"Tidbits From TNT" Friday Morning 10-27-2023
TNT:
CandyKisses: Sadr calls on government and parliament to close US embassy in Iraq
Shafaq News / Sadrist movement leader Muqtada al-Sadr on Friday called on the federal government and parliament to vote on a resolution to close the United States embassy in Iraq to "in support" the Palestinians.
Al-Sadr said in a post on the sites of "X-Twitter previously", that he "demands (the Iraqi government), and (the Iraqi parliament) in all its categories and directions, and for the first time and for public interests not private to vote on the closure of the US embassy in Iraq for the unlimited American support for terrorist Zionists against Gaza."
He stressed the need to "protect its members (the US embassy) diplomats, and not to be exposed to them by rude militias, which want to undermine the security and safety of Iraq," in the event of a vote on the resolution.
As Sadr said, “If the government and parliament do not respond, we have another position that we will announce later.”
TNT:
CandyKisses: Sadr calls on government and parliament to close US embassy in Iraq
Shafaq News / Sadrist movement leader Muqtada al-Sadr on Friday called on the federal government and parliament to vote on a resolution to close the United States embassy in Iraq to "in support" the Palestinians.
Al-Sadr said in a post on the sites of "X-Twitter previously", that he "demands (the Iraqi government), and (the Iraqi parliament) in all its categories and directions, and for the first time and for public interests not private to vote on the closure of the US embassy in Iraq for the unlimited American support for terrorist Zionists against Gaza."
He stressed the need to "protect its members (the US embassy) diplomats, and not to be exposed to them by rude militias, which want to undermine the security and safety of Iraq," in the event of a vote on the resolution.
As Sadr said, “If the government and parliament do not respond, we have another position that we will announce later.”
The Shiite leader called on supporters of the current “to commit to obedience and not to act individually, and to avoid using weapons at all.
Tishwash: America announces that it has been subjected to 12 attacks in Iraq and confirms: We will respond soon
The Pentagon announced on Thursday that its forces in Iraq were subjected to at least 12 attacks within a week, while confirming that it would respond to these attacks in a timely manner.
The Pentagon stated in press statements reported by media outlets that “American forces were attacked by Iranian agents in Iraq at least 12 times, and 4 times in Syria during this week.”
The US Department confirmed that 900 soldiers were sent to the Middle East from the United States, including air defense system operators.
On Thursday evening, the armed factions in Iraq claimed responsibility for bombing the American “Harir” base in Erbil, the capital of the Kurdistan Region, as part of a series of operations they have been launching for days.
Earlier today, the factions attacked the Ain al-Asad base, west of Anbar Governorate, with a drone, which they said successfully hit their targets. link
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Warning that Iraqi funds remain with the US Federal Bank
Today, Thursday (October 26, 2023), economic expert Saleh Al-Sarfi warned of the consequences of Iraqi funds remaining with the US Federal Bank, noting that their presence may constitute a tool of pressure exerted by Washington on Baghdad.
The banker said in an interview with "Baghdad Today", "All Iraqi oil funds are deposited directly in a special account in the US Federal Bank, and Baghdad is submitting a request to obtain the funds to cover operational expenses and the rest of the other obligations," pointing out that "this procedure is not recent, but has been adopted." During the economic blockade in the nineties of the last century after the application of the oil-for-food principle.
He added, "Washington's excuses for keeping Iraq's funds under its control at the Federal Reserve are due to the state of political instability and the consideration that the country is going through complex and unstable circumstances, in addition to protecting the funds from a large number of cases filed against Baghdad as a result of previous wars."
He pointed out that "there are risks from Iraqi funds remaining in the US Federal Reserve, most notably the direct impact of any crisis that strikes the American economy, in addition to it being considered a pressure tool that Washington can exert towards Baghdad."
On October 6, Washington rejected Iraq's request to obtain one billion dollars in cash from the Federal Reserve Bank, under the pretext that it conflicts with their efforts to curb Baghdad's use of the dollar and stop illicit cash flows to Iran.
The American Wall Street Journal reported that since the American invasion of Iraq two decades ago, the United States has provided $10 billion or more annually to Baghdad via bi-monthly cargo flights, and the money is derived from the proceeds of Iraqi oil sales deposited with the Federal Reserve Bank.
American officials said, "Banknotes in the hands of Iraqis have become a lucrative source of illicit dollars that go back to militias and corrupt politicians, as well as to Iran."
By applying for an additional $1 billion shipment, Iraq says it needs the money to help prop up its faltering currency. A senior Iraqi official explained that "last week, the Central Bank of Iraq submitted an official request that the Treasury Ministry is still studying, after Washington rejected the initial request submitted by Iraq last month."
According to the newspaper, since last November, Washington has prevented 18 Iraqi banks from dealing in dollars, adopting stricter rules for electronic transfers in dollars from its banks.
Treasury officials told Iraqi central bank governors that sending a large additional shipment conflicts with Washington's goal of limiting Iraq's use of US banknotes, Iraqi officials said.
American officials spoke of conclusive evidence that some of the dollars that were arriving in Iraq were smuggled in cash over the years to Iran, as well as to Turkey, Lebanon, Syria and Jordan.
A Treasury Department spokeswoman said regarding the Iraqi request, “The United States continues to support Iraq with dollar banknotes and has not restricted its access to ordinary Iraqis and businesses,” indicating continued work with the Central Bank of Iraq.
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CandyKisses: Al-Shamri: Sudani will announce next week a banking service that leads to the decline of the dollar
Al-Shamri: Sudani will announce next week a banking service that leads to the decline of the dollar
{Political: Al-Furates News} Advisor to Prime Minister Fadi Al-Shamri revealed that Prime Minister Mohammed Shiaa Al-Sudani will announce next week a new banking service for small traders that will lead to a decrease in the exchange rate and facilitate their work procedures.
"Those who manipulate the dollar are speculators and the government provides the dollar through official platforms and the government is not subject to extortion of speculators who seek to profit at the expense of citizens and at the beginning of the implementation of the platform there were problems related to time and now the delay was reduced for only three days," Al-Shamri said in a televised statement.
He stressed that "food items have not been affected by the process of the rise of the dollar and the Prime Minister is seen on a daily basis the list of food prices in the local market and the government provides a food basket for 10 months for citizens, and 12 months for social welfare," pointing out that "living issues certainly have not been affected by the dollar exchange rate and the government will not allow the exchange rate to affect food prices."
He pointed out that "the services file is one of the most prominent challenges facing the government as it is continuing to implement its project and the government is working with an implementable strategic plan and the accurate daily follow-up of the Prime Minister is reflected in the great progress in work and daily follow-up of work that led to the progress of work from the scheduled schedule, and there are 190 basic and strategic projects in Baghdad alone, which is a precedent that happened for the first time and we will see a big leap in the value and quality of projects that will be launched in Baghdad and the rest of the provinces."
Al-Shamri pointed out that "the current year the government faced serious challenges, including the budget and some budget items launched and the others are in the process of starting and in the previous budgets it usually needs 3 months with the lowest estimate to launch the budget allocations when the data is completed after its already late approval and we will get rid of the problem of delay and launching the budget allocations after the approval of the three-year budget."
He explained that "the wisdom of the government's dealing with various political actors and components is considered the most prominent feature of it with the realistic treatment of the solution of the files and the coordination framework is characterized by the unity of decision that was present in many of its scenes."
Al-Shamdi revealed that "the Prime Minister is making contacts and making an exceptional effort in constructive communication with the leaders and heads of state of the region and the world, and Iraq seeks to mitigate as much as possible the escalation in the region, and what is happening in the region affects Iraq, considering that the Middle East is the heart of the world and Iraq is the heart of the Middle East."
