DINARRECAPS8 10/8/23 DINARRECAPS8 10/8/23

Iraq Economic News and Points to Ponder Sunday Afternoon 10-8-23

Tlm724 Administrator Bondlady’s Corner

Minister Of Oil: The Demand For Oil Will Increase By Two Million Barrels Per Day Next Year

Time: 10/08/2023 13:46:17 Read: 949 times {Economic: Al-Furat News} Oil Minister Hayan Abdul-Ghani expected, on Sunday, an increase in demand for oil by about two million barrels per day next year, stressing that the world still needs fossil fuels.

Tlm724 Administrator Bondlady’s Corner

Minister Of Oil: The Demand For Oil Will Increase By Two Million Barrels Per Day Next Year

Abdul-Ghani said during the Climate Week held by the United Nations in Riyadh, “Both fossil fuels and clean energy sources require huge investments,” adding that “Baghdad has shifted its focus towards using natural gas to generate electricity.” He added, "The world still needs fossil fuels in light of an expected increase in demand for oil next year." LINK

The Federal Parliament Is Considering Investing The Kurdistan Region’s Oil Internally

Energy Economy News _ Baghdad The Oil, Gas and Natural Resources Committee in Parliament is studying a proposal to the government to form committees to discuss investing the region’s oil internally, adding that 80,000 barrels of the region’s oil are currently invested internally.

Committee member Bassem Ngheimesh said in an interview with Al-Sabah, followed by Al-Iqtisad News, that “Prime Minister Muhammad Shiaa Al-Sudani has formed committees in order to search for investment in the region’s oil, which is estimated today at about 450,000 barrels to local refineries, with the possibility of implementing solutions.” Others, such as being sold to Jordan, Syria, or Lebanon.”

Negimesh added, “There is another proposal to offer these quantities marketed through Turkey to be compensated through the south by developing the export and work system,” indicating that “work is underway in this direction in order not to harm the budget.”

The representative of the Oil and Gas Committee continued, “Iraq is working to invest the region’s oil internally after pumping 80,000 barrels of it to local refineries,” calling on the federal government to “find clear solutions to stop oil smuggling, as it is its responsibility, by tightening control over the border crossings.” Views 138 10/08/2023 - https://economy-news.net/content.php?id=36841

An Increase In Iraq's Oil Exports To The United States

Energy Economy News _ Baghdad The US Energy Information Administration announced on Sunday that Iraq's oil exports to the United States rose and exceeded Saudi Arabia's during the past week.

The administration said in a table seen by Al-Iqtisad News, “The average US imports of crude oil during the past week from eight major countries amounted to 4.978 million barrels per day, down by 1.105 million barrels per day compared to the previous week, which amounted to 6.083 million barrels per day.”

She added, "Iraq's oil exports to America amounted to 306,000 barrels per day last week, an increase of 26,000 barrels per day from the previous week, which reached an average of 280,000 barrels per day."

She pointed out that "most of America's oil revenues during the past week came from Canada at an average of 3,291 million barrels per day, followed by Mexico with an average of 524 million barrels per day, and oil revenues from Saudi Arabia amounted to an average of 291 thousand barrels per day, and then Brazil at an average of 209 thousand barrels per day."

According to the administration, “the amount of American imports of crude oil from Colombia is at a rate of 143 thousand barrels per day, from Ecuador at a rate of 125 thousand barrels per day, and from Libya at a rate of 89 thousand barrels per day, while no quantity is imported from Russia or Nigeria.”

Views 106 10/08/2023 - https://economy-news.net/content.php?id=36845

The Rise In The Price Of The Dollar Against The Iraqi Dinar In Baghdad Markets

Time: 10/08/2023 10:35:52 Read: 6,877 times {Economic: Al-Furat News} Dollar prices rose, today, Sunday, in Baghdad markets. The prices were as follows.. The selling price was 159,250 Iraqi dinars, while the purchase amounted to 157,250 dinars per 100 dollars. LINK

The Central Bank Sells More Than $195 Million In Currency Auction

Economy News – Baghdad On Sunday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 195.5 million dollars.

The Central Bank's website published its dollar sales schedule, which Al-Iqtisad News reviewed. It included the participation of 25 banks and 47 exchange companies, and foreign transfer requests covered $156 million, while cash requests amounted to more than $39 million.

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

Views 137 10/08/2023 - https://economy-news.net/content.php?id=36849

The Euro Is The Key To Resolving The Dollar Crisis In Iraq

Evan Shaker Aldobardani The euro is ranked second in the world after the US dollar, as it is considered one of the strong currencies in international trade. The euro is also the second most traded currency in the world after the US dollar, and the British pound is ranked fourth. The Central Bank of Iraq is supposed to take the first step by diversifying its financial assets, and increasing the share of the euro, in addition to the pound sterling, at the expense of the US dollar, as the Central Bank of Iraq’s foreign currency reserves are estimated at approximately 113 billion dollars.

The Central Bank of Iraq keeping a portion of its reserves in euros will not have any negative impact on the value of the Iraqi dinar, but it will preserve its value. An example of this is the Kuwaiti dinar, which is denominated against a basket of foreign currencies such as the dollar, euro, and pound sterling.

The Central Bank of Iraq could have pumped the euro currency into the currency sale window auction, after the strict measures imposed by the US Federal Reserve Bank and the US Department of the Treasury on the Central Bank of Iraq by selling the US dollar currency, with the aim of preventing the smuggling of the dollar into Iran,

and therefore The goal of selling the euro in the currency selling window is to avoid the restrictions imposed on the Central Bank of Iraq by the US Treasury, and also to reduce the demand for the US dollar with the aim of reducing the gap between the official rate and the exchange rate in the parallel market.

The Central Bank of Iraq was supposed to establish its own platform, as this platform specializes in selling the euro and the pound sterling, and it can also be sold to citizens in cash, just as the euro is a global currency that the Iraqi merchant can deal with normally and smoothly in any country. It excluded Iran, so some foreign imports could be covered through euros instead of dollars.

Although I am against the idea of giving each citizen 3,000 US dollars to travel and smuggling hard currency out of the country, but at the same time, if the Central Bank of Iraq continues this policy, I suggest giving citizens the euro as well to travel outside the country in order to reduce the demand for the dollar. American. Hoarded money: Iraqi economy. The euro is an investment currency:

The euro is considered an investment currency because it generally moves in an upward direction in the long term, and it rose from the end of last year from levels of 0.96 cents to 1.12 US dollars two months ago, meaning an increase of approximately more than 15%, and the euro currency is currently in the process of A deep correction, as it fell to a level of approximately 1.04 US dollars several days ago, and now it is reeling at the levels of 1.05 US dollars, and perhaps the rise will resume or the correction will be completed to levels close to the parity point with the dollar, and this in itself is an appropriate opportunity for the Central Bank of Iraq to buy a currency.

The euro is worth at least 10 billion euros, and I personally saved part of my money in the euro currency, and it is expected that the euro currency will target levels of 1.15 US dollars and more during the first quarter of next year.

In the event that the Central Bank of Iraq sold part of the currency sale window auction in the euro currency, a month worth two billion euros, that is, selling 100. Let us assume that the Central Bank of Iraq pumped the euro currency into the markets when it was at a price of 0.96 cents at the end of last year, at a time when the dollar crisis began in Iraq.

As a result, the gap between the official price and the exchange rate in the parallel market was greatly reduced, and at the same time, citizens who bought the euro currency at the time achieved profits of an estimated 15%.

Also, at the same time, the Central Bank of Iraq could have invested in the euro currency if it had kept part of its reserves of the euro currency, assuming 10 billion euros and sold it when it reached 1.12 dollars. Also, it would have achieved profits of an estimated 15%, that is, about 1 billion and 500. The question here is: Is the Central Bank of Iraq capable? To convert part of his assets from the US dollar to the euro currency? Or will he be a prisoner of the directions of the US Treasury and the policy of the US Federal Reserve?

Views 93 10/08/2023 - https://economy-news.net/content.php?id=36851

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

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Points to Ponder on Hope

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

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

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

People who say that life is not worthwhile are really saying that they themselves have no personal goals which are worthwhile. Get yourself a goal worth working for. Better still, get yourself a project. Always have something ahead of you to 'look forward to' - to work for and hope for. -- Maxwell Maltz

Beware how you take away hope from another human being. -- Oliver Wendell Holmes

Hope arouses, as nothing else can arouse, a passion for the possible. -- William Sloane Coffin Jr

In prosperity prepare for a change; in adversity hope for one. -- James Burgh

For he who has health has hope; and he who has hope, has everything. -- Owen Arthur

Hope is like the sun, which, as we journey toward it, casts the shadow of our burden behind us.-- Samuel Smiles

Dinar Recaps 20 10/8/23 Dinar Recaps 20 10/8/23

Some "Iraqi News" posted by Clare at KTFA Sunday 10-8-2023

KTFA:

Clare: Al-Sudani chairs a special meeting that included the Ministry of Communications and the Communications and Media Authority

10/8/2023 Baghdad /

Today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani chaired a meeting that included the Minister of Communications, Mrs. Hiyam Abboud Al-Yasiri, and the CEO of the Media and Communications Authority, Ali Al-Moayyed.

The meeting discussed the services provided by these two institutions, ways to develop the communications sector, and the most prominent obstacles and impediments to their work. And remove everything that affects the provision of services to citizens.

A statement from Al-Sudani’s office said that the meeting discussed studying the development of plans to achieve the maximum benefit from this sector, because it represents an important financial source that contributes to maximizing the imports that the government employs in implementing the priorities and items of its government program. LINK

KTFA:

Clare: Al-Sudani chairs a special meeting that included the Ministry of Communications and the Communications and Media Authority

10/8/2023 Baghdad /

In pictures...the first skyscraper in Iraq

10/7/2023

The capital, Baghdad, witnessed this evening, Saturday, the official announcement of the details of the tallest skyscraper in Iraq.

