"Tidbits From TNT" Wednesday Morning 10-25-2023
TNT:
Tishwash: Iraq and BRICS
The most important characteristic of Iraq's economic relationship with the BRICS group is the volume of trade exchange, as Iraq's oil exports to the countries of this group constitute more than half of the total exports, especially the countries of India and China. Imports amount to approximately 70 percent of the total import volume.
The most important thing that concerns us in this matter is that commercial exchanges and financial transactions can be carried out in national currencies within the BRICS program, which heralded countries aspiring to escape from the dominance of the “SWIFT platform” for exchanges and transactions and liberate local currencies from the pressure of the dollar’s dominance as the sole currency for commercial exchanges and financial transactions in light of dollarization.
TNT:
Tishwash: Iraq and BRICS
The most important characteristic of Iraq's economic relationship with the BRICS group is the volume of trade exchange, as Iraq's oil exports to the countries of this group constitute more than half of the total exports, especially the countries of India and China. Imports amount to approximately 70 percent of the total import volume.
The most important thing that concerns us in this matter is that commercial exchanges and financial transactions can be carried out in national currencies within the BRICS program, which heralded countries aspiring to escape from the dominance of the “SWIFT platform” for exchanges and transactions and liberate local currencies from the pressure of the dollar’s dominance as the sole currency for commercial exchanges and financial transactions in light of dollarization.
The global economy, as well as the possibility of trade partnership within the Chinese “Belt and Road” program within the framework of a clearly defined program in which the common rights and interests of the countries of the group and the countries participating with it are guaranteed without monopoly or domination.
Iraq's location is considered one of the most important locations on the map of trade between East and West, in addition to its importance on the map of global oil markets. Certainly, the mechanisms of this cooperation will push towards more partnerships with the countries of this group, especially investment partnerships in a promising and attractive environment once the main goals of engagement are achieved. In this group.
BRICS are the first letters of the names of five countries with rapidly growing economies that share the desire to be liberated from the West’s hegemony over the global economy, and to put an end to this hegemony in international political issues.
These countries are (Brazil, Russia, India, China, and South Africa), and recently this group was able to attract... A number of the most important and promising economies in the world, including (Argentina, Venezuela, Algeria, the Kingdom of Saudi Arabia, Iran, Egypt and the United Arab Emirates).
Most of these countries have locations on the map of the Chinese “Belt and Road” initiative and have a desire to transact business through their local currencies in purchasing goods, to ensure freedom from the power and hegemony of the dollar in commercial exchanges
While Iraq shares its important position and the desire to be free from the power of the dollar, which caused Many monetary and financial imbalances were one of the elements that repel investment, which means that Iraq’s economic interests are pushing towards economic cooperation with the countries of this group and looking towards monetary stability and towards broader areas in the flow of investments from the BRICS countries in a way that serves the future of sustainable development in our country. link
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Tishwash: The situation is getting worse... Article 140 is still outside the circle of political consensus
A member of the Committee of Regions and Unorganized Governorates in the Parliamentary Region, Jawad Al-Yassari, stressed today, Wednesday, the necessity of creating a political consensus within the House of Representatives and the government, in order to implement Article 140 of the Iraqi Constitution.
Al-Yasari said, in an exclusive interview with Al-Mutala’ Agency, that “the failure to implement Article 140 and end the problems between Baghdad and the region, and even the intertwined borders between the governorates, is due to the lack of political consensus, within the House of Representatives, and also between the governments of the center and the region.”
He added, "Failing to implement this article will make the situation worse. Therefore, the parties must agree and reach effective solutions to implement it," noting that "relying on this article and not considering it is a violation of the constitution and the law."
A member of the Parliamentary Regions and Governorates Committee confirmed that Article 140 “is not subject to or concerned with one governorate, but rather with all governorates and regions whose lands were usurped by the former regime, and that this article was established in the constitution to address those violations before 2003.” link
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Tishwash: To facilitate banking procedures...the Iraqi Central Bank takes 6 new steps (documents)
Today, Wednesday, October 25, 2023, the Central Bank of Iraq took 6 new steps to facilitate banking procedures, in a letter addressed to all licensed banks.
According to the book, a copy of which Al-Sumaria News obtained, banks must act according to the following
All approved banks
M/ Facilitating banking procedures
good greeting...
Addendum to our circulars No. 2/9/275, 9/2/119, and 9/2/126 on 1/7/2019, 23/23 and 2/26/2023, regarding facilitating the procedures for opening accounts and marketing banking services, given the connection between the performance of banks. And their profitability with those products and services, which is reflected in the growth and development of the Iraqi banking sector, expanding financial inclusion, and increasing confidence in this sector. Therefore, bank departments must work on the following:
1. Consider taking into account the interest and return rates for savings accounts - deposits that encourage attracting funds to the sector. The Iraqi banker, in accordance with the monetary policy of this bank.
2 It is necessary for the awareness, media and relations departments in your banks to carry out a media campaign through official websites, as well as on social networking sites, and all official channels and newspapers for the purpose of attracting customers and advertising all the products and services provided by the bank, as well as carrying out external financial transfer operations at the official exchange rate in all branches of your bank and preparing Your employees, which motivates customers to enter the banking sector and enjoy these services.
Case 3: It is necessary for you to work on what your banks offer through (our bank application), in Raqia Private Tennis, (might be a bad translation) and to promote this through all newspapers and social media.
4. Holding awareness workshops, seminars and conferences that encourage customers to enter the banking sector.
5. The necessity of working to expand the procedures related to the process of promoting the deposit insurance company further through the use of the official websites of your banks, or holding meetings with a sample of merchants and investors in order to reassure customers that there is insurance for your banks in the deposit insurance company, and thus the deposits will be returned to them in the event of the bank’s insolvency. In accordance with the instructions and controls issued in this regard.
6 A link is attached to the account opening forms for individual accounts, as well as (merchant accounts), (corporate accounts), and (joint accounts) to work according to, which makes it easier for customers of all types to open accounts with ease and ease, provided that (the form organizer - the liaison officer in the branches) Or the director of the reporting department or his assistant at the main branch - the branch manager - signs the form, and the form data is updated and the Anti-Money Laundering and Terrorist Financing Office is informed in the event of suspicions, without notifying the client of this.
Working in accordance with the requirements of the stated directives will be a critical criterion in evaluating the performance of banks in order to serve the national economy, the banking sector, and the public, with the Central Bank’s readiness to provide support and support to achieve this.
To adhere to what was stated in the flags with progress link
Mot: Every Cat owner Knows!!!!
Mot: . how to cure Hiccups!!!
Goldilocks' Comments and Global Economic News Tuesday Evening 10-24-23
Goldilocks' Comments and Global Economic News Tuesday Evening 10-24-23
Good evening Dinar Recaps,
Foreign Currency Deposits Rise 433% In Five Years - RBZ
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Open Board Meeting, October 24, 2023
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US PMIs Print Goldilocks Surprise In October: Growth Expansion & Slowing Inflation
Goldilocks' Comments and Global Economic News Tuesday Evening 10-24-23
Good evening Dinar Recaps,
Foreign Currency Deposits Rise 433% In Five Years - RBZ
https://www.pindula.co.zw/2023/10/22/foreign-currency-deposits-rise-433-in-five-years-rbz/
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Open Board Meeting, October 24, 2023
https://www.youtube.com/live/Ss9z66NaXd0?feature=shared
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US PMIs Print Goldilocks Surprise In October: Growth Expansion & Slowing Inflation
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"UDPN aims to provide a decentralized identity infrastructure to enable compliance and cross-chain interoperability by exchanging messages rather than currencies. The currency transactions happen on their native blockchains or infrastructures. That means, via UDPN users can swap a USDC stablecoin on one network for a Euro stablecoin on another or a bank deposit token."
Yesterday, Standard Chartered’s SC Ventures and Deutsche Bank completed the first proof of concept (PoC) for the Universal Digital Payments Network (UDPN).
The purpose of this platform is to connect payments across CBDC blockchain networks using messages similar to Swift. Banks and other financial institutions exchange messages through a permissioned blockchain.
This enforces a trust level between Banks. Because this system only allows regulated tokens through its Network, it enforces compliance using decentralized entities.
You keep hearing about three entities over and over again: Standard Charter Bank, Fintech, and the Deutsche Bank. We have been talking about these three financial institutions as being important to the next economy for 2 years.
And now, we are seeing these three entities being utilized with the Deutsche Bank that touches every Bank around the world.
© Goldilocks
Cryptopolitan Link
LedgerInsights Link
Finance Yahoo Link
FinTech Link
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Social Security Update: Trust Fund, Income, Outgo, and Deficit in Fiscal 2023
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The Bank of International Settlements last week produced an interim report aimed at developing a governance structure for an interlinked faster payments system.
PaymentsDive Link
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In the last week, several major financial regulators, both national and international, simultaneously produced new guidelines for decentralized assets.
The European Banking Authority and the European Securities and Markets Authority proposed guidelines for assessing the suitability of management members in crypto firms, offering standardized criteria (https://cointelegraph.com/news/crypto-eba-esma-issue-crypto-entity-suitability-guidelines) for evaluating their knowledge, expertise, integrity and ability to dedicate adequate time to fulfill their responsibilities.
