Goldilocks' Comments and Global Economic News Thursday AM 11-2-23

Goldilocks' Comments and Global Economic News Thursday AM 11-2-23

Good morning Dinar Recaps,

"The New Development Bank Bill, 2023 was passed in parliament on Wednesday to welcome funds from the lending arm of BRICS."

Although this bill still needs to be ratified, the New Development Bank is well on its way to being able to lend money to those who join the BRICS Nations such as Bangladesh.

© Goldilocks

https://www.newagebd.net/article/216581/new-development-bank-bill-2023-passed-in-js-to-get-brics-funds

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The global standard-setters have declared that no current stablecoin satisfies all pertinent regulatory mandates and that even if a fully compliant stablecoin were to emerge, its efficacy in enhancing cross-border payments remains questionable.

This revelation is like to be a topic of discussion at Benzinga's Future of Digital Assets conference on Nov. 14.
Benzinga Link 

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Gold prices will rise in 2024 from this year’s average on bets that global central banks would start monetary policy easing and after the Middle East conflict provided a boost to gold’s safe-haven rally above $2,000, a Reuters poll showed on Wednesday.

https://www.reuters.com/article/metals-precious-gold-idUSKBN31W2U3

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Biden's Executive Order on AI Set to Transform Cryptocurrency Market
The Currency Analytics Link

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Banking Announcement:

UK Confirms Plans to Implement New Rules for Crypto, Stablecoin

ByEditors, Regulation AsiaPublished on 1st November 2023

Treasury says the government aims to have legislation for the new regime before Parliament in 2024.

https://www.regulationasia.com/uk-treasury-confirms-plans-to-implement-new-crypto-rules/

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ANNA ISINs, and The Digital Token Identifier Foundation (DTIF) have entered a joint Memorandum of Understanding (MoU).

The MOU will allow the phased introduction of new ISINs to identify crypto assets.
AssetServicingTimes Link

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Global watchdog: Stablecoin cons outweigh pros for cross-border transactions
https://crypto.news/global-watchdog-stablecoin-cons-outweigh-pros-for-cross-border-transactions/

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Healthcare payments company Waystar has postponed its initial public offering, according to a source familiar with the matter, as market turmoil in the United States threatens to derail a recovery in new stock listings.

The company will revive its IPO efforts in December at the earliest but is more likely to wait until 2024, said the source, who requested anonymity to discuss confidential information.

https://www.reuters.com/markets/deals/waystar-delays-ipo-until-december-or-2024-wall-street-journal-2023-10-31/

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"India Paves the Way for Foreign Listing of Public Companies"

India is leading the way on getting their public companies listed in foreign exchange markets.

The Ministry of Corporate Affairs is currently notifying some of their companies and securities that they can list overseas.

Look for other countries to do the same.

© Goldilocks

https://www.arabianbusiness.com/markets/india-to-allow-certain-public-companies-to-list-directly-on-foreign-stock-exchanges

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Iraq Economic News Highlights and Points to Ponder Thursday AM 11-2-23

Iraq Economic News Highlights and Points to Ponder Thursday AM 11-2-23

Washington's Federal Cloak Controls Baghdad.. Will Iraq Join The BRICS Group?

Posted On2023-11-02 By Sotaliraq  When Prime Minister Muhammad Shiaa Al-Sudani expressed, earlier, Iraq’s readiness to join the BRICS group if it received an official invitation to do so, will Baghdad be able to escape from Washington’s federal “cloak” and launch diplomatic efforts to join it?

The BRICS group includes China, India, Russia, Brazil, and South Africa. The first four countries are among the fastest growing economies. They seek to get rid of Western hegemony and the control of the dollar, and encourage dealing in local currencies in commercial exchanges.

As of next year 2024, Saudi Arabia, the Emirates, Egypt, and Argentina will be accepted for membership. , Ethiopia, Iran, and the writer and political analyst, Omar Al-Nasser, said in an interview with (Al-Mada), “The situation in Iraq is very different and cannot be compared with those countries that have full sovereignty, so it cannot join the BRICS group so easily.”

