Iraq Economic News and Points to Ponder Wednesday AM 10-4-23

Iraq Economic News and Points to Ponder Wednesday AM 10-4-23

The Dollar Is Heading To Rise And Two Proposals Have Been Identified To Control The “Price Madness”.. What Is The Relationship With Iran?

Economy |Baghdad today - Baghdad    Today, Wednesday (October 4, 2023), economic expert Nabil Al-Marsoumi identified two options to address the dollar problem in Iraq, while confirming that the exchange rate is on its way to rising during the coming period.

The dollar exchange rates in Iraqi local markets are witnessing unstable jumps until they approached 160 thousand dinars for every 100 dollars, in conjunction with information about American intentions to impose sanctions on new banks that are not committed to the terms of transferring and financing trade using the dollar.

The Key To The Solution

Al-Marsoumi said in an interview with “Baghdad Today” that “the key to resolving the crisis and the dollar problem in Iraq exists and is not far away,” pointing out that the Central Bank’s current sales are to cover external transfers and documentary credits, and therefore their numbers are reasonable and proportional to the volume of foreign trade.

He added, “The main problem is that the Central Bank financed trade with Iran, which amounts to $10 billion, through external transfers to Emirati banks, before it adopted the electronic platform, and after it was cut off, merchants and companies began to finance imports through the parallel market to obtain the US dollar.” This means that it is not for smuggling or money laundering, but rather for real trade.”

Al-Marsoumi pointed out, “The more the electronic platform tightened its procedures in terms of reducing the shares of banking offices and companies, the more the scarcity of cash dollars increased, in addition to the fact that the volume of tourism between Iraq and Iran is large and amounts to huge sums of money that are covered through the parallel market because travelers are deprived of obtaining dollars.” Via the official price.

New High

He continued, "The dollar is on its way to rise, especially with the Central Bank's action to reduce banks' shares of the cash dollar by half, accompanied by the imminent release of budget funds, which will lead to an increase in the import of consumer and investment materials because the volume of internal production does not cover the need."

The economic expert stated, “There are two options to end the dollar problem in Iraq, which are either to cancel the sanctions imposed on Iran or to cut off trade with it because adopting other currencies may fall under the heading of American sanctions,” pointing out that the adoption of bartering Iraqi oil for Iranian gas has not been implemented. "Actually because of the sanctions."

Severe Measures

On Monday (September 25, 2023), the American newspaper The Cradle described the recent measures of the Central Bank of Iraq as “severe,” by restricting dealing in the dinar and preventing the circulation of the dollar within the country, while noting that these measures came after American warnings against the Central Bank of Iraq due to continuing violations. .

The newspaper said, according to a report translated by “Baghdad Today,” that the new measures come against the backdrop of “warnings” issued by the US Federal Reserve against the Central Bank of Iraq, announcing the continuation of what it described as previous “violations” on the basis of which sanctions were imposed on 14 Iraqi banks, threatening to implement more. Sanctions on other banks.

The newspaper also confirmed that the dollar smuggling operations from inside the country led directly to “reducing the value of the Iraqi dinar and exposing it to significant inflation,” explaining that the measures of the Central Bank of Iraq come as another step to ensure the stability of the Iraqi dinar, especially in the current stage, which the newspaper described as “sensitive” as a result of American pressure on the central bank.

 Penalties And Bans

It is noteworthy that a third of Iraqi banks are now exposed to US sanctions and a ban on dealing in dollars, which the Iraqi authorities are trying to avoid expanding due to its significant negative impact on the Iraqi economy, according to the newspaper’s description.

On Sunday (September 24, 2023), the Central Bank of Iraq announced the issuance of new instructions for selling the dollar, indicating that it seeks to open direct channels of communication for Iraqi banks with their foreign counterparts in correspondence and commercial exchange.

He pointed out, "The coming year will witness the restriction of all internal commercial and other transactions to the Iraqi dinar instead of the dollar."   LINK

Chambers Of Commerce Expects The Dollar To Rise In The Coming Days

 Information / Baghdad.. On Wednesday, the Chambers of Commerce expected a rise in the dollar exchange rate for three reasons.

Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..

The head of the Chambers of Commerce in Diyala, Muhammad Al-Tamimi, said in an interview with Al-Ma’louma, “The reality of the situation indicates that the dollar exchange market is unstable and is currently fluctuating according to specific rates, but all indicators push for its rise as pressure continues on the parallel market.”

He added, "Three reasons behind the dollar's rise are purchases by multiple segments for travel, buying vehicles, paying off debts, or for the purpose of tourism," pointing out that "all the government's efforts to secure currency for travelers are tainted by corruption in light of the inability of many to afford it." Securing the dollar despite submitting all the papers.”

He pointed out that "the parallel market has become a de facto refuge for travelers because obtaining the dollar is difficult and complicated due to bureaucratic procedures, and there are negatives that require scrutiny and investigation at the same time to find out where the money allocated from the currency goes."

The dollar exchange market is witnessing fluctuation in its prices, but it is still far from the prices officially set by the Central Bank of Iraq.  LINK

Political Differences Exclude The Oil And Gas Law From Parliament’s Priorities

October 4, 2023   Baghdad/Al-Masala Al-Hadath: Iraqis have been waiting to discuss the long-awaited oil and gas law for more than a decade.

Political differences within Parliament led to a delay in voting on it, even though it represents the main revenue component of the Iraqi budget.

Since the first session of the Iraqi Council of Representatives, in 2005, the draft oil and gas law has been stuck in drawers, as disagreements prevent its approval in its final form.

Committee member Ali Al-Mashkour said, “The reasons for the delay in approving the law in the House of Representatives are not only technical controversial points, but there are administrative points that do not exceed seven points,” pointing out that “Prime Minister Muhammad Shiaa Al-Sudani and the heads of the political blocs are continuing to negotiate to try to pass the law.” The law has the least possible differences, given that there is no law that serves everyone equally, and this is not possible as a result of the disparity in existing shares.”

The representative added, “There is a dispute over the management of the fields in the Kurdistan region and who will manage these fields, whether the federal government or the Erbil government, but as a law, it must be implemented on the various components within the country, whether in the region or in Basra, given that the latter is no different.”

Regarding Kurdistan, we are all under one umbrella, which is Iraq. He noted that “the Kurdistan Regional Government is trying to continue the same old policy that was tiring it in managing its fields, which lacked a central presence.”

In late August, a committee was formed to develop a draft of the oil and gas law and present it to the government and the House of Representatives.

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury’s resources.

One of the most important changes included in the new law is the affirmation of the federal government’s sovereignty over oil and gas throughout the country. This represents a victory for the federal government in a long dispute with the Kurdistan Regional Government, which has been demanding control of the oil and gas resources in its territory.

It is expected that the adoption of the new law will increase the stability of the oil and gas sector in Iraq and improve the efficiency of managing oil resources. It is also expected to increase oil revenues for the Iraqi government, which can be used to finance economic development and social projects.

The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, said that 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.

Economist Nabil Al-Marsoumi revealed disagreements between the center and the region that may affect the draft new oil law.

Al-Marsoumi said in a blog post followed by Al-Masala, “There are several differences between the center and the region that may affect the draft new oil law.”

Disagreements over the oil and gas law focus on the powers to produce oil and gas, the method of managing joint fields, and the interpretation of Article 11 of the Constitution.

The Oil, Gas and Natural Resources Committee warns of “administrative” disputes behind the delay in approving the Oil and Gas Law.

Historically, there have been disagreements between the federal government of Iraq and the Kurdistan Region on issues related to the oil and gas industry.

These disputes include a range of complex issues related to rights, distribution, and administration, and have caused escalation of tension between the two sides.

The differences relate to the management of fields located in the Kurdistan region and who will manage these fields, whether the federal government or the Erbil government.

But the Kurdistan government wants to manage the fields itself, away from the federal government.

The region is also facing the repercussions of the decision of the International Arbitration Court and the sanctions imposed on Turkey due to exports, which may push it to submit to the will of Baghdad.

Disagreements still exist over the extent of the Kurdistan Regional Authority’s authority to extract and export oil and gas independently.

The federal government considers that it has the exclusive authority to manage and export oil and gas resources at the national and international levels.

