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

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

Tlm724 Administrator Bondlady’s Corner

US State Department: We Did Not Issue Sanctions On Iraqi Banks, But Rather They Were Decisions To Strengthen The Banking System

Political |  10/10/2023  Baghdad - Mawazine News  The US State Department affirmed Washington's support for the efforts of Prime Minister Muhammad Shiaa Al-Sudani in combating corruption and improving the financial sector, while noting that his upcoming visit to Washington represents a good opportunity to strengthen bilateral relations and enhance comprehensive partnership in all sectors.

US Deputy Assistant Secretary of State for Iraq and Iran Affairs, Victoria Taylor, said: "The visit I am making is my first time to Iraq, and I am pleased to be here to strengthen relations between the two countries."

She added, "Iraqi relations with the United States of America are strategic and long-term, and we support the war waged by Iraqi Prime Minister Muhammad Shia al-Sudani against corruption, which is a very good goal and a common priority."

She continued, "Washington supports the Prime Minister's effort to improve the financial sector and make it transparent, which was supported by the dialogue conducted by the US Treasury Department with the Central Bank of Iraq to strengthen the banking and financial sector and improve the Iraqi economic reality, which will benefit Iraq by developing its international relations and attracting investments."

She pointed out that "what was issued by the United States on some banks were not sanctions in the literal sense, but rather were decisions that provided ways and means to strengthen the Iraqi banking system in order to maintain transparency in transactions in general and find good ways for the presence of the dollar in the markets."

She pointed out that "the United States is working with Iraq in various security, economic and environmental sectors, and there was a meeting of the Iraqi-American Coordination Committee that focused on the economic and security files during the visit of high-ranking Iraqi delegations to the United States," stressing that "we are awaiting the visit of Prime Minister Muhammad Shia al-Sudani to discuss "To more opportunities for joint cooperation between the United States and Iraq."

https://www.mawazin.net/Details.aspx?jimare=236161

Oil Prices Are Declining Globally In Light Of The Continued Escalation In Palestine

Tuesday 10, October 2023 09:18 | Economical Number of readings: 331

Baghdad / NINA / Oil prices fell today, Tuesday, after rising more than 4% in the previous session, in light of the continued escalation in Gaza.

Brent crude fell 18 cents, or 0.2%, to $87.97 per barrel, while US West Texas Intermediate crude fell 16 cents, or 0.2%, to $86.22 per barrel.

The two benchmark crude oils gained more than $3.50 on Monday, due to news of the conflict, after falling sharply in volatile trading last week. https://ninanews.com/Website/News/Details?key=1082680

The Central Bank Sells More Than $199 Million In Currency Auction

Economy News – Baghdad   On Tuesday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 199 million dollars.

The Central Bank’s website published its dollar sales schedule, which Al-Iqtisad News reviewed. It included the participation of 30 banks and 115 exchange companies, and foreign transfer requests covered $172.5 million, while cash requests amounted to more than $26.5 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 75 10/10/2023 - https://economy-news.net/content.php?id=36900

The Rise In The Dollar Exchange Rate In Local Markets

Economy |  10/10/2023   Baghdad - Mawazine News   The dollar exchange rate rose in local markets.   The selling price was $100, compared to 163,200 dinars.   The purchase price was 161 thousand dinars.

https://www.mawazin.net/Details.aspx?jimare=236160

North Gas Company: We Have Four Contracts To Export 540 Thousand Tons Of Sulfur

Economy Yesterday, 15:50  Baghdad - IA - Hassan Al-Fawaz  Today, Monday, the North Gas Company revealed the volume of its gas production and the amount of electrical energy generated from it, while indicating that there are four contracts to export 540 thousand tons of sulfur.

The company’s general manager, Ahmed Abdel Majeed, told the Iraqi News Agency (INA):

“The company produces gas, as we receive feed gas or raw gas from the North Oil Company, and it enters production processes, turning into several products, including

dry gas,  liquid gas, and  sulfur.” And  natural gasoline. He added,

"The production capacity of dry gas at the present time is approximately (325-330) megawatts to feed power stations, thus generating the equivalent of (1100-1200) megawatts in the northern region," noting that  "the company is working to feed Millet power stations." Abdullah, Kirkuk, Debs, Mosul, and Qayyarah.”

He explained,  "The North Gas Company has a plan to establish a third production line, in addition to a project to manufacture, equip and install a steam boiler with a capacity of 160 tons per hour, to generate high-pressure steam and rehabilitate the fire water system." He continued,

"The North Oil Company has future plans, as they have currently begun rehabilitating the compressors and gas drying units, to improve the specifications of the gas fed to the North Gas Company," adding,

"When the project is completed, our quantities of feed gas will increase, and thus the quantities of dry gas will increase." Product for power stations. He explained,

“The boilers used in the North Gas Company are gigantic, producing high-pressure steam at around 400 degrees Celsius, and the pressure is 410 kilograms per square centimeter,” noting that

“the benefit of high-pressure steam is to operate gas compressors.” He stated,

"The company's compressors are designed to operate on high-pressure steam, so one of our projects is to purchase a boiler for continuous production, operational flexibility, and to increase production." He stated,

“The company pumps dry gas to the electricity stations affiliated with the Ministry of Electricity, and liquid gas is pumped to the gas filling company to fill it in bottles and sell it to citizens (cooking gas), in addition to producing sulfur, which is included in the tenders for export.” He pointed out that

"there are four contracts to export 540 thousand tons of sulfur," noting that

"concluding contracts is the responsibility of the SOMO company, but the company must prepare." He added,

"The company is working on selling gasoline to investment companies, which is used in production processes for manufacturing pentane and hexane solvents."

https://www.ina.iq/195129--540-.html

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

https://www.bondladyscorner.com/ 

Points to Ponder on Riches and Wealth:

To have what we want is riches, but to be able to do without is power. -- G. Macdonald

There are two things needed in these days; first, for rich men to find out how poor men live; and second, for poor men to know how rich men work. -- E. Atkinson

He is richest who is content with the least, for content is the wealth of nature. -- Socrates

If a rich man is proud of his wealth, he should not be praised until it is known how he employs it. -- Socrates

No man can tell whether he is rich or poor by turning to his ledger.  It is the heart that makes a man rich. He is rich according to what he is, not according to what he has. -- H W Beecher

The use we make of our fortune determines as to its sufficiency.  A little is enough if used wisely, and too much if expended foolishly. -- Boovee

Worldly riches are like nuts; many clothes are torn in getting them, many a tooth broken in cracking them, but never a belly filled with eating them. -- Venning

Riches do not delight us so much with their possession, as torment us with their loss. -- Gregory 

The Underbelly of Iraq’s ‘Economic Boom’

The Underbelly of Iraq’s ‘Economic Boom’

Introduction

Dijlah Village, a sprawling 6,000-square-meter complex boasting restaurants, high-end meeting rooms, and a health center, opened in Baghdad in summer 2022. It sits on the banks of the Tigris River, where a fountain show takes place every half-hour to a soundtrack of Arabic pop hits. Iraqi political elites and their associates use it to showcase how far the country has come.

The glamour of the luxury development, however, is not enough to hide the glow of the gas flare from the Dora Oil Refinery visible on the other side of the river. As diners pose for photos in front of the fountain, the refinery behind them spews toxic gases, poisoning people and the planet, while also flaring off precious fuel that could be used to provide electricity for ordinary Iraqis.

This poignant contrast raises questions about where investments are being made, by whom, and for whose benefit.

Most ordinary enterprises are forced to navigate an economic system dominated by Iraq’s powerful and wealthy political parties.

Not all businesses have the enormous capital that makes Dijlah Village possible. Most ordinary enterprises are forced to navigate an economic system dominated by Iraq’s powerful and wealthy political parties.

Drawing on interviews with owners and employees at small and medium-sized businesses, this paper explores the strategies that enable such companies to survive and generate capital. If Iraq’s current economic boom is to avoid an eventual bust, the government and multilateral organizations must develop ways to support such enterprises and remove the many barriers that prevent their growth.

Explosion of Investment

In recent years, Iraq’s political elite and their business associates have preferred to invest their wealth in local projects as a safe haven for ill-gotten gains.

This money is made from state coffers. Under the ethno-sectarian apportionment system implemented after 2003, the dominant political parties meet following each election for negotiations to divide up control of government ministries and their corresponding assets.

Each major political party controls one or more ministries.

As a result, the distribution of lucrative government contracts is heavily influenced by partisan interests.

“Economic committees” staffed by party members review ministerial contracts and require a commission to sign off on any deal.

In part to disguise the origins of their illegally obtained funds, the political elite have allegedly taken to investing in upscale residential compounds, malls, private universities, and other real estate ventures, resulting in a “visible boom” in Baghdad's development.

However, many of these projects are inaccessible to ordinary Iraqis, who experience numerous economic difficulties. To illustrate, pursuing a dentistry degree at a private Iraqi university costs around $6,000 per year, whereas a meal in Dijlah Village costs an average of 30,000 IQD (around $20) per plate. These expenses starkly contrast with the average monthly salary in Iraq of just $583.

Increasingly, the political elite opt to invest in local projects because of growing restrictions on moving money out of Iraq.

Moreover, high oil prices led the Iraqi parliament to approve a budget of $153 billion for 2023, a record amount.

This increases the political elites’ access to public money.

A recent Washington Post report indicated that these investments provide a way for the elite to launder money acquired from state entities and government contract manipulation.

Some citizens initially appreciated that they were at least getting to enjoy a wider variety of malls and restaurants after many years of insecurity.

