Iraq Economic News and Points to Ponder Friday AM 9-29-23

Iraq Economic News and Points to Ponder Friday AM 9-29-23

The Dollar Stabilizes Near Its Highest Level In 10 Months

Economy   09-29-2023 | 1,428 views  Alsumaria News – Economy  The dollar stabilized near its highest level in ten months on Friday as markets headed towards the end of the third quarter of the year, giving the yen a little more room at the end of the week amid fears of intervention

The euro was largely consolidated after an overnight rebound but is still not far from the January low of $1.0482, which if broken would be its lowest since December.

The dollar index, which measures the currency's performance against six other major currencies, was largely stable in morning trading in Asia, heading for its eleventh consecutive weekly gain, after falling to 106.020 overnight.

The dollar rose amid expectations that the US economy will remain more resilient in the face of high interest rates compared to other economies, after the Federal Reserve indicated last week that it may raise interest rates further and is likely to keep them high for a longer period.

Against the dollar, the Japanese currency recorded 149.34 yen, and the yen remains in focus, as it is trading near the 150 level, which is seen as potentially triggering intervention from Japanese authorities.

The euro settled at $1.05625, down 0.04 percent in Asia after rising from its lowest level in several months this week at $1.0488.   LINK

America Worsens The Ukraine War And Agrees To Additional Aid To Kiev

Information/Follow-up..   The US House of Representatives approved an additional aid package worth $300 million for Kiev, which was previously excluded from the draft defense budget.

This aid was included within the framework of the Security Assistance Initiative, which requires the US Department of Defense to conclude contracts with manufacturers, rather than securing weapons directly from the Pentagon's stockpile.

The bill also includes $20 million to tighten control over the funds Ukraine receives from the United States. LINK

State Contracts In Dinars And The National Day Holiday...The Most Prominent Decisions Of The Iraqi Government

Thursday, 09-28-2023, Tayseer Al-Asadi   The Prime Minister, Muhammad Shiaa Al-Sudani, chaired the thirty-ninth regular session of the Council of Ministers, during which developments in the situation in the country were discussed, and the implementation of files related to various issues at the national level was followed up, and the progress of implementing the priorities of the government program, in addition to discussing the topics on the agenda, and issuing... Relevant decisions and recommendations.

 In celebration of the National Day of the Republic of Iraq, the Prime Minister directed the suspension of official working hours on Tuesday, October 3, 2023, in all ministries and state institutions, on this occasion, according to a statement by the Prime Minister’s Media Office.

In the field of continuing financial and administrative reform steps, the Council of Ministers decided to commit to all state contracts implemented inside Iraq being in Iraqi dinars, except for those opened by an external documentary credit, which will be according to the agreement between the two parties and for the value of the documentary credit only.

The Council directed that the Ministry of Planning inventory all previous state contracts that were contracted in the currency of the US dollar, with the exception of those for which an external documentary credit was opened, and prepare a table of them to be sent to the Ministry of Finance and the Central Bank with the amounts of these contracts due, provided that the Ministry of Planning determines the limit.

The highest monthly amount that the Central Bank must cover in US dollars, according to the receivables received from the contracting parties.

The Central Bank covers these receivables at an exchange rate of (1320 dinars) per US dollar, deposited in the account of the Ministry of Finance, for the purpose of covering the monthly payments to pay these contracts, and according to Work arms and exchange release orders that meet release controls.

 Regarding Iraqi borrowers from government banks (including the Iraqi Trade Bank) in US dollars, the Council of Ministers directed that these banks commit to repaying their loans at an exchange rate of (1,320 dinars) for every US dollar from the borrower, provided that the Central Bank covers these loans in US dollars. It is paid to the lending bank, and this procedure applies exclusively to loans that were made before the issuance of this decision.

The Council of Ministers also approved the recommendation of the Ministerial Council for the Economy (230204 Q), which included postponing the Ministry of Transport’s claim on its debts related to flooring fees and fines incurred by the General Iron and Steel Company and rescheduling them;

Payment will be made when the aforementioned company’s factories are operational, and the Ministry of Transport/General Company for Ports of Iraq has taken all necessary procedures with the beneficiary parties and established a working mechanism that ensures the speedy removal of goods from the ports. To avoid fines or floor fees due to delays in issuing them.

As part of the Council’s follow-up of the energy sector and progress in implementing paths of reform, development and exploitation of gas wealth, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (23083 of 2023) regarding the gas gathering and compression project in the Nasiriyah oil field.

The decision included: Approval of the recommendation of the Central Committee for Review and Approval of the Referral in the Ministry of Oil at its session held on August 6, 2023 regarding the request of Dhi Qar Oil Company, one of the companies of the Ministry of Oil, to approve the referral of the gas gathering and compression project in the Nasiriyah oil field under the custody of the coalition (Oil Projects Company / Ministry of Oil and Oil Company) Italian PEG), at $272 million, which is higher than the estimated cost by (7.3%) according to the Dhi Qar Oil Company’s letter dated July 26, 2023.

Iraqi-Jordanian Electrical Interconnection Project

With regard to the electricity sector, the Council of Ministers approved what was stated in the letter of the Ministry of Electricity dated September 4, 2023, regarding amending the sales contract by amending and renewing the contract related to the Iraqi-Jordanian electrical interconnection project, which was signed in 2019, to suit the period.

New equipment and amending the terms and conditions, while maintaining the price equation contained in the energy sale contract, which includes the sale of electrical energy from the National Electricity Company in the Hashemite Kingdom of Jordan to the General Electric Power Transmission Company - Central Region / Ministry of Electricity, to purchase energy for a period of 36 months after completing the connection.

Between the two Al-Risha transformer stations in Jordan and the Al-Qaim transformer station in Iraq, at a voltage of 400 kV.

Within the affairs of the oil sector, completing the export infrastructure and developing Iraq’s capabilities in this field, the Council of Ministers decided to place the Ministry of Finance as a deposit with the Iraqi Trade Bank in the value of the total cost of the two submarine pipelines project (4 and 5) and the new marine platform amounting to 1.265 trillion dinars, which is included in the Ministry’s investment plan. Oil/Basra Oil Company for the year 2023.

It was also decided that the Ministries of Planning and Oil shall be committed to the total cost of the aforementioned project and the annual allocations within the investment budget of the Ministry of Oil for the years (2023, 2024, 2025 and 2026), and that the Ministries of Oil and Planning shall notify the Ministry of Finance/Accounting Department of the financing due to the contracting company according to the amount of achievement and the approved contexts, and to finance the Ministry of Oil.

The financial account of the company from the deposit mentioned in Paragraph (1) above, and the cancellation of Cabinet Resolutions (29 of 2020), (6 of 2021), and (83 of 2022).

In addition to following up on the provision of fortifications, requirements for security work and extending stability, the Council of Ministers decided to approve an exception to the contract for the implementation of the Misk Wadi Al-Tharthar project (purchasing cameras and concrete towers and establishing fortified points).

From the direct contracting methods stipulated in the Instructions for Implementing Government Contracts (2 of 2014), and from the armament controls issued by the National Security Advisory regarding arming the security services, due to the tactical and strategic importance of the project.

The Council also decided to approve the issuance of the Air Defense Institute system, based on the provisions of the Defense University Law for Military Studies No. (4) of 2016, and the provisions of the Constitution, taking into account the observations of the Legal Department in the General Secretariat of the Council of Ministers.

Winter Agricultural Plan

The Council continued to follow up on the implementation of agricultural plans, the implementation of methods to combat water scarcity and drought, and the adoption of modern methods of irrigation, as the Council of Ministers approved the recommendations of the minutes of the meeting of the joint permanent committee between the Ministries of Agriculture and Water Resources regarding the winter agricultural plan approved for the season (2023-2024).

The Council directed that the Ministry of Water Resources adhere to the winter agricultural plan based on the forecasts of international meteorological centers, and that the winter planting and seed distribution season begin on October 1, 2023, and that the Ministry of Water Resources begin increasing water releases on November 15, 2023, and re-review the indicators. Winter agricultural plan for the period from November 15, 2023 to November 30, 2023.

It was decided to determine the areas covered by irrigation in the winter season, so that the areas covered by irrigation through rivers and streams would be one and a half million dunums, and the areas for which the water share would be secured through underground wells at an amount of four million dunums, on the condition that modern irrigation systems be used, and those who were negligent would be held accountable and not included in the next agricultural plan when using Irrigation is Saiha.

The decision also included focusing agriculture on rivers and streams, preventing agriculture within the borders of marshes and floodplains in the governorates of Wasit, Maysan, Basra, Diyala, and Dhi Qar, granting interest-free loans to purchase modern irrigation systems (pivot, fixed, and drip systems) and solar energy systems, and subsidizing the price of fuel to the Ministry.

Water resources and the release of fuel shares to address conditions of water scarcity, and continuing the campaign to eliminate violations, especially the campaign to remove unauthorized fish lakes.

According to the decision, the council directed the formation of joint committees from the water resources directorates, agricultural directorates, agricultural committees, agricultural associations, and police directorates in all governorates, and local governments, to follow up on the commitment of farmers and peasants to the irrigation areas approved in the plan above, and to hold transgressors legally responsible for their transgression,

 and the two ministries are not committed and are not responsible. In considering or promoting any requests regarding compensation in the event that this happens, with setting bi-monthly meetings whose dates are agreed upon, in coordination between the directorates of the Ministry of Agriculture and the water resources directorates in all governorates.

The Council approved the issuance of the Second Amendment System to the System of the Baghdad School of Expressive Musical Arts (16 of 1985), which was audited by the State Council, based on the provisions of the Constitution and the provisions of the Ministry of Culture Law (17 of 2001).

