More "Iraqi News" Posted at TNT Monday 10-2-2023

TNT:

Tishwash:  All public and private sector salaries will be in dinars. Central official

 The Assistant Director of Foreign Transfers at the Central Bank confirmed today, Monday, that all salaries in the government and private sectors must be in Iraqi dinars, and that the country is gradually moving to restrict transactions to the national currency, with exceptions for oil companies and the like.

Dr. said. Muhammad Younis, in an interview with journalist Karim Hammadi

The decision to ban dealing in dollars is not new. At the beginning of this year, the Prime Minister obligated all departments and the private and public sectors to deal in the Iraqi dinar, but there is an exception for companies and departments that have contracts in dollars, such as oil companies and others.

All contracts between companies and employees, or between the state and citizens, and the payment of salaries, etc., in the private and public sectors, must be in dinars.

Today we emphasized to the banks that the remaining red line is if the citizen deposits money in US dollars, then he must receive his deposit in US dollars as well.

The situation has changed today. We want to spare the Central Bank and Iraqi banks from sanctions, deprivation and problems, so we must comply with international laws and norms.

I am surprised by the word “crisis.” Today, Iraq is at a level of historical reserves that exceed 100 billion dollars, and we have the fourth largest Arab gold reserve. We do not have a crisis, and the price of a barrel of oil is 90 dollars, and we export 4 million barrels per day.

The dollar exists and is available to every person or entity that uses official channels to obtain it. How do I compare myself to Lebanon? Lebanon does not have the resources that we have, and price inflation is declining, despite the exchange rate situation.  link

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CandyKisses:  Famous Bank: The Middle East is in a Golden Age

Information/follow-up.

JPMorgan's head of Europe, Viswas Raghavan, said the Middle East is enjoying a "golden age" as global tensions are pushing money and talent into the region.

Speaking in an interview with Bloomberg TV, Raghavan said there has been a jump in deal-making and capital market opportunities in many countries in the past few quarters.

He added that most of the Middle East's oil countries are in a very good position, both to attract money managers and hedge funds, and also to their domestic economies, which have become dominant. This is a golden age for Middle Eastern and Middle Eastern companies in general. I think she's here to stay."

Raghavan, JPMorgan's chief executive for Europe, the Middle East and Africa, said the global outlook for investment banking shows "some green shoots", especially in technology, although the number of opportunities is not yet a flood. Total bank charges across the industry are expected to reach $65 billion this year, compared to a typical year of about $80 billion, he added. Finished/25hr

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Tishwash:  Parliamentary Finance will host the Minister of Finance in the coming days to discuss the delay in financing projects

Today, Monday, the Parliamentary Finance Committee revealed the outcomes of hosting the Minister of Planning and the governors, while announcing the hosting of the Minister of Finance in the coming days to discuss the delay in financing projects.

The head of the committee, Atwan Al-Atwani, said in a press statement followed by NRT Arabia, that “the committee hosted today the Minister of Planning and the governors of Basra and Nineveh as representatives of the governors, and hosted the unorganized governorates in the Kurdistan Region, and they presented their problems in financing ongoing and new projects, and it was necessary to host the Minister of Planning.” Because part of the problems concern the ministry.”

Al-Atwani explained, “During the meeting, the problems raised by the governorates yesterday, Sunday, were discussed, and some of them were agreed to proceed with, such as standard documents, auditing of projects and priorities, and financial costs that must be audited to ensure the implementation of projects.”

He added, "With regard to some observations, an agreement was reached with the Ministry of Planning regarding the coordinating body, given that the budget charted a path for approval of the plan, which is for it to be from the governorates, then to the Ministry of Planning, and then to the Ministry of Finance."

He pointed out that "many observations were discussed, and the Minister of Planning expressed his readiness to resolve the issue of advances within 48 hours," stressing, "not to delay it, and many of the problems raised at the governors' meeting were addressed." 

He noted, "Parliamentary Finance will add the Minister of Finance next Thursday, or next week, to discuss the delay in financing projects whose requirements have been completed by the Ministry of Planning."

 He continued, "This matter constitutes a concern considering that the year is almost over and there are financial allocations that do not fund projects. This creates new lagging projects, which will be followed up with the Ministry of Finance."     link

Tishwash:  The Governor of the Central Bank discusses with his Jordanian counterpart ways to enhance cooperation and improve banking relations between the two countries

Today, Monday, the Governor of the Central Bank, Ali Mohsen Al-Alaq, discussed with his Jordanian counterpart, Adel Al-Sharkas, in Amman, ways to enhance cooperation and improve banking and financial relations between the two countries.

They also discussed banking issues of common interest, developments in the tasks and work of central banks in the region, and developments in global monetary policies and their trends in the current stage that is witnessing inflationary pressures that have led to the continuation of tight monetary policies by many central banks in the world.

The two parties stressed, to the official “Al-Sabah” newspaper, “the necessity and importance of joint cooperation in the financial and banking sector, in a way that serves the trend towards expanding the horizons of economic cooperation between Iraq and Jordan.”

 The terms of the agreement focused on expanding cooperation mechanisms and exchanging information and expertise in many fields, such as supervision and control of... Electronic payment systems and services, modern financial technology, innovation, cybersecurity, combating money laundering and terrorist financing, and emphasizing the exchange of skills and training of employees of both parties, in addition to existing cooperation at the level of banking and banking supervision.  link   

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Tishwash: Discussions between Iraq and Russia regarding the memorandum of understanding to be concluded in the field of combating corruption

The head of the Federal Integrity Commission, Judge Haider Hanoun, received on Monday the Assistant to the Russian President, Igor Levitin. To finalize the memorandum of understanding to be concluded between the Federal Integrity Commission and the Public Prosecution Office concerned with combating corruption in the Russian Federation.

The judge confirmed, during his meeting at the Commission’s headquarters (Igor Levitin), Assistant to the Russian President, and the Russian Ambassador to Iraq, Elbrus Kutrashev, and their accompanying delegation

According to a statement received by Earth News, that “concluding the memorandum of understanding with the Russian Federation comes within the field of the Commission’s interaction with the government program in the field of combating Corruption, preventing its spread, and recovering wanted persons and looted funds from outside Iraq,” pointing to “the obstacles and difficulties facing the Iraqi regulatory agencies in the field of recovering defendants of other nationalities that can be overcome by concluding bilateral memorandums of understanding with counterpart agencies in those countries.”

For his part, (Igor Levitin) expressed “his country’s readiness to cooperate with Iraq in confronting corruption, prosecuting its perpetrators, returning wanted persons and looted funds to Iraq, exchanging experiences and providing legal assistance,” indicating that “oversight work - especially the work of the Federal Integrity Commission - is difficult and requires support.” Pointing out that “the nature of oversight work makes the corrupt harbor hostility toward these agencies and try to obstruct their work.”

The two parties agreed to “extend the bonds of cooperation, joint coordination, exchange experiences, learn about the Russian experience in the field of preventing and combating corruption, and expedite the conclusion of the aforementioned memorandum of understanding.”  link

"Tidbits From TNT" Monday Morning 10-2-2023

TNT:

Tishwash:  Al-Awadi: The Prime Minister’s visit to Qatar aims to strengthen relations between the two countries

The government spokesman, Basem Al-Awadi, confirmed today, Monday, that the visit of Prime Minister Muhammad Shia Al-Sudani to Qatar aims to strengthen relations between the two countries.

Al-Awadi said in a blog post on the “x” website: “The Prime Minister’s visit to the sisterly State of Qatar aims to participate in the opening of Expo Doha 2023, with a group of leaders, heads of governments and international organizations.”

He added, "The visit also aims to strengthen Iraqi-Qatari relations, and to discuss activating what the leaders of the two brotherly countries agreed upon during the previous visit of the Emir of the State of Qatar to Baghdad."  link

Tishwash:  German Trucks to be made in Iraq?

The Chairman of Iraq's Military Industrialization Authority (MIA), Mustafa Ati Hassan (pictured), reportedly met with representatives of the German companies MAN (part of the Volkswagen group) and Mercedes on Thursday.

According to state-run Iraqi News Agency (INA), the meeting discussed the production of military and civilian trucks in Iraq.  link

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Tishwash:  Jordan and Iraq are discussing enhancing economic and banking cooperation

Jordanian Prime Minister Bisher Al-Khasawneh discussed, on Sunday, with Ali Al-Alaq, Governor of the Central Bank of Iraq, who is visiting Amman, the strengthening of economic and banking cooperation between the two countries.

