Iraq Economic News and Points to Ponder Monday Afternoon 10-16-23

Iraq Economic News and Points to Ponder Monday Afternoon 10-16-23

Tlm724 Administrator Bondlady’s Corner

The Kurdistan Government Announces The Adoption Of The Iraqi Dinar Instead Of The Dollar In Customs Duties

Monday 16, October 2023  Economical Number of readings: 268  Baghdad / NINA / The Kurdistan Regional Government announced, today, Monday, the adoption of the Iraqi dinar in customs duties instead of the US dollar.   The Regional Government's Media and Information Department said in a statement, "The Kurdistan Regional Council of Ministers decided to adopt the Iraqi dinar at all border crossings."

The statement added, "All ministries are obligated to implement the decision, and in the event of a violation, legal measures will be taken against them."

https://ninanews.com/Website/News/Details?key=1084085

Al-Sudani Directs To Simplify Banking Procedures: We Are Determined To Implement Financial Reform

Economy News – Baghdad   Prime Minister Muhammad Shiaa Al-Sudani directed, on Sunday, to simplify all banking procedures, and to prepare a proposed list of facilities and simplified procedures to be submitted within a week.

Al-Sudani’s office stated in a statement, “Within the framework of his follow-up to the plan to implement financial and administrative reforms in the financial and banking sectors, Prime Minister Muhammad Shia’ al-Sudani chaired, this evening, Sunday, a meeting that included the Governor of the Central Bank and the directors of government banks, in which the procedures and work mechanisms taken to achieve... Banking reform, which constitutes one of the basic steps of financial and economic reform that the government adopts in its executive approach.”

Al-Sudani stressed, “Financial reform is not just a slogan, but rather a series of terms and procedures that the government is determined to implement without hesitation, and will face all the challenges and obstacles that hinder the implementation of systematic and thoughtful reform plans.”

Al-Sudani directed to "simplify all banking procedures, and prepare a proposed list of facilities and simplified procedures to be presented within a week, in addition to providing a summary of the obstacles that obstruct the banking reform process, and proposing effective and implementable treatments for them, in a way that helps in overcoming the approved traditional contexts, which prevent... Achieving the government’s goal of developing this important economic and service sector.”

156 views 10/15/2023 https://economy-news.net/content.php?id=36979

Iraqi Central Bank Sales Exceed $197 Million

Monday 16, October 2023 12:54 | Economical Number of readings: 306  Ghadad / NINA / The Central Bank’s sales amounted to about 197 million dollars today, Monday, during its auction for buying and selling the US dollar.

According to the bank’s list, its total sales today amounted to 197 million and 840 thousand and 296 dollars, which the bank covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1,310 dinars per dollar for external transfers and in cash.

According to a table published on the Central Bank’s website, “Most of the sales of the dollar went to strengthen balances abroad in the form of (transfers, credits) amounting to 160 million 860 thousand and 696 dollars, while the rest, amounting to 36 million and 980 thousand dollars, went in the form of cash sales.” /End 9    https://ninanews.com/Website/News/Details?key=1084019

A Sudanese Advisor Explains The Planned Budget Deficit...Hypothetical Or Real?

Time: 2023/10/16 17:13:53 Read: 988 times   {Economic: Al-Furat News} The economic and financial advisor to the Prime Minister, Muhammad Mazhar Saleh, explained today, Monday, the planned deficit in the federal budget.

Saleh said {to Al-Furat News} that: “The planned deficit in the federal general budget is a hypothetical deficit designed at the price of a barrel of oil of $70, with an export capacity of about 3.4 million barrels of crude oil per day.”

He added, "Because crude oil export revenues constitute approximately 88% of the total budget revenues for the year 2023, any increases in crude oil revenues at prices averaging more than $70 per barrel will contribute to reducing the estimated deficit gap in the budget."

Saleh continued, "It will also contribute to reducing it, and this is what is currently happening in the general budget."

For the first time in its history, Iraq approved a three-year financial budget in a single draft law, which Parliament voted on last June. The government defended the step by saying that it aims to develop plans for important projects in the country, in addition to avoiding the problem of delaying the approval of financial budgets every year for several months.

The budget for the current year and the next two years, according to the budget law, amounted to 153 billion dollars, with an expected deficit of up to 48 billion dollars, and the oil price was approved at 70 dollars per barrel, as Iraqi oil exports constitute more than 96% of Iraq’s financial imports.   LINK

Dollar Prices Fall In Baghdad With The Stock Market Closed

Economy   Monday, October 16, 2023 Baghdad/National News Center   The prices of the US dollar fell against the Iraqi dinar, today, Monday, in the markets of the capital, Baghdad, with the stock market closed.

The correspondent of the National News Center said, “Dollar prices fell with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 158,000 dinars against 100 dollars, while dollar prices this morning recorded 158,300 dinars against 100 dollars.”

He added, “Selling prices in exchange shops in local markets in Baghdad decreased, as the selling price reached 158,500 dinars for 100 dollars, while the purchase price reached 157,000 dinars for 100 dollars.”    https://nnciraq.com/232148/

A Slight Decline In Oil Prices, And Brent Stabilizes At $90.55 Per Barrel

Economy | 10/16/2023   Baghdad - Mawazine News   Oil prices fell today, Monday (October 16, 2023), with the wave of rise on Friday relatively subsiding as investors awaited the repercussions of the escalation in Gaza on the rest of the countries, which could push prices up and deal a new blow to the global economy.

Brent crude futures fell by 34 cents, or 0.4 percent, to $90.55 per barrel, and West Texas Intermediate crude futures fell by 41 cents, or 0.5 percent, to $87.28 per barrel by 00:48 GMT.

The two crude oil prices rose by about six percent on Friday, the largest daily rise in percentage terms since April, with investors taking into account the expanding scope of the conflict in the Middle East.

During the week, Brent achieved record gains and rose 7.5 percent, while West Texas Intermediate crude increased 5.9 percent.

“Investors are trying to determine the impact of the conflict while the large-scale ground offensive has not begun after the 24-hour deadline that Israel initially gave to residents of the northern half of Gaza,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. Asking them to flee to the south."

He added: "The impact that might include oil-producing countries has been taken into account to some extent, but if an actual land invasion occurred and had an impact on oil supplies, prices could easily exceed $100 per barrel."

The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a major producer.

But the escalation in Gaza represents one of the most important geopolitical risks to oil markets since the outbreak of the Ukraine crisis last year.

Market participants are assessing what a broader conflict might mean for supplies from countries in the world's largest oil-producing region.   https://www.mawazin.net/Details.aspx?jimare=236424

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

https://www.bondladyscorner.com/ 

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

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

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

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

Iraq Economic News and Points to Ponder Monday AM 10-16-23

Iraq Economic News and Points to Ponder Monday AM 10-16-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Warning: The Rise In The Price Of The Dollar Poses Three Risks At The Same Time

Information/private..Representative Hadi Al-Salami warned on Tuesday of the repercussions of losing control over the exchange rate in the parallel market for the dollar after it exceeded the barrier of 163 dinars per 100 dollars.  Al-Salami told Al-Maalouma:

“The rise in the dollar exchange rate to levels exceeding 163 thousand dinars per 100 dollars is a matter of great concern, as it increases pressure on the markets and leads to a rise in the prices of commodities, including food, to levels that burden millions of poor families.”"

 He added, "The Central Bank is responsible, in accordance with the law, for monitoring, following up, and determining the currency exchange rate and supervising the performance of banks.

The rise in the exchange rate represents three risks in one, which are increasing prices,increasing pressures on society, in addition to exacerbating anxiety about the economic situation."

He stressed that "the Central Bank is responsible for investigating many cases that have been filed by the Integrity and Public Prosecution Office regarding the presence of suspicions of corruption in currency issues and the distribution of banks' shares of the dollar."

The parallel market for buying and selling the dollar is witnessing a continuous rise and has exceeded the barrier of 163 thousand dinars per 100 dollars, which has raised concerns about a greater rise.

https://almaalomah.me/news/43296/economy/تحذير-نيابي:-ارتفاع-سعر-الدولار-يشكل-ثلاث-مخاطر-في-آن-واحد

Private Banks And Exchange Companies Seize The Dollar.” Economist: The Central Bank Is “Completely Powerless.”