Mot: ..... Have you carved Your pumpkins this year?
Mot: . Halloween candy trading. An intense time.
Goldilocks' Comments and Global Economic News Thursday Evening 10-26-23
Goldilocks' Comments and Global Economic News Thursday Evening 10-26-23
Good evening Dinar Recaps,
China is dumping U.S. Treasuries to buy gold - FX Empire's Zernov
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The European Payments Council has postponed the migration of Sepa payment schemes to the 2019 version of ISO 20022 by four months, to March, after concluding that "at least two large Sepa countries" couldn't be guaranteed to make the original November deadline. Therefore, while being "fully aware of the implications of this decision," a new migration date has been set for 17 March 2024.
Goldilocks' Comments and Global Economic News Thursday Evening 10-26-23
Good evening Dinar Recaps,
China is dumping U.S. Treasuries to buy gold - FX Empire's Zernov
https://headtopics.com/ca/china-is-dumping-u-s-treasuries-to-buy-gold-fx-empire-s-47582077
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The European Payments Council has postponed the migration of Sepa payment schemes to the 2019 version of ISO 20022 by four months, to March, after concluding that "at least two large Sepa countries" couldn't be guaranteed to make the original November deadline. Therefore, while being "fully aware of the implications of this decision," a new migration date has been set for 17 March 2024.
FinExtra Link
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There are a number of payment systems on the rise capable of moving money across borders. We touched on one a few months ago, but I want to get back to it again.
JP Morgan's coin (onyx) is a deposit token. It has the potential of being a payment system that goes across borders. This coin was first designed for corporate entities, but it can also be traded from bank to bank.
When this coin first came out it processed over $300 billion dollars worth of trade to test its potential. JP Morgan tells us that the JPM coin is currently handling 1 billion worth of transactions daily at the present time. They expect this system to grow.
If you remember a while back, Iraq utilized JP Morgan to set up their banks with the Onyx Network for foreign exchange trades. This is one of many payment setups that have been made in the Middle East through JP Morgan who is considered (two years ago) as the lead Bank in setting up the new digital banking system under Web 3.
"Deposit tokens refer to transferable tokens issued on a blockchain by a licensed depository institution which evidence a deposit claim against the issuer."
As you can see, there are many ways to the same place going forward in an open banking system that allows cross-border international trading to take place.
© Goldilocks
HeadTopics Link
Bloomberg Tax News Link
BusinessTimes Link
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The Japanese yen has dropped to its lowest level against the dollar in a year.
Gold is right around record highs measured against the yen.
Here we go.
https://twitter.com/GoldTelegraph_/status/1717436705459032324?t=tVEGk-a1yrJYEflN8JkxjQ&s=09
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The JP Morgan coin (onyx) and Ripple are now competitors.
@ Goldilocks
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Onyx by J.P. Morgan continues to forge a path for blockchain innovation, and news of the Onyx Digital Assets platform's first transaction using tokenized assets as collateral further cements its trailblazer reputation.
https://www.jpmorgan.com/onyx/content-hub/onyx-digital-assets-overview.htm
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Economics of Payments XII Conference, October 26, 2023
https://www.youtube.com/live/UcR4ukw6dHA?feature=shared
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FTX Considering 3 Bids to Restart the Crypto Exchange
https://www.businessinsider.com/ftx-considering-3-bids-to-restart-the-crypto-exchange-2023-10
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The Evictions Have Begun ( Housing Crisis 2.0 )
https://www.youtube.com/live/uA3lnspNhik?feature=shared
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Look for the US to have an increase in exports going forward. It is one of many ways for other countries to get rid of their dollars through buying our products.
@ Goldilocks
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Modern Treasury Joins U.S. Bank's Network
https://www.financemagnates.com/trending/modern-treasury-joins-us-banks-network/
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Thank you Dinar Recaps
Iraq Economic News and Points to Ponder Thursday Evening 10-26-23
Iraq Economic News and Points to Ponder Thursday Evening 10-26-23
Tlm724 Administrator Bondlady’s Corner
The Head Of The Integrity Commission And The Canadian Ambassador Discuss Effective Ways To Combat Corruption And Recover Smuggled Funds
Thursday 26 October 2023 18:13 | Political Number of readings: 122 Baghdad / NINA / The head of the Federal Integrity Commission, Judge Haider Hanoun, discussed with Canadian Ambassador Cathy Bonka effective ways to combat corruption and recover smuggled funds.
Iraq Economic News and Points to Ponder Thursday Evening 10-26-23
Tlm724 Administrator Bondlady’s Corner
The Head Of The Integrity Commission And The Canadian Ambassador Discuss Effective Ways To Combat Corruption And Recover Smuggled Funds
Thursday 26 October 2023 18:13 | Political Number of readings: 122 Baghdad / NINA / The head of the Federal Integrity Commission, Judge Haider Hanoun, discussed with Canadian Ambassador Cathy Bonka effective ways to combat corruption and recover smuggled funds.
Hanoun confirmed during his meeting with the ambassador: “After its success in combating corruption internally and deterring the corrupt, the Commission will intensify its external efforts at the current stage to conclude memorandums of understanding with external parties, with the aim of extraditing the convicts and recovering the smuggled funds and returning them to the state treasury.”
He called on all countries to unify standards with regard to crimes committed, regardless of their perpetrators and the territory on which the crime was committed, demanding that the crime of corruption be viewed from the perspective of the act and the felony and that it be considered a crime, even if it was committed outside the borders of the country in which the accused reside, pointing to the importance of strengthening the ties between States, and cooperation among them in the issue of extraditing convicts and recovering proceeds obtained from corruption.
The Chairman of the Commission indicated that the most important changes that have occurred since the formation of the current government is the push to support anti-corruption efforts, including this in the government program and ministerial curriculum of the current government, and cooperating with the Commission in curbing the corrupt - regardless of the high level of their positions and affiliations - without setting limits or red lines for that. , warning that the government has stressed; In line with the Commission’s procedures in combating corruption and recovering its proceeds, the file of recovering funds and convicts will be its first priority in its external relations.
For her part, the Canadian Ambassador expressed her happiness at attending the Federal Integrity Commission and meeting with its president after submitting her credentials to the Iraqi Ministry of Foreign Affairs, pointing out that the Commission faces a great responsibility, especially after it raised the red lines in the fight against corruption, noting that the Commission’s Chairman’s talk about anti-corruption measures Provides reassurance to companies; To come and invest in Iraq./End 7
https://ninanews.com/Website/News/Details?key=1086184
In 5 Sessions.. The Iraqi Market Announces The Trading Of Shares Worth More Than 4 Billion
Money and business Economy News – Baghdad Today, Thursday, the Iraq Stock Exchange announced the weekly trading indicators.
The market stated in a statement that it organized “during the fourth week of October, five trading sessions from Sunday (October 22) to Thursday (October 26).”
The statement added: “The following indicators were achieved during this week:
1. The number of shares traded during this week amounted to more than (3) billion shares.
2. The value of shares traded this week amounted to more than (4) billion dinars.
3. The trading index closed. In the market for the first session of the week at (832.41) points, while the index closed at the end of the week at (810.71) points, achieving a decrease of (2.68%) from its close at the first session. 4. During the week (2799) purchase and sale contracts for company shares were executed . listed on the market. Views 23 Added 10/26/2023 - https://economy-news.net/content.php?id=37111
Environment: Iraq Aspires To Shift Towards A Green Economy And Attract Foreign Investments
Thursday 26 October 2023 | Economical Number of readings: 294 Baghdad / NINA / The Ministry of Environment stressed the importance of concerted national and international efforts, joint coordination, and providing the required budgets from international or national funds to ensure high-level implementation of the Ministry of Environment’s strategies and projects planned with various national and international bodies, to shift towards a sustainable green economy and address the effects of climate change.