During the meeting, Al-Khasawneh noted the level of cooperation and relations between the Central Bank of Jordan and its Iraqi counterpart, and the two countries’ banking systems, which are distinguished, complementary and flexible relations, and are characterized by the highest governance controls, in a way that serves their common interests. For his part, the Governor of the Central Bank of Iraq stressed the depth of relations with Jordan in various fields.

It is noteworthy that the Governor of the Central Bank of Iraq began, earlier on Sunday, a two-day visit to Jordan, during which he will hold meetings with the Governor of the Central Bank of Jordan and a number of banking, financial and economic leaders in Jordan and institutions regulating electronic payment.

 The visit will also include a Jordanian-Iraqi banking summit. ; To discuss economic relations between the two countries, and ways to strengthen them in the future.”  link

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Tishwash:  Iraq agrees to open 4 Jordanian banks and conduct business in Baghdad

 Governor of the Central Bank of Jordan, Adel Al-Sharkas, said that there are currently four branches of Jordanian banks that have obtained a license to operate in Iraq, with a capital of $50 million for each branch, including two branches that have already begun their work in Iraq.

The Governor of the Central Bank of Jordan, Adel Al-Sharkas, received the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, and his accompanying delegation. During the meeting, which brought them together at the Central Bank of Jordan, they discussed ways to enhance cooperation and improve banking and financial relations between the two countries, in addition to a number of banking issues of common interest.

The two sides also discussed developments related to the tasks and work of central banks, and developments related to global monetary policies and their directions in light of the current stage that is still witnessing inflationary pressures that have led to the continuation of tight monetary policies by many central banks in the world. 

During the meeting, the two sides focused on the importance of joint work and cooperation in the financial and banking sector in a way that serves the trend towards expanding the horizons of economic cooperation between Jordan and Iraq.

On the sidelines of the meeting, the two sides signed a joint cooperation and coordination agreement with the aim of enhancing and expanding cooperation in the financial and banking fields.   link

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Tishwash:  Details of the expanded meeting between the heads of the four authorities

The President of the Republic, Abdul Latif Jamal Rashid, the Prime Minister, Muhammad Shiaa Al-Sudani, the Speaker of the House of Representatives, Muhammad Al-Halbousi, and the Chairman of the Judicial Council, Faiq Zaidan, discussed in a meeting the latest developments, political and security files, and the overall situation in the country.

A statement from the Prime Minister's Office explained, "At the beginning of the meeting, the attendees recited Surat Al-Fatihah out of mercy for the souls of the victims of the painful fire incident in the wedding hall in Al-Hamdaniya district. The attendees also expressed their condolences and sympathy to the families of the victims and their wishes for a speedy recovery for those injured."

The meeting discussed "in depth the Al-Hamdaniya incident and its causes, as those gathered stressed the need to continue efforts to provide care and attention to the families of the victims and the injured," according to the statement.

The attendees reviewed "the results of the Prime Minister's visit to New York and his participation in the meetings of the United Nations General Assembly at its seventy-eighth session, and the international interest in Iraq's participation and praise for the Iraqi government's steps in enhancing security and stability and commitment to sustainable development plans and goals, and Iraq's pivotal role in bringing different viewpoints together among the countries of the region." ".

The four presidencies stressed "the need to support the government in implementing its government program, providing services to citizens, rehabilitating the infrastructure in the electricity sectors, building hospitals and schools, constructing roads and bridges, supporting the private sector and encouraging investment opportunities in the country, by enacting legislation that facilitates the work of investors, as well as consolidating the reform of the country." “By enhancing full cooperation between the presidencies in the anti-corruption file and supporting governmental and judicial measures in this file.”

The attendees affirmed their "rejection of any aggression targeting Iraqi territory, as it is inconsistent with the principles of good neighborliness and threatens security and stability in Iraq and the region."

The meeting stressed that "problems and differences are resolved through dialogue, understandings, cooperation and joint coordination."

According to the statement, the meeting discussed “the proposal submitted regarding granting special amnesty to women and juveniles, with the exception of some serious crimes.”

During the meeting, the presidencies also congratulated “the educational family and students on the occasion of the start of the new academic year, hoping that this year will be a year of success and excellence.”   link

Mot:  . What a Way She Starts da Daze!!!

Mot:  ......... Way to Gooooo 

MilitiaMan: Federal Budget Law Iraq - Published In Gazette - Iraq Dinar

Federal Budget Law Iraq - Published In Gazette - Iraq Dinar

MilitiaMan and Crew:  10-1-2023

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=wiHg1TQCAYc

Goldilocks' Comments and Global Economic News for October 1st

Goldilocks' Comments and Global Economic News for October 1st

Good evening Dinar Recaps,

EURC Goes Live on the Stellar Network: Revolutionizing Global Payments

We are thrilled to announce a groundbreaking development in the world of digital currencies and global payments. EURC (Euro-Backed Digital Currency) has officially launched on the Stellar Network, ushering in a new era of real-time, global transactions.

This momentous collaboration between Circle and the Stellar Development Foundation (SDF) brings forth a fiat-backed stablecoin that is set to transform the way businesses and individuals engage in cross-border transactions.
Crypto News Bytes Link

Last night from 7pm - 11pm ET]

Live updates: House passes bill to keep government open for 45 days, sends it to Senate

NBC News Link

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Debit Credit Card Rules: 2 new debit card, credit card rules applicable from October 1, 2023 

The Economic Times Link

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Credit Card portability: How customers can change their card network from Visa to 

MasterCard to RuPay or any preferred network; Check details.

“The central bank in its draft circular has said card issuers, such as Visa, MasterCard, RuPay, shall issue cards across more than one card network and should provide an option to the customers to choose any one among the multiple card networks.”

“RBI's new rules on recurring payments, which were extended from March 31 this year to the end of September, kick in now. So starting October 1st, you will have to complete an additional factor authentication for auto-debits for any payments upto Rs 5,000.”

“In the Budget this year, certain changes were announced to the system of Tax Collection at Source (TCS) on payments under the Liberalised Remittance Scheme (LRS) and on overseas tour program packages. These were to take effect from 1st July 2023. It was also announced in March that credit card payments would be brought under the LRS. Numerous comments and suggestions were received which have been carefully considered.”

The UPI now enables customers to choose which network and which provider card service they want for payments. This is just part of the new features the RBI is integrating starting 10-1-23. Other new measures such as multi multi-authentication for payments and new Tax Collection at Source or TCS percentages. All of this was part of the measures put in place by the Ministry of Finance in March of this year.

© Marie G
 Courtesy of Goldi :)

Business Today Link

CNBC TV Link
Economic Times Link
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1936105

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BREAKING: U.S. Senate approves government funding for 45 days, averting a shutdown.

@GeneralMCNews

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👆 This should give us enough time to finish the upgrade from protocol 19 to protocol 20 in the banking system.

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BREAKING: Terrorist attack in Turkey — Two terrorists carried out a bomb attack outside the ministry buildings in Ankara with one of them blowing himself up while the other was "neutralized" by authorities.

@GeneralMCNews

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👇 [TODAY]  👇

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FOR IMMEDIATE RELEASE
2023-216

Washington D.C., Sept. 29, 2023 —

The Securities and Exchange Commission, Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced that registration is open for a virtual Compliance Outreach Program for municipal market professionals. The free webcast is open to the public and will take place on Thursday, December 7, 2023, from 10:30 a.m. to 4:30 p.m. ET.

https://www.sec.gov/news/press-release/2023-216

Banking Announcement:

"The SEC has now finalized its much-anticipated rules for public companies’ cybersecurity disclosures."

These rules are currently coded under the Securities Exchange Act of 1934 and the Securities Act of 1933.

This is very important to the Foreign Currency Exchange Market. It allows cross-border international trading opportunities to move money around the world securely.

This is expected to go into effect the month of December 2023.

© Goldilocks
Eye On Privacy Link

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"On June 9, 2023, the Securities and Exchange Commission (SEC) approved the New York Stock Exchange’s (NYSE) and Nasdaq Stock Market’s (Nasdaq) proposed clawback listing standards, including the amendments that delayed the effective date of the rules to October 2, 2023. Listed companies now have until December 1, 2023 to adopt Dodd-Frank-compliant clawback policies."

Companies who misrepresent themselves through financial statement enclosures can be subject to clawback rules and financial compensation for those affected.