There are also disputes over how to distribute oil and gas industry revenues between the federal government and the Kurdistan Region, and they have always been a source of tension, as the region claims its right to obtain a larger percentage of oil revenues based on their contribution to production.

Some agreements and temporary solutions have been reached over the past years, but differences still cast a shadow over the relationship between the federal government and the Kurdistan Region. While real solutions require continuous consensus and dialogue between the parties concerned.

 https://almasalah.com/archives/68910

Points to Ponder From Seat of the Soul by  Gary Zukav:

The decisions that you make and the actions that you take upon the Earth are the means by which you evolve

An angry personality will respond to the difficulties of it life with anger, and thereby bring into being the necessity of experiencing the results of anger --

A person who is angry, and yet reveres life, however -- will respond very differently to the difficulties of his or her life than a person who is angry and has no reverence for Life

Each personality draws to itself personalities with consciousness of like frequency, or like weakness -- therefore -- the world of an angry person is filled with angry people -- the world of a greedy person is filled with greedy people -- and a loving person lives in a world of loving people

Until you become aware of the effects of your anger -- you continue to be an angry person

"Tidbits From TNT" Wednesdeay Morning 10-4-2023

TNT:

Tishwash:  80 Iranian companies organize an exhibition in Iraq

Secretary of the Supreme Council of Free Trade Zones in Iran, Hojjallah Abdul Maliki, announced on Wednesday that 80 companies will participate in the Iranian exhibition held in Sulaymaniyah Governorate in northern Iraq, with the aim of introducing their products to economic activists there.

Accordingto the Iranian Fars News Agency, Abdul Maliki considered, at theopening ceremony of the Iranian exhibition in Sulaymaniyah, thateconomic cooperation between Kurdistan and Iran is of great importancefor achieving economic progress in the region. He pointed out that “theparticipating Iranian companies will present, through the exhibition, their products at a price and quality suitable for Kurdistan merchants. ” .

On the other hand, Abdul Maliki announced the launch of the “Bana and Mariwan” border free trade zone with Iraq in the coming days, describing it as a good investment opportunity for Kurdistan investors in Iraq.   link

Tishwash:  Iraq is first in the Arab world in importing Jordanian products

The value of certificates of origin issued by the Amman Chamber of Commerce, during the first nine months of this year, to export goods and commodities to Arab and foreign countries, increased by 57.9 percent, compared to the same period last year, while the volume of Iraq’s imports reached more than 600. Million dollars.

According to statistical data from the Chamber, the value of certificates of origin issued by Amman Commerce during the first nine months of the current year amounted to 1.038 billion Jordanian dinars, compared to about 658 million Jordanian dinars for the same period last year.

According to statistical data, the number of certificates of origin issued by the Chamber during the first nine months of the current year reached 27,650 certificates, compared to 27,036 certificates for the same period last year, an increase of 2.3 percent.

The certificates of origin issued by the Chamber during the first nine months of this year went to many countries, led by Saudi Arabia with 7,117 certificates, the United Arab Emirates 3,053, then Iraq 1,603, Egypt 826, then Switzerland with 16 certificates.

Exports were distributed to Iraq, worth 433 million Jordanian dinars (about 610 million dollars), the United Arab Emirates, about 154 million dinars, Saudi Arabia, 81 million dinars, Switzerland, 73 million dinars, then Egypt, worth 72.7 million dinars.

According to statistical data, exports of foreign products (re-exports) amounted to about 442 million dinars, agricultural products amounted to about 134 million dinars, industrial products amounted to about 130 million dinars, then Arabic products with a value of 121 million dinars and the rest for other products.  link

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Tishwash:  Launching the country's first real estate digital platform

There is a consensus on adopting the use of advanced technology in providing services within the Iraqi labor market to the citizen, in a step to keep pace with the technical developments witnessed by the global market, and this comes in harmony with government trends aimed at giving digital transformation great attention. This came during the launch of My Home application, which is the first real estate digital platform in the country.  

Director General of the Industrial Bank, Bilal Al-Hamdani, said: Digital transformation represents an important step in managing the economy, and the infrastructure for this transformation represents an important direction for developing performance and moving it to a better stage.

He added to "Al-Sabah" during the launch of the Bayti application, which specializes in clarifying the real estate supply map in Iraq, that the world is constantly developing, and it is necessary to keep pace with global updates in the digital field and how it is used to serve society, pointing out the importance of having infrastructure for such important launches that are in harmony. With global trends.
In turn, the head of the Iraqi Contractors Union, Ali Al-Sanafi, stressed the necessity of benefiting from advanced technology in the Iraqi labor market.

During the launch of the Bayti application, he pointed out that Iraq has a promising and growing economy, and the need to adopt advanced systems has become an imperative necessity to keep pace with developments taking place in the global labor market.

Al-Sanafi pointed out that advanced smart applications provide great services to the Iraqi citizen, as they save time and effort for a wide segment of those searching for various services, especially with regard to the housing sector, which has begun to expand in the width of residential units.

As for the economic expert, Abdullah Al-Jubouri, he explained that the digital world must be our next steps, especially after we witnessed the citizen’s interaction with the relative digital transformation that the country is witnessing, pointing out that benefiting from regional and international experiences is extremely important, as there are experiences that have an impact. Positive on some economies in the region.

He stated that the world is developing digitally, and here we must be supportive of any step in this direction, and we find the private sector taking steps towards developing digital performance and relying on it in the labor market in a serious manner, commensurate with the needs of the public, and this is parallel to the government directions that focus on the importance of digital transformation in the country.

While economic expert Adham Al-Fakhar said: Today we stand at the first national digital industry, as the country witnessed the launch of the digital real estate platform that works to save time and effort for a wide segment of citizens.

He pointed out that this technology works to provide several options for those searching for housing units in the country, as housing projects have multiplied in various regions of the country, which makes the task of searching for housing units a process fraught with many difficulties.

However, this technology provides citizens with the possibility Follow up on residential complexes and find what suits their financial capabilities. He stressed the importance of advanced technology having a positive impact on the reality of the national economy, and that Iraqi capabilities are demonstrated through the technical developments the world is witnessing.   link

Mot: ssiiiiigggghhhh - Becoming Seasoned Sure has its Moments!! -- HUH!!! 

MilitiaMan: IRAQ DINAR - INTERNATIONAL - WTO - ELECTRONIC SYSTEMS

IRAQ DINAR - INTERNATIONAL - WTO - ELECTRONIC SYSTEMS

MilitiaMan and Crew:  10-3-2023

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=Irk62448KvA

Goldilocks' Comments and Global Economic News Tuesday Afternoon 10-3-23

Goldilocks' Comments and Global Economic News Tuesday Afternoon 10-3-23

Good afternoon Dinar Recaps,

"The U.S. bond market is calling a moment: the age of low-interest rates and inflation that began with the 2008 financial crisis has ended. What follows is unclear."

"Higher rates going forward would mean the Fed will have more room to adjust policy through tweaks in interest rates."

Recently, the Fed has been selling the bonds it bought. A move that slowly shrinks its balance sheet. This tool allows the Federal Reserve to lower the money supply and give more value to the remaining currency available.

In an age of dedollarization, the above tool allows tweaks to the system that balances the economy as the dollar flows in from other countries.

Currently, the FED is calling for a higher for longer model of action on interest rates that lowers the price of gold and raises the price of cryptocurrencies.

This move would give the digital economy a chance to rise in value comparatively to gold and paper money.

The raising of value in stablecoins that represents a country's paper currencies increases demand and money velocity through the speed of which digital currencies can move in cross-border international trades.

This stabilizing attempt on the economy is possible because of the new liquidity that would be brought to the market that's been hidden in the crypto space for over a decade.

It is a move that would give a real value to currencies around the world creating an organic raising of values for some countries' currencies and lowering the values for others.

It would level the playing field by creating room for growth inside the new digital asset-based trading system.

It is a Global Currency Reset in the making.

© Goldilocks

https://recentlyheard.com/2023/10/02/us-bond-market-signals-the-end-of-an-era/

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"The Commodity Futures Trading Commission today published a proposed rule that would amend CFTC Regulation 4.7, a provision that provides exemptions from certain compliance requirements for commodity pool operators (CPOs) with respect to commodity pool offerings to qualified eligible persons (QEPs) and for commodity trading advisors (CTAs) with respect to trading programs advising QEPs."