Management and planning

He adds, “International factors and the threads of regional extensions that exist deep inside Iraq are still affecting the political decision in light of the lack of cohesion, harmony, and long-term strategic alliances between the political forces holding power, in addition to poor management and planning, weak foreign policy, and the lack of access to positions for those with experience.” That achieves qualitative goals.”

Washington's "cloak"

Al-Nasser continues his speech, via (Al-Mada), that “the strategic framework agreement with the United States, the Iraqi oil money remaining within the US Federal Reserve, the lack of alternative strategies that achieve the policy of filling the vacuum for oil money, and Washington’s vision of not withdrawing its hand from Iraq will prevent a lot of it from joining the BRICS group in the long term.” “In the near future, especially since there is a common international vision that Iraq must be a completely stable country in a region full of disputes and political conflicts.”

Beijing’s “weapon.”

For his part, the specialist in financial and banking affairs, Mustafa Hantoush, said in an interview with (Al Mada), “The BRICS group is a group of economically developing countries, and there are 22 countries that have applied to join, in addition to 40 countries interested in doing so.”

He adds, “BRICS is a weapon under the hand of China, and the intention of this group is to create an economic currency among member states in trade exchanges.”

Hantoush explains, “All the countries joining it are unable to pump money, create a currency, or manage global trade.”  LINK

Dollar Mafias" Manage The Iraqi Market With A "Whatsapp Group"... And Demands For Urgent Government Intervention

Local / Economy | Baghdad today - Baghdad   Member of the Parliamentary Finance Committee, Jamal Cougar, revealed that a group of mafias and influential people controlled the dollar exchange rate through a “WhatsApp group.”

Cougar indicated in a televised interview followed by “Baghdad Today” that “there is a (group) on WhatsApp run by a group of influential people or mafias who control the exchange rate of the dollar in the parallel market,” calling on the security services from the intelligence and national security to intervene and follow up on the matter.”

A member of the Parliamentary Finance Committee confirmed that “personalities working in the stock exchanges referred to this (group) and demanded that the matter be conveyed to the relevant authorities to take urgent measures.”

On (last October 8), the expert in banking affairs, Ahmed Al-Tamimi, criticized the Iraqi Banks Association for not taking any position on what some private banks are working on to illegally acquire the dollar.

Al-Tamimi told “Baghdad Today” that “some private banks are working to illegally seize the dollar. They take the share of the traveling citizen and do not give it to him. Also, some banks refuse to hand over to the citizens the remittances that reach them in dollars, and all of this violates the law.”

The expert in banking affairs stated that “the Iraqi Banks Association bears a large part of the illegal behavior that is happening in some private banks, especially since it has not yet taken any role from those banks. Rather, it remains silent and tries to evade its role in following up on the work of those banks.” ".

 Meanwhile, economic expert Sarhang Hussein earlier accused the Association of Private Banks of being behind the rise in dollar exchange rates in the parallel (black) markets.

Hussein told "Baghdad Today", "The process of buying the dollar with cards by merchants and giving it to private banks is behind the rise in the dollar exchange rate again."

It is noteworthy that the exchange rate of the dollar in the parallel (black) markets has risen again, as the markets recorded 163,000 dinars for every 100 dollars, despite the fact that the Central Bank sells it for 1,320 dinars.  LINK

Parliamentary Finance Warns Of “Very Negative Repercussions” As The Dollar Continues To Rise

Time: 11/02/2023 Read: 169 times   {Local: Al-Furat News} Baghdad Governorate is working with the Ministry of Education to end the issue of caravan schools, by providing the necessary lands to establish new schools on them, stressing the capital’s need for 1,000 schools in the center and peripheries.

Ali Jabbar Mu'nis told Al-Furat News Agency, "The issue of rising parallel exchange rates has become exhausting for the Iraqi street and is a factor of weakness for the government."

He added, "If the government is unable to address this issue, it will have a negative impact on its performance, especially since the difference between the official and parallel prices is large."