Economy | Baghdad today – Baghdad  Today, Tuesday (October 10, 2023), economic expert Ahmed Al-Tamimi commented on the significant rise in the dollar exchange rates in the “black” parallel market, which reached more than 160 thousand dinars for 100 dollars.

Al-Tamimi said in an interview with "Baghdad Today",

"The significant rise in the dollar exchange rates in the parallel (black) market confirms the inability of the Central Bank of Iraq to control the exchange rate, as it has not taken actual decisions to confront this crisis that has been going on for many months."

He added, "Black transfers continue on a daily basis in all Iraqi cities, and they are the basis of the crisis, and the Central Bank is completely unable to find any solutions to these transfers despite its cooperation with the American side.

Therefore, we expect that the dollar will continue to rise during the next few days."

The Central Bank took several measures and decisions to prevent the circulation of the dollar in local markets above the official price (1320), but to no avail, despite the fact that the only source of the dollar is the Central Bank and despite the fact that those who take the dollar, namely private banks and exchange companies, are known to it, but they are unable to control them and oblige them not to leak them. The dollar through fake transfers, according to observers.

Earlier, independent MP Hadi Al-Salami confirmed, “The current failure in the US dollar issue is borne by all the Iraqi governments that have ruled the country since 2003 until now.

The government of Muhammad Shiaa Al-Sudani has pledged to solve the crisis by establishing mechanisms that prevent the smuggling of hard currency, but they are …….

"You did not succeed in this file." Al-Salami added in a press interview,

“Reforming the banking system and the dollar crisis requires controlling the currency auction, which is still selling large amounts of dollars, and we do not know where it goes,” noting that “the problem is big in Iraq, and

we are facing huge challenges that may lead to... The current system has cracked, especially since the United States of America has often warned against smuggling the dollar to neighboring countries.”  LINK

https://baghdadtoday.news/232895-المصارف-الاهلية-وشركات-الصرافة-تستحوذ-على-الدولار.-اقتصادي-البنك-المركزي- عاجز-تماماً.html

An Economic Expert Identifies 5 Reasons For The Continuous Rise Of The Dollar And The Fall Of The Dinar In Iraq

Economy |+  Baghdad today – Baghdad  Today, Tuesday (October 10, 2023), economic expert Nabil Al-Marsoumi made observations about the decline in the value of the Iraqi dinar compared to the US dollar in the “black” parallel markets, specifying (5) reasons for the occurring fluctuation.

Al-Marsoumi said in a post on Facebook, followed by “Baghdad Today”, and commenting on the measures to control exchange rates, that “The Central Bank of Iraq wants to prevent cash and support electronic payment, as private banks use the cash they buy from the Central Bank to finance trade with Iran.” And Syria.”

Regarding granting the dollar to travelers, he explained that “it does not reach them, so the demand for the cash dollar increases,” indicating that “the current exchange rate crisis is not only monetary and technical, but is essentially a political and economic crisis, and those who believe and promote that the general level of prices are not affected by the rise of the parallel dollar are delusional.”".

Earlier today, Tuesday (October 10, 2023),  economic expert Nasser Al-Kanani warned that the dollar exchange rate would exceed the barrier of 200 thousand dinars.

Al-Kanani said in an interview with “Baghdad Today” that “if the dollar exchange rate continues to rise without real measures, the price will exceed 200 thousand at the end of this year.” He added,

"This is because the government and the central bank continue to take ill-considered decisions."

Yesterday, Monday, the Parliamentary Finance Committee revealed its move to investigate the Jordan National Bank’s acquisition of 70% of the currency selling window in Iraq.

Committee member Moeen Al-Kazemi told Baghdad Al-Youm, “The Parliamentary Finance Committee will move to investigate the issue of the Jordan National Bank’s acquisition of 70% of the currency selling window, and we will work to host officials at the Central Bank in order to follow up on this file.”

 Al-Kadhimi stated, “The government and the Central Bank are still working to launch reform packages in order to control the rise in dollar prices and end the difference in the dollar exchange rate in the parallel market, and the coming days may witness the launch of new reform packages.”

https://baghdadtoday.news/232908-خبير-اقتصادي-يحدد-5-اسباب-للارتفاع-المستمر-للدولار-وهبوط-الدينار-في-العراق.html

The Finance Committee Reviews The “Evaluation Of Banks And The Dollar” Report And Prepares For An “Important Meeting” With Al-Sudani

Economy |Today, 19:55 |  Baghdad today – Baghdad  Today, Sunday (October 15, 2023), the Parliamentary Finance Committee reviewed the report of the subcommittee responsible for monitoring the work of government banks and the Central Bank, while

indicating that it will hold an important meeting with the Sudanese, the Ministers of Industry and Foreign Affairs, and the Governor of the Central Bank regarding the rise in dollar exchange rates.

The Parliamentary Finance Committee stated in a statement received by “Baghdad Today” that it  held, headed by the Chairman of the Committee, Atwan Al-Atwani, and in the presence of its members, today, Sunday, an important meeting to review the report of the subcommittee responsible for monitoring the work of government banks and the Central Bank of Iraq.” 

According to the statement, during the meeting, “the causes and repercussions of the rise in the dollar exchange rate were discussed, and ways to address this sensitive file, as well as other files related to the work of banks.” 

Al-Atwani said, "His committee, after reviewing the subcommittee's report, will hold an important meeting with the Prime Minister in the coming days, and a series of other meetings with the Ministers of Industry and Foreign Affairs and the Governor of the Central Bank to find out the reasons for the continued rise in the dollar exchange rates and the measures taken to address them."  He added,

"The Finance Committee will also sponsor seminars and workshops for the private sector and businessmen in this regard, in order to listen to their opinions and ideas regarding finding alternatives and effective solutions at the immediate and future levels."

Al-Atwani stressed "the necessity of concerted efforts to restore stability to the market, ensure the continued strength of the Iraqi dinar against foreign currencies, preserve the country's hard currency reserves, and strike with an iron fist the heads of speculators who are making a living from this crisis."

He warned of "the danger of continuing to deplete the dollar through the expansion of foreign imports, and the importance of limiting trade exchange to essential goods and materials," stressing "the mportance of activating local industry and operating Iraqi factories in a way that ensures that the dollar remains circulated internally and prevents its smuggling abroad."

As for the external reasons indicated in the subcommittee’s report, Al-Atwani stressed

“the necessity of integration between the Central Bank of Iraq and the Ministry of Foreign Affairs to address the issue of the decline in US Federal Reserve transfers to Iraq,” pointing out that “this measure requires continuous dialogue and communication with the US Treasury to determine the reasons.”" 

And  address it technically and diplomatically in a way that ensures that the country's need for hard currency is met."

The meeting also discussed a number of other files, including “loans and advances granted by government banks to citizens,” as the recent efforts of the Parliamentary Finance Committee, after communicating with the Real Estate Bank, resulted in extending the housing initiative loan repayment period from 15 to 20 years, and canceling the interest. As is the practice. In the procedures for the first meal benefiting from this initiative.”  The statement noted,

"In conclusion, Al-Atwani affirmed his full support for the work of all subcommittees in the Finance Committee to perform their oversight role to the fullest extent, praising the efforts made within the framework of integration between the legislative and executive institutions to serve the nation and the citizen."

https://baghdadtoday.news/233279-اللجنة-المالية-تطّلع-على-تقرير-تقييم-المصارف-والدولار-وتستعد-لـاجتماع-مهم-مع-السوداني.html

Government Directive Regarding The Banking Sector In Iraq

 2023-10-15 | 7,705 views  Today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani directed the simplification of all banking procedures, and he also directed the preparation of a proposed list of facilities and simplified procedures to be submitted within a week.  Al-Sudani’s office said in a statement,

“Within the framework of his follow-up to the plan to implement financial and administrative reforms in the financial and banking sectors, Prime Minister Muhammad Shia’ al-Sudani chaired, this evening, Sunday, a meeting that included the Governor of the Central Bank and the directors of government banks,

in which the procedures and work mechanisms taken to achieve... Banking reform, which constitutes one of the basic steps of financial and economic reform that the government adopts in its executive approach.” 