CoinTelegraph Link
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Hong Kong Moves Ahead With Crypto Regulations; Updating Policies
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Money Market Funds are now being tokenized and used as collateralized assets for investments.
The Onyx Blockchain is an Ethereum-based Network. As we were told almost 2 years ago, JP Morgan is the lead Bank carrying us into the Web 3-based decentralized banking system.
As you can see here, BlackRock has engaged in this service to collateralize their assets through Barclays Plc.
© Goldilocks
MarketScreener LInk
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Ripple Forges New Partnership with Uphold to Enhance Underlying Crypto Liquidity Infrastructure
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Open Board Meeting on final rule on the Community Reinvestment Act. October 24, 2023
https://youtu.be/k2hNeviqiQ0?feature=shared
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Digital Banking Announcement:
UPHOLD RIPPLE PARTNER FOR CROSS-BORDER LIQUIDITY
https://youtube.com/shorts/fxpr-7t1QDI?feature=shared
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Fed to Be Forced Into Massive Liquidity Dump, 'Tremendous Upside' for Gold & Bitcoin – James Lavish
https://youtu.be/WKPLmIHn47M?feature=shared
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Thank you Dinar Recaps
Iraq Economic News and Points to Ponder Tuesday Evening 10-24-23
Iraq Economic News and Points to Ponder Tuesday Evening 10-24-23
Tlm724 Administrator Bondlady’s Corner
Sudanese: Private Banks And Money Changers Seek To Keep Dollar Prices High
Politics | Baghdad today – Baghdad Today, Tuesday (October 24, 2023), Prime Minister Muhammad Shiaa Al-Sudani revealed the existence of private banks and money changers seeking to keep dollar prices high, while he acknowledged the need for “strict” legal penalties against currency speculators.
Al-Sudani said during the weekly press conference, followed by “Baghdad Al-Youm,” that “there are problems in banking reform and major challenges facing the government, and the current dollar exchange rate in the markets is the price of currency speculators.” He added, "There are entities, private banks, merchants, and owners of banking companies who are seeking to keep the dollar exchange rate at the current price."
Iraq Economic News and Points to Ponder Tuesday Evening 10-24-23
Tlm724 Administrator Bondlady’s Corner
Sudanese: Private Banks And Money Changers Seek To Keep Dollar Prices High
Politics | Baghdad today – Baghdad Today, Tuesday (October 24, 2023), Prime Minister Muhammad Shiaa Al-Sudani revealed the existence of private banks and money changers seeking to keep dollar prices high, while he acknowledged the need for “strict” legal penalties against currency speculators.
Al-Sudani said during the weekly press conference, followed by “Baghdad Al-Youm,” that “there are problems in banking reform and major challenges facing the government, and the current dollar exchange rate in the markets is the price of currency speculators.” He added, "There are entities, private banks, merchants, and owners of banking companies who are seeking to keep the dollar exchange rate at the current price."
On the other hand, the Prime Minister confirmed that he is working on a conditional financial settlement with Kurdistan, indicating that “there are observations on the numbers of employees.”
https://baghdadtoday.news/234007-السوداني-مصارف-أهلية-وصيارفة-يسعون-لتبقى-أسعار-الدولار-مرتفعة.htm
In The Document, The Central Bank Obliges Dollar Outlets To Provide The Customer With An Instant Image Feature To Prevent Penalties
Today 13:18 https://media.almaalomah.me/archive/image/2023/10/24/f062a384-6fb4-42eb-8c17-feea782fc9ce.jpg?preset=w750
Partial and approximate translation} / All approved banks Exchange companies Fenty (tA) 8 all
Brokerage companies for buying and selling foreign currencies (all categories).
The previous circular issued by this bank and numbered 5/14537/1 is 11/59/415.
We direct you to the necessity of purchasing a webcam with appropriate resolution in preparation for launching the instant image feature for the customer.”
This feature will be launched starting Saturday, 160 AH, and we hope that you will commit to implementing it
When registering a customer or when making a cash sale to him. We also ask you to be careful and careful when providing information
Return to the platform according to what is required in any of your activities to avoid exposing your institutions to serious penalties.
It amounts to being denied entry to the currency selling window in the event of repeated mistakes and violations. Self relevance, with respect.
The Prime Minister's Advisor Determines The Priorities And Conditions For Reforming The Banking System
Political Today,Baghdad - IA - Nassar Al-Hajj Today, Monday, the financial advisor to the Prime Minister, Mazhar Mohamed Saleh, set the priorities for reforming the banking system and the conditions for achieving it, while noting that 85% of the monetary supply is outside banking circulation.
Saleh told the Iraqi News Agency (INA):
“The basic function of the banking system is bank credit or granting loans and is based on a basic lever aimed at attracting hoarded funds from outside the banking system and putting them into banking channels.”
He added, "This is done by encouraging the public's interaction with banking units in a smooth and easy manner with high confidence, and by providing attractive means provided by banks to the public to open deposit accounts in very simplified ways in exchange for providing encouraging benefits and features to attract deposits."
He continued, "Based on the above, banking reform can play its effective role in searching for easy banking mechanisms that help at the same time strengthen credit activity or grant loans, and proceed with financing economic activity in a broader manner without stumbles in banking liquidity."
He stressed that "this will achieve the goal of central banking reform in achieving easy, low-risk credit, through the availability of reform mechanisms capable of regularizing the flow of funds within the banking system and transferring them from economic surplus units (saved and hoarded) outside the banking system to become in the form of bank deposits that are protected."
Sufficient liquidity risks are then transferred through credit or lending operations to financial deficit units that are looking to obtain financing to carry out investment and economic activity. He pointed out that “the fundamental problem that the banking system suffers from, and the aspiration to reform that system, lies in the following question, which is:
How can banks reverse the hoarding equation represented by the public’s retention of about 85% of the issued currency, which is still in the form of hoarded balances outside the banking system and is considered inactive, inactive balances?” Effective, and does not provide any important service to the national economy, and that some of it operates with very high usurious borrowing risks?
He believed that, “Therefore, one of the priorities of banking reform is to work to reverse the hoarding equation to become a savings equation with the public’s surplus funds flowing in the form of safe bank deposits, which requires that banks compete toattract deposits and provide loans in accordance with the banking management requirements that banks must work with regardless of Whether governmental or private.
The Prime Minister's advisor continued, "Therefore, the basics of banking reform are for banks to search for adequate, effective and influential means that attract the public to open bank accounts, because the bank account is one of the basics of financial inclusion and
encouraging individuals of all segments to make bank deposits, and by encouraging means the priority for the depositor to be obtained is On bank credit or banking facilities when needed before others, to ensure that the public is encouraged to make double deposits.
He noted that "the banking system still deals with only 15% of the monetary mass issued into circulation until today, which is called cash leakage outside the banking system, and it is one of the basic indicators from which banking reform begins."
He pointed out that "the priorities of banking reform are achieved in providing competitiveness by winning public deposits by facilitating cash deposit procedures and
creating an effective atmosphere of reassurance that the deposited funds are protected according to the law and that the Iraqi Deposit Guarantee Company is the primary protector of deposits against banking risks."
He stated that “the first and final goal of reforming the banking system will remain based on quickly providing facilitated banking services to economic activity with the highest levels of facilitation, in addition to providing positive incentives to the public in order to deposit, whether with encouraging bank interest or facilitating (easy and safe) deposit and withdrawal methods for their money, in addition to obtaining loans.” "Before others."
He pointed out that "the overall banking reform that we are looking forward to requires searching for means that embody the ability to transfer funds from the surplus units that hoard cash wealth (the public), which are mostly unemployed and hoarded, to be transferred to the investment forces that are searching for funds to complete the national income cycle and contribute to economic growth through...
Granting credit and carrying out the real productive activity necessary to sustain development, which at the same time requires sustainable bank financing coupled with banking reforms as a precondition. https://www.ina.iq/195977--.html
Oil Prices Rise Again Amid Uncertainty Over The Conflict In Gaza
Economy | 11:25 - 10/24/2023 Baghdad - Mawazine News Oil prices rose again during early trading in Asia on Tuesday, compensating for some of the previous day’s losses as investors continued to worry about the ongoing war in Gaza between Israel and Hamas that may escalate into a broader conflict in the oil-exporting region, which could cause potential supply disruptions.
Price movement
By 0032 GMT, Brent crude futures rose 70 cents, or 0.8 percent, to $90.53 per barrel, while US West Texas Intermediate crude futures increased 71 cents, or 0.8 percent, to $86.20 per barrel.
The two benchmark crude oil prices fell more than two percent yesterday, Monday, as diplomatic efforts intensified in the Middle East, the largest oil supply region in the world, to contain the conflict in Gaza, which allayed investors’ fears about supply disruptions.
Yesterday, the Palestinian Hamas movement released two Israeli women who were among more than 200 hostages it held during its attack on October 7. https://www.mawazin.net/Details.aspx?jimare=236797
The Real Estate Bank Announces Work To Provide An Electronic Platform For Collecting And Paying Citizens’ Installments
Economy News _ Baghdad Today, Tuesday, the Real Estate Bank announced 6 measures to implement the components of the government program to support citizens, and while it indicated the financing of about 9,000 housing units during the current year, it confirmed that the platform for submitting loan applications is in its final stages.
