Goldilocks' Comments and Global Economic News Thursday Evening 10-19-23
Goldilocks' Comments and Global Economic News Thursday Evening 10-19-23
Good evening Dinar Recaps,
CBI Bank Announcement:
Iraq's central bank temporarily suspends International transfers by Western Union
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WITHIN RIPPLE DOCUMENTATION SHOWS JP MORGAN IS CONNECTED TO ON-DEMAND LIQUIDITY(XRP) + JP MORGAN NOVEMBER 2023 TARGET DATE + JP MORGAN IS 50% OF ISO 20022 CBPR TRAFFIC
Goldilocks' Comments and Global Economic News Thursday Evening 10-19-23
Good evening Dinar Recaps,
CBI Bank Announcement:
Iraq's central bank temporarily suspends International transfers by Western Union
Shafaq Link
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WITHIN RIPPLE DOCUMENTATION SHOWS JP MORGAN IS CONNECTED TO ON-DEMAND LIQUIDITY(XRP) + JP MORGAN NOVEMBER 2023 TARGET DATE + JP MORGAN IS 50% OF ISO 20022 CBPR TRAFFIC
https://twitter.com/Rohitku24694375/status/1714967495143272600?t=MKmFV_hpkqGl_b5UG0mXIQ&s=19
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Once Protocol 20 is finished with their testing and the vote to move forward, we are going to see a lot of upgrades in the month of November and the beginning stages of Quantum Technology implementation/interface take place on a larger scale.
At this time, we should see several networks connect globally and move into cross-border international trading in the new digital asset-based trading system.
I look to see real-world assets such as gold and virtual currencies with real-world values begin to form new price pressures on our new tokenized assets standardizing new protocols in cross-border international trading.
© Goldilocks
https://twitter.com/Rohitku24694375/status/1714967495143272600?t=MKmFV_hpkqGl_b5UG0mXIQ&s=19
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Just to give you an idea of what is about to happen.
The new digital economy backed by real-world assets such as gold and other commodities are about to become the drivers of the market going forward.
These new tokenized assets contain virtual currencies known as stablecoins. Stablecoins represent a country's currencies.
Money velocity will speed up the processing of money across borders creating new demands on each country's currency going forward through virtual assets.
These new demands will create price pressures on each country's currencies.
© Goldilocks
Investopedia Link
https://cedcommerce.com/blog/cross-border-trade-all-you-need-to-know/amp/
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Why Stellar, Toncoin, and VC Spectra are Grabbing the Attention of Big Investors
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Press release: CPMI sets out harmonized ISO 20022 data requirements for enhancing cross-border payments
https://www.bis.org/press/p231017.htm
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Joint Readout of Principals’ Meeting of UK and U.S. Authorities Regarding Central Counterparty Resolution
October 17, 2023
Senior officials from the Bank of England, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Securities and Exchange Commission, and Federal Reserve Board convened a hybrid meeting today to discuss certain issues relating to the resolution of a central counterparty (CCP).
This meeting was one of a regular series of senior-level meetings held since 2017 to share views on CCP resolution and review the progress of an ongoing program of joint work among the agencies.
Today’s meeting was an opportunity to review recent joint work undertaken by the agencies, in particular the information sharing and communications arrangements to support resolution planning for U.S. and UK CCPs. Senior officials also confirmed priorities for future work, which will include continuing to share analyses and discussing policy formulation in relation to CCP resolution.
https://www.cftc.gov/PressRoom/PressReleases/8807-23
Finance EU Link
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Financial market infrastructure giant DTCC has inked a deal to buy Securrency as part of a planned digital assets push.
The deal is meant to quicken the development of a platform designed to “unlock the power of institutional DeFi,” DTCC said in a Thursday statement.
The acquisition is set to close in the next few weeks. At that point, Securrency will become DTCC Digital Assets. Securrency CEO Nadine Chakar, who joined the firm from State Street in January, will lead the new DTCC subsidiary.
https://blockworks.co/news/defi-acquisition-dtcc-securrency
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JUST IN - Hundreds of stocks halted at the London Stock Exchange following a "system incident."
https://www.disclose.tv/id/y3ifs69hgi/
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Iraq to charge Customs Duties/Taxes “Exclusively in Iraqi Dinars”
The Kurdistan Regional Government (KRG) has said that customs duties and taxes at border crossings will now be levied exclusively in Iraqi dinars instead of US dollars.
Search 4 Dinar Link
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WE ARE 1 MONTH AWAY!💥XDC XRP XLM💥YOU DON'T HAVE UNTIL 2025
https://youtu.be/IzIZsA3XFKU?feature=shared
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As a follow-up to the 2019 FSSR, a remote TA mission supported the RBZ in updating regulations to the Basel III capital framework. The mission reviewed Zimbabwe’s capital framework (laws, guidelines, and templates of prudential returns), identified areas to update capital requirements, discussed these areas with the management of the RBZ, and provided recommendations for drafting amendments in line with the Basel II/III framework approaches assessed as the most suitable to the Zimbabwean financial market characteristics.
IMF Link
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Congress could grant the temporary House speaker more power. Here’s how.
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JUST IN: 🇺🇸 FED Chair Jerome Powell says the current fiscal path we're on is unsustainable.
@WatcherGuru
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JUST IN: JP Morgan expects the SEC to approve multiple Spot Bitcoin ETF's within months.
@WatcherGuru
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Iraq Economic News and Points to Ponder Thursday Evening 10-19-23
Iraq Economic News and Points to Ponder Thursday Evening 10-19-23
Tlm724 Administrator Bondlady’s Corner
A Crisis Of Confidence Or Psychological Factors.. What Are The Reasons For Iraqis Not Depositing Their Money In Banks?
Special files |Baghdad Today – Baghdad We often hear about the loss of a sum of money due to a fire accident inside a house or an armed robbery, as a result of citizens keeping money at home away from bank deposits, and despite the progress made in the financial and banking sector and the emergence of electronic payment cards, the citizen still prefers to deal with " Cash" in the details of his daily life, which raises many questions, the reasons for which economists explain to "Baghdad Today."
Iraq Economic News and Points to Ponder Thursday Evening 10-19-23
Tlm724 Administrator Bondlady’s Corner
A Crisis Of Confidence Or Psychological Factors.. What Are The Reasons For Iraqis Not Depositing Their Money In Banks?
Special files |Baghdad Today – Baghdad We often hear about the loss of a sum of money due to a fire accident inside a house or an armed robbery, as a result of citizens keeping money at home away from bank deposits, and despite the progress made in the financial and banking sector and the emergence of electronic payment cards, the citizen still prefers to deal with " Cash" in the details of his daily life, which raises many questions, the reasons for which economists explain to "Baghdad Today."
Today, Wednesday (October 18, 2023), economic expert Mahdi Douai explained the factors behind why Iraqis do not deposit their money in banks.
4 Main Factors
In an interview with "Baghdad Today", Douai says, "Raising the interest rate is a measure adopted by monetary policy in most countries of the world in order to withdraw the monetary mass for objective reasons that reflect positively on the economic aspect, whether through
financing internal loans or creating specific balances."
He pointed out, "4 factors hinder Iraqis from depositing their money in banks: the
weak banking culture among large segments, as well as the
religious motives that influence the decision of many, not to mention the presence of a
psychological factor that prompts some to keep money at home, and there is a final and important factor, which is the weak confidence of many " With banks.”
Banking system
The economic expert stated that “the banking system in Iraq has begun to take important measures that are economically feasible in the file of dealing with liquidity, including internal loans and providing liquidity to the government,” adding,
“But the matter is not very reliable due to the weak turnout, which requires efforts in order to push people to deposit.” Their money is in the banks.”
Last January, Iraqi Prime Minister Muhammad Shiaa Al-Sudani announced a number of financial and economic reforms in the country, including the activation of the electronic payment system, as a statement issued by his office announced work to activate the “electronic payment” (Point of Sales) system, effective From the first of next June.”
The government has confirmed the start of implementing the system, exempting its electronic equipment from taxes, in an attempt to encourage private companies to adopt this system, as Iraq is one of the lagging countries in implementing it.
Economic affairs specialists confirm that implementing the electronic payment system means the necessity of opening bank accounts for all shopping centers, hospitals, factories, medical clinics, pharmacies, and others.
Withdrawal Of The Yacht Company’s License To Mediate In The Buying And Selling Of Foreign Currencies
October 19, 2023 Based on the decision of the Board of Directors of this bank No. (125) of 2023, taken at its session numbered 1638, held on 7/18/2023, we would like to inform the Ministry of Commerce / Company Registration Department of the following: -
1. It was decided to withdraw the yacht company’s license to mediate in the sale and purchase of foreign currencies, cancel the certificate of incorporation granted to it by you, and provide us with a letter deleting the company’s name from your records, and the minutes and letter of liquidation.
2. Please take into consideration when you carry out liquidation procedures that there are amounts owed by the company for an amount (the letter of guarantee of 10% of its capital / and the wages collected by this bank) that have not been paid to date. https://cbi.iq/news/view/2453
Parliamentary Finance Refuses To Hold “Foreign Banks” Alone Responsible For The Collapse Of The Dinar
Economy |Baghdad Today – Baghdad Today, Thursday (October 19, 2023), member of the Parliamentary Finance Committee, Mudar Al-Karawi, identified the impact of foreign banks in the collapse of the Iraqi dinar in the face of the rise in the dollar exchange rate.
