MilitiaMan: Iraq Dinar - Instead of the Dollar in Customs & Duties - International Iraq - Level Playing Field

Iraq Dinar - Instead of the Dollar in Customs & Duties - International Iraq - Level Playing Field

MilitiaMan and Crew:  10-17-2023

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=NZ0o1eSFHvg

Goldilocks' Comments and Global Economic News Tuesday Evening 10-17-23

Goldilocks' Comments and Global Economic News Tuesday Evening 10-17-23

Good evening Dinar Recaps,

"While broader FX options have seen their prices rise to reflect the risk of the Middle East conflict escalating, there has been a particular focus on the two-month expiry date, which includes key central bank policy announcements in December."

Forex options traders are eyeing December 14th as the next trade opportunity. This is when their options trades are coming due.

Options trading allows you to buy a currency at a present rate with the option to redeem it later in the event a currency holding rises.

The war in the Middle East is beginning to create price distortions and volatile prices due to fluctuations in economic conditions.

Protection tools are already being talked about in case the currency does devalue. If prices go to a higher value and stays, options traders will be redeeming their currency for a profit.

If new circumstances such as the rebuilding of an economy create the need for a rise in the values of currencies because of this war, a repricing event for currencies will commence.

© Goldilocks
NASDAQ Link
https://tmsnrt.rs/498k23l

~~~~~~~~~~

Countries involved in the Middle Eastern conflict at the present time either directly or indirectly will be affected.

Trade relationships still continue during a war. When a country changes its exchange rate due to a war, it will affect the trade relationships of the imports and exports shared between countries.

Remember, 80% of exchange rates happen on the water through shipping port contracts and the new digital payment systems influencing these rates.

Watch the water.

© Goldilocks

https://www.hapag-lloyd.com/en/home.html

~~~~~~~~~~

SINGAPORE, Oct 17 (Reuters) - The U.S. dollar swayed in a tight range on Tuesday as traders took stock of developments in the Middle East and braced for a slew of speeches by central bank officials this week headlined by Fed Chair Powell to gauge the monetary policy outlook.

The yen was pinned close to the key 150 per dollar level, keeping investors on edge for any signs of intervention by the Japanese authorities.

https://finance.yahoo.com/news/forex-dollar-drifts-investors-eye-060531178.html

~~~~~~~~~~

Monetary Policy and Central Banking
https://www.imf.org/en/About/Factsheets/Sheets/2023/monetary-policy-and-central-banking

~~~~~~~~~~

Foreign Exchange Options - What are FX Options?
https://www.tradefinanceglobal.com/currency/foreign-exchange-options/

~~~~~~~~~~

Singapore, Shanghai asset management associations ink landmark MOU for cross-border cooperation 

BusinessNewsAsia Link

~~~~~~~~~~

Jurisdictional Boundaries Between CFTC Swaps and SEC Security-Based Swaps Clarified

Cabinet News & Views

~~~~~~~~~~

In a bid to reduce reliance on the US dollar and minimize external influences, Russian President Vladimir Putin has called on members of the Commonwealth of Independent States (CIS) to enhance the use of their national currencies in trade. The move is seen as part of a broader trend among developing countries to seek alternatives to the dominant US dollar in international trade.
BNN Network Link

~~~~~~~~~~

End of Free Money Plunges German Construction Industry into Crisis 

Wolf Street Link

~~~~~~~~~~

Lyn Alden: The Economy Is Trapped In A Vicious Cycle Of More Debt & Bigger Deficits

https://youtu.be/LY5XBWvgyD8?feature=shared

👆 @ Goldilocks

~~~~~~~~~~

The S&P 500 is in a historic bubble and could crash by 63%, markets guru John Hussman 

Business Insider

~~~~~~~~~~

Taiwanese bank ends US bank deal, citing market conditions

Banking Dive

👆 @ Goldilocks

~~~~~~~~~~

ALERT! Silver Price Readies for Moonshot as BofA's Unrealized Losses EXPLODE HIGHER!! 

https://youtu.be/qY9wje7ZwsI?feature=shared

~~~~~~~~~~

JUST IN: 🇺🇸 President Biden to ask Congress for $100 billion in funding for Ukraine and Israel, Bloomberg reports.

@WatcherGuru

~~~~~~~~~~

Govt to revisit using gold dinar as reserve currency - PM

New Straits Times

~~~~~~~~~~

Zimbabwe has been given the green light from the Financial Sector Stability Review (FSSR) of the IMF to implement Basel 2&3 Capital requirements inside their banking system.

© Goldilocks

IMF Link

~~~~~~~~~~

Why Gold's Price is About to Explode! 🔥

https://youtube.com/shorts/YzJDYXDNoPo?feature=shared

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Thank you Dinar Recaps   --  www.DinarRecaps.com

Iraq Economic News and Points to Ponder Tuesday Evening 10-17-23

Iraq Economic News and Points to Ponder Tuesday Evening 10-17-23

Tlm724 Administrator Bondlady’s Corner

Oil Prices Fell More Than $1 Per Barrel

Energy   Economy News _ Baghdad  Oil prices fell slightly, Tuesday, after falling by more than a dollar yesterday, amid hopes that the United States will ease sanctions on oil-producing Venezuela and as Washington intensifies its efforts to prevent escalation in Gaza.

The government and opposition in Venezuela are set to resume long-stalled talks on Tuesday, which President Nicolas Maduro said would benefit the next elections in 2024, multiple sources said, a move that could lead to Washington easing sanctions.

Since 2019, the United States has imposed sanctions on oil exports from Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), to punish Maduro's government after the 2018 elections, which Washington saw as a sham due to human rights violations.

The two benchmarks rose last week due to fears of a widening conflict in the Middle East, with Brent crude rising 7.5 percent, the highest weekly gain since February.

US President Joe Biden will visit Israel tomorrow, Wednesday, at a time when it is preparing for escalation in Gaza, which has caused a humanitarian crisis and raised fears of a broader conflict with Iran.

The Biden administration is seeking to find ways to increase the flow of oil to global markets to limit rising prices.  But any real increase in oil production by Venezuela will take time due to the recent lack of investment.   70 views 10/17/2023 - https://economy-news.net/content.php?id=36997

The Central Bank Denies “Information” Issuing A New Category Of Local Currency

October 16 14:18  Information / Baghdad..  The Central Bank of Iraq denied, today, Monday, that the bank has any intention to issue a new currency or a small or large denomination during the current period.

A member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, said in a statement to “Al-Ma’louma” that “talk about issuing a new currency by the Central Bank of Iraq is not true at the present time.”  Berihi added,

“If a new denomination of currency is issued, whether small or large, it will not affect the exchange rate of the dollar against the dinar, but rather it will only serve and facilitate transactions in the simple market.”

A member of the Board of Directors of the Central Bank of Iraq pointed out that "the Iraqi currency is stable and the existing denominations are sufficient."

A member of the Parliamentary Finance Committee, Representative Nermin Maarouf, announced in press statements that the committee will discuss with the Governor of the Central Bank the feasibility and motives behind taking the decision to issue the 20,000 dinars denomination, the  financial value of this denomination and  other details related to its expected issuance. Ended / 25 AD

 https://almaalomah.me/news/43892/economy/البنك-المركزي-ينفي-لـالمعلومة-إصدار-فئة-جديدة-من-العملة-المح

Tasks Of The Office Of Following Up And Coordinating The Work Of The Branches

October 17, 2023    Mission

1.      Follow up and coordinate the work between the branches and the center and propose work mechanisms that would develop the work in the branches.

2.      Determine the geographical area covered by the bank branches for field inspection teams.

3.      Identifying the problems and needs of the branches, knowing their causes, and working to find appropriate solutions.

4.      Evaluating the performance of the branches in coordination with the relevant authorities.

5.      Coordination with the Department of Total Quality Management and Institutional Development for the branches’ implementation of the objectives of the strategic plan.

6.      Follow up on the outputs of committee reports submitted by the center and coordinate with the branches to implement them.

7.      Conducting periodic visits to branches to review their performance and determine their needs.

8.      Coordinating with the office on everything related to the work of the branches (holding workshops and training courses and sending teams periodically (cohabitation for a specific period to transfer knowledge) and other matters related to the branches).   https://cbi.iq/news/view/2448

Announcing The Auction Of Islamic Certificates Of Deposit

October 17, 2023      We would like to inform you that the auction of Islamic certificates of deposit numbered (ICD123) has been announced and has a deadline of (14) days.