The Director General of the Real Estate Bank, Abbas Shihab Ahmed, said in an interview with the Iraqi News Agency, followed by Al-Iqtisad News, that “the bank implemented the components of the government program aimed at supporting citizens and facilitating their procedures,” noting that “the bank financed approximately 5,500 housing units during the first half of the year.” current in most Iraqi governorates.
He added, "The bank is working to complete the financing of 3,450 housing units during the last two months of the current year," pointing out that it is "keen to complete the financing of all previous loan applications for citizens who did not have the opportunity to obtain loans to purchase housing units due to the exhaustion of the funds of the Central Bank initiative." ".
He stressed, "Entering in the final stages of providing a platform for submitting loan applications in a safe and transparent manner, to be open to all citizens," pointing out, "Working to automate the bank's work and provide an electronic platform for collecting and paying citizens' installments electronically without the need to visit the bank branches."
He stated that "the bank's supervisory devices have been strengthened and advanced modern systems have been introduced in monitoring cash flow and financing housing units."
Views 75 10/24/2023 - https://economy-news.net/content.php?id=37073
Saleh: The Continued Rise In Oil Will Lead The Budget To Balance And Reduce Its Deficit
Time: 10/24/2023 Read: 1,027 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stressed the importance of rising oil prices in reducing the fiscal budget deficit.
Saleh told {Al-Furat News} agency, "Any increase in the average price of a barrel of exported crude oil above the price approved in the federal general budget of $70 during the fiscal year on average, will help reduce the deficit gap and lead the budget to balance."
He added, "The financial policy provides sufficient flows to implement investment programs and projects without expanding financing the deficit from its external or internal sources, which is the annual deficit estimated at about 63 trillion dinars, and it is expected that the aforementioned deficit will not be reached in the current fiscal year, with the exception of some very limited bridge borrowings."
In light of the increase in global oil prices, expectations are that this will reflect positively on Iraq, which has been suffering from a stifling economic crisis for years due to the war that destroyed many regions and exhausted the state budget.
With the increase in demand for oil, prices rose to record levels after the recent crisis the world is witnessing as a result of the events of the Russian-Ukrainian war and the continuation of the Israeli aggression on the Gaza Strip and its impact on the tense conditions of the oil-rich countries of the region. LINK
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Points To Ponder:
The man who does not read has no advantage over the man who can not read -- Mark Twain
Disappointment -- too many people miss the silver lining because they are expecting gold
-- Maurice Seltter
Fortunes made in no time are like shirts made in no time; its ten to one if they hang long together -- Douglas Jerrold
Disappointment to a noble soul is what cold water is to burning metal; it strengthens, tempers, intensifies, but never destroys it -- Eliza Tabor
Man must be disappointed with the lesser things of life before he can comprehend the full value of the greater -- Edward G Bulwer-Lytton
Doubt -- There are two ways to slide easily through life: to believe everything or to doubt everything; both ways save us from thinking -- Alfred Korzybski
Iraq Economic News and Points to Ponder Tuesday Afternoon 10-24-23
Iraq Economic News and Points to Ponder Tuesday Afternoon 10-24-23
Tlm724 Administrator Bondlady’s Corner
An Economist Identifies The Causes Of The Ongoing Crisis In Exchange Rates
Economy | 03:54 - 10/24/2023 Mawazine News – Baghdad The financial and economic expert, Mahmoud Dagher, today, Tuesday, identified the reasons for the ongoing crisis in the exchange rates of the US dollar against the Iraqi dinar.
Dagher said in a Facebook post, viewed by Mawazine News, that “the current crisis in the exchange rate is caused by the bad Iraqi policy of accepting that ports of entry remain open to countries subject to sanctions.” He pointed out that “this policy is followed by some partisan forces participating in the political process.
Iraq Economic News and Points to Ponder Tuesday Afternoon 10-24-23
Tlm724 Administrator Bondlady’s Corner
An Economist Identifies The Causes Of The Ongoing Crisis In Exchange Rates
Economy | 03:54 - 10/24/2023 Mawazine News – Baghdad The financial and economic expert, Mahmoud Dagher, today, Tuesday, identified the reasons for the ongoing crisis in the exchange rates of the US dollar against the Iraqi dinar.
Dagher said in a Facebook post, viewed by Mawazine News, that “the current crisis in the exchange rate is caused by the bad Iraqi policy of accepting that ports of entry remain open to countries subject to sanctions.” He pointed out that “this policy is followed by some partisan forces participating in the political process.
The exchange rate of the US dollar against the Iraqi dinar in the parallel markets is still recording a significant increase compared to the official rate.
Despite the approval of the country's general budget several months ago, and the Central Bank selling more than 200 million dollars per day, many questions are being asked about the reason for the continued rise in the price of the US dollar against the Iraqi dinar in the parallel markets. Exchange.
https://www.mawazin.net/Details.aspx?jimare=236828
The Dollar Is Flying Fast And Recording 162 Thousand Dinars In The Markets
Time: 10/24/2023 Read: 702 times {Economic: Al-Furat News} The prices of the US dollar rose today, Tuesday, against the Iraqi dinar in Baghdad markets with the stock market closed.
With the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, dollar prices recorded 162,000 Iraqi dinars against 100 dollars, while prices this morning were 161,000 dinars against 100 dollars.
The selling prices in the exchange shops in the local markets in Baghdad also rose, as the selling price reached 163,000 dinars for 100 dollars, while the purchasing price reached 161,000 dinars for 100 dollars. LINK
Economist: The Gold Reserve Of The Central Bank In London...And This Is The Relationship Of Its Price To The Dollar
Time: 10/24/2023 13:43:25 Read: 1,248 times {Economic: Al-Furat News} An economic expert confirmed the difficulty of predicting gold prices, specifying “the relationship in gold prices and the dollar.”
Salah Nouri told Al-Furat News Agency, “It is known to economists that the dollar and gold represent a reserve for central banks, including the Central Bank of Iraq that adopts this diversification. In practical life, the relationship between the dollar and gold is an inverse relationship, as whenever there are signs of a decline in the price of the dollar in the financial markets.” He tends to invest in gold as a safe haven, and thus the global demand for gold increases and its price rises.”
He stated, "The Central Bank of Iraq owns a good amount of gold and it is stored in London, where the World Gold Council is located. The Central Bank of Iraq depends in determining the value of gold on its price on the London Stock Exchange."
Nouri pointed out, "It is difficult to predict whether the price of gold will rise or fall because it is linked to the price of the dollar, and the latter is linked to unstable economic and political events in the world."
Al-Sudani Receives Two Phone Calls From The US Secretary Of State And Defense
Monday 23, October 2023 | Political Number of readings: 1374 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani received two phone calls from US Secretary of State and Defense Anthony Blinken and Lloyd Austin.
A statement from the Prime Minister's Office said that the two calls discussed the developments of the escalating events in the Gaza Strip and the worsening humanitarian situation of the Palestinian people, and emphasized the importance of coordination to ensure continuous and safe access to food supplies, water, medical care, and other assistance required to meet the humanitarian needs of the people. He explained that the two calls valued Iraq's efforts in providing humanitarian aid
. For civilians in Gaza and stressing the need to coordinate joint efforts to ensure stability in the region and not expand the arena of conflict.
The statement indicated that US Prime Minister and Secretary of State Anthony Blinken renewed the commitment of the two countries to continue strengthening their partnership in accordance with the principles contained in the Strategic Framework Agreement concluded between Iraq and the United States. It continued that during the call with US Secretary of Defense Lloyd Austin, the presence of military advisors and crews of the international coalition to combat terrorism was discussed
. Iraq and supporting the Iraqi security forces with advice and training, and the importance of sustaining the victory over ISIS.
He pointed out that the call confirmed Iraq's commitment to protecting military advisors and diplomatic missions operating in the country. https://ninanews.com/Website/News/Details?Key=1085663
One Of Them Is “Faltering Negotiations”.. Kurdish Leader: Two Reasons Behind The Postponement Of The Oil And Gas Law
Time: 10/24/2023 Read: 156 times {Politics: Al-Furat News} The leader of the Patriotic Union of Kurdistan, Sherzad Samad, revealed today, Tuesday, the reasons for deporting the oil and gas law.
Samad told {Al-Furat News} that: “The reason behind postponing the oil and gas law for another period of time is due to faltering negotiations and the existence of differences on the content of the project, especially since the Democratic Party has reservations about the budget.”
Samad noted, "Negotiations are still ongoing between the region and the center regarding the budget, as it will be the nucleus of the draft oil and gas law."
The leader of the Kurdistan Democratic Party, Wafa Muhammad Karim, via Al-Furat News, suggested that the oil and gas law file be postponed until after the local elections due to previous problems between Baghdad and the region, but the oil-producing provinces have entered the crisis line.
It is noteworthy that since the first session of the House of Representatives, in 2005, the draft oil and gas law has been locked up, as disagreements prevent its approval in its final form.
After 18 years, he announced, in late last August, the formation of a committee to develop “a draft of the oil and gas law and present it to the government and the House of Representatives.”