Al-Karawi told “Baghdad Today” that “the opening of the headquarters of international banks, whether Arab or foreign, in Baghdad and the rest of the governorates
is a positive situation and it exists in all countries of the world, and it
comes within the framework of openness, attracting investments and
creating infrastructure in the world of finance to secure companies’ commitment and
receive their entitlements.” And transferring money, whether for investments or building new projects.”
He added, “The rise of the dollar and the decline in the value of the dinar have other dimensions and causes, some of which are internal and others external,” pointing out,
“The Finance Committee recently discussed with the management of the Central Bank its mechanisms for controlling the rhythm of the parallel market and limiting the rise of the dollar, and
there are a series of measures that will be adopted to overcome some of the negatives.” He stressed that “the dollar problem cannot be blamed on foreign banks, but rather applying a transparent road map to prevent its smuggling will have the most impact.”
He pointed out that "the Finance Committee has a comprehensive assessment of the monetary and financial situation in the country and is dealing with the challenges," pointing out that "changing some of the Central Bank's mechanisms with the issue of pumping the dollar will be a priority in the next stage."
The Ministerial Council for the Economy hosted, in its session last Monday, the Governor of the Central Bank, Ali Al-Alaq, who indicated that the dollar exchange rate “depends primarily on imports and
not on local production,” pointing out 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 using other than the national currency, as well as the lack of complete control over ports and smuggling.”
Al-Alaq also announced that “the Central Bank raised the interest rate for amounts deposited in banks to 7.5 percent to encourage citizens to deposit their amounts in banks and withdraw the cash mass from the banks.”
There are many measures that the government has taken in order to control the price of the dollar,
but day after day it proves its failure to control it, which reflects negatively on the lives of citizens today because it is closely linked to their trade and their ability to purchase consumer goods.
The exchange rates of the dollar against the dinar stabilized in Baghdad this evening, Thursday, with the closure of the Al-Kifah and Al-Harithiya stock exchanges, recording 159,800 dinars for every 100 dollars, which are the same prices recorded this morning.
While prices rose slightly in Erbil with the closure, as the selling price reached 160,000 dinars for every 100 dollars, and the purchase price was 159,900 dinars for every 100 dollars.
Baghdad Airport Reveals The Names Of 4 Companies That Sell Dollars To Travelers
Politics 2023/10/19 21:52 Number of readings : 147 Baghdad - Iraq today: Baghdad International Airport announced the opening of 4 outlets selling dollars to travelers. The airport’s media office stated in a press statement,
“With the aim of continuous coordination and cooperation between the Civil Aviation Authority and the Central Bank of Iraq in order to provide the best possible services and facilities for the purpose of the traveler obtaining dollars while traveling at Iraqi airports, the Baghdad International Airport administration has opened 4 outlets to sell dollars to travelers.”. The statement added,
“The administration noted that depositing the amounts takes place outside the airport and receiving them in the transit lounge during departure.”
Below are the names of the banks involved:
1- Sama Baghdad Exchange Company
2- Al-Fanjan Exchange Company
3- Al-Qand Exchange Company
4- Al Rayyan Exchange Company
https://iraqtoday.com/news/76688/مطار-بغداد-يكشف-اسماء-4-شركات-تبيع-الدولار-للمسافرين
Al-Rafidain Launches Reconstruction Bonds For Citizens: With An Interest Rate Of Up To 8%
Economy |Baghdad Today – Baghdad Rafidain Bank announced, this evening, Thursday (October 19, 2023), that it will begin issuing reconstruction bonds to citizens with an interest rate of up to 8 percent.
The bank's media office said in a statement received by "Baghdad Today", that "based on the instructions of the Ministry of Finance and the Central Bank of Iraq, Rafidain Bank announces the commencement of issuing (Emaar) bonds and making them available to citizens, starting from 10/10/2023 until 11/9/2023.".
The statement explained that the bonds are in two categories:
“The first is a bond of 500 thousand dinars, with an annual interest of 6 percent, paid every six months for a period of two years, and the
other category is a bond of one million dinars, with an annual interest of 8 percent, paid every six months for a period of four years.”
The bank confirmed that “the person wishing to purchase bonds must submit a direct request to the bank, bringing with him the original identification documents.
The buyer is also given a receipt by the bank in exchange for the amount he paid to purchase the bond, where he keeps it until the bond is prepared, and the buyer brings the aforementioned receipt to the bank.” The bank will receive the bond after it is prepared.”
He explained, "Bonds are traded in the stock market, buying and selling. In addition, the bond's statute of limitations is 10 years after maturity, and then it is transferred to the Ministry of Finance."
The bank noted, “Purchasing and trading the offered bonds (construction bonds) is exempt from taxes, according to what is stated in Federal Budget Law No. 13 of 2023.”
https://baghdadtoday.news/233625-الرافدين-يطلق-سندات-اعمار-للمواطنين-بفائدة-تصل-لـ8.html
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Points to Ponder on FEAR:
48. I love you, I thought. But I didn’t say it. It was not that I feared she would laugh in my face. She was far too kind for that. My fear was a greater one – that she won’t say it back. ~ Alex Flinn
49. Your fear is 100% dependent on you for its survival. ~ Steve Maraboli
50. Deep in my heart I’m concealing things that I’m longing to say. Scared to confess what I’m feeling – frightened you’ll slip away. ~ Madonna
51. Only those who have never known fear are allowed to think less of others for being afraid. Frankly, I think anyone who has never been afraid of anything in their entire life is either a liar or lacks imagination. ~ Laurel K. Hamilton
3 Key Signs the Economy Is Actually Improving
3 Key Signs the Economy Is Actually Improving
October 17, 2023 By Andrew Lisa
The U.S. economy was approaching $22 trillion when the pandemic hit in 2020. The virus sent the country’s gross domestic product (GDP) cratering below $19.5 trillion for the first time since 2017. But starting in the second quarter of the pandemic’s first year, the massive American economy — the biggest and most complex in world history — reversed course and started climbing skyward again.
GDP, however, is just one of the key economic indicators that give economists and laypeople alike an idea of whether things are moving in the right direction. If you’re curious about the country’s economic direction, these are the indicators to watch.
3 Key Signs the Economy Is Actually Improving
October 17, 2023 By Andrew Lisa
The U.S. economy was approaching $22 trillion when the pandemic hit in 2020. The virus sent the country’s gross domestic product (GDP) cratering below $19.5 trillion for the first time since 2017. But starting in the second quarter of the pandemic’s first year, the massive American economy — the biggest and most complex in world history — reversed course and started climbing skyward again.
GDP, however, is just one of the key economic indicators that give economists and laypeople alike an idea of whether things are moving in the right direction. If you’re curious about the country’s economic direction, these are the indicators to watch.
Also see which states are doing well and which are struggling.
The Importance of the US GDP
Gross domestic product (GDP) is the yardstick that measures economic growth. Perhaps the most important of all the economic indicators, GDP represents the combined market value of all finished goods and services produced within a specific geographic region — in this case, the United States — in a certain period of time.
GDP serves as an economy’s report card. When the GDP is growing, businesses and employees alike generally do better. When it’s stagnant or receding, the economy is contracting and headed toward a recession.
Profits from 2023’s latest quarter — taking into account corporate profits with inventory valuation and capital consumption adjustments — went up $6.9 billion.
“Despite all the curveballs that COVID-19 threw our way, the economy has held its ground remarkably well,” said Joe Camberato of National Business Capital. “When you put it all together — businesses eager to borrow for growth, companies still in hiring mode, low unemployment, the housing market standing tall and people traveling — none of these indicators shout ‘recession.’ They scream ‘growth’ if you ask me.”
Unemployment Rate Matters
To continue reading, please go to the original article here:
https://www.gobankingrates.com/money/economy/how-to-tell-if-economy-is-improving/
Goldilocks' Comments and Global Economic News Thursday AM 10-19-23
Goldilocks' Comments and Global Economic News Thursday AM 10-19-23
Good morning Dinar Recaps,
"BRICS: US & Europe May Soon Need Local Currencies to Buy Oil"
The move from the Petro Dollar to local currencies in buying oil will increase demand for local currencies and decrease dependency on the Petro Dollar.
This will level the playing field in local currencies around the world in their purchase of oil. And, it will create new demands on currencies that once utilized the dollar as a World Reserve Currency in purchasing oil.
Goldilocks' Comments and Global Economic News Thursday AM 10-19-23
Good morning Dinar Recaps,
"BRICS: US & Europe May Soon Need Local Currencies to Buy Oil"
The move from the Petro Dollar to local currencies in buying oil will increase demand for local currencies and decrease dependency on the Petro Dollar.
This will level the playing field in local currencies around the world in their purchase of oil. And, it will create new demands on currencies that once utilized the dollar as a World Reserve Currency in purchasing oil.
More demands for currencies other than the Petro Dollar will create price pressures on many of the local currencies that you and I hold.
More demand equals more value...
© Goldilocks
https://watcher.guru/news/brics-us-europe-may-soon-need-local-currencies-to-buy-oil
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BRICS Is Now Richer Than G7 Countries
https://watcher.guru/news/brics-is-now-richer-than-g7-countries
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"Tidbits From TNT" Thursday Morning 10-19-2023
TNT:
Tishwash: At the parliamentary table...a movement to dismiss the Governor of the Central Bank by majority
A parliamentary movement to remove the Governor of the Central Bank, Ali Al-Alaq, from his position, after the dollar exchange rate crisis worsened and no radical solution was found, while the citizen looks forward to real action to save his livelihood, which is “at stake.”