But attitudes are changing and, increasingly, ordinary Iraqis are starting to see that they are the ones who bear the brunt of rising prices for essential goods and services.

As a consequence of the enormous influx of investment into Iraq’s real estate sector, the cost for a single square meter of land in Baghdad, even without access to basic utilities like electricity and water, now exceeds $2,300.

Navigating the System

In a troubling development, however, the political elite is increasingly using its resources and power to assert control over smaller businesses, which creates new challenges for entrepreneurs.

A restaurant owner in Baghdad said that “I am already paying bribes to keep my restaurant afloat.

When I attempted to expand, I encountered political obstacles that made me reconsider. I chose to abandon the idea, as I am unwilling to be entangled with such associations.”

 If Iraq’s current economic boom is to avoid an eventual bust, the government and multilateral organizations must develop ways to support such enterprises and remove the many barriers that prevent their growth.

Striking a delicate balance between achieving business success and avoiding unnecessary attention from political parties means walking a tightrope.

Businesses in Iraq must tread carefully to navigate the complexities of the political landscape and safeguard their operations while pursuing growth and profitability.

Negotiating the intricate landscape of starting and maintaining a business in Iraq requires a keen understanding of the prevailing political dynamics.

Immense Challenges Facing Businesses

Small and relatively independent companies face immense challenges in acquiring contracts and deals, in contrast to party-connected entities.

Business owners interviewed for this paper said that bureaucracy, government indecision, and the unpredictable economic environment pose significant challenges for their ventures. From company registration and tax payments to dealing with customs and logistics, each administrative process is accompanied by its own set of challenges.

For example, one interviewee who manages a tech startup said that "the government's inconsistent decisions can greatly impact businesses, especially in sectors that require frequent government interactions."

Another entrepreneur who has worked with multiple companies said that "when you start doing business in Iraq, it's not easy. There's much bureaucracy. You need to figure out who holds the power and influence in different sectors. Knowing who to talk to and who to bribe becomes almost essential.

It's unfortunate, but sometimes, paying bribes or cutting political deals seems like the only way to get things done efficiently."

Even for powerful international commercial entities operating in Iraq, deals often fall through due to bureaucratic obstacles and endless political interference.

A notable recent example is "Al-Rafeel City," which involved the construction of an administrative complex on the outskirts of Baghdad to house government ministries.

While the reputable Emirati company Emaar was selected by the Council of Ministers to carry out the project, political interference and demands for bribes ultimately led to the project’s failure.

Such practices deter foreign investment and irritate partners.

The Emirati ambassador to Iraq had previously raised concerns about corruption in Iraq’s business landscape.

Although efforts have been made to streamline and simplify government and bureaucratic procedures, substantial improvements are still needed in order to make the business environment easier to navigate. Indeed, according to the latest World Bank “Doing Business” report, Iraq ranks 172 out of 190 countries in terms of ease of doing business.

Strategies

Interviews with business owners pointed to various strategies that have emerged in response to Iraq’s complex business environment.

One approach is to adhere strictly to bureaucratic protocols when establishing a business, which is a challenging yet attainable feat. Under this approach, business owners register their companies, pay their taxes and follow all the rules like they would do in any other country.

However, this path often leads to encounters with political entities, armed groups, or their associates who seek involvement in the business.

Once faced with those actors, businesses are presented with limited choices: resist and face potential consequences, shut down operations and incur losses, or opt for the seemingly more straightforward route of cooperation with these entities.

The experience of one of Iraq’s e-commerce businesses illustrates this choice.

The business has been running for many years, expanding slowly with private investments from both inside and outside Iraq.

However, due to bureaucratic hurdles, the volatile political and security landscape, and global economic challenges following the Covid-19 pandemic and the Ukraine crisis, some investors chose to withdraw their support. It came at a bad time, as the business had just expanded, which rendered its operations unsustainable.

After a period of struggle, the business had to accept investments from companies and individuals who are connected to Iraq’s political elite in order to continue operations.

Tragically, for many companies, the only workable solution is to play within the parameters of the party-dominated economic system by working with a politically connected agent.

These partnerships facilitate relationships with the political elite and ensure smooth business operations. The chosen partner may be a political party or a party-aligned individual or business.

This either leads to full alignment with the partner’s interests or the partner acts as a broker that navigates the system on behalf of the business.

These partnerships not only facilitate bureaucratic processes but also provide a degree of protection from undue political pressure.

One example of this dynamic involves an international ridesharing company that began operations in Iraq a few years ago.

Before launching, they took proactive measures to establish close ties with firms with well-established political affiliations and connections within the bureaucratic framework.

This strategic decision was designed to ensure their ongoing presence and business growth in Iraq.

Indeed, it was an effective strategy and the company has expanded into multiple governorates across the country.

Conclusion, Policy implications, and Recommendations

Addressing entrenched issues within Iraq's party-dominated economy requires recognition of the challenges that businesses face, including bureaucratic complexity and intricate political dynamics.

The government’s failure to create conditions for businesses to flourish has inevitably led to an economy controlled by a select few with privileged access to state resources.

Iraq's white paper offered potential remedies for the hurdles facing businesses, such as reviving the private sector support fund, simplifying bureaucratic procedures for the private sector, and supporting small and medium-sized businesses.

However, this effort has been ineffective due to the government's selective approach and lack of implementation.

Moreover, while international donors have sought to bolster Iraqi entrepreneurs and promote private sector growth, many of these initiatives have failed to introduce real reforms.

Sometimes they had the effect of reinforcing the political elite's stranglehold on the public and private sectors.

Increased transparency within the bureaucracy is an important first step toward reducing bureaucratic hurdles and eliminating the grip of the political elite on Iraq’s economy.

The elite’s control over bureaucratic processes stems from a lack of clarity about what procedures businesses must follow, which are often subject to change.

Streamlining procedures and implementing digital services will help address this and reduce interference from political actors.

 Addressing entrenched issues within Iraq's party-dominated economy requires recognition of the challenges that businesses face, including bureaucratic complexity and intricate political dynamics.

These recommendations can be implemented in several ways.

First, the Iraqi parliament should pass an “access to information” law mandating that ministries and governmental bodies must publicly share their data.

This would establish a framework of transparency that is immune from manipulation and decrease the politically sanctioned corruption within the ministries.

Second, the government, through the Council of Ministers' Secretariat, should modernize its e-governance infrastructure, with UR platform (the Iraqi government’s digital services center) as a starting point. This will facilitate seamless electronic transactions for businesses and circumvent bureaucratic barriers that are often exploited by the political elite.

Third, international organizations like UNDP can play a positive role by providing support for these initiatives. This includes technical assistance, capacity enhancement, and sharing best practices. To ensure the practical application and sustainability of these proposals, partnerships should be made with reformists within the system. Their involvement will help guarantee effective implementation and long-term viability.

Addressing the core issue of interference by political elites and their exploitation of Iraq's resources is pivotal.

If this is not rectified, including in the development of the private sector, businesses that do not have connections will continue to struggle.

The urgency of this problem will only increase as demographic and climate pressures grow and more people migrate to the cities looking for work.

By Hayder Al-Shakeri

Al-Shakeri is a research fellow with Chatham House, MENA Programme focusing on Iraq’s political economy, accountability, and civil society.

This article will be in included in the ninth edition of the Iraq Economic Review.

https://auis.edu.krd/iris/projects/iraq-economic-review

https://auis.edu.krd/iris/publications/underbelly_iraqs_economic_boom

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

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

The dollar "stuns" the Iraqi dinar in Karbala markets

Tuesday, 10-10-2023, KARAR AL-ASSADI  The exchange rates of the dollar rose significantly against the Iraqi dinar, today, Tuesday (October 10, 2023), in the local markets in Karbala .

The Noon News Agency correspondent stated that the selling price of the dollar in the local markets in Karbala reached 163,000 dinars per $100, while the purchase price reached 161,000 dinars per $100.

https://non14.net/public/160836

A Significant Rise In Dollar Exchange Rates In Iraqi Markets

Economy   2023-10-10 | 16,158 views   Alsumaria News – Economy   Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Tuesday, October 10, 2023.

Dollar prices rose in local markets in Baghdad, as the selling price reached 163,000 per 100 dollars, while the purchasing price reached 162,500 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 [/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

Parliamentary Reliance On The “Profits” Of Iraqi Transport Companies.. How Much Are The Revenues Of “Land, Sea And Air”?

Economy |  Baghdad today – Baghdad  Today, Tuesday (October 10, 2023), the Parliamentary Transport Committee considered that Iraqi transport companies are making good profits to support the state treasury, and they are all profitable companies.

Committee member Fatima Abbas told “Baghdad Today” that “Iraqi transport companies are all profitable companies and are making very good profits to support the state treasury, and these companies are at the level of land, sea and air, and there is development in these companies at all levels in terms of services and increasing imports.” ".

Abbas stated, "It is necessary to pay attention to the profits of all Iraqi government companies, in order to support the state treasury, so that they will greatly assist and enhance oil revenues, as oil cannot be trusted due to the fluctuation of its prices in the global market."

The total revenues of transport companies in Iraq during one year, 2022, amounted to more than 530 billion dinars, for Iraqi airlines, sea transport, railways, land transport and buses, while Iraqi Airways topped all companies with revenues amounting to more than 300 billion dinars, a number equivalent to only less than 1% of Iraq's total oil revenues annually.   LINK

UAE "Crescent" Oil: Nearly 1,500 Tankers Burn Daily In Fields In Southern Iraq

Energy Economy News – Baghdad  The CEO of the UAE Crescent Petroleum Company, Abdullah Al-Qadi, said on Tuesday that approximately 1,500 cubic feet of associated gas is burning from southern Iraq’s oil fields, leaving environmental impacts on the cities there.