Environment Minister Nizar Amedi said, during his participation in the Arab Ministerial Meeting today, Thursday 10/26/2023, that “the Iraqi government has given the issue of environment, climate and water a top priority on its agenda, and efforts are continuing from all sectors to confront this problem and lay the necessary foundations for adaptation.”
He added, "The Ministry of Environment has completed a new environment strategy for the period from 2023-2030, which is a general strategy for the country that aims to improve the environment, and takes into account the real challenges in the region resulting from the effects of climate and water scarcity, and the necessity of a gradual transition to a green economy, which is an economy that supports our economy." "currently based on fossil fuels."
The minister stressed, “The Ministry of Environment is leading the issue of the green economy and Iraq’s openness to investment in this aspect, with a transfer value of up to 100 billion dollars to the years 2030 and 2035, and allocating some of the necessary budgets in the national budget to support this trend, which aims to improve the environment in Iraq and encourage the adoption of A project worth one billion dollars to initiate and stimulate comprehensive environmental improvement and a green economy in the country./End 5 https://ninanews.com/Website/News/Details?Key=1086164
A Deputy Confirms The Imminent Start Of A Project That Will Achieve “Billion-Dollar” Profits And Provide 40,000 Job Opportunities
Energy Economy News – Baghdad Member of the Parliamentary Oil and Gas Committee, Adnan Al-Jabri, said on Wednesday that the “Nebras” petrochemical project in Basra Governorate is considered one of the largest projects.
Al-Jabri stressed, “Iraq needs a promising transformation in the field of petrochemicals to be a manufacturing country for these materials, especially with the presence of the raw material represented by oil, and therefore this raw material exists and there will be a shift in this field.”
Al-Jabri added in an interview with Al-Furat News Agency, followed by Al-Eqtisad News, that “the project will start soon because it is part of the government program, and there will be follow-ups by the House of Representatives with the government to speed up the completion of this project.”
The project manager, Hussein Muhammad Ali, said earlier, “The estimated cost of the project amounts to 8 billion and 540 million US dollars, and its annual profits are estimated at 1.4 billion US dollars.”
Ali added, "The project will exploit natural gas surpluses and attract external capital, in addition to providing great job opportunities during the construction period, estimated at 40,000 mobile jobs, in addition to exploiting job opportunities during production operations."
Views 65 Added 10/25/2023 - https://economy-news.net/content.php?id=37099
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Points To Ponder on The Value of Challenge:
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. By Ralph Marston
Iraq Economic News and Points to Ponder Thursday Afternoon 10-26-23
Iraq Economic News and Points to Ponder Thursday Afternoon 10-26-23
Tlm724 Administrator Bondlady’s Corner
Member Of Parliamentary Energy: There Is An Intense Movement To Approve The Oil And Gas Law, And It Will Not Be Transferred To The Next Session
Time: 10/25/2023 15:03:01 Read: 1,196 times {Political: Al-Furat News} The representative of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, revealed an intense parliamentary movement to bridge the gap between Baghdad and Erbil to approve the draft oil and gas law.
Al-Moussawi told {Al-Furat News} agency, “There is great support for approving the law within the coordination framework as it is the problem of the Iraqi government, and it seems that the political parties that do not benefit from the approval of the law are hinting here and there to postpone the law to the next session, and this will not happen because the law has passed for many years since the year 2005 until now.”
Iraq Economic News and Points to Ponder Thursday Afternoon 10-26-23
Tlm724 Administrator Bondlady’s Corner
Member Of Parliamentary Energy: There Is An Intense Movement To Approve The Oil And Gas Law, And It Will Not Be Transferred To The Next Session
Time: 10/25/2023 15:03:01 Read: 1,196 times {Political: Al-Furat News} The representative of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, revealed an intense parliamentary movement to bridge the gap between Baghdad and Erbil to approve the draft oil and gas law.
Al-Moussawi told {Al-Furat News} agency, “There is great support for approving the law within the coordination framework as it is the problem of the Iraqi government, and it seems that the political parties that do not benefit from the approval of the law are hinting here and there to postpone the law to the next session, and this will not happen because the law has passed for many years since the year 2005 until now.”
She stressed, "The law has now been approved to regulate natural resources, including oil and gas, in Iraq, and also to solve the region's problem by placing production and management of the fields under federal control, and exports through the National Oil Company {SOMO}."
Earlier, the Prime Minister, Muhammad Shia al-Sudani, agreed with the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, to resolve the differences and outstanding issues, including the 2023 financial budget files and the oil and gas law, but the law is still a matter of controversy after talk of preparation. A new version of it was issued due to disagreement over its passage in light of the differences in political opinions.
The oil and gas law, which has been stalled in the Iraqi parliament since its first session, in 2005, is one of the most prominent points on which an initial agreement was reached between the governments of Baghdad and the Kurdistan region.
On February 15 of last year 2022, the Federal Supreme Court issued a ruling that the regional government’s oil and gas law of 2007, which regulates the oil industry and its extraction in the region, was unconstitutional. This ruling came after the regional government concluded contracts with foreign oil companies, and the Kurdistan Regional Government rejected the court’s decision. Federal, giving up its control over oil exports. LINK
Oil Falls Amid Rising US Inventories And Escalation In Gaza
Economy | 10/26/2023 Baghdad - Mawazine News Oil prices witnessed a slight change in early Thursday trading, as the market tries to balance various factors while monitoring the tensions in the Middle East, while absorbing an increase in US crude inventories.
Brent crude futures fell three cents to $90.10 per barrel by 0100 GMT, and US West Texas Intermediate crude futures fell three cents to $85.36 per barrel.
Oil prices rose about 2 percent at settlement on Wednesday, driven by continuing concerns about the conflict in the Middle East.
But prices lacked a clear direction at the beginning of Thursday's session, as investors viewed the rise in US crude inventories as an indication of weak withdrawals and demand.
The US Energy Information Administration said on Wednesday that crude inventories in the United States increased by 1.4 million barrels last week to 421.1 million barrels, exceeding an increase of 240,000 barrels expected by analysts in a Reuters poll.
Analysts at Citi explained Thursday that “markets remain volatile with the ebb and flow of tensions in the Middle East, but important fundamentals are seasonally weaker than expected, with demand for products in the United States surprisingly weak.”
Investors are expected to continue monitoring developments in the Middle East amid fears that any escalation could lead to disruption in oil markets and supplies.
At the same time, macroeconomic concerns continued to weigh on the outlook for oil demand as business activity data in the euro zone witnessed a surprising decline this month.
https://www.mawazin.net/Details.aspx?jimare=236894
A Slight Decline In Dollar Prices In Baghdad With The Stock Market Closing
Economy Thursday, October 26, 2023 Baghdad/National News Center The prices of the US dollar fell against the Iraqi dinar, today, Thursday, in the markets of the capital, Baghdad, with the stock market closed.
The correspondent of the National News Center said, “Dollar prices fell with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 161,200 dinars against 100 dollars, while dollar prices this morning recorded 161,500 dinars against 100 dollars.”
He added, “Selling prices in banking shops in local markets in Baghdad decreased, as the selling price reached 162,000 dinars for 100 dollars, while the purchase price reached 161,000 dinars for 100 dollars.” https://nnciraq.com/233855/
The Central Bank Warns Against Dealing With Entities “Unlicensed” By It
Thursday 26 October 2023 Economical Number of readings: 392 Baghdad / NINA / The Central Bank of Iraq warned against dealing with “unlicensed” entities that issue electronic payment cards, in order to avoid falling into fraud and financial fraud.