This is very important to all companies, but those who are in the midst of a foreign currency exchange will see its value if needing to be enforced.

This goes into effect on December 1st, 2023.

© Goldilocks

Shearman Link

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Stocks, Bonds, and CRE Face QT

Fundamentals for markets have boiled down to QE or QT since 2009. Now there’s QT, a lot of QT, globally, to battle the worst inflation in decades.

https://youtu.be/IeT6iwbs-6g?feature=shared

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Kenya to Trade with African Countries Using Local Currency as Shilling Continues to Weaken 

Kenya News Link

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No shutdown: Biden approves 45-day US budget proposal

US President Joe Biden signed a law approved by Congress, which will allow to continue funding the government for 45 days, until November 17, the White House informed.

At the same time, the law does not include the allocation of funds for Ukraine's needs.

Biden himself has previously stated that Washington "under no circumstances" can afford to stop supporting Kiev.

The signing of the law eliminated the threat of a government shutdown in the US, which otherwise would have come as early as on October 1.

Multipolar Market on Telegram

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Banking Announcement:

SWIFT, a global banking network, is also testing blockchain interoperability with Chainlink and other financial institutions.

Chainlink creator Sergey Nazarov stated that the collaboration with SWIFT has been successful, achieving key goals such as using SWIFT messages to initiate blockchain events and connecting private bank chains to public chains for transactions.
Daily Hodl Link

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Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Thank you Dinar Recaps

Iraq News and More.....From TNT on Sunday 10-1-2023

TNT:

CandyKisses:  Parliamentary mobilization to oust the governor of the Central Bank: failures and promises not implemented - urgent 

Baghdad today - Baghdad 

On the twenty-fourth of January of this year, the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, reassigned Ali Mohsen Al-Alaq to the position of Governor of the Central Bank, more than two years after his dismissal from the same position that he held for about six years, from 2014 until 2020.

As the US dollar exchange rate crisis worsened and it continued to rise against the Iraqi dinar, in addition to the rise in the interest rate on loans granted by the Central Bank, voices rose within the Iraqi House of Representatives to demand the dismissal of Governor Ali Al-Alaq from his position and replace him with another to address the high exchange rate and financial and economic reforms after Al-Alaq's failure. In resolving these crises. According to the opinion of the representatives.

In this regard, independent MP Hadi Al-Salami confirms, today, Sunday (October 1, 2023), the continuation of the parliamentary movement aimed at removing Ali Al-Alaq from the duties of managing the Central Bank of Iraq.

Al-Salami says, to "Baghdad Today," that "many representatives have different observations regarding the management of the relationship with the Central Bank of Iraq. There is a major failure in this administration, and despite all the promises and actions taken by Al-Alaq, the central bank is still not in control of the issue of the rise in the dollar exchange rate, and there is exacerbation of this crisis.

His term as president of the bank witnessed a number of financial failures, the most notable of which was the sinking of 7 billion Iraqi dinars in the money store inside the Central Bank building in central Baghdad, and the discovery that other large sums of money had been damaged as a result of humidity and rainwater.

The representative believes, "There are comments on the issue of raising interest on housing loans. This matter will reduce the issue of applying for these loans, which aim to reduce the housing crisis. This matter has caused great public anger, as such measures exacerbate the housing crisis and do not reduce it, despite This crisis has worsened in all Iraqi cities, with the significant rise in real estate prices."

While economic affairs researcher Nasser Al-Kanani, MP Al-Salami, shares the opinion by saying that increasing the interest on housing loans will exacerbate the housing crisis in Iraq, he confirmed in an interview with "Baghdad Today" that "increasing the interest on housing loans will significantly reduce citizens' contributions to... Obtaining these loans, the interest will be very large, and it is certain that this step opposes all efforts to reduce the housing crisis, but rather it will be a factor in exacerbating the crisis."

The researcher continues by saying, "Solving the housing crisis in Iraq requires presenting multiple offers to citizens and employees regarding housing loans, through the loan repayment period, the interest rate, and other encouraging factors to push the citizen to withdraw loans in order to buy housing for himself. This is how the crisis is solved and managed, not "The opposite."

Between 2006 and 2014, Ali Al-Alaq served as Secretary General of the Council of Ministers, during the first and second Maliki governments, before he was named acting governor of the Central Bank for a period of 6 years starting in 2014, in addition to being named president of the "Joint Council to Combat Corruption in Iraq."

Al-Alaq (62 years old) holds a higher diploma in financial sciences from the University of Baghdad. During his tenure as Governor of the Central Bank, Iraq witnessed many crises related to the management of the bank, the most prominent of which was the scandal of fake import documents, according to which the dollar was obtained from the currency auction at the Central Bank, without the companies concerned importing any materials into Iraq.

This comes in addition to the scandal of the drowning of more than 7 billion dinars as a result of rainwater in the Central Bank's warehouse in 2018, and the destruction of other amounts due to humidity. The step of writing Al-Alaq's name on banknotes of denominations of 250 dinars and 1000 dinars, contrary to the approved Iraqi law, led to mentioning The governor's statement and his signature on the currency led to increasing controversy, along with the file of the Central Bank's financing of government deals marred by corruption.

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Tishwash:  Parliamentary Finance hosts the Ministers of Planning and Finance regarding the delay in budget implementation

The Parliamentary Finance Committee decided to host the Ministers of Planning and Finance; To find out the reasons for the delay in budget implementation.

The head of the committee, Atwan Al-Atwani, said during the committee’s hosting of the governors: “There is a clear failure in releasing financial allocations to the governorates and ministries,” noting that “the committee will host the ministers of planning and finance this week to find out the reasons for the delay in implementing the budget.”

He stated, "The current government has raised the slogan of a national service government, and we will not allow the problem of delaying the disbursement of financial allocations to continue," pointing out, "Our insistence on approving the tripartite budget came to enable the governorates and ministries to implement their plans and programs and to avoid stopping funding at the end of the fiscal year."

He stressed "the necessity of releasing petrodollar allocations to oil-producing governorates," pointing out "the importance of simplifying procedures for approving programs and plans to accelerate the launch of project implementation."  link

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Tishwash:  Advisor Mazhar Saleh: Sovereign guarantees encourage the business environment in Iraq

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained that the sovereign guarantees relate to covering the issue of default by sectoral entities, stressing that these guarantees are one of the factors of stability and encouraging the business environment in Iraq in a sustainable manner.

Saleh said that the sovereign guarantees granted by the state to various contracting parties express the government’s guarantee that the obligation between the contracting parties will be fulfilled in the event of the primary debtor’s failure to pay.

He added that sovereign guarantees are related to covering the issue of default on the part of sectoral entities, specifically government entities benefiting from the processing, contracting and construction work for investment projects with a strategic dimension. Sovereign guarantees can also cover all types of obligations and pledges in extensive detail, pointing out that sovereign guarantees are before they are granted in the law. The general budget is considered an integral part of financing by borrowing, and one of the components of public debt, in accordance with the international standard in describing government debt and the method of calculating it.

He pointed out that the granting of sovereign guarantees is carried out with great precision by the executive authority and in accordance with the strategic importance of guaranteeing major development projects and encouraging major companies and the business sector to work in our country.

He continued: Therefore, the sovereign guarantees granted by the state to the entities that prepare or implement projects constitute one of the factors for stabilizing and encouraging the business environment in Iraq in a sustainable manner, and removing obstacles and risks that impede development and economic progress, according to the strategic priority that requires granting sovereign guarantees or guarantees.

Prime Minister, Muhammad Shiaa Al-Sudani, confirmed earlier, during his meetings in New York, that the government will provide sovereign guarantees in the budget law to establish industrial and agricultural projects in Iraq.  link

Mot:  .... Breaking news! 

Mot: ... there is sum un who likes those electric chargers fer sure!!

"Tidbits From TNT" Sunday Morning 10-1-2023

TNT

Tishwash:  The Central Bank intends to adopt four currencies instead of the dollar for external transfer

The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, that he is working to adopt the UAE dirham, the Turkish lira, the Indian rupee, and the euro as part of the process of facilitating external transfers.

Al-Alaq said in a statement to the official agency, “There are discussions to regulate the import process with Iran in a way that does not expose Iraq to any problems by violating the sanctions,” noting that “the Central Bank will reach a clear formula in organizing the trade process with Iran.”

He added, "There is work to adopt the UAE dirham, the Turkish lira, the Indian rupee, and the euro as part of the process of facilitating external transfer."