Al-Qadi said during his hosting of a symposium on the sidelines of the “MERI” Forum for the year 2023 in the city of Erbil, that oil contracts in Iraq obligate all companies to treat the gases produced, but there are some companies that do not fully comply with this matter.

Regarding the work of Crescent Petroleum Company in Iraq, its CEO said: We are fully committed to not burning quantities of gas, and we are the only company in Iraq - if not in the Middle East - that does not burn any quantity of gas completely.

He added that the company recently began using solar energy to generate some energy in the region, with the aim of reducing environmental impacts.

Al-Qadi pointed out that the fields of southern Iraq burn about 1,400-1,500 mqmq of gas per day, stressing that the environmental impact of burning these quantities of gas is much greater in the cities of Amara, Nasiriyah, and Basra.

He continued by saying that the Iraqi government is very serious in the process of changing the gas situation in Iraq in terms of production, processing, and reducing the environmental impact.

Views 21 10/10/2023 - https://economy-news.net/content.php?id=36903

The Council Of Ministers Approves A Number Of Economic Decisions

The Council of Ministers headed by Muhammad Shiaa Al-Sudani

Money  and business   Today, Monday, the Council of Ministers voted on a set of decisions and recommendations presented on the session’s agenda. In the field of the government’s efforts to solve the housing crisis, which was the top priority of its program, the Council of Ministers agreed to refer the projects of four new residential cities to specialized foreign and local companies, in accordance with recommendations.

The ministerial team formed pursuant to Cabinet Resolution (23121) of 2023, which is:

-New Al-Jawahiri City in Baghdad Governorate.

-The city of New Bank of Karbala in Karbala Governorate.

-The new city of Al-Ghazlani in Nineveh Governorate.

-The new city of Al-Janain in Babylon Governorate.

The Council of Ministers approved that 15% of housing units be for the state, which is the first time that a percentage of housing units has been allocated, as part of the requirements for implementing government plans to solve the housing crisis.

The Council of Ministers also decided that the prices of units in the aforementioned new cities should be fixed and not subject to bidding or trading, by not allowing the investor to sell more than 1% of the housing units to any other company or individual, to ensure that their prices do not rise.

In the field of supporting the efforts of the Ministry of Interior to raise the readiness of the Civil Defense Directorate, the Council of Ministers decided to add the allocation of 25 billion dinars, from the Ministry of Finance to the Ministry of Interior from the emergency reserve, to the investment budget of the Civil Defense Directorate, to enable it to build 100 civil defense centers at a low cost, in a manner Direct implementation, at a price of 250 million dinars for the centre, as an exception to the contracting methods stipulated in the Government Contracts Implementation Instructions No. 2 of 2014, and the controls attached thereto.

The Council also approved the Ministry of Finance’s allocation of an amount of 25 billion dinars to the Ministry of Interior for the purpose of purchasing fire trucks with all their equipment, from the emergency reserve, based on the Federal General Budget Law for the years (2023-2024-2025), and from international origins, and works on spraying water and foam. As an exception to Government Contracts Implementation Instructions No. 2 of 2014.

As part of government measures to resolve the school buildings crisis, the Council approved the recommendations of the meeting to allocate lands for school buildings as follows:

1. The Minister of Agriculture shall authorize the governorate agricultural directors with the authority to lift the hand of agricultural reform on lands allocated for school building projects (exclusively) and to complete the procedures for transferring ownership of the lands donated for the construction of schools.

2. The Diwani Order Committee (23527 of 2023) is responsible for allocating lands for service, health and educational projects, allocating lands for the construction of school buildings, and considering donation requests, in addition to its previous tasks.

3. The Ministry of Finance allocates sufficient amounts to the account of the Ministry of Education; To pay fees, taxes, and fees related to procedures for transferring, allocating, or transferring land ownership for school building projects (exclusively).

4. Education directorates complete administrative procedures with the concerned departments regarding the donation and payment of fees, taxes, and wages resulting from the donation, provided that the donor does not incur any other costs regarding the land donated to build schools.

5. The governorate, in coordination with the Ministry of Finance and the Federal Public Service Council, shall create and allocate three job grades for the donor of the land to build the school or for one of his relatives (up to the second degree).

6. All ministries, government institutions, and endowment offices are obligated to transfer ownership of lands on which school buildings are built and lands allocated for educational purposes to the Ministry of Education without compensation, based on the provisions of the Ministry of Education Law (22 of 2011).

7. The Department of National Projects and School Buildings, in the General Secretariat of the Council of Ministers, is responsible for following up on the implementation of this decision with the competent authorities.

As part of the government’s efforts to provide ration card items, the Council decided to approve financing the account of the General Foodstuff Trade Company, affiliated with the Ministry of Commerce, with an amount of $1,320,000,000, just one billion three hundred and twenty million dollars, based on the provisions of the Federal General Budget Law of the Republic of Iraq, for the years The three.

The Council of Ministers agreed to authorize the Minister of Finance to negotiate and sign the draft framework agreement with the European Investment Bank, taking into account the opinion of the Council of State.

As for supporting local production, the Council approved the recommendation of the Ministerial Council for the Economy No. (230226 Q) regarding preventing the import of juices, soft drinks, and cakes of all kinds, according to the following:

1. Deletion of juice products, soft drinks, pastries, and cakes of all kinds from import lists, provided that the deletion decision is reviewed after (one year) by the Ministry of Industry and Minerals/Department of Industrial Development and Regulation; To evaluate the extent to which the local market is affected by this deletion, negatively or positively, and if the evaluation is positive, the deletion decision will continue to be implemented until there is an actual need to review it in the future.

2. This decision will be implemented after (90) days, starting from the date of its issuance, with regard to pastries and cakes of all kinds, while the decision to prevent the import of juices and soft drinks that is currently in effect continues.

3. Local producers must continue to submit protection requests for the products covered by the decision.

In the matter related to the protection of Baghdad International Airport, the Council approved the recommendations of the minutes of the meeting held to unify the procedures for protecting the airport, as follows:

1. The Civil Aviation Authority paid the dues of the Canadian company (Business Intel) from the date of commencing its duties, in accordance with the contract signed between them and the aforementioned authority.

2. Granting the Canadian company (Business Intel) a work permit, based on the provisions of the Private Security Companies Law No. (52) of 2017, and according to what was stated in the letter of the Ministry of Interior, starting from October 1, 2023.

3. The Civil Aviation Authority shall extend the contract with the aforementioned company for a period of (6) months, starting from the expiration date of the contract signed between them.

4. Obliging the Civil Aviation Authority to contract with a reputable foreign security company through direct invitations to foreign companies.

The Council of Ministers approves the allocation of $202 million to rehabilitate the Hartha thermal station

In order to raise the level of electric energy production, the Council approved Ministerial Energy Council Recommendation No. 23089 of 2023, as follows:

The Ministry of Finance has allocated an amount of 202,576,000 dollars, just two hundred and two million five hundred and seventy-six thousand dollars, to the Ministry of Electricity, for the purpose of rehabilitating units (2 and 3) in the Al-Hartha thermal station, and rehabilitating the gas cycle station, due to its importance in supplying the network with electrical energy, based on the provisions of The federal general budget law for the three years, with the Ministry of Finance financing 50% of it for this year.

The Council also approved an increase in the operational/maintenance budget allocations in the Ministry of Electricity, based on the provisions of the Federal General Budget Law of the Republic of Iraq, for the three years, in order to pay off the debts of the public and private sectors, each 50%.

In the field of improving the reality of services, the Council decided to approve the transfer of the work of the project “Implementing the remaining works of the Al-Musayyib Water Project” to Al-Azza General Contracting Company, as an exception to the instructions for implementing government contracts for the year 2014, at the same prices, and with a new period calculated on the basis of the remainder of the project, and with a letter. The guarantee itself, and obligating the company to provide additional guarantees in order to speed up the completion of the project; In service of the public interest.

The Council approved the establishment of a public company called (Al-Mas General Company for Trade, Contracting and Implementation of Defense Projects) with a capital of twenty billion dinars, affiliated with the Ministry of Defense, allocated from the aforementioned Ministry’s budget for the year 2023, based on the provisions of the Public Companies Law (22) of 1997, as amended, according to The activity of the aforementioned company must be consistent with Article (4) of the aforementioned Public Companies Law, and the Ministry of Defense is responsible for taking the appropriate measures specified in the aforementioned article of the same law.

In order to stop the repercussions of illegal immigration on Iraq, the Council approved the comprehensive national plan to reduce illegal immigration, according to what was stated in the letter of the Ministry of Immigration and Displacement on October 4, 2023.

Within the framework of Iraq's foreign relations, the Council approved the following:

1. Authorizing the Minister of Commerce to sign a draft agreement on economic, commercial, scientific, artistic and cultural cooperation between the Government of the Republic of Iraq and the Government of the Republic of Zambia, based on provisions of the Constitution.

2. The Ministry of Foreign Affairs prepares the necessary authorization document on behalf of the Government of the Republic of Iraq for the Minister of Commerce, in accordance with the approved contexts, and submits it to the General Secretariat of the Council of Ministers in order to obtain the signature of the Prime Minister.

3. Adding a clause in the aforementioned draft agreement, to be an alternative to the Economic, Scientific and Technical Cooperation Agreement between the Government of the Republic of Iraq and the Government of the Republic of Zambia signed in 1979, ratified by Law No. (11 of 1980).