Al-Sudani stressed, according to the statement, that  “financial reform is not just a slogan, but rather a series of terms and procedures that the government is determined to implement without hesitation, and will face all the challenges and obstacles that impede the progress of implementing systematic and thoughtful reform plans.” 

The statement added that Al-Sudani "directed the simplification of all banking procedures, and the preparation of a proposed list of facilities and simplified procedures to be presented within a week, in addition to providing a summary of the obstacles that obstruct the banking reform process, and proposing effective and implementable treatments for them, in a way that helps in overcoming the approved traditional contexts, which... This prevents the government’s goal of developing this important economic and service sector from being achieved.”

https://www.alsumaria.tv/news/localnews/470708/توجيه-حكومي-يخص-القطاع-المصرفي-في-العراق

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

https://www.bondladyscorner.com/ 

Points To Ponder on Wealth:

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

Men pursue riches under the idea that their possession will set them at ease and above the world.  But the law of association often makes those who begin by loving gold as a servant, finish by becoming its slaves; and independence without wealth is at least as common as wealth without independence. - Colton

In proportion as nations become more corrupt, more disgrace will attach to poverty and more respect to wealth. -- Colton

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

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 

 As riches and favor forsake a man we discover him to be a fool, but nobody could find it out in his prosperity. -- Bruy'ere

Wealth is like a viper, which is harmless if a man knows how to take hold of it; but if he does not, it will twine round his hand and bite him. -- St Clement

Money and time are the heaviest burdens of life, and the unhappiest of all mortals are those who have more of either than they know how to use. -- Johnson

There is no society,  however free and democratic, where wealth will not create an aristocracy. -- Bulwer 

The wealth of a state consists not in great treasures, solid walls, fair palaces, weapons and armor; but its best and noblest wealth, and its truest safety, is in having learned, wise, honorable, and well - educated citizens. Wealth consists not in having great possessions, but in having few wants. -- Epicurus

If thou desire to purchase honor with they wealth, consider first how that wealth became thine; if thy labor got it, let they wisdom keep it; if oppression found it, let repentance restore it; if they parent left it, let they virtues deserve it; so shall they honor be safer, better, and cheaper. -- Quarles

"Tidbits from TNT" Monday 10-16-2023

TNT:

CandyKisses:  Sudanese advisor: 70% of Iraq's imports are with the BRICS countries

Economy News - Baghdad

The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, revealed on Sunday that 70% of Iraq's imports are with the countries of the "BRICS" group.

Saleh told the official news agency, "The BRICS group includes Brazil, Russia, India, China and South Africa, where the origin of the name (BRICS or BRICS) was launched in 2001 by Goldman Sachs financial group economist Jim O'Neill to describe fast-growing economies that are expected to collectively dominate the global economy by 2050."

He added, "Iraq announced its desire to join the BRICS group, as there is an objective basis related to the links of the Iraqi economy with the markets of the BRICS countries themselves, as it reflects the current account of the Iraqi balance of payments with the countries of that economic group, which includes the strongest emerging markets in the world," noting that "there is a direct dependence of the BRICS group on an important percentage of Iraq's oil exports, which are not less than 55 percent, especially India and China."

He explained that "about 70 percent of Iraq's imports are currently with the BRICS countries themselves, which means that the trade partnership and Iraq's strong economic interests automatically push towards international economic cooperation with our country's trade partners, especially in the issue of looking towards wider areas in the flow of the group's investments, and obtaining advantages to join in a way that serves the future of sustainable development and the progress of the economy in our country."

He added that the "BRICS" group currently occupies about 27 percent of the world's land area and 42 percent of the world's population, with Brazil, Russia, India and China among the ten largest countries in the world in terms of population, area and GDP (according to the purchasing power parity criterion), and the last three countries (India, China and Russia) are potential emerging superpower countries, while all five countries in the BRICS group are also members of the the twenty, which includes the United States of America and the rest of the Group of Seven."

Earlier, Prime Minister Mohammed Shia al-Sudani confirmed Iraq's readiness to join the BRICS group, if it receives an invitation from the founding countries.

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

Tishwash:  Sudanese gives government banks one week to simplify their procedures

Prime Minister Muhammad Shiaa Al-Sudani directed the simplification of all banking procedures. He also directed the preparation of a proposed list of facilities and simplified procedures to be submitted within a week.

Al-Sudani’s office said in a press statement, “Within the framework of his follow-up to the plan to implement financial and administrative reforms in the financial and banking sectors, Prime Minister Muhammad Shia’ al-Sudani chaired a meeting that included the Governor of the Central Bank and the directors of government banks, in which the procedures and work mechanisms taken to achieve banking reform were discussed.” Which constitutes one of the basic steps for financial and economic reform that the government adopts in its executive approach.”

Al-Sudani stressed, according to the statement, that “financial reform is not just a slogan, but rather a series of terms and procedures that the government is determined to implement without hesitation, and will face all the challenges and obstacles that impede the progress of implementing systematic and thoughtful reform plans.”

The statement added that Al-Sudani "directed the simplification of all banking procedures, and the preparation of a proposed list of facilities and simplified procedures to be presented within a week, in addition to providing a summary of the obstacles that obstruct the banking reform process, and proposing effective and implementable treatments for them, in a way that helps in overcoming the approved traditional contexts, which... This prevents the government’s goal of developing this important economic and service sector from being achieved.” link

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

Tishwash:  Parliamentary hosting of the Governor of the Central Bank of Iraq regarding the dollar exchange rate

The Parliamentary Finance Committee announced on Monday that it will host in the coming days the governor of the Central Bank of Iraq and its general directors regarding the lack of control over the exchange rate of the US dollar against the dinar

Committee member Mustafa Al-Karaawi told Shafaq News Agency, “The committee will host this week the Governor of the Central Bank, Ali Al-Alaq, and the general directors of the bank to find out the reasons for the rise and fall in the dollar exchange rate in the parallel market and who is the party concerned with implementing the reform packages launched by the Central Bank.”

He pointed out that "the instability of the dollar exchange rate has caused an economic problem, and there is no clear policy for the central bank," stressing that "the government must implement what the bank wants through the reform packages it launched, and therefore controlling the exchange rate is a shared responsibility." between the Central Bank and government agencies, especially those concerned with import and customs ports.” 

Al-Karawi pointed out that “hosting the bank’s governor will address the economic crisis, the rise and fall of the dollar, and the agreements the bank signed with the US Federal Reserve and the World Bank.”

The exchange rates of the US dollar have witnessed an upward increase against the Iraqi dinar for several months, and reached its peak this month when the price reached 1,655 dinars to one dollar, despite the government and the Central Bank setting an official exchange rate of 1,320 dinars to one dollar.   link

Mot:  aaahhhhh - its Not What Ya Say! -- its How Ya Says It!!

Mot:  .... OK Now ponder this un!!! 

Iraq Economic News and Points to Ponder Sunday Evening 10-15-23

Iraq Economic News and Points to Ponder Sunday Evening 10-15-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Discusses The Reasons For The Rise In Dollar Exchange Rates

Sunday 15, October 2023 15:18 | Economical Number of readings: 279   Baghdad / NINA / The Parliamentary Finance Committee discussed the reasons for the rise in dollar exchange rates, calling for controlling the labor market.

Parliamentary Finance stressed the necessity of developing packages to confront the challenges facing monetary policy to control the dollar exchange rates./End 7

https://ninanews.com/Website/News/Details?key=1083836

Parliamentary Finance Stresses The Necessity Of Developing Packages To Control The Dollar Exchange Rates

Economy | 03:20 - 10/15/2023   Baghdad - Mawazine News  The Parliamentary Finance Committee stressed the necessity of developing packages to confront the challenges facing monetary policy to control the dollar exchange rates.

The Media Department of the House of Representatives stated in a statement, which Mawazine News received a copy of, that “the Finance Committee held a meeting, headed by Atwan Al-Atwani and in the presence of members of the Subcommittee (Central Bank and Banking Committee) today, Sunday 10/15/2023, to discuss the report prepared by the Subcommittee.” About the procedures of the Central Bank and private banks, as well as monetary policy in the country.”