The project will be implemented in the capital, Baghdad, at a height of up to 250 metres.
The design is inspired by the historical Tower of Babel, as it gradually rises to the top, while the facade is decorated with carvings from Abbasid architecture that characterize Baghdad’s local architecture.

The tower includes 65 floors, including residential apartments, offices, and commercial corridors, and will be built on a land area estimated at 12,000 square meters.

The tower is located within the Downtown Baghdad project, which is being implemented in the Al-Baijiyah area, next to Al-Muthanna Airport in the center of the capital. LINK

Clare: Al-Emaar announces the completion of basic designs for 20 new residential cities

10/8/2023 Baghdad

The Ministry of Construction, Housing, Municipalities and Public Works announced on Sunday the completion of basic designs for 20 new residential cities in all governorates.

Ministry spokesman Nabil Al-Saffar said, “The analysis requirements for four new residential cities, which were announced by the Ministry, have been completed, as recommendations for referral to the private sector and developers have been submitted,” noting that “the four cities are out of a total of five cities that were announced as opportunities.” investment, which was published on the website of the National Investment Authority and the New Cities Authority.”

Al-Saffar added in an interview with the official news agency, “The Ministry is currently in the process of completing the announcement requirements for six other new cities that have been identified in some governorates, and will be announced soon,” noting that “the basic designs for twenty cities have been completed, in coordination with all governorates.”

He continued, "The main obstacle to these cities was the issue of sorting and expropriation, as the Prime Minister had previously instructed the Ministries of Finance and Agriculture of the necessity of expediting the resolution of all conflicts and ownership of lands outside the basic designs of municipal institutions in the governorates and in accordance with the Ownership of Plots and Princely Buildings Law No. 3 of 1960." LINK

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Clare: Baghdad hosts a conference of Arab foreign ministers

10/8/2023

The General Secretariat of the Council of Arab Interior Ministers decided, on Sunday, to hold its meeting in the Iraqi capital, Baghdad, to discuss a number of important files, most notably the method of remote security training and qualification.

The Secretariat stated in a statement received by Shafaq News Agency, that the Thirteenth Arab Conference for Heads of Security Training and Qualification Institutions, under the auspices of the Iraqi Prime Minister and Commander-in-Chief of the Armed Forces, Muhammad Shiaa Al-Sudani, will be held in Baghdad, hosted by the Ministry of Interior, during the period 10-11 October. This October.

She indicated that representatives of the ministries of interior in Arab countries will participate in the conference, as well as the United Nations Office on Drugs and Crime, Naif Arab University for Security Sciences, and representatives of the General Secretariat of the Council of Arab Interior Ministers.

The conference will discuss a number of important topics on its agenda, including: a model vision for the method of remote security training and qualification, distance training and qualification: pros and cons, the repercussions of the Covid-19 pandemic on security training and qualification programs in the Arab world, and the localization of the specialized curriculum for the English language in... Arab ministries of interior.

The General Secretariat will submit the conference’s recommendations to the next session of the Council of Arab Interior Ministers to take what it deems appropriate regarding them. LINK

Clare: The million is paid in 6,000 weekly installments

The dollar disaster has begun.. Baghdad banks to depositors: We apologize, our balance is zero today

10/8/2023 Al-Mansur (Baghdad) 964

The situation was not much different in Baghdad banks on Sunday morning, and procedures for disbursing balances in dollars continued to be halted, as the 964 network monitored in the Trade Bank branch in the “Babylon” Mall, and learned from depositors in other banks.

The urgent attempts of depositors to withdraw amounts from their balances were unsuccessful, as they fear that the balances will continue to be frozen until the end of the year, and that they will later be forced to spend them in dinars, and according to the official exchange rate.

The details:

The bank branch in the mall witnessed a state of chaos this morning, following the protest of dozens of customers demanding the disbursement of amounts of foreign transfers coming into their accounts, or the withdrawal of previously deposited balances.

The manager of the bank branch in the mall informed customers at 11:00 a.m. that the dollar balance in the bank had run out, and said, “The Central Bank did not send reinforcements.”

Customers of other banks in Baghdad are facing the same problems, as the banks are devoid of dollars, with depositors protesting against what they consider “theft operations to take advantage of their balances in the parallel market, or give them to people with influence or authority.”

Number of customers for the 964 network:

We have been checking in daily for more than a month to withdraw our external transfers. We wait for hours and the day ends and we are unable to withdraw our balances.

The bank claims that there is not enough dollar balance. Our transfers are supposed to be insured, so why are they being tampered with?

The branch management claims that the Central Bank does not provide it with sufficient dollar balances, but we see that some depositors have withdrawn their balances thanks to their personal relationships with bank employees.
Anyone who has a transfer worth one million dollars was told to disburse it in weekly payments not exceeding $6,000.

Transfers not exceeding $10,000. No more than $1,000 has been delivered to each depositor for approximately a month.

A source in the bank, to the 964 network:

The problem is related to the Central Bank and not to our bank. There is no reinforcement from the Central Bank of the bank’s accounts in dollars.

A source at the Central Bank, to the 964 network:

We send daily reinforcements to banks, but they are not sufficient for the withdrawal requests received from customers. There are fears among customers that they will not be able to withdraw their balances before the end of the current year and convert them to the Iraqi dinar, which makes them pressure to withdraw them during this period. LINK

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Clare: “Dealing with dinars is much better.”

The dollar transfer will not be withdrawn in cash after today.. A financial expert explains the chaos in Baghdad’s banks

10/8/2023 Baghdad –

Iraqi financial expert Mahmoud Dagher explained to the 964 Network the chaos that banks in Baghdad witnessed today, Sunday, after depositors were unable to receive their money in dollars. He said that amounts deposited in cash can be withdrawn in cash, but this never applies to remittances.

Until Sunday morning, banks in Baghdad continued to stop procedures for disbursing balances in dollars, as the 964 network monitored in the branch of the Trade Bank in the “Babylon” Mall, and learned from depositors in other banks.

Financial expert Mahmoud Dagher, told 964 Network :

The root of the problem is that the Bank of Baghdad “TBI” was giving dollars in cash to cash deposit holders and remittance holders alike.

The instructions now stipulate that whoever deposits cash can be reciprocated, while remittances are not given in cash, they can be sent to people to any place or method according to their decision.

This made banks unable to adequately cope with dollar withdrawals.

There is no reason to panic, especially since Iraq's reserves are 115 billion dollars.

There will be no crisis in 2024, and the rule will remain: whoever deposits in dollars withdraws in dollars.

The dollar will not be banned, but it will be better to use the Iraqi dinar to make payments.

Mustafa Akram Hantoush - economic expert for 964 Network :

Deposits in banks remain at the disposal of the bank, and the Central Bank withdraws a reserve percentage of 12% from fixed deposits and 15% from demand deposits, meaning that approximately 90 percent of deposits are in banks.

What some banks in Baghdad did was a speculative operation, and therefore they refused to give people money in dollars by presenting weak arguments.

The Central Bank is clear on this matter and issued a statement confirming that deposits are returned in the same currency in which they were deposited and the account is closed with the same transactions in which the transaction was completed. LINK

Dinar Recaps 20 10/8/23 Dinar Recaps 20 10/8/23

"Tidbits From TNT" Sunday 10-8-2023

TNT:

Tishwash: Economist: Withdrawing the US Federal Reserve will end the dollar crisis

Former member of the Parliamentary Economics Committee, Abdul Hussein Al-Yasiri, today, Sunday, attributed the reason for the continued rise of the dollar to the American policy towards Iraq.

Al-Yasiri said in a statement to Al-Maalouma: “The solution to the dollar crisis lies in obtaining a portion of the Iraqi funds in the US Federal Bank.”

He added, "The rise in the dollar is due to excess demand and lack of supply, as well as America's policy towards Iraq."

He explained that "the government is required to put pressure on the Fed to provide sufficient cash from the dollar in order to meet the increasing demand and eliminate the so-called parallel market."

During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on Iraqi banks and banning the dollar under many pretexts, which in one way or another led to a severe financial crisis in the Iraqi markets. link

CandyKisses: Sulaymaniyah and Technical Universities join strike due to delayed salary payments

Baghdad Today - Sulaymaniyah

The Sulaymaniyah and Technical Universities in the governorate announced today, Sunday (October 8, 2023), that they have joined the departments on strike due to delayed payment of salaries.

The "Baghdad Today" correspondent said, "The Universities of Sulaymaniyah and Technical University announced their permanent strike due to the delay in disbursing employees' salaries."

Earlier, a number of government departments and institutions in Sulaymaniyah Governorate announced a strike from official working hours, in protest against the delay in distributing salaries.

The correspondent of "Baghdad Today" in the governorate stated, "A number of departments and institutions in Sulaymaniyah Governorate announced a strike from official working hours, due to the delay in distributing salaries to their employees, for the months of July and August."

He continued, "It is expected that the strike will expand and include other departments in the coming days if salaries are further delayed."

The Kurdistan Region, especially Sulaymaniyah Governorate, has been witnessing widespread protests and strikes for some time due to the delay in disbursing employees' salaries.

The "Baghdad Today" correspondent in Sulaymaniyah Governorate reported earlier that a number of departments announced a strike from work, due to the delay in disbursing their salaries, noting that the departments are the Sarganar Water District and the Municipality District, and the strike includes the Sulaymaniyah and Chamchamal districts.

While health personnel in Sulaymaniyah Governorate joined the strike against the backdrop of delayed payment of salaries for the months of June and July.