"A commodity pool is a shared private pool of money from multiple participants." This current regulation 4.7 mentioned in this article has not been upgraded since 1992. It is currently being amended to speculate in futures, swaps, or options markets. A commodity pool operator (CPO) manages funds for the pool.

Regulation 4.7 currently moves towards a proposal stage where the rule is solidly formed before it is sent to the final stage for a final rule.

These articles today explained how the Retail Market regarding Foreign Exchange rules and regulations are in their final stages. We will continue to follow up on these rules and regulations as they come to their final conclusions.

© Goldilocks

https://www.cftc.gov/PressRoom/PressReleases/8802-23

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We do have a Retail Market Foreign Exchange Transaction Bill. Unless we have amendments to it after the community pool regulation 4.7 is done, we will be good to go on regulations regarding foreign currency exchanges in the Retail Market.

© Goldilocks

Final Rule Regarding Retail Foreign Exchange Transactions  

forexfinalrulefactsheet.pdf

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The final run-up on the markets is upon us once the dust clears on these legs down.

This is where gold and the dollar will run up together before the dollar falls.

We have spoken about it over the last two years as being the final move before the markets go into real values.

© Goldilocks

https://youtu.be/nV1gNaPPTYM?feature=shared

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UBS Group AG, financial holding company, announced the launch of a pilot project to tokenized money market fund.

Money market funds are investment products focused on short-term investments. UBS believes that their tokenization will increase liquidity and attract more potential clients. The test will take place on the UBS Tokenize platform, developed on the Ethereum blockchain.

The bank’s pilot is part of Project Guardian, a joint initiative between the Monetary Authority of Singapore and the Japan Financial Services Authority.

https://crypto.news/ubs-asset-management-launches-pilot-of-tokenized-fund/

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Stablecoins Simplified: The Role and Relevance of Pegged Cryptocurrencies

Blockchain Reporter Link

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CFTC Chair Highlights Crypto Enforcement Actions and Calls for Legislative Update – Cryptopolitan
https://www.cryptopolitan.com/cftc-chair-on-crypto-legislative-update/

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Ackman’s desire to potentially work with X has grabbed the attention of investors, with questions about the impact on coins like Dogecoin. ...

Bill Ackman, CEO of Pershing Square Capital Management, has expressed interest in collaborating with Elon Musk's X social media platform.

Ackman recently announced the regulatory approval of its investment vehicle, SPARC, by the SEC.

The potential collaboration between Ackman and X has raised questions about its impact on the cryptocurrency market, particularly on Dogecoin.

Dogecoin, favored by Musk, could see market changes and a potential price increase if the collaboration takes place.

The current price of Dogecoin is $0.062, with a trading volume of over $238 million.

The article presents a positive sentiment regarding the potential collaboration between Bill Ackman and Elon Musk's X social media platform. It highlights the excitement and curiosity among investors about the impact on the cryptocurrency market, specifically Dogecoin.

https://minmax.ai/news/news-dogecoin-twitter-ipo-dogecoin-x

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The governor of the French central bank has announced that Euro area central banks will unveil plans for a wholesale central bank digital currency in the coming weeks.

Here it comes…

Read: https://x.com/goldtelegraph_/status/1709278611742880073?s=46

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Thank you Dinar Recaps

Iraq Economic News and Points to Ponder Tuesday Evening 10-3-23

Iraq Economic News and Points to Ponder Tuesday Evening 10-3-23

Tlm724 Administrator Bondlady’s Corner

Oil Stability With The Rise Of The Dollar And Mixed Indicators Of Supply

Energy   Economy News – Baghdad  There was little change in oil prices on Tuesday, after they fell to their lowest level in three weeks in the previous session amid a rise in the dollar, a bleak outlook for the global macro economy, and mixed indicators related to supply.

By 1359 GMT, Brent crude futures rose six cents to $90.77 a barrel, and US West Texas Intermediate crude rose 34 cents to $89.16 a barrel. Prices had fallen by more than one percent earlier in the session.

ANZ analysts said in a note to clients, “Brent crude prices fell to (about) $90 per barrel, with rising US yields and the strength of the dollar dominating market sentiment.”

"While supply remains limited, higher interest rates mean expensive storage of inventories. This could lead to further drawdown of oil stocks," they added.

Yesterday, Monday, the dollar rose to its highest level in 10 months against a basket of major currencies after the US government avoided a partial closure and economic data reinforced expectations that the US Federal Reserve would keep interest rates high for a longer period or even raise them again.

Higher interest rates, coupled with a stronger dollar, make oil more expensive for holders of other currencies, which could lead to lower demand for it.

Views 30  10/03/2023 - https://economy-news.net/content.php?id=36770

Iraq Exports More Than 6 Million Barrels To America During The Month Of September

Money  and business   Economy News – Baghdad   The US Energy Information Administration announced on Tuesday that Iraq's oil exports to America amounted to more than 6 million barrels during the month of September.

The administration said in a table seen by Al-Iqtisad News, “Iraq exported 6,450 million barrels of crude oil to America during the month of September, with an average of 215,000 barrels per day, lower than the month of August, in which Iraqi oil exports to America amounted to 7,130 million barrels.” An average of 230 thousand barrels per day.

She added, "Iraq exported crude oil to America during the first week of September at an average of 100,000 barrels per day, while it exported an average of 248,000 barrels per day in the second week, and exported an average of 233,000 barrels per day in the third week," noting that "exports in the fourth week amounted to An average of 280 thousand barrels per day.

The US Energy Information Administration stated that "Iraq ranked sixth in its exports to America during the past month after: Canada, Mexico, Saudi Arabia, Colombia and Brazil, and ranked second in the Arab world after Saudi Arabia, whose last exports to America amounted to 12 million and 870 thousand barrels," indicating that "Canada It ranked first as the country that exports the most oil to America, followed by Mexico.  Views 34  Added 10/03/2023 - https://economy-news.net/content.php?id=36767

The Rise In Dollar Prices In Baghdad Markets

Time: 10/03/2023 10:32:15 Read: 3,159 times   {Economic: Al-Furat News} Dollar prices rose, today, Tuesday, in Baghdad markets.  The prices were as follows..   The selling price was 157,750 Iraqi dinars, while the purchase amounted to 155,750 dinars per 100 dollars.   LINK

Commerce Sets The Date For Starting The First Step Of Electronic Transformation

Monday 02, October 2023 13:40 | Economical Number of readings: 337  Tomorrow / NINA / The Ministry of Commerce has set the date for starting the first step of electronic transformation.

A statement from the ministry stated, “Minister of Commerce, Atheer Daoud Al-Ghurairi, visited the legal department at the ministry’s headquarters, to follow up on the final stages of the electronic transformation of its entire work, which is certain to begin within the next two weeks.”

During his visit, Al-Ghurairi stressed, “We have developed plans and programs to improve performance and services in various directions, by working according to an economic vision and clear goals, automating work joints, building a solid information base, and changing the culture of support by targeting the groups benefiting from the catering system.”

He pointed out that “the process of automating the legal department is the first step to electronic transformation, and it will be followed successively by the rest of the ministry’s formations to get rid of the classic paper-based and routine system to an electronic system using a modern and advanced programming language.”   https://ninanews.com/Website/News/Details?key=1080999

Parliamentarian: 11 Countries Want To Invest In The Path Of Development

Economy |  02/10/2023  Mawazine News – Baghdad  MP Baqir Al-Saadi confirmed on Monday that 11 countries want to invest in Iraqi development road projects.

Al-Saadi said in an interview followed by Mawazine News, “The development path is not a paper project, but rather a reality. The Sudanese government seeks to put the first phase in the axes of direct implementation within a short period not exceeding months,” pointing out that “the project is strategic for Iraq’s economic future.”

He added, "11 countries have expressed their desire to invest in Iraqi development road projects, and the number may reach 50 if they are initiated," stressing that "the world is facing the birth of an exceptional transportation line that will connect the countries of Southeast Asia and the Indian Ocean to Europe via Iraq."