The bank stated in a statement that: “It has recently been observed that some unlicensed entities are issuing and promoting electronic payment cards.”
The bank warned against dealing with these entities to avoid fraud and financial fraud, stressing the importance of verifying their licenses before using their cards and applications in order to benefit from their services, and relying on the official websites and channels of licensed companies and banks.
The Central Bank of Iraq noted that it is possible to identify electronic payment service providers licensed by the Central Bank of Iraq through its official website (www.cbi.iq)./End
https://ninanews.com/Website/News/Details?key=1086140
Central Bank Governor: The Necessity Of Developing Appropriate Marketing Plans To Support Digital Financial Inclusion In Iraq
Political | 02:05 - 10/26/2023 Baghdad - Mawazine News Today, Thursday, Central Bank Governor Ali Al-Alaq urged citizens to use bank cards instead of cash, while stressing the need to develop appropriate marketing plans to support digital financial inclusion in Iraq.
The Central Bank said in a statement, a copy of which Mawazine News received, that “Central Bank Governor Ali Mohsen Al-Alaq chaired a meeting that included representatives of this bank and a number of electronic payment companies operating in Iraq, in which they discussed ways to follow up on the project to spread point-of-sale (POS) devices.” and digital transformation.”
He added, "The meeting reviewed the most important challenges facing the process of spreading point-of-sale (POS) devices and the importance of expanding the geographical area to cover all parts of the country, as well as solving the problems facing the use of bank cards and settling their amounts through the national exchange inside and outside Iraq."
Al-Alaq stressed that "the spread of point-of-sale devices has positive effects on the Iraqi street," urging "citizens to use bank cards instead of cash."
He stressed "the need for it to be a priority for all electronic payment companies and banks," stressing "the necessity of developing appropriate marketing plans to support digital financial inclusion in Iraq." Ended 29/H https://www.mawazin.net/Details.aspx?jimare=236913
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points To Ponder:
"I can forgive, but I cannot forget" is only another way of saying, "I will not forgive" -- Forgiveness ought to be like a cancelled note -- torn in two - burned up - so that it can never be shown against one -- Henry Ward Beecher
Friendship -- True friendship is like sound health, the value of it is seldom known until it is lost - Charles Caleb Colton
Reality -- It is good to have an end to journey toward; but it is the journey that matters in the end --Ursula K Leguin
Destiny is not a matter of chance, it is a matter of choice - It is not a thing to be waited for, it is a thing to be achieved -- William Jennings Bryan
Purpose -- I am the master of my fate; I am the captain of my soul -- William E Henley
Knowing -- Where there is the tree of knowledge, there is always paradise; so say the most ancient and the most modern serpents -- Friedrich Nietzche
Compassion --Fear grows out of the things we think; it lives in our minds, Compassion grows out of the things we are, and lives in our hearts -- Barbara Garrison
What we anticipate seldom occurs -- what we least expect generally happens -- Benjamin Disraell
"Tidbits From TNT" Thursday 10-26-2023
TNT:
Tishwash: Ali Moneim: The Central Bank has an infrastructure that helps develop electronic payments
The Executive Director of the International Smart Card Company “K” Ali Moneim said that the Central Bank has a good infrastructure that greatly helps in developing electronic services, pointing to work with Rafidain Bank to make all electronic services done over the phone.
He stressed during the annual Iraqi banking conference in Kurdistan the necessity of keeping pace with electronic services and elevating them to the global level, and despite the challenges, we must work and make the citizen move towards electronic dealing, which is now supported and pushed by the government.
TNT:
Tishwash: Ali Moneim: The Central Bank has an infrastructure that helps develop electronic payments
The Executive Director of the International Smart Card Company “K” Ali Moneim said that the Central Bank has a good infrastructure that greatly helps in developing electronic services, pointing to work with Rafidain Bank to make all electronic services done over the phone.
He stressed during the annual Iraqi banking conference in Kurdistan the necessity of keeping pace with electronic services and elevating them to the global level, and despite the challenges, we must work and make the citizen move towards electronic dealing, which is now supported and pushed by the government.
He stated that the International Smart Card Company, this national financial edifice, works with confidence to strengthen the family economy through a number of products that have won the approval of the country’s leading economists. This places the company and its partners in front of continuous development tasks, as well as its qualitative work team. link
Governor of the Central Bank: The necessity of developing appropriate marketing plans to support digital financial inclusion in Iraq
Today, Thursday, Central Bank Governor Ali Al-Alaq urged citizens to use bank cards instead of cash, while stressing the need to develop appropriate marketing plans to support digital financial inclusion in Iraq.
The Central Bank said in a statement, a copy of which was received by Mawazine News, that “Central Bank Governor Ali Mohsen Al-Alaq chaired a meeting that included representatives of this bank and a number of electronic payment companies operating in Iraq, in which they discussed ways to follow up on the project to spread point-of-sale (POS) devices.” and digital transformation.”
He added, "The meeting reviewed the most important challenges facing the process of spreading point-of-sale (POS) devices and the importance of expanding the geographical area to cover all parts of the country, as well as solving the problems facing the use of bank cards and settling their amounts through the national exchange inside and outside Iraq."
Al-Alaq stressed that "the spread of point-of-sale devices has positive effects on the Iraqi street," urging "citizens to use bank cards instead of cash."
He stressed "the need for it to be a priority for all electronic payment companies and banks," stressing "the necessity of developing appropriate marketing plans to support digital financial inclusion in Iraq." link
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Tishwash: The major problem has not yet been resolved. The oil and gas law is still locked up and has not yet reached Parliament
Member of the Parliamentary Oil, Gas and Natural Resources Committee, Adnan Al-Jabri, confirmed today, Thursday, that the oil and gas law is still under the Cabinet’s agenda and has not yet reached the House of Representatives to vote on it.
Since the first session of the House of Representatives, in 2005, the draft oil and gas law has been stuck in drawers, as disagreements prevent its approval in its final form.
Al-Jabri told {Al-Furat News}: “The oil and gas law is still on the list of the Council of Ministers and has not yet reached Parliament, but there is follow-up from specialized committees formed by the Council of Ministers.”
He added: "When the law reaches Parliament, it will be given a first reading and then it will be discussed and studied by the committee to be presented for a second reading."
He pointed out that "it is not possible to talk about transferring the project because it has not yet reached the House of Representatives and the Cabinet committees are discussing it in the presence of the governorates responsible for writing up the draft law and voting on it in the Council of Ministers and then sending it to Parliament."
Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the state’s treasury resources.
The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject.
Prime Minister Muhammad Shiaa Al-Sudani said, in early last August, that “the draft oil and gas law is one of the basic and important laws, representing a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and to benefit from this natural wealth, in "All fields and sectors, in addition to the contribution of the legislation to solving many outstanding problems."
He explained that "there are governorates whose wealth has not been invested to date, which is considered negative for development endeavors in all their paths," according to a report by the "INA" agency.
The dispute over the issue of oil has been a major source of tension between Baghdad and Erbil for years. Last year, the matter reached the judiciary, as Erbil believed that the central government was seeking to seize control of the region’s wealth, according to an Agence France-Presse report.
In February 2022, the Federal Court in Baghdad ordered the region to deliver the oil produced on its lands to Baghdad, and to cancel contracts the region had signed with foreign companies.
The matter reached the point where the judiciary in Baghdad invalidated contracts with many foreign companies, especially American and Canadian companies.