Al-Alaq continued, "The trade balance with India amounts to $3 billion," pointing out that "the Central Bank has high numbers for imports from the Emirates and Turkey."  link

Tishwash:  more corruption cleaned up

Integrity: A quarter of a billion dinars were seized, deposited by the director of the Industrial Bank branch at the home of his “wife’s friend.”

The Investigation Department of the Federal Integrity Commission revealed today, Saturday, the overthrow of the director of the Industrial Bank, the insurance company branch, and the treasurer of the bank. Charged with committing the crime of embezzlement.

The Investigation Department stated in a statement, a copy of which was received by {Al-Furat News}, that: “The Commission’s Investigation Directorate in Baghdad has formed a work team to audit, follow up and investigate information received by the Directorate indicating that an organized embezzlement operation had occurred in the Industrial Bank - Insurance Company Branch.”

She added, "After conducting audit and investigation operations, the judge of the Rusafa Investigation Court, which specializes in cases of integrity, money laundering, and economic crime, issued an arrest and search warrant against the accused, the director of the Industrial Bank - the insurance company branch, and the cashier of the bank," stressing that "a team from the directorate quickly moved to... The Industrial Bank branch in the Sinak area, and the defendants were overthrown while they were inside the bank and the arrest warrant issued against them was executed.”

The department explained, “The team, led by the first accused (the bank manager), went to his home, and after conducting the inspection, they seized an amount of money in Iraqi dinars and US dollars, an iPhone 14 Pro Max mobile device, and an unlicensed Kalashnikov rifle, and after inquiring from the accused’s family.” They confirmed that he had secured a sum of money at the home of his wife’s friend, where they moved to her home and seized a bag containing approximately a quarter of a billion dinars.”

She added, “The conduct of the initial investigations with the accused and taking their statements led the team to move to the residence of the second accused (the bank cashier) and to guide him, as after conducting a proper inspection of his home, a contract for the purchase and external sale of a plot of land with an area of ​​(100 square meters) was seized in the name of his wife.” Until the accused bought it with the embezzled money.”

The department continued, “The operation also resulted in the seizure of a Visa card issued by an exchange company that the bank’s cashier used to transfer embezzled amounts of money to the Emirate of Dubai, in addition to the seizure of a copy of the articles of incorporation of a fictitious company belonging to the accused that was established in the UAE for trade.” Clothes, fabrics, and a special mobile device (iPhone 11), in addition to a copy of bonds issued by the Industrial Bank - Baghdad, with the original chip numbering (9).”

She noted "the preparation of a formal seizure report on the operation, which was carried out, in accordance with the provisions of Article (315/2) of the Penal Code and in accordance with the Articles of Subscription (47, 48, and 49) thereof, and presenting it before the attention of the competent investigating judge, to complete the progress of investigations in the case and determine the fate of the accused in it." link 

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CandyKisses:  Integrity reveals a qualitative operation that toppled the director of the Industrial Bank

Baghdad - Iraq Today:

The Federal Integrity Commission announced the ouster of the director of the Industrial Bank, branch of the insurance company, and the treasurer of the bank, on charges of committing the crime of embezzlement.

The Commission's Investigations Department said in a statement that the Commission's Investigation Directorate in Baghdad has drawn a working team to check, follow up and investigate information received by the Directorate stating that an organized embezzlement process has occurred in the Industrial Bank - branch of the insurance company.

She added, "After conducting audits and investigations, the judge of the Rusafa Investigation Court, which specializes in issues of integrity, money laundering and economic crime, issued an arrest and search warrant against the defendants, both the director of the Industrial Bank - the branch of the insurance company and the treasurer in the bank," stressing that "a team from the Directorate hurried to move to the branch of the Industrial Bank in the Sinak area, and the defendants were overthrown while they were inside the bank and the arrest warrant issued against them was implemented." She added that "the team moved in terms of the first defendant (the bank manager) to his home, and after conducting the search, a sum of money was seized in Iraqi dinars and US dollars, a mobile device type (iPhone 14 Promax), and an unlicensed Kalashnikov rifle, and after inquiring from the defendant's families, they confirmed that he secured a sum of money in the house of his wife's friend, where he moved to her home and seized a bag containing nearly a quarter of a billion dinars."

The Chamber added that "the progress of the preliminary investigations with the defendants and taking their statements led the team to move to the place of residence of the second defendant (the cashier in the bank) and in his place, as after conducting a fundamental search of his house, a contract for the purchase of an external sale of a plot of land of (100 m2) was seized in the name of his wife, pointing out that the accused bought it from the embezzled funds."

"The operation also resulted in the seizure of a Visa card issued by an exchange company that the cashier at the bank was using to transfer the embezzled amounts of money to the Emirate of Dubai, as well as a copy of a memorandum of association for a fictitious company belonging to the defendant established in the UAE for clothing and fabric trade, and a mobile device with an iPhone 11 type, in addition to a copy of bonds issued by the Industrial Bank - Baghdad, with an original fish number (9)," she said.

She noted that "a fundamental seizure report was organized in the operation, which was carried out in accordance with the provisions of Article (315/2) of the Penal Code and in accordance with the articles of participation (47, 48 and 49) thereof, and presented it to the attention of the competent investigating judge to complete the progress of investigations in the case and decide the fate of the defendants."

Mot:  ...ooooooooooooh lordy!!! - Allllll READY???????

Mot: .. UH -- OH!!!!! 

Goldilocks' Comments and Global Economic News for September 30!th

Goldilocks' Comments and Global Economic News for September 30!th

~~Good afternoon Dinar Recaps,

BRICS Reviewing Global Payments System to Bypass US Dollar and Circumvent SWIFT: Report - The Daily Hodl

The global economic alliance known as BRICS is reportedly considering the launch of a global payments system that could sidestep the banking industry standard SWIFT....

* The BRICS alliance is considering the launch of a global payments system that could bypass SWIFT.

* The finance ministers of the BRICS countries will discuss the feasibility of a unified payments network at the next BRICS meeting.

* The network aims to boost independent efforts to create payment messaging systems within the BRICS countries.

* BRICS recently added Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the UAE to the group.

* Russia sees the future potential of BRICS as a way to reduce ties with the West and strengthen ties with the Southeast.

The sentiment of the article is generally positive, as it highlights the potential benefits of a global payments system for the BRICS alliance and their efforts to reduce reliance on the banking industry standard SWIFT.

Minmax AI News Link

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Blockchain-based payment network Stellar has launched an open-source disbursement platform for global payments. Stellar Launches Open-Source Platform for Global Payments...

* Stellar has launched an open-source disbursement platform called SDP for global payments.

* SDP aims to make digital payments faster, cheaper, and more transparent.It enables instantaneous financial transfers and real-time monitoring of payment distribution.

* SDP can be used for mass payouts, periodic payments, and converting digital currency into cash.

* Stellar's partnership with MoneyGram may continue despite the introduction of SDP.

The overall sentiment of the article is positive. It highlights the benefits of Stellar's SDP, such as faster and cheaper payments, as well as the potential for global adoption. The mention of the partnership with MoneyGram also suggests a positive outlook for the collaboration.

Minmax AI Link

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How Blockchain is Disrupting Cross-Border Payments...

* Blockchain-based payment networks are disrupting cross-border payments by improving speed, cost, and transparency.

Ripple and its XRP-powered On-Demand Liquidity product are leaders in this space, enabling banks to provide better cross-border payment experiences.

* The traditional correspondent banking system is slow, complex, and expensive, with settlement times stretching days or weeks and lack of visibility into fees charged.

* Blockchain enables transparent transfer of value between parties, using digital tokens as bridging assets between fiat currencies.

* Ripple's On-Demand Liquidity service eliminates the need for pre-funding international accounts and connects hundreds of banks and payment providers worldwide.

* Other trends in blockchain payments include PayPal enabling crypto funding sources, Visa's settlement coin, stablecoins like USDC, and the development of central bank digital currencies (CBDCs).

The article highlights the positive impact of blockchain on cross-border payments, emphasizing the improvements in speed, cost, and transparency. It also praises Ripple and its On-Demand Liquidity product as leaders in this space. Overall, the sentiment is optimistic and supportive of blockchain disruption in the payment industry.

Minmax AI Link

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Bitso integrates Stellar's Anchor Network, bridging traditional banking and blockchain for faster, cost-effective cross-border transactions....

* Bitso, a leading cryptocurrency exchange in Latin America, has partnered with Stellar Development Foundation to enhance the global payment corridor between Latin America and the rest of the world.