Mu'nis pointed out, "The government deals at the official price of 1,320 dinars, while its price in the parallel market is much higher. There must be a deal and agreement with the US Federal Bank and address this matter because its repercussions are very negative."

Advisor to the Prime Minister, Fadi Al-Shammari, revealed that Prime Minister Muhammad Shiaa Al-Sudani will soon announce a new banking service for small merchants that will lead to a decrease in the exchange rate and facilitate their work procedures.

Al-Shammari said in a televised statement, “Those who manipulate the dollar are speculators, and the government provides the dollar through official platforms, and the government is not subject to blackmail by speculators who seek profit at the expense of citizens.” From.. Raghad Dahham   LINK

Parliamentarian: We Need More Time To Pass The Oil And Gas Law

Information / Baghdad..  Kurdistan Democratic Party MP Sharif Suleiman confirmed on Thursday that Parliament will need a lot of time and discussions to mature the oil and gas law in a way that serves all governorates and is consistent with the constitution.

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

Suleiman told Al-Maalouma, “Resolving the oil and gas law is not limited only between the center and the region, but rather it concerns Iraq in general, as the region hopes to speed up the approval of this important law for everyone.”

He added, "The oil and gas law must be enacted in accordance with the constitution and the entitlements of each governorate, without any violation of the applicable law and constitution, in order to guarantee the entitlement of each governorate with regard to natural resources."

He stated that "the aforementioned law, due to its great importance, will witness many discussions and sufficient time within Parliament in order to mature the law in a way that serves everyone, before proceeding with its legislation, especially since the political document has confirmed the legislation of this law." LINK

The Oil And Gas Law Enters A Hibernation Phase Until The End Of The Local Elections

The Oil and Gas Law has entered a dormant phase until the end of the provincial council elections, amid confirmations of the existence of studies of the various opinions submitted by the provinces, including the region, to the government committee formed to complete the law and present it in the optimal manner to Parliament in order to vote on it and guarantee the rights of all provinces.

At a time when some reservations prevail on the part of the region, which it is hoped will be accomplished through intensifying meetings between the delegations of Baghdad and Erbil after the completion of the local elections scheduled for next December.

The representative of the Kurdistan Democratic Party, Sharif Suleiman, said in a press interview seen by “Taqaddam” that “the oil and gas law is still with the government committee formed to consider this law, as the governorates presented their opinions and proposals about it and what should be included within the law,” pointing out that “the region Kurdistan submitted a proposed law to the formed committee.”

He added, “The State Administration Coalition presented 5 proposals, and the small committee formed is concerned with studying the proposals in order to find rapprochement and consensus between the parties that submitted proposals regarding the law, despite the lack of consensus on a specific proposal at the present time.”

On the other hand, the Chairman of the Parliamentary Regions Committee and a member of the negotiating delegation, Shirwan Al-Dobardani, said in a press interview seen by “Taqaddam” that “the delegations of the region and the center agreed to stop meetings between the two parties until the completion of the provincial council elections.”

He added, “The negotiations will resume once the results of the local elections are announced, especially since the meetings of the two delegations have come a long way and there is interaction and a desire to approve the law early next year.”

On the other hand, the representative of the Sadiqoun parliamentary bloc, Suhaila Al-Sultani, confirmed in a press interview seen by “Taqaddam” that “there is continuous work between the various political parties in order to resolve the file of the oil and gas law, finalize it, and hand it over to the House of Representatives to include it on the agenda of one of the sessions for the purpose of Discuss, read and vote.”

He added, “Even if political confusion occurred over this law, it is considered one of the very important laws for the Iraqi people, and the public interest requires that it be passed within Parliament through consensus among the representatives.” https://takadum-news.com/archives/190225#hathalyoum

For Less Than 12 Dollars...Iraq Reveals The Average Selling Price Of Oil Exported To Jordan

2023-11-02 Shafaq News/ The Iraqi Oil Marketing Company "SOMO" announced on Thursday that the average selling price of crude oil exported to Jordan reached $75.5 during last October.