A temporary agreement signed between Baghdad and Erbil in early April stipulates that Kurdistan oil sales will be made through the Iraqi Oil Marketing Company “SOMO,” while revenues generated from the region’s fields will be deposited in a bank account with the Central Bank of Iraq or one of the banks approved by the Central Bank of Iraq. link
Mot: . Have You Seen the Price of Candy This Year!!!!????
Mot: Sad - but - TRUE!!! – siggghhhhh
Iraq Economic News Highlights and Points to Ponder Thursday AM 10-26-23
Iraq Economic News Highlights and Points to Ponder Thursday AM 10-26-23
The Major Problem Has Not Yet Been Resolved. The Oil And Gas Law Is Still Locked Up And Has Not Yet Reached Parliament
Time: 10/26/2023 Read: 130 times {Economic: Al-Furat News} Member of the Parliamentary Oil, Gas and Natural Resources Committee, Adnan Al-Jabri, confirmed today, Thursday, that the oil and gas law is still under the Cabinet’s agenda and has not yet reached the House of Representatives to vote on it.
Since the first session of the House of Representatives, in 2005, the draft oil and gas law has been stuck in drawers, as disagreements prevent its approval in its final form.
Iraq Economic News Highlights and Points to Ponder Thursday AM 10-26-23
The Major Problem Has Not Yet Been Resolved. The Oil And Gas Law Is Still Locked Up And Has Not Yet Reached Parliament
Time: 10/26/2023 Read: 130 times {Economic: Al-Furat News} Member of the Parliamentary Oil, Gas and Natural Resources Committee, Adnan Al-Jabri, confirmed today, Thursday, that the oil and gas law is still under the Cabinet’s agenda and has not yet reached the House of Representatives to vote on it.
Since the first session of the House of Representatives, in 2005, the draft oil and gas law has been stuck in drawers, as disagreements prevent its approval in its final form.
Al-Jabri told {Al-Furat News}: “The oil and gas law is still on the list of the Council of Ministers and has not yet reached Parliament, but there is follow-up from specialized committees formed by the Council of Ministers.”
He added: "When the law reaches Parliament, it will be given a first reading and then it will be discussed and studied by the committee to be presented for a second reading."
He pointed out that "it is not possible to talk about transferring the project because it has not yet reached the House of Representatives and the Cabinet committees are discussing it in the presence of the governorates responsible for writing up the draft law and voting on it in the Council of Ministers and then sending it to Parliament."
Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the state’s treasury resources.
The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject.
Prime Minister Muhammad Shiaa Al-Sudani said, in early last August, that “the draft oil and gas law is one of the basic and important laws, representing a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and to benefit from this natural wealth, in "All fields and sectors, in addition to the contribution of the legislation to solving many outstanding problems."
He explained that "there are governorates whose wealth has not been invested to date, which is considered negative for development endeavors in all their paths," according to a report by the "INA" agency.
The dispute over the issue of oil has been a major source of tension between Baghdad and Erbil for years. Last year, the matter reached the judiciary, as Erbil believed that the central government was seeking to seize control of the region’s wealth, according to an Agence France-Presse report.
In February 2022, the Federal Court in Baghdad ordered the region to deliver the oil produced on its lands to Baghdad, and to cancel contracts the region had signed with foreign companies.
The matter reached the point where the judiciary in Baghdad invalidated contracts with many foreign companies, especially American and Canadian companies.
A temporary agreement signed between Baghdad and Erbil in early April stipulates that Kurdistan oil sales will be made through the Iraqi Oil Marketing Company “SOMO,” while revenues generated from the region’s fields will be deposited in a bank account with the Central Bank of Iraq or one of the banks approved by the Central Bank of Iraq. From: Raghad Dahham LINK
Parliamentary Integrity: Distinctive Car Numbers Are Another Door To Money Laundering
The first 10/26/2023 Although many measures have been taken on the ground to restrict transnational crimes, including money laundering and terrorist financing, specialists in integrity and combating financial and administrative corruption point out that there are shifts and practices in opening new doors for money laundering at home.
After real estate, precious stones, collectibles, precious metals, types of expensive wheels, malls, and cafeterias, we are faced with a new phenomenon represented by the auction of distinctive car numbers.
Head of the “National Approach” bloc and member of the Parliamentary Integrity Committee, Ahmed Taha Al-Rubaie, told “Al-Sabah” that, “At a time when we praise the efforts of the Federal Integrity Commission and its work to combat corruption and monitor cases of illicit gain and financial inflation, especially in what happened in the file...
Real estate, it is necessary to draw the attention of the concerned authorities to the new phenomenon that is tinged with doubts, which is the phenomenon of auctioning the distinctive numbers of wheels, behind which money laundering operations are hidden.”
He added, "The price of single numbers (one Baghdad) ranges from 5 to 7 million dollars after the previous price was one million dollars, and from (2 to 10 Baghdad) it increased from 2 million to 5 million dollars.
As for the prices of the governorates, the amounts differ; the price reaches (1 governorate) to 2 million dollars,” calling on “the Federal Integrity Commission and the Money Laundering Department to monitor this phenomenon to find out the reasons for selling these numbers at these imaginary prices.”
For his part, anti-corruption activist, Saeed Yassin, indicated in an interview with “Al-Sabah” that “it is striking that the prices that are imposed on buyers are imaginary and exceed millions of dinars and dollars,” wondering about “the meaning of the rare number reaching about 7 million.”
One dollar (from 1 to 10 Baghdad) and the price of two million dollars (from 20 to 100 Baghdad), except for the triple numbers that reach 800 thousand dollars.”
He added, "The luxury has reached the point of choosing numbers according to birth, so we need to take a closer look. Here we are faced with several questions, the first of which is the significance of the Traffic Department setting the price for the number at 100 million dinars as a starting point for the bidding."
Yassin noted that “the general impression is that we are facing money laundering because those who trade in buying and selling are the velvet class, which a French study indicated, as it stated that the number of billionaires in Iraq reaches 35 thousand individuals and millionaires reaches 16 thousand individuals, and through follow-up and circulated information there are more From an individual who owns more than one wheel with rare numbers.”
In turn, the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, confirmed in an interview with “Al-Sabah” that “the process of money laundering is clear in the phenomenon of buying distinctive numbers, as a single individual can own more than one number, and therefore is not held legally accountable, and thus there is Legalization of illegal gain.
He noted that "the process of money laundering is widespread in countries where corruption is widespread or where corruption is very large and the legal procedures against the owners of that money are weak, as a result of purchasing receivables."
He pointed out, "After money laundering projects became known, such as investments, hotels, and lands, owners of illegal funds found another way to launder money, which is to buy special numbers at fantastic prices that exceed the value of a car.
Special numbers are an excellent, quick, and easy way to launder money, especially since they are They are sold at ridiculous prices, and even the government has begun selling private numbers through advertising and bidding, so the Money Laundering Department and the Federal Integrity Commission must follow up on those active in these investments to eliminate another door of money laundering.”
Edited by: Muhammad Al-Ansari https://alsabaah.iq/86223-.html
Warning That Iraqi Funds Remain With The US Federal Bank - Urgent
Economy |Today Baghdad today - Baghdad Today, Thursday (October 26, 2023), economic expert Saleh Al-Sarfi warned of the consequences of Iraqi funds remaining with the US Federal Bank, noting that their presence may constitute a tool of pressure exerted by Washington on Baghdad.
The banker said in an interview with "Baghdad Today", "All Iraqi oil funds are deposited directly in a special account in the US Federal Bank, and Baghdad is submitting a request to obtain the funds to cover operational expenses and the rest of the other obligations," pointing out that "this procedure is not recent, but has been adopted." During the economic blockade in the nineties of the last century after the application of the oil-for-food principle.