The auction implementation date will be Sunday, 10/22/2023, according to what was published in the Central Custody System for Securities (CSD), and  Islamic banks can participate from the date Publish the announcement until the day of implementation.   https://cbi.iq/news/view/2447

The Minister Of Finance Participates In The Annual Meetings Of The International Monetary Fund And The World Bank Held In The Kingdom Of Morocco

 Sunday 15, October 2023 19:32 | Economical     Number of readings: 656   Baghdad / NINA / The Minister of Finance, Taif Sami Muhammad, participated in the annual meetings of the International Monetary Fund and the World Bank in the Kingdom of Morocco (Marrakesh) for the period from 11-14 October 2023.

A statement from the ministry stated that the minister attended the opening session of the International Monetary Fund and the World Bank, which thanked the King of Morocco for hosting the annual meetings for the year 2023.

The support of the Bank and the International Monetary Fund was presented to all developing countries in the world in their economic projects, whether financing projects or capacity-building projects to reach the advancement of economies. These countries. 

On the sidelines of the annual meetings, a meeting was held with a number of finance ministers and governors, including the Libyan Minister of Finance, to discuss the issue of Libyan debts owed to Iraq and

the issue of the members and presidency of the Board of Directors of the Arab Bank for Development in Africa, since Iraq is a shareholder in this bank, and the Somali Minister of Finance, where Somalia’s debts owed to Iraq were discussed.

He thanked Iraq for its supportive position, and the requirements for scheduling this debt were discussed.

The Minister also held a meeting with the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieddin, where the priorities of the technical assistance provided by the Fund to Iraq were discussed, including

entering into the reform program, technical assistance provided to customs and taxes, restructuring the Rafidain and Rasheed banks, and providing the technical support required to complete it.

The Minister touched on the measures taken by the Ministry of Finance in implementing the unified treasury account and the extent of progress that contributes to its implementation.

The possibility of providing Iraq with experts and consultants to contribute to implementing the electronic payment system, reforming the banking system, and continuing to provide technical support in implementing the unified treasury account was discussed.

Minister Taif and her accompanying delegation also participated in the climate conference, which discussed the issue of confronting the challenges and risks of climate change and supporting opportunities for sustainability, and the extent of the impact of climate change on the region and the world as a whole.

The Minister met with the Administrative and Technical Affairs Department at the International Monetary Fund, and

the meeting included a discussion of the technical support provided by MITAK, which are the training and technical support units at the International Monetary Fund that contribute to providing support in the areas of financial management, taxes, customs, and the unified treasury account.

The Minister thanked the Department of Administrative and Technical Affairs for its efforts in supporting Iraq, especially the Ministry of Finance and its departments in the field of training employees on customs and tax automation projects, and praised the efforts made in implementing the unified treasury account, which is one of the topics that falls within the sphere of government concern.

Help was also discussed in providing consultants in the field of the electronic system (POS) to remove the obstacles that may appear during the implementation of the electronic collection, revenue and expenditure system.

The Minister discussed the issue of contributing to helping Iraq by preparing a consultant or expert well-versed in implementing the program budget and performance in the Budget Department.

She also discussed the issue of funds that were included in the budget law, including the

Development Fund, the Poverty Fund, the Basra Fund, and the Dhi Qar Fund,

as well as the councils that the Prime Minister was interested in, including (youth councils and councils). Development) and support its projects as they are strategic projects that serve the country.

She touched on the issue of technical assistance from the International Monetary Fund, where she explained that there are serious steps included within the program, as the Ministry of Finance is working to coordinate with the ministries represented by the Ministry of Electricity to activate electronic collection and the Ministry of Labor and Social Affairs to expand inclusion in the social protection network and reconsider the inclusion of the eligible,

and the same is true for The Ministry of Commerce, the National Retirement Authority, government banks, and the Budget Department. In addition to the structuring of banks and the steps taken by the Ministry in this regard.

The Minister met with Jihad Azour, Director of North Africa and East Asia at the International Monetary Fund, and discussed the implementation of the 2024 budget, the extent of progress in implementing this budget, how the deficit was addressed in the budget law, and the future outlook for the 2024-2025 budget, in addition to government measures to pressure spending, control the deficit, and increase... Revenues, especially non-oil revenues.

The Minister also met with the International Finance Corporation (IFC) team, and the issue of supporting private sector projects in Iraq was discussed, especially the Baghdad International Airport project, renewable energy projects, and strategic projects included in the government program, as well as the paragraph of partnership between the public and private sectors, which was mentioned for the first time in the budget law for the year 2023.

The Minister and the delegation accompanying her concluded their meetings by meeting with Farid Belhaj, Vice President of the World Bank.

The World Bank projects financed by loans and the problems and obstacles facing their implementation were discussed.

They proposed holding a joint meeting with planning, the World Bank and the sectoral ministries benefiting from the projects to find solutions to them.

The issue of opening accounts was also discussed.

For ministries to benefit from projects funded by grants provided by the World Bank, as well as to discuss the IFMIS project.

The Minister explained the extent of the need for this important project, which will contribute to facilitating and simplifying procedures for financial management.

The latest developments were also discussed, and

they also explained that the World Bank will continue to provide technical support to the Ministry for the purpose of implementing this project. https://ninanews.com/Website/News/Details?key=1083879

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

https://www.bondladyscorner.com/

Points to Ponder on FEAR:

18. Expose yourself to your deepest fear; after that, fear has no power, and the fear of freedom shrinks and vanishes. You are free. ~ Jim Morrison

19. Ones fear of rejection is ones fear of love. ~ Alexandria Honey

20. I’m intimidated by the fear of being average. ~ Taylor Swift

21. We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light. ~ Plato

22. “What do you fear, lady?” [Aragorn] asked. “A cage,” [Éowyn] said. “To stay behind bars, until use and old age accept them, and all chance of doing great deeds is gone beyond recall or desire.” ~ J.R.R. Tolkien

23. Love is like jumping out of an airplane with no parachute. But there’s no need to be frightened, because that plane is still on the ground. ~ Jarod Kintz

24. There are two kinds of fears: rational and irrational – or in simpler terms, fears that make sense and fears that don’t. ~ Lemony Snicket

25. Men go to far greater lengths to avoid what they fear than to obtain what they desire. ~ Dan Brown

26. A man that flies from his fear may find that he has only taken a short cut to meet it. ~ J.R.R. Tolkien

27. Without fear there cannot be courage. ~ Christopher Paolini

28. I must say a word about fear. It is life’s only true opponent. Only fear can defeat life. It is a clever, treacherous adversary, how well I know. It has no decency, respects no law or convention, shows no mercy. It goes for your weakest spot, which it finds with unnerving ease. It begins in your mind, always … so you must fight hard to express it.

You must fight hard to shine the light of words upon it. Because if you don’t, if your fear becomes a wordless darkness that you avoid, perhaps even manage to forget, you open yourself to further attacks of fear because you never truly fought the opponent who defeated you. ~ Yann Martel

Malaysia is actively exploring the gold dinar as a new reserve currency

Malaysia is actively exploring the gold dinar as a new reserve currency

Ernest Hoffman    Tuesday October 17, 2023 16:58

Kitco News

(Kitco News) - The government of Malaysia is actively exploring the idea of using the gold dinar as a reserve currency, the country’s leader said today.

Prime Minister Datuk Seri Anwar Ibrahim told the Dewan Rakyat, Malaysia’s lower house of parliament, that the use of the gold-backed currency will be discussed during an upcoming meeting on Islamic economics and finance to be held in December.

“We want to start it [the use of gold dinar], despite limited conditions,” he said. “If we can get between five and six per cent with Islamic countries [using dinar], it would be a positive start as it provides strength and reduces dependency on the U.S. dollar.”

The gold dinar is a medieval Islamic gold coin first issued by Caliph Abd al-Malik ibn Marwan in 696–697 CE. The weight of the traditional dinar is 1 mithqal, equal to 4.25 grams or 0.137 troy ounces. At current prices, this would peg the dinar’s value at $263.38.

Anwar made the comments during the Prime Minister's Question Period earlier on Tuesday. He was responding to a follow-up question from Member of Parliament Ku Abdul Rahman Ku Ismail, who had asked about the possible use of the gold dinar, and whether it would encounter resistance from countries using the U.S. dollar.

“As I have mentioned earlier, our trading with China using ringgit and renminbi is at 25 per cent,” Anwar replied, referring to the national currencies of Malaysia and China, respectively. His comments signaled an acknowledgement that countries like Malaysia are already moving away from the U.S. dollar and toward other currencies and payment instruments.

Anwar added that the use of the gold dinar gives countries another alternative, which would strengthen the domestic economies of each country that adopts it.