He pointed out that "the benefits of the project can be summarized in 15 points, the most prominent of which are the financial returns and the volume of investments in building industrial cities and other logistical support, in addition to creating job opportunities and charting a new transportation route in Iraq that attracts various world goods."  https://www.mawazin.net/Details.aspx?jimare=235797

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

https://www.bondladyscorner.com/   

Points to Ponder From Aristotle:

Dignity does not consist in possessing honors, but in deserving them. 

Education is an ornament in prosperity and a refuge in adversity. 

Even when laws have been written down, they ought not always to remain unaltered. 

He who is to be a good ruler must have first been ruled. 

I count him braver who overcomes his desires than him who conquers his enemies; for the hardest victory is over self. 

In a democracy the poor will have more power than the rich, because there are more of them, and the will of the majority is supreme. 

Inferiors revolt in order that they may be equal, and equals that they may be superior. Such is the state of mind which creates revolutions. 

Iraq Economic News and Points to Ponder Tuesday Afternoon 10-3-23

Iraq Economic News and Points to Ponder Tuesday Afternoon 10-3-23

An Economic Expert Details The Cash Conversion Cycle Of The Iraqi Dinar

Time: 10/02/2023 Read: 533 times   {Economic: Al-Furat News} The economist, Salah Nouri, detailed the monetary conversion cycle of the Iraqi dinar.

Nouri said {to Al-Furat News} that: “The monetary cycle {the Iraqi dinar} exists between the Central Bank as the monetary authority and the only authorized one to issue the national currency and the Ministry of Finance as the financial authority authorized to implement the federal budget in terms of spending and collection.”

He added, "The third party is the public, the financial institutions {governmental and private banks} and the trade, agriculture and industry sectors, meaning that the cash that is offered to the public when implementing the budget returns to the Central Bank and then to the Ministry of Finance."

Nouri explained, “What is happening is that the cash raised through the implementation of the budget will not return to the central bank at a high rate and therefore to the Ministry of Finance,” attributing the most prominent reasons for this to “the exclusion of private banks from the currency auction, which no longer deposit the Iraqi dinar with the central bank in exchange for the dollar.” “In addition to the tendency of the public and merchants towards hoarding and dealing in cash not through banks.”

He stated, "The exclusion of private banks from the auction is the main reason; but this does not mean that they have a positive role in the economy. Rather, they only practice speculation in dollars, and they are supposed to engage in economic activity by accepting deposits and lending to economic projects."

Nouri added, “Accepting deposits and keeping a percentage of them with the Central Bank also contributes a percentage to returning the dinar to the Central Bank. This is why the Central Bank’s decision was for banks that were punished by the US Federal Reserve from dealing in dollars to continue dealing in dinars in their economic activities that are not speculative in dollars.”

He stressed that "the Central Bank can provide liquidity to the Ministry of Finance by issuing a new monetary mass, despite its disadvantages."

Specialists in economic and financial affairs reported that despite the large size of the monetary supply, which amounts to (83) trillion dinars, there is a noticeable scarcity of cash liquidity from the Iraqi dinar in the commercial markets, explaining that this comes for several reasons, the first of which is mismanagement. The financial file in the country.   From: Raghad Dahham   LINK

"Controversial Points" Between Baghdad And The Region Delay The Approval Of The Oil And Gas Law

2023-10-03 Shafaq News/ Member of the Oil and Gas Committee, Ali Abdul Sattar Al-Marshoud, confirmed that the oil and gas law has not reached the committee yet due to controversial points being resolved between Baghdad and Erbil, while its approval is contingent on resolving the controversial points.

Al-Marshoud told Shafaq News Agency: “Points of disagreement between the regional government and the federal government delayed the referral of the law to the Oil and Gas Committee,” noting that “the central government refuses to make a change to the paragraphs that the regional government is required to amend, which is the spirit of the law.”

He pointed out "the continuation of discussions between the Ministry of Oil and the committee formed by the Prime Minister and between the regional government and the political forces to end and resolve the controversial issues."

Al-Marshoud conditioned the approval of the oil and gas law on resolving the controversial points according to the meetings that he considered good and positive, stressing that the law will be approved during the current session after resolving the controversial issues.   LINK

Before The OPEC+ Meeting Tomorrow... Iraq Comments On The Price Of $100 Per Barrel

Time: 10/03/2023   Read: 871 times    {Economic: Al-Furat News} The Ministry of Oil confirmed that the rise in oil prices to $100 per barrel in global markets depends on several factors, including supply and demand.

Ministry spokesman Assem Jihad told Al-Furat News Agency: “The oil market is affected by a group of factors, including geopolitical and natural factors, as well as supply and demand, speculation, security events, wars, and the pandemic. These are all factors that negatively and positively affect the oil market.”

He added, "What OPEC, OPEC Plus, and Iraq is a part of is aiming to achieve stability in the oil market, which will reflect positively on the economies of countries, whether consuming or producing," noting that "achieving balance and appropriate prices are important for producers and consumers, with ambition for realistic prices."

Jihad stated that "prices reaching $100 per barrel are imposed by the increase in demand for oil due to many circumstances facing the global economy, including the Russian-Ukrainian war," explaining that "the increase in demand is reflected in oil prices."

He pointed out that "the most important thing that OPEC Plus aims to achieve is stability and ensuring the balance of the oil market, and this reflects positively. The most important thing we aim for is achieving balance and stability in the process of oil supplies, supply and demand."

The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) in addition to Russia and other allies, will meet tomorrow, Wednesday, but it is unlikely to modify its current oil production policy.

Oil prices fell today to $89 per barrel.

BMI Research analysts said, “Given the slowdown in the global economy, the group is likely to want to maintain its current cuts, while indicating scope for further cuts if market conditions warrant it.”

“In theory, under the terms of the OPEC+ agreement, production (non-GCC) should remain flat during the fourth quarter. However, Iraq’s compliance has been somewhat spotty in the past, and export levels are expected to rise, assuming The pipeline will resume operations.   Raghad Dahham  LINK

State Of Law: For This Reason, The Implementation Of The Federal Budget Law Was Delayed

Politics   10/03/2023 Number of readings: 174 Baghdad - Iraq Today:  The representative of the State of Law coalition, Khadija Wadi, confirmed that there is no problem or stoppage in the release of governorate allocations from the budget, indicating that their release is awaiting the approval of Prime Minister Muhammad Shiaa Al- Sudani.

Wadi said in a press statement, “Talk about there being a problem or a halt in the release of governorate allocations from the financial budget is inaccurate, as it is only awaiting approval by Prime Minister Muhammad Shiaa Al-Sudani.” She added, "There is direct communication between the Sudanese and the governorates regarding the issue of allocations and projects, as the financing of project allocations in the governorates will be approved soon."

She explained, “The governors were hosted in the Parliamentary Finance Committee to discuss this issue, and there are no problems in this regard.” She indicated, "Strategic service projects will be worked on in various governorates, and their budget allocations will be distributed according to population density."  LINK

The Dollar Is At A New High Amid Strong Data

Economy |Today  Baghdad today - follow-up  The dollar rose to new high levels, today, Tuesday (October 3, 2023), and pushed the yen down, closer to the scope of authorities’ intervention, after strong economic data in the United States reinforced expectations that the Federal Reserve (US Central) would keep interest rates high for a longer period.

The euro reached its lowest level in more than a year against the dollar, falling below the January low of 1.0482, as surveys of the manufacturing sector issued in both Europe and the United States on Monday highlighted the disparity between the two economies.

The dollar index rose about 0.5 percent to 107.06, and at one point reached 107.12, the highest level since November 2022.

A survey released on Monday showed that the US manufacturing sector took another step towards recovery in September as production rose and employment rebounded, and also showed a significant decline in the prices that factories paid for inputs.

The dollar received support from rising US Treasury bond yields, while strong economic data reinforced expectations of keeping interest rates high for a longer period.

The rise in the US currency led to increased pressure on the yen, as it pushed it closer to the 150 level overnight, which the markets consider to be the limit that could motivate the Japanese authorities to intervene, as happened last year.

In the latest trading, the yen recorded 149.80 against the dollar, remaining close to the lowest level overnight of 149.88.

The euro fell to $1.0462 in Asian morning trade, the lowest level since December last year, after a euro zone Purchasing Managers' Index survey showed on Monday that demand continued to contract at a pace that has rarely been exceeded since the data was first collected in 1997.