The Council also approved the draft law on the Republic of Iraq’s accession to the Paris Agreement in 1928, and the protocols attached to it, and referred it to the House of Representatives, based on the provisions of the Constitution, provided that it is accompanied by legal advice issued by the Council of State, based on the provisions of the Treaty Contracting Law No. 35 of 2015, And State Council Law No. 65 of 1976, as amended.  302 views 10/09/2023 - https://economy-news.net/content.php?id=36889

Points to Ponder on Riches and Wealth:

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

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

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

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

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

TNT:

Tishwash:  Iraq resumes its flights to China

The Minister of Transport, Razzaq Muhaibas Al-Saadawi, announced today, Tuesday, the resumption of flights on Iraqi Airlines between Baghdad and the Chinese city of Guangzhou.

The Ministry of Transport quoted Al-Saadawi as saying in a statement received by Al-Iqtisad News, that, “Given the increase in travel requests to the People’s Republic of China, and in light of the increasing demand for Green Bird flights at Iraqi airports, the General Company for Iraqi Airlines worked to operate the Baghdad-Kwangju route.” Within the national carrier's flights.

Al-Saadawiadded, “Starting today, Tuesday, October 10, the General AirlinesCompany has resumed its direct flights to the People’s Republic ofChina, and they will be two flights per week, every Saturday andTuesday, according to flight schedules    link

Tishwash:  Federation of Chambers of Commerce: Iraq has granted great facilities to countries of the world to participate in the path of development

The Federation of Iraqi Chambers of Commerce confirmed today, Tuesday, that Iraq has granted great facilities to countries of the world to participate in the path of development, while noting that Al-Faw Port constitutes a high percentage of global land and sea transport.

The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, told the Iraqi News Agency (INA): “Prime Minister Muhammad Shia’ Al-Sudani focused on exploiting the opportunity,” indicating that “Iraq is in a good position with the world, and this opportunity must be invested in establishing a road.” development and implementation at this time.”

He added, "Iraq granted facilities to countries around the world in the transit process and greatly reduced rates for all countries, especially neighboring countries," noting "the importance of having a joint-stock company to support the road."

He added, "The development road project is profitable if the promotion process is facilitated," explaining that "Iraq must focus on important countries that have a future, such as China and India, in supporting the road."

He pointed out that "Turkey is the second beneficiary after Iraq from the path of development, considering it the gateway to Europe," pointing out that "Iraq started with the port of Al-Faw with an amount of 400 billion dinars, and today the port has become a reality, and it will constitute a high percentage of land and sea transport work for the world."

He stressed the need to "focus on the method of development and lay the foundation stone for it, and there is a financial abundance of oil revenues that can be invested in this project." link

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CandyKissses:  Sudanese arrives in the Russian capital Moscow on an official visit

Baghdad Today - Baghdad

Today, Tuesday (October 10, 2023), Prime Minister Mohamed Shia Al-Sudani arrived in the Russian capital, Moscow, on an official visit.

The media office of the Sudanese in a statement received by "Baghdad Today", that Prime Minister Mohammed Shia Sudanese arrived in the Russian capital Moscow on an official visit.

Earlier, a government source said Prime Minister Mohamed Shia al-Sudani would travel to Moscow to meet Russian President Vladimir Putin on Oct. 10-11.

"The Sudanese will leave Iraq on the ninth of October and will meet with Putin on the tenth of October and will hold working meetings on October 11," the source said.

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Tishwash:  Iraq confirms its keenness on economic and tourism openness with Poland 

 The interim Chargé d'Affaires of the Republic of Iraq in Warsaw, Miqdad Ayoub Al-Mandalawi, affirmed yesterday, Monday, Iraq's keenness on economic and tourism openness with Poland, while pointing out the importance of amending the air transport agreement and re-operating flights between the two countries.

A statement from the Ministry of Foreign Affairs, received by Al-Eqtisad News, stated that “the interim Chargé d’Affaires of the Republic of Iraq in Warsaw, Miqdad Ayoub Al-Mandalawi, received today in the embassy building, the Director of the Communications Network Department and the Director of Operational Implementation in the Planning Department, representatives of the Polish Airlines Company (LOT).” During the meeting, the possibility of amending the air transport agreement between the Republic of Iraq and the friendly Republic of Poland, signed in 1961, was discussed.

He added, "In the embassy building, they discussed reaching an agreed upon formula to update a number of articles of the air transport agreement between the two countries and adapt them to the economic and technological developments that the world is witnessing today, in addition to deliberating on re-operating direct flights between Iraq and Poland."

Al-Mandalawi reviewed, “The security and economic developments that Iraq is witnessing, especially the large economic projects announced by Prime Minister Muhammad Shiaa al-Sudani, such as the development road and the large Al-Faw port, in addition to Iraq’s hosting of major international events and meetings such as the Baghdad Conference, the Arabian Gulf Cup Championship, and many other events.” political, economic, cultural and other sports, pointing out that Iraq has become a tourist and economic destination for countries in the region and the world.”

He stressed Baghdad's keenness on "economic and tourism openness with Warsaw, noting that the Republic of Poland represented a tourist destination for Iraqis in the sixties and seventies of the last century, and that Iraq was at the forefront of the Arab countries that signed an air transport agreement with Poland, and has a partnership with it that extends for decades."

For their part, representatives of Polish Airlines expressed their desire for “the idea of ​​amending a number of provisions of the air transport agreement between the two countries signed in 1961, and adapting them to the great economic and technological developments taking place in the world of civil aviation.”

They stressed that "the re-operation of flights between Iraq and Poland comes within the plan of the Civil Aviation Authority and Polish Airlines to expand their flight network with Middle Eastern countries, especially after the opening of the new airport in Warsaw."

They pointed out that “it is a reliable partner for its Iraqi counterpart, and wants to build long-term cooperation, pointing to the desire of the Polish Airlines company to expand the air transport agreement between the two countries to include Erbil International Airport.”  link

Mot: .... siiiggghhhhhhh – zzzzzzzzzzzzzzzzzz

Mot:  .. Did You Know!!! ~~~~~

Iraq Economic News and Points to Ponder Monday Evening 10-9-23

Iraq Economic News and  Points to Ponder Monday Evening 10-9-23

“Depositors’ Money Is At Risk”

Parliament will ask the Central Governor about the dollar next week... Representative Hussein Arab

Baghdad – 964  Deputy Chairman of the Parliamentary Work Committee, Hussein Arab, said that the money of depositors in banks is now in danger, pointing to a move to hold the Central Bank accountable regarding dollar transfers, while he confirmed that Parliament will direct a parliamentary question to the Central Bank Governor, early next week.

Parliament will ask the Central Governor about the dollar next week... Representative Hussein Arab Small  Jordan takes most of Iraq's dollars, and our bills deceive Washington.. A deputy accuses the Central Bank of the details

Arabs in an interview with journalist Sahar Abbas, followed by Network 964:

What is happening is a delay by influential people in the Central Bank of the procedures for selling the dollar, in favor of the black market, and one of the influential people intervened to delete my statements about the dollar in the media.

The question is how do you give 75% of dollar sales to one non-Iraqi bank, the Jordanian Capital Bank’s share is 61% and 9% to the Cairo Amman Bank of Jordan, and it transfers to them $120 million daily, while the share of the 80 Iraqi banks does not exceed 20%, the National Bank Jordanian acquires $4 billion a month from Iraq.

Previously, the invoices were fake, while today the invoices are real, but at double prices, and therefore it is a conspiracy against the Iraqi economy and by Iraqi hands, and we must stand as one man against the theft of the Iraqi people’s money.

The money of depositors in banks is now in danger. The government prevents the circulation of the dollar, but allows the opening of official accounts in the dollar currency. Some banks do not have cash from the Iraqi dinar due to the absence of reinforcement from the central bank. We are heading towards the Lenovation of Iraq, and we will move in parliament to hold the central bank accountable regarding dollar transfers.

We will address a parliamentary question to the Governor of the Central Bank early next week during the parliamentary sessions, and in the event of collusion by individuals or the administration of the House of Representatives, the opinion will remain the opinion of the street, and the political chambers have weakened the role of the House of Representatives in every way, so the political decision is the ruling one, and we will take our official measures within the House.

The Al-Basas coalition aims to reach the leadership of the state, as the civil political identity disturbs the dominant powers, and I do not prefer the path of demonstration, but rather through the democratic process through the ballot boxes.

In the year 2021, the votes of independents reached 2 million and 480 thousand votes, which is a significant number, so gathering these votes in “St.

There are parties funded from abroad, and we are a group of merchants and businessmen in the Basic Alliance and financed by ourselves. We do not have millions to give to the bloc’s candidates, but rather everyone finances from himself.  https://964media.com/231161/

The Popular Movement Accuses Washington Of Imposing Guardianship Over Iraq

Information/Baghdad..    On Monday, the popular movement warned the government of the consequences of procrastinating the previous parliament’s decision regarding the withdrawal of foreign forces from Iraq.

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

The head of the movement’s organizing body, Hussein Ali Jassim, said in an interview with the Maalouma Agency, “America imposes its guardianship over Iraq’s sovereignty and is still pressuring towards procrastination of the withdrawal issue.”

He added, "There is marketing for the previous parliament's decision regarding the removal of all foreign forces, especially American forces, from the country according to a specific timetable."

He pointed out that "the presence of foreign forces is popularly rejected," calling on "the coordination framework forces to set a date to host the government within the House of Representatives to discuss marketing the file of scheduling foreign withdrawal from the country."