Within the framework of cultural relations, the Council of Ministers approved the reopening of the Iraqi Cultural Center in the German capital, Berlin.

The Council also considered a number of files and issues presented on the agenda, and took the necessary decisions regarding them, which included granting the Ministry of Justice the authority to exclude from the mechanism used in selection, contracting with law firms, with fees commensurate with the value of the case, and the committee composed of the General Secretariat of the Council of Ministers to September 12, 2023, following up on the arbitration decision in the Horus Company case, to unify legal, political and technical efforts.

The Council approved the recommendation of the Ministry of Foreign Affairs regarding the establishment of non-resident diplomatic representation with the Republic of Moldova, through our embassy in Bucharest, based on the provisions of Articles (25) and (26) of Foreign Service Law No. (45) of 2008, and the Vienna Convention on Consular Relations for the year/ 1963, and the approval of the recommendation of the Ministerial Council for Human Development (23028 B for the year 2023), which includes the approval of the National Strategy for Suicide Prevention in Iraq (2023-2030).

https://non14.net/public/160541

Points to Ponder From “Seat of The Soul” By Gary Zukav:

At each moment you choose the intentions that will shape your experiences and those things upon which you will focus your attention -- If you choose unconsciously, you evolve unconsciously -- If you choose consciously, you evolve consciously 

Every action, thought, and feeling is motivated by an intention -- and that intention is a cause that exists as one with an effect -- If  we participate in the cause - it is not possible for us not to participate in the effect -- In this most profound way - we are held responsible for our every action , thought, and feeling, which is to say, for our every intention

From the perception of the five sensory human, intentions have no effects, the effects of actions are physical, and not all actions affect us or others -- From the perception of the multi sensory human -- the intention behind an action determines its effects, every intention affects both us and others -- and the  effects of intentions extend far beyond the physical  world

Feel your intentions in your heart -- Feel not what your mind tells you, but what your heart tells you

MilitiaMan: Iraq Dinar - International Contracts - Global - Natural - Wealth - Get Ready

Iraq Dinar - International Contracts - Global - Natural - Wealth - Get Ready

MilitiaMan and Crew:  9-29-2023

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=rkUAXZPCeLo

Goldilocks' Comments and Global Economic News Thursday Evening 9-28-23

Goldilocks' Comments and Global Economic News Thursday Evening 9-28-23

Good evening Dinar Recaps,

I will be posting a little bit later this afternoon due to a prior commitment. I received a lot of good information this morning that I look forward to sharing with you. 

© Goldilocks

BREAKING NEWS

TRAFIGURA HAS SIGNED A $500 MILLION CREDIT FACILITY WITH THE SAUDI EXPORT-IMPORT BANK, INTENDED FOR THE PURCHASE OF NON-CRUDE OIL COMMODITIES LIKE GOLD AND COPPER FROM THE KINGDOM

This is one of the world's top commodities trading houses.

Here comes Saudi Arabia.
Read: https://x.com/goldtelegraph_/status/1707177345822654791?s=46

👆 Copper?

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Kraken Crypto Exchange to Launch Stock Trading
https://watcher.guru/news/kraken-crypto-exchange-to-launch-stock-trading

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IMF Executive Board Concludes 2023 Article IV Consultation with Vietnam
https://www.imf.org/en/News/Articles/2023/09/27/pr23325-vietnam-imf-exec-board-concludes-2023-art-iv-consult

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"Enacted in November 2021, the Infrastructure Investment and Jobs Act expanded Section 6045 of the Internal Revenue Code to require tax reporting by brokers of transactions involving the sale or exchange of digital assets.

Nearly two years later, on August 25, 2023, the IRS and Treasury Department promulgated proposed regulations that clarify and adjust the rules regarding the tax reporting of information by brokers, so that brokers for digital assets are subject to the same information reporting rules as brokers for securities and other financial instruments."

On October 30, 2023, the comments and rewrites to this legislative piece of the digital economy regarding taxes and reporting is expected to be done for the Infrastructure Investment and Jobs Act.

At that point, the Bipartisan Infrastructure Bill as it is commonly known moves toward final rules being drawn up, completed, and implemented.

© Goldilocks

https://www.dlapiper.com/en-ca/insights/publications/2023/09/irs-and-treasury-issue-proposed-regulations-outlining-new-digital-asset-reporting-regime

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Federal Reserve Releases Paper on Benefits of Tokenization of Real-World Assets - The Daily Hodl
https://dailyhodl.com/2023/09/25/federal-reserve-releases-paper-on-benefits-of-tokenization-of-real-world-assets/

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S&P 500 Equal Weight Index Dips into Red Year-to-Date. Shows Entire Market Depends on 8 Giants, but They’re Swooning Too | Wolf Street
https://wolfstreet.com/2023/09/27/the-sp-500-equal-weight-index-dips-into-red-year-to-date-shows-entire-market-depends-on-8-giants-but-theyre-swooning-too/

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Baghdad (IraqiNews.com) – "The Central Bank of Iraq (CBI) intends to limit all domestic trade transactions to the local currency starting next year."

I found another article letting us know that the Iraqi Dinar will go International early next year in domestic trade transactions.

They will use their local currency to make these trades around the world and the price pressures that come with it to increase demand for their currency will create authentic exchange rates.

Watch the water.

© Goldilocks

https://www.iraqinews.com/iraq/cbi-limits-domestic-trade-to-local-currency/.

Library.UCLA.Edu Link
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IMF Executive Board Concludes 2023 Article IV Consultation with Vietnam
https://www.imf.org/en/News/Articles/2023/09/27/pr23325-vietnam-imf-exec-board-concludes-2023-art-iv-consult

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BRICS: Top Oil Producer Ditches US Dollar, Accepts Only Local Currency
https://watcher.guru/news/brics-oil-producer-ditch-us-dollar-accept-local-currency

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BRICS Countries Dump $123 Billion in U.S. Treasuries in 2023
https://watcher.guru/news/brics-countries-dump-123-billion-in-u-s-treasuries-in-2023

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As you can see from today's postings, the
Infrastructure Investment and Jobs Act is still in progress.

This builds our country from the ground up and creates jobs. This will give us direction for a future and a road map for its achievement.

If you would like to follow these legislative bills, see the links below.

© Goldilocks

https://www.congress.gov/bill/118th-congress/senate-bill/695?q=%7B%22search%22%3A%22Infrastructure+Investment+and+Jobs+Act%22%7D&s=1&r=1

https://www.congress.gov/bill/118th-congress/house-bill/2694?q=%7B%22search%22%3A%22Infrastructure+Investment+and+Jobs+Act%22%7D&s=1&r=2

https://www.congress.gov/bill/118th-congress/senate-bill/843?q=%7B%22search%22%3A%22Infrastructure+Investment+and+Jobs+Act%22%7D&s=1&r=3

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Press Briefing by Julie Kozack, Director, Communications Department, IMF https://www.imf.org/

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Markets Looking to See if Budget Impasse Causes Govt. Shutdown - Ira's Metals Video 9 28 2023

https://youtu.be/bbzKNk1vlEc?feature=shared

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Follow Goldilocks' Roadmap

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Goldilocks on the Seeds of Wisdom Team™ Website

Thank you Dinar Recaps    www.DinarRecaps.com

Iraq Economic News and Points to Ponder Thursday Evening 9-28-23

Iraq Economic News and Points to Ponder Thursday Evening 9-28-23

Kurdistan Region Finance Announces Receipt Of 200 Billion Dinars From Baghdad

Thursday, September 28, 2023, Tayseer Al-Asadi   Today,, the Kurdistan Region Finance announced the receipt of 200 billion from the federal government for the purpose of distributing employee salaries.

The ministry said in a brief statement: “A short while ago, 200 billion dinars were transferred to the bank account of the Ministry of Finance and Economy in the Kurdistan Region in the branch of the Central Bank of Iraq in Erbil.”

The Kurdistan Region Council of Ministers, in its meeting held under the chairmanship of Masrour Barzani, last Wednesday (September 20, 2023), directed the Ministry of Finance and Economy to begin distributing July salaries without delay immediately upon the arrival of the first batch of 700 billion dinars from the Federal Ministry of Finance, demanding the separation of the salaries file.

About any conflicts and differences in views, he pointed out that "the regional government will never abandon the rights guaranteed by the constitution to the citizens of Kurdistan and will continue to make its efforts to find a radical and fair solution."

It is noteworthy that the Iraqi Council of Ministers decided, in its weekly session headed by Muhammad Shiaa Al-Sudani, to send 700 billion dinars to the region per month, meaning two trillion and 100 billion dinars for three months.   https://non14.net/public/160535

The Political Agreement Paper Is A Binding Document For The Government, And Limiting Black Market Transactions Is Firmly Underway

September 28, 2023  Baghdad/Al-Masala Al-Hadath: The political advisor to the Prime Minister, Fadi Al-Shammari, stressed that the government does not have a magic wand to limit black market transactions, but it is moving forward with confident steps to address it.

The political advisor said in a televised statement followed by Al-Masala: The Prime Minister sent to the world in New York multiple messages about the form of the new Iraq that we want. International relations, internal stability, the fight against corruption, the establishment of security, and the file of services, electricity, and health are among the Prime Minister’s priorities.

He added that the corruption file was present in the Prime Minister’s speech to the world and he called it the “corruption pandemic” and considered it one of the basic challenges that the government insists on confronting, while he issued important messages about human rights, addressing the displaced file, post-ISIS harbingers, compensating affected civilians, and providing the basic necessities of life for their return. And their stability.

He continued that the Prime Minister announced a very important file, which is the approval of the civilian protection policy, as Iraq is considered one of the first countries in the region that will adopt the policy of protecting civilians in wars, conflicts and disasters, pointing out that the Prime Minister’s meetings with the US Treasury and the Federal Reserve were successful, and the Prime Minister adopted the economic networking policy. To advance the country.