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Tishwash: An Iraqi decision that workers’ wages be in dinars and not in dollars, and the Syrians are among them... Dr. Kanaan to Al-Watan: This will lead to a reduction in foreign transfers by up to 40 percent, and the Syrian government must intervene.

A senior official in the Central Bank of Iraq confirmed that the country will ban cash withdrawals and transactions in US dollars starting from January 1, 2024, with the aim of stopping the illegal use of about 50 percent of the $10 billion cash amount that Iraq imports annually from the Federal Reserve Board (the US Central Bank).

They noted that this step comes within the framework of a broader campaign to stop the economy’s dependence on the dollar, after the population began to prefer the American currency over the dinar and to work to reduce the current inflation.

Within the framework of this decision and taking into account the proportion of Syrian workers present in Iraq, “Al-Watan” communicated with a number of workers in Baghdad and Erbil: Nour Fandi, an air conditioning and refrigeration maintenance worker in Erbil, explained in a special statement to “Al-Watan” that the condition of the contract concluded with the party receiving him was He must receive his wages in Iraqi dinars, equivalent to the US dollar, according to the rates of the Central Bank of Iraq, pointing out that his wages were paid in US dollars for the first two months of work before the issuance of the decision, and accordingly, after the issuance of the decision, his wages were equalized to the equivalent of the Iraqi dinar.

Fandi pointed out that the disaster occurred when he was surprised that his wages were calculated according to the Central Bank of Iraq’s pricing, the highest price of which was 1,320 Iraqi dinars per US dollar, while market prices varied beyond the official price by about 40 dollars, which is the rate of his monthly loss, in addition to the fact that It is difficult for him to transfer Iraqi dinars to his family in Syria, so he is forced to buy dollars on the black market because the ban on dealing prevents him from purchasing hard currency from the Central Bank of Iraq, thus reducing the percentage of remittances sent monthly.

Dima Ibrahim, a worker at a beauty center in Baghdad, explained in a statement to Al-Watan that the decision came after she was in Baghdad for two years, where her wages were in foreign currency, but about four months ago the values of wages and salaries were adjusted so that their wages were converted into Iraqi dinars, equivalent to the US dollar, similar to the riyal. Saudi Arabia and the Emirati dirham, pointing out that since the decision was issued, she has refrained from sending remittances to her family in Syria, due to the large difference in the transfer, adding that if the decision continues to be implemented, she will be committed to her contract, which expires in the first month of next year, and then leave Iraq because the work has become useless as a price for their exile. there.

Professor at the Faculty of Economics at the University of Damascus, Dr. in Monetary and Banking, Ali Kanaan, confirmed that the private sector deals in the Iraqi dinar at the equivalent of the US dollar for non-Iraqi foreign workers, pointing out that this decision will reduce the proportion of foreign workers in Iraq and will negatively affect workers, especially Syrians, in Iraq due to the difficulty Conversion and conjugation difference.

Dr. explained. Kanaan, in a special statement to Al-Watan, said that external transfers must be in foreign currencies, and therefore the worker there will be forced to buy foreign currencies and re-transfer them into Syria, thus losing more than 40 percent of his salary, which will also reflect negatively on external transfers and lead to their decline, in addition to manipulation. What will happen between the employer, the worker, and the bank.

For example, instead of the Syrian worker receiving 1,000 Iraqi dinars, his wage must be set at 1,700 Iraqi dinars, so that the 700 dinars are the difference in conversion into hard currency. This rarely happens because it will also cause a loss to the employer.

Regarding the impact of the decision on foreign transfers from Iraq to Syria, Dr. confirmed. Kanaan said that if the decision is implemented, the volume of remittances will decrease by about 40 percent, and Iraq will also witness an exodus of Syrian workers and the search for more profitable opportunities in other places, stressing that this step and this decision are essentially monetary, but they have a political dimension, which is reducing the number of foreign workers in Iraq, and it does not They have nothing to do with fighting inflation at all, and this decision is an unjust measure for the Syrians and violates all international agreements signed between the two countries to respect Syrian workers.

Dr. revealed. Kanaan said that the value of Iraq's oil exports today amounted to 150 billion dollars, while the proportion of Syrian labor wages therein amounted to 700 million dollars. Comparing the two amounts, this step is not monetaryally beneficial for fighting inflation, by calculating labor wages in Iraqi dinars. Rather, they must take more feasible monetary steps.

Dr. called. Kanaan urged the Syrian Foreign Ministry to submit a request to withdraw this decision, because it violates the agreements signed between the two countries regarding paying taxes, transferring profits, protecting investments, protecting workers, and achieving stability for their Syrian workers.

It is worth noting that, last July, the United States prevented 14 Iraqi banks from conducting transactions in dollars, as part of a broader campaign against the illegal use of the dollar. link

Mot: . aaaaaahhhhhhhhhhhh -- the Truth Comes Out!!!

DINARRECAPS8 10/8/23 DINARRECAPS8 10/8/23

Iraq Economic News and Points to Ponder Sunday AM 10-8-23

The Euro Is The Key To Resolving The Dollar Crisis In Iraq

Iraq Economic News and Points to Ponder Sunday AM 10-8-23

The Euro Is The Key To Resolving The Dollar Crisis In Iraq

and therefore The goal of selling the euro in the currency selling window is to avoid the restrictions imposed on the Central Bank of Iraq by the US Treasury, and also to reduce the demand for the US dollar with the aim of reducing the gap between the official rate and the exchange rate in the parallel market.

In the event that the Central Bank of Iraq sold part of the currency sale window auction in the euro currency, a month worth two billion euros, that is, selling 100.

Let us assume that the Central Bank of Iraq pumped the euro currency into the markets when it was at a price of 0.96 cents at the end of last year, at a time when the dollar crisis began in Iraq.

Also, it would have achieved profits of an estimated 15%, that is, about 1 billion and 500. The question here is: Is the Central Bank of Iraq capable? To convert part of his assets from the US dollar to the euro currency? Or will he be a prisoner of the directions of the US Treasury and the policy of the US Federal Reserve? Views 11 10/08/2023 - https://economy-news.net/content.php?id=36851

Economist: Withdrawing The US Federal Reserve Will End The Dollar Crisis

Information/Baghdad..Former member of the Parliamentary Economics Committee, Abdul Hussein Al-Yasiri, today, Sunday, attributed the reason for the continued rise of the dollar to the American policy towards Iraq.

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

Al-Yasiri said in a statement to Al-Maalouma: “The solution to the dollar crisis lies in obtaining a portion of the Iraqi funds in the US Federal Bank.”

He added, "The rise in the dollar is due to excess demand and lack of supply, as well as America's policy towards Iraq."

He explained that "the government is required to put pressure on the Fed to provide sufficient cash from the dollar in order to meet the increasing demand and eliminate the so-called parallel market."

During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on Iraqi banks and banning the dollar under many pretexts, which in one way or another led to a severe financial crisis in the Iraqi markets. LINK

The Dollar Is Going Crazy In The Markets... A Continuous Rise In Exchange Rates In Iraq

SUNDAY, 08-10-2023, KARAR AL-ASSADI The dollar is going crazy in the markets... a continuous rise in exchange rates in Iraq 8-1696751280

Dollar prices rose today, Sunday, in the markets of Baghdad and the rest of the governorates.

Dollar prices rose with the opening of the Kifah and Al-Harithiya central stock exchanges in Baghdad, recording 158,350 dinars against 100 dollars, while prices yesterday, Saturday, were 157,500 dinars against 100 dollars.

Exchange rates rose in banking shops in local markets in Baghdad, as the selling price reached 159,250 dinars, while the purchasing price reached 157,250 dinars for every 100 dollars.

https://non14.net/public/160786

Exchange Rates Touch 160 Thousand For Every Hundred Dollars In Iraqi Markets

Economy 2023-10-08 | 1,992 views Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Sunday, October 8, 2023.

Dollar prices rose in local markets in Baghdad, as the selling price reached 159,250 Iraqi dinars, while the purchasing price reached 157,250 dinars per 100 dollars.

For more than 7 months, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system ““SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel (black) markets.

The Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying the dollar from the Ministry of Finance reached 1,300 dinars per dollar and selling it at (1,310) dinars per dollar to banks through the electronic platform, and it is sold for (1,320) dinars per dollar. Dollars from banks and non-banking financial institutions to the final beneficiary. LINK

A Parliamentary Committee Confirms Regarding The Oil And Gas Law: It Will Not Pass

Information / Baghdad... A member of the Parliamentary Oil Committee, Bassem Al-Gharibawi, confirmed on Sunday that the political parties agreed to legislate the oil and gas law before the formation of the government and it was placed within the government program, pointing out that the law will not be passed without obtaining political consensus.

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

Al-Gharibawi told Al-Maalouma, “All laws that are intended to be legislated need political consensus in order to resolve them and then bring them to the House of Representatives to vote on them, whether they are simple or important laws.”

He added, "The oil and gas law is one of the important laws and requires political consensus between the various parties, especially between Baghdad and Erbil, in order to ensure the distribution of wealth and agreement on a number of paragraphs within this law."

He stated that "the agreement to form the government by the political blocs, as well as the government program, included resolving the oil and gas law and putting it to a vote in Parliament."

Al-Gharibawi pointed out that “its draft was prepared within six months of the government assuming its duties, while this period passed and the issue was not resolved.” LINK

Al-Ittihad: Political Differences Hinder The Resolution Of The Oil And Gas Law

Information / Baghdad... A member of the advanced cadre of the Patriotic Union of Kurdistan, Ghiyath Al-Surji, confirmed that Baghdad and Erbil do not have real seriousness to resolve the oil and gas issue and solve the problem between the two sides regarding the distribution of wealth.