The Popular Legal Movement had described the current moves to remove foreign forces from Iraq as a media whirlwind, demanding that the file be put back on the parliamentary table. LINK

The Central Bank Sells More Than $201 Million In The Currency Auction

Economy News – Baghdad  On Monday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 201 million dollars.

The Central Bank's website published its dollar sales schedule, which Al-Iqtisad News reviewed. It included the participation of 26 banks and 56 exchange companies, and foreign transfer requests covered $168.6 million, while cash requests amounted to more than $32 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.  10/09/2023 - https://economy-news.net/content.php?id=36870

The Dollar Exceeds The Barrier Of 160 Thousand Dinars In Baghdad Markets And Money Exchangers

Economy |Baghdad today – Baghdad   Today, Monday (October 9, 2023), dollar prices recorded a significant jump in the markets and exchange offices of the capital, Baghdad, to record a record exceeding 160,000 per hundred dollars.

The "Baghdad Today" correspondent said, "Selling prices in money exchange shops in the capital, Baghdad, amounted to 160,500 Iraqi dinars for every 100 US dollars, while purchasing prices recorded 159,500 Iraqi dinars for every 100 US dollars."

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.   LINK

Iran Anticipates Events And Threatens: Any Foolish Israeli Action Against Us Will Be Met With A Devastating Response

Arab and international |Baghdad today - follow-up  Iranian Foreign Ministry spokesman Nasser Kanaani confirmed today, Monday (October 9, 2023), that any foolish Israeli action against Iran will be met with a devastating response.

Kanaani said in the weekly press conference in the capital, Tehran: “America and some European countries turning a blind eye to Israel’s crimes and placing the resistance in the position of the accused is unacceptable,” noting, “We hope to witness measures from the Islamic world to support the Palestinian people in the face of Israeli crimes.”

The spokesman stressed that "the international community must move to calm the situation between Israel and the Palestinians," pointing out that "accusing Tehran of playing a role in operations in Palestine is politically motivated to justify Israel's defeat."

He added, “America’s sending of an aircraft carrier to the Mediterranean is a practical contribution to the Israeli aggression against the Palestinian people.”    LINK

Points to Ponder on The Value of Challenge: 

Challenge is life's way of making sure that you truly desire the things you achieve. Challenge is an excellent tool for keeping you focused on the things that really matter to you.

Imagine for a moment what it would be like to live in a world with no challenge. In such a world, you could obtain anything and everything with no need for effort, discipline or commitment. Does that sound like a great setup, with your every wish fulfilled the moment you think of it? 

Well, it might be nice for 20 minutes or so,but it would soon grow extremely tiresome. For such a world would literally overwhelm you with meaningless triviality. 

Sure, every wish would be instantly granted, but it would all be painfully empty.

The value of achievement is in the achieving, in the overcoming of the challenges, in the person you become as a result of going through the process. 

To have the reward without the effort is to have no reward at all, nothing but an empty and meaningless token.

Challenge is difficult, often painful, always demanding, and as such, challenge is what makes true value, beauty and fulfillment  possible. Challenge can be tough, yet indeed it brings about the 
richness and fullness of life.  Ralph Marston

Goldilocks' Comments and Global Economic News Monday Evening 10-9-23

Goldilocks' Comments and Global Economic News Monday Evening 10-9-23

Good afternoon Dinar Recaps,

Israel Latest: Army Reserves Called Up, Chevron Shuts Gas Field

"Chevron was told by Israel to shut down an offshore natural gas platform, citing safety concerns. Oil rose and the conflict shook local markets, with the shekel dropping despite a huge support package from the central bank."

Yesterday, we talked about prices on paper currencies fluctuating during a time of War. Today, we are going to take a look at what happens to the commodities that support our current payment systems.

Oil, silver, and gold stabilize our paper money as much as it can during a War. Oil reserves are held back and utilized mainly by the military causing shortages in the oil market and prices do rise.

The uncertainty of economic needs during times like this shifts priorities toward military efforts in all sectors of the economy. Price distortions begin to create payment fluctuations on everything across the board.

This is why the end of wartime efforts requires new treaties that include new exchange rates for all countries involved. Depending on how much infrastructure demands are created during a War, it will have a corresponding need for the printing of money to keep pace with the rebuilding of an economy.

Remember, many of the economies that are supporting allies to Israel and Palestine represent many of the currencies you and I hold. Many of these allies have not had a reason to supply their currency Market with enough demand to justify increases of printing them just yet.

There will be a need to supply enough money in all countries that get involved in this war to fulfill their orders created by demand. Already, we are witnessing trade imports and exports being shifted to support their favorite allies.

These shifts alone will begin to put price pressures and need for more money supply to take place in several countries that have shifted from the dollar to their own local currency.

All this includes investors who participate in the rebuilding of an economy speculating on the needs of communities allowing a participation of money velocity to return to these economies at a level that promotes growth in their own local currencies.

© Goldilocks

Financial Post Link
Statista Link

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Our Experience with the Collapse of the Dollar’s Purchasing Power for Used Cars, Auto Insurance, Repair Costs, Rental Cars 

Wolf Street Link

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Markets: Investors will be focused on the outbreak of war in Israel and Gaza, which could lead to volatility in global stock markets and oil prices, depending on the escalation of the conflict. US oil futures jumped as much as 5.4% last night. Later in the week, the consumer price index report will give an update on the Fed’s fight against inflation.

© Morning Brew

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Asset Revesting Quarterly Analysis

https://youtu.be/P8do_h7Ksos?feature=shared

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Israel conflict to lead to higher oil volatility, Petrobras says

https://youtu.be/P8do_h7Ksos?feature=shared

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Just a simple note to let people know where I stand.

As with any event that takes place on this planet, there are some that are going to claim it is fake and others claim it is real.

I purposefully shared with you this morning information regarding the effects of War. This is where my attention will go.

No matter if this is real or made up, changes are being made in the trading ports right now that will affect our global economy.

That is what is real to me. I use the event of War to explain to you what happens to global economies during them.

No matter where you stand on this issue. The effects of the current event we now find ourselves in have already been put into motion.

Let's follow this deeper truth as we go along.

© Goldilocks

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Iraq is currently in the process of re-educating their Banks and people on the reuse of the Iraqi Dinar.

© Goldilocks

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A sample contract for the work agreement for internal transfers for the purpose of being approved by exchange companies for categories ( A and B ) and mediation companies that buy and sell foreign currencies in their future contracts. Please inform us of the name of the company you wish to contract with before signing.

:diamonds: To view the contract form...click here https://cbi.iq/static/uploads/up/file-169685292010955.pdf

https://cbi.iq/news/view/2438

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Economies are being mobilized and shifted into new positions regarding trade.

New networks are currently being upgraded. (Protocol 20)

Look for repricing events to take place in the commodity markets or caps to be released on their prices.

Quantum Technologies are awaiting implementation.

© Goldilocks

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Although you do not hear me speak as of late about our CBI contact, Dee and I still have conversations ongoing.

For his protection going forward, just look for information provided knowing it is supported in what is revealed through the new digital economy.

This is the new Intel we are really looking for...

© Goldilocks

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Just Listen For 5 Minutes, Your Body Will Have Clear Changes, Full Body Massage, Improved Health

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Ostium Labs, a cryptocurrency startup, raised $3.5 million in funding to develop a protocol for digitized commodities perpetual swaps.

It aims to attract both traditional commodities traders and crypto-native traders by offering transparent and flexible alternatives for trading assets like oil, bitcoin, foreign exchange pairs, and more.

This cryptocurrency startup aims to combine traditional commodities trading with the world of crypto, following the close of a $3.5 million fundraise. 
The Block Link

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Backed Finance has successfully launched a tokenized government bond auction for a BlackRock ETF on an L2 network Base. The protocol allows companies to digitize assets like equities, commodities, art, or collectibles without going through traditional finance rails or their own legal processes. There has been increased interest in non-USD-denominated short-term bonds with high-interest rates and low crypto prices. However, U.S. investors are currently blocked from trading any of Backed's tokenized offerings.

https://decrypt.co/200389/backed-launches-tokenized-blackrock-etf-base-network

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We have a shortage of elements that many parts of the world are blind to.

The world is becoming a very divided place.

Ask yourself:

Who controls the supply chains, and where are most minerals and energy sourced?

We live in an era of the weaponization of assets.

Read: https://x.com/goldtelegraph_/status/1711460442357588344?s=46

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BREAKING NEWS

THE WORLD’S LARGEST COPPER PRODUCERS HAVE WARNED THAT THERE IS A LACK OF MINES UNDER DEVELOPMENT TO DELIVER ENOUGH OF THE METAL TO KEEP PACE WITH THE CLEAN ENERGY TRANSITION

Copper.

Read: https://x.com/goldtelegraph_/status/1711453370572210327?s=46

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Goldilocks on the Seeds of Wisdom Team™ Website

Thank you Dinar Recaps  --  www.DinarRecaps.com

Iraq Economic News and Points to Ponder Monday Afternoon 10-9-23

Iraq Economic News and Points to Ponder Monday Afternoon 10-9-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Foreign Affairs Chairs The Thirtieth Session Of The Ministerial Council For The Economy

Monday 09, October 2023 13:14 | Economical Number of readings: 329 Baghdad / NINA / Today, Monday, Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, chaired the thirtieth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Industry, Trade, Labor, and Social Affairs, the Secretary General of the Council of Ministers, the Governor of the Central Bank, the Chairman of the National Investment Authority, and the President’s Advisor. Council of Ministers for Legal Affairs.

