Reduction Act Provision to Ensure Good-Paying Clean Energy Jobs, Expand Clean Energy Workforce, Hydrogen Included

Hydrogen Central

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SEC Adopts New Cybersecurity Disclosure Rules for U.S. Public Companies and Foreign Private Issuers | Stikeman Elliott LLP 

JDSupra Link

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New SEC Cybersecurity Rules Require Mandatory Disclosure | Dorsey & Whitney LLP  

JDSupra Link

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Messages of Remembrance at 9/11 Memorial Museum
https://www.911memorial.org/connect/blog/messages-remembrance-911-memorial-museum

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🇳🇬🇮🇳 Nigeria, India to boost agriculture together

Nigeria has signed a multi-billion dollar agreement with an Indian investment agency to support infrastructure projects including power, rail, warehousing and port projects in Africa's most populous country.

The agreement with Invest India is expected to help the West African country industrialize its agriculture and manufacturing sector and reduce dependence on imports, the head of the government-backed infrastructure company said.

This is the latest in several deals between the two countries as Nigeria, a country of over 200 million people, seeks to fill the infrastructure deficit and boost economic growth.

It needs at least $3 trillion over 30 years to do so, according to Lazarus Angbazo, CEO of Infrastructure Corporation of Nigeria Limited.

So this partnership is expected to help Nigeria expand its ports to handle more shipping containers, Angbazo said.

https://twitter.com/MultiPolarMarkt

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"Biden said he met with Chinese President Xi Jinping's No.2, Chinese Premier Li Qiang, at the annual G20 summit in New Delhi. The talks were the highest level meeting between the two powers in nearly 10 months since Biden and Xi spoke at last year's G20 in Indonesia." 23 hours ago

Do you see a shift taking place?
More and more agreements are being made with the US Administration inside the BRICS system along with conversations on current trade agreements.

© Goldilocks

Reuters Link

https://www.congress.gov/bill/118th-congress/house-bill/556

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Malaysia is developing a policy to BAN the export of rare earth raw materials to prevent exploitation and preserve resources.

Again, The race for minerals is on. More and more countries are catching on.

Read: https://x.com/goldtelegraph_/status/1701266242475266183?s=46

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Ripple makes its 2nd acquisition of 2023

The crypto firm on Friday agreed to buy Fortress Trust, a regulatory and technology infrastructure provider for blockchain companies. Ripple in May bought crypto custody company Metaco.

Banking Dive Link

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BREAKING NEWS
CHINA'S CENTRAL BANK IS TIGHTENING ITS SCRUTINY OF BULK DOLLAR PURCHASES BY DOMESTIC FIRMS
Things are starting to add up.

Read: https://x.com/goldtelegraph_/status/1701320557747437730?s=46

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$3,600,000 To Be Handed Out With No Strings Attached in Large American City’s Basic Income Pilot

Daily Hodl Link

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Iran and Vietnam News Posted by TNT Members 9-11-2023

TNT:

Harambe:  Iran Intends To Replace Dollar With Local Currencies For Travelers | IranIntl (9/10/23)

The Central Bank of Iran intends to offer regional currencies to citizens traveling to neighboring countries, instead of selling them US dollars.

Iran this year provided Iraqi dinars, instead of US dollars, to hundreds of thousands of pilgrims who visited Iraq at the end of August and early September for Shiite religious ceremonies. Now it intends to use the same tactic for providing foreign currency to travelers visiting regional countries.

The Iraqi dinars became available to the cash-strapped Iranian government when the United States in June allowed Baghdad to repay the equivalent of $2.7 billion from accrued energy import debts. It was reported at the time that part of funds will be for Iran to spend on Muslim pilgrimages to Saudi Arabia and Iraq. Apparently, a portion of the released funds were in Iraqi dinars.

Iran is critically short of hard currencies despite much higher oil exports in recent months in the face of US sanctions. 

The chairman of the central bank Mohammad-Reza Farzin told local media on Saturday that Iran intends to use the Turkish lira or the UAE dirham for regular tourism based on the model it employed with the recent pilgrimage to Iraq.

The US dollar and other top currencies are near all-time highs in Tehran’s free market, while the government could sell regional currencies to tourists, possibly at more advantageous rates, converting regional currencies it earns from trade into Iranian rials for government expenses.

Farzin added that the central bank is in the process of expert analysis and planning for the move.

https://www.iranintl.com/en/202309106271

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Harambe:  Biden Showcases Boeing, Chip Deals as US and Vietnam Draw Closer |  Bloomberg (9/11/23)

US President Joe Biden announced a series of semiconductor, aerospace and infrastructure deals with business leaders in Vietnam, part of a push by the White House to deepen economic integration with Indo-Pacific nations that can provide a bulwark to China.

Biden touted a “new stage” in the ties between the two countries to a meeting of officials and with executives from Vietnam and top US firms including Boeing Co., Intel Corp. and Marvell Technology Inc. in Hanoi. “My message today is quite simple: Let’s keep it up,” he said.