Thus, Iraq sold one barrel of crude oil to Jordan last month for less than $12, compared to the official selling price announced by the Ministry of Oil of $88.26, according to statistics issued by SOMO.

SOMO said in statistics on its website, which Shafaq News viewed, that "the total oil exports to Jordan during the month of last October amounted to 464,728 barrels," indicating that "the export rate reached 15,000 barrels per day."

The Iraqi Oil Marketing Company added that "the average price of a barrel sold to Jordan reached $75.5," noting that "the value of imports from Jordan's oil exports during one month amounted to about $35 million."

It is noteworthy that Iraqi oil exports to Jordan have risen to about 15 thousand barrels per day, under an agreement updating the previous agreement, which required the sale of 10 thousand barrels per day of Iraqi oil to Amman, at prices about 16 dollars less than the price of a barrel during the month. LINK

Al-Karaawi: America Is Punishing Iraq Economically And Putting Pressure On Its Government To Stop Resistance Strikes

Information / Baghdad...  Hussein Al-Karaawi, a member of the organizing committee for the Belt and Road Initiative, confirmed on Thursday that America is punishing Iraq economically and financially and is pushing for it not to join the Chinese Belt and Road project, at a time when it continues to pressure the government to stop the movements of the Axis of Resistance against its forces.

Al-Karaawi told Al-Maalouma, “America is putting pressure on Iraq and its government in order to keep it isolated from the events taking place in the region, most notably the Zionist attacks and massacres against the Palestinian people.”

He added, "Washington continues its movements with the aim of distancing the axis of resistance from confronting the occupation and keeping it outside the ongoing conflict in the region, as it realizes the strength of the resistance factions, their capabilities, and what they can do against the occupation."

He stated, "Iraq is not far from the circle of American sanctions. Rather, it is currently being punished by the American side, which controls Iraqi money, the dollar, and trade, and stands up to it to ensure that it does not enter into the Chinese Belt and Road project and the Chinese agreement, which brings great gains to Iraq." LINK

Provoking Points to Ponder on Endurance & Perseverance:

The  virtue lies in the struggle not in the prize -- Milnes

Perseverance and audacity generally wins -- Mad. Deluzy

There is no royal road to anything -- One thing at a time - and all things in succession -- That which grows slowly endures -- J G Holland

There are two ways of  attaining an important end -- force and  perseverance -- Force fails to the lot only of the privileged few - but austere and sustained perseverance can be practiced by the most insignificant -- Its silent power grows irresistible with time -- Mad. Swetchine

The conditions of conquest are always easy -- We have but to toil awhile  - endure a while - believe always and never turn back -- Simms

I hold a doctrine - to which I owe not much - indeed - but all the little I ever had - namely - that with ordinary talent  and extraordinary perseverance - all things are attainable -- T F Buxton

The nerve that never relaxes - the eye that never blenches - the  thought that never wanders -- these are the masters of victory --  Burke

Hasten slowly - and  without losing heart - put your work twenty  times upon the  anvil --Boileau

Perseverance gives power to weakness - and opens to poverty the  world's wealth -- It spreads fertility over the barren landscape - and bids the  choicest fruits and flowers spring  up and  flourish  in the desert abode off thorns and briers -- S G Goodrich

"Tidbits From TNT" Thursday Morning 11-2-2023

TNT:

The Governor of Baghdad announces the imminent launch of applications for contracts for the 150,000 degrees in the budget law

 Today, Wednesday, the Governor of Baghdad, Muhammad Jaber Al-Atta, called on the Presidency of the Council of Ministers to exclude compulsorily licensed contracts from competing in the appointments scheduled to be launched soon.

A statement by the Media and Government Communications Department, received by Al-Iqtisad News, stated that “The Governor of Baghdad, Muhammad Jaber Al-Atta, addressed the Supreme Authority for Coordination between the Governorates in the Presidency of the Council of Ministers, with an official letter for the purpose of excluding employees of regional development contracts in Baghdad Governorate, who number (968) contracts.” Those who were granted compulsory leave, as part of the controls and instructions for appointing the 150,000 contract positions, within the federal general budget scheduled to be launched soon.