During the meeting held at the committee’s headquarters, Al-Atwani stressed “the importance of following up on all measures related to economic affairs and automating taxes as they are the basis for money and the economy, in addition to creating a practical and realistic study by the committee in implementation of the supervisory role, to maintain financial and banking stability, as well as the mechanism of dealing.” With monetary policy.

The statement added, "The committee discussed at the same time the reasons for the rise in the exchange rates of the dollar against the dinar and the necessity of controlling the labor market and putting it on the right track, as the committee stressed the importance of activating the private sector and inviting investors and merchants to listen to relevant opinions and proposals."

He continued, “The Finance Committee listened to the report of the subcommittee on the policy of the Central Bank and private banks and conducted an evaluation of the dealing management and the bank’s tasks in financial trading and developed confrontation packages and challenges facing monetary policy, to control exchange rates, in addition to the issues of granting loans and the housing initiative.”

https://www.mawazin.net/Details.aspx?jimare=236393

The Baghdad Stock Exchange closes with a decline in dollar exchange rates

Economy | 04:23 - 10/15/2023   Baghdad - Mawazine News   The Baghdad Stock Exchange closed, with a decline in the exchange rates of the dollar against the Iraqi dinar.   The selling price at closing was 158 thousand dinars for every 100 dollars.  While the purchase price recorded 156 thousand dinars for every 100 dollars.      https://www.mawazin.net/Details.aspx?jimare=236400

Stability In The Exchange Rate Is Achieved Through Comprehensive Financial And Banking Reform

Samir Al-Nusairi    In light of our follow-up to the measures of the Central Bank and the government to control the stability of the exchange rate, we clearly and accurately noticed that there is an organized lobby working against achieving monetary stability, led and implemented by multiple parties linked to speculators and corrupt people who have a special agenda to weaken the national economy and harm it by fabricating news, media statements and economic analyses. It is incomplete and transforms it from reassuring news for the market and citizens into news that confuses the market and creates panic among citizens, and this is what is actually happening now.

Which requires clarification here. Almost ten years ago, especially after the financial and security shocks in mid-2014, the culture of relying on the Central Bank to confront economic and financial crises and challenges took root.

This was done by using its means and tools related to monetary policy to overcome the government’s lack of liquidity, its inability to pay salaries, and the failure to implement... Its government programs rely on foreign monetary reserves, which in reality are not the government’s reserves, but rather the central bank’s reserves to control the stability of the exchange rate according to the target, cover the local currency in circulation, and cover imports.

Because of these accumulated crises, the central bank was previously forced to lend to the government up to 46 trillion dinars during the past years. None of it has been paid so far, which has reflected in this policy exposing the national economy to complex problems.

The solution is always the central bank, and it is also held responsible for the problems of other concerned parties, which is not its primary role, as it is not responsible for the deficit in non-oil revenues, the deficit in the balance of payments, and the deficit in... The trade balance is not responsible for the rise and fall of global oil prices.

Therefore, the obligatory cash reserve rose and fell due to these wrong policies that were not based on clear and specific economic strategies and approaches. Therefore, the return of stability in the exchange rate to its rates targeted by the Central Bank is achieved with the support of the concerned authorities in the government by activating other productive sectors and reforming the financial and banking sector.

And drawing up clear financial policies and in coordination with monetary policy and its currently approved applications and tools, and overcoming the challenges of achieving economic stability, which means achieving stability in the financial system and the monetary system.

This is not only the duty of the central bank alone, but rather it is a fundamental duty of financial policy and the government’s methodology in managing the economy and activating sources of national income without Oil, supporting, protecting and encouraging local production, activating dealing in the Iraqi dinar in all internal monetary trading activities, and expanding the use of electronic payment methods whenever possible.

The expectations of the Central Bank and specialists that the exchange rate will return to a stable state requires time, which we hope will not be long, despite the daily and new procedures adopted by the Central Bank in issuing packages and instructions and taking daily executive measures for the purpose of finding facilities and openness to all segments that need the US dollar in foreign transactions at the official rate.

He concluded a series of negotiations and agreements with the US Treasury, the US Federal Reserve, and some international correspondent banks to regulate foreign trade with China, India, Europe, the Emirates, and Turkey, and to adhere to the standards of international banking transactions.

We affirm that the criterion adopted and confirmed by the Central Bank and specialists in achieving this is the availability of cash reserves of foreign currency exceeding 100 billion dollars and the continued flow of dollar revenues from oil sales on a daily basis in accordance with the quantities planned to be marketed in 2023 and at the prices of the product that are expected to continue at their current limits, or as energy experts expect that Prices exceed $100 at the end of this year.

Views 108 10/15/2023 - https://economy-news.net/content.php?id=36966

Saleh: The Economic Reform Law Is A Complementary Element To The Advancement Of Productive Wealth

Time: 10/15/2023 12:07:40 Read: 1,118 times   {Economic: Al-Furat News} The financial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh, explained today, Sunday, that the issuance of the economic reform law is a complementary element to the advancement of wealth produced from outside oil wealth.

Saleh told {Al-Furat News}: “The Iraq Fund for Development, which was approved as a system based on the government curriculum, will work in an important aspect of its functions and objectives to design mechanisms consistent with the management of internal sovereign wealth funds.”

He added: "What can be expected is the importance of issuing the economic reform law, which will be considered the complementary element for managing the country's material and human resources within the framework of promoting the wealth produced from outside oil wealth."   LINK

Sudanese Advisor: 70% Of Iraq’s Imports Are Made With BRICS Countries

Money  and business  Economy News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Sunday, that 70% of Iraq’s imports are made with the BRICS countries.

Saleh told the official news agency, “The BRICS group includes Brazil, Russia, India, China, and South Africa. The origin of the name (BRIC or BRICS), which was launched in 2001 by the economist at Goldman Sachs Financial Group (Jim O’Neill), goes back to describing fast-moving economies.” Growth that is expected to collectively dominate the global economy by 2050.”

He added, "Iraq announced its desire to join the BRICS group, as there is an objective basis related to the connections of the Iraqi economy with the markets of the BRICS group itself, as it reflects the current account of the Iraqi balance of payments with the countries of that economic group, which includes the strongest emerging markets in "The world," noting that "there is a direct dependence on the BRICS group of countries on an important percentage of Iraq's oil exports, which are no less than 55 percent, especially the countries of India and China."

He explained, "Approximately 70 percent of Iraq's imports are currently made with the BRICS countries themselves, which means that the commercial partnership and Iraq's strong economic interests automatically push towards international economic cooperation with our country's commercial partners, especially in the issue of looking towards broader areas in the flow of... The group’s investments, and obtaining benefits for joining in order to serve the future of sustainable development and economic progress in our country.”

He continued, "The BRICS group currently occupies about 27 percent of the world's land area and 42 percent of the world's population, as Brazil, Russia, India, and China are among the ten largest countries in the world in terms of population, area, and gross domestic product (according to the standard). Purchasing power parity), and the last three countries (India, China and Russia) are considered potential emerging great powers, while all five countries in the “BRICS” group are also members of the G20, which includes the United States of America and the rest of the G7.

Prime Minister Muhammad Shiaa Al-Sudani earlier confirmed Iraq's readiness to join the BRICS group if it received an invitation from the founding countries.

Views 16 10/15/2023 - https://economy-news.net/content.php?id=3697

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

https://www.bondladyscorner.com/ 

Points to Ponder on The Value of Challenge  By Ralph Marston:

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.

Goldilocks' Comments and Global Economic News Sunday Evening 10-15-23

Goldilocks' Comments and Global Economic News Sunday Evening 10-15-23

Good evening Dinar Recaps,

Iraq Banking Announcement:

Iraq’s Prime Minister Mohammed Shia Al Sudani has informally expressed his interest in joining the BRICS alliance. The development comes a week after Iraq announced a ban on all cash withdrawals in the US dollar. The rule will come into effect on Jan. 1, 2024, as Iraq’s Central Bank aims to halt the misuse of foreign remittances. Moreover, Iraq is also aggressively pushing the de-dollarization initiatives at par with the BRICS alliance.

https://watcher.guru/news/iraq-join-brics-ban-cash-withdrawals-us-dollar#google_vignette

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"Consumer sentiment fell sharply this month amid growing inflation concerns. The October preliminary report for the Michigan Consumer Sentiment Index came in at 63.0, down 5.1 (-7.5%) from the September final. This morning's reading was below the forecast of 67.2."