He pointed out that the political agreement paper is a binding document for the government, as it is the platform that the House of Representatives voted on, and these are understandings that serve the country.

He noted that the trade exchange between Iraqi and Iranian merchants amounts to approximately 20 million dollars per day, and this causes significant pressure on the currency file, stressing that the government does not have a magic wand to limit black market transactions, but it is moving forward with confident steps to address it.

He pointed out that the government calls on citizens to use the electronic card in financial transactions and that the Iraqi development path is the most feasible from a purely economic perspective and will build a new Iraq along the western side of the country.

He expressed that international companies will work to build city corridors along the development road, which will pass through 10 governorates, reaching the Iraqi-Turkish border, from where it will be connected to the highway network in Turkey.

He continued by saying: The development road will transform the areas located on either side of it, 7 km on either side of the road, along the line (16,660,000 km) into cities, factories, factories, warehouses, and investment projects that contribute to diversifying sources of income.

He concluded his speech by saying: Industrial cities will be established along the path of development.

https://almasalah.com/archives/68145

Sudanese Advisor: The Government Does Not Have A Magic Wand To Limit Market Transactions, And The Path Of Development Will Build A New Iraq

Time: 09/28/2023 Read: 858 times  {Politics: Al-Furat News} The political advisor to the Prime Minister, Muhammad Shiaa Al-Sudani, stressed today, Thursday, that the government does not have a magic wand to limit black market transactions, but it is moving forward with confident steps to address it.

The political advisor said in a televised statement followed by {Al-Furat News}: “The Prime Minister sent to the world in New York multiple messages about the shape of the new Iraq that we want. International relations, internal stability, the fight against corruption, establishing security, and the file of services, electricity, and health are among the Prime Minister’s priorities.”

He added, "The corruption file was present in the Prime Minister's speech to the world, and he called it the 'corruption pandemic' and considered it one of the basic challenges that the government insists on confronting, while he issued important messages about human rights, addressing the displaced file, post-ISIS harbingers, compensating affected civilians, and providing the basic necessities of life." To bring them back and stabilize them.”

He continued, "The Prime Minister announced a very important file, which is the approval of a policy to protect civilians, as Iraq is considered one of the first countries in the region that will adopt a policy to protect civilians in wars, conflicts, and disasters," pointing out that "the Prime Minister's meetings with the US Treasury and the Federal Reserve were successful, and the Prime Minister approved "Economic networking policy for the advancement of the country."

He pointed out that "the political agreement paper is a binding document for the government, as it is the platform that the House of Representatives voted on, and it is understandings that serve the country."

He noted that "trade exchange between Iraqi and Iranian merchants amounts to approximately 20 million dollars per day, and this causes significant pressure on the currency file," stressing that "the government does not have a magic wand to limit black market transactions, but it is moving forward with confident steps to address it."

He pointed out that "the government calls on citizens to use the electronic card in financial transactions and the Iraqi development path is the most feasible from a purely economic perspective and will build a new Iraq along the western side of the country."

He expressed that "international companies will work to build city corridors along the development road, which will pass through 10 governorates, reaching the Iraqi-Turkish border, from where they will be connected to the highway network in Turkey."

He added, "The development road will transform the areas located on either side of it, 7 km on either side of the road, along the line (16,660,000 km) into cities, factories, factories, warehouses, and investment projects that contribute to diversifying sources of income."   Al-Shammari concluded his speech, "Industrial cities will be established along the development path."     LINK

Iraq Exports The "Largest Shipment" Of Gas Condensates

Energy    Economy News – Baghdad  Undersecretary of the Ministry of Oil for Gas Affairs, Izzat Saber, affirmed the ministry’s keenness to invest in gas, export quantities surplus to local consumption, and achieve the highest export rates to supplement the federal budget with financial revenues. He pointed out that the ministry seeks, in cooperation with the Basra Gas Company, to increase investment rates of gas, export it, and search for new markets. For export.

According to a statement by the Ministry of Oil, “The Basra Gas Company achieved the highest export rate of 25,000 tons of condensate (C5) in an effort to enhance the quantities exported through Umm Qasr Port in Basra in support of the national economy.”

The authorized director of the Basra Gas Company, Andrew Weber, said, “Exporting 25,000 tons of condensate is a major achievement that will raise export rates, as well as it will enhance Iraq’s financial revenues,” noting that “this export process is the highest for the Basra Gas Company, and will enable the company to Expanding exports to new markets.

He continued, "Iraq has the ability to be a global player in the field of liquefied petroleum gas and condensates, and we have an ambition to be among the developed countries in exports."

115 views 09/28/2023 - https://economy-news.net/content.php?id=36680

An Iraqi Refinery Produces “Super” Gasoline For The First Time In The Country

Energy    Economy News – Baghdad   On Thursday, Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Younis, announced the production of high-octane gasoline of both types, “super and improved,” at the Karbala refinery.

During his visit to the refinery and his meeting with the implementing and supporting companies, Younis confirmed, according to a statement by the ministry, that “the inspection visit comes in implementation of the directives of the Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, to follow up on the refinery’s production operations.”

He pointed out, "The start of production operations for high-octane (super) gasoline, with an octane number of 95, is an important step to advance the refining industry. It will be released for the first time for local consumption in green, in addition to the production of high-octane (improved) gasoline, with an octane number of 92, in red."

According to the statement, Younis held “a meeting that included the Korean coalition, the Petroleum Projects Company, and the refinery’s senior management,” stressing “the importance of continued follow-up and coordination for the continuity of the work of this national and strategic project.”

Younis stressed "the necessity of achieving a high flow of operational operations in the refinery in conjunction with production rates reaching their design capacity of 140 thousand barrels per day."

Younis praised "the national efforts represented in completing the operation of all production units, in addition to the FCC catalyst crushing unit, which is the first of its kind in Iraq to produce gasoline with an octane number of 96 to complement the production of high-octane gasoline, which has reached its highest production capacity." Views 24  09/28/2023  https://economy-news.net/content.php?id=36683

Points to Ponder on Experience:

He hazardeth much who depends for his learning on experience – An unhappy master is he who is made wise only by many shipwrecks;  a miserable merchant who is neither rich nor wise till he has been bankrupt – By experience we find out a short way by long wondering – Roger Ascham

Experience is the common schoolhouse of fools and ill men – Men of wit and honesty are otherwise instructed – Erasmus

We are often prophets to others, only because we are our own historians – Mad. Swetchine

Experience teaches slowly, and at the cost of mistakes – Froude

Experience is a safe light to walk by, and he is not a rash man who expects success in the future by the same means which secured it in the past – Wendell Phillips

Comments are open for this topic and will be available for viewing upon approval -- You may share a particular experience and explain how you learned and benefited from it - Thank you in advance -- 

When I was young, I was sure of everything; in a few years, having been mistaken a thousand times, I was not half so sure of most things as I was before; at present I am hardly sure of anything but what God has revealed to me – John Wesley

No man was ever endowed with a judgment so correct and judicious, but that circumstances, time, and experience would teach him something new, and apprise him that of those things with which he thought himself the best acquainted, he knew nothing; and that those ideas which in theory appeared the most advantageous were found, when brought into practice, to be altogether impracticable – Terrence

However learned or eloquent, man knows nothing truly that he has not learned from experience – Wieland

Experience keeps a dear school; but fools will learn in no other, and scarce in that; for it is true we may give advice, but we cannot give conduct – Franklin

No man was ever so completely skilled in the conduct of life, as not to receive new information from age and experience – Terrence

Adversity is the first path to truth – He who hath proved war, storm, or woman’s  rage, whether his winters be eighteen or eighty, hath won the experience  is deemed so weighty – Byron

It is foolish to try to live on past experience – It is a very dangerous, if not a fatal habit to judge ourselves to be safe because of something that we felt or did twenty years ago –Spurgeon

It may serve us as a comfort to us in all our calamities and afflictions, that he who loses anything and gets wisdom by it, is a gainer by the loss – L’Estrange

Experience is a jewel, and  it had need be so, for it is often purchased at an infinite rate – Shakespeare

Iraq Economic News and Points to Ponder Thursday Afternoon 9-28-23

Iraq Economic News and Points to Ponder Thursday Afternoon 9-28-23

Tlm724 Administrator Bondlady’s Corner

Despite Its Rise.. Baghdad Markets Close On Stability In Dollar Prices

Time: 09/28/2023 Read: 1,872  {Economic: Al-Furat News} The main stock exchange in Baghdad was closed this evening, Thursday, as the exchange rates of the US dollar stabilized against the Iraqi dinar.

With the closure of the main Kifah and Harithiya stock exchanges in Baghdad, dollar prices recorded 155,750 Iraqi dinars against 100 dollars, which are the same prices that were recorded this morning.

The selling prices in the exchange shops in the local markets in Baghdad also stabilized, as the selling price reached 156,750 dinars for 100 dollars, while the purchase price reached 154,750 dinars for 100 dollars.  LINK

Iraq Is Among The Countries That Produce The Most Oil In 2022

Economy   Thursday, September 28, 2023  Follow-up/National News Center   Oil prices peaked at more than $100 per barrel, marking their highest level in 8 years, doubling the profits of international oil companies.

The United States has topped the list of the world's largest oil producers since 2018, producing about 18 million barrels per day, followed by Saudi Arabia in second place, producing 12.136 million barrels per day.  The list included 3 other Arab countries: Iraq, the Emirates, and Kuwait.