“Islamic countries are familiar with the dinar,” he said. “Furthermore, with growth exceeding $1 trillion in the halal industry, other countries are well-informed about the position of the dinar.”

https://www.kitco.com/news/2023-10-17/Malaysia-is-actively-exploring-the-gold-dinar-as-a-new-reserve-currency.html

Some "Tuesday News" Posted by Clare at KTFA 10-17-2023

KTFA:

Clare:  Thwarting the smuggling of $400,000 out of the country at Baghdad Airport

10/17/2023

The Security Media Cell announced that it thwarted the smuggling of $400,000 out of the country at Baghdad International Airport

A statement from the cell, a copy of which was received by {Al-Furat News}, said, "As part of the ongoing pursuit of currency smugglers, and after intensifying oversight efforts, teams from the Customs Directorate at Baghdad International Airport were able to seize $400,000 that was intended for smuggling."

The cell confirmed that "the competent security services continue their work day and night to pursue all those who harm the national economy by smuggling currency out of the country."

It called on "citizens to cooperate with the competent authorities to report any case related to currency manipulation or smuggling, in order to preserve the stability of currency prices and prevent sabotage of the country's economy."   LINK

Clare:  His advisor: Al-Sudani’s visit to Russia settled its debts to Iraq...and this is what he will raise in Washington

10/17/2023

The advisor to the Prime Minister, Subhan Al-Mullah Jiyad, announced that the visit of Muhammad Shia Al-Sudani to Russia settled its debts to Iraq - while revealing what the Prime Minister will present in Washington

Jiyad said: For the program {Free Speech} broadcast by Al-Furat satellite channel on Monday evening, it said: “The Sudanese visit to Russia resolved the issue of its debts to Iraq, which seeks to resolve the strategic agreement with America because it does not need combat forces, but rather technology, weapons and equipment.”

He added, "Al-Sudani did not address the issue of Russian armament of Iraq during his visit to Moscow, which provided rapid armament during the period of confronting the terrorist ISIS, and now he wants to invest in the oil and gas industries."

Jiyad continued, "Iraq yearns to see the second face of America, which is industrial, civilized, cultural, and economic, since its military face has become heavy and boring for the Iraqis. Al-Sudani will present this talk during his visit to Washington in accordance with the strategic agreement, in addition to opening the door to investment for American companies in Iraq."

He explained, "American loans and military aid to Iraq amount to two billion dollars. Iraq has its own sovereign decision and will not be with one axis against another axis. In light of this policy, Al-Sudani responded to the Russian president's call to meet the country's interest."

Jiyad added, "From the first moment, the Sudanese government sent great optimism to the citizens, and the ministerial platform was also optimistic, and with the approval of all political forces, this through the personality of the president, the ministerial platform, and consensus on it sent optimism and it will be strengthened in the coming days."

He stated, "The government is working on different paths despite the difficulties and the service effort team was established to avoid red tape and budget problems. There is tremendous work being achieved in terms of services, reaching areas not reached by successive governments, and packages to relieve traffic congestion. On the political level, there is great calm."

Jiyad added, "We have reaped the results of the electrical connection with Jordan and with the Gulf, which will open very soon, and the construction of large electrical stations. There is a significant reduction in corruption in institutions and departments. We have also reaped distinction in international and regional relations. The supervisory role will be further strengthened after the provincial council elections, and there are legal mechanisms to follow up on the work of the councils." ".

Regarding gas investment projects, Jiyad said, “Gas projects in Iraq will be invested beyond the life of the government, and we have the sixth licensing round in the western regions that will be announced soon. It carries promising numbers in the amount of free gas, and its level is expected to be large and high. We have sent out invitations to companies of all nationalities to invest in gas.” ".

He pointed out, "Work on implementing the development road project began in the second year of the government's life, and all external parties are enthusiastic about the project, and the internal challenge remains dependent on political forces."

In the banking sector, Jiyad explained, “There is currently something different from previous governments, which is that the current government does not take a step randomly without planning and follow-up. Today, Iraq is moving towards the localization of industries, and to advance industries, the private sector must be revived. In the 2023 budget, one trillion dinars were allocated to the Development Fund to support the sector. 
” Private projects and the guarantees themselves are the guarantees given in exchange for loans. Producer and consumer protection laws exist and are important and may need to be trimmed.

Jiyad ruled out obstruction of government projects, saying, “So far, there is no obstruction of an agreed-upon government project, whether economic, commercial, or international relations, that would serve Iraq’s return to its pivotal role, and this is considered good. However, disagreements may emerge in the last year with the elections approaching, and the Sudanese who is furthest from private interests is staying away from... Governorate elections.

He noted that "the French company Total had practice and previous experience in Iraq and presented its offer, which was the most appropriate in terms of time and cost. It was quick to respond to the invitation and began implementation after signing the contract. France has good political positions towards Iraq."

Regarding the salaries of Kurdistan Region employees, Jiyad said, “The region’s parties are patriotic and close to their constituencies, and salaries were distributed to their employees. There is a claim to remove salaries from political agreements through their association with the Federal Ministry of Finance.” 

Jiyad concluded by saying, "The project funds for the governorates were released this week, and the delay in releasing the funds is due to the approval of the projects. Legislating the oil and gas law is one of the government's commitments to the political document, and the positive atmosphere now is very favorable for opening this file."  

Wafaa Al-Fatlawi   LINK

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

Clare:  Al-Nusairi calls for supporting and implementing the Central Bank’s measures in financial and banking reform

10/17/2023

Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, called for the ministries, concerned authorities and banks to support and implement the Central Bank’s procedures to achieve financial and banking reform based on the axes of its new strategy, which relies primarily on regulating foreign trade, maintaining the general level of prices, and reducing the inflation rate, which is one of the basic goals of the policy. Cash.

Al-Nusairi indicated in an interview with Al-Eqtisad News that the percentage of external transfers on the electronic platform exceeded 95 percent of merchants’ daily transfers, and efforts are continuing to conclude agreements with countries to adopt their local currencies such as the Indian rupee, the Turkish lira, the Emirati dirham, and the euro for direct dealing instead of the US dollar. .

He stated that it is in line with the campaign to support the Iraqi dinar in internal and external transactions, the Prime Minister’s announcement of Iraq’s desire to enter the BRICS group, as approximately 70% of the total trade exchange takes place with China, India, and Brazil, in addition to the fact that 50% of Iraq’s oil exports are through the BRICS countries. This is an important step if the group accepts the joining of Iraq.

Al-Nusairi confirmed that the Central Bank’s departure from the platform method in 2024 will contribute to the fact that external transfers will be made directly between the Iraqi merchant and the exporter through the correspondent banks that will be approved and international companies that undertake pre-audit operations. 

Al-Nusairi concluded his speech by saying that the challenges faced by the Central Bank and the government against the financial and banking reform strategy, and that what is spread by speculators, the corrupt, and their media and analysts, will not last long, as the battle will inevitably be decided by completing comprehensive financial and banking reform processes and stabilizing the exchange rate within the targeted limits.   LINK

Clare:  Iraq raises the interest rate to 7.5%, and the Economic Council is considering increasing the rate

10/16/2023

The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed on Monday that the interest rate for amounts deposited in banks has been raised to 7.5% to encourage citizens to deposit their amounts in banks, and to withdraw the monetary mass outside the banks, while the Ministerial Council for the Iraqi Economy confirmed the study of increasing the price of... Interest on deposits.

This came during the presidency of Iraqi Foreign Minister Fuad Hussein, the 31st session of the Ministerial Council for the Economy, in the presence of the Ministers of Planning, Finance, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, the Vice-President of the National Investment Authority, the Chairman of the Securities Commission, and advisors to the President. Ministers for Economic and Legal Affairs.

According to a statement received by Shafaq News Agency, the Council hosted the Chairman of the Finance Committee in the Iraqi Parliament, Atwan Al-Atwani, and a number of committee members, to discuss the dollar exchange rates in Iraqi markets.

The Governor of the Central Bank of Iraq, Ali Al-Alaq, provided a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq.

Al-Alaq pointed out, according to the statement, that "the exchange rate depends mainly on imports, not on local production, and that the exchange rate in Iraq has peculiarities because it is linked to the price of oil, as it is the largest source of providing hard currency."

He explained that "many factors affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries, internal trading in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling."

Al-Alaq added, "The level of inflation has decreased significantly and that the goods that enter officially are witnessing price stability, because imports are covered by the official price."

The Governor of the Central Bank pointed out the opening of a special lounge for private banks to sell dollars to travelers at Baghdad International Airport, and raising the interest rate for amounts deposited in banks to 7.5% to encourage citizens to deposit their amounts in banks, and to withdraw the cash mass outside the banks.