The committee that was formed between Baghdad and Kurdistan to draft a draft law for oil and gas includes “the Minister of Oil, the Minister of Natural Resources in the region, the Director General of SOMO Company, and the advanced staff in the Ministry of Oil, as well as the oil-producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.”
The Prime Minister, Muhammad Shiaa Al-Sudani, said in early August that “the draft oil and gas law is one of the basic and important laws that represents a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and to benefit from this natural wealth.” In all fields and sectors, in addition to the contribution of the legislation to solving many outstanding problems.”
Meanwhile, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed in a press statement that accelerating the approval of the federal oil and gas project law in the House of Representatives as quickly as possible will establish a stable national road map for investment and production of the country’s primary sovereign resource, which is oil and gas.
Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury’s resources. LINK
Plasschaert: Iraq Is A Founding Member Of The United Nations And Has Long Contributed To Its Work
Tuesday 24, October 2023 11:15 | Political Number of readings: 593 Baghdad / NINA / The Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, confirmed: “Iraq is a founding member of the United Nations and has long contributed to its work.”
Plasschaert said in a statement on the occasion of United Nations Day: “This day, which is celebrated annually on October 24, reminds us all of the importance of peace and working together for the good of humanity.”
She added: “In the ongoing catastrophic conflicts, coupled with divisions, whether within or across borders, the United Nations maintains its unique role, as it works with various actors to end violence and resolve conflicts, while working - sometimes in the most difficult circumstances - to mitigate their negative effects on vulnerable civilians, including This is done by providing life-saving humanitarian assistance.”
She pointed out that: “In Iraq and other places, the United Nations serves people from all sectors of society, and works with national institutions and civil society to achieve the aspirations of everyone.”
She pointed out: “Iraq is a founding member of the United Nations and has long contributed to its work, and we have collective work to do: promoting peace, justice, and sustainable development.”/
https://ninanews.com/Website/News/Details?Key=1085695
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Points To Ponder on GIVING:
You try to give away what you want yourself. Lois McMaster Bujold, "Memory", 1996
If we have the opportunity to be generous with our hearts, ourselves, we have no idea of the depth and breadth of love's reach. Margaret Cho, weblog, 03-09-04
If you want to see what children can do, you must stop giving them things. Norman Douglas
What a child doesn't receive he can seldom later give. P. D. James, Time to Be in Earnest
Gifts allow us to demonstrate exactly how little we know about a person. And nothing pisses a person off more than being shoved into the wrong pigeonhole. Pam Davis, House M.D., It's A Wonderful Lie, 2008
A gift in season is a double favor to the needy. Publilius Syrus (~100 BC), Moral Sayings, 100 B.C.
He doubly benefits the needy who gives quickly. Publilius Syrus (~100 BC), Maxims
The spirit in which a thing is given determines that in which the debt is acknowledged; it's the intention, not the face-value of the gift, that's weighed. Seneca (5 BC - 65 AD), Letters to Lucilius, 100 A.D.
We make a living by what we get, we make a life by what we give Sir Winston Churchill (1874 - 1965)
Purchase not friends by gifts; when thou ceasest to give, such will cease to love. Thomas Fuller (1608 - 1661)
Rich gifts wax poor when givers prove unkind. William Shakespeare (1564 - 1616), Hamlet, 1600
"Tidbits From TNT" Tuesday 10-24-2023
TNT:
Tishwash: The Biden administration is preparing for the possible evacuation of hundreds of thousands of its citizens from the Middle East
The Washington Post reported that the administration of US President Joe Biden is preparing for the possibility that hundreds of thousands of its citizens will need to be evacuated from the Middle East if the bloodshed in Gaza is not contained.
According to four officials familiar with US government emergency plans, Americans living in Israel and Lebanon are of particular concern, although they stressed that an evacuation of this size is considered a worst-case scenario, and that other outcomes are considered more likely.
However, one official said: “It would be irresponsible not to have everything planned.”
The newspaper quoted three sources as saying, “The administration, despite its strong public support for Israel, is deeply concerned about the possibility of escalation, and in recent days has partly turned its attention to the complex logistics of suddenly having to transfer a large number of people.”
TNT:
Tishwash: The Biden administration is preparing for the possible evacuation of hundreds of thousands of its citizens from the Middle East
The Washington Post reported that the administration of US President Joe Biden is preparing for the possibility that hundreds of thousands of its citizens will need to be evacuated from the Middle East if the bloodshed in Gaza is not contained.
According to four officials familiar with US government emergency plans, Americans living in Israel and Lebanon are of particular concern, although they stressed that an evacuation of this size is considered a worst-case scenario, and that other outcomes are considered more likely.
However, one official said: “It would be irresponsible not to have everything planned.”
The newspaper quoted three sources as saying, “The administration, despite its strong public support for Israel, is deeply concerned about the possibility of escalation, and in recent days has partly turned its attention to the complex logistics of suddenly having to transfer a large number of people.
According to State Department estimates, there are about 600,000 American citizens in Israel and another 86,000 are believed to have been in Lebanon when Hamas launched Operation Al-Aqsa Flood on October 7.
The American newspaper said, "Concern in Lebanon is mainly focused on Hezbollah, amid fears that it may attack Israel from the north, which could lead to a war on two fronts, which will exhaust the Israeli forces."
“This has become a real problem,” one official said. “The administration is very concerned that this is going to get out of control.”
Last week, the State Department issued advice to all American citizens around the world to “exercise increased caution” due to “increasing tensions in various locations around the world, and the potential for terrorist attacks, demonstrations, or acts of violence against American citizens and interests.” link
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CandyKisses: Economist rules out that oil production and prices will be affected by the conflict in the region
Information / Baghdad...Economist Dr. Safwan Qusai ruled out the impact of oil production or oil prices due to the ongoing conflict in the region, pointing to the possibility that the Arab oil-producing countries threaten the Zionist entity and pressure it to stop the conflict and practices against the Palestinian people.
Qusai told Al-Maalouma that "there is a possibility of expanding the circle of conflict in the Middle East in isolation from energy security, especially since all countries in this region are oil-producing and it is unlikely that there will be a goal to harm the interest of producers, as the rise in prices will harm the interest of consumers.
""The rise in oil prices will hurt the Europeans in terms of their energy consumption pattern, as will China and India, and the conflict is not expected to expand to target production in the Middle East," he said.
He pointed out that "the oil-producing countries in the Arab world, in the Organization of OAPEC, may issue a threat to the Zionist entity in order to pressure to stop the conflict or resort to the circle of truth and settlement with the Palestinian people "
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Tishwash: Oil and Gas Parliament: The cessation of some oil projects costs the country millions of dollars*
The Oil, Gas and Natural Resources Committee in the House of Representatives revealed that there are projects that have been stalled in the Ministry of Oil for many months without any action being taken, which would cause major financial losses.
Committee member Kazem Al-Touki said in an interview with Al-Sabah, followed by Al-Eqtisad News, that there are “projects in some directorates of the Ministry of Oil that have been suspended for about 10 months without any solution being resolved,” noting that “those projects are on hold due to red tape.”
And laws, while any stoppage or defect in any oil facility causes losses to Iraq amounting to millions of dollars.” He stated that "the committee had previously summoned officials in the Ministry of Oil to discuss this matter," stressing that "recommendations were issued to Minister Hayan Abdul Ghani to take action on these matters that were diagnosed by the committee, and that there is no need to delay production projects."
He stressed that "the minister previously reviewed his program regarding gas investment and the projects and contracts concluded for that purpose, in addition to operating the Karbala refinery, which contributes to saving 80 percent of oil derivatives and reducing dependence on imports." link
****************
Tishwash: The Sudanese advisor estimates the percentage of “idle” funds in Iraq
Today, Monday, the financial advisor to the Prime Minister, Mazhar Mohamed Saleh, set the priorities for reforming the banking system and the conditions for achieving it, while pointing out that 85% of the monetary supply is outside banking circulation.
Saleh told the official news agency, “The basic function of the banking system is bank credit or granting loans and is based on a basic lever aimed at attracting hoarded funds from outside the banking system and pushing them into banking channels.”
He added, "This is done by encouraging the public's interaction with banking units in a smooth and easy manner with high confidence, and by providing attractive means provided by banks to the public to open deposit accounts in very simplified ways in exchange for providing encouraging benefits and features to attract deposits."
He continued, "Based on the above, banking reform can play its effective role in searching for easy banking mechanisms that help at the same time strengthen credit activity or grant loans, and proceed with financing economic activity in a broader manner without stumbles in banking liquidity."
He stressed that "this will achieve the goal of central banking reform in achieving easy, low-risk credit, through the availability of reform mechanisms capable of regularizing the flow of funds within the banking system and transferring them from economic surplus units (saved and hoarded) outside the banking system to become in the form of bank deposits that have adequate protection from... Liquidity risks are then transferred through credit or lending operations to financial deficit units that are looking to obtain financing to carry out investment and economic activity.
He pointed out that “the fundamental problem that the banking system suffers from, and the aspiration to reform that system, lies in the following question, which is: How can banks reverse the hoarding equation represented by the public’s retention of about 85% of the issued currency, which is still in the form of hoarded balances outside the banking system and is considered inactive non-banking balances?” effective, and does not provide any important service to the national economy, and that some of it operates with very high usurious borrowing risks?”