He added, "Washington's excuses for keeping Iraq's funds under its control at the Federal Reserve are due to the state of political instability and the consideration that the country is going through complex and unstable circumstances, in addition to protecting the funds from a large number of cases filed against Baghdad as a result of previous wars."
He pointed out that "there are risks from Iraqi funds remaining in the US Federal Reserve, most notably the direct impact of any crisis that strikes the American economy, in addition to it being considered a pressure tool that Washington can exert towards Baghdad."
On October 6, Washington rejected Iraq's request to obtain one billion dollars in cash from the Federal Reserve Bank, under the pretext that it conflicts with their efforts to curb Baghdad's use of the dollar and stop illicit cash flows to Iran.
The American Wall Street Journal reported that since the American invasion of Iraq two decades ago, the United States has provided $10 billion or more annually to Baghdad via bi-monthly cargo flights, and the money is derived from the proceeds of Iraqi oil sales deposited with the Federal Reserve Bank.
American officials said, "Banknotes in the hands of Iraqis have become a lucrative source of illicit dollars that go back to militias and corrupt politicians, as well as to Iran."
By applying for an additional $1 billion shipment, Iraq says it needs the money to help prop up its faltering currency. A senior Iraqi official explained that "last week, the Central Bank of Iraq submitted an official request that the Treasury Ministry is still studying, after Washington rejected the initial request submitted by Iraq last month."
According to the newspaper, since last November, Washington has prevented 18 Iraqi banks from dealing in dollars, adopting stricter rules for electronic transfers in dollars from its banks.
Treasury officials told Iraqi central bank governors that sending a large additional shipment conflicts with Washington's goal of limiting Iraq's use of US banknotes, Iraqi officials said.
American officials spoke of conclusive evidence that some of the dollars that were arriving in Iraq were smuggled in cash over the years to Iran, as well as to Turkey, Lebanon, Syria and Jordan.
A Treasury Department spokeswoman said regarding the Iraqi request, “The United States continues to support Iraq with dollar banknotes and has not restricted its access to ordinary Iraqis and businesses,” indicating continued work with the Central Bank of Iraq. LINK
Provoking Points To Ponder:
Crisis -- You must learn to be still in the midst of activity and to be vibrantly alive in repose --Indira Gandhi
Hope -- There is no medicine like hope, no incentive so great, and no tonic so powerful as expectation of something tomorrow -- O S Marden
Mistakes -- A life spent making mistakes is not only more honorable but more useful than a life spent in doing nothing -- George Bernard Shaw
Anger is seldom without argument - but seldom with a good one --Hallfax
An angry man is again angry with himself when he returns to reason -- Publilius Syrus
Anybody can become angry - that is easy - but to be angry with the right person and to the right degree and at the right time - and for the right purpose and in the right way -- that is not within everybody's power and is not easy -- Aristotle
Tolerance is the positive and cordial effort to understand another's beliefs, practices, and habits without necessarily sharing or accepting them -- Joshua Liebman
Forgiveness -- Never does the human soul appear so strong as when it foregoes revenge, and dares forgive an injury -- E. H. Chapin
MilitiaMan: Iraq Dinar - International Exchange Rate - Acceleration of Oil & Gas Law
Iraq Dinar - International Exchange Rate - Acceleration of Oil & Gas Law
MilitiaMan and Crew: 10-26-2023
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Dinar - International Exchange Rate - Acceleration of Oil & Gas Law
MilitiaMan and Crew: 10-26-2023
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Goldilocks' Comments and Global Economic News Wednesday Evening 10-25-23
Goldilocks' Comments and Global Economic News Wednesday Evening 10-25-23
Good evening Dinar Recaps,
Bank Announcement: World Bank issues first English Law DNN
The first Digitally Native Note (DNN) has been issued under English Law via Euroclear’s Digital Financial Market Infrastructure (D-FMI). This marks the launch of Euroclear’s digital ledger technology (DLT)-powered Digital Securities Issuance (D-SI) service.
Goldilocks' Comments and Global Economic News Wednesday Evening 10-25-23
Good evening Dinar Recaps,
Bank Announcement: World Bank issues first English Law DNN
The first Digitally Native Note (DNN) has been issued under English Law via Euroclear’s Digital Financial Market Infrastructure (D-FMI). This marks the launch of Euroclear’s digital ledger technology (DLT)-powered Digital Securities Issuance (D-SI) service.
The €100 million DNN was issued by the World Bank — International Bank for Reconstruction and Development (IBRD) to support its sustainable development activities and was listed on the Luxembourg Stock Exchange. Citi Issuer Services served as issuing and paying agent, TD Securities as dealer, and Euroclear Bank as issuer central securities depository. Corda, R3’s DLT platform, underpinned the issuance.
Euroclear’s D-FMI is connected to the firm’s traditional settlement platform for secondary market operations on the DNN, allowing investors to access trading venues and liquidity management facilities. It enables the creation and settlement of DNNs on a T+0 basis, which Citi says is a step towards a fully digital end-to-end transaction lifecycle for bonds.
AssetServicingTimes Link
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Banking Announcements:
Asia Braces for Wave of AI Regulations. The EU AI Act is likely to have far-reaching consequences for Asia, data experts tell Regulation Asia.
https://www.regulationasia.com/feature-asia-braces-for-wave-of-ai-regulations/
~~~~~~~~~~
Consumer Financial Protection Board Announcement:
On October 19, 2023, the Consumer Financial Protection Board (“CFPB”) released a proposed rule that, if enacted, would grant consumers greater access rights to the data their financial institutions hold. Under the proposed Personal Financial Data Rights Rule, bank customers nationwide would have privacy rights similar to what is afforded under the dozen state privacy laws that have been enacted in recent years. Comments on the Proposed Rule are due on or before December 29th of this year, while the Proposed Rule would likely go into effect in the fall of 2024.
ConsumerFinanceMonitor Link
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Shipping Port Announcements:
SINGAPORE, Oct 23 (Reuters) - Singapore's Maritime and Port Authority (MPA) will launch a digital bunkering initiative on Nov. 1, making the city-state the first port in the world to use electronic bunker fuel delivery notes, the MPA said on Monday.
The digital notes will replace physical documents containing information on fuel oil deliveries. Under the initiative, fuel suppliers, ship owners, operators and crew will be encouraged to use mobile and cloud-based applications approved by the MPA to complete and issue bunkering documents.
HellenicShippingNews Link
Reuters Link
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Europe is clearly racing ahead to establish cryptocurrency clarity regulation, a digital ledger transmission system for their tokenized assets, and more.
On November 1st, 2023, we will have our first shipping port to set sail into the digital transaction shipping exchange process for payments in Singapore.
Consumer privacy in the new digital economy has been proposed, and AI is beginning to make waves inside the new Financial System in Asia.
A lot is going on to bring the new Quantum Technologies together through decentralized networks enabling a new Web 3-based economic system.
And, T+0 settlements are currently in the making of being achieved. This enables instant payment systems to transact in just seconds
We have come a long way in a short period of time. Look to see more progress happen even faster as we go along. We are, after all, in a new digital age.
© Goldilocks
AssetServicingTimes Link
RegulationAsia Link
ConsumerFinanceMonitor Link
Reuters Link
HellenicShippingNews Link
~~~~~~~~~~
Grayscale Investments® Unveils Grayscale® Crypto Sectors
GlobeNewswire Link
~~~~~~~~~~
There are many opportunities that are beginning to make themselves known in this new digital age we are living in.