The dollar exchange rate witnessed a significant increase, and on some days it recorded a jump against the Iraqi dinar, exceeding the barrier of 164 thousand dinars for every 100 dollars.
Motion for dismissal by majority
Today, Thursday (October 19, 2023), the Parliamentary Integrity Committee confirms that the movement to dismiss the Governor of the Central Bank, Ali Al-Alaq, from his position is continuing, with a parliamentary majority supporting this movement.
TNT:
Tishwash: At the parliamentary table...a movement to dismiss the Governor of the Central Bank by majority
A parliamentary movement to remove the Governor of the Central Bank, Ali Al-Alaq, from his position, after the dollar exchange rate crisis worsened and no radical solution was found, while the citizen looks forward to real action to save his livelihood, which is “at stake.”
The dollar exchange rate witnessed a significant increase, and on some days it recorded a jump against the Iraqi dinar, exceeding the barrier of 164 thousand dinars for every 100 dollars.
Motion for dismissal by majority
Today, Thursday (October 19, 2023), the Parliamentary Integrity Committee confirms that the movement to dismiss the Governor of the Central Bank, Ali Al-Alaq, from his position is continuing, with a parliamentary majority supporting this movement.
Committee member Hadi Al-Salami told “Baghdad Al-Youm” that “the movement to remove the governor of the Central Bank from his position continues with a parliamentary majority supporting this decision,” noting that “more than one official letter regarding this was sent to the Presidency of the Council of Ministers and Parliament.”
Al-Salami points out that "political courtesies and pressures are what hinder the decision to remove the governor of the Central Bank from his position, especially since Al-Alaq failed in his management of the bank and the dollar exchange rates are high and unstable. This has greatly affected Iraq's economic situation, and this is why the dismissal movement will not stop."
Fraud and economic levers
On (September 21, 2023), two independent representatives confirmed that steps were being taken to dismiss the Central Bank Governor due to his lack of control over the exchange rate of the US dollar in local markets.
Representative Ahmed Majeed said during a joint press conference with Representative Hadi Al-Salami, held in the parliament building, that “the rise in the price of the dollar has harmed all sectors of the state and the Iraqi economy, especially the segment of poor citizens in their livelihood and daily needs.”
He stressed that "there is forgery in the receipts that are submitted to the Central Bank through the currency selling window to buy the dollar to import goods, and it is in fact an operation to smuggle the currency outside Iraq, and these banks - which buy the dollar - are economic arms of political parties." link
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Tishwash: Sudanese Advisor: More than 75% of cash is hoarded by citizens
Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Saleh, said that more than 75% of the cash liquidity is hoarded by citizens, and that raising the interest rate in banks is “inevitable.” The Federal Reserve Bank, the US central bank, had imposed measures and restrictions on remittances. External finance from Iraq, to ensure that it does not reach Tehran and Damascus.
Raising bank interest rates
Mazhar Muhammad Salih said, “The Iraqi environment is complex, but raising the interest rate in banks is one of the monetary policy tools, through the use of raising interest, and it is considered a return, and thus prepares liquidity for the banking system.”
He pointed out that "this measure is inevitable, and it is an indication of the monetary policy interest rate, meaning that banks will lend and borrow at this rate plus the differences," indicating that "it is assumed that banks will lend at a higher rate, as the interest rate structure will rise slightly to attract deposits and stagnant funds." a little".
“Cash leakage is a common phenomenon.”
The Iraqi Prime Minister’s advisor for economic affairs pointed out that “people’s liquidity is not a new phenomenon, and it has been present since the emergence of Iraqi money, and people’s confidence in dealing with banking institutions is usually weak,” adding: “about 20-25% of banks’ liquidity is.” The rest is hoarded by citizens, and it is called cash leakage, which is a common phenomenon in the Iraqi economy.”
Mazhar Muhammad Saleh noted that “despite the passage of these banking and financial developments, this phenomenon will increase rather than decrease, and this percentage will not budge from its historical indicators,” explaining that “about 75-80% of the liquidity remains inside citizens’ homes, and not in the banking system to be completed.” The income cycle turns from savings to investments,” he said, calling this issue a “problem.”
“In the face of a vast banking system and a private banking sector, this percentage should improve and become more, but banking customs and traditions are still weak,” according to Mazhar Muhammad Saleh, who added, “The people’s deposit insurance company is supposed to protect them from any banking failures, and its role is important, and it must announces itself more widely.
Over $100 billion
As for Iraq's foreign currency reserves, the Iraqi Prime Minister's advisor for economic affairs said, "Iraq's financial position in foreign currency is still considered the highest in its history, and the hundred billion dollars supporting the Iraqi dinar has exceeded."
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced during the 31st session of the Ministerial Council for the Economy last Monday, 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 monetary mass outside the banks, while the Ministerial Council for the Iraqi Economy confirmed Study of increasing the interest rate on deposits.
Al-Alaq pointed out that “the exchange rate depends mainly on imports, 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,” explaining that “many factors affect the exchange rate, the most important of which is the leakage The dollar to neighboring countries, and internal dealing in local markets using 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,” pointing to the opening of a special hall 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 sums in banks, and to withdraw cash from banks.”
In an attempt to control dollar smuggling, the Central Bank issued a number of measures that had no effect in raising the value of the dinar or reducing the large demand for the dollar. The difference between the official exchange rate of 1,320 dinars per dollar and what is sold in the market encourages dollar smuggling networks to Increasing its activity to achieve profits, in addition to the impact of this matter on the daily life of the Iraqi citizen.
A report issued by the International Center for Development Studies, headquartered in the British capital, London, previously warned that the attempts of the Central Bank of Iraq to prevent dollar smuggling have failed, as the price of the dinar continues to decline against the dollar, which exacerbates the suffering of Iraqis and raises the prices of goods.
The report indicated that the Iraqi banking system, instead of being a contributor to the development of the Iraqi economy, has become a major obstacle to growth or attracting investments, in addition to becoming an essential accessory to money smuggling and money laundering networks, as there are a large number of banks that belong to figures close to politicians, parties, and armed militias. It contributes significantly to dollar smuggling and financing foreign trade operations with neighboring countries in exchange for receiving commissions and political support. link
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Tishwash: this is from Iraq's news
Oil prices fall after easing sanctions on Venezuela
Oil prices fell in trading today, Thursday, after Washington announced the easing of sanctions imposed on Venezuela, especially the oil sector.
US crude futures fell by 0.07% to $88.26 per barrel, while global Brent crude futures fell by 0.31% to $91.22 per barrel.
Yesterday, Wednesday, Washington announced the easing of sanctions imposed on Venezuela in response to the agreement of the government and the opposition in this country to hold presidential elections in 2024.
US Deputy Secretary of the Treasury Brian Nelson said in a statement, "In accordance with US sanctions policy and in response to these democratic developments, the Treasury Department has permitted transactions related to the Venezuelan gas and oil sector, as well as the gold sector."
Despite the decline in oil prices, experts believe that the oil sector in Venezuela is dilapidated and in need of billions in investments. link
Mot: .... LOL - This is Sooooooo True!!!
Mot: .. HUH!!! - Say Again!!!! Want to feel old?
Iraq Economic News Highlights and Points to Ponder Thursday AM 10-19-23
Iraq Economic News Highlights and Points to Ponder Thursday AM 10-19-23
Decrease In Dollar Exchange Rates In Iraq
2023-10-19 | 7,395 views Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Thursday, October 19, 2023.
Dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record $159,800 for every $100, while selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 160,750 Iraqi dinars, while purchasing prices reached 158,750 dinars for every 100 dollars.
Iraq Economic News Highlights and Points to Ponder Thursday AM 10-19-23
Decrease In Dollar Exchange Rates In Iraq
2023-10-19 | 7,395 views Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Thursday, October 19, 2023.
Dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record $159,800 for every $100, while selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 160,750 Iraqi dinars, while purchasing prices reached 158,750 dinars for every 100 dollars.
For more than 8 months, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system ““SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel (black) markets.
The Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying the dollar from the Ministry of Finance reached 1,300 dinars per dollar and selling it at (1,310) dinars per dollar to banks through the electronic platform, and it is sold for (1,320) dinars per dollar. Dollars from banks and non-banking financial institutions to the final beneficiary. LINK
Dollar Outlets At Baghdad Airport
The first 10/19/2023 Sabah Central Bank Governor Ali Mohsen Al-Alaq opened new outlets to sell foreign currency (the dollar) to travelers at Baghdad International Airport.
A statement from the bank stated, “During his visit to Baghdad International Airport, the Governor of the Central Bank discussed with the Head of the Civil Aviation Authority, Imad Abdul Razzaq Al-Asadi, the strengthening of bilateral cooperation and the ongoing measures to open new outlets at all Iraqi airports.”
He added, "Al-Alaq was briefed on the mechanism of providing services that exchange companies will provide 24 hours a day to their customers," stressing "the speed of completing transactions by government banks and exchange companies that sell dollars to the traveler at Baghdad International Airport, as it is limited to a specific time."