After objective and serious discussions, the head of the Ministerial Council for the Economy, Fouad Hussein, noted that “the Council will study in detail this important issue, and will follow up on the localization of salaries for all workers in the government sector, and then the mixed sector up to the private sector.”

Hussein said, “The Ministerial Council will study increasing the interest rate on deposits,” adding: “We are looking forward to building basic future tools that will help the Central Bank and the Ministry of Finance assume their role in a manner commensurate with the nature of their work.”  LINK

Iraq Economic News and Points to Ponder Tuesday Afternoon 10-17-23

Iraq Economic News and Points to Ponder Tuesday Afternoon 10-17-23

Tlm724 Administrator Bondlady’s Corner

The Most Important Of Which Is The Leakage Of The Dollar.. Al-Alaq Identifies Many Factors That Caused The Exchange Rate To Rise

Economy | 10:59 - 10/16/2023   Mawazine News – Baghdad  Central Bank Governor Ali Al-Alaq identified, today, Monday, several factors that led to a rise in the exchange rate of the dollar against the dinar in the local market, including smuggling abroad.

The media office of the Ministerial Council for the Economy stated in a statement received by Mawazine News, that “Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein chaired today, Monday, the thirty-first session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, the Minister of Planning, the Ministers of Finance, Labor, and Social Affairs, the Secretary-General of the Council of Ministers, and the Governor The Central Bank, the Undersecretary of the Ministry of Oil, the Vice President of the National Investment Authority, the Chairman of the Securities Commission, and the Prime Minister’s advisors for economic and legal affairs.”

He added, “The Council hosted the Chairman of the Finance Committee in the Iraqi House of Representatives and a number of members of the Committee to discuss the dollar exchange rates in Iraqi markets,” pointing out that the Governor of the Central Bank provided a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq. “The Governor of the Central Bank

explained According to the statement, “The exchange rate depends primarily on imports and not on local production, and that the exchange rate in Iraq has peculiarities due to its connection to the price of oil as it is the largest source of providing hard currency,” noting that “many factors affect the exchange rate, the most important of which is the leakage of the dollar to countries.” Neighborhood and internal dealing in local markets in a currency other than the national currency, as well as the lack of complete control over the ports and smuggling.”

He added that “the level of inflation has decreased significantly and that the goods that enter officially are witnessing price stability because imports are covered by the official price.”, stressing “the opening of a special hall for private banks.” To sell dollars to travelers at Baghdad International Airport, and we raised the interest rate for amounts deposited in banks to 7.5 percent to encourage citizens to deposit their amounts in banks and to withdraw the cash mass from the banks.”

The statement continued, "After objective and serious discussions, the Deputy Prime Minister and Minister of Foreign Affairs indicated that the Council will study in detail this important issue and will follow up on the localization of salaries for all workers in the government sector and then the mixed sector until the private sector. We will study increasing the interest rate on deposits, adding that we are looking forward to building basic tools." "Future helps the Central Bank and the Ministry of Finance to assume their role in a way that suits the nature of their work."

He pointed out that "the council decided to proceed with the establishment of a project to demolish and build Ibn Sina Specialized Hospital with a capacity of 600 beds in Nineveh Governorate to serve the people of that dear governorate." https://www.mawazin.net/Details.aspx?jimare=236466

Dollar Transfers At The Iraqi Currency Auction Rise By 77% Today

Posted On 2023-10-17 By Sotaliraq  2023-10-17  External remittances increased at the Central Bank of Iraq auction, today, Tuesday, by 77% at the expense of cash sales, to reach $162 million.

Our correspondent stated that the Central Bank sold today during its auction for buying and selling the US dollar 199 million, 829 thousand and 639 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 price of 1,310 dinars per dollar for external transfers, and price fluctuations per dollar. Critically.

Our correspondent added that most of the bank’s dollar sales went to strengthening balances abroad in the form of (remittances, credits), which amounted to 162 million, 679 thousand and 639 dollars, an increase of 77%, compared to cash sales amounting to 37 million and 150 thousand dollars.

Our correspondent pointed out that the number of banks that purchased cash dollars reached 5 banks, while the number of banks that responded to requests to enhance balances abroad reached 18 banks, while the total number of exchange and brokerage companies participating in the auction was 93 companies.  LINK

Dollar Prices Are Rising Again In Baghdad

Time: 10/17/2023 11:12:45 Read: 1,937 times  {Economic: Al-Furat News} Dollar prices rose, today, Tuesday, in Baghdad markets.   The prices were as follows..The selling price was 159,750 Iraqi dinars, while the purchase amounted to 157,750 dinars per 100 dollars.   LINK

Al-Sudani And Biden Stress The Importance Of Partnership And Discuss The Humanitarian Crisis In Gaza

Prime Minister Muhammad Shiaa Al-Sudani received a phone call from the President of the United States of America, Joe Biden, during which the ongoing field developments in the Palestinian territories were discussed.

During the call, according to a statement by Al-Sudani’s office, the importance of mobilizing efforts and joint work to support sustainable stability in the region was emphasized, as well as efforts to strengthen the bilateral partnership relationship between Iraq and the United States of America, according to the strategic framework agreement between the two countries.

During the call, the two sides stressed the need to contain the conflict and work to prevent the expansion of the circle of war, which targets civilians and threatens regional and international peace and stability.

The Prime Minister renewed Iraq's firm and principled position regarding what is happening in Gaza, pointing out the importance of opening humanitarian corridors and delivering what the people of the Gaza Strip need, who are subjected to war and an unjust siege.

He explained that the continued aggression against Gaza arouses the anger of people in the region and the world.    https://www.radionawa.com/all-detail.aspx?jimare=35964

The Minister Of Planning Invites Spanish Companies To Invest In Various Sectors In Iraq

Tuesday 17, October 2023 | Economical Number of readings: 304  Baghdad / NINA / Today, Tuesday, Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, called on Spanish companies to invest in various sectors in Iraq.

The ministry stated in a statement, “Today, Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, received the Ambassador of the Kingdom of Spain to Iraq, Pedro Martinez, and his accompanying delegation,” and discussed with him a number of issues and files related to the development of cooperation and bilateral relations between the two countries. In the economic, investment, and commercial fields, including the possibility of Spanish companies contributing to the implementation of the development road project, supporting and developing agriculture, and entering into investments in the transportation, railways, and renewable energy sectors. Tamim praised, according to the statement, “the level of cooperation provided by the Kingdom of Spain.

” to Iraq,” calling on “Spanish companies to invest in various development sectors and the return of Spanish tourists, in light of security and political stability, and the improvement of the investment environment throughout Iraq.” For his part, the Spanish ambassador appreciated “

the volume of fruitful cooperation between the two countries,” noting “the presence There is a great desire among his country’s companies to obtain investment opportunities in Iraq.”

He stressed that “Spain is ready to actively contribute to the implementation of the development path project and support the Iraqi private sector,” pointing out that “Spain has advanced capabilities in the field of agricultural technologies, railways, as well as investment.” In the field of the energy sector.”    https://ninanews.com/Website/News/Details?key=1084239

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

https://www.bondladyscorner.com/

Points to Ponder on FEAR:

6. It’s better to die laughing than to live each moment in fear. ~Unknown

7. One is never afraid of the unknown; one is afraid of the known coming to an end. ~ Jiddu Krishnamurti

8. Don’t be afraid of your fears. They’re not there to scare you. They’re there to let you know that something is worth it. ~ C. JoyBell C.