The British pound recorded $1.20790 in recent transactions, the lowest level since March 16.

The Australian dollar remained roughly stable ahead of the Reserve Bank of Australia's interest rate decision later on Tuesday. A Reuters poll of economic experts showed that the Australian Central Bank will keep the key interest rate steady at 4.10 percent, but with the expectation of another hike in the next quarter to 4.35 percent, as inflation remains above the target rate.

Source: investing.website   LINK

Points to Ponder From Aristotle:

Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but we rather have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit. 

Excellence, then, is a state concerned with choice, lying in a mean, relative to us, this being determined by reason and in the way in which the man of practical wisdom would determine it. 

Moral excellence comes about as a result of habit. We become just by doing just acts, temperate by doing temperate acts, brave by doing brave acts. 

Men acquire a particular quality by constantly acting in a particular way. 

Iraq Economic News and Points to Ponder Tuesday AM 10-3-23

Iraq Economic News and Points to Ponder Tuesday AM 10-3-23

Tlm724 Administrator Bondlady’s Corner

A Sudanese Advisor Refutes His Statement Regarding The Monetary Bloc.. What Did He Say?

Economy |09-13-2023, Baghdad Today – Baghdad  Today, Wednesday (September 13, 2023), the Prime Minister’s Advisor for Investment Affairs, Muhammad al-Najjar, refuted what was attributed to him regarding the size of the Iraqi monetary mass.

Al-Najjar said in a press statement, followed by "Baghdad Today", that "the Central Bank of Iraq is not within its jurisdiction, and that it will contact the official newspaper to delete the news attributed to it."

The official newspaper Al-Sabah published in its issue of September 9, quoting the advisor to the Prime Minister, Muhammad Al-Najjar, as saying that “the monetary supply of the local currency has reached the barrier of 116 trillion dinars, of which within the banking system is between 30 and 40 trillion dinars.”

Data from the Central Bank of Iraq indicate that the volume of cash in banks until July 2023 amounted to 7.5 trillion Iraqi dinars, and not between 30 and 40 trillion dinars.

As for the volume of printed money until July 2023, it amounted to 99.7 trillion dinars, not 113 trillion dinars.

https://baghdadtoday.news/230934-مستشار-للسوداني-يفند-تصريحه-بشأن-الكتلة-النقدية.-ماذا-قال؟.html

Exchange Companies Under Categories (A, B)

October 02, 2023    In view of the presence of a number of headquarters of exchange companies under categories (A, B) and their branches on floors inside buildings, and  for the purpose of ensuring that customers can identify their companies, it was decided to give them a period of (6) working months for the purpose of moving the headquarters of their companies to headquarters that suit the nature of their activity, and to provide the services that They require that they be in known, easily accessible locations.

https://cbi.iq/news/view/2427

Black Gold Mafias" In Iraq...Holes That Generate Billions Of Dollars In The Pockets Of Influential Parties

Local / Economy |10-09-2023, Baghdad today – Baghdad  Today, Sunday (September 10, 2023), oil affairs specialist Ghanem Hassan revealed the truth about the existence of crude oil “mafias” in Iraq.

 Hassan told "Baghdad Today", "Crude oil mafias exist in the country, especially the southern governorates, and they are basically arms of powerful parties that steal oil by bypassing the main pipelines,

but they are not able to drill any well and steal crude oil because the mechanism of drilling wells is complex and requires huge resources." It can only be provided through the Ministry of Oil and international investment companies.” 

He added, "The theft of oil takes place in the remote areas through which crude oil pipelines pass and is monitored from time to time," pointing out that

"the Ministry of Interior dismantled, months ago, the largest network in the history of Iraq for stealing and smuggling oil in which senior officers were involved," noting that “The network revealed many secrets.” 

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

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

Black gold mafia

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

Prime Minister Muhammad Shiaa Al-Sudani announced on November 2, 2022,

“the dismantling of the largest oil smuggling network in Basra Governorate, at a time when the National Security Service revealed the involvement of senior officers and employees, directors in the Energy Police and a number of associates in Basra Governorate, and the confiscation of 49 tanks.”

With wheels prepared for smuggling, 93 dens and 496 tanks violating controls were found, in addition to the closure of 11 stations violating controls as well, while the smuggled quantities were estimated at 75 million barrels per month.

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

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

 https://baghdadtoday.news/230665-مافيات-الذهب-الأسود-في-العراق.-ثقوب-تدر-مليارات-الدولارات-في-جيوب-أحزاب-متنفذة.html

Famous Bank: The Middle East Is Going Through A Golden Age

October 2 18:30  Information/follow up..  JP Morgan's European head, Viswas Raghavan, said the Middle East is enjoying a "golden age" as global tensions drive money and talent to the region.

Speaking in an interview with Bloomberg TV, Raghavan said that 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 oil countries are in a very good position, whether to attract money managers and hedge funds, or also to their local economies, which have become dominant.

This is a golden age for Middle Eastern companies and the Middle East in general.

"I think it's here to stay."

Raghavan, who is CEO of JP Morgan in Europe, the Middle East and Africa, said that the global outlook for investment banking shows “some green shoots”, especially in the technology space, although the number of opportunities is not yet a flood.”

He added that it is expected Total banking fees across the industry will reach $65 billion this year, compared to a typical year of about $80 billion. End/25S

https://almaalomah.me/news/42383/economy/بنك-شهير:-الشرق-الأوسط-يمر-بعصر-ذهبي

The Center For Banking Studies Organizes A Training Course In Erbil

October 02, 2023  The Center for Banking Studies at the Central Bank of Iraq, in cooperation with the ISACA International Organization,

organized a training course held in Erbil that addressed (COBIT 19 Information Technology Governance Framework).    The course included :

explanation of the first steps in the field of information technology and its general framework, in addition to

how to gain basic knowledge to build the necessary skills, with regard to development and operations practices, and to

learn about the context, benefits, and main reasons for using COBIT as an information and technology governance framework.    

Central Bank of Iraq   information Office   2 - October – 2023  https://cbi.iq/news/view/2429

A Training Course To Develop The Skills Of Erbil Branch Employees

October 02, 2023  The Center for Banking Studies at the Central Bank of Iraq organized an educational course for a number of employees of the Erbil branch.

The course included:

an introduction to the Central Bank of Iraq, monetary policy,

 the relationship with other policies and banks, the code of conduct,

work mechanisms and main activities, as well as institutional loyalty and the strategic plan of the Central Bank of Iraq.

The course dealt with the

Central Bank of Iraq law, banking laws, the law of discipline for employees of state departments, the

tax compliance law, compliance, and combating money laundering and the financing of terrorism.

Central Bank of Iraq  information Office  2 - October – 2023  https://cbi.iq/news/view/2428

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

https://www.bondladyscorner.com/   

Points to Ponder on Endurance and Perseverance:

The  divine insanity of noble minds - that  never falters nor abates - but  labors - endures - and waits - till all that it  foresees it finds - or what it cannot find - creates -- Longfellow

The palm tree grows best beneath a ponderous weight - and even so the character of man -- The petty pangs of small daily cares have often bent the character of men - but great misfortunes seldom -- Kossuth

There is nothing in the  world so much admired as a man who knows how to bear  unhappiness with courage -- Seneca

Our strength often increases in proportion to the obstacles imposed upon it -- It is thus we enter upon the most perilous plans after having had the shame of failing in more simple ones -- Rapin 

The  difference  between perseverance and  obstinacy is -- that one  often comes from a strong will  and the  other from a strong won't -- H W Beecher

Much rain wears  the marble --Shakespeare

See first that the design is wise and just -- that ascertained -- pursue it resolutely - do not for one repulse forego the purpose that you resolved to effect -- Shakespeare

By bravely enduring - an evil which cannot be avoided is  overcome -- Old Proverb

Every man who observes vigilantly and resolves steadfastly - grows unconsciously into genius -- Bulwer

No road is too long to the man who advances deliberately and without undue haste - and no honors are too distant for the man who prepares himself for them with patience -- Bruyere

The  virtue lies in the struggle not in the prize -- Milnes

Perseverance and audacity generally wins -- Mad. Deluzy

There is no royal road to anything -- One thing at a time - and all things in succession -- That which grows slowly endures -- J G Holland

There are two ways of  attaining an important end -- force and  perseverance -- Force fails to the lot only of the privileged few - but austere and sustained perseverance can be practiced by the most insignificant -- Its silent power grows irresistible with time -- Mad. Swetchine

The conditions of conquest are always easy -- We have but to toil awhile  - endure a while - believe always and never turn back -- Simms

I hold a doctrine - to which I owe not much - indeed - but all the little I ever had - namely - that with ordinary talent  and extraordinary perseverance - all things are attainable -- T F Buxton

The nerve that never relaxes - the eye that never blenches - the  thought that never wanders -- these are the masters of victory --  Burke

"Tidbits From TNT" Tuesday Morning 10-3-2023

TNT:

Tishwash: Al-Sudani congratulates our people on the National Day and confirms that Iraq will remain a pillar of stability, security and prosperity in the region and the world

 Prime Minister Muhammad Shiaa Al-Sudani congratulated our people on the National Day, stressing that Iraq will remain a pillar of stability, security and prosperity in the region and the world.