Al-Alaq stressed, according to the statement, that “the step of opening new outlets at the airport will have positive effects, as it will take a short time for the traveler to receive his share of the dollar,” noting that “the work of exchange companies at the airport will be monitored by the Central Bank and the Civil Aviation Authority.” In addition to the open bank branches that provide services to customers, including selling foreign currency to travelers. https://alsabaah.iq/85844-.html
After The Continued Crisis Of The Rise Of The Dollar... Accusations Against The House Of Representatives, And The Latter Is Justified By The “Lack Of Powers” - Urgent
Economy |Baghdad today - Baghdad For months, Iraq has witnessed a noticeable rise in the exchange rate of the US dollar against the Iraqi dinar, exceeding on some days the barrier of 160 thousand dinars for every 100 dollars.
The government, with continuous steps and meetings, tried to contain the crisis and control the parallel market, sometimes by striking smuggling gangs, and at other times by pursuing speculators and manipulators of exchange rates. Here, the position of the House of Representatives was not “clear,” as a large number of citizens accused Parliament of being “silent” in the face of a threat to the country. Their livelihood and aims for their livelihood.
Parliamentary Comment
For his part, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, commented today, Thursday (October 18, 2023), on the accusations of “the silence of the House of Representatives” regarding the rise of the dollar in the local market.
Al-Kadhimi said, in an interview with “Baghdad Today,” that “the House of Representatives is not silent about the rise in the exchange rate of the dollar in the local market, but it is working according to the constitutional powers it possesses,” noting that “the House of Representatives worked during the last period to host a number of The relevant authorities in the Central Bank will discuss this matter to discuss ways to find quick solutions.”
Constitutional Powers
Al-Kadhimi explains that “the House of Representatives does not have any powers to make any decision related to the monetary authority, but it is a supervisory body that follows up and submits recommendations to the government and the relevant parliamentary committees are closely following the issue of the rise of the dollar in the local market and are in constant communication with those concerned.”
On (October 16, 2023), the Governor of the Central Bank of Iraq, Ali Al-Alaq, identified several factors that affect the dollar exchange rate, the most important of which is the leakage of the dollar to neighboring countries.
During his attendance at the meeting of the Ministerial Council for the Economy, headed by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, and hosting the Parliamentary Finance Committee, Al-Alaq provided “a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq,” noting that “the exchange rate depends primarily on imports and not on local production, and that The exchange rate in Iraq has characteristics because it is linked to the price of oil, as it is the largest source of providing hard currency.”
He pointed out, "Many factors affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries, internal dealing in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling." LINK
The Dollar Falls In Real Estate Prices In Kurdistan.. What Is The Relationship Between The People Of The Center And The South?
Baghdad today – Sulaymaniyah After citizens in the central and southern governorates were fleeing from the high prices in their areas to the governorates of the region to buy real estate due to their relative decline, the rise in dollar prices affected the real estate market in the governorates of the region as well, which observers described as “clinical death,” as demand for property decreased. Purchasing real estate in the region for a percentage of up to more than 25%.
In an interview with Baghdad Today, the expert specializing in economic affairs, Miran Saeed, reveals the reasons for the decline in real estate prices in the region.
Saeed says, today, Thursday (October 19, 2023), that “there are a number of reasons behind the decline in real estate prices in the cities of the region, the most important of which is the dollar crisis and the instability of its exchange rate, since most residential complexes and houses are sold in dollars, and this led to the reluctance of Kurdish citizens, even from the center and the south.” To come to Kurdistan."
He added, "The economic crisis and the non-payment of employee salaries is also one of the most important reasons for the decline in the prices of real estate complexes, in addition to the presence of momentum in the number of complexes that exceed the needs of the residents of the cities of the region, especially in Sulaymaniyah. This confirms the existence of money laundering and random political investments, without regard to the need of the people." .
On August 23, 2023, economic expert Farman Hussein confirmed that the real estate sector in the Kurdistan region has been clinically dead for years, while reviewing 3 reasons that led to a 25% drop in prices.
Hussein said in an interview with "Baghdad Today" that "the real estate sector has suffered a major setback, and most real estate trading offices have begun to close their doors, due to the lack of sales or purchases of apartments and residential houses."
He added, "During the last two years, especially after the Corona virus crisis, and as a result of the continuing financial crisis and the non-payment of employee salaries, the real estate market suffered huge losses, and prices fell by 25%."
He stated that “this decline is natural, as a result of the absence of government loans or loans from banks, and there are no sales of apartments and residential houses in convenient installments, and most of the sales are only within residential complexes, and to people from outside the Kurdistan region, especially after the facilities provided by the regional government.” , which allowed those from outside Kurdistan to own property within the region.”
On the other hand, Iraqis are suffering from a significant rise in real estate prices in the central and southern regions, especially the capital, Baghdad, where nearly a quarter of Iraqis are concentrated. While the residential investment complexes that were supposedly established to solve the housing crisis have not succeeded, they have become vulnerable to investment and speculation by those with money, and rarely These housing units are often purchased by people or families who are already suffering from a housing crisis. LINK
Oil: 50 Thousand Cars Running On The Gas System In Iraq
Information/Baghdad.. The Director of the Automotive Gas Department at the Ministry of Oil, Azhar Fasil, revealed on Thursday that more than 100 gas stations have been established and the gas system installed for more than 50,000 cars in Iraq so far.
Fadel said in a statement reported by the official newspaper and seen by the “Information” agency, “We have established stations in the filling plants of the gas filling company, and there is a plan to provide gas at all gas stations,” adding: “There are 104 stations throughout Iraq, including 20 in Baghdad.” While there are 105 stations under construction.
He stated that "work is progressing steadily to convert all stations to gas, with the exception of stations that do not meet safety conditions, as there are millions of cars that operate on gasoline, while the number of cars that operate on gas is about 50 thousand cars," noting that "there are 26 workshops - including 8 in Baghdad - to install the gas system for cars, and the addresses of these workshops are available on the company’s website.
Fadel continued, “These workshops are conducting an inspection of the car and setting a date soon to install the system,” stressing that “there are no problems or complaints regarding the preparation or installation.” End/25 LINK
Parliamentary Finance: The Current Dollar Exchange Rate On The Black Market Has Increased Only
Read: 1,066 times {Local: Al-Furat News} The Parliamentary Finance Committee confirmed, today, Wednesday, that the current rise in the dollar exchange rates on the black market is only.
A useful summary of important news can be found on the Al-Furat News channel on Telegram. To subscribe, click here
Committee member, Moeen Al-Kazemi, said {to Al-Furat News} that: “The government is responsible for the official rate, which is provided through the currency window and remittances, which provide from 150 to 200 million dollars on a daily basis.”
He added, "Therefore, we notice stability in market prices for electrical, food, and other appliances."
Al-Kadhimi continued, "As for the black market, it is a problem created by America due to the ban on financial transfers and the conditions of the US Federal Reserve that prevent the stability of the Iraqi market."
Today, with the closure of the Al-Kifah and Al-Harithiya stock exchanges, the dollar prices recorded 159,800 dinars against 100 dollars, while the dollar prices this morning were 160,100 Iraqi dinars against 100 dollars.
Selling prices in exchange shops in local markets in Baghdad also recorded 160,750 Iraqi dinars for 100 dollars, while purchasing prices reached 158,750 dinars for 100 dollars. From: Raghad Dahham LINK
The Dollar Crisis In Iraq... “Poor” Government Measures And “Psychological Anxiety” Afflict Citizens
Economy |Baghdad today – Baghdad There are many measures that the government has taken in order to control the price of the dollar, but day after day it proves its failure to control it, which reflects negatively on the lives of citizens day after day because it is closely linked to their trade and their ability to purchase consumer goods.
The Dollar Is On The Minds Of Iraqis
Professor of Psychology, Ali Al-Zubaidi, confirmed in an interview with “Baghdad Today” today, Wednesday (October 18, 2023), that “the dollar occupies 30% of Iraqis’ minds 24 hours a day.”
Al-Zubaidi adds, “The dollar, for several reasons, has become the compass of market movement in Iraq, and any rise or fall leads to impacts, some of which are harsh on millions of simple people and those with limited income because of its direct impact in determining the compass of prices up and down, and is accompanied by speculation and the attempt of some to create any crises to earn more money.” ".
He confirms, "The dollar occupies the minds of Iraqis by 30% 24 hours a day, and the percentages rise, especially for professions directly linked to the currency market, and large losses may lead to a psychological state that sometimes leads to suicide."
The Dollar Crisis "Worries" The Poor
Al-Zubaidi pointed out that "even simple people, the dollar has become a source of concern for them because it leads to an increase in financial burdens by raising the prices of basic materials and medicines."
He continued, “The salaries of state employees lost 25-30% of their value after the price of the dollar was 125 thousand dinars per 100 dollars, and now the barrier of 160 thousand dinars per 100% has been broken, meaning that their salaries have weakened and they must pay a higher price to purchase materials,” adding: “The dollar crisis creates varying psychological states resulting from overthinking, but it does not lead to chronic diseases.”
High Dollar Contributions
Last Saturday (October 14, 2023), economic expert Farman Hussein confirmed that transfer cards and Western Union contributed to the smuggling of millions of dollars abroad, considering that the Association of Private Banks is responsible for the rise in dollar exchange rates for the benefit of the private banks affiliated with it.
Hussein said in an interview with "Baghdad Today" that "millions of dollars were smuggled out of Iraq, especially the Emirates and Turkey, and contributed to the wealth of hundreds of merchants, money changers and private banks."