The announcements are intended to solidify Vietnam’s decision a day earlier to upgrade its relationship with the US to a “comprehensive strategic partnership,” the same designation it uses for China and India. The hope in Washington is that by boosting ties with nations in Southeast Asia, the US can increase its influence in a region that sometimes chafes at Beijing’s assertiveness. 

Headlining the deal announcements was a memorandum of understanding between Vietnam Airlines JSC and Boeing to purchase 50 737-MAX aircraft, a tentative agreement that would be valued around $7.88 billion and allow the carrier to eventually replace aging Airbus AE-A321 planes. Any delivery could be years off, however, as Boeing has sold out most of its production slots through the end of the decade. 

Read more: Vietnam Air, Boeing Near $10 Billion Deal for 737 Max Jets

Vietnam had previously announced plans by US-based Amkor Technology Inc. to build a $1.6 billion factory in Bac Ninh province, while Synopsis Inc. and Marvell Technology are both working to establish semiconductor design centers in Vietnam. 

The Biden Administration has prioritized improving the semiconductor supply chain over concern the US has become too closely reliant on Taiwan’s semiconductor industry.

Technology firms including Microsoft Corp. and Nvidia Corp. announced new programs to make emerging artificial intelligence programs more accessible to Vietnamese businesses, while Meta Platforms Inc. unveiled a new effort to help small and medium businesses in the country use digital tools. Apple Inc. has also expanded its footprint in Vietnam as it diversifies its supply chain beyond China. 

Other announcements focused on traditional infrastructure. The US president has increasingly sought to promote US financing for projects in the developing world to counter China’s Belt and Road Initiative, including a new rail, natural gas and fiber corridor announced earlier this week at the G-20 summit in New Delhi that would link India to Europe through the Middle East.

In Vietnam, SSA Marine Inc. announced it would partner with Vietnam’s Gemadept Corp. on a proposal for a $6.7 billion port and logistics center in southern Vietnam. Massachusetts-based Australis Aquaculture LLC signed a memorandum of understanding to spend $100 million to expand its operations in Van Phong Bay.

And one announcement was focused on the future of Vietnamese money – literally.

Crane NXT Co. announced its plans to partner with Vietnam’s Hi-Tech Polymer Co. Ltd. to develop the next generation of bank notes for the State Bank of Vietnam.

Future commercial deals with Vietnam may become even more possible after the US pledged to review Vietnam’s formal request to review its market economy status. A favorable review by US authorities could decrease duties on some imports from Vietnam.

https://www.bloomberg.com/news/articles/2023-09-11/biden-showcases-boeing-chip-deals-as-us-and-vietnam-draw-closer

Tishwash:  Factbox: US, Vietnam reach deals on planes, tech and human rights as Biden visits

The United States and Vietnam announced new deals and partnerships as U.S. President Joe Biden visited Hanoi on Sunday including billions of dollars in plane orders, heightened human rights discussions, digital economy education and semiconductor design centers.

Here are the highlights:

BOEING AND VIETNAM AIR

Vietnam Airlines (HVN.HM) has agreed to buy about 50 Boeing (BA.N) 737 Max jets in a deal valued at about $7.5 billion. The deal will support "over 33,000 direct and indirect jobs" in the U.S., the White House said in a statement.

AMKOR, MARVELL, SYNOPSIS INVEST IN VIETNAM

Arizona's Amkor Technology (AMKR.O) will start operations at a new $1.6 billion factory in Bac Ninh Province in October, the White House said. Delaware's Marvell Technology (MRVL.O) and California's Synopsys (SNPS.O), will invest in semiconductor design and incubation centers in Ho Chi Minh City and Saigon, respectively.

AI FOR EMERGING MARKETS

Microsoft (MSFT.O) will make a "generative AI-based solution tailored for Vietnam and emerging markets," the White House said, while NVIDIA (NVDA.O) will partner with Vietnam's FPT (FPT.HM), Viettel and Vingroup (VIC.HM) on AI in the country.

HUMAN RIGHTS

The two countries have an "enhanced commitment" to talking about human rights, the U.S. said, building on the decades-old U.S.-Vietnam Human Rights Dialogue, an annual meeting.

The United States and the United Nations recently criticized Vietnam's detention of members of an environmental group as part of a wider trend of Vietnamese authorities targeting free speech.

ILLEGAL FISHING

The U.S. is helping to "build Vietnamese capacity to fight regional and international transnational crime," the White House said, including "illegal, unreported and unregulated fishing."

China and Vietnam have a long-simmering dispute about fishing and other rights in the South China Sea; Beijing claims the waters almost entirely, ignoring other nations' exclusive economic zones.

US WAR LEGACY

The U.S. will expand its efforts to address lingering damage from the Vietnam war, which ended in 1975, including increasing funding from $183 million to $300 million for a dioxin remediation project in the Bien Hoa Air Base area.

Dioxin is a component of “agent orange” toxic herbicides sprayed by the U.S. during the war.

The U.S. will also provide an additional $25 million to clear unexploded ordnances in Vietnam; these efforts have totaled more than $230 million since 1993, the White House said.  link