Al-Sudani said in his congratulations: On the occasion of the National Day of the Republic of Iraq, I extend to the people of our dear country, with all their components, in every place, and to all the national forces and all constitutional bodies, with the most sincere and blessed expressions of congratulations, accompanied by prayers to the Almighty God to preserve our country, dear, invincible, and lofty at all times. .

He added: Iraq has always been a land radiant with the meanings of civilization for the entire world, just as it was the spot where history was made, and where humanity recorded its steps towards progress. Therefore, the emergence of the modern Iraqi state, and its accession to the League of Nations, came as a continuation of this effective and influential civilizational and cultural dynamism.

He continued: On its National Day, Iraq will remain a pillar of stability, security and prosperity in the region and the world, and a bridge where civilizations and cultures converge. Iraqis will remain skilled makers of peace and tranquility, and staunch fighters against darkness and backwardness, and in this sense, we will continue to work to make Iraq the goal and goal. He takes precedence over every consideration and rises above every necessity.  link

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

Tishwash:  Why do “Iraqis” not occupy a place on the list of the world’s richest people?

Global rich lists are always an interesting topic, as they reveal the wide disparities in wealth between individuals in different parts of the world. However, it notes an underrepresentation of billionaire men from Iraq on these lists despite the country's rich natural resources and great economic potential. In this article, we will look at some factors that may explain this fact.

1. Political and security turmoil:
Iraq has long been plagued by political and security turmoil, starting with the 2003 US invasion and subsequent internal conflicts and terrorist attacks. These conditions make it difficult to build successful businesses and stabilize investments in the country, reducing businessmen's opportunities to achieve great fortunes.

2. Lack of transparency and corruption:
Corruption and lack of transparency in Iraq are two major challenges facing businessmen. Building significant wealth may require cooperation with the government or government officials, and this can cause legal complications and difficulties that make things more difficult.

3. Lack of economic diversification:
The Iraqi economy relies heavily on the oil industry, which means that economic opportunities may be limited for those working in this sector. The lack of diversity in the economy reduces the opportunities for businessmen to choose other areas to invest and build diversified wealth.

4. Educational and training challenges:
There may be a lack of education and training necessary for businessmen in Iraq, which affects their ability to develop businesses and achieve success in global markets that require advanced skills and knowledge.

In conclusion, the lack of billionaires in Iraq shows that there are major challenges facing the country in the field of economics and business. If focus is placed on resolving these challenges and providing a more stable and transparent environment for business, opportunities for entrepreneurs to build significant wealth and increase their representation on global wealthy lists may be enhanced.  link

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

Tishwash:  Parliamentarian: 11 countries want to invest in the path of development

MP Baqir Al-Saadi confirmed on Monday that 11 countries want to invest in Iraqi development road projects.

Al-Saadi said in an interview followed by Mawazine News, “The development path is not a paper project, but rather a reality. The Sudanese government seeks to put the first phase in the axes of direct implementation within a short period not exceeding months,” pointing out that “the project is strategic for Iraq’s economic future.”

He added, "11 countries have expressed their desire to invest in Iraqi development road projects, and the number may reach 50 if they are initiated," stressing that "the world is facing the birth of an exceptional transportation line that will connect the countries of Southeast Asia and the Indian Ocean to Europe via Iraq."

He pointed out that "the benefits of the project can be summarized in 15 points, the most prominent of which are the financial returns and the volume of investments in building industrial cities and other logistical support, in addition to creating job opportunities and charting a new transportation route in Iraq that attracts various world goods."  link

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

CandyKisses:  Russia is ready to participate in the development road project in Iraq

Shafaq News / Assistant President of the Russian Federation, Igor Levitin, on Tuesday, expressed his country's government's readiness to participate in the implementation of the vital development path project in Iraq.

This came during his meeting in the capital Baghdad with Prime Minister Mohammed Shiaa Al-Sudani and Transport Minister Razzaq Muhaib al-Saadawi, according to data issued by the Iraqi government.

A statement issued by the Prime Minister's Office said that during the meeting, bilateral relations between the two countries were discussed, ways to enhance mutual cooperation in various fields, as well as the curriculum of the upcoming visit of Sudan to Moscow was discussed.

He pointed to the close and historical relations that bind Iraq with Russia, and the government's desire to strengthen them, stressing that Iraq launched the development road project with the Faw Port project, which is a sustainable economic project, within the government's policy of transition towards a multiple economy and not relying on oil, as well as its importance to the countries of the region, and its integration with other economic corridors.

For his part, Levitin stressed his country's desire to strengthen cooperation with Iraq at various levels and levels.

The Assistant to the Russian President heads a delegation with the membership of Kharchenko Andrey, Assistant Levitin, and Alexei Sagal, an economic adviser, along with the Ambassador of the Russian Federation to Iraq Elpros Kotterev, and the third secretary of the embassy, Alexei Dobrinin.

In the second meeting, the Iraqi Minister of Transport reviewed the importance of the development road project and its economic feasibility for Iraq, the countries of the region and the world.

According to a statement issued by the Ministry of Transport, the minister touched on the large port of Faw project and its great importance for the development path, stressing that the Iraqi government has a clear vision to manage and operate the port in the best way, through the use of expertise and international companies specialized in port management.

The statement said that Al-Saadawi assured the Russian side that Iraq aspires to find economic integration among the countries of the region, noting that its strategic location qualifies it to be a kiss for global investment.

In turn, Levitin confirmed to the minister his country's serious desire to enhance joint cooperation, especially in the transport sector, expressing his government's readiness to participate in the development path project and exchange experiences in all fields of transport, according to the statement.

It is noteworthy that the value of the development road project is estimated at $17 billion to connect an important port "the large Faw port" for goods on the southern Iraqi coast to the border with Turkey through the extension of a railway network and roads.

The development route aims to connect the port of Faw in oil-rich southern Iraq to Turkey, turning the country into a transit hub, in a short travel time between Asia and Europe in an effort to rival the Suez Canal.

The Iraqi government has the perception that high-speed trains will transport goods and passengers at a speed of up to 300 kilometers per hour, in addition to laying lines to local industry and energy centers that could include oil and gas pipelines.

According to the plans, the main transport routes will be connected to the main port of Faw on the shores of the Gulf by modernizing and building more than 1.2 thousand kilometers of railways and highways linking Iraq with neighboring countries.

Mot:  .......... Winters acoming --

Mot:  More Tips as Ya Season!!! -- Ya Can count on ole ""Mot"" Ya Knows!

Goldilocks' Comments and Global Economic News Late Monday Evening 10-2-23

Goldilocks' Comments and Global Economic News Late Monday Evening 10-2-23

Good evening Dinar Recaps,

Digital Banking Announcements:

* Payments-technology platform Pidgin said it has agreed to provide real-time payment capability to retail and commercial account holders at Exchange Bank.

* AffiniPay LLC, a payments platform for professional services firms, has sold its accounting software unit, Soluno, to ActionStep, a provider of practice-management technology. Terms were not disclosed.

* The U.S.-based blockchain firm Coinbase Inc. announced it has received a Major Payment Institution license from the Monetary Authority of Singapore, allowing the company to expand its services in that nation.