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

Al-Sourji told Al-Maalouma, “There is no seriousness in Baghdad and the region to resolve the outstanding problems regarding the oil file, especially what is related to the oil and gas law, as it was possible to avoid differences through a clause in the constitution that defines the relationship between the two sides regarding this wealth.”

He added, "The National Union has 18 representatives in Parliament, and it calls on everyone to legislate the oil and gas law in order to get rid of the existing crises and disputes over the distribution of wealth between Baghdad and Erbil."

He stated, "There is an urgent need to speed up the resolution of the oil and gas law between Baghdad and Erbil, and he urged Parliament to pass this law and vote on it with everyone's approval, with the aim of ending differences and closing the door to tensions over this matter." LINK

Points to Ponder on Hope:

You cannot hope to build a better world without improving the individuals. To that end, each of us must work for our own improvement and, at the same time, share a general responsibility for all humanity, our particular duty being to aid those to whom we think we can be most useful. -- Marie Curie

To hope means to be ready at every moment for that which is not yet born, and yet not become desperate if there is no birth in our lifetime. -- Erich Fromm

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

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

In all things it is better to hope than Despair – Goethe

DINARRECAPS8 10/7/23 DINARRECAPS8 10/7/23

Goldilocks' Comments and Global Economic News Saturday Evening 10-7-23

Goldilocks' Comments and Global Economic News Saturday Evening 10-7-23

Good afternoon Dinar Recaps,

On November 1st, 2023, the Federal Reserve is updating their Payment System Risk.

This will be done by valuing securities collateral at a fair market value estimate. In other words, it will be based on asset type, credit rating, and more.

This update with new supporting figures are anticipated to account for volatility and prices ahead that are expected to deflate from an inflated Market.

Goldilocks' Comments and Global Economic News Saturday Evening 10-7-23

Good afternoon Dinar Recaps,

On November 1st, 2023, the Federal Reserve is updating their Payment System Risk.

Our markets and banking system are currently synchronizing their credit margins based upon a collateralized asset-based trading system.

Yes, our markets are about to go to real values. These banking updates will be what supports the new digital asset-based trading system.

© Goldilocks
FRB Discount Window Link
https://www.investopedia.com/terms/collateral-value.asp

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45% of US student loan borrowers expect to go delinquent when payments resume next month

US federal #studentloan payments will begin again this fall, and 45% of borrowers expect to "go #delinquent" on their loans when the federal forbearance period ends in October

This high percentage is due to skyrocketing living costs in the US, record-breaking inflation last summer, as well as rising housing costs in many cities and credit card debt recently reaching an all-time high

From October through September next year, interest will accrue on loan payments, so many borrowers are already spending less on daily living

Amid those financial pressures, 44% of borrowers say they believe the return on investment of higher #education in America is not worth the expense

The average cost of tuition, fees, and room and board at a four-year institution for the 2021-2022 academic year was about $30,000, according to the Education Department
MultiPolarMarkt Twitter Link

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Bond Market Meltdown Is Going to Get Worse Before It Gets Better
Business Insider Link

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Yield Curve Inversion Gets Dangerous When Dissed: John Authers

Bloomberg Link

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$17,400,000,000 in US Treasuries Dumped by BRICS Nations China, Brazil and Saudi Arabia in One Month

The Daily Hodl Link

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Lyn Alden: What No One Revealed About Bitcoin

https://youtu.be/a8ijCZWZImA?feature=shared

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Stellar Network Dashboard
https://dashboard.stellar.org/

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BRICS Bank Implementing 3-Year De-Dollarization Plan
https://watcher.guru/news/brics-bank-implementing-3-year-de-dollarization-plan

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SILVER ALERT! Freeing Silver From 170 Years of Price Suppression..NOW!! (Andy Schectman & Bix Weir)

https://youtu.be/Bn61Z_7jnWg?feature=shared

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Uranium prices have risen 50% this year. It is now at a 12-year high.

Nuclear…

Read: https://x.com/goldtelegraph_/status/1710703281021112625?s=46

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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 -- www.DinarRecaps.com

DINARRECAPS8 10/7/23 DINARRECAPS8 10/7/23

Iraq Economic News and Points to Ponder Saturday Afternoon 10-7-23

Banning The Dollar In Iraq: Difficult Choices For The “Coordinating Committee”

Posted On2023-10-07 By Sotaliraq Political parties running dollar speculation and smuggling operations received a “major blow” after the Iraqi authorities banned foreign transfers in the American currency starting next January, while a government official confirmed to Asharq Al-Awsat that Washington wants to reduce the circulation of cash dollars “so that it does not leak into... Entities involved in suspicious acts, even months after the implementation of the US Federal Reserve’s restrictions.”

Iraq Economic News and Points to Ponder Saturday Afternoon 10-7-23

Banning The Dollar In Iraq: Difficult Choices For The “Coordinating Committee”

Companies and individuals in Iraq will have to make financial transfers in local dinars at the official exchange rate, but this process will require a long time before the Iraqi market reaches the adjustment stage, unless political forces benefiting from smuggling discover a new way to circumvent it, according to an Iraqi banking official.

According to press and financial sources, Washington rejected a request from Iraq to obtain one billion dollars in cash from the Federal Reserve Bank, against the backdrop of conflicts with efforts to curb Baghdad’s use of cash dollars and stop illicit flows to Iran.

Washington periodically and regularly sends shipments of dollars to Iraq via US army aircraft, but since the end of last year it has stipulated restrictions and mechanisms that allow it to track transactions in them electronically.

As a result, the Central Bank of Iraq was forced to reduce banking companies' shares of the cash dollar by more than half, which will affect the exchange rate of the dinar against the dollar in the parallel market in the future, and will reduce Iraq's imports from Iran by approximately half.

This outcome in particular has motivated political parties in the “Coordinating Framework” coalition to discuss “ideas on how to make a rapid change in the leadership of the Central Bank,” according to Iraqi representatives whom Asharq Al-Awsat spoke with. However, what stands as an obstacle to this decision is the political timing that It will arouse American suspicions.

The Central Bank of Iraq was supposed to succeed in restricting dollar sales through the official sales window, but political parties running banking and commercial interests found an outlet for dollar trading in a parallel market outside the control of the state, and from there smuggling operations abroad take place.

The parallel market is a group of financial exchange houses that do not sell the dollar at the official price set by the Central Bank of Iraq at about 1,331 per dollar. While the Iraqi government is trying to find out the financial sources of this market, the banking official confirmed that “the exchanges of this market have succeeded in hoarding the dollar.”

In this way, political parties were able to maintain their financial sources of hard currency through the parallel market, without stopping the smuggling operations, as the Iraqi banking official indicates that the American financial authorities are fully convinced that “the dollar being traded in the parallel market is a profitable source for illegal operations.” It is legitimate for politicians involved in smuggling.”

However, Iraqi financial experts and politicians believe that the Central Bank’s recent decision reflects evasion of confronting political parties that manipulate the dollar, as they should have pursued smuggling operations without interfering in the financial interests of citizens.

The head of the “Extended” parliamentary bloc said, in a statement, that “controlling the dollar begins from the borders and not from fighting exchange companies and confiscating citizens’ remittances and their deposits in banks,” calling on Prime Minister Muhammad Shiaa Al-Sudani to make urgent changes in the management of the Central Bank.

Al-Salami explained that “the government is watching the collapse of the dinar, the central bank’s inability to control the dollar exchange rate, and the banks forcing citizens to receive their deposits and transfers in Iraqi dinars.”

But the Assistant Director of Foreign Transfers at the Central Bank, Muhammad Yunus, confirmed in a previous televised statement that “the decision to prevent dealing in the dollar is not new, as the Prime Minister obligated at the beginning of this year 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. LINK

A New Rise In Dollar Exchange Rates In Iraqi Markets

Economy 2023-10-07 | 1,428 views Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Saturday, October 7, 2023.

Dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 157,500 dinars for 100 dollars, while selling prices in exchange shops in local markets in Baghdad also rose, as the selling price reached 158,500 Iraqi dinars, while purchasing prices reached 156,500 dinars for every 100 dollars.

For more than 8 months, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system ““SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel (black) markets.

The Central Bank of Iraq [/url] decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying the dollar from the Ministry of Finance reached 1,300 dinars per dollar and selling it at (1,310) dinars per dollar to banks through the electronic platform, and it is sold for (1,320) dinars per dollar. Dollars from banks and non-banking financial institutions to the final beneficiary. LINK

The Dollar Continues To Rise In Baghdad Markets And Money Exchangers

Economy | Baghdad today - Baghdad Dollar prices rose today, Saturday (October 7, 2023), in the markets and exchange offices of the capital, Baghdad, to record a record after a slight decline over the past weeks.

According to “Baghdad Today” monitoring, the selling prices on the Al-Kifah and Al-Harithiya stock exchanges recorded 158,500 Iraqi dinars for every 100 US dollars, while the prices last Thursday were 156,600 dinars for every 100 dollars.

While purchasing prices recorded 156,500 Iraqi dinars for every 100 US dollars in the Al-Kifah and Al-Harithiya stock exchanges, and the same in banking shops in the local markets in Baghdad.

Private banks are accused of taking over the largest part of the currency selling window, especially for the cash dollar, which has become extremely difficult for travelers to obtain, which forces them to buy the dollar from the parallel market, while the travelers’ share of the dollar in these banks goes for the purpose of speculation. Source: Baghdad Today LINK

Finance: Issuing Bonds Under The Name “Construction Bonds” And Making Them Available For Sale To Citizens

Al-Ghad Press/Baghdad The Ministry of Finance announced today, Friday, the issuance of bonds called “reconstruction bonds,” and made them available for sale to citizens, starting on October 10 and for a period of one month.