Below is the production volume in thousand barrels per day for the largest oil producers in the world:

https://nnciraq.com/229013/

Al-Sudani Chairs A Special Meeting To Finance Ministries’ Projects

Political | 09/28/2023  Mawazine News – Baghdad  Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Thursday, that the stability of the country depends on completing projects, providing services, and combating corruption.

The Prime Minister’s Media Office said in a statement received by Mawazine News, “Today, Prime Minister Muhammad Shiaa Al-Sudani chaired a special meeting to follow up on the implementation of government program priority projects and their financing in various sectors.”

The statement added, “The Prime Minister discussed, in the meeting attended by the Minister of Finance, a number of deputy ministries, the head of the Board of Advisors, and a number of advisors, a group of topics, the most important of which is increasing coverage for the beneficiaries of the Social Protection Authority and the full-time employee, and health sector projects in supporting specialized centers for heart disease.”

And cancer diseases, increasing the coverage rate for purchasing medicines in the governorates, infrastructure projects in the Ministry of Housing and Reconstruction, and maintenance and transportation projects in the electricity sector, in preparation for next summer, in addition to supporting modern irrigation techniques in the agricultural sector.”

The Prime Minister stressed, "The need to spend financial allocations for these projects, and other investment projects, with a new mechanism that accelerates the completion of the projects, and directed the Ministry of Health to focus on rehabilitating hospitals in Nineveh Governorate, in order to raise the level of health services provided to the people of the governorate."

Al-Sudani stated, “The priorities of the government program must be reflected in the disbursement of budget allocations, warning that the stability of the country depends on the completion of projects, the provision of services, and the fight against corruption.” https://www.mawazin.net/Details.aspx?jimare=235650

The Central Bank Sells More Than $193 Million In Currency Auction

Economy News – Baghdad  Today, Thursday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 193 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 89 exchange companies, and covered external transfer requests of $180 million, while cash requests amounted to more than $13 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.

153 views 09/28/2023 - https://economy-news.net/content.php?id=36674

Romanowski Participates In The Iraq Economic Contact Group Meeting

Thursday 28, September 2023 | Economical Number of readings: 286  Baghdad / NINA / The US Ambassador to Baghdad, Elena Romanowski, participated in the meeting of the Economic Contact Group for Iraq.

The ambassador in Targarbda said on Twitter: “I participated in a fruitful meeting with the ambassadors of the Iraq Economic Contact Group and advisors to the Prime Minister, Muhammad al-Hakim and Kazem al-Hassani, to discuss reform efforts that work to expand the private sector in Iraq, improve commercial competitiveness, reform the banking sector, and encourage cooperation between the two public sectors.” And private.”  https://ninanews.com/Website/News/Details?key=1080237

The US State Department Offers Its Condolences To The Victims Of The Hamdaniyah Tragedy And Confirms Its Readiness To Support Iraq  

Political | 01:36 - 09/28/2023  The US State Department offers its condolences to the victims of the Hamdaniyah tragedy and confirms its readiness to support Iraq 

Mawazine News - Baghdad  Prime Minister Muhammad Shiaa Al-Sudani received, today, Thursday, a telegram of condolence from German Chancellor Olaf Scholz in the Hamdaniyah fire accident.

The Prime Minister’s Media Office said in a statement received by Mawazine News, “Prime Minister Muhammad Shiaa Al-Sudani received a condolence telegram from German Chancellor Olaf Scholz, in the Al-Hamdaniya district (Baghdida) fire incident.”

He added, "Schulz expressed his sincere condolences and sympathy with the government and people of Iraq. He also expressed his sympathy with the families of the victims, wishing the injured a speedy recovery."   https://www.mawazin.net/Details.aspx?jimare=235636

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

https://www.bondladyscorner.com/   

Points to ponder on Experience:

However learned or eloquent, man knows nothing truly that he has not learned from experience – Wieland

Experience keeps a dear school; but fools will learn in no other, and scarce in that; for it is true we may give advice, but we cannot give conduct – Franklin

No man was ever so completely skilled in the conduct of life, as not to receive new information from age and experience – Terrence

Adversity is the first path to truth – He who hath proved war, storm, or woman’s  rage, whether his winters be eighteen or eighty, hath won the experience  is deemed so weighty – Byron

It is foolish to try to live on past experience – It is a very dangerous, if not a fatal habit to judge ourselves to be safe because of something that we felt or did twenty years ago –Spurgeon

It may serve us as a comfort to us in all our calamities and afflictions, that he who loses anything and gets wisdom by it, is a gainer by the loss – L’Estrange

Experience is a jewel, and  it had need be so, for it is often purchased at an infinite rate – Shakespeare

Iraq Economic News and Points to Ponder Thursday AM 9-28-23

Iraq Economic News and Points to Ponder Thursday AM 9-28-23

Economist: Joining BRICS Is One Of The Solutions To Diversify Sources Of Hard Currency

Today 09:41   Information / Baghdad...  Economic affairs researcher Hisham Al-Baydani explained that Iraq’s accession to BRICS is one of the solutions to diversify the sources of foreign currency within the country and be freed from American restrictions imposed, especially on the dollar.

Al-Baydani told Al-Maalouma, “Iraq must be freed from the restrictions imposed by Washington on its sources of foreign currency, especially after the hints and statements of the American ambassador in Baghdad regarding more restrictions on the movement of the dollar.”

He added, "The American restrictions imposed on Baghdad caused exchange rates to fluctuate, which affected citizens' transactions in general, especially since there is demand for foreign currency in the local market."

He stated that "joining BRICS may be one of the solutions that could be a way out for Iraq, which is rich in oil resources, but is governed economically by a foreign financial policy imposed by the American administration on the Iraqi monetary authority."   LINK

Decrease In Dollar Prices Against The Dinar In Baghdad And Erbil

2023-09-28 02:24    Shafaq News/ Dollar prices decreased today, Thursday, in Baghdad markets and in Erbil, the capital of the Kurdistan Region.

Shafaq News correspondent said that dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 155,750 dinars against 100 dollars, while prices yesterday, Wednesday, were 156,200 dinars against 100 dollars.

Our correspondent pointed out that the selling prices in the exchange shops in the local markets in Baghdad decreased, as the selling price reached 156,750 Iraqi dinars, while the purchasing price reached 154,750 dinars for every 100 dollars.

As for Erbil, the dollar also recorded a decline, as the selling price in banking shops was recorded at 155,050 dinars against the dollar, and the purchase price was 154,950 dinars against 100 dollars. LINK

Oil: Achieving Financial Revenues Estimated At More Than $900 Billion Within 12 Years

09/28/2023  2440   Earth News/ Oil Minister Hayyan Abdul Ghani announced today, Thursday, the inauguration of the new Sumer tanker with a capacity of up to 200 thousand barrels, while noting the achievement of financial revenues estimated at more than 900 billion dollars within 12 years.

The Minister of Oil said in a statement issued on the sidelines of his participation in the inauguration of the new tanker Sumer in the port of Khor Al-Zubair in Basra Governorate, and received by Earth News Agency, “We are looking forward to developing the fleet of the Iraqi Oil Tanker Company, through contracts with reputable international companies to build modern tankers with different tonnages, which will join...

To the tankers the company owns, it gradually contributes to the process of increasing the transport of quantities of crude oil and petroleum products, in proportion to the size of the capabilities and expertise possessed by the Iraqi Oil Tanker Company, as well as keeping pace with the scale of development witnessed by the oil industry in Iraq.”

He added, "The tanker Sumer's load of 200,000 barrels was contracted alongside the tanker 'Akkad', with the same load, and it is hoped that it will arrive at the port in the near future."

For his part, the Undersecretary of the Ministry of Oil for Distribution Affairs, Ali Maaraj, according to the statement, praised “the national effort and achievements made by the oil sector after 2003, and its contribution to increasing production and export, and achieving financial revenues for the state treasury,” noting “the importance of the licensing rounds that contributed to adding an amount of three million barrel for national production, achieving financial revenues exceeding more than 900 billion dollars.”

While the Director General of the Iraqi Oil Tanker Company, Ali Qais, confirmed, according to the statement, “the support of the Ministry and the Minister of Oil to build a new fleet for the Iraqi Oil Tanker Company by strengthening the company’s stock of oil tankers, which were damaged by the wars.”

He added, “In 2020, the Iraqi Oil Tanker Company concluded a contract with a Norwegian company to build two tankers with a capacity of 31,000 thousand tons each, the Sumer and Akkad, in which the ministry and the company aim to strengthen the company’s fleet in transporting crude oil and oil derivatives in addition to the activity of the current tankers, which is the Baghdad.” Shatt al-Arab, Tigris and Euphrates.      Https://Earthiq.News/Archives/283277#Hathalyoum

Adviser To The Prime Minister: Accelerating The Approval Of The Oil And Gas Law Will Establish Two Important Matters

Time: 09/28/2023 07:52:29  Read: 1,274 times  {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stressed the importance of accelerating the approval of the draft oil and gas law.

Saleh said in a press statement, “Accelerating the adoption of the federal oil and gas project law in the House of Representatives as quickly as possible will establish a stable national road map for investment and production of the country’s primary sovereign resource, which is oil and gas.”

He explained that "this natural resource contributes directly to Iraq's gross domestic product at a direct rate of approximately 50 percent, and leaves an indirect impact on the total economic activity of our country at a rate of no less than 85 percent."

Saleh said, "Adopting a unified national oil policy, and achieving optimal investment and production in Iraq's oil area, starting from the southern fields up to the northern and regional fields, is an important and strategic matter in the matter of taking advantage of opportunity costs in the optimal and harmonious operation of the Iraqi oil policy currently."

Not to mention "achieving the best financial returns for the country that we all aspire to to finance building the Iraqi economy and the basics of sustainable development," according to Counselor Saleh.