* Payments platform Stripe Inc. has attracted controversy after cutting off services to a United Kingdom-based merchant that sells legal air rifle accessories.

* RevoluGroup Canada Inc., the firm behind the RevoluPay mobile payments app, appointed Simon Tsu chief financial officer, taking on the duties of outgoing CFO Jason Tong and corporate secretary Derek Sobel, both of whom resigned on Sept. 30.

Digital Transactions Link

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Expect new crypto regulations to follow Bitcoin ETFs - Summa Money

Summa Money

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LIVE! Wall Street SUPERBANK JP Morgan WARNS of Coming "FINANCIAL ACCIDENT." Mannarino

Gregory Mannarino Link

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Wells Fargo closes 10 more bank branches - full list of affected states
The Express Link

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

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Jamie Dimon Says JPMorgan can handle 8% interest rates...

America's largest bank.

He says this as many commercial banks sit with tens of billions in unrealized losses on their books.

In that environment, we see more financial accidents.

Read: https://x.com/goldtelegraph_/status/1708975767017902544?s=46

~~~~~~~~~

Continuing on the bankruptcies theme:

US small business bankruptcies rising at worst pace since pandemic

WSJ Link

~~~~~~~~~

US trucking employment is plunging

Historically, 4 out of 4 past declines have marked the beginning of a 

Multipolar Market on X

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ISO 20022.... LET'S DO IT on X
💥SWIFT NOVEMBER 2023 NETWORK CHANGES TO SUPPORT DIGITAL ASSETS FOR SECURITIES AND FOREIGN EXCHANGE TRADES 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀💥

IRS Code Title 12 USC 531     Exemption of taxation ( us code.house.give ) 💥💥💥. In effect  October,1, 2023.
~~~~~~~~~

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 Monday Afternoon 10-2-23

Iraq Economic News and Points to Ponder Monday Afternoon 10-2-23

Tlm724 Administrator Bondlady’s Corner

An Economic Expert Details The Cash Conversion Cycle Of The Iraqi Dinar

Time: 10/02/2023 Read: 1,326 times   {Economic: Al-Furat News} The economist, Salah Nouri, detailed the monetary conversion cycle of the Iraqi dinar.

Nouri said {to Al-Furat News} that: “The monetary cycle {the Iraqi dinar} exists between the Central Bank, as the monetary authority and the only authorized one to issue the national currency, and the Ministry of Finance, as the financial authority authorized to implement the federal budget in terms of spending and collection.”

He added, "The third party is the public, the financial institutions {governmental and private banks} and the trade, agriculture and industry sectors, meaning that the cash that is offered to the public when implementing the budget returns to the Central Bank and then to the Ministry of Finance."

Nouri explained, “What is happening is that the cash raised through the implementation of the budget will not return to the central bank at a high rate and therefore to the Ministry of Finance,” attributing the most prominent reasons for this to “the exclusion of private banks from the currency auction, which no longer deposit the Iraqi dinar with the central bank in exchange for the dollar.”

 “In addition to the tendency of the public and merchants towards hoarding and dealing in cash not through banks.”

He stated, "The exclusion of private banks from the auction is the main reason; but this does not mean that they have a positive role in the economy. Rather, they only practice speculation in dollars, and they are supposed to engage in economic activity by accepting deposits and lending to economic projects."

Nouri added, “Accepting deposits and keeping a percentage of them with the Central Bank also contributes a percentage to returning the dinar to the Central Bank. This is why the Central Bank’s decision was for banks that were punished by the US Federal Reserve from dealing in dollars to continue dealing in dinars in their economic activities that are not speculative in dollars.”

He stressed that "the Central Bank can provide liquidity to the Ministry of Finance by issuing a new monetary mass, despite its disadvantages."

Specialists in economic and financial affairs reported that despite the large size of the monetary supply, which amounts to (83) trillion dinars, there is a noticeable scarcity of cash liquidity from the Iraqi dinar in the commercial markets, explaining that this comes for several reasons, the first of which is mismanagement. The financial file in the country.   LINK

The Central Bank Denies The Scarcity Of Cash Liquidity And Describes Its Currency And Gold Reserves As “Historic”

Time: 10/02/2023 Read: 1,638 times  {Economic: Al-Furat News} A source in the Central Bank of Iraq denied that there was a “scarcity” of cash liquidity in the country’s markets.

The source confirmed to Al-Furat News Agency: “There is no scarcity of cash, and cash is available despite the current policy, which is a contractionary policy, but cash is available.”

He pointed out that "the foreign reserves and gold at the Central Bank are at historical levels, and the electronic platform is open to anyone who wants to officially enter into buying the dollar at the official price."

Specialists in economic and financial affairs reported that despite the large size of the monetary supply, which amounts to (83) trillion dinars, there is a noticeable scarcity of cash liquidity from the Iraqi dinar in the commercial markets, explaining that this comes for several reasons, the first of which is mismanagement. The financial file in the country.

Professor of Economic Affairs, Jaafar Alloush, said in a press statement that “the problem of liquidity scarcity - if it exists - is linked to a number of factors, including the economy’s lack of monetary flexibility in managing public money, while official monetary indicators do not indicate the existence of a liquidity scarcity.” ".

He explained, "The problem is that the largest portion of the issued currency is with the public, which accounts for 91.3% of the issued currency, amounting to more than 90.070 trillion Iraqi dinars of that currency outside the banking system, and despite the fact that this (huge) monetary mass is used for transaction purposes from... before the public and to carry out its daily economic activity, but it is outside the control of the monetary authorities.”  LINK

Oil Begins Its Weekly Trading With A Jump In Prices To Touch $93 Per Barrel

Economy |  02/10/2023   Baghdad - Mawazine News  Oil prices rose in early trading on Monday, recovering some of their losses in Friday's session as investors focused on expectations of a lack of global supply and a last-minute agreement to avoid a US government shutdown, which restored their appetite for risk.

By 0037 GMT, Brent crude futures for December rose 18 cents, or 0.2 percent, to $92.38 a barrel, after falling 90 cents in Friday’s session. Brent crude futures for November settled down seven cents to $95.31 a barrel when the contract expired on Friday.

West Texas Intermediate crude futures rose 23 cents, or 0.3 percent, to $95.31 a barrel, after falling 92 cents on Friday.

The two crude oils rose by nearly 30 percent in the third quarter, supported by expectations of a widening oil supply deficit in the fourth quarter after Saudi Arabia and Russia extended voluntary production cuts until the end of the year.

Four sources told Reuters that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, or the group known as OPEC+, are unlikely to revise current oil production policy when the ministerial committee meets on Wednesday, given that supply cuts and increased demand are pushing oil prices higher.

A last-minute decision by Republican US House of Representatives Speaker Kevin McCarthy to enlist the help of Democrats to pass a temporary funding bill that postpones the possibility of a government shutdown until mid-November, which means that more than four million government employees can continue to receive their salaries.   https://www.mawazin.net/Details.aspx?jimare=235776

Planning: Inflation Rates In Iraq Are 4% And Their Rise Is Logical

Time: 10/01/2023 Read: 806 times   {Economic: Al-Furat News} The Ministry of Planning announced that inflation rates in Iraq are rising logically, as the annual rise touched the 4 percent barrier compared to the year preceding the last inflation indicators that were read, which was last July.

Ministry spokesman Abdul Zahra Al-Hindawi said in a press statement, “Food prices in particular have witnessed stability in their rates, despite a global rise in prices, especially the prices of food and construction materials, which have witnessed an increase in their rates during the recent period, affected by the Russian war factor.”

Ukrainian and other global factors, as a result, food prices rose, especially wheat, rice, and oil, which represent the foundations of the food basket worldwide.”

He noted, "The world has been negatively affected by this aspect, so we see in most countries that there has been a wild rise in inflation rates during recent months at the level of the countries of the region, not to mention that Iraq is suffering from other factors, in addition to the global factors, including the high exchange rate and the parallel exchange market." These factors have side effects on the economic reality in the country.

Al-Hindawi added, “The situation in Iraq seemed different from the rest of the countries, indicating that this difference was represented by the fact that inflation did not witness a rise in its rates as it had seen in other countries, as inflation rates in Iraq rose logically, as the annual rise touched the 4 percent barrier compared to The last year the inflation indicators were read was last July, when the index witnessed a decline of 0.3 percent, while the annual level witnessed an increase of 3.5 percent.

He continued that the other factor is that the prices of foodstuffs, in particular, have maintained the stability of their prices and even decreased the rates of some of them during recent periods, attributing “this decrease in foodstuffs to the stability of inflation prices as a result of reasons, foremost of which is the government’s success in securing foodstuffs through the card system.”

The ration system witnessed stability in the periods of the distribution system, an increase in quantities, and an improvement in quality during recent months.

He pointed out that "this improvement led to the stability of prices in the markets, stressing that when talking about food items distributed through the ration card, they contributed greatly to the stability of prices and even their clear decline compared to what they were a year or two ago, which is {what is called “With consumer reassurance among the citizen as a result of the availability of foodstuffs in sufficient quantities and on a regular basis.”

He added, "On the other hand, the state, despite the high exchange rate and the existence of the parallel market, has succeeded in covering all imports of food and basic supplies at the official price of the dollar, and thus it is an important step that has affected the stability process,

not to mention the unforeseen support provided in Purchasing agricultural crops from farmers at prices higher than international rates, which encouraged agriculture, especially the last season, as it was the first season in which Iraq witnessed a spontaneous increase in wheat production by more than 5 million tons produced during the previous season, which resulted from broad support to farmers.”    LINK

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

https://www.bondladyscorner.com/    

Points to Ponder on Truth:

It's a basic truth of the human condition that everybody lies. The only variable is about what. The weird thing about telling someone they're dying is it tends to focus their priorities. You find out what matters to them. What they're willing to die for. David Shore, House M.D., Three Stories, 2004

The public will believe anything, so long as it is not founded on truth.  Edith Sitwell (1887 - 1964)

Truth is the only safe ground to stand on  Elizabeth Cady Stanton (1815 - 1902)

The truth is more important than the facts. Frank Lloyd Wright (1869 - 1959)

All truths are easy to understand once they are discovered; the point is to discover them.   Galileo Galilei (1564 - 1642)

The truth that makes men free is for the most part the truth which men prefer not to hear Herbert Agar

As scarce as truth is, the supply has always been in excess of the demand. Josh Billings(1818 - 1885), 'Affurisms from Josh Billings: His Sayings,' 1865

Say not, 'I have found the truth,' but rather, 'I have found a truth.'  Kahlil Gibran (1883 - 1931)

Do not run from the truth. There be nought so hard to live with as a lie. Kathryn L. Nelson,Pemberley Manor, 2006

Goldilocks' Comments and Global Economic News Monday Evening 10-2-23

Goldilocks' Comments and Global Economic News Monday Evening 10-2-23

Good afternoon Dinar Recaps,

"The digital currency has been up nearly 70 percent since the start of 2021, driving the entire crypto market to a combined $2 trillion in value."   

It has been the stablecoins that have created a great deal of attention in finalizing the crypto regulation space.  We already know that the SEC will govern the Securities coins and the CFTC will govern the coins considered as commodities.  In this final phase of development within a regulatory framework, the same rules that apply to the dollar are expected to be applied to the crypto space.

The growth and use of these coins going forward will increase the adoption phase to a point of solid values can be formed.

It looks like we are about to witness digital currencies move to real values as we upgrade to Protocol 20 in the banking system by the end of this month, and into, November.

In the month of November and going forward, we should start seeing new values in the Crypto Market due to a higher demand for them.

Assuming all regulatory rules are finalized and approved, these new values will begin to create price pressures on the assets they represent and the commodity market that supports them.

© Goldilocks

Patch Link
https://agilitypr.news/Proposed-Federal-Cryptocurrency-US-Reg-36035

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"The Gold-Backed Digital Tokens (GBDT) will be used for transactional purposes only in order to ease payments."

Zimbabwe's new gold back digital tokens will be utilized for payment services alongside everyday use of their local currency.

This is a gradual move toward the retail sector from wholesale markets. Either way, the introduction of a gold backed currency inside the local Currency Market of Zimbabwe will have its effects.

It is important to watch the development of supply and demand in this area of the country for these tokens running alongside the local currency of Zimbabwe.

A move into a stable "real" value coin because of the supporting nature of gold will cause a fluctuation in price for the local currency over time.

© Goldilocks

The Zimbabwei Mail Link

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OpenTrade adds to the growing momentum around tokenizing real-world assets, enabling secured lending against treasury bills using USDC, allowing lenders to accrue returns and operate completely on-chain without modifying their existing wallets or custodians. The release of this product echoes the growing interest in tokenizing real-world assets - today, the tokenized Treasuries market stands at a staggering $668 million, which is a sixfold increase from the start of 2023.

https://www.techopedia.com/opentrade-launch-tokenized-treasury-bonds-on-circle

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TEHRAN, Sep. 30 (MNA) – With Iran's membership in the BRICS, it will be possible for the country to use the group's "BRICS Pay" electronic banking communication system instead of the SWIFT system, the Iranian parliament speaker says.

MEHR News

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"Singapore Court Rules Against JPMorgan in Trade Sanctions Lawsuit.

The Court of Appeal ruled that JPMorgan's use of a sanctions clause to withhold payment on letters of credit was not contractually justified."

It looks like we have a transfer of power taking place inside a level playing field system.

BRICS?

© Goldilocks

Business Times Link

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THE DEBT CLOCK KEEPS GETTING BETTER AND BETTER!

Our Republic can be easily seen in the new categories

The NEW categories say “USA” instead of “US”

“US” is the Corporate US Government

“USA” is our Republic

The NEW “USA TREASURY DOLLARS 2025” has a map of our Nation next to the header. Zoom in!
Our Republic is outlined in Gold.

The US M2 MONEY SUPPLY NOW is decreasing rapidly. This category has a pyramid and Federal Reserve Dollars in the background so we know it’s the Illuminati and Foreign Elite.
They’re losing their money

However, the NEW category of  US M2 $ TO USA $ RATIO NOW is  ….… 1 7 7 6 !

Haha! Hysterical!

https://t.me/c/1545617426/69572

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Unleashing the Future: Advancements in Fintech Technology

The Market Periodical Link

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Copper.co, one of the industry’s leading digital asset custodians, is pleased to announce an enhancement to its existing integration with Stellar, a decentralized, open-source blockchain network designed to connect financial systems and democratize economic participation.

This enhancement allows institutional clients to trade an even broader range of tokens on the Stellar blockchain, including Stellar USDC.

Crowdfund Insider Link

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BRICS Vision 2030: Dominate Oil, Accumulate Gold & Suffocate US Dollar
https://watcher.guru/news/brics-vision-2030-dominate-oil-gold-us-dollar

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In view of the presence of a number of headquarters of exchange companies under the two categories ( A , B ) and their branches on floors inside buildings, and for the purpose of ensuring that customers can identify their companies, it was decided to give them a period of (6 ) working months for the purpose of moving the headquarters of their companies to headquarters that suit the nature of their activity, and to provide the services that They require that they be in known, easily accessible locations.

https://cbi.iq/news/view/2427

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Chase closes down more branches than any US bank and will shut down four more in October after 3,000 industry closures

The US Sun 

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Bitcoin Lightning: The Future Of Offline Peer-To-Peer Cash?
Fortress Link

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For the last decade, a great deal of money has gone into the crypto space. When Protocol 20 tokenizes all of our assets through this current upgrade of the banking system, the activation of these networks will give money to the banking system it has lost for the last 10 years as investors have hidden their money in decentralized systems.

In a real way, Central Banks had to make a move into a decentralized digital asset-based trading system to survive.

The merging of money from the traditional banking system and the new digital banking system money will reset the economy. It will give new life to assets on the market drying up with liquidity, and set, a real value to the price of gold.

These three sectors of the market will work in unison to sustain new innovative ways of approaching a payment system that has long been outdated.

Look for third-party payment systems/apps ie US Debt Clock and more begin to form new price values with these new digital mechanisms to enhance their ability to give on-the-spot readings of the market as they are happening.

© Goldilocks

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👆 This includes third-party apps like crypto.com, uphold.com and others.

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  An Overview of H.R. 4766, Clarity for Payment Stablecoins Act  

IN12249.pdf

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