* The collaboration leverages Stellar's Anchor Network, which bridges the gap between the Stellar network and traditional banking systems, enabling seamless interoperability of global currencies on a single platform.

*Bitso's integration with the Anchor Network allows businesses worldwide to transact in USD Coin ($USDC) in Argentina, Colombia, and Mexico, where Bitso has direct connections to local banking systems.

* This development is a response to the growing trend of cross-border payments for international commerce and remittances.

* Bitso has processed $3.3 billion worth of transactions between Mexico and the U.S. and reported a 32% increase in total international transfers during the second half of 2022.

* Jeremy Allaire, Co-Founder, Chairman, and CEO of FinTech firm Circle, recognizes the Stellar-powered USDC as a swift, cost-effective Layer 1 solution for digital dollar payments worldwide.

The overall sentiment of the article is positive. It highlights the partnership between Bitso and Stellar Development Foundation to enhance global payments, emphasizing the potential of blockchain technology and crypto assets to improve settlement times and reduce costs.

Minmax AI Link

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"Project Mariana tested the cross-border trading and settlement of wholesale CBDCs. Successful trading and settlement of hypothetical euros, Singapore dollars and Swiss francs. DeFi elements tested in the project, specifically automated market makers, could form the basis for a new generation of financial market infrastructures."

It is important to keep in mind that this is wholesale CBDCs.  

It is the retail CBDCs that is having a difficult time being passed through Congress.

Unless there is a solution for the privacy issue in retail CBDC, the adoption of CBDC for the retail market has a long way to go.

© Goldilocks

https://www.bis.org/about/bisih/topics/cbdc/mariana.htm

Outlook India Link

"Registered by Commission order on January 22, 2016. SwapEx LLC applied for temporary registration as a SEF on July 30, 2013, in order to trade interest rate swaps for which the CME will act as a DCO as well as FX NDF products that are not presently listed for clearing by a DCO. At the request of SwapEx LLC, the Commodity Futures Trading Commission issued an order that vacates the registration of SwapEx as a swap execution facility (SEF) effective September 30."

Currently, we have 26 Swap Execution Facilities + 4 that are dormant and can be used for Forex currency trades.

As of today, SwapEx is now available to do FX trades.

© Goldilocks

SwapEx Link
SwapEx ORDER OF VACATION   

~~~~~~~~~

Several Swap Execution Facilities (SEF) opened today for foreign currency exchanges. See link below.

And, we are now seeing some rates show up on conversion sites regarding XRP and XLM. Thank you Maria G for that info. See the link below.

XAU is a symbol used under the ISO 4217 currency standard to represent one troy ounce of gold.

© Goldilocks

https://x.com/_crypto_barbie/status/1708052863404909017?s=46

https://www.cftc.gov/PressRoom/PressReleases/8797-23

👇👇👇👇👇

Seems like #XRP and #XLM future worth has already been confirmed! XAU = ounce of gold Would be an XRP price of $17,297 and an XLM price of $7,112!

https://twitter.com/_crypto_barbie/status/1708052863404909017?s=46

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Abstract:

In this paper, we outline tokenization, which is a new and rapidly growing financial innovation in crypto-asset markets, and we discuss potential benefits and financial stability implications. Tokenization refers to the process of constructing digital representations (crypto tokens) for non-crypto assets (reference assets). As we discuss below, tokenizations create interconnections between the digital asset ecosystem and the traditional financial system. At sufficient scale, tokenized assets could transmit volatility from crypto asset markets to the markets for the crypto token's reference assets.

Federal Reserve Link

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Vietnam: Technical Assistance Report

Summary: This technical assistance (TA) report presents the outcomes of the scoping mission of a new TA project aimed at building capacity in macroeconomic analysis and forecasting in the Ministry of Planning and Investment (MPI). The MPI is establishing a Core Working Group (CWG) under MPI’s coordination that will carry out macroeconomic analysis using Macroeconomic Projection Tool (MPT) and integrate the results in the policy-making process.

Based on the mission’s findings and assessment, the mission team and the authorities agreed on a three-year TA action plan that includes training components during the early stage of the project. During Phase 1 (2023-24), the activities would focus on developing and operating the Macro-Framework Foundation Tool (MFT) and the Public Debt Dynamics Tool (DDT) to produce macroeconomic analysis and forecasting.

 Depending on progress, the MPT could be enhanced during Phase 2 (2025-26) and the tentative plan is to develop Comprehensive Adaptive Expectation Model (CAEM). The CWG will take the lead in implementing the activities and targets identified in the TA action plan and will be supported by the IMF TA team.

IMF Link

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Joint Statement on the U.S.-UK Financial Regulatory Working Group

Discussions were held on each jurisdiction’s banking regulation, including resolution-related updates, with participants discussing the importance of implementing reforms consistent with Basel III, and of ongoing dialogue among international partners when implementing these reforms.

https://home.treasury.gov/news/press-releases/jy1773

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GOLD & BATTLE FOR CONTROL?

A tug-of-war for the CONTROL over #gold pricing is starting to play out.

The countries of the Eastern world have been amassing physical gold for numerous years, while the majority of Western nations continue to only add to their debt pile.

Last year, Russia's Finance Ministry said it was critical to create the new Moscow World Standard to normalize the functioning of the precious metals industry and have an alternative to the LBMA.

This week, we saw a surge in gold prices in China, leading to a record premium over international prices, exceeding $100 an ounce.

Read full article: https://x.com/goldtelegraph_/status/1708165335441125862?s=46

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Goldilocks posted a message from Isaac!

“But understand I do not have contacts….I have buyers the us treasury , dod , admiral , hsbc several big plataforma that I have signed contracts with all and they paid already for the inspection several times" Isaac

@Isaac

~~~~~~~~~

Goldilocks posted a message from Bernie Bsherse,(Charitable Religious Trust), 

"Isaac does not give clues.
Isaac gives cold, hard, dry facts.
It is established fact that Isaac is the owner of many types of Historic Bonds, and deals directly with the primary purchasers of the Bonds.
When Isaac knows that money has moved, he will tell us.
What Isaac will NOT do is speculate, and/or give mere hopium."  Bernie

@Bernie Bssherse

~~~~~~~~~

This is why you hear me speak of us not going in to exchange until Isaac goes.☝

See above.

* Goldilocks

~~~~~~~~~

In a historic move, the Senate Banking Committee on Wednesday approved a bill that would make it easier for banks to serve state-legal cannabis businesses, positioning the legislation for a potential vote in front of the full Senate. 

https://www.bankingdive.com/news/cannabis-banking-bill-passes-senate-safer/694923/

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Follow Goldilocks' Roadmap

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Goldilocks' Telegram Room

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Goldilocks on the Seeds of Wisdom Team™ Website

Thank you Dinar Recaps

"Tidbits From TNT" Saturday Morning 9-30-2023

TNT:

CandyKisses:  Hundreds demonstrate in central Baghdad to demand salary scale adjustment

Baghdad Today - Baghdad

Hundreds of state employees demonstrated on Saturday (September 30, 2023) in front of the Prime Minister's Office in central Baghdad to demand an adjustment to the salary scale.

The "Baghdad Today" correspondent reported that hundreds of state employees organized a demonstration in front of the Prime Minister's Office in the Al-Alawi area in central Baghdad to demand a change in the salary scale.

It is noteworthy that hundreds of employees of government institutions in Basra went out last Thursday (September 28, 2023) in a demonstration in front of the Basra Governorate building. To demand a change in the salary scale .

The "Baghdad Today" correspondent said that hundreds of employees of state departments went out in a demonstration in front of the Basra Governorate building, pointing out that the employees demanded that the salary scale be modified

Tishwash:  Iraq calls on Iran to participate in investment projects to establish industrial and free zones between the two countries

The Undersecretary of the Ministry of Commerce for Administrative Affairs, Sattar Al-Jabri, met today, Friday, on the sidelines of his leadership of the Iraqi delegation in the meetings of the Iraqi-Iranian Trade Committee in Tehran, with many representatives of the Iranian private sector and invites them to participate in investment projects to establish industrial and free zones between Iraq and Iran.

Al-Jabri confirmed in a statement received by Earth News that “the meeting took place during his visit with the delegation, the Federation of Industries and Chambers of Commerce in Mashhad, and the Deputy Governor of Mashhad for Economic Affairs, and in the presence of the Iraqi consul there, to discuss the possibilities of joint trade cooperation between the two countries and investment opportunities in establishing industrial cities, free cities, and other investment projects.” Others available in both countries.