The Council discussed the items on its agenda and took appropriate decisions regarding them. The Undersecretary of the Ministry of Agriculture and Advisor to the Prime Minister hosted two members of the special committee to study the methods of support provided to the agricultural sector and the possibility of their sustainability in light of the water and financial situation and benefit from global experiences and modern methods of irrigation, agricultural mechanization and support of strategic agricultural crops.

The Council also discussed the recommendations of the committee formed to support private banks in order to advance the work of these banks to be an important part of the Iraqi economy.

The Governor of the Central Bank indicated that the bank is putting the final touches to the lending strategy, and is continuing to implement decisions related to electronic payment.

Given the importance of the wastewater treatment unit project to preserve the environment, reduce pollution, and contribute to increasing the life of production machines and protecting them from damage, the Council decided to change the method of implementing this project to contribute to accelerating its completion./End  https://ninanews.com/Website/News/Details?key=1082530

Central Bank Governor: We Are Putting The Final Touches To The Lending Strategy

Money  and business  Economy News – Baghdad  Central Bank Governor Ali Al-Alaq confirmed today, Monday, the final touches to the lending strategy.

The Ministry of Foreign Affairs stated in a statement received by “Al-Iqtisad News” that “Deputy Prime Minister and Foreign Minister Fouad Hussein chaired today the thirtieth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Industry, Trade, Labor and Social Affairs, the Secretary-General of the Council of Ministers and the Governor The Central Bank, Chairman of the National Investment Authority, and Advisor to the Prime Minister for Legal Affairs.”

She added, “The Council discussed the items on its agenda and took appropriate decisions regarding them. The Council also hosted the Undersecretary of the Ministry of Agriculture and the Prime Minister’s Advisor, two members of the special committee to study the methods of support provided to the agricultural sector and the possibility of their sustainability in light of the water and financial situation, and to benefit from global experiences and modern methods of irrigation, agricultural mechanization, and support.” Strategic agricultural crops.

She continued, "The Council also discussed the recommendations of the committee formed to support private banks in order to advance the work of these banks to be an important part of the Iraqi economy."

The Governor of the Central Bank indicated, according to the statement, that “the bank is putting the final touches to the lending strategy, and is continuing to implement decisions related to electronic payment.”

The Ministry confirmed, “Given the importance of the wastewater treatment unit project to preserve the environment, reduce pollution, and contribute to increasing the life of production machines and protecting them from damage, the Council decided to change the method of implementing this project to contribute to accelerating its completion.”

Views 26  10/09/2023 - 2:12 PM   https://economy-news.net/content.php?id=36879

 The Iraq Stock Exchange ends trading today with a decrease of 0.42%
Market  Economy News – Baghdad  The Iraqi Stock Exchange closed, down by 0.42% during Monday’s session, affected by the decline in the performance of the banking sector.

Investors traded 599.2 million shares, worth 1.34 billion dinars, through 707 transactions.
The performance of the banking sector declined, as investors traded the shares of 9 banks, of which 7 declined, as a result of the rise in the exchange rates of the dollar against the dinar, as the Economy Bank was the most declining by 8.3%, followed by the Gulf by 5%, and Iraqi Investment by 4.55%.

Baghdad Soft Drinks Company shares rose by 0.56% after announcing the company’s results during the past 9 months, which achieved profits of 97 billion dinars.
Views 55  10/09/2023 -  https://economy-news.net/content.php?id=36880

Oil Prices Jump In Light Of The Tension In The Middle East

Economy | 08:40 - 09/10/2023  Baghdad - Mawazine News   Oil prices rose by more than 3% in Monday trading, due to the tension taking place in the Middle East, which raised fears of possible disruptions in supplies from the oil-rich region.

By 07:50 Moscow time, US West Texas Intermediate crude futures rose 3.70% to $85.85 per barrel.

While global Brent crude futures rose by 3.42% to $87.47 per barrel, according to Bloomberg data.

https://www.mawazin.net/Details.aspx?jimare=236092

The Central Bank Sells More Than $201 Million In The Currency Auction

Economy News – Baghdad   On Monday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 201 million dollars.

The Central Bank’s website published its dollar sales schedule, which Al-Iqtisad News reviewed. It included the participation of 26 banks and 56 exchange companies, and foreign transfer requests covered $168.6 million, while cash requests amounted to more than $32 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 133 10/09/2023 - https://economy-news.net/content.php?id=36870

The Dollar Exchange Rate Exceeds 160 Thousand Iraqi Dinars

Dollar prices rose in local markets in Baghdad, where the selling price reached 160,250 Iraqi dinars, while the purchasing price reached 158,250 dinars per 100 dollars.

In Erbil, the dollar exchange rates for selling reached 159,000 dinars for 100 dollars, and the purchasing price was 158,900 dinars for 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

https://www.radionawa.com/all-detail.aspx?jimare=35897

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

https://www.bondladyscorner.com/ 

Points to Ponder on Character:

Men best show their character in trifles, where they are not on their guard - it is in insignificant matters, and in the simplest habits, that we often see the boundless egotism which pays no regard to the feelings of others, and denies nothing to itself -- Arthur Schopenhauer

We want the spirit of America to be efficient: we want American character to be efficient; we want American character to display itself in what I may, perhaps, be allowed to call spiritual efficiency -- clear disinterested thinking and fearless action along the right lines of thought -- Woodrow Wilson

When the late J P Morgan was asked what he considered the best bank collateral, he replied, "Character"

A man may be outwardly successful all his life long, and die hollow and worthless as a puff-ball; and he may be externally defeated all his life long, and die in the royalty of a kingdom established within him -- A man's true estate of power and riches, is to be in himself; not in his dwelling, or position, or external relations, but in his own essential character -- that is the realm in which he is to live, if he is to live as a Christian man -- H W Beecher

A good character is, in all cases, the fruit of personal exertion -- it is not inherited from parents; it is not created by external advantages; it is no necessary appendage of birth, wealth, talents, or station; but it is the result of one's own endeavors -- the fruit and reward of good principles manifested in a course of virtuous and honorable action -- J Hawes

"Tidbits From TNT" Monday 10-9-2023

TNT:

Tishwash:  Replacing the dinar with the dollar

 Finally, the Central Bank of Iraq announced in a statement last week that “the coming year will witness the restriction of all internal commercial and other transactions to the Iraqi dinar instead of the dollar, except for those delivered to travelers.”

Financing foreign trade will be directly for merchants dealing in remittances outside the electronic platform, through licensed banks that will deal with correspondent banks in foreign transfer operations and in the local currency of the country from which the merchant wants to import.

 Then the dollar auction will be gradually dispensed with and the central bank will intervene to control the exchange rate through a shift in its tools.

Cash, which will be more effective in achieving monetary stability, due to the expected decline of the so-called black market and the emergence of a real parallel market that will effectively contribute to financing the total demand for foreign currencies after the local currencies of the trading countries are traded within the parallel market following the opening of transfer channels for those currencies in a way Official. 

Thus, we will witness a new phase in which exchange rates will be more stable than the phases witnessed in previous years if dollar smuggling operations are controlled, which is expected to decline automatically with the decline of the dollar supply on the black market.

At that time, the country will witness the real beginning of an attractive investment environment, as the confusion in the dollar exchange rate was often an element that repelled investors due to their inability to delve into the area of ​​expectations in which the exchange rate was fluctuating, which makes financial feasibility studies more difficult in calculating construction and operating costs and recovery periods. Total costs and profit calculations. This is in addition to other repulsive factors, which were the confusion of the security situation, the incompleteness of legislation related to the investment environment and the regulation of market relations, the failure to activate the package of economic laws that had been legislated, and the spread of corruption and bureaucracy. 

However, there is a problem linking the exchange rate and the costs of production in neighboring countries compared to the costs of production inside Iraq.

The lower the exchange rates of neighboring countries’ currencies are against other currencies, such as in Turkey, Iran, and Syria, compared to the exchange rate of the Iraqi dinar, the lower the cost of producing goods in those countries.

The cost of production is comparable to that in Iraq, which makes the investment environment unattractive at the level of production of traditional goods produced in neighboring countries unless borders are controlled to protect the local product in addition to protecting exchange rates from currency smuggling. link

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CandyKisses:  Iraq and 5 countries renew commitment to support oil stability

Economy News-Baghdad

Iraq, Saudi Arabia, the United Arab Emirates, Kuwait, Oman and Bahrain on Monday renewed their commitment to "collective and individual voluntary production adjustments" for oil.

According to a joint statement, the oil ministers of the six countries met on the sidelines of the Middle East and North Africa Climate Week, launched by the United Nations in Riyadh.

The ministers reaffirmed the readiness of the countries of the Declaration of Cooperation to take additional measures at any time as part of their ongoing efforts to support market stability and build on the strong cohesion of the OPEC+ (alliance) countries.

The OPEC+ alliance, which includes OPEC and non-OPEC allies led by Russia, agreed in June to extend voluntary oil cuts first announced in April until the end of 2024.

Saudi Arabia and Russia have announced additional voluntary cuts until the end of 2023, subject to a monthly review. OPEC+ ministers on Wednesday made no changes to the group's oil production policy after Saudi Arabia and Russia said they would maintain voluntary supply cuts to support the market

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CandyKisses:  CBI warns banks reluctant to withdraw dollar deposits

Baghdad - Iraq Today:

The Central Bank of Iraq warned, on Sunday, all banks, not to deliver dollars to citizens, under the pretext of implementing the bank's decisions, which will take effect early next year.