9.  Imagine not being frightened by any feeling. Imagine knowing that nothing will destroy you. That you are beyond any feeling, and state. Bigger than. Vaster than. That there is no reason to use drugs because anything a drug could do would pale in comparison to knowing who you are. ~ Geneen Roth

10. Find what you are afraid of, face it, and then you won’t be afraid of it anymore. ~ Marilyn Manson

11. I tend to scare myself. ~ Stephen King

12. Anxiety is the dizziness of freedom. ~ Soren Keiregaard

13. People are supposed to fear the unknown, but ignorance is bliss when knowledge is so damn frightening. ~ Laurell K. Hamilton

14. I saw a little girl touch a big bug and shout, “I conquered my fear! YES!” and calmly walk away. I was inspired. ~ Nathan Fillion

15. All that ever holds somebody back, I think, is fear. For a minute I had fear. [Then] I went into the [dressing] room and shot my fear in the face… ~ Lady Gaga

16. Fear can force obedience, but it can never transform a heart. ~ Stacey Jay

17. I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain. ~ Frank Herbert

Goldilocks' Comments and Global Economic News Tuesday AM 10-17-23

Goldilocks' Comments and Global Economic News Tuesday AM 10-17-23

Good morning Dinar Recaps,

Basel Committee to tighten bank rules for public blockchains, stablecoins this year - Ledger Insights - blockchain for enterprise
https://www.ledgerinsights.com/basel-committee-public-blockchains-stablecoins/

~~~~~~~~~~

Breaking News: The Implications of Trade Agreements and Legal Contracts - The New Nation
https://m.thedailynewnation.com/breaking-news-the-implications-of-trade-agreements-and-legal-contracts/

~~~~~~~~~~

Major US Banks Continue Branch Closures, Amplifying Concerns Over Financial Accessibility
https://bnn.network/finance-nav/major-us-banks-continue-branch-closures-amplifying-concerns-over-financial-accessibility/

~~~~~~~~~~

The Global Future Councils 2023 meetings will kick off on Monday, 16th October, as part of the strategic partnership between the UAE government and the World Economic Forum (WEF).

Around 600 of the world’s top thought leaders from academia, government, international organisations, business, and civil society from 30 councils will gather in Dubai to address future trends in five vital sectors: artificial intelligence and technology, environment and climate, governance, society, economy and finance.

The Global Future Councils meetings, held from 16th–18th October, aim to shape the future of strategic sectors, form integrated plans, and develop a set of solutions and ideas to address current and future challenges in the fields of economy, technology, geopolitical transformations, infrastructure, health, society, and the Fourth Industrial Revolution among others.

https://www.emirates247.com/business/economy-finance/wef-global-future-councils-meeting-kicks-off-tomorrow-in-dubai-featuring-600-global-experts-futurists-2023-10-15-1.725797

~~~~~~~~~~

Last week, Saudi Arabia's Crown Prince made the US Secretary of State wait for hours for a meeting and didn't appear until the next day, according to reports

This speaks volumes

The future of the petrodollar is the biggest financial question in the world right now

Connect dots

Read: https://x.com/goldtelegraph_/status/1713978383510716480?s=46

~~~~~~~~~~

G20 adopts roadmap on crypto asset regulation, calls for swift and coordinated implementation 

Kitco News

👆 Just a reminder.

@ Goldilocks

~~~~~~~~~~

* Treasury Market meltdown begins as Banks start shorting their gold and silver paper certificates on the Comex.

This brought gold and silver down yesterday as the stock markets were liquidated.

© Goldilocks

https://www.wsj.com/finance/commodities-futures/gold-falls-in-possible-technical-correction-86465c41

~~~~~~~~~~

Watch the Repo Market! When it locks up, liquidity will shift over to the Commodities Market.

A lot of money is flowing out of the Comex Market, and into, physical gold.

© Goldilocks

~~~~~~~~~~

Diverse Nationalities, Professions Among Migrants at US Mexico Border
https://www.voanews.com/a/diverse-nationalities-professions-among-migrants-at-us-mexico-border/7100889.html

~~~~~~~~~~

Protecting Immigrant Access to Fair Credit Opportunities | Consumer Financial Protection Bureau
ConsumerFinance

~~~~~~~~~~

 SEC APPROVES ISHARES BITCOIN SPOT ETF

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Thank you Dinar Recaps   --  www.DinarRecaps.com

"Tidbits From TNT" Tuesday 10-17-2023

TNT:

Tishwash:  Iraq is counting on a “road” with which 10 countries have interacted: it will raise investment by 30% in 7 sectors

The Services Committee in the House of Representatives said today, Monday (October 16, 2023), that the development path will raise investment in seven sectors by 30% in Iraq, while indicating the interaction of ten countries with the project.

The development road, or the dry canal, is an Iraqi project to connect rail and land between Turkey and Europe in the north and the Arabian Gulf in the south, to transport goods between the Gulf and Europe. Its cost reaches 17 billion dollars and will be completed in a record period, starting from the year 2024 until the year 2028, according to the spokesman for the Prime Minister, Muhammad Shiaa Al-Sudani.

Committee member MP Baqir Al-Saadi stated in an interview with “Baghdad Al-Youm” that “the development road is not just a project, but rather a qualitative leap and will bring about a fundamental change in the compass of international transport routes extending from Southeast Asia towards Europe, leading to a reduction in costs by a percentage ranging from 20-20.” 25% and a time of approximately 35%.

He added, "The development path will raise investment in 7 vital sectors in Iraq by no less than 30%, whether housing, industry, or others, pointing out that 10 countries have interacted positively with the project, which will be a qualitative leap for the country in the coming years."

Al-Saadi pointed out, “The Sudanese government is serious about proceeding with the project despite the challenges because it will create strategic horizons for the country in terms of investing its geographical location in enhancing economic and commercial capabilities.”

According to specialists, this project will allow the transportation of goods between the east and west of the world, as the goods will be shipped on trains and trucks from the port of Al-Faw in southern Iraq to Turkey and from there to Europe via the road and railway network. Goods will also flow from Asia and Europe via Turkey to be transported to the Gulf using this network. The huge number of roads, railways, and the port of Al-Faw, which the Iraqi government is working to develop significantly, to be able to accommodate this volume of global trade.

It is expected that this huge project will provide tens of thousands of job opportunities for Iraqi citizens and Iraqi companies, and will also allow for the exchange of experiences and training. These are the points that the Iraqi Prime Minister always focuses on in his foreign visits.

Most importantly, it will contribute to the development of the southern governorates such as Dhi Qar, Maysan, and Diwaniyah, and will also diversify the sources of income of the Iraqi state. This is what the Prime Minister stressed through his words in which he launched the Iraq 2050 Plan, which aims to reduce dependence on oil as a main source of state resources link

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

Tishwash:  The Minister of Planning invites Spanish companies to invest in various sectors in Iraq

 Today, Tuesday, Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, called on Spanish companies to invest in various sectors in Iraq.

The ministry stated in a statement received by Al-Eqtisad News that “Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, received today the Ambassador of the Kingdom of Spain to Iraq, Pedro Martinez, and his accompanying delegation,” indicating that “the meeting was attended by the Director General of International Cooperation, Saher Abdel Kazem Mahdi, and a number of specialists in the Ministry.”

She added, "During the meeting, a number of issues and files related to the development of cooperation and bilateral relations between the two countries were discussed in the economic, investment, and trade fields, including the possibility of Spanish companies contributing to the implementation of the development road project, supporting and developing agriculture, and entering into investments in the sector." Transport, railways, and renewable energy.

According to the statement, Tamim praised “the level of cooperation provided by the Kingdom of Spain to Iraq,” calling on “Spanish companies to invest in various development sectors and the return of Spanish tourists, in light of security and political stability, and the improvement of the investment environment throughout Iraq.”  

For his part, the Spanish ambassador appreciated "the volume of fruitful cooperation between the two countries," noting "the presence of a great desire among his country's companies to obtain investment opportunities in Iraq.

He stressed that "Spain is ready to actively contribute to the implementation of the development road project and support the Iraqi private sector," pointing out that "Spain has advanced capabilities in the field of agricultural technologies, railways, as well as investment in the energy sector." link

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

Tishwash:  Chamber of Commerce: 13 million people are paying the price due to central bank policies

On Monday, the Diyala Chamber of Commerce identified what it called the three failures in stabilizing the parallel market in Iraq. 

The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, said in an interview with “Al-Ma’louma” that “the failure to control the rhythm of the dollar exchange rate in the parallel market and the large difference between it and the official price and the presence of smuggling in various ways, in addition to the lack of transparency in distributing the dollar shares to travelers according to In official contexts, they represent the most important failures of the central bank.” 

He added, "The Central Bank is responsible for the dollar file in Iraq, and what is happening represents negative repercussions that must be taken into account and its objective reasons explained," stressing that "13 million Iraqis suffer from the threat of poverty and are paying the price due to the instability of the price of the dollar because it exerts strong pressure on the prices of materials." Food and medicines. 

He pointed out that "the continued instability in the currency market calls for structural changes in the central bank that lead to changing currency regulation strategies at the earliest opportunity and reduce the risk of speculation that plunders millions of Iraqis.  link

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

Tishwash:  Is Iraq able to join the BRICS group?.. A serious warning about Washington’s reaction

 The Iraqi economic expert, Omar Al-Halbousi, confirmed today, Monday (October 16, 2023), that Iraq’s accession to the BRICS group may face many obstacles as a result of the economic and monetary crises that the country is experiencing.

BRICS includes Brazil, Russia, India, China and South Africa, and at a summit in Johannesburg last August, a decision was announced to invite Argentina, Egypt, Iran, Ethiopia, the Emirates and Saudi Arabia to become full members of the organization, starting on January 1, 2024.