He added, "The Association of Banks is the first and last responsible for the dollar crisis, and it is the one who created the large difference in the official and parallel rates with the aim of achieving benefit for banks and private companies."
The dollar exchange rate has witnessed a noticeable increase in recent days, exceeding the barrier of 160 thousand dinars per 100 dollars, while the Central Bank is taking many 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 dollar is its only source. The Central Bank, although those who take the dollar, namely private banks and exchange companies, are known to it, but it is unable to control them and oblige them not to leak dollars through fake transfers, according to observers. LINK
Goldilocks' Comments and Global Economic News Wednesday Evening 10-18-23
Goldilocks' Comments and Global Economic News Wednesday Evening 10-18-23
Good evening Dinar Recaps,
Take a close look at the links below. We talked about this the last few weeks. Volatility and price distortions are really beginning to surface.
Markets run on correlated and real values, and we have neither of them.
The current changes being made to the financial system through tokenized assets, new Capital requirements for banks, and a repricing event in gold are setting the stage for a new economy.
© Goldilocks
Goldilocks' Comments and Global Economic News Wednesday Evening 10-18-23
Good evening Dinar Recaps,
Take a close look at the links below. We talked about this the last few weeks. Volatility and price distortions are really beginning to surface.
Markets run on correlated and real values, and we have neither of them.
The current changes being made to the financial system through tokenized assets, new Capital requirements for banks, and a repricing event in gold are setting the stage for a new economy.
© Goldilocks
~~~~~~~~~~
"His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received His Excellency the British Ambassador to Iraq, Mr. Stephen Hitchen."
They talked about utilizing "external transfer mechanisms" between their countries in accordance to International electronic trade regulations.
An external trade mechanism basically means money transfers from Banks to Banks from different countries.
Here, we see another agreement being made regarding the use of the Iraqi Dinar as they approach "dinar only" trades at the beginning of January 2024.
© Goldilocks
https://cbi.iq/news/view/2449
https://www.investopedia.com/what-is-an-external-transfer-5185528
~~~~~~~~~~
"We are launching the Digital Dollar Project to catalyze a digital, tokenized U.S. currency that would coexist with other Federal Reserve liabilities and serve as a settlement medium to meet the demands of the new digital world and a cheaper, faster and more inclusive global financial system.”"
Digital Dollar Project Link
~~~~~~~~~~
U.S. Dollar ‘Collapse’ Primes Crypto For ‘Trillions’ To Flood The System—Triggering An ‘Epic’ Bitcoin, Ethereum, XRP And Crypto Price Prediction
~~~~~~~~~~
Four Bills that will define the future of digital assets
~~~~~~~~~~
Towards Unbreachable: Strengthening Security Protocols in Blockchain Networks
https://blockchainreporter.net/towards-unbreachable-strengthening-security-protocols-in-blockchain-networks/
~~~~~~~~~~
Stellar Ensures Security for Soroban Platform
~~~~~~~~~~
What Happens When Major Currencies Start to Fail? – Lyn Alden (Pt 2/2)
https://youtu.be/onVnr5WG-Tw?feature=shared
~~~~~~~~~~
Today we're excited to release the mainnet alpha of the Taproot Assets daemon, providing a feature-complete developer experience for issuing, managing, and exploring stablecoins or other assets on the bitcoin blockchain. This release also begins forward compatibility, which means the protocol will not have any more breaking changes that would affect assets issued on mainnet. This mainnet release of the protocol supports on-chain functionality, with Lightning support coming soon.
This release marks the dawn of a new era for bitcoin. With Taproot Assets v0.3, builders have all the tools needed to make bitcoin a multi-asset network, but in a scalable manner that upholds bitcoin's core values. We believe this new era for bitcoin will see a myriad of global currencies issued as Taproot Assets, and the world's foreign exchange transactions settled instantly over the Lightning Network.
https://lightning.engineering/posts/2023-10-18-taproot-assets-v0.3/
~~~~~~~~~~
Unlocking Africa's Crypto Potential: VALR Teams Up with Visa
https://www.ethnews.com/unlocking-africas-crypto-potential-valr-teams-up-with-visa/
~~~~~~~~~~
New #ISO20022 data requirements: ... it is recommended that industry players start looking into the implementation as soon as possible, @DBCorporateBank emphasizes in its current 'flow briefing'.
https://corporates.db.com/publications/flow-briefing/
~~~~~~~~~~
Jim Willie: Inside The Israel Conflict, Update on De-Dollarization
https://youtu.be/UUXwmK5qAjI?feature=shared
~~~~~~~~~~
"Federal Reserve Policies Spark Recession Concerns, Experts Advise Strategic Investments"
Investing Link
~~~~~~~~~~
On January 1st, 2024, Iraq is banning the bank withdrawal of the US dollar.
If you want US dollars when you get off the plane in Baghdad, you now have to buy the US dollar as a foreign exchange transaction.
What a difference a year makes. The use of the dollar is being banned, and now, you have to pay to use it.
© Goldilocks
https://cbi.iq/news/view/2452
NNA Link
~~~~~~~~~~
The yuan surpassed the euro to become the second main currency in trade for the FIRST time
This is according to SWIFT
People might scoff at the percentage, but they overlook the underlying trend unfolding
More and more countries are looking to settle trade in local currencies
Read: https://twitter.com/GoldTelegraph_/status/1714712286919880870
~~~~~~~~~~
🔴 BRICS Major WIN: BRICS Pay Digital Blockchain Payment System Launched
https://youtu.be/jptu-wpPWjg?feature=shared
~~~~~~~~~~
Follow Goldilocks' Roadmap
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Goldilocks on the Seeds of Wisdom Team™ Website
Thank you Dinar Recaps -- www.DinarRecaps.com
Iraq Economic News and Points to Ponder Wednesday Evening 10-18-23
Iraq Economic News and Points to Ponder Wednesday Evening 10-18-23
Tlm724 Administrator Bondlady’s Corner
The Dollar Crisis In Iraq... “Poor” Government Measures And “Psychological Anxiety” Afflict Citizens
Economy |Today, 20:57 |Baghdad today – Baghdad There are many measures that the government has taken in order to control the price of the dollar, but day after day it proves its failure to control it, which reflects negatively on the lives of citizens day after day because it is closely linked to their trade and their ability to purchase consumer goods.
The Dollar Is On The Minds Of Iraqis
Professor of Psychology, Ali Al-Zubaidi, confirmed in an interview with “Baghdad Today” today, Wednesday (October 18, 2023), that “the dollar occupies 30% of Iraqis’ minds 24 hours a day.”
Iraq Economic News and Points to Ponder Wednesday Evening 10-18-23
Tlm724 Administrator Bondlady’s Corner
The Dollar Crisis In Iraq... “Poor” Government Measures And “Psychological Anxiety” Afflict Citizens
Economy |Today, 20:57 |Baghdad today – Baghdad There are many measures that the government has taken in order to control the price of the dollar, but day after day it proves its failure to control it, which reflects negatively on the lives of citizens day after day because it is closely linked to their trade and their ability to purchase consumer goods.
The Dollar Is On The Minds Of Iraqis
Professor of Psychology, Ali Al-Zubaidi, confirmed in an interview with “Baghdad Today” today, Wednesday (October 18, 2023), that “the dollar occupies 30% of Iraqis’ minds 24 hours a day.”
Al-Zubaidi adds, “The dollar, for several reasons, has become the compass of market movement in Iraq, and any rise or fall leads to impacts, some of which are harsh on millions of simple people and those with limited income because of its direct impact in determining the compass of prices up and down, and is accompanied by speculation and the attempt of some to create any crises to earn more money.”". He confirms,
"The dollar occupies the minds of Iraqis by 30% 24 hours a day, and the percentages rise, especially for professions directly related to the currency market, and large losses may lead to a psychological state that sometimes leads to suicide."
The Dollar Crisis "Worries" The Poor
Al-Zubaidi pointed out that "even simple people, the dollar has become a source of concern for them because it leads to an increase in financial burdens by raising the prices of basic materials and medicines." He continued,
"The salaries of state employees lost 25-30% of their value after the price of the dollar was 125 thousand dinars per 100 dollars, and
now the barrier of 160 thousand dinars per 100% has been broken, meaning that
their salaries have weakened and they must pay a higher price to purchase materials," adding:
“The dollar crisis creates varying psychological states resulting from overthinking, but it does not lead to chronic diseases.”
High Dollar Contributions
Last Saturday (October 14, 2023), economic expert Farman Hussein confirmed that
transfer cards and Western Union contributed to the smuggling of millions of dollars abroad, considering that the
Association of Private Banks is responsible for the rise in dollar exchange rates for the benefit of the private banks affiliated with it. Hussein said in an interview with "Baghdad Today" that
"millions of dollars were smuggled out of Iraq, especially the Emirates and Turkey, and
contributed to the wealth of hundreds of merchants, money changers and private banks." He added,
"The Association of Banks is the first and last responsible for the dollar crisis, and
it is the one who created the large difference in the official and parallel rates with the aim of achieving benefit for banks and private companies."
The dollar exchange rate has witnessed a noticeable increase in recent days, exceeding the barrier of 160 thousand dinars per 100 dollars,
while the Central Bank is taking many 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 dollar is its only source.