Digital creative opportunities are offering people opportunities they would not have had apart from this new current movement that is taking place known to many as the Fourth Industrial Revolution.
Jobs are now being created for those willing to work in AI fields and more. It is true that many of our traditional jobs have been taken away because of AI, but new technological forces are coming into play that are opening up opportunities based on a person's experience more so than educational degrees a person holds.
This is not to say that degrees are no longer valid. It's just that the new digital economy is leveling the playing field in opportunities going forward for those capable of making the transition into the new digital age.
We are rapidly becoming pioneers inside a new creative lifestyle that will bring forth what is highest in us to forge new paths never seen before.
© Goldilocks
https://www.cato.org/publications/globalization-growing-global-equality
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The BRICS Nations are beginning to gain momentum over the dollar through leveling the playing field with gold inside a new digital economy.
This new Financial System will enable them to create a local currency trading system at a value equal to the dollar going forward.
© Goldilocks
CryptoRank Link
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The IRS crackdown on high-end taxpayers is already raking in millions in back taxes --- here's how much
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Digital yuan used to settle crude oil trade for Chinese oil company: Report
https://www.blockworks.co/news/china-digital-yuan-oil
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How data sharing could change under CFPB's proposed new rules
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Tokenize This: Keynote Speaker Onyx by J.P. Morgan with Keerthi Moudgal
https://youtu.be/j-Rmo60v_pY?feature=shared
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Hoping for a bloodbath in stocks
https://youtu.be/e_gZuGCKPVQ?feature=shared
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"IMF Staff Concludes Staff Visit to Zimbabwe"
The IMF has completed their mission on Article 4 with Zimbabwe. They have seen steady growth since the Covid-19 pandemic and encourages them to move forward with "strong economic reforms."
© Goldilocks
IMF Link
~~~~~~~~~~
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Iraq Economic News and Points to Ponder Wednesday Afternoon 10-25-23
Iraq Economic News and Points to Ponder Wednesday Afternoon 10-25-23
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 Wednesday Afternoon 10-25-23
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
Al-Sudani Reveals The “Reasons” For The Rise In The Price Of The Dollar And Admits To A Legal Problem: We Need Strict Penalties
Politics Dollar prices breaking Sudanese 2023-10-24 Shafaq News/ Prime Minister Muhammad Shiaa Al-Sudani revealed, this evening, Tuesday, the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar, and while he acknowledged the need for “strict” legal penalties against currency speculators, he pointed out the presence of private banks and money changers seeking to keep dollar prices high..
Al-Sudani said during the weekly press conference attended by Shafaq News Agency, “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."
Al-Sudani stressed, "We support some banks that we trust are good and have achieved success, in order to be part of the solution," adding, "One of the problems we face is that Iraqi law does not contain strong and strict penalties against those who are arrested as speculators at the dollar exchange rate."
He pointed out that "despite the high exchange rate of the dollar, food prices are stable and good, and the government will take on the role of some merchants in some matters.
There is also a good initiative to provide medicines from international origins for chronic diseases and sell them in the market at subsidized prices, as well as construction materials that we will provide and sell." "At a subsidized price, this will force traders and speculators to reduce the price of the dollar in the market."
On the other hand, Al-Sudani pointed out that “the Development Fund is one of the important projects that we adopt and is supposed to have a special law, and the Fund project has been included in the budget law.” He said, "Today this fund was voted on, and this is a glimmer of hope for the Iraqi economy.
This fund will be exclusively for the private sector and will provide investment opportunities.
One of its priorities is building schools with approximately a thousand schools, and after that it will have a role in other sectors such as industry, environment, and housing."
Regarding the electricity file, Al-Sudani explained,
“The costs of producing electricity are very high, and the government today has given the green light to the Ministry of Electricity to adopt very modern electronic systems to measure the wages of electric energy consumption.
We will take into account those with limited income according to a specific mechanism.
This system will contribute to preventing the waste of electricity and provide energy stability.” He stated,
"There will be a trial for these organizations in 10 regions, with 10 sectors in each region, and 50,000 subscribers in each sector. They will receive electricity 24 hours a day." He stressed that
"these systems will be under the supervision of major companies, and the Prime Minister and the Iraqi government have granted the Ministry of Electricity a license to contract with companies. There will also be a treatment for any defect in reading the consumption fees recorded by the systems in a short time, and there will be teams dedicated to addressing any defect in record time."".
In another context, Al-Sudani said, "On the 27th of this October, a full year will have passed since the formation of the government, and we asked the House of Representatives to be a host to talk about the achievements and failures that have been achieved since the formation of the government until now."
Minister Of Industry: Basra Will Host A Conference For Partnership With The Private Sector
Economy Yesterday, Baghdad – IA Minister of Industry and Minerals Khaled Battal confirmed that Basra will host a partnership conference with the private sector.
Battal said to the “Al-Ashra” program, which is broadcast on Al-Iraqiya News and affiliated with the Iraqi News Agency (INA),
“We have increased the salaries of employees from the lower grades,” pointing out that “the established certification system has burdened the general budget.” He added, "There are old factories that still operate in the traditional way," stressing that "one of the ministry's most important problems is the process of building cadres."
He continued: "We found defeatism within the ministry's leaders and employees," noting that "the mining sector is comparable to the oil sector and needs great attention." He pointed out that "Basra will host a conference for partnership with the private sector," explaining that "there are 102,000 employees in the ministry and we need only half of them."
The Minister announced that the Ministry has achieved self-sufficiency in the cement industry sector.
Minister Of Transport: The Development Road Project Constitutes A Qualitative Shift In The Economic Reality
Money and business Economy News _ Baghdad Today, Tuesday, Minister of Transport Razzaq Muhaibes Al-Saadawi affirmed the pursuit of economic integration through the Development Road Project, indicating that the project constitutes a qualitative transition in the economic reality.
Al-Saadawi said in the opening speech during the meeting of the Arab Transport Ministers Council at its thirty-sixth session in Egypt, received by Al-Iqtisad News,
“We strongly denounce and reject the aggression and barbaric massacres committed by the Zionist occupation against our people in Gaza,” noting that “the Palestinian issue requires Arab solidarity.” Islamically and with major efforts by everyone to restore this people’s right to their land and sanctities and to live in freedom, dignity and security.”
Al-Saadawi added, "The agenda of the current session is full of many topics aimed at strengthening joint Arab action in the field of transportation."
He continued, "Our government pays great attention to the transportation file, and the Development Road Project constitutes a qualitative shift in the economic reality," stressing, "We seek, through the Development Road Project, to achieve economic integration, and the project does not intersect with any project in the region."
He explained: "We have adopted plans and policies aimed at developing the transport sector," pointing out that "the government gives the transport and communications sector file great attention because it constitutes a measure of the progress of the renaissance of nations and societies."