He believed that, “Therefore, one of the priorities of banking reform is to work to reverse the hoarding equation to become a savings equation with the public’s surplus funds flowing in the form of safe bank deposits, which requires that banks compete to attract deposits and provide loans in accordance with the banking management requirements that banks must work with regardless of Whether governmental or private.
The Prime Minister's advisor continued, "Therefore, the basics of banking reform are for banks to search for sufficient, effective and influential means that attract the public to open bank accounts, because the bank account is one of the basics of financial inclusion and encouraging individuals of all segments to make bank deposits, and by encouraging means the priority for the depositor to be obtained is On bank credit or banking facilities when needed before others, to ensure that the public is encouraged to make double deposits.
He noted that "the banking system still deals with only 15% of the monetary mass issued into circulation until today, which is called cash leakage outside the banking system, and it is one of the basic indicators from which banking reform begins."
He pointed out that "the priorities of banking reform are achieved in providing competitiveness by winning public deposits by facilitating cash deposit procedures and creating an effective atmosphere of reassurance that the deposited funds are protected according to the law and that the Iraqi Deposit Guarantee Company is the primary protector of deposits against banking risks."
He stated that “the first and ultimate goal of reforming the banking system will remain based on quickly providing facilitated banking services for economic activity with the highest levels of facilitation, in addition to providing positive incentives to the public in order to deposit, whether with encouraging bank interest or facilitating (easy and safe) deposit and withdrawal methods for their money, in addition to obtaining loans.” "Before others."
He pointed out that "the overall banking reform that we are looking forward to requires searching for means that embody the ability to transfer funds from the surplus units that hoard cash wealth (the public), which are mostly unemployed and hoarded, to be transferred to the investment forces that are searching for funds to complete the national income cycle and contribute to economic growth through... Granting credit and carrying out the real productive activity necessary to sustain development, which at the same time requires sustainable bank financing coupled with banking reforms as a precondition link
Mot: .... A black cat Means
Mot: ...... Alright
MilitiaMan: Electronic Ports - Unified Treasury Acount - Iraq Dinar - WTO - US Arab Chamber of Commerce - Focus
Electronic Ports - Unified Treasury Acount - Iraq Dinar - WTO - US Arab Chamber of Commerce - Focus
MititiaMan and Crew: 10-23-2023
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Electronic Ports - Unified Treasury Acount - Iraq Dinar - WTO - US Arab Chamber of Commerce - Focus
MititiaMan and Crew: 10-23-2023
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……
Iraq Economic News Highlights and Points to Ponder Tuesday AM 10-24-23
Iraq Economic News Highlights and Points to Ponder Tuesday AM 10-24-23
Above 161... The Stability Of The Dollar Exchange Rates In Iraq
TUESDAY, 10-24-2023, KARAR AL-ASSADI Dollar prices stabilized today, Tuesday, in the markets of Baghdad and the rest of the governorates. With the opening of the Kifah and Al-Harithiya central stock exchanges in Baghdad, dollar prices recorded 161,000 dinars compared to 100 dollars, which is the same price at which the stock exchange closed yesterday, Monday.
Dollar prices also stabilized in banking shops in local markets in Baghdad, with the selling price reaching 162,000 Iraqi dinars, while the purchasing price reached 160,000 dinars for every 100 dollars.
Iraq Economic News Highlights and Points to Ponder Tuesday AM 10-24-23
Above 161... The Stability Of The Dollar Exchange Rates In Iraq
TUESDAY, 10-24-2023, KARAR AL-ASSADI Dollar prices stabilized today, Tuesday, in the markets of Baghdad and the rest of the governorates. With the opening of the Kifah and Al-Harithiya central stock exchanges in Baghdad, dollar prices recorded 161,000 dinars compared to 100 dollars, which is the same price at which the stock exchange closed yesterday, Monday.
Dollar prices also stabilized in banking shops in local markets in Baghdad, with the selling price reaching 162,000 Iraqi dinars, while the purchasing price reached 160,000 dinars for every 100 dollars.
A New Rise In The Price Of The Dollar Against The Dinar In Baghdad And Erbil
2023-10-24 Shafaq News/ Dollar prices rose today, Tuesday, in Baghdad markets and in Erbil, the capital of the Kurdistan Region.
Shafaq News correspondent said that dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 161,000 dinars against 100 dollars. While prices yesterday, Monday, were 160,300 dinars compared to 100 dollars.
Our correspondent indicated that selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 162,000 Iraqi dinars, while the purchase price reached 160,000 dinars for every 100 dollars.
As for Erbil, the dollar also recorded an increase, as the selling price in banking shops was recorded at 160,850 dinars against the dollar, and the purchase price was 160,750 dinars against 100 dollars. LINK
In The Document, The Central Bank Obligates Dollar Outlets To Provide The Customer With An Instant Image Feature To Prevent Penalties
Overthrowing A Network That Disputes Dollar Prices Through Passports
The first 10/24/2023 Baghdad: Morning: Yesterday, Monday, intelligence agency detachments arrested three people who were forging travel tickets and using citizens’ passports in order to speculate in the exchange rate and harm the national economy.
This was mentioned in a statement issued by the agency and confirmed that its detachments arrested them inside a remittance and exchange company, in possession of 1,675,000,000 million Iraqi dinars and 462,440 thousand dollars along with printing devices for counterfeiting travel tickets, and a set of passports and personal phones that included correspondence related to illegal transfers. .
She explained that the intelligence agency units specialized in combating organized crime continue their proactive operations in pursuing exchange rate speculators who harm the national economy.
It indicated that the operation came after receiving accurate information that included a remittance and banking company printing forged travel tickets using citizens’ passports in order to harm the national economy by receiving the dollar at the official exchange rate and then selling it on the black market.
When interrogating the defendants, they frankly admitted that they had harmed the national economy, falsified travel tickets, exploited citizens’ passports, and practiced sending illegal transfers in violation of the instructions of the Central Bank, according to the intelligence agency, which called on citizens to report all outlaws in all parts of Iraq by calling the number. Hot free 144. https://alsabaah.iq/86048-.html
Saleh: The Continued Rise In Oil Will Lead The Budget To Balance And Reduce Its Deficit
Time: 10/24/2023 Read: 403 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stressed the importance of rising oil prices in reducing the fiscal budget deficit.
Saleh told {Al-Furat News} agency, "Any increase in the average price of a barrel of exported crude oil above the price approved in the federal general budget of $70 during the fiscal year on average, will help reduce the deficit gap and lead the budget to balance."
He added, "The financial policy provides sufficient flows to implement investment programs and projects without expanding financing the deficit from external or internal sources, which is the annual deficit estimated at about 63 trillion dinars, and it is expected that the aforementioned deficit will not be reached in the current fiscal year, with the exception of some very limited bridge borrowings."
In light of the increase in global oil prices, expectations are that this will reflect positively on Iraq, which has been suffering from a stifling economic crisis for years due to the war that destroyed many regions and exhausted the state budget.
With the increase in demand for oil, prices rose to record levels after the recent crisis that the world is witnessing as a result of the events of the Russian-Ukrainian war and the continuation of the Israeli aggression on the Gaza Strip and its impact on the tense conditions of the oil-rich countries of the region. Raghad Dahham LINK
Financial Reform In Iraq: Moving Towards A Digital System And Development
Posted On 2023-10-24 By Sotaliraq Translated by / Hamed Ahmed A report by the Canadian Economic News website, Business Network BNN, addressed the aspect of economic and financial reform that Iraq seeks to achieve by implementing its transition in its financial sector and transitioning to the digital era and economic growth in order to achieve stability and prosperity.
The Canadian report states that there is an economic and financial reform revolution taking place silently in Iraq, a country that the press often portrays as troubled by conflicts and disagreements, but which is now moving forward towards a qualitative transition in its financial sector and beginning a new phase of digital technology and economic growth.
The Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, recently chaired a crucial meeting that focused on the unified bank account and the electronic payment system, and these are two poles that will broadly reshape the country’s financial landscape. Al-Sudani focused on the urgent need to activate the work and responsibilities of the Payments Council at the Central Bank. These are not bureaucratic directives, they are an urgent call to modernize Iraq's banking sector and a fundamental step towards broader economic transitions.
The Prime Minister also stressed that he would receive a final report on the progress achieved, and this reflects a demand for accountability and transparency. His directive to all ministries to implement the fourth paragraph of Council of Ministers Resolution (3581 of 2023) and to accelerate the formation of committees only emphasizes the necessity of accelerating this task at hand.
The report states that Al-Sudani's call to conduct an analysis of the immovable bank accounts of each ministry within a month is a testimony to the government's determination to address the financial recession and inject momentum into the economy. It forms part of a larger effort to make the financial system more responsive and agile and align it with the changing dynamics of the global economic system.
In the first banking conference of the Central Bank of Iraq held in Erbil, the transformation towards a digital economy was at the forefront of the conference and its central topic. The conference, which was attended by the Prime Minister of the Kurdistan Region, Masrour Barzani, the Second Deputy Speaker of Parliament, Shakhwan Abdullah, and several political, economic and business figures, demonstrated Iraq's pledge to the growth of its banking sector and international cooperation.