He continued, "The delegation visited the Iraqi consulate in Mashhad and met with the consul and consular staff to praise their distinguished role in following up with the Iraqi community, government delegations, and travelers."

Al-Jabri indicated at the same time that “the meeting also took place with the Federation of Chambers of Industry and Commerce in Tehran to discuss trade and investment cooperation.”

It is worth noting that the work of the Iraqi-Iranian Trade Committee concluded last Wednesday with the signing of a memorandum of trade cooperation to remove obstacles to the development of intra-regional trade, which continued over the twenty-sixth and twenty-seventh of this month of September. link

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

CandyKisses:  Oil prices rise 30% in the third quarter of 2023

Information / Baghdad...Oil prices rose about 30% in the third quarter of this year, as global crude oil supplies face pressure from voluntary cuts by the OPEC+ alliance.

Macroeconomic and profit-taking concerns sent oil prices lower at settlement on Friday, Sept. 29, but rose about 30 percent in the third quarter.

Iraq achieved revenues from the sale of oil in August, amounting to (8) billion and (997) million and (851) thousand dollars, where it sold a barrel at an average price of (84.787) dollars.

Brent crude futures for November fell 7 cents to $95.31 a barrel at settlement on Friday, September 30, but rose 2.2% during the week and 27% during the third quarter, continuing to approach $100 a barrel.

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

Tishwash:  India prefers Iraqi oil over Saudi oil for this reason..

India's oil imports from Russia rebounded in September after reaching their lowest levels in seven months in August, as a result of lower prices for Middle Eastern crude, according to what preliminary data on trade flows from the London Stock Exchange Group, Kpler and Vortexa Analytics showed.

The data showed that India, the third largest importer and consumer of oil in the world, increased its imports from Iraq while reducing its imports of Saudi oil.

Victor Katona, chief oil analyst at Kpler, said: “The competitiveness of prices is in favor of Russian crude, and if Indian refiners want to obtain quantities with specific contracts from the Middle East, they seem to prefer (oil) from Iraq, as Basra crude is still average.” It is about $2 cheaper per barrel than Arab Medium or Arab Light crude,” according to Reuters.

London Stock Exchange Group data showed that India's imports of Russian oil amounted to about 1.55 million barrels per day in September, an increase of 16 percent from August, while imports from Iraq increased by 17 percent to reach about 1.1 million barrels per day.

Vortexa data indicated that Russian oil imports amounted to 1.52 million barrels per day, compared to 1.44 million in August.

On the other hand, London Stock Exchange data showed that India’s imports from Saudi Arabia fell to about 676 thousand barrels per day in September, a ten percent decrease from August. link

Mot:  “October is coming.” 

Mot:  . Happy National Coffee Day!

Goldilocks' Comments and Global Economic News Friday Evening 9-29-23

Goldilocks' Comments and Global Economic News Friday Evening 9-29-23

Good afternoon Dinar Recaps,

Liquidity is moving into the markets. The Digital Markets that is. As we wait for Protocol 19 to upgrade into Protocol 20 in and through the month of October, digital trading platforms are being liquidated for this transition.
"Traydstream is an innovative technology company that has built a powerful AI driven platform by Trade expert for trade experts."

As the Old Financial System is replaced with a new AI driven set of trade mechanisms to form the new Digital Asset-based Trading System, developments will begin taking shape at a rapid pace in November into December changing the trading world as we know it.

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FTX’s $3.4B crypto liquidation: What it means for crypto markets

https://cointelegraph.com/news/ftx-crypto-liquidation-crypto-markets-solana-price

© Goldilocks

Crowd Fund Insider Link

Fintech Futures Link

https://traydstream.com/

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"It is time for banks to go digital-only. A concept gaining ground worldwide, digital banks offer all sorts of banking services and products through digital channels, without the need for physical branches. And now Bangladesh has jumped on the bandwagon."

https://www.tbsnews.net/supplement/digital-banks-dawn-new-era-708030

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U.S. Department of the Treasury, U.S. Department of Energy, IRS Announce Date for Opening of Applications for Investing in America Program to Spur Clean Energy Investments in Underserved Communities 

U.S. Department of the Treasury Link

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U.S. Department of the Treasury, IRS Release Guidance to Lower Americans Utility Bills, Increase Energy Efficiency of Homes 

U.S. Department of the Treasury Link

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How Fifth Third Bank Is Delivering on Digital Transformation
The Financial Brand Link

~~~~~~~~~

BIS Calls for Robust Legal Frameworks to Enable CBDC Adoption
https://watcher.guru/news/bis-calls-for-robust-legal-frameworks-to-enable-cbdc-adoption

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FINI go-live date:

"Hong Kong Exchanges and Clearing Limited (HKEX) has confirmed 22 November 2023 as the go-live date for its new digitalised IPO settlement platform, Fast Interface for New Issuance (FINI)."

Digitized Introductory Public Offerings (IPOs) in the marketplace are going live November the 22nd of 2023 in Hong Kong.

It is a movement from T5 to T2 Trading. Remember, we are working on moving into T1, and then, instant payments globally inside the markets.

The digitization of the marketplace across all sectors will be able to utilize and bring in new assets with this new digital mechanism.

© Goldilocks

Asset Servicing Times Link 1

Asset Servicing Times Link 2

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Banking Announcement:

September 26, 2023, 5:30 AM CDT

The global payments platform MoneyGram announced on Tuesday that it’s launching a non-custodial wallet to help its users move funds between fiat currency and USDC, a stablecoin pegged to the U.S. dollar.

Fortune Link

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In the approaching government shutdown, third-party tracking apps will be tested during this time for accuracy.

"Without critical figures like the Labor Department’s monthly employment report and a key inflation gauge from the Commerce Department, data from private-sector sources will take the spotlight. New trackers of job openings and economic activity have emerged in recent years, and well-established ones have reinvented themselves to better answer ongoing questions in the economy."

These mechanisms will provide much-needed data for traders who are looking for up-to-date information on current trades.

If you have been noticing, several apps are beginning to include trade market assets and info on their digital platforms these days.

Everything is being upgraded to the new digital asset-based trading system.

© Goldilocks

Yahoo Finance Link

~~~~~~~~~

Everything is being digitized, standardized, and supported by gold and other commodities inside the marketplace.

We are moving from a gold-backed economy to a gold-standard digitized economy.

© Goldilocks

~~~~~~~~~

Looming U.S. Government Shutdown Expected to Disrupt Trade Activity  

JDSupra Link

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Wall Street Need for Speed in Stocks Reshapes FX World
https://finance.yahoo.com/news/wall-street-speed-stocks-reshaping-110003225.html

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FOLKS:  🟢🟢🟢 Please pay EXTRA attention to what’s being posted by Goldilocks today and EVERYDAY.  But I encourage you to read these posts especially TODAY ✅

@Freedon Fighter