The Central Bank, although those who take the dollar, namely private banks and exchange companies, are known to it,
but it is unable to control them and oblige them not to leak dollars through fake transfers, according to observers.
Rafidain Bank Announces A Noticeable Increase In The Number Of Bank Accounts During The Current Year
18/10/2023 192 views Rafidain Bank announced today, Wednesday, that it has achieved clear growth in the number of bank accounts opened during the current year, indicating that
this growth reflects its success in enhancing public confidence and achieving its goals in promoting the principle of financial inclusion in accordance with the strategy of the Central Bank of Iraq.
The bank explained in a statement, a copy of which NRT Arabia received, that
it “witnessed a remarkable development in the number of its customers, which contributed to increasing the number of bank accounts opened during the current year,” pointing out that
“based on official statistics, the number of bank accounts opened reached 36,694.”
A diverse bank account, including savings, current, and fixed deposit accounts,during the period from
January 1, 2023 until September 30, 2023. He pointed out that "this major shift in the increase in accounts reflects his efforts to enhance the principle of financial inclusion and increase confidence between the citizen and the banking sector," praising "the positive impact of this growth on the increase in the volume of deposits and the ability of the banking sector to finance projects in the country."
He noted that "simplifying its procedures and expanding, developing and diversifying its banking services has contributed to facilitating the procedures for opening bank accounts, which has given impetus to increasing accounts and expanding the scope of financial inclusion."
https://www.nrttv.com/ar/detail3/16289
Al-Kadhimi: The Decision To Increase The Interest Rate Will Activate The Banking System Inside Iraq
Information / Baghdad.. Today, Tuesday, the Parliamentary Finance Committee considered the
decision of the Central Bank of Iraq to raise the interest rate for bank depositors as a correct direction towards revitalizing and organizing the banking system.
A member of the Finance Committee, Moeen Al-Kadhimi, said in a statement to Al-Maalomah, “The
Central Bank’s decision to increase the interest rate falls within banking reform measures and in
implementation of Prime Minister Muhammad Shia’a Al-Sudani’s directive to move towards organizing and revitalizing the banking system in Iraq.”
He added, "The decision to raise the interest rate will certainly encourage citizens to deposit in banks, which will stimulate financial movement and turn to investment projects, in addition to its positive repercussions by reducing the exchange rate of the dollar against the Iraqi dinar."
Al-Kadhimi pointed out that "the Central Bank of Iraq is moving towards real automation in financial transactions inside Iraq."
Yesterday, Monday, during the 31st session of the Ministerial Council for the Economy, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced 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. Ended / 25 AD
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Points to Ponder on FEAR:
37. Fear isn’t so difficult to understand. After all, weren’t we all frightened as children? Nothing has changed since Little Red Riding Hood faced the big bad wolf. ~ Alfred Hitchcock
38. The cave you fear to enter holds the treasure you seek. ~ Joseph Campbell
39. Fear is a manipulative emotion that can trick us into living a boring life. ~ Donald Miller
40. It’s all right to be afraid. You just don’t let it stop you from doing your job. ~ Jim Butcher
42. It frightens me, the awful truth, of how sweet life can be. ~ Bob Dylan
43. Power is of two kinds. One is obtained by the fear of punishment and the other by acts of love. Power based on love is a thousand times more effective and permanent then the one derived from fear of punishment. ~ Mahatma Gandhi
44. Power does not corrupt. Fear corrupts… perhaps the fear of a loss of power. ~ John Steinbec
45. A kind of light spread out from her. And everything changed color. And the world opened out. And a day was good to awaken to. And there were no limits to anything. And the people of the world were good and handsome. And I was not afraid any more. ~ John Steinbeck
46. When we think we have been hurt by someone in the past, we build up defenses to protect ourselves from being hurt in the future. So the fearful past causes a fearful future and the past and future become one. ~ Alfred Hitchcock
Iraq Economic News and Points to Ponder Wednesday Afternoon 10-18-23
Iraq Economic News and Points to Ponder Wednesday Afternoon 10-18-23
Tlm724 Administrator Bondlady’s Corner
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.”
Iraq Economic News and Points to Ponder Wednesday Afternoon 10-18-23
Tlm724 Administrator Bondlady’s Corner
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
The Governor Of The Central Bank Opens New Outlets For Selling Dollars At Baghdad Airport
Economy News _ Baghdad Today, Wednesday, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, opened new outlets to sell foreign currency (the dollar) to travelers at Baghdad International Airport.
A statement by the bank’s media office, seen by Al-Iqtisad News, stated that “the governor of the Central Bank was briefed on the mechanism for providing services that exchange companies will provide 24 hours a day to their customers,” stressing “the speed of completing transactions by government banks and exchange companies that sell dollars to travelers in Baghdad International Airport is limited to a specific time.
The governor stressed that “the step of opening new outlets at the airport will have positive effects, especially since it takes a short time for the traveler to obtain his share of the dollar,” noting that the work of exchange companies at the airport will be monitored by the Central Bank of Iraq and the Civil Aviation Authority, as well as branches. Open banks that provide services to customers, including selling foreign currency to travelers.
During his visit to Baghdad International Airport, Al-Alaq discussed with the head of the Civil Aviation Authority, Imad Abdul Razzaq Al-Asadi, the strengthening of bilateral cooperation and the ongoing measures to open new outlets at all Iraqi airports.
Views 114 Added 10/18/2023 - https://economy-news.net/content.php?id=37022
Dollar Prices Rise In Baghdad With The Stock Market Closed
Economy Wednesday, October 18, 2023 Baghdad/National News Center The prices of the US dollar rose against the Iraqi dinar, today, Wednesday, in the markets of the capital, Baghdad, with the stock market closed.
The correspondent of the National News Center said, “Dollar prices rose with the closure of the main Kifah and Harithiya stock exchanges in Baghdad, recording 159,900 dinars against 100 dollars, while dollar prices this morning recorded 159,400 dinars against 100 dollars.”
He added, “Selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 160,500 dinars for 100 dollars, while the purchase price reached 159,000 dinars for 100 dollars.” https://nnciraq.com/232560/
Parliamentary Finance Hosts The Ministers Of Finance Of The Center And The Region
Economy | 10/18/2023 Baghdad - Mawazine News The Parliamentary Finance Committee hosted, today, Wednesday, the federal and regional finance ministers.
The Media Department of the House of Representatives stated in a statement, a copy of which Mawazine News received, that “the Finance Committee hosted the Federal and Regional Ministers of Finance.” She added, "The hosting came to discuss the region's revenues and implement budget instructions." https://www.mawazin.net/Details.aspx?jimare=236547
The Minister Of Communications Announces The Launch Of The Smart Savings Card Project
Money and business Economy News _ Baghdad Today, Wednesday, the Minister of Communications, Hiyam Al-Yasiri, announced the launch of the smart savings card project, stressing the importance of this project in the field of combating corruption.
Al-Yasiri said in her speech during the launch of the smart savings card project, followed by Al-Iqtisad News, that “mail in Iraq has practically died, and the Iraqi people have forgotten that there is such a thing as mail, as it has become memories of the past.”
She added, "Since the 1920s, post and savings were among the first formations of the current Ministry of Communications, and there were savings books, but when we took over the ministry, I found a number of complex files containing a lot of corruption and unfairness to the rights of state contracts."
She stated, “The post office was in limbo, but with the efforts of the cadres of the General Postal and Savings Company, led by the company’s general manager, Zainab Abdel-Saheb, and with daily follow-up by us and with the support of the Ministry’s opinion committee, these efforts bore fruit, and we are on the verge of the first year of the government’s life.”
Current services,” noting that there are a large number of achievements in the postal and savings sector, including the launch of the smart savings card project, with the participation of our Iraqi companies that have made efforts to support this product.
He explained, "This project is important in the field of combating corruption, as since I took over the ministry until now, I have witnessed many cases of embezzlement, forgery, and corruption in the savings file, due to paper dealing," stressing that "this step will significantly reduce corruption operations, due to dealing with corruption." "electronic".
She continued, "This project is one of the building blocks of the electronic government, which was adopted by the current government, and an important step in the digital transformation in Iraq."
Views 81 Added 10/18/2023 - 3:09 PM https://economy-news.net/content.php?id=37024
Brent Crude Jumps To $92.44 A Barrel
Energy Economy News – Baghdad Brent crude prices reached $93 per barrel, on Wednesday, with the increasing risk of escalation of the conflict in the Middle East, threatening to disrupt supplies from the region, and with Iran calling for the imposition of an “oil embargo” on the Israeli entity.
By 1056 GMT, Brent crude futures increased $2.54, or 2.8 percent, to $92.44 per barrel. US West Texas Intermediate crude futures also rose $2.54, or 2.9 percent, to $89.2 per barrel.
The two crude oil prices rose by more than $3 to touch their highest levels in two weeks earlier in the session.
The markets took into account the increasing risks after the Israeli bombing that targeted the Baptist Hospital in Gaza yesterday, Tuesday, and led to hundreds of casualties.
Then Jordan canceled a summit it was scheduled to host with US President Joe Biden and Egyptian President Abdel Fattah El-Sisi and Palestinian President Mahmoud Abbas. Biden arrived in Israel on Wednesday.
John Evans of oil brokerage BVM told Reuters: “This shift in diplomatic data once again raises fears of the spread of the conflict and thus a jump in oil prices.”