Central Bank Governor, Ali Al-Alaq, highlighted the risks associated with a cash-dependent economy, which include financial crimes and illegal practices. He painted a picture of a digital economy in which technology serves as a catalyst for growth and transparency. Al-Alaq stressed the importance of maintaining the stability of the exchange rate and giving priority to the components of financial systems and commercial provisions.
The governor also highlighted the importance of adhering to anti-money laundering and terrorist financing laws, which demonstrates Iraq's pledge and commitment to international conventions and standards. These efforts aim to ensure the transparency and integrity of financial operations and make Iraq a more attractive location for global investments.
The report indicates that the developments taking place in the Iraqi banking sector are not separate events in themselves, but rather part of a larger issue about the progress and modernization approach that the country is witnessing. The country is taking important steps towards building a stable, safe and effective banking system that is vital for attracting investment, promoting economic growth and improving the standard of living of its citizens.
The Canadian report notes that, based on the Prime Minister's directives and the initiatives of the Central Bank, Iraq's pledge to change the financial infrastructure is clear. Amid challenges and complications, the country is pursuing a path towards a future that is not characterized by conflicts and crises, but rather by stability, growth, and towards achieving digital capabilities. It is the story of a patient and ambitious country determined to ensure a promising future for its citizens.
The United Nations envoy to Iraq, Jeanine Plasschaert, said in her briefing to the UN Security Council earlier this month regarding developments in the situation in Iraq, that the Iraqi government has taken important steps regarding reforming the financial and banking system in the country. She stated that the Iraqi government has taken steps in the budget that allow for increased private sector investments and efforts to increase transparency regarding the collection of customs revenues.
From the Canadian news site BNN LINK
Points To Ponder on The Value of Challenge:
Challenge is life's way of making sure that you truly desire the things you achieve. Challenge is an excellent tool for keeping you focused on the things that really matter to you.
Imagine for a moment what it would be like to live in a world with no challenge. In such a world, you could obtain anything and everything with no need for effort, discipline or commitment.
Does that sound like a great setup, with your every wish fulfilled the moment you think of it?
Well, it might be nice for 20 minutes or so,but it would soon grow extremely tiresome. For such a world would literally overwhelm you with meaningless triviality.
Sure, every wish would be instantly granted, but it would all be painfully empty.
The value of achievement is in the achieving, in the overcoming of the challenges, in the person you become as a result of going through the process.
To have the reward without the effort is to have no reward at all, nothing but an empty and meaningless token.
Challenge is difficult, often painful, always demanding, and as such, challenge is what makes true value, beauty and fulfillment possible. Challenge can be tough, yet indeed it brings about the richness and fullness of life. Ralph Marston
Iraq Economic News and Points to Ponder Monday Afternoon 10-23-23
Iraq Economic News and Points to Ponder Monday Afternoon 10-23-23
Tlm724 Administrator Bondlady’s Corner
Al-Sudani Rejects Targeting Foreign Forces In Iraq And Directs To Take Measures
The Commander-in-Chief of the Armed Forces, Prime Minister Muhammad Shiaa Al-Sudani, directed to follow up and track down the targets of the Iraqi bases that house the headquarters of the international coalition’s advisors.
The spokesman for the Commander-in-Chief of the Armed Forces, Major General Yahya Rasoul, said in a statement, “At a time when the Iraqi government has expressed, on several occasions, its condemnation of the Zionist aggression.”
Iraq Economic News and Points to Ponder Monday Afternoon 10-23-23
Tlm724 Administrator Bondlady’s Corner
Al-Sudani Rejects Targeting Foreign Forces In Iraq And Directs To Take Measures
The Commander-in-Chief of the Armed Forces, Prime Minister Muhammad Shiaa Al-Sudani, directed to follow up and track down the targets of the Iraqi bases that house the headquarters of the international coalition’s advisors.
The spokesman for the Commander-in-Chief of the Armed Forces, Major General Yahya Rasoul, said in a statement, “At a time when the Iraqi government has expressed, on several occasions, its condemnation of the Zionist aggression.”
On the residents of the Gaza Strip, and repeated its calls to end the tragic conditions that our Palestinian brothers are suffering as a result of that aggression, which represents the firm principled position towards the struggle of the Palestinian people.
We also affirm our rejection of the attacks targeting the Iraqi bases, which include the headquarters of the international coalition advisors present in Iraq, upon an official invitation.
By the government, to continue their work in supporting the work of our security forces in terms of training, qualification and consultation, according to a clear mechanism that was established by the Iraqi official and diplomatic channels, with which the security and safety of those headquarters cannot be compromised.”
The Commander-in-Chief of the Armed Forces directed all security services to carry out their duties, implement the law, track and trace the elements carrying out these attacks, and not allow, under any circumstances, to harm the security and stability that were achieved thanks to the great sacrifices of the members of our armed forces, in their various types and formations.
The Ain al-Assad base in Anbar and Harir in Erbil were bombed by drones more than once, claimed by armed factions calling themselves the "Islamic Resistance in Iraq."
https://www.radionawa.com/all-detail.aspx?jimare=36027
Dollar Prices Exceed 161 Thousand Dinars With The Closure
Time: 10/23/2023 17:09:12 Read: 234 times {Economic: Al-Furat News} The prices of the US dollar rose against the Iraqi dinar, today, Monday, in markets with the stock market closed
With the closure of the main Kifah and Harithiya stock exchanges in Baghdad, dollar prices recorded 161,000 Iraqi dinars against 100 dollars, while prices this morning were 160,300 dinars against 100 dollars.
Until the selling prices in the exchange shops in the local markets in Baghdad rose, as the selling price reached 162,000 dinars for 100 dollars, while the purchase price reached 160,000 dinars for 100 dollars.
Member Of The Oil And Gas Committee: Oil Prices Will Rise To More Than $150 Per Barrel
Monday 23, October 2023 Economical Number of readings: 260 Baghdad / NINA / Member of the Parliamentary Oil, Gas and Natural Resources Committee, Zainab Jumaa Al-Moussawi, expected today, Monday, that crude oil prices will rise in global markets during the next two months. Al-Moussawi said in a statement:
“Global oil markets are rapidly affected by changing conditions in different countries, specifically... The Middle East region.”
She explained: “There are two factors behind the rise in prices. The first is the Zionist war on the Gaza Strip in Palestine, and the second factor is the voluntary reduction in production countries, including Russia, Saudi Arabia and Iraq.” Al-Moussawi added: The two factors will affect the oil sector globally and
raise prices to More than $150 per barrel, which creates a financial surplus in the federal budget and we leave the country’s financial deficit.”/ https://ninanews.com/Website/News/Details?key=1085585
Oil Prices Decline As Aid Convoys Arrive In The Besieged Gaza Strip
Energy Economy News _ Baghdad Oil prices fell on Monday, as aid convoys began arriving in the Gaza Strip at the weekend amid diplomatic efforts to contain the conflict between Israel and the Palestinian Hamas movement and prevent it from spreading on a wider scale in the oil-rich region.
Brent crude futures fell by more than a dollar to $91.14 a barrel, and US West Texas Intermediate crude futures fell by more than a dollar to trade at $87.03 a barrel by 2:13 GMT.
Last week, contracts rose by more than 1 percent in their second weekly jump in a row, amid fears of a possible supply disruption if the war between Israel and Hamas develops into a broader confrontation in the Middle East, the largest oil supply region in the world.
“Israel agreed to postpone its (ground) attack on Hamas after pressure from the United States,” ANZ Research said in a note to clients. “This reduced fears of the war spreading across the Middle East and supply disruptions.”
To ease pressure on already scarce supplies due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its partners, including Russia, the United States suspended sanctions on OPEC member Venezuela after the Venezuelan government reached an agreement with the opposition. Views 65 10/23/2023 - https://economy-news.net/content.php?id=37055
Nechirvan Barzani And The US Consul Express Concern About "Expanding Risks In The Middle East"
Political | 10/23/2023 Baghdad - Mawazine News On Monday, the President of the Kurdistan Region, Nechirvan Barzani, exchanged views with the US Consul General to the Kurdistan Region, Mark Straw, about the latest developments in the situation in the region, the targeting of coalition forces, and security cooperation between Erbil and Baghdad.
According to a statement by the regional presidency, the two sides only expressed their concern about the possibility of expanding risks, tensions and repercussions in the Middle East and stressed the protection of coalition forces and diplomatic missions in Iraq and the Kurdistan Region, in addition to continuing security cooperation between the Peshmerga forces and the Iraqi army to protect stability.