This is the market indicator the Feds have feared the most. 70% of the market is run on consumers like you and me investing in it. It gave the markets a jolt on Friday and even gold went up $62.

The readings prior to this one two months back have read as if nothing has changed until October came around. This is the canary in the mining shaft warning us that danger is ahead.

Current Global conditions do not look profitable as well. As the prospect of War continues to expand, we have great challenges ahead of us that should release the caps on gold along with distorted prices across all sectors of the market including Forex.

Japan has already stated that they are planning on doing a currency intervention in the near term. This is not uncommon during a time of War to see fluctuating exchange rates.

In the end, everything changes along with new price-correlated actions that meet the needs of a new Financial environment.

© Goldilocks

https://www.advisorperspectives.com/dshort/updates/2023/10/13/michigan-consumer-sentiment-falls-sharply-inflation-concerns

https://tradingeconomics.com/united-states/consumer-confidence

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IMF Announcement:

"The International Monetary Fund (IMF) has called for financial reforms, particularly in the crypto industry, to foster global economic stability."

We have seen several guiding monetary institutions on a global scale begin to call for the activation of the new economy.

Here, we have the IMF calling for Financial Reforms, particularly in the crypto industry.

As we know in this room, the upgrade into Protocol 20 is complete, but we are still in the testing period until the end of this month. At that time, a vote will be taken to move forward.

© Goldilocks

https://crypto.news/imf-economic-stability-risk-amid-israel-hamas-conflict/

https://dashboard.stellar.org/

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India's quest for a global rupee: Can it break free from the dollar dominance?

ETV Bharat

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The IMF welcomes Nigeria's 43 restrictions removal from their FX Market.

"Nigeria is the most important country politically and economically in West Africa. It is richer than all other West African nations and holds considerable power. Nigeria's most important export is oil, more than half of which is shipped to the United States."

Their Foreign Exchange Market is the most important one in the western portion of Africa.

The Central Bank of Nigeria has made a decision to free up some of their restrictions that will allow the movement of imports and exports to flow freely on a global scale.

This movement of money will create more demand and more value for their currency and the ability to manage their own country's finances.

© Goldilocks

https://www.thisdaylive.com/index.php/2023/10/14/imf-welcomes-cbns-removal-of-fx-restrictions-on-43-items

NationalGeographic Link

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The United Nations Assistance Mission for Iraq presented its findings to the Security Council on Tuesday, highlighting the progress and challenges Iraq has faced since its new government was formed a year ago. Jeanine Hennis-Plasschaert, the UN special envoy for Iraq, spoke on the government’s key actions under Prime Minister Mohammed Shia’ al-Sudani, such as the adoption of a federal budget, financial reforms, and a new social security law.

“While there has been notable progress, the complex web of corruption that has plagued Iraq for years cannot be undone overnight,” Hennis-Plasschaert said. She pointed out that Iraq’s economy heavily relies on oil and that the public sector is “unsustainable” in its current size.

Hennis-Plasschaert further noted the repeated postponement of parliamentary elections in northern Iraq’s Kurdistan region, calling on all parties to ensure that the rescheduled February elections take place. “There’s much at stake; the democratic process must prevail,” she stressed.

https://themedialine.org/mideast-daily-news/un-mission-reports-on-iraqs-progress-challenges-after-one-year-of-new-government/

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In the fast-evolving landscape of blockchain technology, Stellar has emerged as a leading platform, setting new standards for security, scalability, and innovation. With its upcoming smart contracts platform, Soroban, Stellar is poised to revolutionize the decentralized application (dApp) development space. In this article, we explore the comprehensive security checks conducted by Stellar for Soroban and highlight its potential to transform the blockchain ecosystem.

https://cryptonewsbytes.com/stellar-commences-comprehensive-security-checks-for-the-highly-anticipated-smart-contracts-platform-soroban/cryptocurrency/

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Stellar Lumens (XLM) is making waves as an innovative force in the digital currency arena. While Bitcoin has captivated the market’s attention, XLM offers a fresh perspective by prioritizing accessibility to financial services for underserved populations. Its underlying blockchain technology enables efficient and cost-effective cross-border transactions, potentially transforming the way money moves around the world. As XLM continues to gain traction, it has the potential to reshape the future of finance and bridge gaps that traditional systems have struggled to address.

https://www.wales247.co.uk/stellar-lumens-illuminated-lighting-the-way-for-financial-inclusion-beyond-bitcoin

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Nearly half of all US listed companies are now unprofitable
https://twitter.com/MultiPolarMarkt/status/1713528513335005355?t=_wuL4fotHMZbQr2QACmQkQ&s=09

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Chinese Bitcoin Mine in Wyoming Raises National Security Concerns

TheDailyBeat

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NEW - "Run by Chinese nationals, U.S. government officials have been "tracking for months" Chinese Bitcoin mining bases across the U.S. over "national security concerns.

One base in Wyoming is located less than a mile from F.E. Warren Air Force Base, which oversees nuclear ICBMs and is only feet from a large Microsoft data center.

Bitcoin mining was banned in China in May 2021 over energy usage concerns and "economic destabilization."

https://www.disclose.tv/id/wxaq86rtwi/

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MARKETS A LOOK AHEAD: "ENDGAME." The Final Stage Has Begun. Mannarino

https://youtu.be/ifPfc6jMSbk?feature=shared

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😔 Price distortions... We talked about this a week or two ago. It will eventually force a reset.

© Goldilocks

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US home rentals are getting cheaper than mortgage payments

https://twitter.com/MultiPolarMarkt/status/1713551472896475271?t=ju5rVBUlblFw_DXm0xsx2g&s=09

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 U S dollar collapse primes crypto for trillions to flood the system-triggering an Epic Bitcoin, Ethereum, XRP, and crypto price prediction.

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Something to pay close attention to is the developments in the Strait of Hormuz.

This is a chokepoint for nearly 20% of the world's oil.

https://x.com/goldtelegraph_/status/1712885583935426637?s=46

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👆Water!

© Goldilocks

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FBI director warns of copy-cat terror attacks on US soil
https://nypost.com/2023/10/15/fbi-director-warns-of-copy-cat-terror-attacks-on-us-soil/

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👆 We talked about this the other day.

© Goldilocks

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Goldilocks' Telegram Room

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Goldilocks on the Seeds of Wisdom Team™ Website

Thank you Dinar Recaps

"Tidbits From TNT" Sunday 10-15-2023

TNT:

CandyKisses:  China hosts representatives from 130 countries at New Silk Roads Forum

Economy News - Baghdad

Russian President Vladimir Putin arrives in China next week to meet his counterpart Xi Jinping and strengthen ties with his strategic partner.

The Chinese capital will host representatives from 130 countries, including the Russian president, on October 17 and 18 for the New Silk Roads Forum, which will mark the tenth anniversary of the launch of this mega infrastructure project.

The plan, officially dubbed the Belt and Road, aims to improve trade links between Asia, Europe, Africa and even further afield, by building ports, railways, airports and industrial parks

CandyKisses:  Erbil: Withdrawing the dollar via ATM machines stopped by a decision of the Central Bank

Erbil – 964

A number of Erbil residents were surprised, on Saturday, by the stopping of the ATMs, which were designated for withdrawing US dollars, in several areas, including the “Empire” complex, which witnesses a large presence of foreign expatriates.

964 Network Banking Source:

We are committed to the Central Bank’s decision issued 3 months ago, which prevents banks from granting dollars via ATM machines, and we have observed a commitment from other banks.

964 Network sources :

There are banks that still issue dollars via ATM machines, and they are subject to stopping at any time.

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

CandyKisses:  Saleh: The economic reform law is a complementary element to promote wealth produced from outside oil wealth

{Economic: Euphrates News} The financial and economic adviser to Prime Minister Mazhar Muhammad Saleh, on Sunday, that the issuance of the economic reform law is a complementary element to the advancement of wealth produced from outside the oil wealth

Saleh told Al-Furat News: "The Iraq Fund for Development, which was approved as a system based on the government curriculum, will work in an important part of its functions and objectives to draw mechanisms consistent with the management of internal sovereign wealth funds."