Oil prices also received support from a decline in US crude inventories by about 4.4 million barrels in the week ending October 13, according to market sources, citing figures from the American Petroleum Institute yesterday, Tuesday.
This was a sharp decline compared to analysts' expectations of a decline of only 300,000 barrels. Official data is scheduled to be issued later on Wednesday.
On the demand side, official data showed on Wednesday that the Chinese economy grew faster than expected in the third quarter, indicating that the recent recovery may be enough for Beijing to achieve its growth goal for the full year.
Meanwhile, US retail sales rose more than expected in September, boosting expectations that the US Federal Reserve will raise interest rates again by the end of the year. Raising interest rates to reduce inflation could slow economic growth and reduce demand for oil.
Views 41 Added 10/18/2023 - 3:14 PM https://economy-news.net/content.php?id=37025
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Points To Ponder on FEAR:
36. Fear is the main source of superstition, and one of the main sources of cruelty. To conquer fear is the beginning of wisdom. ~ Bertrand Russell
37. Fear isn’t so difficult to understand. After all, weren’t we all frightened as children? Nothing has changed since Little Red Riding Hood faced the big bad wolf. ~ Alfred Hitchcock
38. The cave you fear to enter holds the treasure you seek. ~ Joseph Campbell
39. Fear is a manipulative emotion that can trick us into living a boring life. ~ Donald Miller
40. It’s all right to be afraid. You just don’t let it stop you from doing your job. ~ Jim Butcher
42. It frightens me, the awful truth, of how sweet life can be. ~ Bob Dylan
43. Power is of two kinds. One is obtained by the fear of punishment and the other by acts of love. Power based on love is a thousand times more effective and permanent then the one derived from fear of punishment. ~ Mahatma Gandhi
44. Power does not corrupt. Fear corrupts… perhaps the fear of a loss of power. ~ John Steinbec
45. A kind of light spread out from her. And everything changed color. And the world opened out. And a day was good to awaken to. And there were no limits to anything. And the people of the world were good and handsome. And I was not afraid any more. ~ John Steinbeck
"Tidbits From TNT" Wednesday 10-18-2023
TNT:
CandyKisses: Minister of Trade: Iraq is currently witnessing fundamental economic changes
Economy News - Baghdad
Trade Minister Atheer Al-Gheriri stressed on Tuesday keenness to increase the volume of trade exchange with Saudi Arabia, while noting that Iraq is currently witnessing fundamental economic changes.
The Ministry of Commerce said in a statement that "Minister of Trade Atheer Al-Ghurairi delivered a speech on the occasion of the opening of the activities of the Made in Saudi Arabia exhibition and the participation of Iraq as a guest of honor in it, which kicked off yesterday in Riyadh."
TNT:
CandyKisses: Minister of Trade: Iraq is currently witnessing fundamental economic changes
Economy News - Baghdad
Trade Minister Atheer Al-Gheriri stressed on Tuesday keenness to increase the volume of trade exchange with Saudi Arabia, while noting that Iraq is currently witnessing fundamental economic changes.
The Ministry of Commerce said in a statement that "Minister of Trade Atheer Al-Ghurairi delivered a speech on the occasion of the opening of the activities of the Made in Saudi Arabia exhibition and the participation of Iraq as a guest of honor in it, which kicked off yesterday in Riyadh."
Al-Ghuriri stressed "Iraq's keenness to increase the volume of trade exchange, exchange experiences and increase opportunities for partnerships with the Kingdom of Saudi Arabia," noting that "Iraq is currently witnessing fundamental economic changes and gives a greater role to the private sector in the process of development and economic development and creating a suitable environment for work, investment and economic development."
He continued, "Since its inception, the Iraqi-Saudi Coordination Council has played a major role in strengthening bilateral relations, whose results have been tangible on the ground through the main committees emanating from it and the agreements reached that laid the foundations for sustainable joint action and the implementation of projects that would contribute significantly to work in the long term and in line with the strategic vision of the leadership of the two countries."
Tishwash: Will the dollar disappear in Iraq?
For eight months, the Central Bank has been unable to stop the dollar’s rampage against the dinar in the parallel market. This is offset by the absence of the ability to meet the dollar demands that cover foreign trade in light of the expansion of Iraq’s import list and the restriction to exporting oil only.
The electronic platform recently introduced by the Central Bank was not able to restore stability to the parallel market and reduce the gap between the official price and the parallel price, as most transfers still take place outside that platform, especially with countries that are witnessing US sanctions such as Iran, Syria, and entities in Turkey.
With this landscape full of uncertainty, Iraq intends to completely ban transactions in US dollars starting from January 2024, under the pretext of reducing the misuse of hard currencies, financial crimes, and currency smuggling abroad.
From my point of view, the timing of this measure is not correct, in light of the absence of solutions to the problems suffered by the parallel markets for foreign currency, as this heralds the exacerbation of the cash or cash crisis in Iraq, and there is a possibility that matters will reach a severe shortage in the Iraqi monetary mass, which means resorting to... The central bank will print money, and the consequences will be dire, most notably the monetary inflation that a number of countries in the region are currently witnessing, such as Iran, Turkey, and Lebanon.
Here I call on the Central Bank to work diligently towards adopting a new currency to replace the dollar, such as the euro, for example, the Chinese yuan, or the Emirati dirham. This is not easy, but it is not impossible, while working to use gold as an agreed-upon unit for evaluating goods and services.
This trend would reduce the pressure on the dollar in the parallel market, and would also be a fatal blow to speculators in the parallel markets, in addition to preserving trade with countries that are currently witnessing economic sanctions by the US Treasury Department and the US Federal Bank.
Today, the Central Bank of Iraq has a historic opportunity to address and manage the dollar exchange rate and arrange the parallel market securities, in a practical and decisive manner, and work to determine priorities in the monetary market with the aim of improving the stability of the foreign currency. This is matched by a serious effort to push private banks towards providing the best services to customers and creating a spirit of competition between them. In order to attract the hoarded cash mass outside the Iraqi banking system. link
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CandyKisses: Abdul Mahdi demands the implementation of a resolution of parliament and the withdrawal of the Americans and NATO from Iraq: prepare for a "long battle"
Baghdad Today - Baghdad
On Wednesday (October 18, 2023), former Iraqi Prime Minister Adel Abdul Mahdi submitted two proposals to respond to the aggression against occupied Palestine.
Abdul Mahdi said in a statement received by "Baghdad Today" that "in the face of the great tragedy and a preliminary response to the aggression against Palestine, we see at this stage two urgent demands, the first of which is the immediate implementation of the House of Representatives resolution on 5/1/2020, which stipulates (the withdrawal of all US and NATO forces in all their names)
"The second requirement is readiness at all levels and fields to face the long battle that awaits us
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CandyKisses: Bombing targets a US military base in Erbil
Shafaq News / A security source said on Wednesday that a bombing targeted a military airport inhabited by US forces in Erbil province in the Kurdistan region.
The source told Shafaq News Agency that Hareer Military Airport in Erbil Governorate was bombed, this afternoon, by a day.
The source explained that the bombing targeted US forces stationed at the airport, noting that "the damage is still unclear so far."
In the context, an armed group calling itself “the formation of the heirs – the operations room of the support of the Al-Aqsa Flood,” claimed responsibility for the bombing.
In a statement broadcast on the Internet, she said that as part of the operations attributing the Al-Aqsa Flood, we announce the targeting of "the US occupation base in northern Iraq - the Silk base - with a drone at 12 p.m. on Wednesday."
On this morning, the Reuters news agency reported that the US military thwarted an attack on the Ain al-Assad base in Anbar, using drones.
This development comes after noisy night demonstrations in Iraqi cities condemning the Israeli bombing of a hospital in Gaza, and threats by some resistance factions to target American interests in the country.
Washington has raised its alert level in anticipation of attacks from “Iran-backed” groups amid a sharp rise in tension in the region over Israel’s war with Hamas.
The White House said on Monday that US President Joe Biden and Iraqi Prime Minister Mohammed Shia al-Sudani discussed efforts to prevent the conflict in Gaza from expanding.
I’m He added that the two leaders also discussed the importance of addressing the worsening humanitarian crisis in the sector.
Mot: .. UH OH!!!! -- They Found me Cameras!!! Siigghhhhhh
Iraq Economic News Highlights and Points to Ponder Wednesday AM 10-18-23
Iraq Economic News Highlights and Points to Ponder Wednesday AM 10-18-23
Will The Dollar Disappear In Iraq?
Economical 10/18/2023 Sarah Salam For eight months, the Central Bank has been unable to stop the rampage of the dollar against the dinar in the parallel market. This is offset by the absence of the ability to meet the dollar demands that cover foreign trade in light of the expansion of Iraq’s import list and its limitation to exporting oil only.
The electronic platform recently introduced by the Central Bank was not able to restore stability to the parallel market and reduce the gap between the official price and the parallel price, as most transfers still take place outside that platform, especially with countries that are witnessing US sanctions such as Iran, Syria, and entities in Turkey.
Iraq Economic News Highlights and Points to Ponder Wednesday AM 10-18-23
Will The Dollar Disappear In Iraq?
Economical 10/18/2023 Sarah Salam For eight months, the Central Bank has been unable to stop the rampage of the dollar against the dinar in the parallel market. This is offset by the absence of the ability to meet the dollar demands that cover foreign trade in light of the expansion of Iraq’s import list and its limitation to exporting oil only.