The Ministry stated in a statement, a copy of which was received by Al-Ghad Press, that “the Public Debt Department, in cooperation with the Central Bank of Iraq, has announced the availability of bonds for sale to citizens in the name of reconstruction bonds, for the period from October 10 to November 9, 2023.”

The statement added, "The first issuance of bonds worth one and a half trillion Iraqi dinars is tradable in the Iraq Stock Exchange."

He explained, "The issuance will be available in two categories: the first at a price of 500,000 dinars with an annual interest of 6% for a period of two years, and the second at a price of 1,000,000 million dinars with an annual interest of 8% for a period of 4 years."

The Ministry stated, "Citizens can apply for purchases exclusively through approved banks registered with the Central Bank of Iraq."

She pointed out that “purchasing and trading of the bonds offered are exempt from taxes, according to what is stated in the General Federal Budget Law No. 13 of 2023.” https://alghadpress.com/41405--.html

Points to Ponder :

Some people change their ways when they see the light, others when they feel the heat. -Caroline Schoeder

It is unwise to be too sure of one's own wisdom -- It is healthy to be reminded that the strongest might weaken and the wisest might err - Mahatma Gandhi

We can do whatever we wish to do provided our wish is strong enough. What do you want most to do? That's what I have to keep asking myself, in the face of difficulties. - Katherine Mansfield

Where the willingness is great, the difficulties cannot be great. - Niccolo Machiavelli

Dinar Recaps 20 10/7/23 Dinar Recaps 20 10/7/23

"Tidbits From TNT" Saturday 10-7-2023

TNT:

Tishwash: Iraq offers financial bonds for sale to citizens

The Ministry of Finance announced the issuance of bonds under the name “reconstruction bonds,” and made them available for sale to citizens, starting on October 10 and for a period of one month.

The Ministry stated in a statement, “The Public Debt Department, in cooperation with the Central Bank of Iraq, has announced the availability of bonds for sale to citizens in the name of reconstruction bonds, for the period from October 10 to November 9, 2023.” The statement added, "The first issuance of bonds worth one and a half trillion Iraqi dinars is tradable in the Iraq Stock Exchange."

TNT:

Tishwash: Iraq offers financial bonds for sale to citizens

The Ministry of Finance announced the issuance of bonds under the name “reconstruction bonds,” and made them available for sale to citizens, starting on October 10 and for a period of one month.

The Ministry stated, "Citizens can apply for purchases exclusively through approved banks registered with the Central Bank of Iraq."

She pointed out that “purchasing and trading of the bonds offered are exempt from taxes, according to what is stated in the General Federal Budget Law No. 13 of 2023.” link

CandyKisses: Russia sets the date of Sudani's visit to Moscow

Information/follow-up.

Today 14:15

Russian President Vladimir Putin will meet with Iraqi Prime Minister Mohammed al-Sudani on October 10 and 11 in Moscow, Russian presidential spokesman Dmitry Peskov said.

The Kremlin representative added: "The visit will take place on October 11, or rather negotiations will take place on October 10, and this will be the official visit of the Sudanese Prime Minister of Iraq. Russian-Iraqi talks will take place, and the Russian president will also meet with Mr. Al-Sudani during a working breakfast."

According to him, on October 11, Putin and the Sudanese will jointly participate in the plenary session of the Russian Energy Week.

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Tishwash: An Iraqi delegation will visit Turkmenistan at the end of the month to sign contracts to import its gas

Prime Minister Muhammad Shiaa Al-Sudani received, this Saturday morning, the Minister of State for Gas Affairs in Turkmenistan, Mr. Maqsad Babayev, and his accompanying delegation.

During the meeting, according to a statement from the Prime Minister’s Office, a copy of which {Al-Furat News} received, “bilateral relations between the two countries were discussed, ways to develop them, and strengthening cooperation frameworks in the field of energy and gas, which culminated in the signing of a joint memorandum of understanding to import Turkmen gas to Iraq, to meet the needs of gas stations.” Production and its electrical system.”

Al-Sudani blessed "the signing of a memorandum of understanding between the Ministry of Electricity and the Turkmen Ministry of Gas to supply gas, as an Iraqi delegation is scheduled to go to Turkmenistan on the twenty-fifth of this month to sign contracts."

The Prime Minister stressed that "the government has paid great attention to the energy sector in Iraq and made it one of its most prominent priorities and a basis for developing and diversifying the economy, and developing the rest of the vital sectors. He explained that Iraq possesses a great wealth of gas, but it needs time to invest it optimally, after it was late in this process." The matter has been going on for years, indicating that the trend to import Turkmen gas comes within the government’s vision and strategy to diversify sources of gas imports, as well as diversifying energy sources to ensure the continuity of the work of power generation plants.”

For his part, Babaev conveyed the greetings of the President of Turkmenistan to the Prime Minister, and expressed his country's desire to strengthen joint cooperation between Iraq and Turkmenistan in various fields, in a way that contributes to developing relations between the two countries and achieves the interests of their peoples. link

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

CandyKisses: Sudani invites UAE President to participate in Baghdad conference

Information/Baghdad..
Today, Friday, the Ministry of Foreign Affairs announced that it had received the invitation of Prime Minister Mohammed Shiaa Al-Sudani to the President of the UAE, Mohammed bin Zayed Al Nahyan, to participate in the third Baghdad conference.

The spokesman for the Ministry of Foreign Affairs, Ahmed Al-Sahhaf, said in a statement received by Al-Maalomah, "The Ambassador of the Republic of Iraq to the United Arab Emirates, Muzaffar Mustafa Al-Jubouri, met with the Assistant Undersecretary for Protocol Affairs at the Ministry of Foreign Affairs of the United Arab Emirates, Ambassador Saif Abdullah Al-Shamsi, at the Ministry's headquarters."

During the meeting, the invitation sent by the Prime Minister of the Republic of Iraq, Muhammad Shiaa Al-Sudani, to the President of the United Arab Emirates, Mohammed bin Zayed Al Nahyan, to participate in the Baghdad 2023 Conference for Economic Integration and Regional Stability, scheduled to be held in Baghdad on 11/30/2023, was delivered. .

He added that "the two sides discussed ways to enhance aspects of cooperation between the two brotherly countries in various fields and ways to enhance and develop them."He pointed out that "the two sides stressed the importance of continuing meetings and strengthening bilateral efforts in the interest of the two brotherly countries and peoples."

Mot: .... Being Clever as A Mum!!!!

Mot: .... Will You Please Hold the Flashlight!!!???

DINARRECAPS8 10/7/23 DINARRECAPS8 10/7/23

Iraq Economic News and Points to Ponder Saturday AM 10-7-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Confirms The Continued Arrival Of Dollar Cash From The US Federal Reserve

Economy | 06/10/2023 Mawazine News – Baghdad The Central Bank of Iraq confirmed, today, Friday, that the dollar shipments sent by the US Federal Bank are proceeding according to a specific schedule and timings agreed upon between the two monetary institutions.

The Central Bank stated in a statement received by Mawazine News that it “denies news and media reports that talk about stopping or reducing shipments sent to the bank,” noting that “yesterday, Thursday, the shipment was received on time.”

Iraq Economic News and Points to Ponder Saturday AM 10-7-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Confirms The Continued Arrival Of Dollar Cash From The US Federal Reserve

He called on the media to "be careful in publishing information related to monetary policy in Iraq and take it from its approved sources through the official website and official accounts on social media sites." https://www.mawazin.net/Details.aspx?jimare=235985

The United States Refuses To Hand Over A Billion Dollars To Iraq From Its Oil Sales

Economy Friday, October 6, 2023 Follow-up/National News Center Washington rejected Iraq's request for $1 billion in cash from the Federal Reserve, arguing that it conflicted with their efforts to curb Baghdad's use of the dollar and stop illicit cash flows to Iran.

The American newspaper “The Wall Street Journal” reported that since the American invasion of Iraq two decades ago, the United States has provided $10 billion or more annually to Baghdad through bi-monthly cargo flights, and the money is derived from the proceeds of Iraqi oil sales deposited with the Federal Reserve Bank.

American officials said, “Banknotes in the hands of Iraqis have become a lucrative source of illicit dollars that go back to militias and corrupt politicians, as well as to Iran.”

By applying for an additional $1 billion shipment, Iraq says it needs the money to help prop up its faltering currency. A senior Iraqi official explained, “Last week, the Central Bank of Iraq submitted an official request, which the Treasury Ministry is still studying, after Washington rejected the initial request submitted by Iraq last month.”

According to the newspaper, since last November, Washington has prevented 18 Iraqi banks from dealing in dollars, adopting stricter rules for electronic transfers in dollars from its banks.

Treasury officials told Iraqi central bank governors that sending a large additional shipment conflicts with Washington's goal of limiting Iraq's use of US banknotes, Iraqi officials said.

American officials spoke of conclusive evidence that some of the dollars that were arriving in Iraq were smuggled in cash over the years to Iran, as well as to Turkey, Lebanon, Syria and Jordan.

A Treasury Department spokeswoman said regarding the Iraqi request: “The United States continues to support Iraq with dollar banknotes and has not restricted its access to ordinary Iraqis and businesses,” indicating continued work with the Central Bank of Iraq. https://nnciraq.com/230281/

The Rise In Dollar Prices In Baghdad Markets

Time: 10/07/2023 Read: 2,132 times {Economic: Al-Furat News} Dollar prices rose, today, Saturday, in Baghdad markets The prices were as follows..