He added: "What can be expected from the importance of the issuance of the economic reform law, which will be the complementary element to the management of the country's material and human resources in the framework of promoting the wealth produced from outside the oil wealth."

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Tishwash:  Stability in the exchange rate is achieved through comprehensive financial and banking reform

In light of our follow-up to the measures of the Central Bank and the government to control the stability of the exchange rate, we clearly and accurately noticed that there is an organized lobby working against achieving monetary stability, led and implemented by multiple parties linked to speculators and corrupt people who have a special agenda to weaken the national economy and harm it by fabricating news, media statements and economic analyses.

It is incomplete and transforms it from news that reassures the market and citizens into news that confuses the market and creates panic among citizens, and this is what is actually happening now.

Which requires clarification here. Almost ten years ago, especially after the financial and security shocks in mid-2014, the culture of relying on the Central Bank to confront economic and financial crises and challenges took root.

This was done by using its means and tools for monetary policy to overcome the government’s lack of liquidity, its inability to pay salaries, and the failure to implement... Its government programs rely on foreign monetary reserves, which in reality are not the government’s reserves, but rather the central bank’s reserves to control the stability of the exchange rate according to the target, cover the local currency in circulation, and cover imports.

Because of these accumulated crises, the central bank was previously forced to lend to the government up to 46 trillion dinars during the past years. None of it has been paid so far, which has reflected in this policy exposing the national economy to complex problems.

 The solution is always the central bank, and it is also held responsible for the problems of other concerned parties, and this is not its primary role, as it is not responsible for the deficit in non-oil revenues, the deficit in the balance of payments, and the deficit in... The trade balance is not responsible for the rise and fall of global oil prices.

Therefore, the obligatory cash reserve rose and fell due to these wrong policies that were not based on clear and specific economic strategies and approaches. 

Therefore, the return of stability in the exchange rate to its rates targeted by the Central Bank is achieved with the support of the concerned authorities in the government by activating other productive sectors and reforming the financial and banking sector. 

And drawing up clear financial policies and in coordination with monetary policy and its currently approved applications and tools, and overcoming the challenges of achieving economic stability, which means achieving stability in the financial system and the monetary system. This is not only the duty of the central bank alone, but rather it is a fundamental duty of financial policy and the government’s methodology in managing the economy and activating sources of national income without Oil, supporting, protecting and encouraging local production, activating dealing in the Iraqi dinar in all internal monetary trading activities, and expanding the use of electronic payment methods whenever possible.

The expectations of the Central Bank and specialists that the exchange rate will return to a stable state requires time, which we hope will not be long, despite the daily and new procedures adopted by the Central Bank in issuing packages and instructions and taking daily executive measures for the purpose of finding facilities and openness to all segments that need the US dollar in foreign transactions at the official rate.

He concluded a series of negotiations and agreements with the US Treasury, the US Federal Reserve, and some international correspondent banks to regulate foreign trade with China, India, Europe, the Emirates, and Turkey, and to adhere to the standards of international banking transactions.

We affirm that the criterion adopted and confirmed by the Central Bank and specialists in achieving this is the availability of cash reserves of foreign currency exceeding 100 billion dollars and the continued flow of dollar revenues from oil sales on a daily basis in accordance with the quantities planned to be marketed in 2023 and at the prices of the product that are expected to continue at their current limits, or as energy experts expect that Prices exceed $100 at the end of this year   link

Mot: . oooooooh Deeeer!!! 

Mot: . Why I Didn't Knows!! --- heee heee heeee 

MilitiaMan: IRAQ DINAR - End of Dollar Currency Window - Ruble - Electronic Systems - Silk Road - China - Iraq

IRAQ DINAR - End of Dollar Currency Window - Ruble - Electronic Systems - Silk Road - China - Iraq

MilitiaMan and Crew:  10-14-2023

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=C5UkzLBEvmI

Iraq Economic News and Points to Ponder Saturday Evening 10-14-23

Iraq Economic News and Points to Ponder Saturday Evening 10-14-23

Tlm724 Administrator Bondlady’s Corner

Economist: More Than 16 Thousand Billionaires And Millionaires In Iraq

Economy  Saturday, October 14, 2023    Baghdad / National News Center  Economist Nabil Al-Marsoumi indicated today, Saturday, that there are more than 16,000 billionaires and millionaires in Iraq, while his number is equivalent to 9 countries combined.

Al-Marsoumi said in a post on social media, “A third of Iraqi youth suffer from unemployment

According to the French Center for Research, there are in Iraq: 36 billionaires, each of whom has a wealth of more than a billion dollars, and 16,000 millionaires, each of whom has a wealth of more than a million dollars.

He added, "The number of billionaires in Iraq is equivalent to the number of the following countries combined: the Emirates, Kuwait, Lebanon, Hungary, Romania, Portugal, the Netherlands, Denmark, and Nigeria."    https://nnciraq.com/231710/

Parliamentary Oil: Negotiations Continue With The Region Regarding The Oil And Gas Law

Time: 2023/10/14 21:20:30 Read: 663 times   {Politics: Al-Furat News} Member of the Parliamentary Oil and Gas Committee, Kazem Al-Touki, confirmed the continuation of negotiations with the region regarding the oil and gas law.

Al-Touki said {to Al-Furat News} that: “The political problems regarding the oil and gas law exist, but the negotiations with the Kurdistan region are still continuing and the permanent committees are also continuing their work.”

Al-Touki added, "We hope that an agreement will be reached," noting that "the draft law comes from the government to be discussed and prepared for presentation to the House of Representatives."

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

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

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

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

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

Meanwhile, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed in a press statement that “accelerating the approval of the federal oil and gas project law in the House of Representatives as quickly as possible will establish a stable national road map for investment and production of the country’s primary sovereign resource, which is oil and gas.”

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

Oil Prices Are Rising Due To The Continuing Conflict In Gaza

Energy   Economy News  Oil prices jumped about six percent, with investors estimating the possibility of expanding the scope of the conflict in the Middle East, specifically in the Gaza Strip.

Israel's announcement represents a shift from air war to ground operations to eliminate Hamas fighters a week after the deadly attack carried out by the Palestinian armed group in southern Israel.

Brent crude futures rose $4.89, or 5.7%, to $90.89 per barrel. US West Texas Intermediate crude gained $4.78, or 5.8%, to $87.69 per barrel.

Both benchmarks recorded their highest daily percentage gains since last April.

Brent also recorded a weekly gain of 7.5%, the largest such increase since February. West Texas Intermediate crude rose 5.9% this week.

The conflict in the Middle East has had little impact on global oil and gas supplies, however, investors and market watchers are assessing how the matter might escalate and what it might mean for supplies from neighboring countries in the world's largest oil-producing region.

90 views 10/14/2023 - https://economy-news.net/content.php?id=36956

A New Rise In The Dollar Exchange Rate In Iraqi Markets

Economy | 10:43 - 10/14/2023   Baghdad - Mawazine News  The dollar exchange rates rose on Saturday in local markets.  The selling price was 161,500 Iraqi dinars per 100 dollars.   While the purchase price was 159,500 Iraqi dinars per 100 dollars.    https://www.mawazin.net/Details.aspx?jimare=236330

The Netherlands Intends To Strengthen Its Military Presence And Lead NATO Forces In Iraq

10/14/2023   Mawazine News – Baghdad   , Dutch Ministry of Defense spokesman Alex Kranenberg confirmed on Saturday that another 45 Dutch soldiers will arrive in Baghdad on the first day of the year 2024, while noting that on May 1 of the same year a Dutch officer will arrive in Baghdad with a team of 15. An element to take command of NATO forces in Iraq.

Kranenberg said, "The current deployment of his country's forces in the region," he said, "In Erbil and its environs there are six advisors and five Dutch soldiers, and in Baghdad there are 35 advisors and four police officers, but another 145 Dutch soldiers will arrive in Baghdad on the first day of the year 2024."