The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject.

For its part, the Kurdistan Oil Law indicates that the Iraqi government “has the right to participate in the management of fields discovered before 2005, but the fields discovered afterward belong to the regional government.”

The committee that was formed between Baghdad and Kurdistan to draft a draft oil and gas law includes “the Minister of Oil, the Minister of Natural Resources in the region, the Director General of SOMO Company, and the advanced staff in the Ministry of Oil, as well as the oil-producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.”

The Prime Minister, Muhammad Shiaa Al-Sudani, said in early August that “the draft oil and gas law is one of the basic and important laws that represents a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and to benefit from this natural wealth.” In all fields and sectors, in addition to the contribution of the legislation to solving many outstanding problems.”

He explained, "There are governorates whose wealth has not been invested to date, which is considered negative for development endeavors in all their paths."

The dispute over the issue of oil has been a major source of tension between Baghdad and Erbil for years. Last year, the matter reached the judiciary, as Erbil believed that the central government was seeking to seize control of the region’s wealth.

In February 2022, the Federal Court in Baghdad ordered the region to deliver oil produced on its lands to Baghdad, and to cancel contracts the region had signed with foreign companies.

The matter reached the point where the judiciary in Baghdad invalidated contracts with many foreign companies, especially American and Canadian companies.

After years of exporting oil alone via Turkey, it became the Kurdistan region’s control, as of late March 2023, with the decision of an international arbitration panel that gave Baghdad the right to fully manage Kurdistan’s oil.

As a result, exports from the region stopped.

A temporary agreement signed between Baghdad and Erbil in early April stipulates that Kurdistan oil sales will be made through the Iraqi Oil Marketing Company (SOMO), while revenues generated from the region’s fields will be deposited in a bank account with the Central Bank of Iraq or one of the banks approved by the Central Bank of Iraq. . LINK

Iraq Ranks First Among The Countries That Hold The Largest US Bonds

2023-09-28 00:06   Shafaq News/ The US Treasury Department announced, on Thursday, that Iraq ranks among the largest foreign holders of US bonds.

The Treasury said in the latest table, seen by Shafaq News Agency, that “Iraq advanced one rank despite the decrease in its holdings of bonds for the month of July by $400 million, reaching 36th place among the countries with the largest possessions of US Treasury bonds of the 38 countries listed in the table for countries.” ".

She added, "Iraq's possession of these bonds amounted to 32.6 billion dollars for the month of July, a decrease of 1.21% from the month of June, which Iraq's possession of bonds amounted to 33 billion dollars, and a decrease of 6.12% from the month of June for the year 2022."

The Treasury also indicated that “Iraq was the fourth largest Arab country after Saudi Arabia, the Emirates, and Kuwait, while Japan came at the top of the countries with the largest holding of these bonds, with $1.112 trillion, followed by China second with $821 billion, the United Kingdom third with $662 billion, and Luxembourg fourth with $349.” One billion dollars, and Belgium is fifth with 318 billion dollars.”

It indicated that "the total bonds of countries around the world for the month of July increased by 103 billion dollars compared to last June, reaching 7 trillion and 654 billion dollars."      LINK

Points to Ponder From George Washington:

A slender acquaintance with the world must convince every man that actions, not words, are the true criterion of the attachment of friends.

Arbitrary power is most easily established on the ruins of liberty abused to licentiousness.

Associate with men of good quality if you esteem your own reputation; for it is better to be alone than in bad company.

Bad seed is a robbery of the worst kind: for your pocket-book not only suffers by it, but your preparations are lost and a season passes away unimproved.

Be courteous to all, but intimate with few, and let those few be well tried before you give them your confidence.

Discipline is the soul of an army. It makes small numbers formidable; procures success to the weak, and esteem to all.

"Tidbits From TNT" Thursday Morning 9-28-2023

TNT:

Tishwash:  Economist: Joining BRICS is one of the solutions to diversify sources of hard currency

Economic affairs researcher Hisham Al-Baydani explained that Iraq's accession to BRICS is one of the solutions to diversify the sources of foreign currency within the country and be freed from American restrictions imposed, especially on the dollar. 

Al-Baydani told Al-Maalouma, “Iraq must be freed from the restrictions imposed by Washington on its sources of foreign currency, especially after the hints and statements of the American ambassador in Baghdad regarding more restrictions on the movement of the dollar.” 

He added, "The American restrictions imposed on Baghdad caused exchange rates to fluctuate, which affected citizens' transactions in general, especially since there is demand for foreign currency in the local market." 

He stated that "joining BRICS may be one of the solutions that could be a way out for Iraq, which is rich in oil resources, but is governed economically by a foreign financial policy imposed by the American administration on the Iraqi monetary authority."  link

CandyKisses:  Suspension of official working hours next Tuesday

Economy News - Baghdad

Prime Minister Mohamed Shia al-Sudani ordered the suspension of official working hours next Tuesday.

The General Secretariat of the Council of Ministers stated in a brief statement that "Prime Minister Muhammad Shia Al-Sudani directed the suspension of official working hours on Tuesday, 2023/10/3, in all ministries and state institutions, in celebration of the National Day of the Republic of Iraq

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CandyKisses:  Globally.. Oil Approaching $100 A Barrel

Oil prices continue to rise in early Asian trading on Thursday, after climbing to a 2023 high in the previous session, as fears of tight global supplies were exacerbated by a sharp drop in U.S. crude inventories that reached critical levels.

Government data showed that U.S. crude oil inventories fell last week by about 2.2 million barrels, to 416.3 million barrels. The decline far exceeded analysts' expectations, in a Reuters poll, with a decline of almost 320,<> barrels.

This followed voluntary production cuts of 1.3 million bpd until the end of the year from Saudi Arabia and Russia.

Price movement

Brent crude continues to approach levels of $ 100 a barrel as it trades in magnified trading in Asia on Thursday above the levels of $ 97, an increase of 0.9 percent, the highest level since last November.

U.S. West Texas Intermediate crude futures rose more than a dollar to $94.70, the highest level since August 2022, and U.S. crude jumped 3.6 percent at settlement on Wednesday, its biggest gain since early May.

Inventories in Cushing, Oklahoma, the delivery point for U.S. crude, fell to just under 22 million barrels, the lowest level since July 2022 and close to the operating minimum.

Strong Dollar Fails to Rein in Oil

Amrita Sen, co-founder and head of research at Energy Aspects, said: "What I fear in this market is that we have made huge inventory reductions. Right now, what's happening in the U.S. – (drought of inventories in Cushing)," according to Bloomberg.

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Advisor to the Prime Minister: Speeding up the approval of the oil and gas law will establish two important things

The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, stressed the importance of speeding up the approval of the draft oil and gas law.

Saleh said in a press statement that "accelerating the approval of the federal oil and gas project law in the House of Representatives as soon as possible will establish a stable national roadmap for investment and production of the country's main sovereign resource, which is oil and gas."

He explained that "this natural resource contributes to Iraq's GDP by a direct rate of nearly 50 percent, and leaves an indirect impact on the total economic activity of our country by at least 85 percent."

"The adoption of a unified national oil policy, and the achievement of investment and optimal production on Iraq's oil area, starting from the southern fields up to the fields of the north and the region, is an important and strategic matter in the matter of benefiting from the opportunity costs in the optimal and homogeneous operation of the Iraqi oil policy currently," Saleh said.

Not to mention "achieving the best financial returns for the country, which we all look forward to to finance the building of the Iraqi economy and the basics of sustainable development," according to Saleh.

Iraq's draft oil and gas law, which is available to parliament, stipulates that responsibility for managing the country's oil fields should be vested in a national oil company and supervised by a specialized federal council.

For its part, the Kurdistan Petroleum Law states that the Iraqi government "has the right to participate in the management of the fields discovered before 2005, but the fields discovered after it belong to the regional government."

The committee, which was formed between Baghdad and Kurdistan to draft an oil and gas law, includes "the minister of oil, the minister of natural resources in the region, the director general of SOMO and the advanced staff in the Ministry of Oil, as well as oil-producing provinces such as Basra, Dhi Qar, Maysan and Kirkuk."

Prime Minister Mohammed Shia al-Sudani said in early August that "the draft oil and gas law is one of the basic and important laws, representing a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and benefit from this natural wealth, in all fields and sectors, as well as the contribution of the legislation of the law in solving many outstanding problems."

"There are provinces that have not invested their wealth until today, which is a negative matter for development efforts in all its tracks," he said.

The oil dispute has been a major source of tension between Baghdad and Erbil for years, reaching the judiciary last year, as Erbil believed that the central government was seeking to seize the region's wealth.

In February 2022, the Federal Court in Baghdad ordered the region to deliver oil produced on its territory to Baghdad, and canceled contracts signed by the region with foreign companies.
It went so far as to invalidate the judiciary in Baghdad for contracts with numerous foreign companies, particularly American and Canadian.

After years of exporting oil individually through Turkey, the Kurdistan region, as of late March 2023, had an international arbitration tribunal decision that gave Baghdad the right to fully manage Kurdistan's oil.

Exports from the Territory subsequently ceased.

\An interim agreement signed between Baghdad and Erbil in early April stipulates that Kurdistan oil sales will be made through the Iraqi Oil Marketing Company "SOMO", while revenues from the region's fields will be deposited in a bank account with the Central Bank of Iraq or one of the banks approved by the Central Bank of Iraq.

Mot: . ooooooooh Deeeerr---- He Knew - SHE Knew!!~~~~~

Mot:  .. Cold Weather acoming!!! -- Beeee Prepared Guys!!!