The selling price was 158,500 Iraqi dinars, while the purchase amounted to 156,500 dinars per 100 dollars. LINK

Finance Issues Bonds Under The Name (Reconstruction Bonds) And Makes Them Available For Sale To Citizens

Friday 06, October 2023 19:23 | Economical Number of readings: 682 Baghdad / NINA / The Ministry of Finance announced the issuance of bonds under the name (reconstruction bonds) and made them available for sale to citizens.

The Ministry stated in a statement: “As a contribution from the Ministry of Finance to providing and supporting investment opportunities for citizens, the Ministry of Finance/Public Debt Department, in cooperation with the Central Bank of Iraq, announces the availability of bonds for sale to citizens in the name of reconstruction bonds, for the period from October 10 to November 9.” 2023".

She added: “The first issuance of bonds worth a trillion and a half Iraqi dinars is negotiable in the Iraqi Stock Exchange, and will be available in two categories: the first at a price of 500 thousand dinars with an annual interest of 6% for two years, and the second at a price of 1,000,000 million dinars with an annual interest of 8% for a period of 4 years.” Years".

She continued: “Note that the purchase and trading of the bonds offered are exempt from taxes according to what is stated in the General Federal Budget Law No. 13 of 2023, and citizens can apply for purchases exclusively through approved banks registered with the Central Bank of Iraq.”/End

https://ninanews.com/Website/News/Details?key=1081873

Prime Minister: Iraq Has A Great Wealth Of Gas And Needs Time To Invest It

Money and business Economy News The Prime Minister, Muhammad Shiaa Al-Sudani, explained today, Saturday, that Iraq possesses a great wealth of gas, but it needs time to invest it optimally, stressing that the trend to import Turkmenistan gas comes within the government’s vision and strategy to diversify the sources of gas imports.

A statement from the Prime Minister’s Media Office, received by Al-Eqtisad News, stated that “Prime Minister Muhammad Shiaa Al-Sudani received the Minister of State for Gas Affairs in Turkmenistan, Maqsad Babayev, and his accompanying delegation.”

He pointed out, “During the meeting, bilateral relations between the two countries were discussed, ways to develop them, and strengthening cooperation frameworks in the field of energy and gas, which culminated in the signing of a joint memorandum of understanding to import Turkmenistan gas to Iraq, to meet the needs of production stations and the electrical system from it, as it is scheduled An Iraqi delegation will go to Turkmenistan on the twenty-fifth of this month to sign contracts

Al-Sudani blessed "the signing of a memorandum of understanding between the Ministry of Electricity and the Turkmen Ministry of Gas to supply gas."

He explained, "Iraq has a great wealth of gas, but it needs time to invest it optimally, after it was late in this matter for years."

He pointed out, "The trend to import Turkmenistan gas comes within the government's vision and strategy to diversify sources of gas imports, as well as diversify energy sources to ensure the continuity of the operation of power generation plants."

For his part, Babaev conveyed "the greetings of the President of Turkmenistan to the Prime Minister," stressing "his country's desire to strengthen joint cooperation between Iraq and Turkmenistan in various fields, in a way that contributes to developing relations between the two countries and achieves the interests of their peoples." Views 49 10/07/2023 - https://economy-news.net/content.php?id=36828

Mahmoud Othman: Turkey’s Targeting Of Kurdistan Workers’ Party Positions In Northern Iraq Is Supported By The United States

Saturday 07, October 2023 | Political Number of readings: 354 Baghdad / NINA / Independent Kurdish politician Mahmoud Othman confirmed: “Turkey’s targeting of Kurdistan Workers’ Party positions in northern Iraq is supported by the United States.”

Othman said in a statement to the National Iraqi News Agency ( NINA ): “Turkey continues to strike the sites of the BKK, the military wing of the Kurdistan Workers’ Party, in its areas of presence in northern Iraq, with the support of the United States, amid the silence of the government and the Kurdistan region,” noting: “This matter It may worsen the situation in those areas after the increase in the volume of Turkish strikes on those sites after the Ankara bombing last Sunday.”

He explained: “The Iraqi government must conclude a security agreement with Turkey like the one that happened with Iran,” noting: “The Iranian-Kurdish opposition responded to what was required of it by the Iraqi government in accordance with the security agreement with Iran, but this does not apply to the Kurdistan Workers’ Party, which rejects dialogue.” Therefore, the Turks will continue to bomb his positions.”

He pointed out: “The possibility of Iraqi oil flowing through the Turkish pipeline to the Turkish port of Ceyhan may be one of the reasons for silence about the Turkish bombing of Kurdistan Workers’ Party sites in northern Iraq.”/End https://ninanews.com/Website/News/Details?Key=1081954

Oil Records Its Largest Weekly Losses Since Last March

Energy Economy News Oil prices recorded their largest weekly losses since last March, after the partial ban on fuel exports in Russia was lifted, coinciding with concerns about demand due to the challenges facing the macroeconomy.

Brent fell 11% and West Texas fell more than 8% this week due to fears that high interest rates will slow global growth and harm fuel demand, even with declining supplies from Saudi Arabia and Russia, which announced continuing to reduce production until the end of the year.

Statistics from the US Department of Labor showed that job growth in the United States increased by 336,000 jobs in September, which far exceeds economists’ expectations of an increase of only 170,000 jobs.

Analysts said that the strong US economy could boost sentiment about demand for oil in the near term, but on the contrary, statistics led to a rise in the dollar and increased bets on raising interest rates again in 2023.

The rise of the dollar usually negatively affects the demand for oil, as it makes it relatively more expensive for holders of other currencies Views 43 10/07/2023 - https://economy-news.net/content.php?id=36826

Parliamentary Oil: Deep Disagreements Prevent The Approval Of The Oil And Gas Law In The Current Parliamentary Session

Time: 10/07/2023 Read: 871 times {Economic: Al-Furat News} A member of the Parliamentary Oil and Gas Committee ruled out approving the draft oil law in the current parliamentary session.

Ali Saadoun Ghulam told Al-Furat News Agency, “Because of the differences between the center and the Kurdistan region, we rule out that the law will approve this parliamentary session.”

He stated that "the differences are deep, in addition to the intervention and reservations of the oil-producing governorates regarding the law, and we expect that it will not be approved due to the depth of the differences between the center and the region."

Ghulam explained, "In the beginning, there was a difference in viewpoints, but now, after reviewing the important controversial points, we expect that there will be difficulty in approving the law this session."

It is noteworthy that since the first session of the House of Representatives, in 2005, the draft oil and gas law has been locked up, as disagreements prevent its approval in its final form.

After 18 years, he announced, in late last August, the formation of a committee to develop “a draft of the oil and gas law and present it to the government and the House of Representatives.”

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

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

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

Meanwhile, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed in a press statement that “accelerating the approval 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.”

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. LINK

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

https://www.bondladyscorner.com/

Points to Ponder on Words:

Words are both better and worse than thoughts - they express them - and add to them -- they give them power for good or evil - they start them on an endless flight - for instruction and comfort and blessing -- or for injury and sorrow and ruin -- Tryon Edwards

When you have spoken the word - it reigns over you -- When it is unspoken you reign over it -- Arabian Proverb

You may tame the wild beast - the conflagration of the forest will cease when all the timber and the dry wood are consumed -- but you cannot arrest the progress of that cruel word which you uttered carelessly yesterday or this morning -- FW Robertson

A man cannot speak but he judges and reveals himself -- With his will or against his will - he draws his portrait to the eye of others by every word -- Every opinion reacts on him who utters it -- Emerson

Half the world is composed of people who have something to say and can't, and the other half who have nothing to say and keep on saying it -- Robert Frost

Such as thy words are - such will thy affections be esteemed -- and such will thy deeds be as thy affections - and such thy life as they deeds -- Socrates

A good word is an easy obligation -- but not to speak ill requires only our silence - which costs us nothing -- Tillotson

Discontent is the first step in progress. No one knows what is in him till he tries, and many would never try if they were not forced to. - Basil W. Maturin

It is the spur of ignorance, the consciousness of not understanding, and the curiosity about that which lies beyond that are essential to our progress. - John Pierce

DINARRECAPS8 10/6/23 DINARRECAPS8 10/6/23

Goldilocks' Comments and Global Economic News Friday Afternoon 10-6-23

Goldilocks' Comments and Global Economic News Friday Afternoon 10-6-23

Good afternoon Dinar Recaps,

Central banks purchased 77 tonnes of gold in August, marking a 38% increase compared to the purchases made in July.

Central banks continue to stockpile gold.
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THEY LIED: China And Russia Is Ready To Dethrone The Dollar - Jim Rickards

Goldilocks' Comments and Global Economic News Friday Afternoon 10-6-23

Good afternoon Dinar Recaps,

Central banks purchased 77 tonnes of gold in August, marking a 38% increase compared to the purchases made in July.

Central banks continue to stockpile gold.