Discussions on several issues of common interest were other topics during the meeting.
https://www.mawazin.net/Details.aspx?jimare=236764
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Notes To Ponder on FEAR:
93. I am convinced that the deepest desire within each of us is to be liberated from the controlling influences of our own psychic madness or patterns of fear. All other things-the disdain of ordinary life, the need to control others rather than be controlled, the craving for material goods as a means of security and protection against the winds of chaos-are external props that serve as substitutes for the real battle, which is the one waged within the individual soul. ~ Caroline Myss
94. If we let things terrify us, life will not be worth living. ~ Seneca
95. So now I know. I fear the unknown so deeply that I’d rather repeat the same heart-breaking pattern than face something or someone I can’t predict. ~ Valerie Frankel
96. But that inadequacy, or feeling of inadequacy, never really goes away. You just have to trudge ahead in the rain, regardless. ~ Lorrie Moore
97. Devour your fear. ~ Simon Holt
98. What frightens us today is exactly the same sort of thing that frightened us yesterday. It’s just a different wolf. This fright complex is rooted in every individual. ~ Alfred Hitchcock
99. Our tongues can’t compete with the rapid thinking of our brains, our words come out slow and slurred. The pen is our haven. There is a lot of fear buried into that little pen. It holds all of our agony, our torment, our blood and our heaven. ~ Coco J. Ginger
100. Most of us try to do too much because we are secretly afraid we will not be able to do anything at all. ~ Rick Aster
101. Of all the questions I have asked my readers this is the most important: What would you do if you weren’t afraid? When you finally give wings to that answer then you have found your life’s purpose. ~ Shannon L. Alder
Goldilocks' Comments and Global Economic News Monday AM 10-23-23
Goldilocks' Comments and Global Economic News Monday AM 10-23-23
Good morning Dinar Recaps,
Auto loan delinquencies among Americans have reached their highest level in 30 years That's a clear sign of malaise at a time when the economy is sending mixed signals, particularly about the state of consumer spending
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The move to T+1 securities settlement was a hot topic at @Sibos 2023. With the clock ticking towards reduced timelines for processing in the US and Canada, Jonathan Ehrenfeld Solé, Head of Securities Strategy at @Swift and Sam Riley, CEO of @Clearstream Securities Services sat down with Sibos TV to explain how better automation and initiatives like the unique transaction identifier can ease this transition.
Goldilocks' Comments and Global Economic News Monday AM 10-23-23
Good morning Dinar Recaps,
Auto loan delinquencies among Americans have reached their highest level in 30 years That's a clear sign of malaise at a time when the economy is sending mixed signals, particularly about the state of consumer spending
https://twitter.com/MultiPolarMarkt/status/1716100093919506812?t=eq634oZeHzyf3kB6y03NkA&s=35
~~~~~~~~~~
The move to T+1 securities settlement was a hot topic at @Sibos 2023. With the clock ticking towards reduced timelines for processing in the US and Canada, Jonathan Ehrenfeld Solé, Head of Securities Strategy at @Swift and Sam Riley, CEO of @Clearstream Securities Services sat down with Sibos TV to explain how better automation and initiatives like the unique transaction identifier can ease this transition.
https://twitter.com/swiftcommunity/status/1716436750543790480?t=PYmtjxWO3umvJ0CzJFutpg&s=09
~~~~~~~~~~
S&P 500 Technical Analysis for October 24, 2023 by FXEmpire
The S&P 500 has fallen overnight in the futures markets, as it looks like we are heading toward the 4200 level in an attempt to break down.
https://youtu.be/U7410RHnLEY?feature=shared
~~~~~~~~~~
JP Morgan and Mastercard’s new Pay-by-Bank solution goes live in the US
The solution leverages Mastercard’s open banking technology to enable consumers to share their financial data to pay third parties directly from their bank account using traditional ACH banking rails. This process eliminates the need for customers to manually enter their banking information when completing online transactions, while billers no longer need to risk storing sensitive financial data.
Pay-by-Bank is also integrated with Mastercard’s Smart Payment Decisioning Tools suite, which through the application of data analytics and machine learning can determine the best time to initiate payments in order to reduce the risk of returns due to insufficient balance and minimise the potential for payment failures.
It also promotes heightened payment security, as it requires consumers to engage with their existing authentication protocols, such as biometrics, in order to complete transactions.
https://www.fintechfutures.com/2023/10/jp-morgan-and-mastercard-go-live-with-pay-by-bank-solution-in-the-us/
~~~~~~~~~~
How Geopolitical Turmoil Affects Asset Classes
https://youtu.be/6v-J_xrsCCw?feature=shared
👆 We talked about this a week or two ago. I just wanted you to listen to what AI says about geopolitical turmoils and how it affects asset classes.
@ Goldilocks
~~~~~~~~~~
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Thank you Dinar Recaps
"Tidbits From TNT" Monday 10-23-2023
TNT:
Tishwash: Iraqi intelligence arrests people speculating in dollar prices using passports
On Monday, Iraqi intelligence arrested three people who were forging travel tickets and using citizens’ passports in order to speculate in the exchange rate and harm the national economy.
This was mentioned in a statement issued by the Intelligence Agency, and received by Shafaq News Agency, indicating that its detachments arrested them inside a remittance and exchange company, and they were in possession of 1,675,000,000 million Iraqi dinars and 462,440 thousand dollars along with printing devices for counterfeiting travel tickets, and a set of passports and personal phones. Which included correspondence relating to illegal transfers.
She confirmed that the intelligence agency units specialized in combating organized crime continue their proactive operations in pursuing exchange rate speculators who harm the national economy.
TNT:
Tishwash: Iraqi intelligence arrests people speculating in dollar prices using passports
On Monday, Iraqi intelligence arrested three people who were forging travel tickets and using citizens’ passports in order to speculate in the exchange rate and harm the national economy.
This was mentioned in a statement issued by the Intelligence Agency, and received by Shafaq News Agency, indicating that its detachments arrested them inside a remittance and exchange company, and they were in possession of 1,675,000,000 million Iraqi dinars and 462,440 thousand dollars along with printing devices for counterfeiting travel tickets, and a set of passports and personal phones. Which included correspondence relating to illegal transfers.
She confirmed that the intelligence agency units specialized in combating organized crime continue their proactive operations in pursuing exchange rate speculators who harm the national economy.
She explained that the operation came after receiving accurate information that included a remittance and exchange company printing forged travel tickets using citizens’ passports in order to harm the national economy by receiving the dollar at the official exchange rate and then selling it on the black market.
When interrogating the defendants, they frankly admitted that they had harmed the national economy, falsified travel tickets, exploited citizens’ passports, and practiced sending illegal transfers in violation of the instructions of the Central Bank, according to the intelligence agency, which called on citizens to report all outlaws and in all parts of Iraq by calling the number. Hot free 144. link
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Tishwash: Iraq reassures countries of the world of the security of its missions and nationals
Iraq reassured the countries of the world represented by embassies and diplomatic missions of their security and their nationals.
A statement from the Ministry of Foreign Affairs, a copy of which {Al-Furat News} received, stated that Foreign Minister Fuad Hussein received, today, Sunday, a phone call from Australian Foreign Minister Penny Wong, and during the call, bilateral relations and ways to strengthen them and advance them to what meets the ambitions of the two friendly peoples were discussed.
The two ministers discussed the rapid developments in the region and the dangerous events taking place in the occupied Palestinian territories. They stressed the importance of continuing efforts to find a quick solution to what is happening, and that the continued escalation of events has serious repercussions on regional and international peace and security. They agreed to maintain communication and joint efforts to achieve a ceasefire and contain the situation. The struggle to reach comprehensive and just solutions.”
For her part, Penny Wong expressed her concern over the situation in the Middle East, and pointed out the need to maintain the security of embassies and diplomatic missions operating in Iraq. In
turn, the Minister of Foreign Affairs stressed that “one of the government’s duties is “The Iraqi Ministry of Defense maintains the security of all foreigners present in the Iraqi arena, and the protection of diplomatic missions is part of the duties of the competent security forces.”
He added, “Iraqi and international laws impose this protection on Iraq, and in terms of the situation in the region, Minister Hussein expressed that he shares the Australian Minister’s concern.” “It is necessary to work with all parties with the aim of not expanding the scope of the war.” link
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Tishwash: Iron, bricks, batteries, and carpets... a list of the 12 most important companies and factories in Iraq
The Ministry of Industry revealed the most prominent areas of industrial production in the country at both the governmental and private levels, and identified the experiences of private companies and factories representing advanced projects with high technological technologies in 5 industrial sectors and throughout the cities of Iraq, but it pointed to a “strategic shortage” in mining industries.
Ministry spokesperson Doha Al-Jubouri:
The most prominent productive sectors at the government and private sector levels is the cement industry, where production covers the local need with a surplus in production. In light of this, the import of cement is banned, as the current production rate reaches more than 30 million tons annually.
On the other hand, we have a strategic industrial shortage related to mining industries, the most important of which are phosphate fertilizers, sulfur and silicon industries, iron concentrates, and others. There are plans by the Ministry and decisions taken this year to establish industrial complexes in partnership with the private sector. We have made great strides in this, and it is hoped to conclude contracts with companies that have provided the best Offers technically and economically.
The private sector has gained space and an active role in the overall movement of the Iraqi economy, in addition to the rest of the other sectors, and it has proven its efficiency in the recent period.
The subsequent period witnessed an increasing growth of private sector factories in various Iraqi governorates, taking advantage of the decisions issued by the government to support the private sector, laws protecting local products, customs and tax exemptions, loans granted to them from government and private banks, and decisions issued at the time of the Corona pandemic, and all of this. It led to a clear development in the establishment of factories and laboratories for the private sector, including the food, chemical, construction, textile, and metal industries distributed in all Iraqi governorates.