~~~~~~~~~

Could Citibank's Tokens Replace Bitcoin and the US Dollar? R. Kiyosaki Sparks Debate - Coinpedia Fintech News
Coinpedia Link

~~~~~~~~~

Follow Goldilocks' Roadmap

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

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

Tlm724 Administrator Bondlady’s Corner

Life Imprisonment For The Official Of The Strong Cash Register In The Real Estate Bank In Diwaniyah

Iraq   Friday, September 29, 2023 Baghdad/National News Center

The Federal Integrity Commission announced today, Friday, the issuance of a judgment in the presence of a court ruling ordering life imprisonment against the official of the strong cash register at the Real Estate Bank - Diwaniyah Branch. Against the backdrop of the embezzlement of approximately two billion dinars from the bank.

Integrity stated in a statement received by the National News Centre, that “the Commission’s Investigations Department, while talking about the details of the case that it investigated and referred to the judiciary, reported that the Diwaniyah Criminal Court issued its decision to sentence in the presence of the official of the fortified court in the Real Estate Bank - Diwaniyah Branch.” ...to life imprisonment, following the embezzlement of (1,800,000,000) dinars from the bank.”

Al-Nazaha stated that “the background of the ruling in the case goes back to the embezzlement of the amount from the bank, and the issuance of an arrest warrant against its officials,” noting that “the authority was able last January to implement the arrest warrant issued against the director of the Real Estate Bank in Diwaniyah, his assistant, and the official of the fortified court in it.” And present them before the judicial authorities.”

She added, “The court, after reviewing the evidence and evidence obtained in the case, reached complete conviction of the accused’s negligence, so it decided to convict him and sentence him in his presence to life imprisonment.” Based on the requirements of Article (315/Part Two) of the Penal Code.”

Al-Nazaha continued, “The ruling also included obligating the convict to pay an amount of one billion and eight hundred million Iraqi dinars to the Real Estate Bank, based on the provisions of Article (321) of the Penal Code,” noting that “this amount represents the total funds embezzled from the bank.”

https://nnciraq.com/229216/

Oil Prices Are Heading For Weekly Gains

Friday 29, September 2023 | Economical Number of readings: 271  Baghdad / NINA / Oil prices are heading to record a weekly gain of about two percent after achieving slight gains in early trading on Friday, as strong demand during a holiday in China and continued scarcity in the United States overshadowed the impact of expectations of possible increases in supplies from Saudi Arabia.

Brent crude futures for November, which expire today, rose five cents to $95.43 a barrel.

Brent crude futures for December rose 13 cents to record $93.23 a barrel by dawn on Friday.

US West Texas Intermediate crude rose 16 cents to $91.87 a barrel.

Oil prices fell by about one percent yesterday, Thursday, as traders resorted to selling to take profits after prices rose to their highest levels in ten months, and some were concerned that rising interest rates might affect demand for oil.

Both crude oils are heading to record weekly gains of about 2 percent.

“The OPEC meeting next week (October 4) will be an important indicator for the market with the increasing possibility of a reduction in voluntary supply cuts by Aramco,” National Australia Bank said in a note.

The market is currently witnessing scarcity in light of reductions amounting to a total of 1.3 million barrels per day until the end of the year by Saudi Arabia and Russia, which are members of the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

Russia recently eased a separate ban it imposed on fuel exports to stabilize the domestic market, and analysts do not expect the restrictions to last for long as they could affect the operation of refineries and affect relationships with customers.

JP Morgan said in a note that Turkey, Brazil, Morocco, Tunisia and Saudi Arabia are among the main destinations for Russian diesel this year.

He added, "Extending the export ban will negatively affect the relationship with new customers that Russian oil companies have painstakingly built over the past year and a half."

The Kremlin said that Russia had not discussed a possible increase in crude oil supplies to compensate for Moscow's ban on fuel exports with the OPEC+ group.

The recent macroeconomic data, in addition to the Golden Week holiday in China, which began on Friday and continues for a week, was supportive of global demand for oil./End 9

https://ninanews.com/Website/News/Details?key=1080314

The President Of The Republic Arrives In Al-Hamdaniya District In Nineveh

Friday 29, September 2023 10:57 | Political Number of readings: 399  Baghdad / NINA / The President of the Republic, Abdul Latif Jamal Rashid, arrived this morning in the Al-Hamdaniya district in Nineveh.   https://ninanews.com/Website/News/Details?Key=1080345

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

https://www.bondladyscorner.com/ 

Points to Ponder From "Daily Reflections For Highly Effective People" By Stephen Covey

Our character - basically - is a composite of our habits --  Because they are consistent - often unconscious patterns - they consistently - daily - express our character and produce our effectiveness ................ or ineffectiveness -- p. 46

It becomes obvious that if we want to make relatively minor changes in our  lives -- we can perhaps appropriately focus on our attitudes and behaviors -- But if we want  to make  significant -- quantum change - we need  to work on our basic paradigms -- p. 31

Change -- REAL CHANGE -- comes from the inside out -- It doesn't come from hacking at the leaves of attitude and behavior with quick fix personality ethic techniques -- it comes from striking at the root -- the fabric of our thought - the fundamental - essential paradigms - which give definition to our character and create the  lens through which we see the world -- p. 317

You can decide within yourself how circumstances will affect you -- Between what happens to you or the stimulus - and your response to it -- is your FREEDOM or POWER to CHOOSE that response -- p. 69

The word proactive means more than merely taking initiative -- It means that as human beings - we are responsible for our own lives -- Our behavior is a function of our decisions - not our conditions -- We can subordinate feelings to values -- We have the initiative and the responsibility to make things happen -- p. 71

If you're proactive -- you don't have to wait for circumstances or other people to create perspective expanding experiences -- You can consciously create your own -- p. 131 

"Tidbits From TNT" Friday 9-29-2023

TNT:

CandyKisses:  IMF Welcomes BRICS Expansion

Information/Follow-up...

The IMF's Communications Director, Julie Kozak, said the Fund welcomes the expansion of the BRICS and international cooperation to reduce market fragmentation, increase trade and reduce investment and trade costs.

In response to a question by Novosti about the IMF's position on the expansion of the BRICS and the growing interest of the countries of the world in attracting financing through the New Development Bank, she said: "Improving and expanding international cooperation including, for example, The BRICS, is something we welcome and encourage, as long as it aims to reduce market fragmentation, increase trade, and reduce investment costs."

The Director of the Communications Department added that the International Monetary Fund, for its part, seeks to avoid fragmentation of the global economy. She concluded her speech by saying: "We warn against retail costs, but of course we welcome countries working together to overcome problems and find solutions that help the global economy."

The BRICS group includes Brazil, Russia, India, China and South Africa, and recently more than 20 countries have expressed their desire to join the economic group.

Following the summit held last August in Johannesburg, the United Arab Emirates, Saudi Arabia, Iran, Argentina, Egypt and Ethiopia were officially invited to join BRICS, and full membership for the new countries will begin on January 1, 2024. 

Tishwash:  The Emirates Chambers and the Iraqi Development Bank launch the “Together” initiative to enhance trade cooperation

The Federation of Emirates Chambers announced today, Thursday, the launch of the “Together” initiative under the slogan “Partnership for a Promising Economic Future” in cooperation with the International Development Bank of Iraq, UAE Branch.

This announcement came as a continuation of the memorandum of understanding signed in June 2023 between the two parties to support and empower the private sector in the United Arab Emirates and the Republic of Iraq in various commercial and industrial fields, according to the Emirates News Agency, WAM.

 Cooperation between the two parties contributes to supporting the private sector in the two countries. It also facilitates the work of Emirati companies operating in Iraq and Iraqi companies operating in the Emirates, and opens the door to more opportunities in the two markets for companies from both countries, which contributes to raising the value of bilateral trade exchange, which, according to the bank, currently amounts to More than $27 billion; Thus, the UAE will be Iraq's first trading partner.

The Union announced the organization of a special pavilion for the “Together for Partnerships” initiative at the 47th session of the Baghdad International Fair, which will be held from November 1 to 10, 2023.

Hamid Mohammed bin Salem, Secretary-General of the Federation of Emirates Chambers, said that the Federation’s participation in the “Together for Partnerships” pavilion in the 47th session of the Baghdad International Fair will include exhibits from a number of Emirati companies from various sectors, and that extensive discussions will take place on the sidelines of the work of this session, to discuss ways to encourage... Emirati investment in Iraqi free zones.

He added that participation in the next session of the Baghdad International Fair comes within the framework of the UAE private sector's constant keenness to participate in all economic activities organized there, given the importance of Iraqi markets for Emirati products of all types.

He pointed to the great potential of the Iraqi economy and the promising opportunities for companies, calling on Emirati companies and Emirati investors to explore these opportunities.

For his part, Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank, stressed that the Federation of Emirates Chambers plays a pivotal role in promoting the growth of business and investments between the UAE and the outside world, and that the “Together for Partnerships” initiative pavilion in the next session of the Baghdad International Fair will be a pioneering platform for communication between... Companies, business owners and investors from the Emirates and their counterparts in the Republic of Iraq at the business and individual levels, and it will represent an opportunity to improve trade and economic relations between the two countries.

He added: "During the coming period, we will organize many joint economic events that serve the business sector and investors in the two countries."