Read: https://x.com/goldtelegraph_/status/1710095239988543801?s=46

~~~~~~~~~~

THEY LIED: China And Russia Is Ready To Dethrone The Dollar - Jim Rickards

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

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On August 25, 2023, the US Department of the Treasury issued proposed regulations that would impose new information reporting requirements for brokers that facilitate certain transactions involving “digital assets” – if finalized in their present form. The proposed regulations were issued to implement certain changes to Section 6045 of the Internal Revenue Code of 1986, as amended, made by the Infrastructure Investment and Jobs Act (IIJA) to improve tax administration and compliance with respect to trading and investing in digital assets.

Cooley News Link

Federal Register / Vol. 88, No. 166 / Tuesday, August 29, 2023 / Proposed Rules

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"More banks have announced partnerships with asset managers to place loans into private debt funds that offer investors better risk-adjusted returns than bank equity."

Banks are beginning to see profitable validity in their movement to higher Capital requirements of gold inside the banking system under Basel 3 Capital requirements being raised to pay a debt.

The use of private debt funds gives investors the opportunity to participate in creating a portfolio for customers needing loans through their involvement in providing them.

These collateralized loans are becoming preferred over equity-risk loans. On July 1st, 2023, companies and banks around the world shifted over to SOFR lending services. These changes are now becoming commonplace and expected to offer a return for the lender to the upside and everyone involved.

As these changes become more commonplace through real-world experiences, the transition that took place on July 1st of this year has begun transforming the mental and emotional trust of the banking system who utilizes these new mechanisms for lending services.

The transition of the banking system through tokenized assets supported by gold is beginning to gain traction. As the banking system and markets continue to merge inside Protocol 20, the upgrades taking place to connect these two major forces inside the economy will transform us into a collateralized lending service that has stood the test of time.

All roads lead to gold, and gold will set us free!

© Goldilocks

Euro Money Link https://www.prestigefunds.com/?s=09 https://dashboard.stellar.org/.

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Global trade has depended on paper documentation for hundreds of years, but trade companies are now turning to digital platforms for more secure and efficient record-keeping.

Four billion paper documents are circulating at any given time in the $25 trillion global cargo trade industry, Bloomberg reported on Tuesday, but less than 1% of those documents are fully digitized, (https://iccwbo.org/news-publications/policies-reports/standards-toolkit-for-cross-border-paperless-trade/) even though a single international transaction requires an average of 36 documents and 240 copies, according to the International Chamber of Commerce.

This leaves many companies vulnerable to fraud. A report by the International Chamber of Commerce and MonetaGo found that fraud in international trade can account for up to $2.5 billion in annual realized losses for lenders.
The Messenger Link
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Protocol 20 is also connecting Healthcare Payment Systems to the QFS in ways that are easier for the retail investor to understand.

"TrustCommerce, a Sphere company, is the leading financial technology company trusted by the nation’s largest health systems. The TrustCommerce integrated payment platform can reduce friction and facilitate secure, compliant patient payments. Using TrustCommerce to enhance the patient financial experience and untangle payment workflows, clients can securely process payments anytime and be connected with core software including EHRs and PMs."

I realize we talk a lot about the banking system and the markets, but it is important to note that Healthcare is and has payment services that are being connected to Quantum Technologies as well.

Everything is changing my friends.

© Goldilocks
Finance Yahoo Link

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"The rise of Open Banking has paved the way for a FinTech boom, allowing startups to create digital wallets and establish themselves as “Neo Banks”. This transformation has led to digital wallets becoming the dominant global payment method in e-commerce, commanding a 49% market share, as revealed in the Global Payments Report by Worldpay.

However, the real game-changer in the payments landscape is the growing popularity of account-to-account (A2A) payments, which have surpassed $525 billion in global transaction value in 2022, thanks to the availability of real-time payment capabilities."

Brite receives 60 million in funding for Account 2 Account payment services. This open banking revolution through Fintech is opening opportunities around the world at a significant pace.

It looks like the big boys and girls are getting involved in liquidating the digital banking system.

© Goldilocks

Robots News Links
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Central Bank Gold, who holds and added the most since 2020
Bullion Vault Link

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For the past two years, we have witnessed the new "digital asset-based trading system" being built from the ground up.

It has truly been an incredible undertaking. There are so many connections to everything that we do going forward.

The involvement of a community in the next economy will include 70% of the market through consumers. We have not been invited to the table before, but a revolution has occurred for those who have had their eyes wide open.

If you really want to understand what is meant by the words "where we go one we go all," you are going to have to take a closer look at the changes that are currently going on and have been going on since January the 1st, 2022.

Information on the banking system has come out every single day since January 1st, 2022. We have been privileged to notice and understand these changes. It is an opportunity never given to people in the past.

Anyone truly interested in how the new banking system works for and with their humanitarian projects going forward will have an understanding of the concepts presented in the last two years.

We have a little bit further to go, but I just wanted to thank you for your efforts to embrace a new world with understanding and with hope.

May God bless you on the road ahead as you take this knowledge with you into everything that you do from who you are.

© Goldilocks

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Vladimir Putin suggests that BRICS member nations should work towards establishing a SINGLE payment mechanism and transition to transactions in national currencies.

He also said that the global financial system based on the dollar is gradually collapsing.

Hard assets vs. paper.

This week,

Russia said it will start purchasing foreign currency and gold, driven by a surge in energy revenue that has surpassed the budgetary targets.

Read: https://x.com/goldtelegraph_/status/1710364974097588273?s=46

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Thank you Dinar Recaps - www.DinarRecaps.com

Dinar Recaps 20 10/6/23 Dinar Recaps 20 10/6/23

News From Zimbabwe Posted by Harambe at TNT 10-6-2023

TNT:

Harambe: Zimbabwe gold-backed digital token (ZiG) becomes operational | The Insider (10/5/23)

The Zimbabwe gold-backed digital coin, known as ZiG, became operational today as a means of payment but central bank governor John Mangudya said it was not a currency.

The ZiG is at par with the physical gold coin and will be informed by the international price of gold.

The central bank has enlisted external auditors to validate the availability and adequacy of gold to back the ZiG at any time.

TNT:

Harambe: Zimbabwe gold-backed digital token (ZiG) becomes operational | The Insider (10/5/23)

The Zimbabwe gold-backed digital coin, known as ZiG, became operational today as a means of payment but central bank governor John Mangudya said it was not a currency.

The ZiG is at par with the physical gold coin and will be informed by the international price of gold.

The central bank has enlisted external auditors to validate the availability and adequacy of gold to back the ZiG at any time.

https://insiderzim.com/zimbabwe-gold-backed-digital-token-zig-becomes-operational/

Harambe: Zimbabwe: End of an 'Error' - Market Rejects $50 Mbuya Nehanda Note As Inflation Soars | allAfrica.com (10/6/23)

Vendors and some retailers in Harare are now rejecting the ZW$50, introduced in 2021 by Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya.

The note's rejection is not surprising as it was now worth less than US$0.10 on both official and black market exchange platforms.

One needed 80 of the ZW$50 notes to equal one US dollar.

Vendors in some of Harare's high density suburbs and tuckshop operators in and around the capital said it was no longer possible for them to store large wads of the notes hence moves to reject their use.

"We are no longer accepting the Mbuya Nehanda note," said a vendor in Dzivarasekwa Extension.

"The note is not being accepted in Mbare where we buy our goods for resale and it does not make sense that we use it here.

"It is of no use now, takes a lot of space to keep while being worthless at the same time. Imagine how much of it and where I have to keep it if I want to buy goods which are equivalent to US$100."

The note was monikered Mbuya Nehanda because of its motif, which is that of the legendary Spirit Medium of Zimbabwe's First Chimurenga (First Uprising against settler whites) in the 1890s.

The next highest note is the ZW$100, which much like the ZW$50 cannot even buy a lollipop. One needs about five of them to buy a US$0.10 sweet.

According to experts Zimbabwe's inflation currently stands at 284.94%, the highest in the world, even higher than troubled Venezuela (210%).

Prices of basic goods and services have more than tripled in the past two years, a situation that has been made worse by stagnant wages, especially for government employees.

The RBZ and Zanu PF-led government blame 'economic sanctions' and a host of 'third force' elements targeting Zimbabwe's economy.

"There are still supermarkets taking the ZW$50 so those who still have them can use them there not here," a tuckshop owner told NewZimbabwe.com.

"Everyone prefers the US dollar and despite what is said by the government regards our currency we all know where it stands in terms of value regionally and even locally."

The RBZ pumped $360 million worth of the denomination at inception, promising to pump more into Zimbabwe's economy gradually.

President Emmerson Mnangagwa is on record saying Zimbabwe's local currency is the strongest in the SADC region despite South Africa's Rand, Botswana's Pula, Zambia's Kwacha and Namibian dollar all experiencing notable stability.

Zimbabweans have in the past rejected the ZW$1, ZW$2, ZW$5, ZW$10 and ZW$20 notes due to massive devaluation.

The country has a history of rampant inflation at whose height it used trillion dollar notes that are still public spectacle.

https://allafrica.com/stories/202310060032.html

DINARRECAPS8 10/6/23 DINARRECAPS8 10/6/23

Iraq Economic News and Points to Ponder Friday Afternoon 10-6-23

The Central Bank Denies The Cessation Of Dollar Shipments From The US Federal Reserve

October 6, 2023 Baghdad/Al-Masala Al-Hadath: The Central Bank of Iraq confirmed, today, Friday, that the dollar shipments sent by the US Federal Bank are proceeding according to a specific schedule and timings agreed upon between the two monetary institutions.

In a statement, the Central Bank denied “news and media reports that talk about stopping or reducing shipments sent to the bank,” noting that “yesterday, Thursday, the shipment was received on time.”

Iraq Economic News and Points to Ponder Friday Afternoon 10-6-23

The Central Bank Denies The Cessation Of Dollar Shipments From The US Federal Reserve