Iraq Economic News and Points to Ponder Wednesday Evening 9-27-23

Iraq Economic News and Points to Ponder Wednesday Evening 9-27-23

A Reading Of The Council Of Ministers’ Decision To Limit Contracts To Dinars.. Will It Change The Exchange Rate Or The Value Of The Contracts?

Economy |Today   Baghdad today – Baghdad   In a step that will not be applied to contracts after the decision of the Council of Ministers, but rather goes beyond its application “retroactively,” the Council of Ministers’ decision came to restrict the state’s contracts with companies, whether foreign or local, to the Iraqi dinar only, and to apply it even to old contracts, in a step that raised questions about its dimensions and effects. Whether on state contracts or on the exchange rate.

The Iraqi government and the Central Bank of Iraq continue to take various decisions and measures in an attempt to control the exchange rate of the dollar against the dinar, in a war that has been going on for 10 months, as exchange rates are witnessing an unprecedented rise due to illegal speculation, as described by the Central Bank of Iraq.

End DOLLARIZATION

The expert in economic and financial affairs, Nabil Al-Marsoumi, during an interview today, Wednesday (September 27, 2023), with “Baghdad Today”, explained that “the Iraqi government took many steps during the previous period, and is still working on new steps aimed at limiting local dealings to the Iraqi dinar.” Its last decision was to oblige state contracts executed inside Iraq to be in Iraqi dinars.”

He stated that “this step is aimed at ending the “dollarization phenomenon,” that is, restricting all transactions to the local currency. Of course, this matter has any impact on the issue of reducing or rising the price of the dollar in the local market, as this matter depends on the issue of finding solutions in order to work Legal and legitimate transfers to Iran instead of black transfers that are paid through various import funds.”

An Attempt To Strengthen The Dinar

For his part, a member of the Parliamentary Finance Committee, Moin Al-Kadhimi, said in his interview with “Baghdad Al-Youm” that “the Iraqi government wants, through such steps, to strengthen the Iraqi dinar and limit local dealings to the national currency, and this is what strengthens and strengthens the dinar, and this matter is followed and applied in all countries.” "It was accompanied by a strong economy."

Al-Kadhimi stated, “Such a step will certainly contribute to the issue of reducing the exchange rate of the dollar in the local market. Such steps will reduce the need to demand the dollar, since dealing will be in the Iraqi dinar, and therefore the citizen will abandon the dollar as long as dealing is limited to the national currency, and this is the case for companies operating in the sectors.” governmental or private.

A “moral” step, but...does it change the value of the contracts?

Yesterday, Tuesday, the Council of Ministers decided, in a step towards financial and administrative reform, to commit to all state contracts executed inside Iraq being in Iraqi dinars, except for those opened by an external documentary credit, so they will be according to the agreement between the two parties and for the value of the documentary credit only.

While observers believe that this step will lead to an increase in the price of the dollar, based on the fact that the government will pay the dinar to companies, which in turn will look to buy and convert the money into dollars.

However, others underestimate the importance or extent of the impact of the step on the exchange rate, as the state will ultimately pay the dues of these companies and contracting parties in dollars by the Central Bank, as stipulated in the Council of Ministers’ decision, considering that this decision has only a “moral aspect” in favor of the dinar. That is, making the numbers on the contract papers in Iraqi dinars only, but the payment of companies’ dues will be in dollars and by the central bank directly.

Experts believe that this decision will have one negative side when any future change in dollar prices occurs, as the value of projects, especially those implemented for long years, will be valued in dinars according to the current exchange rate, and any change in the exchange rate by the state during the next few years will lead to... Change the cost of projects. Source: Baghdad Today   LINK

Revealing Parliamentary Pressure To Legislate The Oil and Gas Law

 A member of the Oil, Gas and Natural Resources Committee, Bassem Ngheimesh Al-Gharibawi, revealed that there is parliamentary pressure to legislate the oil and gas law within the House of Representatives.

Al-Gharibawi said in a press interview seen by “Taqaddam” that “there is a real intention among most of the political forces within the House of Representatives to legislate the law during the next semester.”

He added, “There is a real will to legislate the law in a way that preserves justice in the distribution of wealth among the oil and gas producing governorates.”

He pointed out that “the country needs to legislate the oil and gas law to end the dispute over oil wealth between the center and the region,” stressing that “there is parliamentary pressure to legislate it during the next legislative term.”   https://takadum-news.com/archives/185249#hathalyoum

Parliamentary Integrity Opens The “Travelers’ Dollar” File And Warns Against Imposing Taxes On Citizens

Posted On09-27-2023 By Sotaliraq    The Parliamentary Integrity Committee announced the opening of an investigation into the file of granting dollars to travelers due to suspicions of corruption, while warning of imposing taxes on citizens who received dollars from the electronic platform and did not travel.

Committee member Ahmed Al-Rubaie said, “The electronic platform for granting dollars to travelers has become a type of corruption, whether directly or indirectly,” noting that “there are many parties involved, starting with the Central Bank, considering the movement of funds issued by the bank, and the tourism companies that receive...

Passport and travel documents for the purposes of booking an airline ticket or travel visa, and banking companies that give dollars to people who are not travelling.”

He added, “We received many complaints from citizens who had travel tickets and visas but did not travel. As a result, the dollar was tampered with and the documents of these people were withdrawn from the travel platform.”

Al-Rubaie stated, “The Parliamentary Integrity Committee sent official letters to the Central Bank and the Integrity Commission for the purpose of conducting investigations in a transparent and high-level manner. This issue poses a danger to citizens who withdraw money in their names, and the taxes imposed on citizens may reach billions of dinars.”

The Rafidain State Bank decided on Tuesday to wait to sell dollars to travelers in some of its branches in Baghdad due to the Central Bank of Iraq not enhancing its share of the American currency. LINK

"An Anomalous Case"... Economic Criticism Of Dealing In The Dollar In Local Markets

September 26 19:07  Information/private..  Today, Tuesday, economic expert Hazem Hadi criticized the dealing in the dollar in local markets, while he considered this situation “an anomaly,” among the main reason behind the high exchange rate.

The economic expert, Hazem Hadi, said in an interview with the Maalouma Agency, “The market is governed by supply and demand. If demand exceeds supply, this will lead to a rise in the dollar, but the central bank will try gradually and by all means and methods to limit the unjustified rise.”

He added, "Limiting dealing in the dinar is important because it is the national currency," considering dealing in the dollar internally "an anomalous case, since most countries deal in their local currency internally."

The economic expert explained that “measures to limit dealing in the dinar internally will lead to reducing demand for the dollar, and as long as demand decreases, it will affect supply,” indicating that “the main problem is not internal demand, but rather external demand.”

He stressed the need to "reduce random and unjustified import operations, as most of the supplies of goods and services have no economic feasibility."

Earlier, a member of the House of Representatives, Muhammad Al-Sayhoud, confirmed that “there are local internal agendas, as well as international forces, that insist on the dollar remaining at this height,” pointing out that “the dollar is a major project whose goal is to force the government to follow a path that these international forces desire.” ".

The series of rise in the dollar exchange rates in Iraqi markets is still continuing, amid conflicting opinions about the real reasons that led to the exhaustion of the local currency again, especially as it began to rise to levels that warn of a great danger to the country’s economy.  LINK

Points to Ponder on Exaggeration:

Some persons are exaggerators by temperament -- They do not mean untruth, but their feelings are strong, and their imaginations vivid, so that their statements are largely discounted by those of calm judgment and cooler temperament  -- They do not realize that "we always weaken what we exaggerate"  Tryon Edwards 

Exaggeration is a blood relation to falsehood, and nearly as blameable -- H Ballou 

Exaggeration as to rhetoric, is using a vast force to lift a feather; as to morals and character, it is using falsehood to lift one's self out of the confidence of his fellowmen -- Paget 

There are some persons who would not for their lives tell a direct and willful lie, but who so exaggerate that it seems as if for their lives they could not tell the exact truth -- Paget 

Never speak by superlatives; for in so doing you will be likely to wound either truth or prudence -- Exaggeration is neither thoughtful, wise, nor safe -- It is a proof of the weakness of the understanding, or the want of discernment of him that utters it, so that even when he speaks the truth, he soon finds it is received with partial, or even utter unbelief -- Hume 

Iraq Economic News and Points to Ponder Wednesday Afternoon 9-27-23

Iraq Economic News and Points to Ponder Wednesday Afternoon 9-27-23

Tlm724 Administrator Bondlady’s Corner

Within 72 Hours.” Al-Shammari Reveals Procedures And Proposals Regarding The Dollar

Time: 09/26/2023 22:22:00 Read: 6,123 times  {Economic: Al-Furat News} The political advisor to the Prime Minister, Fadi Al-Shammari, revealed proposals that the government will present regarding the dollar within the next 72 hours.

Al-Shammari said in a television interview this evening, followed by {Al-Furat News}: “The dollar file is a complex file and needs time to regulate the exchange rate, but government measures are moving in the right direction.”

He added, "The Central Bank of Iraq is embarking on a set of measures to control small traders and their commercial exchange, as they constitute 40% of market traders."

Al-Shammari noted that, "Within 72 hours, papers and proposals will be presented regarding the dollar after an extensive meeting of the Prime Minister with Iraqi financial institutions."

He continued, "There is a serious discussion between the government and the Central Bank with the Iranian side to search for alternatives to trade in the dollar," denying "the presence of American pressure or punitive attempts against Iraq because of the dollar."

He noted, "There are commitments to standards in the exit and sale of the dollar, and this requires time and the market to adapt to them."

He revealed that "Turkish President Recep Tayyip Erdogan's scheduled visit to Iraq is linked to completing the development road project procedures."   LINK

Oil Prices Rose To More Than $94 Per Barrel

Wednesday 27, September 2023 09:46 | Economical Number of readings: 345   Baghdad / NINA / Oil prices rose in early trading, today, Wednesday, as markets focused on the scarcity of supplies ahead of the winter and the “soft landing” of the US economy.