He pointed out that, “On the first day of May of next year, three Chinook transport helicopters with 120 soldiers will be stationed at the Ain al-Asad base in Anbar to support the international coalition forces and NATO forces.” Regarding the role of his country’s military forces in Iraq and the Kurdistan region, Alex Kranenberg stated

, That the Netherlands “has been participating for years in (ensuring) the safety and security of Iraq.” We did this by supporting the (Iraqi) Federal Ministry of Defense in Baghdad and its suburbs and the Ministry of Peshmerga Affairs in Erbil and its suburbs.” https://www.mawazin.net/Details.aspx?jimare=236365

Sudanese Advisor: Iraq Achieves The Largest Revenues From The Oil Market In East Asia

Economy | 11:13 - 10/14/2023  Mawazine News – Baghdad The former head of SOMO and current advisor to the Prime Minister, Falah Al-Amiri, confirmed that the East Asian market is the best importing market for Iraqi oil.

Al-Amiri said, in an interview followed by Mawazine News, that “the Iraqi oil marketing mechanism is one of the important, transparent and advanced mechanisms in the region, and this mechanism has earned Iraq respect from customers buying Iraqi oil during the last 15 years.”

 During the period of 2007, about 28 companies from all markets were cooperating with us, but now it has reached 50 companies, meaning we have many customers in many markets. The marketing mechanism is carried out by distributing exportable quantities to 3 markets, which are the East Asian market, the most prominent countries of which are South Korea, China and India.”

He added, “We do not have dealings with all international companies, and we are trying to balance the markets, and the eastern market is considered one of the best markets for Iraq and generates the largest revenues from it.” Al-Amiri called on Baghdad and Erbil to “accelerate the implementation of gas burning programs and adopt renewable energy.” https://www.mawazin.net/Details.aspx?jimare=236371

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

https://www.bondladyscorner.com/ 

Provoking Thoughts and Points to Ponder:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Goldilocks' Comments and Global Economic News Saturday Evening 10-14-23

Goldilocks' Comments and Global Economic News Saturday Evening 10-14-23

Good evening Dinar Recaps,

Currently, the entire Global Economy is going into a recession, and the shift in our economy will bring forth new values in assets held down for a very long time.

Gold does very well in a recession. It will serve as the bridge between this economy and the next.

As we get closer to the end of Protocol 20 testing, our new tokenized assets backed by the Commodity Market will begin to bring forth new values in the marketplace. Some will call this a market crash in some sectors as others do well. In essence, our new tokenized assets will just simply be going to a real value.

When the dust settles, price correlations will begin to form in the currency markets that include gold and silver as money. This is when currency interventions take place.

Remember, we talked about this a week to a week and a half ago. The dollar is going to shift into more Capital requirements for the dollar in gold.

This could shift price correlations between the dollar and gold between now and November the 1st when these new requirements are implemented.

Many countries around the world are doing the same thing, and the Forex Market that is currently showing distortions in current prices will begin to level the playing field over time.

© Goldilocks
Lyn Alden Newsletter Link
World Bank Link
Bloomberg Link
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URGENT: Jim Rickards Predicts MAYHEM In 24 Days

https://youtu.be/B1ELaaGQnUg?feature=shared

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JUST IN: Ferrari begins accepting crypto payments for its cars.
@WatcherGuru

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"The G20 nations collectively accept the regulatory roadmap as proposed by the IMF-FSB paper for crypto oversight.

The review of the proposed measures implementation status is expected by the end of 2025."

The above quote basically means that we can start our crypto implementation when the testing period of Protocol 20 is done and voted on. It is a Global Banking announcement that G20, Financial Stability Board, and the IMF will be helping us move forward through their guidance.

We will be inside an evaluation period between now and 2025, but we have been given the green light to move forward with our new economy inside a digital asset-based trading system.

The G20 meets regularly to form policies on global trade, health, climate, and other issues. They are the World's wealthiest group of countries that come together in regulating our Global Economy.

As we wind down the testing period of Protocol 20 this month, look for the banks and markets to coordinate new prices in every sector of the market.

© Goldilocks
Benzinga Link

CFR Link
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SEC Adopts Rule to Increase Transparency in the Securities Lending Market
https://www.sec.gov/news/press-release/2023-220

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IMF says 'weak tail' of banks could struggle in an economic downturn

The Edge Malaysia Link

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How interest rates are sinking U.S. banks’ ambitions – Cryptopolitan
https://www.cryptopolitan.com/interest-rates-sinking-us-banks-ambitions/

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JPMorgan Tokenized Collateral Network Launches With BlackRock-Barclays Trade  Unchained Crypto Link

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IMF teaches Central Banks on managing inflation expectations 

Businessday NG

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Shanghai gold prices spike after holiday week, supporting global rally

Kitco News

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Transcript of IMF Managing Director's Press Briefing on the Global Policy Agenda
IMF Link

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Treasury bond auctions have been ugly lately, and weak demand could be a 'canary in the coal mine'

Business Insider Link

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I have been told to be on high alert next week. It could be anything, so I ask that you not take this as calling an RV.

© Goldilocks

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"Zimbabwe News" Posted by Harambe at TNT 10-14-2023

TNT:

Harambe:  Zimbabwe to reintroduce local currency | TSA (10/14/23)

Zimbabwe is set to once again have its own local currency and will enforce the use of this in its attempt to restore economic growth.

Thus, the annoying practice of paying in one currency and receiving change in another (or in a handful of several others) is expected to come to an end in that country. 

Mnangagwa said that Zimbabwe will bring back a national currency as its legal tender since the country cannot develop using several foreign currencies.   

Mnangagwa stated this when speaking at the ceremony where he was sworn into office for a second term.

BASKET OF CURRENCIES

Zimbabwe adopted a multi-currency regime in February 2009 to combat spiking inflation. It has been using a basket of different currencies as legal tender since 2009 when the country saw economic instability.  

“In 2009 our currency collapsed and former President Mugabe appointed a committee of five people, which I chaired, to look into the currency issue. We agreed that for us to survive we had to create a basket of currencies and to allow our own currency to die.”  Mnangagwa said, per The Chronicle.    

The arrangement which allows the use of several foreign currencies is guaranteed until December 2025, under Statutory Instrument (SI) 118A of 2022.  

NATIONAL CURRENCY 

During his recent swearing-in ceremony, Mnangagwa said that Zimbabwe will put into place measures that will entrench the use of a single currency.  

This is because using a single national currency will help to bring sustainable growth and development to the independent country which was known as the “Breadbasket of Africa”.

Through the use of a sole currency, a government has control over its monetary policy.  It is also better able to manage capital flows.  Ultimately, this enables a state to protect its own interests.  

ECONOMIC BENEFITS

Using a national currency enables a state to respond to the challenges it faces and to design policies that meet its specific needs.  

Mnangagwa said that using multiple currencies is not in the country’s best interests as this does not enable sustainable growth.

“We must bite the bullet. Whether it gives us some suffering for a period, we shall proceed to have our own currency – not a situation where the economy has a regime of currencies in use.  We want a single currency and we are going there.” Mnangagwa said.  

https://www.thesouthafrican.com/lifestyle/zimbabwe-to-reintroduce-local-currency-breaking-14october-2023/

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Harambe:  Zimbabwe wants new IMF staff-monitored programme by April | The Zimbabwean (10/13/23)

HARARE (Reuters) - Zimbabwe hopes to agree a new staff-monitored programme with the International Monetary Fund (IMF) by April next year, with an IMF team due to visit later this month for initial talks, its finance minister said on Thursday.

“Our intention is that by the time we go for the Spring Meetings in April 2024 we should have signed off on a staff-monitored programme,” Mthuli Ncube told reporters in Marrakech at the IMF and World Bank Annual Meetings.

“It will focus on maintaining discipline on the fiscal front and continue fine-tuning our exchange rate system and maintaining a tight monetary policy.”

An IMF staff-monitored programme is an informal agreement under which Fund staff keep tabs on a member country’s economic programme. If successful it could lead to a financial arrangement in the future.

Zimbabwe’s economy has been scarred by successive bouts of hyperinflation.

https://www.thezimbabwean.co/2023/10/zimbabwe-wants-new-imf-staff-monitored-programme-by-april/

Harambe:  Zimbabwe Worker Exodus Intensifies With Economy in Meltdown | Bloomberg (10/14/23)

Years of mass migration from Zimbabwe has gained fresh impetus as an economic meltdown continues unabated, further denuding the country of the scarce skills it needs to engineer a turnaround.