Al-Halbousi added, in a press statement followed by “Baghdad Today,” that there are many obstacles standing in the country’s way to join the BRICS, which is Iraq’s lack of an industrial base and the lack of agriculture, which made the economy collapse significantly, amid the confusion of government measures that caused the economic and monetary crises to worsen in the country. Iraq.

He continued: "Iraq cannot join the BRICS group because of Washington's control over it, especially since Iraqi oil imports are placed in Iraq's account in Washington, which makes Iraq exposed to a financial setback if Washington lifts protection over Iraqi funds."

The economic expert pointed out that the United States of America has a lot of evidence of the Iraqi government’s negligence in the continuation of money laundering, terrorist financing, and dollar smuggling operations for the benefit of countries and armed groups punished by the American Treasury. In the event that Iraq joins BRICS, Washington will take a significant package of sanctions, and I do not rule it out. Approval of a law that reduces or restricts the income of the dollar to Iraq, causing a major financial collapse, especially since Iraq has a rentier economy that depends on oil and that oil imports are in America.

Al-Halbousi explained that the United States will not allow Iraq to leave its circle of control and go towards its competing party, and Washington has great pressure cards on Iraq militarily, politically and economically, which makes the statements of Iraqi officials about joining the BRICS group suicidal at all levels for Iraq, and at the same time it cannot Its implementation is due to American obstacles.

In a previous statement, the Iraqi economic expert, Safwan Qusay, spoke, saying: “Iraq is trying to be in the region of economic balance by attracting investments from countries of the East or West, and Russia is a giant industrial country, and Iraq’s openness to the Russian system can be exploited by attracting investments in the agricultural sector, livestock and the agricultural sector.” “Transportation, especially if we manage the investment file in the iron and steel sector to create complementary industries at the level of trains and ships.”

He added: "Iraq is looking forward to exploiting its geographical location and it needs to establish an industrial zone for strategic industries that complement the path of development and the presence of economic powers such as Russia that can contribute to these sectors. I believe that establishing a nuclear reactor to generate electrical energy will support the process of establishing this industrial city and that we will have diversity in Investment sources.

He pointed out that Iraq is looking forward to increasing the capacity of financial transactions with the Russian side outside the “SWIFT” system, so that it can have trade with the East through this system, and this reduces the pressure on financial bottlenecks in some cases.

Regarding the possibility of Iraq joining BRICS in the future and its impact on the region, Qusay said: “The BRICS project is promising, and the organization has a set of conditions for it to join, and I believe that Iraq needs to rehabilitate the economic goals and financial tools in order to be allowed to join the group,” explaining that Iraq is not with An area of ​​attraction alone, but he must build a sectoral investment map so that there is competition in every sector. I believe that the advantage of the corresponding economy is what will determine preference. For example, integration with the Russian economy at the level of agriculture, iron and steel industries, and nuclear energy could be This is the path."  link

Mot: . Gunna beeee un of Dose Weeks I Thinks!!!! 

Mot: .. ooooooh - ummmmm – Hmmmmmm

Iraq Economic News and Points to Ponder Tuesday AM 10-17-23

Iraq Economic News and Points to Ponder Tuesday AM 10-17-23

An Economic Advisor Talks About A "Stumbling Block" In The Way Of Iraq's Entry Into The BRICS Group

Money  and business  Economy News – Baghdad  Economic advisor Duraid Al-Anazi said that Prime Minister Muhammad Shiaa Al-Sudani’s request regarding Iraq joining the BRICS group is “strange,” because the group does not extend an invitation to anyone, but rather accepts the request.

Al-Enezi added, in a televised interview followed by Al-Iqtisad News, that “Al-Sudanese is on the condition of sending an invitation to Iraq to join the group,” considering that in this way “a stumbling block was placed in front of Iraq’s entry into BRICS.”

He pointed out that "entry into the group (is) by submitting an application like the rest of the Arab countries and the world."

He continued, "BRICS is economically prepared to replace the dollar, but the bank established by BRICS still operates in dollars."

It is noteworthy that Prime Minister Muhammad Shiaa Al-Sudani said last Wednesday that Iraq is ready to join the BRICS group, if it receives an invitation from the founding countries.

203 views  10/16/2023 - 9:38 PM  https://economy-news.net/content.php?id=36992

Al-Kadhimi Denies The Intention To Print A New Currency And Accuses The US Federal Reserve Of The Dollar Crisis

Politics   10/17/2023 09:48  Number of readings: 153   Baghdad - Iraq today:  The Parliamentary Finance Committee denied the government's intention to print a new local currency, while revealing the influence exerted by the US Federal Bank on the continuation of the dollar crisis.

Committee member Moeen Al-Kazemi said in a press statement, “Talk about the federal government intending to print a new local process has no truth at all, and the Iraqi dinar has a cover and bonds of approximately 150 billion dollars.”

Al-Kadhimi added, “Addressing the discrepancy in the dollar exchange rate does not happen by printing a new currency, but rather through thoughtful steps that should be implemented by all concerned parties.”

He pointed out, "The Central Bank covers the needs of merchants at the official price of 132 thousand dinars for every 100 dollars, and the reason for the disparity is the black market." He stated, "The influences exercised by the US Federal Bank to maintain this crisis for political purposes in Iraq." LINK

Is Iraq Capable Of Joining The BRICS Group?.. A Serious Warning About Washington’s Reaction

Baghdad Today – Baghdad  The Iraqi economic expert, Omar Al-Halbousi, confirmed today, Monday (October 16, 2023), that Iraq’s accession to the BRICS group may face many obstacles as a result of the economic and monetary crises that the country is experiencing.

BRICS includes Brazil, Russia, India, China and South Africa, and at a summit in Johannesburg last August, a decision was announced to invite Argentina, Egypt, Iran, Ethiopia, the Emirates and Saudi Arabia to become full members of the organization, starting on January 1, 2024.

Al-Halbousi added, in a press statement followed by “Baghdad Today,” that there are many obstacles standing in the country’s way to join the BRICS, which is Iraq’s lack of an industrial base and the lack of agriculture, which made the economy collapse significantly, amid the confusion of government measures that caused the economic and monetary crises to worsen in the country. Iraq.

He continued: "Iraq cannot join the BRICS group because of Washington's control over it, especially since Iraqi oil imports are placed in Iraq's account in Washington, which makes Iraq exposed to a financial setback if Washington lifts protection over Iraqi funds."

The economic expert pointed out that the United States of America has a lot of evidence of the Iraqi government’s negligence in the continuation of money laundering, terrorist financing, and dollar smuggling operations for the benefit of countries and armed groups punished by the American Treasury. In the event that Iraq joins BRICS, Washington will take a significant package of sanctions, and I do not rule it out. Approval of a law that reduces or restricts the income of the dollar to Iraq, causing a major financial collapse, especially since Iraq has a rentier economy that depends on oil and that oil imports are in America.

Al-Halbousi explained that the United States will not allow Iraq to leave its circle of control and go towards its competing party, and Washington has great pressure cards on Iraq militarily, politically and economically, which makes the statements of Iraqi officials about joining the BRICS group suicidal at all levels for Iraq, and at the same time it cannot Its implementation is due to American obstacles.

In a previous statement, the Iraqi economic expert, Safwan Qusay, spoke, saying: “Iraq is trying to be in the region of economic balance by attracting investments from countries of the East or West, and Russia is a giant industrial country, and Iraq’s openness to the Russian system can be exploited by attracting investments in the agricultural sector, livestock and the agricultural sector.” “Transportation, especially if we manage the investment file in the iron and steel sector to create complementary industries at the level of trains and ships.”

He added: "Iraq is looking forward to exploiting its geographical location and it needs to establish an industrial zone for strategic industries that complement the path of development and the presence of economic powers such as Russia that can contribute to these sectors. I believe that establishing a nuclear reactor to generate electrical energy will support the process of establishing this industrial city and that we will have diversity in Investment sources.

He pointed out that Iraq is looking forward to increasing the capacity of financial transactions with the Russian side outside the “SWIFT” system, so that it can have trade with the East through this system, and this reduces the pressure on financial bottlenecks in some cases.