Industry data issued Tuesday showed that US crude oil inventories rose last week by about 1.6 million barrels, compared to analysts’ expectations of a decline of approximately 300,000 barrels.

However, markets continued to be concerned about US crude inventories at the main storage hub in Cushing, Oklahoma, falling below minimum operating levels.

Further cuts in Cushing, the delivery point for US crude futures, could impose new upward pressure on oil markets because they will increase supply scarcity resulting from the supply cuts undertaken by the Organization of the Petroleum Exporting Countries and its allies, OPEC+.

US government data on oil inventories is expected to be released at 10:30 am (1430 GMT).

Meanwhile, Federal Reserve Chairman Neel Kashkari said in Minneapolis yesterday, Tuesday, that a “soft landing” for the world’s largest economy is the most likely possibility.

But he also stressed that there was a 40 percent chance that interest rates would be needed “meaningfully” to overcome inflation.   Higher interest rates increase borrowing costs, which may slow economic growth and reduce demand for oil.

By 0015 GMT, Brent crude futures rose 33 cents, or 0.4 percent, to $94.29 per barrel, while US West Texas Intermediate crude futures rose 31 cents, or 0.3 percent, to $90.70.

https://ninanews.com/Website/News/Details?key=1079971

The Dollar Is Rising Again In Local Markets

Economy  Wednesday, September 27, 2023 10:58 AM   Baghdad/National News Center  Today, Wednesday, dollar prices recorded an increase in the markets of the capital, Baghdad.

Selling prices in exchange shops in local markets in Baghdad reached 157,250 dinars per 100 dollars, while purchasing prices reached 155,250 dinars per 100 dollars.  https://nnciraq.com/228819/

(UNAMI) Expresses Its Shock At The Al-Hamdaniya Wedding Hall Fire Incident

Noah:   The United Nations Mission in Iraq (UNAMI) expressed its shock at the fire incident that broke out in a wedding hall in Al-Hamdaniya, and described it as a "tremendous tragedy."

The mission stated in a blog post: “We feel shock and pain due to the huge loss of life and injuries in the fire that occurred in Al-Hamdaniya in Nineveh... a tremendous tragedy. Our sincere condolences to the families who lost their loved ones... and we wish the injured a speedy recovery.”

https://www.radionawa.com/all-detail.aspx?jimare=35838

Sudanese To A Romanian Delegation: The Development Road Is A Vital Project Linking Asia To Europe Through Iraq

Reconstruction and building   Economy News – Baghdad  Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani received the Chairman of the Foreign Policy Committee of the Romanian Senate, Titus Cor Latsian, and his accompanying delegation.

A statement from Al-Sudani's office stated, "During the meeting, the head of the delegation delivered a letter to the Prime Minister from his Romanian counterpart, including an official invitation to visit the Romanian capital, Bucharest."

The meeting also witnessed, "discussing bilateral relations between the two countries, consolidating cooperation in various economic and cultural fields, as well as emphasizing the importance of resuming the work of the bilateral committee between Iraq and Romania, in a way that achieves the interests of the two friendly countries and the benefit of their people."

Al-Sudani pointed out “the depth of the historical relations between Iraq and Romania, and the importance of developing them,” stressing “the possibility of Romanian companies participating in major and strategic investment projects and opportunities in Iraq, including the development road, which represents a vital project linking Asia to Europe through Iraq, in addition to cooperation in other sectors.” many".

For his part, Latsian stressed "his country's keenness to develop relations with Iraq and enhance cooperation in the fields of agriculture, industry, cybersecurity and automation, as well as in the field of reforming the banking system, and Romania's aspiration to launch a constructive dialogue between the two countries."  Views 82 09/27/2023 - https://economy-news.net/content.php?id=36650

Al-Sudani Directs To Declare General Mourning Throughout Iraq For Three Days For The Victims Of Al-Hamdaniya

Time: 09/27/2023 10:45:04 Read: 2,132 times   {Politics: Al-Furat News} Prime Minister Muhammad Shiaa al-Sudani directed the declaration of general mourning throughout Iraq for a period of three days, in order to offer condolences to the victims who fell in the Hamdaniyah (Baghdida) fire accident, in the Nineveh Plain region

The Governor of Nineveh, Najm al-Jubouri, announced seven days of mourning in the governorate and a minute of silence in the governorate’s departments tomorrow for the souls of the victims.

It is noteworthy that a fire broke out yesterday evening, Tuesday, in an event hall during a wedding ceremony in the Hamdaniya district, east of the city of Mosul, killing at least 100 people and injuring 150 others, according to the Health Department in Nineveh Governorate, while the Security Media Cell said this morning that the number of victims reached 93 deaths. And more than 100 infected.

The Civil Defense Directorate said that the wedding hall was covered with highly flammable Ecobond panels, in violation of safety instructions, and lacked alarm and extinguishing systems, indicating that “the fire led to the collapse of parts of the hall as a result of the use of highly flammable, low-cost building materials that collapse within minutes when the fire breaks out.”   LINK

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

https://www.bondladyscorner.com/   

Provoking Points to Ponder:

The man who does not read has no advantage over the man who can not read -- Mark Twain

Disappointment -- too many people miss the silver lining because they are expecting gold
-- Maurice Seltter

Fortunes made in no time are like shirts made in no time; its ten to one if they hang long together -- Douglas Jerrold

Disappointment to a noble soul is what cold water is to burning metal; it strengthens, tempers, intensifies, but never destroys it -- Eliza Tabor

Man must be disappointed with the lesser  things of life before he can comprehend the full value of the greater -- Edward G  Bulwer-Lytton

Doubt -- There are two ways to slide easily through life: to believe everything or to doubt everything; both ways save us from thinking -- Alfred Korzybski

Crisis -- You must learn to be still in the midst of activity and to be vibrantly alive in repose --Indira Gandhi

Hope -- There is no medicine like hope, no incentive so great, and no tonic so powerful as expectation of something tomorrow -- O S Marden
 
Mistakes -- A life spent making mistakes is not only more honorable but more useful than a life spent in doing nothing -- George Bernard Shaw

Anger is seldom without argument - but seldom with a good one --Hallfax

An angry man is again angry with himself when he returns to reason -- Publilius Syrus

Anybody can become angry - that is easy - but to be angry with the right person and to the right degree and at the right time - and for the right purpose and in the right way -- that is not within everybody's power and is not easy -- Aristotle 

Tolerance  is the positive and cordial effort to understand another's beliefs, practices, and habits without necessarily sharing or accepting them -- Joshua Liebman

Forgiveness -- Never does the human soul appear so strong as when it foregoes revenge, and dares forgive an injury -- E. H. Chapin

Iraq Economic News and Points to Ponder Wednesday AM 9-27-23

Iraq Economic News and Points to Ponder Wednesday AM 9-27-23

"An Anomalous Case"... Economic Criticism Of Dealing In The Dollar In Local Markets

September 26 19:07   Information/private..  Today, Tuesday, economic expert Hazem Hadi criticized the dealing in the dollar in local markets, while he considered this situation “an anomaly,” among the main reason behind the high exchange rate.

The economic expert, Hazem Hadi, said in an interview with the Maalouma Agency, “The market is governed by supply and demand. If demand exceeds supply, this will lead to a rise in the dollar, but the central bank will try gradually and by all means and methods to limit the unjustified rise.”

He added, "Limiting dealing in the dinar is important because it is the national currency," considering dealing in the dollar internally "an anomalous case, since most countries deal in their local currency internally."

The economic expert explained that “measures to limit dealing in the dinar internally will lead to reducing demand for the dollar, and as long as demand decreases, it will affect supply,” indicating that “the main problem is not internal demand, but rather external demand.”

He stressed the need to "reduce random and unjustified import operations, as most of the supplies of goods and services have no economic feasibility."

Earlier, a member of the House of Representatives, Muhammad Al-Sayhoud, confirmed that “there are local internal agendas, as well as international forces, that insist on the dollar remaining at this height,” pointing out that “the dollar is a major project whose goal is to force the government to follow a path that these international forces desire.” ".

The series of rise in the dollar exchange rates in Iraqi markets is still continuing, amid conflicting opinions about the real reasons that led to the exhaustion of the local currency again, especially as it began to rise to levels that warn of a great danger to the country’s economy.   LINK

Fraud In The Circulation Of The Million-Dollar Currency.. These Are The Iraqi Legal Articles Specialized In That

09-27-2023 | 1,479 views  Al-Sumaria News – Local Judge Habib Ibrahim Hamada spoke about fraud in the circulation of the million-dollar currency and the Iraqi legal materials relevant to that.

Hamada mentioned in an article he published in a newspaper   Supreme Judicial Council  The dollar is the official currency in  United States of America   It is traded in many countries of the world and is known as the green paper, which is the basic monetary unit of currency  United States of America  It is approved for commercial and economic exchange.

It is not printed from paper as is the case with other currencies, but rather it is made from cotton and linen in varying proportions. It contains two stripes in red and blue, which are made of forgery-resistant silk. The shelf life of the paper is 18 years, and the dollar is symbolized by the symbol ($).

Which was used as a result of the development of Spanish or Mexican letters. Previously, the symbol was (PS), which is an abbreviation for the word peso. Then the letter (p) evolved over time to be written in the form ($), which was later changed to (USD), which is an abbreviation. for the phrase united states dollar .

He added, “He takes care of it  Federal Reserve System  In the United States of America, the management of monetary policy in the country as it is the state’s central bank, and under the provisions of Article One of Section Eight of the American Constitution, the American Parliament (Congress) has the authority to issue the law regarding currency minting, and accordingly the dollar was issued in accordance with the provisions of the law.