Census data released by neighboring South Africa this week showed the country was home to 1.01 million Zimbabwean immigrants last year, up from 672,308 at the last count in 2011 and an average annual increase of almost 31,000. Emigration data released for the first time by Zimbabwe’s statistics agency in September last year showed 908,913 of the country’s estimated 16 million nationals were living abroad, and 85% of them were in South Africa. 

Those numbers are likely an undercount, with frequent migration between neighboring countries making an accurate assessment tricky and undocumented foreigners unlikely to participate in population surveys.  

Once a regional grain exporter and one of Africa’s best-educated nations, Zimbabwe went into free-fall in 2000 after then-President Robert Mugabe backed the seizure of land from White commercial farmers. Export earnings collapsed and hyperinflation ensued, which led to the abolishment of the national currency in 2009. 

Mugabe was toppled in 2017 and his successor Emmerson Mnangagwa proclaimed the country “open for business,” yet less than one in 10 workers are formally employed and most of those that are struggle to make ends meet.

While land grabs tapered off a few years after 2000, the government has taken a series of other policy missteps that have hamstrung economic growth and undermined investor confidence. They include a 2019 decision to reintroduce the Zimbabwe dollar, which has distorted the foreign exchange market and caused inflation to spiral once again. 

Further confirmation of the ongoing worker exodus comes from the UK, which eased entry rules last year to address skills shortages that followed its 2016 exit from the European Union and the onset of the coronavirus pandemic in 2020. Visas were issued to 20,152 Zimbabwean health and social care staff in the 12 months through June, an almost five-fold increase from the year before, and the third-most in the category after way-more-populous Nigeria and India, Foreign Office data show. It estimated that more than 112,000 Zimbabweans were living in the UK, almost five times the number authorities in the African nation reported 10 months earlier.

There has been “noticeable increase” in immigration to the UK over the past year, resulting in a brain drain across a range of professions, said Norman Matara, the secretary-general of Zimbabwe Doctors For Human Rights. “It’s mostly because of the state of the economy and the low remuneration that professionals are getting.”

A pick-up in the support that Zimbabweans working abroad provide to their relatives back home is another indicator of the emigration trend. Remittances rose 15% to $919 million in the six months through June from the year-ago period, and accounted for 16% of the country’s foreign currency earnings of $5.5 billion, according to the Reserve Bank of Zimbabwe.

The likelihood of Zimbabwe’s prospects improving appear slim, with Mnangagwa, 81, pledging policy continuity after winning another five-year term in a disputed election in August. The country has had no access to foreign lines of credit for more than two decades and is seeking to restructure $18 billion of debt.

The Zimbabwe dollar is widely spurned, and US dollars are used to buy everything from food and fuel to medicine. The local unit officially trades at more than 5,000 to the greenback and highest denomination note can’t even buy a single tomato. 

A slew of anecdotal evidence suggests migration picked up in the run-up to the election, which extended the ruling party’s 43-year tenure and was marred by allegations of rigging. 

The Zimbabwe Red Cross Society, St. John Ambulance Association, state universities and privately-run Cimas Medical Aid, which offer short nursing-aid courses, have been flooded by applicants, including teachers and other professionals, who hope to secure jobs abroad.  

Cimas has trained 350 people since it introduced its three-week courses in March last year and plans to increase enrollments due to high demand, said Vulindlela Ndlovu, the company’s chief executive officer. At least three-quarters of graduates relocated to the UK, the former colonial power, he said.  

The government has bemoaned the loss of its professionals, with Deputy President Constantino Chiwenga urging lawmakers to draft a law to stop other countries recruiting them from Zimbabwe. It was “a crime” when nations failed to train their own personnel and then hired them in poor countries, where people died in hospitals because there were no nurses and doctors to treat them, he said. 

The Zimbabwe Teachers Association estimates that 300 teachers are leaving their jobs each month, and has warned that their exit will take a heavy toll on education standards and the economy. The teachers are paid $200 in basic pay a month on average, less than a tenth of what they can earn as caregivers in the UK.

“The government is putting in money to subsidize the social services of developed countries,” said Sifiso Ndlovu, the CEO of the association, which has 39,000 members.

The Bankers Association of Zimbabwe, which represents the nation’s 19 lenders, estimates that between 2% and 4% of the industry’s workforce is emigrating annually. The bulk of those leaving are cashiers, tellers, clerks and other entry-level staff who manage to raise the about $6,000 that they need to relocate, but there have also been a number of high-level departures, said Lawrence Nyazema, the association’s president. 

Accountants and information technology specialists are also emigrating, mainly because their salaries aren’t competitive, and their departures aren’t being accurately recorded, according to Memory Nguwi, the managing consultant at Industrial Psychology Consultants, a Harare-based human resources firm. 

“They do their paperwork quietly behind the scenes and just leave,” he said. “Sometimes they just resign once they are already out of the country.”

https://www.bloomberg.com/news/articles/2023-10-14/zimbabwe-worker-exodus-intensifies-with-economy-in-meltdown

GCR, RV, and QFS = Global Currency Reset | Attention XRP Enthusiasts: The Euphoric Rise of XRP

GCR, RV, and QFS = Global Currency Reset | Attention, XRP Enthusiasts: The Euphoric Rise of XRP!

By Medeea Greere October 13 2023

In a world where financial systems are constantly evolving, a remarkable transformation known as the Global Currency Reset (GCR) has taken center stage. Imagine a financial realm where currencies have been reset, and quantum technology plays a pivotal role in reshaping the way we perceive the monetary landscape. Welcome to the Quantum Financial System (QFS), the catalyst behind this financial revolution.   The Global Currency Reset (GCR), a term that has been circulating on the fringes of financial discussions for years, is no longer just a speculative notion. It has become a reality that is reshaping the financial world as we know it.

The GCR signifies a momentous global event, where the world has collectively hit the reset button on its currencies, ushering in a brand new financial system. This system operates on the principles of transparency, efficiency, and security, all thanks to the Quantum Financial System (QFS).

What is GCR? The Global Currency Reset (GCR) is a monumental shift in the world’s monetary landscape. It represents a deliberate and strategic effort to recalibrate the values of various currencies, bringing them in line with economic realities. This process involves the revaluation (RV) of currencies to ensure that they reflect their true worth. It’s not a simple task, but a necessary one to stabilize global financial systems.

Enter the Quantum Financial System (QFS) At the heart of the GCR lies the Quantum Financial System (QFS), a groundbreaking digital ledger technology that is rewriting the rules of finance. QFS is more than just a ledger; it’s a paradigm shift that introduces an entirely new concept of currency.

The essence of the QFS lies in its use of gold-backed currency. In the digital realm, this gold-backed currency is represented by gold certificates. Gold has always been synonymous with value and trust, and in the QFS, it takes center stage. This gold-backed currency ensures that the financial system is underpinned by a tangible and universally accepted asset.

The Role of the US Treasury and USSF One of the most remarkable aspects of the QFS is its protection by none other than the United States Treasury, with the support of the United States Space Force (USSF). The USSF ensures that the QFS operates securely, guarding against external threats and ensuring the system’s integrity.

The inclusion of the USSF highlights the importance of QFS in the grand scheme of things. It’s not just a financial system; it’s a strategic asset for national security. This underscores the significance of the GCR and the QFS as a global phenomenon.

Integration with SWIFT The QFS is not an isolated system; it’s deeply integrated into the global financial infrastructure. One of the most noteworthy integrations is with the SWIFT transfer system. SWIFT, short for the Society for Worldwide Interbank Financial Telecommunication, has long been the backbone of international money transfers. However, with the advent of QFS, SWIFT banking faces a dramatic transformation.

Now, every money transfer, regardless of its origin or destination, is channeled through the QFS. This integration not only ensures transparency but also enhances the security of financial transactions. The QFS records every detail of a transfer, from account numbers to the source of funds, the sender’s identity, timing, and the ultimate destination. It’s a comprehensive digital ledger that leaves no room for ambiguity.

https://amg-news.com/gcr-rv-and-qfs-global-currency-reset-attention-xrp-enthusiasts-the-euphoric-rise-of-xrp/