There are many successful experiences of the Iraqi private sector, including advanced industrial projects in the country with high technological techniques, and partnerships with foreign companies, including factories registered in the General Directorate of Industrial Development, according to industrial sectors, as follows:
1. Chemical industries sector:
– Nature Paints Company for the production of dyes in Baghdad Governorate.
– Abu Degla Factory for the production of advanced plastic doors in Sulaymaniyah Governorate.
2. Construction industries sector:
– Al-Hilal Brick Factory for producing artistic bricks in Erbil Governorate.
– Asad Babel Factory for producing thermiston in Babil Governorate.
3. Food industries sector:
– Fustaqa Food Products Company in Basra Governorate.
– Al-Fakher Al-Ithalia Company for manufacturing tobacco and molasses in Baghdad Governorate.
– Kronji Company for the production of juices and soft drinks in Kirkuk Governorate.
4. Metal industries sector:
– Middle East Aluminum Cans Production Company in Baghdad Governorate.
– Erbil Steel Company for the production of rebar in Erbil Governorate.
– Maya battery production plant in Sulaymaniyah Governorate.
5. Textile industries sector:
– The National Carpet Production Company in Najaf Governorate.
– Indaj Furniture Production Company in Sulaymaniyah Governorate. link
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Iraq Economic News Highlights and Points to Ponder Monday AM 10-23-23
Iraq Economic News Highlights and Points to Ponder Monday AM 10-23-23
A List Of The 12 Most Important Companies And Factories In Iraq
5 sectors are producing now Iron, bricks, batteries, and carpets... a list of the 12 most important companies and factories in Iraq
13:05 Baghdad – 964 The Ministry of Industry revealed the most prominent areas of industrial production in the country at both the governmental and private levels, and identified the experiences of private companies and factories representing advanced projects with high technological technologies in 5 industrial sectors and throughout the cities of Iraq, but it pointed to a “strategic shortage” in mining industries.
Iraq Economic News Highlights and Points to Ponder Monday AM 10-23-23
A List Of The 12 Most Important Companies And Factories In Iraq
5 sectors are producing now Iron, bricks, batteries, and carpets... a list of the 12 most important companies and factories in Iraq
13:05 Baghdad – 964 The Ministry of Industry revealed the most prominent areas of industrial production in the country at both the governmental and private levels, and identified the experiences of private companies and factories representing advanced projects with high technological technologies in 5 industrial sectors and throughout the cities of Iraq, but it pointed to a “strategic shortage” in mining industries.
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Ministry spokesperson Doha Al-Jubouri told 964 Network:
The most prominent productive sectors at the government and private sector levels is the cement industry, where production covers the local need with a surplus in production. In light of this, the import of cement is banned, as the current production rate reaches more than 30 million tons annually.
On the other hand, we have a strategic industrial shortage related to mining industries, the most important of which are phosphate fertilizers, sulfur and silicon industries, iron concentrates, and others.
There are plans by the Ministry and decisions taken this year to establish industrial complexes in partnership with the private sector. We have made great strides in this, and it is hoped to conclude contracts with companies that have provided the best Offers technically and economically.
The private sector has gained space and an active role in the overall movement of the Iraqi economy, in addition to the rest of the other sectors, and it has proven its efficiency in the recent period.
The subsequent period witnessed an increasing growth of private sector factories in various Iraqi governorates, taking advantage of the decisions issued by the government to support the private sector, laws protecting local products, customs and tax exemptions, loans granted to them from government and private banks, and decisions issued at the time of the Corona pandemic, and all of this.
It led to a clear development in the establishment of factories and laboratories for the private sector, including the food, chemical, construction, textile, and metal industries distributed in all Iraqi governorates.
There are many successful experiences of the Iraqi private sector, including advanced industrial projects in the country with high technological techniques, and partnerships with foreign companies, including factories registered in the General Directorate of Industrial Development, according to industrial sectors, as follows:
1. Chemical industries sector:
– Nature Paints Company for the production of dyes in Baghdad Governorate.
– Abu Degla Factory for the production of advanced plastic doors in Sulaymaniyah Governorate.
2. Construction industries sector:
– Al-Hilal Brick Factory for producing artistic bricks in Erbil Governorate.
– Asad Babel Factory for producing thermiston in Babil Governorate.
3. Food industries sector:
– Fustaqa Food Products Company in Basra Governorate.
– Al-Fakher Al-Ithalia Company for manufacturing tobacco and molasses in Baghdad Governorate.
– Kronji Company for the production of juices and soft drinks in Kirkuk Governorate.
4. Metal industries sector:
– Middle East Aluminum Cans Production Company in Baghdad Governorate.
– Erbil Steel Company for the production of rebar in Erbil Governorate.
– Maya battery production plant in Sulaymaniyah Governorate.
5. Textile industries sector:
– The National Carpet Production Company in Najaf Governorate.
Indaj Furniture Production Company in Sulaymaniyah Governorate.
Via Parvez Khan... Iraq Imports Goods Worth Two Billion Dollars From Iran Within 6 Months
MONDAY, 10-23-2023, PM 1:43 KARAR AL-ASSADI The Director General of Customs at the Parviz Khan border crossing in the Iranian province of Kermanshah, Qassem Mutalabi, announced on Monday that the volume of foreign trade with Iraq in the first half of this year amounted to about two billion and 500 million dollars.
Mottalabi said in an interview with the Iranian “IRNA” agency, “In the first six months of this year, exports of goods from the Parviz Khan border increased by 36% in terms of weight, and 18% in terms of value, compared to the same period of the previous year.”
He explained, "The main export goods from this crossing to Iraq included fruits, vegetables, dairy products, cakes, biscuits, metal and plastic products, and building materials."
He pointed out, "This crossing has a great capacity to export non-oil goods, and now an important part of the country's exports to Iraq are carried out through this border."
Motlabi stated, “Last year, Iran exported $6 billion and 493 million dollars worth of goods, weighing 16 million and 883 thousand tons, to Iraq across its land borders. Kermanshah Province’s share of these total exports was $2 billion and 673 million dollars, weighing 6 million and 772 thousand tons, and customs had Pervez Khan holds the largest share among the province’s customs.”
https://non14.net/public/161208
The Rise In Dollar Prices In Iraq
MONDAY, 10-23-2023, KARAR AL-ASSADI Dollar prices rose today, Monday, in the markets of Baghdad and the rest of the country's governorates.
The dollar exchange rates rose with the opening of the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording $160,300 against $100.
While prices yesterday, Sunday, were 159,500 dinars compared to 100 dollars.
Exchange rates also rose in banking shops in local markets in Baghdad, where the selling price reached 161,250 Iraqi dinars, while the purchasing price reached 159,250 dinars for every 100 dollars.
Oil Prices Decline As Aid Convoys Arrive In The Besieged Gaza Strip
Energy Economy News _ Baghdad Oil prices fell on Monday, as aid convoys began arriving in the Gaza Strip at the weekend amid diplomatic efforts to contain the conflict between Israel and the Palestinian Hamas movement and prevent it from spreading on a wider scale in the oil-rich region.
Brent crude futures fell by more than a dollar to $91.14 a barrel, and US West Texas Intermediate crude futures fell by more than a dollar to trade at $87.03 a barrel by 2:13 GMT.
Last week, contracts rose by more than 1 percent in their second weekly jump in a row, amid fears of a possible supply disruption if the war between Israel and Hamas develops into a broader confrontation in the Middle East, the largest oil supply region in the world.
“Israel agreed to postpone its (ground) attack on Hamas after pressure from the United States,” ANZ Research said in a note to clients. “This reduced fears of the war spreading across the Middle East and supply disruptions.”
To ease pressure on already scarce supplies due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its partners, including Russia, the United States suspended sanctions on OPEC member Venezuela after the Venezuelan government reached an agreement with the opposition. Views 43 10/23/2023 - https://economy-news.net/content.php?id=37055
A New Rise In Dollar Exchange Rates In Iraqi Markets
Economy 2023-10-23 | 5,767 views Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Monday, October 23, 2023.
The selling prices of the dollar in local markets in the capital, Baghdad, recorded 161,250 per 100 dollars, while purchasing prices reached 159,250 per 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
https://www.alsumaria.tv/news/economy/471444/%D8%A7%D8%B1%D8%AA%D9%81%D8%A7%D8%B9-%D8%AC%D8%AF%D9%8A%D8%AF-%D8%A8%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%81%D9%8A-%D8%A3%D8%B3%D9%88%D8%A7%D9%82-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82
Points To Ponder on Gratitude:
Gratitude is born in hearts that take time to count up past mercies. Charles E. Jefferson (1860 - 1937)
Gratitude is not only the greatest of virtues, but the parent of all others. Cicero (106 BC - 43 BC), 'Pro Plancio,' 54 B.C
The excellence of a gift lies in its appropriateness rather than in its value. Charles Dudley Warner (1829 - 1900), 'Eleventh Study,' Backlog Studies, 1873
Gratitude is merely the secret hope of further favors. Francois de La Rochefoucauld (1613 - 1680)