He called on the media to “be careful in publishing information related to monetary policy in Iraq and take it from its approved sources through the official website and official accounts on social media sites.” https://almasalah.com/archives/69267

The Central Bank Explains The Reality Of The Hundred Dollars Reaching 170 Thousand

Economy 10/05/2023 Number of readings: 342 Baghdad - Iraq Today: The Director General of the Department of Investments and Foreign Remittances, Mazen Sabah Ahmed, today, Thursday, issued a clarification regarding the statements attributed to him in Reuters regarding the dollar exchange rate reaching 170 thousand dinars.

The Central Bank stated in a press statement, “The statements attributed to the Director General of the Department of Investments and Foreign Transfers, Mazen Sabah Ahmed, at Reuters, included press formulations that the agency reported in an inaccurate form.”

The statement quoted Ahmed as saying, “The Central Bank guarantees dollar deposits, and the citizen who deposited his money in dollars with any Iraqi bank previously or by 2024 has an inherent right to receive these amounts in cash and in US dollars.”

He added, "There was no mention in the press interview of expectations that the exchange rate would reach 1,700 and that the Central Bank has its tools that it uses to reduce the difference between the two prices. There are no indications that the exchange rate in the parallel market will reach this level. On the contrary, there are measures being taken that will contribute to... Reducing the difference.

He pointed out that "the reforms undertaken by the Central Bank of Iraq aim to achieve compliance of the bank and The banking system in general with international compliance standards, in a way that prevents the dollar from reaching parties prohibited from obtaining it or speculating with it.”

He pointed out that "the announcement that the date of 1/1/2024 will be the beginning of stopping cash withdrawals includes transfers received only from outside Iraq according to certain arrangements that guarantee the sustainability of business, and does not in any way include citizens 'balances in US dollars.' LINK

The Iraqi Dinar Continues To Deteriorate Against The Dollar

October 6, 2023 Baghdad/Al-Masala Al-Hadath: Coinciding with a new decline in the value of the Iraqi dinar against the dollar, complaints from Iraqi travelers outside the country escalated about the difficulty of obtaining the dollar, amid accusations of exchange companies and local banks of manipulation and deliberate delay in implementing their obligations to the Central Bank.

Last Thursday, the parallel market recorded a sharp decline in the value of the dinar, amounting to 1,570 dinars to the dollar, a significant difference from the official set value of 1,320 dinars to the dollar.

While traders confirmed that despite the stock market's closure today, Friday, the dinar is expected to witness a new decline at the end of trading, due to the continued demand for the dollar from traders and travelers outside the country. https://almasalah.com/archives/69206

The Central Bank Confirms The Continued Arrival Of Dollar Cash From The US Federal Reserve[/Size]

Economy | 07:11 - 06/10/2023 Mawazine News - Baghdad The Central Bank of Iraq confirmed, today, Friday, that the dollar shipments sent by the US Federal Bank are proceeding according to a specific schedule and timings agreed upon between the two monetary institutions.

https://www.mawazin.net/Details.aspx?jimare=235985

The Central Bank Of Iraq Confirms The Continued Arrival Of Cash Dollars From The US Federal Reserve

FRIDAY, 10-06-2023, PM 7:14 KARAR AL-ASSADI The Central Bank of Iraq confirmed, today, Friday, that dollar shipments sent by the US Federal Bank are proceeding according to a specific schedule and timings agreed upon between the two monetary institutions.

The bank stated, in a statement received by Noon News Agency, that yesterday, Thursday, the shipment was received on time, denying news and media reports that talk about stopping or reducing shipments sent to the bank.

The Central Bank of Iraq called on the media to be accurate in publishing information related to monetary policy in Iraq and to take it from its approved sources through the official website and official accounts on social media sites.

Washington rejected Iraq's request to obtain one billion dollars in cash from the Federal Reserve Bank, under the pretext that it conflicts with their efforts to curb Baghdad's use of the dollar and stop illicit cash flows to Iran, according to the American newspaper "The Wall Street Journal . "

The American newspaper quoted American officials as saying, "The banknotes in the hands of Iraqis have become a lucrative source of illicit dollars that return to militias and corrupt politicians, as well as to Iran." https://non14.net/public/160736

Despite Its Rise...The Iraqi Central Bank Is Reassured By The Continued Arrival Of Cash Dollars From The US Federal Reserve

Politics |Baghdad today – Baghdad Today, Friday (October 6, 2023), the Central Bank of Iraq issued a “reassurance” about the availability of the dollar and its continued arrival from the US Federal Reserve, in a reassurance that contradicts the available data and global reports.

The bank said in a statement received by “Baghdad Today” that “dollar shipments sent by the US Federal Bank are proceeding according to a specific schedule and timings agreed upon between the two monetary institutions, and yesterday, Thursday, the shipment was received on time,” denying news and media reports that “talk about stopping or A reduction in shipments sent to the bank.

The Central Bank of Iraq called on "the media to be careful in publishing information related to monetary policy in Iraq and to take it from its approved sources through the official website and official accounts on social media sites."

A Wall Street Journal report revealed that the Central Bank of Iraq asked the US Federal Reserve for one billion dollars in cash as an additional payment, but the US Federal Reserve refused.

The Central Bank's reassurance came in opposition to the facts, including the directive of the Rafidain Bank to wait to sell dollars to travelers in some of its branches in Baghdad due to the Central Bank of Iraq not enhancing its share of the American currency.

It also contradicts the Central Bank’s assurance of reducing the exchange companies’ share of the cash dollar, as information indicates that the bank reduced the exchange companies’ share to less than half.

The information about reducing US Federal Reserve transfers from the dollar to Iraq by half was consistent with what Mazen Ahmed, Director General of the Investment and Transfer Department at the Central Bank of Iraq, told Reuters, that the goal of preventing the withdrawal of the dollar from citizens’ accounts is to stop the illegal use of about 50%. Of the $10 billion in cash that Iraq imports annually from the Federal Reserve Bank in New York. Source: Baghdad Today LINK

Measures Related To Iran And Currency Exchange.. What About Emwazi?

Economy |Today Baghdad today – Baghdad Economist Nabil Al-Marsoumi commented today, Friday (October 6, 2023), regarding the Central Bank of Iraq’s reduction of banking companies’ shares of the cash dollar by more than half.

Washington rejected Iraq's request to obtain $1 billion in cash from the Federal Reserve Bank, arguing that it conflicted with their efforts to curb Baghdad's use of the dollar and stop illicit cash flows to Iran. According to the American Wall Street Journal.

Al-Marsoumi wrote in his Facebook post, which was followed by “Baghdad Today,” that “the US Federal Reserve reduced its transfers of cash dollars to Iraq from 10 billion dollars to 5 billion dollars annually through semi-monthly shipments.”

American refusal

He added, "Washington rejected an Iraqi request for an additional billion dollars because it conflicts with American efforts to curb Baghdad's use of the dollar and stop illicit cash flows to Iran and Syria."

Al-Marsoumi noted, "As a result, the Central Bank of Iraq was forced to reduce the banking companies' shares of the cash dollar by more than half, which will affect the exchange rate of the dinar against the dollar in the parallel market in the future and will reduce Iraq's imports from Iran by almost half."

According to a report by the American Wall Street Journal published yesterday, Thursday (October 5, 2023), “ Iraq is seeking to obtain a special shipment worth one billion dollars in cash from the Federal Reserve Bank in New York, but American officials declined to approve, saying that the request conflicts with their efforts to curb the use of... Baghdad for the dollar and stop illicit cash flows, while Baghdad said that it needs funds derived from its oil sales to support its cash reserves.

A Source Of Profit

He added, "Since the American invasion of Iraq two decades ago, the United States has been providing $10 billion or more annually to Baghdad on bi-monthly cargo flights carrying huge pallets of cash, derived from the proceeds of Iraqi oil sales deposited with the Federal Reserve Bank," he said. American officials said that banknotes in the hands of Iraqis have become a lucrative source for illicit dollars and corrupt politicians.

He continued, "Iraq said that it needs funds to help support its faltering currency, while a senior Iraqi official said that after the United States rejected the initial appeal submitted by Iraq last month, the Central Bank of Iraq submitted an official request last week, and the US Treasury Department is still studying it." ".

The report continued, "According to Iraqi officials, treasury officials informed Iraqi bank governors that sending a large additional shipment conflicts with Washington's goal of reducing Iraq's use of American banknotes in favor of electronic transactions that can be more easily tracked, while American officials said that there is strong evidence that "Some of the dollars that used to go to Iraq are smuggled in cash."

A Dangerous Precedent

The report noted that "the initial American refusal angered some Iraqi officials, who said they requested an additional billion dollars from their own funds because the country's cash reserves declined after Washington's attempts to restrict the flow of dollars led to widespread panic and hoarding of dollars on stock exchanges."

In addition, Professor of International Economics, Nawar Al-Saadi, said that the US Federal Reserve refused to provide the Iraqi Central Bank with a billion dollars in cash, “a dangerous precedent that must be taken seriously by the Iraqi government.”

Al-Saadi said in a post on his Facebook page, “Enough of the drumming by the economists who drum on the channels day and night and claim that the dinar is strong and that there are strict measures. Now trust has deteriorated between the Iraqi Central Bank and the (American) Federal Reserve. The Americans cannot tolerate procrastination and prevarication any longer.” Source: Baghdad Al-Youm + Agencies LINK

Provoking Points to Ponder :

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

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

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

"I can forgive, but I cannot forget" is only another way of saying, "I will not forgive" -- Forgiveness ought to be like a cancelled note -- torn in two - burned up - so that it can never be shown against one -- Henry Ward Beecher

Friendship -- True friendship is like sound health, the value of it is seldom known until it is lost - Charles Caleb Colton

Reality -- It is good to have an end to journey toward; but it is the journey that matters in the end --Ursula K Leguin

Destiny is not a matter of chance, it is a matter of choice - It is not a thing to be waited for, it is a thing to be achieved -- William Jennings Bryan

Purpose -- I am the master of my fate; I am the captain of my soul -- William E Henley

Knowing -- Where there is the tree of knowledge, there is always paradise; so say the most ancient and the most modern serpents -- Friedrich Nietzche

Compassion --Fear grows out of the things we think; it lives in our minds, Compassion grows out of the things we are, and lives in our hearts -- Barbara Garrison

What we anticipate seldom occurs -- what we least expect generally happens -- Benjamin Disraell