The electronic platform recently introduced by the Central Bank was not able to restore stability to the parallel market and reduce the gap between the official price and the parallel price, as most transfers still take place outside that platform, especially with countries that are witnessing US sanctions such as Iran, Syria, and entities in Turkey.
With this landscape full of uncertainty, Iraq intends to completely ban transactions in US dollars starting from January 2024, under the pretext of reducing the misuse of hard currencies, financial crimes, and currency smuggling abroad.
From my point of view, the timing of this measure is not correct, in light of the absence of solutions to the problems facing the parallel markets for foreign currency, as this portends an exacerbation of the cash or cash crisis in Iraq, and there is a possibility that matters will reach a severe shortage in the Iraqi monetary mass, which means resorting to... The central bank will print money, and the consequences will be dire, most notably the monetary inflation that a number of countries in the region are currently witnessing, such as Iran, Turkey, and Lebanon.
Here I call on the Central Bank to work diligently towards adopting a new currency to replace the dollar, such as the euro, for example, the Chinese yuan, or the Emirati dirham. This is not easy, but it is not impossible, while working to use gold as an agreed-upon unit for evaluating goods and services.
This trend would reduce the pressure on the dollar in the parallel market, and would also be a fatal blow to speculators in the parallel markets, in addition to preserving trade with countries that are currently witnessing economic sanctions by the US Treasury Department and the US Federal Bank.
Today, the Central Bank of Iraq has a historic opportunity to address and manage the dollar exchange rate and arrange the parallel market securities, in a practical and decisive manner, and work to determine priorities in the monetary market with the aim of improving the stability of the foreign currency. This is matched by a serious effort to push private banks towards providing the best services to customers and creating a spirit of competition between them. In order to attract the hoarded cash mass outside the Iraqi banking system. https://alsabaah.iq/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9/
Strict Measures Regarding The Dollar In Kurdistan Following A Decision Related To The Iraqi Dinar
Baghdad today – Erbil Today, Wednesday (October 18, 2023), Kurdistan Customs Director Samal Abdul Rahman revealed that strict measures have been taken for the purpose of preventing the smuggling of dollars and hard currency from the region.
Abdul Rahman told "Baghdad Today", "The decision to collect fees in Iraqi dinars at border crossings is an important decision aimed at preserving the hard currency and also strengthening the Iraqi dinar."
He added, "This measure is very important, and a good step aimed at strengthening the dinar, and the measures taken by the Customs Directorate at all ports and airports are deterrent measures for the purpose of preventing smuggling."
Yesterday, Monday (October 16, 2023), the Kurdistan Regional Government decided to collect taxes and fees at border crossings in Iraqi dinars, instead of the US dollar.
The Department of Media and Information stated in a statement, “Based on a decision issued by the Kurdistan Region Council of Ministers, customs duties and taxes at border crossings and customs points will be collected in Iraqi dinars instead of dollars,” indicating that “any party that does not adhere to this decision will be subject to punishment.”
She stressed that "all ministries and relevant authorities will be bound by this decision, and in the event of any violation occurring at one of the border crossings or customs points, the violator will be subject to punishment."
Experts point out that some of these cash sales allocated to travelers leak into the black market and are purchased by merchants to finance their trade with countries banned from the dollar, led by Iran, from which Iraq’s annual import volume amounts to approximately 10 billion dollars.
Others warned of the repercussions of some banks not handing over dollars to “travelers,” while stressing that the continuation of the matter would lead to an increase in demand for the dollar in the parallel market and thus an increase in the exchange rate.
Many private banks and exchange companies are accused of being involved in smuggling the dollar, leaking it to the black market, and seizing large amounts of currency auction sales. The accusations also targeted the National Bank of Iraq (Jordan) of seizing 70% of the Central Bank’s daily dollar sales. LINK
Again.. The Dinar Is Falling Against The Dollar In Baghdad Markets And Money Exchanges
Economy |Today Baghdad today - Baghdad The exchange rates of the US dollar against the Iraqi dinar increased today, Wednesday (October 18, 2023), in the markets and exchange offices of the capital, Baghdad.
According to "Baghdad Today" monitoring, selling prices in Baghdad markets and money exchanges recorded 161,000 dinars for every 100 dollars, while purchasing prices recorded 159,000 Iraqi dinars for every 100 dollars.
Yesterday, Tuesday (October 17, 2023), the governorates of Sulaymaniyah, Kirkuk, and Halabja recorded the highest exchange rates, reaching 159,450 dinars per 100 dollars, while the lowest exchange rate recorded was in the capital, Baghdad, at 159,100 dinars per 100 dollars. LINK
The Rise In Dollar Exchange Rates In Iraq.. This List
Economy 2023-10-18 | 03:27 6,800 views Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Wednesday, October 18, 2023.
Dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 160,100 dinars for every 100 dollars, while selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 161,000 Iraqi dinars, while the purchase price reached 159,000 dinars for every 100 dollars.
For more than 8 months, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system ““SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel (black) markets.
The Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying the dollar from the Ministry of Finance reached 1,300 dinars per dollar and selling it at (1,310) dinars per dollar to banks through the electronic platform, and it is sold for (1,320) dinars per dollar. Dollars from banks and non-banking financial institutions to the final beneficiary. LINK
A Kurdish delegation in Baghdad to engage in a new round of discussions on the oil and gas law
Posted On2023-10-18 By Sotaliraq Baghdad / Hussein Hatem The governments of Baghdad and Erbil are engaged in a round of discussions. To resolve the draft oil and gas law, which has been stuck in Parliament since the first session of the House of Representatives in 2005, a Kurdish delegation from the Kurdistan region will discuss with a government delegation from Baghdad the details of the draft law.
The draft oil and gas law regulates Iraq's vital sector and the management of the country's oil fields through one national company, with imports being deposited in one account. 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.
Kurdistan Democratic Party MP Shirwan Al-Dobardani says, “The Parliamentary Finance Committee will hold a meeting on Thursday in the presence of the Ministers of Finance, the Federal Government and the Kurdistan Region, in the capital, Baghdad.” He added, “The main goal of the two ministers’ presence is to clarify the amounts of money and loans sent from the federal government to the Kurdistan region.”
The representative from the Democratic Party pointed out, “The meeting will also discuss the file of funds disbursed by the regional government during the previous eight months to Kurdistan employees and retirees, in addition to social protection, and other amounts that were received from Baghdad.” Al-Dobardani pointed out that “the export of Kurdistan oil via the Turkish Ceyhan pipeline has been stopped since 03/25/2023, while the SOMO company, along with the Ministry of Natural Resources in the region, is supervising the extraction and export of oil.”
He pointed out, “The quantities of oil extracted are currently being used locally; Until the resumption of oil exports via the Ceyhan line by the federal government and the Turkish side.”
The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject.
For his part, Member of the House of Representatives, Muhammad Al-Ziyadi, says, “The dispute continues until now between the federal government and the Kurdistan Regional Government regarding the oil and gas law.”
He added, “The dispute took root through the French court’s decision to prevent the export of oil through Ceyhan and Turkey,” noting that “these matters are complex and will not be resolved easily, and the oil and gas law must be amended.”
Al-Ziyadi pointed out, “The financial budget is frank and clear and stipulates the calculation of all the money with which oil was exported to Turkey via Kurdistan in order to increase or decrease the region’s share.”
Regarding the salary scale and general amnesty laws, a member of the House of Representatives explained, “The salary scale law witnesses delay by the Minister of Finance due to the lack of response by the committee formed by the Prime Minister.”
He stated, “The general amnesty law is an urgent issue and must be enacted to support society, and this does not mean that we approve of those whose hands are stained with the blood of Iraqis.”
The oil and gas law has caused major tension between Baghdad and Erbil for years. Last year, the matter reached the judiciary, as Erbil believed that the central government was seeking to seize control of the region’s wealth, according to an Agence France-Presse report.
In February 2022, the Federal Court in Baghdad ordered the region to deliver oil produced on its lands to Baghdad, and to cancel contracts the region had signed with foreign companies.
The matter reached the point where the judiciary in Baghdad invalidated contracts with many foreign companies, especially American and Canadian companies.
After years of exporting oil unilaterally through Turkey, the autonomous Kurdistan region must adhere, as of late 2023, to the decision of an international arbitration body that gave Baghdad the right to fully manage Kurdistan’s oil.
As a result, exports from the region stopped, and a temporary agreement signed between Baghdad and Erbil in early April stipulates that Kurdistan oil sales will be made through the Iraqi Oil Marketing Company “SOMO.” As for the revenues generated from the region’s fields, they will be deposited in a bank account with the Central Bank of Iraq or One of the banks approved by the Central Bank of Iraq. LINK
Points to Ponder on FEAR:
31. Here is the world. Beautiful and terrible things will happen. Don’t be afraid. ~ Frederick Buechner
32. Fear doesn’t shut you down; it wakes you up. ~ Veronica Roth
33. Keep your fears to yourself, but share your courage with others. ~ Robert Louis Stevenson
34. Our greatest fear should not be of failure but of succeeding at things in life that don’t really matter. ~ Francis Chan
35. Fear’s useless. Either something bad happens or it doesn’t: If it doesn’t, you’ve wasted time being afraid, and if it does, you’ve wasted time that you could have spent sharpening your weapons. ~ Sarah Rees Brennan