"In confirmation of our circular No. 180/3/9 on 2020/6/30 and subsequent circulars about foreign exchange centers, the latest of which is our circular No. 204/2/9 on 2023/3/30, your banks must observe the foreign exchange centers allowed in accordance with the above circulars to avoid being unable to meet your customers' requests to withdraw dollars deposited in cash in their accounts opened with you," said a letter issued by the Central Bank addressed to banks.

The CBE added that "several complaints were received regarding the failure to meet these withdrawals under the pretext of the existence of instructions issued by the Central Bank that prevent this," stressing that "the Central Bank will take into account the complaints received from customers and will take the necessary measures against the abstaining banks."

The Central Bank of Iraq confirms the guarantee of 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 in US dollars.

The central bank has indicated that the reforms it is carrying out aim to achieve compliance of the bank and the Iraqi banking system in general, with international compliance standards, and to prevent the dollar from reaching parties prohibited from obtaining or speculating in it.

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Tishwash:  The President of the Republic stresses the importance of approving laws that affect the lives of citizens

The President of the Republic, Abdul Latif Gamal Rashid, stressed today, Monday, the importance of activating the work of the House of Representatives to legislate and approve laws that directly affect the lives of citizens.

The Presidency of the Republic stated in a statement received by:Alsumaria News“The President of the RepublicAbdul Latif Jamal RasheedHe was received today at the palaceBaghdadThe parliamentary Taqadum bloc delegation, headed byAbdul Karim Abtan Al-Jubouri", indicating that "the overall developments on the political scene were discussed."

He stressed "the importance of activating the work of the House of Representatives to legislate and approve laws that directly affect the lives of citizens, including the lawSupreme CouncilFor water andFederal Supreme Court LawAnd the law of the Supreme Authority for the Empowerment of Women and the law of the Federation Council,” stressing “the need to put the interests of the people above all considerations.”

The meeting discussed the issue of rebuilding the liberated governorates, rehabilitating the infrastructure, and providing services to their residents, as they have suffered from terrorism and gang crimes.ISISThe President of the Republic pointed out "the importance of the upcoming governorate council elections and the necessity of holding them on time according to the constitutional timings and ensuring their integrity, transparency and success in order to achieve an improvement in the service, health and economic reality and support the government effort in this field."

In turn, the members of the Taqadum Party delegation thanked the president for his valuable directives, stressing that “their party, with all its cadres and leaders, seeks to expand cooperation and coordination with the rest of the blocs and parties in order to consolidate political and security stability in the country.”   link

Mot: . If She's Mad at Ya!! ------ ((( Ya can Count on ole Mot fer Advice )))

Mot:  Obvious Signs!!! 

Iraq Economic News and Points to Ponder Monday AM 10-9-23

Iraq Economic News and Points to Ponder Monday AM 10-9-23

 “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

Baghdad – 964  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.   https://964media.com/230683/

The Dollar Exceeds The Barrier Of 160 Thousand Dinars In Baghdad Markets And Money Exchangers

Economy |Today  Baghdad today – Baghdad  Today, Monday (October 9, 2023), dollar prices recorded a significant jump in the markets and exchange offices of the capital, Baghdad, to record a record exceeding 160,000 per hundred dollars.

The "Baghdad Today" correspondent said, "Selling prices in money exchange shops in the capital, Baghdad, amounted to 160,500 Iraqi dinars for every 100 US dollars, while purchasing prices recorded 159,500 Iraqi dinars for every 100 US dollars."

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.   Kink-   LINK

Parliamentary Finance Warns The Government Of An Economic Disaster Due To The Adoption Of The Dollar

Economy   LINK

Speculation And Lack Of Supply Contribute To Raising The Price Of The Dollar

Economical  10/09/2023    Baghdad: Al-Sabah    The dollar exchange rates have disturbed the atmosphere of the economic steps that various government agencies continue to achieve, especially the implementation of various service projects in Baghdad and the governorates, which have witnessed remarkable progress in completion rates, while the “green currency” recorded an exchange rate of approximately 158,500 thousand dinars for every 100 dollars, An economic expert expressed his fear that the dollar would continue to rise as a result of speculation, lack of supply, and the delay in meeting the needs of travelers.

Amid this, the Central Bank continued its efforts aimed at undermining the price of the dollar and limiting its rise, as its sales in the foreign currency sales window amounted to more than 195.5 million dollars.

According to the Central Bank’s dollar sales schedule, according to a statement issued yesterday, it included the participation of 25 banks and 47 exchange companies, while the amounts covering foreign transfer requests amounted to $156 million, and cash requests 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, and at a price of 1,310 dinars per dollar for external transfers and cash sales.

In addition, economic affairs specialist Fouad Al-Hasani believes that the exchange rate is the price of the monetary value of one currency against another currency, as that price is determined against the dollar and estimated by the global foreign exchange market and economic factors, indicating that there are a number of factors that affect the exchange rate, including: supply. And demand: If the demand for the dollar increases compared to the other currency, its value will rise, and if the supply of the dollar increases compared to the other currency, its value will decrease.

Al-Hasani pointed out that the other factor that affects the exchange rate is “the main interest,” as interest rates vary between countries. The higher the interest is in a particular country, this may attract more foreign investments and thus increase the demand for its currency, indicating at the same time “Political and economic stability” represents the most important factors for the stability of the exchange rate, as political or economic turmoil can affect investor confidence and lead to fluctuations in the exchange rate of its currency.

In turn, economic affairs specialist, Ahmed Maklaf, expressed his fear that the dollar exchange rate will continue to rise in the coming periods, attributing this to the expanding demand for the green currency to finance trade with some countries not included in the central bank’s financial transfers.

Maklaf pointed out that the increase in demand for the dollar is also due to the delay in financing the needs of travelers, many of whom are forced to buy the dollar from parallel markets due to the failure of banks and specialized exchange offices to meet their requests, which has directly contributed to raising its value against the dinar, stressing that “ The speculative market is still active despite the strict measures taken by various government agencies to limit the effects of that market.  https://alsabaah.iq/85154-.html

Replacing The Dinar With The Dollar

Economical  10/09/2023  Muhammad Sharif Abu Maysam   Finally, the Central Bank of Iraq announced in a statement last week that “the coming year will witness the restriction of all internal commercial and other transactions to the Iraqi dinar instead of the dollar, except for those delivered to travelers.”

Financing foreign trade will be directly for merchants dealing in remittances outside the electronic platform, through licensed banks that will deal with correspondent banks in foreign transfer operations and in the local currency of the country from which the merchant wants to import. Then the dollar auction will be gradually dispensed with and the central bank will intervene to control the exchange rate through a shift in its tools.

Cash, which will be more effective in achieving monetary stability, due to the expected decline of the so-called black market and the emergence of a real parallel market that will effectively contribute to financing the total demand for foreign currencies after the local currencies of the trading countries are traded within the parallel market following the opening of transfer channels for those currencies in a way Official.

Thus, we will witness a new phase in which exchange rates will be more stable than the phases witnessed in previous years if dollar smuggling operations are controlled, which is expected to decline automatically with the decline of the dollar supply on the black market.

At that time, the country will witness the real beginning of an attractive investment environment, as the confusion in the dollar exchange rate was often an element that repelled investors due to their inability to delve into the area of ​​expectations in which the exchange rate was fluctuating, which makes financial feasibility studies more difficult in calculating construction and operating costs and recovery periods. Total costs and profit calculations.

This is in addition to other repulsive factors, which were the confusion of the security situation, the incompleteness of legislation related to the investment environment and the regulation of market relations, the failure to activate the package of economic laws that had been legislated, and the spread of corruption and bureaucracy.

However, there is a problem linking the exchange rate and the costs of production in neighboring countries compared to the costs of production inside Iraq. The lower the exchange rates of neighboring countries’ currencies are against other currencies, such as in Turkey, Iran, and Syria, compared to the exchange rate of the Iraqi dinar, the lower the cost of producing goods in those countries.

The cost of production is comparable to that in Iraq, which makes the investment environment unattractive at the level of production of traditional goods produced in neighboring countries unless borders are controlled to protect the local product in addition to protecting exchange rates from currency smuggling. https://alsabaah.iq/85152-.html

Pepsi Baghdad Achieved Revenues Of More Than 566 Billion Dinars During The Past 9 Months

Market  Economy News – Baghdad  The revenues of the Baghdad Soft Drinks Company, known as "Pepsi Baghdad", grew by 12.38% during the first nine months of the year 2023 compared to the same period of the year 2022. According to the financial statements during the third quarter of the current year, the company's revenues amounted to 566.4 billion dinars, while it was In the same period last year, 504 billion dinars.

The company's profits increased by 139%, achieving 97.2 billion dinars, while in the same period last year they amounted to 40.7 billion dinars. The increase is due to reducing the company's expenses and increasing transfer revenues.   Views 11  10/09/2023 - https://economy-news.net/content.php?id=36874

Securities Traded 19 Billion Shares Last September

Economical  10/09/2023    Baghdad: Al-Sabah    The Iraq Stock Exchange revealed that more than 19 billion shares were traded during the month of September, with a total value exceeding 24 billion dinars, during 17 sessions last month.

Executive Director of the market, Taha Ahmed Abdel Salam, said: Last September witnessed the trading of shares of (69) joint stock companies out of (103) joint stock companies, and the number of shares traded reached 19,361,720,452 shares, with a total value amounting to 24,825,124,986 dinars, pointing out that the number of transactions executed It reached 12,933 transactions.

He added that the ISX60 traded stock price index closed in the last session of the month at 835.53 points, an increase of 3% from the August 2023 close of (809.8) points.