Instrument (Basic Monetary Act) of April 2, 1792 during the era of the former US President  Thomas Jefferson  According to it, the dollar became a standard or financial unit of account  United States of America Especially after the establishment of the American Mint House.

The dollar dominated the global financial system after World War II, following a treaty Peyton Woods  in 1944, which resulted in the establishment of the World Bank  International Monetary Fund  And it was assigned International Monetary Fund  With the mission of ensuring global financial stability, in order to avoid global financial crises such as the one that occurred in 1929, that treaty included adopting the dollar as the main currency to determine the prices of other countries, as it is denominated in gold, and as a result, countries took the initiative to fix the exchange rate of their currencies against the dollar, according to Hamada.

He continued, "The value of the dollar is one hundred cents, and it is in several denominations, the highest of which is the denomination of one hundred US dollars, with the exception of the paper that was issued in the period from December 18, 1934 until January 9, 1935, which is the denomination of one hundred thousand dollars and is called the gold certificate, which was used in transactions between... Banks and subsidiaries  Federal Reserve System   It was not released for circulation among individuals.”

He pointed out that the American millionaire, Terry Stewart, took the initiative in the middle of the last century, who founded the International Association of Millionaires, to propose the idea of ​​issuing and printing a million dollar bill, to express wealth and satisfy the members’ desires for freedom and wealth.

He obtained the approval of the American government for this, and also obtained the approval of the Ministry of Foreign Affairs. The Treasury and the Secret Service offices agreed to sell this paper as a commemorative coin for five dollars per paper, provided that its price is reduced whenever the demand for it is high, and since this souvenir paper has been misused by many people in America and mafia gangs in committing fraud crimes through it through deception.

It was sold and sold for sums of money ranging from fifty to one hundred thousand US dollars in a way that led to problems for the US Treasury due to dealing with it in bad faith for the purpose of generating illegal financial resources, which prompted the US Secret Service Bureau in 1990 to oblige the American Millionaires Association to stop printing it. And selling it, but that did not prevent the association from continuing to print and sell the million-dollar commemorative coin.”

He explained, “Continuing to print and sell that paper has resulted in the spread of fraudulent crimes involving the circulation of the million-dollar currency in many countries of the world, including Arab countries such as Egypt, Morocco, Libya, and...Iraq

Many people were arrested who were in possession of that paper and took the initiative to use it in circulation by offering it for sale in various ways, whether directly or through various types of social media, which played an important role in offering that paper to the public at allegedly high prices.

 It is a banknote that can be dealt with legally in a way that has led to many people becoming victims of these illegal acts, since the sold paper has no financial value except that it is used as a souvenir paper, and as a result of the repeated commission of such crimes in Iraq

It has been issued  Central Bank of Iraq  The Issuance and Treasury Department issued a statement in the tenth month of 2019 stating that (recently, there has been an increase in the promotion of souvenir notes in the denomination of one million US dollars, which are used by weak-minded outlaws for the purpose of defrauding citizens, and it is a souvenir note that is not circulated in the currency markets. Global issued by  American Millionaires Association  This note is not considered a banknote because it was not issued by  US Federal Bank 

It does not represent any financial instrument, and is used for the purpose of gifting only. The highest denomination in circulation for the US dollar is the $100 denomination. Despite issuing that statement and publishing it through various media outlets, it is noted that this did not prevent the continuation of committing the crime of dealing with that paper.

It must be noted that, for the purpose of clarifying the legal qualification of the accused’s action when he commits the crime of dealing in a million dollar bill, Article (49/F) of  Central Bank of Iraq Law No. 2004 has explicitly stated that (the phrase...fake symbolic currencies means) professional stamps, forged postage stamps or other symbols of their fixed value that are forged by any technical or simple method or that involve fraud and deception. This concept also includes original coins or paper currencies.

Which do not have the value of money....), as Article (53) thereof stipulates that (every person who, with the intention of defrauding, with knowledge of this, (manufactures, produces, sells, or possesses) anything with the intention of using it in fraudulent acts instead of cash currencies) coins or symbolic currencies..

He is committing a felony punishable by law by paying a fine not exceeding twenty-five million dinars or imprisonment for a period not exceeding two years or both, according to Judge Hamada.

He added, “Although the above-mentioned text could be applied when the crime of trading in a million-dollar currency is committed by the trial court, what is noted is the poor legal wording in the use of legal terminology that accurately expresses the committed crime, since it included that the crime is a felony crime while it was stated as The custodial penalty contained therein is one of the penalties imposed for misdemeanor crimes, and the text was supposed to include the penalty prescribed for felony crimes, which is imprisonment for a period of not less than five years, on the one hand.

On the other hand, the text touched on the penalty of a fine initially and then stated the custodial penalty later. It was supposed to The last penalty will be stated starting and the fine penalty will be determined later.

In any case, we have found that imposing a two-year prison sentence when committing the crime of trading in a million dollar currency may not be an appropriate punishment for the act committed, especially since this crime is related to the national economy and does not achieve its purpose in General and specific deterrence As the resulting material damage may have negative effects on the individual and society, which requires legislative treatment by amending the aforementioned text for this purpose  LINK

Points to Ponder on HOPE:

If we all worked on the assumption that what is accepted as true is really true, there would be little hope of advance.  -- Orville Wright

You believe that easily which you hope for earnestly -- Edward Bulwer-Lytton

In all things it is better to hope than Despair – Goethe
You cannot put a great hope into a small soul -- J L Jones

The future is lighted for us with the radiant colours of hope. Strife and sorrow shall disappear. Peace and love shall reign supreme -- John Fiske

All the Saints of God are there to protect me, to sustain me and to carry me. And your prayers, my dear friends, your indulgence, your love, your faith and your hope accompany me. -- Pope Benedict XVI

People crushed by laws, have no hope but to evade power. If the laws are their enemies, they will be enemies to the law; and those who have must to hope and nothing to lose will always be dangerous. 
Edmund Burke 

"Tidbits from TNT" Wednesday Morning 9-27-2023

TNT:

CandyKisses:  MP reveals Iraq's loss of $ 20 billion due to exchange rate difference

Baghdad - Iraq Today:

A member of the parliamentary integrity committee, Sarwa Abdul Wahid, identified Iraq's losses as a result of the currency difference between central bank sales and the black market.

Abdul Wahid said on the "X" platform Twitter previously, "Iraq's losses during the months of 27 trillion (more than 20 billion dollars) as a result of the currency difference when the difference was only 24 numbers."

She added, "Today the difference between the currency in the Central Bank reached 28 tigers," noting that "the beneficiaries are 20 financial institutions affiliated with influential figures.

CandyKisses:  Al-Sudani directs the suspension of official working hours on October 3

Shafaq News/ Prime Minister Muhammad Shiaa Al-Sudani directed that official working hours be suspended on the occasion of National Day.

A brief statement received by Shafaq News Agency stated: Al-Sudani directed the closure on Tuesday, 10/3/2023, in all ministries and state institutions, in celebration of the National Day of the Republic of Iraq.

The Iraqi National Day is a day that was proposed in 2008 to be made a national day that falls on October 3, to commemorate the day of Iraq’s declaration of independence from the British Mandate and its joining the League of the United Nations, and that independence was on October 3, 1932.

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Tishwash:  Figures and statistics on the use of electronic payment tools in Iraq

Wednesday, August 23, 2023, the Iraqi Private Banks Association revealed special numbers and statistics regarding the use of electronic payment tools in Iraq.

It was announced to the Executive Director of the Association, Ali Tariq, in a statement seen by Ultra Iraq, that 337 ministries and government institutions have contracted with electronic payment companies and published points of sale.

He revealed that points of sale have grown by 123% since the government directives to spread the concept of electronic payment, and the number of points of sale has reached 23,906 points, up from 10,718 devices, and the points were distributed by 19,696 in stores and private institutions, and 4,210 in ministries and government institutions.

The statement pointed out that the number of financial settlements that took place through points of sale reached 1.56 million transactions, including 1.15 million transactions for the private sector, and 403.7 thousand transactions for government institutions, during the same period.

The Director of the Association of Banks pointed out that electronic payment is witnessing a major transformation, considering it “the most important step towards reforming the economy” and “reducing corruption and activating electronic government.”

Two days ago, the Council of Ministers held a meeting in which it discussed “the facilities and incentives that can be provided to citizens who use electronic payment, with the aim of encouraging its use,” while Prime Minister Muhammad Al-Sudani said, according to a statement from his office at the time, that the steps towards electronic payment “are among the most important financial reform measures and banking  and economics.  link

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Tishwash:  Al-Rafidain: More than 4,800 accounts were opened for citizens during the month of August

The number of accounts opened for citizens and other categories at Rafidain Bank during the month of August reached more than 4,800 savings and current accounts in dinars and dollars. 

A statement issued by Al-Rafidain  said, “The number of accounts opened for citizens and other categories in the bank’s branches in Baghdad and the provinces for the month of August amounted to 4,898 savings and current accounts in dinars and dollars, and deposit accounts.”

He added, "The number of current accounts that were opened for citizens and other groups last August reached 655 current accounts in dinars and dollars, while savings accounts opened for citizens reached 3,950 accounts in dinars and dollars, in addition to the number of deposit accounts, which amounted to 293 deposits."

He pointed out that "the bank continues to provide its services by opening accounts for citizens who wish to deposit their money in the bank and obtain interest according to conditions and regulations set, and the bank's customers can visit its branches in Baghdad and the provinces to view them   link

Mot ... Dang! –

Mot:  ... siiiiiiiggggggggghhhhhhhhhhh !!!!!