Regarding the possibility of Iraq joining BRICS in the future and its impact on the region, Qusay said: “The BRICS project is promising, and the organization has a set of conditions for it to join, and I believe that Iraq needs to rehabilitate the economic goals and financial tools in order to be allowed to join the group,” explaining that Iraq is not with An area of ​​attraction alone, but he must build a sectoral investment map so that there is competition in every sector. I believe that the advantage of the corresponding economy is what will determine preference. For example, integration with the Russian economy at the level of agriculture, iron and steel industries, and nuclear energy could be This is the path."     Source: Sputnik   LINK

The Dollar Strengthens Against The Dinar Again.. Money Exchangers Sell For 160,000 And A Half

Economy |Today  Baghdad today - Baghdad   Today, Tuesday (October 17, 2023), the exchange rate of the US dollar against the Iraqi dinar recorded an increase, reaching more than 160 thousand dinars for every 100 dollars.

The “Baghdad Today” correspondent said, “Today, the selling price of the dollar in banking offices in the capital, Baghdad, reached 160,500 dinars for every 100 dollars.”

He added, "The purchase price reached 159,000 dinars for every 100 dollars."

Yesterday, Monday, the selling prices of the dollar recorded 157,600 Iraqi dinars for every 100 US dollars, while the purchasing prices recorded 155,600 Iraqi dinars for every 100 US dollars in the local markets.   LINK

Central Bank: Many Factors Affect The Exchange Rate, The Most Important Of Which Is The Leakage Of The Dollar To Neighboring Countries

October 16, 2023   Baghdad/Al-Masala Al-Hadath: Central Bank Governor Ali Al-Alaq said that there are many factors that affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries.

The media office of the Ministerial Council for the Economy stated in a statement received by Al-Masala that Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein chaired the thirty-first session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, Minister of Planning, Ministers of Finance, Labor, and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, and the Deputy Prime Minister. Chairman of the National Investment Authority, Chairman of the Securities Commission, and advisors to the Prime Minister for economic and legal affairs.

He added that the Council hosted the Chairman of the Finance Committee in the Iraqi Parliament and a number of members of the Committee to discuss the dollar exchange rates in Iraqi markets, pointing out that the Governor of the Central Bank provided a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq.

The Governor of the Central Bank explained that the exchange rate depends mainly on imports and not on local production, and that the exchange rate in Iraq has peculiarities due to its connection to the price of oil as it is the largest source of providing hard currency, indicating that many factors affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries and dealing Internal access to local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling.

He added that the level of inflation has decreased significantly and that the goods that enter officially are seeing stability in prices because imports are covered by the official price, stressing the opening of a special hall for private banks to sell dollars to travelers at Baghdad International Airport, and we raised the interest rate for amounts deposited in banks to 7.5 percent to encourage citizens to deposit their amounts. In the banks and to withdraw the monetary mass outside the banks.

He continued that, after objective and serious discussions, the Deputy Prime Minister and Minister of Foreign Affairs indicated that the Council will study in detail this important issue and will follow up on the localization of salaries for all workers in the government sector and then the mixed sector until the private sector and we will study increasing the interest rate on deposits, adding that we look forward to building future basic tools that will help The Central Bank and the Ministry of Finance take their role in accordance with the nature of their work.

He pointed out that the Council decided to proceed with the establishment of a project to demolish and build a 600-bed Ibn Sina Specialized Hospital in Nineveh Governorate to serve the people of that dear governorate.    https://almasalah.com/archives/70498

Points to Ponder on FEAR:

1. Fear is the worst kind of grave, because it buries one alive. ~ Beth Fantaskey

2. What you fear will not go away; it will take you into yourself and bless you and keep you. That’s the world, and we all live there. ~ William Stafford

3. There are two basic motivating forces: fear and love. When we are afraid, we pull back from life. When we are in love, we open to all that life has to offer with passion, excitement, and acceptance. We need to learn to love ourselves first, in all our glory and our imperfections. If we cannot love ourselves, we cannot fully open to our ability to love others or our potential to create. Evolution and all hopes for a better world rest in the fearlessness and open-hearted vision of people who embrace life. ~ John Lennon

Goldilocks' Comments and Global Economic News Monday Evening 10-16-23

Goldilocks' Comments and Global Economic News Monday Evening 10-16-23

Good morning Dinar Recaps,

 “It is the sense of Congress that the Government of Zimbabwe and the Southern African Development Community (SADC) should enforce the SADC tribunal rulings from 2007 to 2010, including 18 disputes involving employment, commercial and human rights cases surrounding dispossessed Zimbabwean commercial farmers and agricultural companies.

“If not done, under Section (c) of the ZDERA, the United States Secretary of the Treasury is ordered to ‘instruct the United States executive director to each international financial institution to oppose and vote against any extension by the respective institution of any loan, credit, or guarantee to the Government of Zimbabwe; or any cancellation or reduction of indebtedness owed by the Government of Zimbabwe to the United States or any international financial institution’.”

The Sunday Mail | The Leading Family Newspaper in Zimbabwe
https://www.sundaymail.co.zw/unpacking-illegal-sanctions-on-zim

~~~~~~~~~~

Breaking News: A Zimbabwe Single Currency is Now on Track - Awake-In-3D GCR Real-Time News
https://ai3d.blog/breaking-news-a-zimbabwe-single-currency-is-now-on-track/

~~~~~~~~~~

URGENT: Gold & Silver Price Manipulation Is About To End - Andy Schectman

https://youtu.be/thM_11NiRfA?feature=shared

~~~~~~~~~~

"The worry we have is not that Chinese consumers will do even less. It's that all the global supply chains are intermixed in industries like pharmaceutical and green tech. If things get too tense, it's potential supply-chain snarls that coil and screw up US business."

China's economic boom just reached a period of stagnation. Their current problems in real estate and other manufacturing resources in healthcare, car industry, and more, have Global consequences.

US concerns center around supply chain issues. The US and China have relied on each other to support one another's economy for decades.

The chase for being the richest Nation or Nations in the world is over. The move towards power seems to be at a more even pace, but at what cost if conflict breaks out.

Let's pray, that a choice towards coordinating efforts for a better humanity becomes the norm.

Humanity is at a crossroads. The search for greed, wealth, and power is getting us nowhere.

It's time for us to discover what is truly deepest within us allowing the sacred human to flourish in our new world. It is truly the next step of evolution that will cause us to reach heights of abundance no longer defined by what we are, but let it be defined by who we can become.

© Goldilocks
Business Insider
Reuters Link

~~~~~~~~~~

"The Kurdistan government announces the adoption of the Iraqi dinar instead of the dollar in customs duties"

The de-dollarization of the dollar to Iraqi dinar is moving into the Kurdistan region through customs duties.

Customs Duty is a tariff or tax imposed on goods when transported across international borders.

International trade utilizing the dinar instead of a dollar will create price pressures and demands for the Iraqi currency.

Demand equals more value.

Watch the water.

© Goldilocks
Search 4 Dinar Link
CBP Link

~~~~~~~~~~

When you level the playing field in trade, it provides an opportunity for all countries in the world to flourish together.

It moves us away from gaining a competitive edge to working together as a global team in providing each other's needs through cooperation and coordination.

As we begin to discover this quality of being within ourselves that we are capable of, the ability to know abundance on an unlimited scale cannot be measured.

© Goldilocks

~~~~~~~~~~

Why Everyone is Suddenly On Strike

https://youtu.be/FiBrx7_bqzo?feature=shared

~~~~~~~~~~

JUST IN: $65 million $BTC liquidated within minutes following fake reports that BlackRock's Spot Bitcoin ETF was approved.
@WatcherGuru

~~~~~~~~~~

JUST IN: 🇺🇸 US Treasury Secretary Janet Yellen says America can "absolutely" afford to fund another war.
@WatcherGuru

~~~~~~~~~~

JUST IN: Cointelegraph issues apology after falsely announcing that BlackRock's Spot Bitcoin ETF was approved by the SEC.
@WatcherGuru

~~~~~~~~~~

JUST IN: 🇬🇧 Binance will stop accepting new UK users.
@WatcherGuru

~~~~~~~~~~

JUST IN: 🇮🇱 Israel's currency (Shekel) falls to weakest level against the US Dollar in 8 years, following war with Hamas.
@WatcherGuru

~~~~~~~~~~

JUST IN: FTX co-founder says Sam Bankman-Fried used stolen customer funds to buy real estate & pay athletes like Tom Brady & Steph Curry for endorsement deals.
@WatcherGuru

~~~~~~~~~~

JUST IN: BlackRock CEO Larry Fink says crypto will play a role as a flight to quality.
@WatcherGuru

~~~~~~~~~~

JUST IN: FTX co-founder admits Sam Bankman-Fried used millions of stolen customer funds to donate to US politicians.
@WatcherGuru

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Thank you Dinar Recaps  --  www.DinarRecaps.com

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

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

Al-Sudani Directs To Adopt The Official Exchange Rate For The Central Bank’s Dealings With Clubs

Information / Baghdad..Prime Minister Muhammad Shiaa Al-Sudani directed the adoption of the official exchange rate in the Central Bank’s dealings with Iraqi clubs.