Regarding foreign trading, Abdul Salam indicated that the number of shares purchased by foreigners reached 783 million shares, with a value exceeding 2.921 billion dinars, through the implementation of 628 contracts on the shares of 12 companies, while the number of shares sold by foreigners reached 458 million shares, with a value exceeding 1.050 billion dinars. During the implementation of 397 contracts on shares of 11 companies.

He pointed out that in the month of August, the Iraq Stock Exchange held 17 trading sessions to deal in the shares of Iraqi joint stock companies listed for sale and purchase by shareholders and investors. The market did not organize trading sessions on 9/6, 9/7, and 9/27 because they coincided with an official holiday and Fridays and Saturdays. Every week, the shares of (28) joint stock companies were not traded due to differences in bid and ask prices, in addition to the presence of (9) joint stock companies suspended from trading due to lack of disclosure based on the decisions of the Securities Commission.

The Securities Commission decided to extend the period for submitting financial statements for the fiscal year 2022 and grant an additional period of one year to (14) joint-stock companies, provided that the company continues to follow up with the Financial Supervision Bureau to complete audit procedures and issue the financial statements in their final form before the end of the period.

He stated that the Board of Governors of the Iraq Stock Exchange held its ninth session on September 30, 2023, and among the most important decisions taken was the study and discussion of trading indicators for the previous month and the discussion of the technical procedures of the electronic systems department implemented for the technical updates approved by the Council and the oversight and inspection reports.

He warned that the market will begin implementing clearing and settlements according to the T+2 specifications that are compatible with the requirements of the custodian’s activity, instead of T+0 that has been applied since 2009, based on the decisions of the Securities Commission and the Securities and Exchange Commission.    Conservatives.    https://alsabaah.iq/85153-.html

Oil Exports Will Exceed 5 Million Barrels Per Day In 2025 

Baghdad: Saad Al-Sammak    Basra Oil Company expected that export capacity during the year 2025 would exceed 5 million barrels per day.

The expectations came after the Council of Ministers approved last July to allocate $416.9 million to establish the third marine export pipeline and transfer it to the Basra Oil Company.

The Basra Oil Company contracted with the Dutch company Royal Boskalis to build the pipeline, which has an operational capacity of two million barrels per day, and an implementation period of 400 minutes.  day.

 The Director General of the Basra Oil Company, Bassem Abdul Karim Al-Shamkhani, told Al-Sabah: “The new third sea export project will strengthen Iraq’s leadership position in the global market,” expecting that “the export capacity of Iraqi oil will reach more than 5 million barrels per day within the year 2025.” ".

He added that his company plans to gradually double and develop crude oil production in licensing fields and government efforts in 2024, noting that the rate of crude oil export through Basra oil ports has reached more than 3 million and 500 thousand barrels per day.

In the latest statistics published by the Ministry of Oil, “the total quantities of crude oil exported for the month of September from the oil fields in central and southern Iraq amounted to about 102 million barrels, while the quantities exported to Jordan amounted to about 450 thousand barrels, while exports from the Qayyarah field were 473 thousand.” barrel".  Edited by: Abdul Rahman Ibrahim   https://alsabaah.iq/85168-.html

Israel Asks America To Provide It With “Iron Dome” Missiles

09/10/2023   1780  Earth News/ An American newspaper reported, citing sources, that the Israeli authorities asked the United States to renew its arsenal of interceptor missiles for the “Iron Dome” missile defense system and other ammunition.

The newspaper said, citing sources: “Israeli officials submitted several specific requests to Washington... including the renewal of Iron Dome interceptor missiles, small-diameter bombs, and machine gun ammunition.”

The Washington Post continued: “Israel called for increased cooperation in exchanging intelligence information related to potential military activity in southern Lebanon.”

Earlier, US Secretary of State Anthony Blinken said that Washington is studying Israeli requests for military assistance for the operation in the Gaza Strip, he said.

Yesterday, Sunday, the White House announced that US President Joe Biden had directed additional support to Israel. “The President ordered additional support to be provided to Israel in the face of this unprecedented terrorist attack launched by Hamas,” the statement said.  https://earthiq.news/archives/286543#hathalyoum

A Former MP Criticizes Al-Halbousi: He Sits With Erdogan And His Forces Are Bombing His Country

Information / Baghdad...On Monday, the former representative of Sulaymaniyah Governorate, Ghaleb Muhammad, criticized the positions of many politicians from the ruling class and their sitting with the Turkish President at a time when his forces are bombing Iraqi lands and cutting off water.

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

Muhammad told Al-Maalouma, “Many politicians from the ruling class are sitting with Turkish President Recep Tayyip Erdogan and the rest of his entourage, making understandings and exchanging conversations at a time when Turkish forces are bombing Sulaymaniyah and other areas.”

He added, "It is shameful that the Turkish bombing continues without taking any deterrent measures, or at least expelling the Turkish ambassador from the country. If there is a fear of such a step in anticipation of cutting off the water, then Turkey has already cut off the water to the country."

He stated that "Iraq today lives on rainwater that is stored in dams and released into the rivers, after Turkey worked to besiege Iraq through water and also stopped the export of oil in the past days." LINK

The Palestinian Resistance Captures A New Group Of Zionist Soldiers

International    Information/Baghdad... The Izz al-Din al-Qassam Brigades (the military arm of the Islamic Resistance Movement Hamas) announced on Monday the capture of a new group of Zionist soldiers.

Palestinian media reported, "Al-Qassam Brigades captured a new group of Israeli soldiers."

He pointed out that "the Palestinian resistance is now engaged in violent clashes inside the cover settlements."   LINK

Points to Ponder on Hope:

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

Hope... is the companion of power, and the mother of success; for who so hopes has within him the gift of miracles.  -- Samuel Smiles

Goldilocks' Comments and Global Economic News Sunday Evening 10-8-23

Goldilocks' Comments and Global Economic News Sunday Evening 10-8-23

Good afternoon Dinar Recaps,

Let's take a look at what war does to a country's currency. It causes inflation, the rise of interest rates, diversions in international trade, and the destruction of property, capital, and human lives. It's not a pretty picture at all.

There is an upside to war believe it or not. Interest rates go down at the end of the war to encourage economic growth, new treaty agreements are signed that involve economic benefits, and a fresh supply of new money to pay for the war it would help the creation of money for countries who have relied on the dollar for so long.

When the supply of money deflates, it is hard for investors to speculate and grow an economy inside their own Market causing prices to drop and the value of a currency to fall.

As you can see, price adjustments happen during and after a war that creates a shake up in the currency Market enough to formulate new price patterns within them and a fresh new supply of money.

New tokenized assets supported by gold and price pressures on local currencies around the world will create opportunities for those involved in these investments.

Humanitarian projects flourish during these times because of the need for money to flow once again.

Take a close look at the allies of both Palestine and Israel. Notice how many countries would be involved if this war were to escalate that just happened to fall into the investments most people in this room hold in currencies.

It is never a good trade-off to trade people's lives for money, but these are the effects of War and why exchange rates change during times of crisis.

© Goldilocks

https://www.gov.il/en/Departments/General/israeli_relations
https://worldpopulationreview.com/country-rankings/countries-that-recognize-palestine
Tekedia Link
Investopedia Link
Wikipedia Link
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Hong Kong Delays Retail Trading of Stablecoins Pending Comprehensive Policy 

Cryptopolitan Link

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D.C. Dispatch: Delegates weigh in on vacant chair and the Farm Bill 

Iowa Capital Dispatch Link

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IRS makes progress on implementing Inflation Reduction Act

Accounting Today Link

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BLM needs to consult with tribal nations about proposed oil and gas reforms 

The Nevada Independent Link

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Israel Warns of Long War as it Retaliates in Gaza: Live Updates 

The New York Times Link

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Are we about to go into a Global War? The answer to this question remains uncertain, but the defensive postures taking place in International trade relations has the potential to reset the global economy.

© Goldilocks

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Early next year, the Central Bank of Iraq will cease being a permanent intermediary for their currency and the electronic platform.

© Goldilocks

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🚨THE GREAT RESET⚠️WHY YOU MUST PREPARE NOW🚨XRP IS YOUR WAY OUT

https://youtu.be/W6aDSHefhIg?feature=shared

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ALERT! Silver READY to Run This Week as Banks Suffer MASSIVE Unrealized Bond Losses! (Bix Weir)

We are in the middle of a massive destruction of US Bank Capital. 
 
Rising interest rates are destroying the value of US Bonds that are used as Tier 1 Capital for banks in their Fractional Reserve System! 
 
Just a matter of time before the entire world finds out that the Emperor Has No Clothes!
 
https://youtu.be/Up2uGSC8-Po 

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The energy minister of Saudi Arabia says OPEC+ is ready to wait months for insights from "actual data" before modifying policies in response to price fluctuations in the crude market.

Keyword:
Months.

This is going to be a wild and unpredictable ride.

Energy.

Read: https://x.com/goldtelegraph_/status/1711104966646198429?s=46

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💥ISO 20022 ARE YOU READY!💥XRP XDC XLM & MORE💥YOUR FINANCIAL FUTURE STARTS NOW

https://youtu.be/j-HuMBNQydw?feature=shared

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MilitiaMan: International - Iraq Dinar - US Dollar - Central Bank of Iraq - Al-Sistani - Fatwa?

International - Iraq Dinar - US Dollar - Central Bank of Iraq - Al-Sistani - Fatwa?

MilitiaMan and Crew:  10-8-2023

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

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

https://www.youtube.com/watch?v=zl8BEYkZG-g