He hinted that signing the memorandum of understanding with the Federation of Emirates Chambers will contribute to facilitating the work of Iraqi companies present in the UAE and Emirati companies operating in Iraq, and will also support those companies’ efforts to expand in the two markets.

Khalaf stated that the UAE is Iraq's first trading partner with a trade volume of $27 billion annually, and a growth rate ranging between 5 and 6 percent, which means that trade exchange with the UAE represents about 10 percent of Iraq's total international trade.

He pointed out that, within less than a year of its presence in the Emirates, the bank has managed about 8 percent of the volume of trade exchange between the two countries.

He pointed out that there are more than 4,000 Iraqi companies registered in the UAE, and a number of Emirati companies that own investments in the Iraqi market, pointing out that the volume of UAE investments in Iraq exceeds 25 billion dirhams, or more than 7 billion dollars, distributed among many sectors and sectors. Mainly the energy, infrastructure and housing sectors.

He explained that the bank supports Emirati companies operating in Iraq in their various activities, whether financing or managing payments, collection and transfer.

This announcement came during the launch and activation ceremony of the “Together” initiative, which was organized by the International Development Bank at its headquarters in Dubai, in the presence of engineer Farida Al Awadhi, President of the Emirates Businesswomen Council, and a number of representatives of companies operating in the country.

The initiative's logo was designed after the saying of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, about Iraq: “We are close to each other in distance and in heart.   link

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Tishwash:  Iraqi Officials Eye a Path for Chinese-Iraqi Development

In Iraq, the precarious reality and confused relationships seem to have driven al-Sudani’s government to attempt to circumvent the traditional binary choice between Washington and Moscow. This new course comes with a distinct and flashy name, the “Development Road” project, and looks to Beijing as a third way forward.

Mohammed Shia al-Sudani did not become prime minister in Baghdad as smoothly as desired by the powers close to the “axis of resistance.” Nevertheless, several factors facilitated his rise to power. Domestic concerns, such as Muqtada al-Sadr’s decision to withdraw his bloc from the political process and a push from groups close to Iran to put forward a prime minister with relative acceptance in the regional and international community, played a role.

But these considerations compounded with the climate of regional tensions and interests of outside powers—competition between the Gulf and Iran, concerns over the ongoing repercussions of the strained relationship with Washington caused by the Trump administration, and the growing dominance of various armed groups close to Tehran.

This precarious reality and confused relationships likewise seem to have driven al-Sudani’s government to attempt to circumvent the traditional binary choice between Washington, the West, and most of the Gulf states on the one hand, and Tehran, Damascus, Lebanon, and their backer Moscow on the other. This new course comes with a distinct and flashy name, the “Development Road” project, and looks to Beijing as a third way forward.

Iraq’s political realignment is in large part a response to Iraqis’ shifting views of the United States and the broader geopolitical space: the haphazard American withdrawal from Afghanistan, the political changes in U.S. policy under Biden, the failure to revive the nuclear agreement with Iran, the stagnation in the Syrian issue, Erdogan’s steadfast support of Putin, Russia’s continued attacks on Ukraine, economic movement linked to oil prices, inflation, and financial turmoil in currency rates from Cairo to Tehran, fears of harsh economic sanctions, and, finally and most importantly, the economic rise of China.

Factors accelerating Iraq’s pursuit of China

Since the fall of the Saddam regime and subsequent American occupation in 2003, many Iraqis have felt trapped in the vortex of the U.S. and Gulf rivalry with Tehran and its allies, unable to escape. This bilateral state of competition has exhausted its forces domestically and made Iraq a battleground for competing powers to settle scores, with Iraqis paying a high price.

Hence, the important recent developments in international policies toward the Middle East have pushed Iraqi officials not beholden to Iran toward a new view, which may be of significant concern to Washington. In the eyes of many Iraqi officials, China’s growing role in the region is unencumbered by many of the issues associated with other actors. China has avoided engaging in direct competition with the United States, but regional developments are signs that Washington’s international retrenchment and Moscow’s inability to lead the world’s anti-U.S. faction are paving the way for Beijing’s political entry into the region.

China was and continues to be a prominent economic player in the area, as shown through its large commercial trade with the Middle East, the flow of goods, attractive energy markets, the movement of intermediary companies and financial interfaces, promising building projects, market underwriting, and banking services. Now, this role has begun to take on a political element as well, with Beijing playing a role in regional issues long seen as firmly under U.S. influence.

Iraqi officials are likewise attracted by the image of Chinese policy put forward by Chinese diplomats. In Baghdad, there is a perceived Chinese indifference to the style of governance in Third World countries, a non-interventionist policy, and a disinterest in dealing with sensitive issues like the Palestinian-Israeli conflict. Iraqi observers contrast China’s rapid economic rise and flashy promises with the decline of U.S. interest in the region.

Administration change in Washington has made these officials particularly cautious. Iraq felt it could not acquiesce to agreements and treaties with Washington that might terminate with a new U.S. administration. Likewise, the Iraqi government—which had long-standing and close relations with Moscow prior to the fall of Saddam Hussein—is aware that Russia cannot fill any potential U.S. vacuum.

Thus, the recent agreement between regional arch-enemies Saudi Arabia and Iran, brokered by Beijing, was for Iraqi officials a declaration of China’s political emergence in the Middle East.

Iraq, which had a role in those negotiations, watched with amazement as Washington monitored the unfolding process without lifting a finger, and likewise watched how the Gulf and regional powers affiliated with Washington raced to apply to join BRICS, a group that many in the developing world consider a possible alternative to the current Western global leadership, economic and otherwise.

Baghdad saw signs of the first public rebellion by Washington’s Gulf allies Saudi Arabia and the UAE against U.S. demands on oil prices, along with the Gulf’s openness to Damascus and impartiality toward the Ukrainian conflict. The long-term agreement between China and Iran was viewed as the latest example of Beijing’s reach and its arrival at the borders of Iraq.

The perceived lack of U.S. reaction to these developments became one of the push factors for al-Sudani and his team to propose the Development Road project, which some consider an extension of China’s Belt and Road Initiative. This step was tantamount to an Iraqi declaration to China that the country was politically open. Chinese companies already have billions of dollars’ worth of investments in Iraq, and the trade volume between the two countries was more than USD 53 billion in 2022, according to a statement from the Chinese embassy in Baghdad. Nevertheless, China’s future potential political role in Iraq has been greatly strengthened by the announcement of the project.

Development Road Dreams and Hard Realities

Thus, many Iraqi officials have placed their hopes in the Development Road project as a prelude to a new relationship with Beijing. The project contains elements similar to Chinese projects in a number of Central Asian countries. It consists of a hypothetical chain of trade infrastructure, a network of ports and highways extending from the Gulf to Turkey from the direction of Zakho. The project also includes lengthy rail lines for transporting goods and people, a component reminiscent of Chinese projects elsewhere.

According to Iraqi sources, the plan includes “building 15 train stations for goods and passengers along the line, which will be 1,174 kilometers long and pass through 12 Iraqi governorates.” Yet the Chinese ambassador to Iraq, Cui Wei, said last June that “the strategic Iraqi Development Road project is “complimentary” to the Chinese Belt and Road Initiative. Though this is somewhat general language, it is a likely indicator China’s true view of the project—that its actual implementation is not currently possible, and that as Iraq’s future capability to successfully implement the project does not inspire optimism.

Indeed, Iraqi officials will need to face the reality that the country lacks the capacity to undertake and complete such a vast project, whose stated cost will reach USD 17 billion. Iraq’s infrastructure is crumbling, basic services are weak, and the security situation remains vulnerable, all factors casting a shadow over the country. Furthermore, the domestic budget remains rent-seeking, unstable, and linked to the price of oil, an unsustainable economic situation for a country hoping to invest in grand works projects.

There are also obvious signs of decline in the value of the Iraqi dinar against the dollar and a rapid decline in per capita income. Also, Kurdistan region has been suspicious about the project paths which avoid passing through the region under the pretext of the difficulty of the mountainous geography there. For them, this is a deliberate attempt to limit the region’s economic role.

And even if the project was feasible on the implementation front and an avenue for real economic growth for Iraq—a claim that is in itself subject to doubt—it may prompt countries that benefit from the status quo in Iraq to work to scuttle the project. Ironically, Iran may be among the opposing countries, especially if it senses any threat to its political and economic influence.

Regardless of the plan’s feasibility, the proposed Development Road project should be viewed as an indicator of Iraqi officials turn to China’s embrace. But these officials should be more cautious; they cannot be confident that Chinese involvement will achieve the optimistic targets Iraqi officials have placed on it. Protests in Central Asian countries against older BRI projects emphasize the potential pitfalls of a Chinese development project—one that Iraqi officials are currently ignoring.

The enthusiasm in Baghdad for increased Chinese involvement should also give the U.S. administration pause. If Washington hopes to stymie this move, the United States must make greater efforts to rebuild trust with its historical allies in the region and address the perception of U.S. abandonment. If this perception continues, governments in Iraq, like Saudi Arabia and the UAE, will increasingly facilitate China’s access to the centers of political decision-making in that crucial geographical region.   link

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