Views 63 Added 10/24/2023 - https://economy-news.net/content.php?id=37074
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Points To Ponder on Daily Reflections For Highly Effective People By Stephen Covey:
Our character - basically - is a composite of our habits -- Because they are consistent - often unconscious patterns - they consistently - daily - express our character and produce our effectiveness ................ or ineffectiveness -- p. 46
It becomes obvious that if we want to make relatively minor changes in our lives -- we can perhaps appropriately focus on our attitudes and behaviors -- But if we want to make significant -- quantum change - we need to work on our basic paradigms -- p. 31
Change -- REAL CHANGE -- comes from the inside out -- It doesn't come from hacking at the leaves of attitude and behavior with quick fix personality ethic techniques -- it comes from striking at the root -- the fabric of our thought - the fundamental - essential paradigms - which give definition to our character and create the lens through which we see the world -- p. 317
You can decide within yourself how circumstances will affect you -- Between what happens to you or the stimulus - and your response to it -- is your FREEDOM or POWER to CHOOSE that response -- p. 69
The word proactive means more than merely taking initiative -- It means that as human beings - we are responsible for our own lives -- Our behavior is a function of our decisions - not our conditions -- We can subordinate feelings to values -- We have the initiative and the responsibility to make things happen -- p. 71
If you're proactive -- you don't have to wait for circumstances or other people to create perspective expanding experiences -- You can consciously create your own -- p. 131
The law of the harvest governs: we will always reap what we sow -- no more - no less -- The law of justice is immutable - and the closer we align ourselves with correct principles - the better our judgment will be about how the world operates and the more accurate our paradigms -- our maps of the territory -- will be -- p. 305
Goldilocks' Comments and Global Economic News Wednesday Afternoon 10-25-23
Goldilocks' Comments and Global Economic News Wednesday Afternoon 10-25-23
Good morning Dinar Recaps,
FED Chair Powell Speaks Wednesday Afternoon at 3:35PM CT - Ira's Financial Markets Video 10 24 2023
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RIPPLE XRP *BOOM!*🚨UPHOLD & RIPPLE BIG NEWS💥💣 MUST SEE
Goldilocks' Comments and Global Economic News Wednesday Afternoon 10-25-23
Good morning Dinar Recaps,
FED Chair Powell Speaks Wednesday Afternoon at 3:35PM CT - Ira's Financial Markets Video 10 24 2023
https://youtu.be/79uMC1PLM0c?feature=shared
~~~~~~~~~~
RIPPLE XRP *BOOM!*🚨UPHOLD & RIPPLE BIG NEWS💥💣 MUST SEE
https://youtu.be/xqT4GArFQik?feature=shared
~~~~~~~~~~
Follow Goldilocks' Roadmap
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Iraq Economic News Highlights and Points to Ponder Wednesday AM 10-25-23
Iraq Economic News Highlights and Points to Ponder Wednesday AM 10-25-23
Iraq and BRICS
Economical 10/25/2023 Muhammad Sharif Abu Maysam 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.
Iraq Economic News Highlights and Points to Ponder Wednesday AM 10-25-23
Iraq and BRICS
Economical 10/25/2023 Muhammad Sharif Abu Maysam 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 Western 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 over commercial exchanges, while Iraq shares its important position and the desire to be free from the power of the dollar, which has caused Many monetary and financial imbalances were one of the elements that repel investment,
which means that Iraq’s economic interests push towards economic cooperation with the countries of this group and the aspiration 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. https://alsabaah.iq/86116-.html
Parliamentary Services: The Rise In The Dollar Did Not Affect The Work Of The Service And Contractors
Time: 10/25/2023 Read: 429 times {Local: Al-Furat News} The Parliamentary Services and Reconstruction Committee confirmed that the rise in the dollar exchange rate did not affect the level of services and service work.
Committee member Baqir Al-Saadi told Al-Furat News Agency, “With regard to the fluctuation of the dollar exchange rates and its impact on service work, the government supports contractors by providing it to them at the official price from the Central Bank of Iraq of 1,320 dinars.”
He stated that "the government's orientation is towards supporting service work in all its aspects, in addition to monitoring and following up on its integrity."
Prime Minister Muhammad Shiaa Al-Sudani announced yesterday that there are many projects that will see the light during the next year.
Al-Sudani pointed out during a press conference that “the current high price of the dollar is the price of speculators and not the official price of the dollar,” noting that “some private banks, banking companies, and merchants are manipulating the official price of the dollar, and there are legal measures and deterrents for dollar speculators.” Raghad Dahham LINK
The Dollar Continues To Crush The Dinar In Iraq
WEDNESDAY, 10-25-2023, KARAR AL-ASSADI The exchange rates of the US dollar continue to rise against the Iraqi dinar, today, Wednesday, in the markets of Baghdad and the rest of the provinces.
Exchange rates rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 162,200 dinars for every 100 dollars, after prices recorded yesterday, Tuesday, 162,000 dinars for every 100 dollars.
Dollar prices also rose in exchange shops in local markets in Baghdad, where the selling price reached 163,250 dinars, while the purchasing price reached 161,250 dinars for every 100 dollars.
https://non14.net/public/161275
The Baghdad Dollar Jumps In The Markets.. Atms Sell For More Than 163 Thousand Dinars
Economy |Baghdad today - Baghdad Today, Wednesday (October 25, 2023), the dollar exchange rates recorded a new jump, reaching more than 163 thousand dinars for every 100 dollars.
The "Baghdad Today" correspondent said, "The selling price of the dollar in banking offices in Baghdad reached 163,250 dinars per 100 dollars, while the purchase price reached 161,250 dinars per 100 dollars."
Yesterday, Tuesday (October 24, 2023), the dollar exchange rates recorded an increase in the local markets, as the selling price of the dollar in exchange offices in Baghdad reached 162,000 dinars per 100 dollars, while the purchase price reached 160,000 dinars per 100 dollars. LINK
An Economist Identifies The Causes Of The Ongoing Crisis In Exchange Rates
Economy | 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
Within A Month... Iraq Achieves More Than $9 Billion In Oil Revenues
Economy 2023-10-25 | 255 views Alsumaria News – Economy The Ministry of Oil announced, today, Wednesday, the final statistics of the quantities of crude oil exported and the revenues achieved for the month of last September.
The ministry stated in a statement received by Al-Sumaria News, “The total oil exports and revenues achieved for the month of last September, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), the amount of crude oil exports amounted to (103) million and (143) thousand and ( 199) barrels (one hundred and three million and one hundred and forty-three thousand and one hundred and ninety-nine barrels), with revenues amounting to (9) billion and (422) million and (410) thousand dollars (nine billion four hundred and twenty-two million four hundred and ten thousand dollars).”
She indicated that "the total quantities of crude oil exported for the month of September from the oil fields in central and southern Iraq amounted to (102) million (220) thousand and (441) barrels, while the quantities exported from Qayyarah were (473) thousand and (335)." barrels, while exports to Jordan were (449) thousand and (423) barrels.”
She added that "the average price of one barrel amounted to (91,353) dollars," indicating that "the exported quantities were loaded by (37) international companies of several nationalities, from the ports of Basra, Khor Al-Zubair, the single buoys, and the modern Kirkuk warehouse, by tanker trucks, and from the Qayyarah field." LINK
The Presidents Of The Republic And The Prime Ministers Discuss Steps For Economic Reform And Combating Corruption
Policy 2023-10-24 | 1,322 views Today, Tuesday, the President of the Republic, Abdul Latif Gamal Rashid, and the Minister, Muhammad Shiaa Al-Sudani, discussed steps for economic reform and fighting corruption.
The Prime Minister's Media Office stated in a statement received by: Alsumaria News "The Sudanese received the President of the Republic, Abdul Latif Jamal Rasheed The meeting witnessed discussion of the overall situation and files on the national scene, the progress of implementing service programs and the steps of economic reform and combating corruption, in accordance with the ministerial platform.
During the meeting, according to the statement, “the government’s positions regarding regional and international challenges and crises were reviewed, and the importance of supporting the gains achieved in security and stability.” LINK
Points To Ponder on Giving:
Generosity is giving more than you can, and pride is taking less than you need. Kahlil Gibran (1883 - 1931)
Do give books - religious or otherwise - for Christmas. They're never fattening, seldom sinful, and permanently personal. Lenore Hershey
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
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)
Rich gifts wax poor when givers prove unkind. William Shakespeare (1564 - 1616), Hamlet, 1600