Advisor to the Prime Minister for Youth and Sports Affairs, Khaled Kabayan, said in a statement received by the Al-Ma’louma Agency, “Prime Minister Muhammad Shia Al-Sudani directed the Central Bank of Iraq to disburse dollars to sports clubs at the official exchange rate in order to pay the dues of foreign players and coaches who play in Iraq.”

He stated, "This approval occurred after some clubs submitted an official request to the Prime Minister, and the clubs' request to exchange the dollar was officially approved in accordance with the official exchange mechanism in the Central Bank of Iraq."

It is noteworthy that Iraqi clubs pay the dues of professional players in dollars.   LINK

Dollar Conflicts Confuse The Markets And A Parliamentary Move To Host The Central Bank Governor

Posted On2023-10-16 By Sotaliraq   Baghdad / Hussein Hatem   Conflicts in the dollar exchange rates still play a major role in Iraqi markets, despite the Council of Ministers’ approval of adjusting the dollar exchange rate to the equivalent of 1,300 dinars about 10 months ago.

The restriction of cash transfers by the American side on the one hand, and the lack of control over the dollar prices in the parallel market on the other hand, led to an increase in exchange rates, as the dollar exchange rates exceeded the 160,000 barrier during the last week.

While the House of Representatives intends to host the Governor of the Central Bank and the concerned authorities; To determine the causes of high exchange rates and develop a mechanism to control them.

A member of the Parliamentary Finance Committee, Moin Al-Kadhimi, says, “The American side restricted cash transfers and the internal situation of the currency as a result of the sanctions.”

He added, “Remittances are issued in the range of 70% to 80% of the Iraqi market’s needs, and are provided through the currency window.”

Al-Kadhimi pointed out that “the merchant who needs to import is issued a transfer in dollars from the countries from which he imports, and an Iraqi dinar is delivered in exchange for it,” indicating that “the dinar is used by the Ministry of Finance to finance employee salaries and the needs of departments and ministries.”

A member of the Finance Committee pointed out that, “There is 25% of the Iraqi market’s needs, which are provided through sources that have nothing to do with the currency window; Because of the restrictions issued by the US Federal Reserve and its prevention of Iraqi merchants from dealing with Syria, Iran and Lebanon.”

Al-Kadhimi continued, “These reasons are what push merchants to obtain the dollar from the black market, and thus the exchange rate of the dollar against the dinar rises in the Iraqi local markets.”[/size]

The fluctuation of the dollar exchange rates did not change the reality of the government’s procedures, which remained powerless in the face of it. Prime Minister Muhammad Shiaa Al-Sudani admitted during a previous television interview that millions of dollars are smuggled out of the country on a daily basis with forged invoices, indicating that the matter was discovered after everyone was obligated to make transfers via the platform. “SWIFT” electronic system that allows the US Central Bank to monitor and follow the path of remittances and imported goods.

For his part, Member of the House of Representatives, Amir Al-Mamouri, says, “The measures of the Central Bank of Iraq regarding the rise in the exchange rates of the dollar against the Iraqi dinar were not at the required level.”

Al-Mamouri added, “Speculation in dollar prices is still continuing despite setting an official price for the dollar in the 2023 budget, at a value of 1,300 dinars per dollar.”

The member of the House of Representatives indicated, “There is a parliamentary move to host the Governor of the Central Bank and the concerned authorities to find out the reasons for the rise in the dollar exchange rates and to develop a mechanism to stop the rise.”

In turn, economic affairs researcher Diaa Al-Mohsen says, “Sales from the currency sale window since the beginning of this year are no less than $200 million per day.”

Al-Mohsen added, “The dollar allocated for travelers goes to the black market through banking companies,” noting that “250 thousand dollars a month are the profits of banking companies through exploiting the money allocated for travel.”

The economic affairs researcher pointed out that “most of the central bank’s departments have nothing to do with the economy and financial management,” stressing that “most foreign currency smuggling operations take place through the currency selling window.” Last June, the House of Representatives approved the 2023 budget, amounting to 198.9 trillion dinars, as it includes record spending on an increasing government wage bill and development projects aimed at improving services and rebuilding infrastructure destroyed by neglect and war, according to Reuters.

The budget is based on an oil price of $70 per barrel and expectations of exporting 3.5 million barrels of oil per day, including 400,000 barrels per day from the Kurdistan region, while the exchange rate for oil revenues in US dollars is set at 1,300 dinars to the dollar. This will remain in effect until 2025, but it will be subject to adjustment. It includes the price of oil used by Iraq in light of its almost complete dependence on oil revenues. LINK

The Central Bank Denies “Information” Issuing A New Category Of Local Currency

Information / Baghdad..    The Central Bank of Iraq denied, today, Monday, that the bank has any intention to issue a new currency or a small or large denomination during the current period.

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

A member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, said in a statement to “Al-Ma’louma” that “talk about issuing a new currency by the Central Bank of Iraq is not true at the present time.”

Berihi added, “If a new denomination of currency is issued, whether small or large, it will not affect the exchange rate of the dollar against the dinar, but rather it will only serve and facilitate transactions in the simple market.”

A member of the Board of Directors of the Central Bank of Iraq pointed out that "the Iraqi currency is stable and the existing denominations are sufficient."

A member of the Parliamentary Finance Committee, Representative Nermin Maarouf, announced in press statements that the committee will discuss with the Governor of the Central Bank the feasibility and motives behind taking the decision to issue the 20,000 dinars denomination, the financial value of this denomination and other details related to its expected issuance.   LINK

In The Al-Sumaria Bulletin Shortly... Budget And Salary Disputes And Challenges Of The “Reform Plan”

 Special Sumerian   2023-10-16 | 816 views   Al-Sudani directs to simplify banking procedures... and talks about the challenges facing the reform plans.

The region's delegation to Baghdad to discuss the budget and salaries.. Barzani calls on his representatives to cooperate with the Finance Committee in Parliament.

  The Commission approves the final voter register forms for polling stations...and reveals the tally of excluded candidates.

  The Council of Arab Ministers of Justice demands an end to the Israeli bombing of Gaza... and calls for finding a solution to the Palestinian issue.  LINK

The Dinar Is Recovering Against The Dollar In Baghdad Markets And Money Exchanges

Economy |Today   Baghdad today - Baghdad    Today, Monday (October 16, 2023), the exchange rates of the US dollar witnessed a decline against the Iraqi dinar in the markets and exchange offices of the capital, Baghdad.

The "Baghdad Today" correspondent said, "Selling prices recorded today were 157,600 Iraqi dinars for every 100 US dollars, while purchasing prices recorded 155,600 Iraqi dinars for every 100 US dollars in markets and money exchanges in Baghdad."

The selling price for the dollar yesterday, Sunday (October 15, 2023), was 160,750 dinars per 100 dollars, while the purchase price reached 158,750 dinars per 100 dollars in Baghdad   LINK

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

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

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

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

The law of the harvest governs: we will always reap what we sow -- no more - no less -- The law of justice is immutable - and the closer we align ourselves with correct principles - the better our judgment will be about how the world operates and the more accurate our paradigms -- our maps of the territory -- will be -- p. 305

When two people in a marriage are more concerned about getting the golden eggs , the benefits, than they are in preserving the relationship that makes them possible -- they often become insensitive and inconsiderate - neglecting the little kindnesses and courtesies so important to a deep relationship -- They begin to use control levers to manipulate each other - to focus on their own "wants" - to justify their own position and look for evidence to show the wrongness of the other person -- The love - the richness - the softness and spontaneity begin to deteriorate -- The goose gets sicker day by day -- p. 55

You can buy people's hands - but you can't buy their hearts -- Their hearts are where their enthusiasm - their loyalty is -- You can buy their backs - but you can't buy their brains -- that's where their creativity is -- their ingenuity - their resourcefulness -- p. 58

Marilyn Ferguson observed -- "No one can persuade another to change -- Each of us guards a gate of change that can only be opened from the inside -- We cannot open the gate of another - either by  argument or by emotional appeal"  If you decide to open your "gate of change" to really understand and live the principle embodied in the Seven Habits - your growth will be evolutionary - but the net effect will be revolutionary -- p. 60-61

Many people seem to think that success in one area can compensate for failure in other areas of life -- But can it  really? Perhaps it can for a limited  time in some areas -- But can success in your profession  compensate for a broken marriage - ruined health - or weakness  in  personal character? -- true effectiveness requires balance -- p. 161