He explained, "The demand included that the contract be made directly with that segment, provided that they meet the conditions and according to the database available in Baghdad Governorate, after passing the medical examination procedures   link

Tishwash:  Russian LUKOIL signs an agreement with Iraq to double the production of this field

The Russian company LUKOIL said on Thursday that it had signed an agreement with Iraq related to the West Qurna 2 oil field to improve conditions there and extend a service contract for ten years.

She added that the agreement will gradually double the capacity of the oil field.

West Qurna 2 field is located in the southern part of Iraq , 65 kilometers northwest of Basra, and is considered one of the largest fields in the world.

According to company data, the primary recoverable reserves in the field amount to about 14 billion barrels.

On December 12, 2009, LUKOIL was awarded a contract to develop the West Qurna 2 field.

On January 31, 2010, a services contract for the development and production of West Qurna 2 station was signed, and the contract was approved by the Council of Ministers of the Republic of Iraq.

On March 29, 2014, commercial oil production began in the field.

The field adds the largest additional production growth in Iraq, amounting to 480 thousand barrels per day, from the Mushrif formation, which represents 10 percent of Iraq’s total crude oil production , and 15 percent of Iraq’s oil exports. link

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Tishwash:  Iraq's unstable conditions prompt the postponement of the "Third Baghdad Conference"

An informed government source revealed, today, Thursday, that the holding of the “Third Baghdad Conference” has been postponed until further notice after it was scheduled to be held at the end of last month.

The source told Shafaq News Agency that the countries participating in the “Third Baghdad Conference” demanded that the conference be postponed due to the unstable conditions Iraq is witnessing due to the escalation of attacks against American forces, and with the fear of an escalation of these attacks and the American response to them, and with warnings from some countries. From traveling to Iraq.

The government source added that the "Third Baghdad Conference" has been postponed until further notice, and no new date has been set for it. The date will be linked to stabilizing the situation and stopping the escalation of the armed factions against the American forces present with a number of Iraqi military forces.

The "Baghdad 2" conference was held on December 22, 2022, at the King Hussein bin Talal Convention Center on the coast of the Dead Sea, after a first session held in the Iraqi capital in August 2021 at the initiative of French President Emmanuel Macron and Iraq.

The conference was attended by French President Emmanuel Macron, Iraqi Prime Minister Muhammad Shia al-Sudani, Emir of Qatar Tamim bin Hamad Al Thani, European Union foreign policy official Josep Borrell, who coordinates the Vienna negotiations on the Iranian nuclear file, and Enrique Mora, the European Union coordinator for these talks. In addition to the foreign ministers of Iran and Saudi Arabia, the Secretary-General of the Arab League, the Secretary-General of the Gulf Cooperation Council, and a number of other Arab foreign ministers. link

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CandyKisses:  Iran plans to build a railway line with the cities of Iraqi Kurdistan

Baghdad Today – Follow-up

A source in the city of Sanandaraj (the center of Kurdistan province in western Iran) reported on Thursday (November 2, 2023) the inauguration of the "Hamedan-Sanandaj road" railway.

The source told the Iranian news agency "IRNA", that "the Hamedan-Sanandaj railway project (western Iran), is one of the development projects that had been approved under previous governments, and the first phase of it has entered into force, starting From Tehran to Hamedan to end 4 years ago, and the second phase linking Hamedan to the city of Sanandaj began two years ago to be inaugurated today, under the auspices of the Iranian president, who arrived in the western province of Kurdistan in the morning. "

According to media reports, "this project is aimed at promoting and facilitating the movement of rail transport within the country, including the transport of passengers and goods to and from western Iran, and its capacity is currently estimated at 300,500 passengers and <>,< > tons per year."

Iranian President Ebrahim Raisi arrived this morning in Kurdistan province to meet with citizens of this western province and follow up on approved and scheduled development projects, including the launch of 16 mega projects.

Mot: .. Stranger Things Have Happened... Huh!!

Mot:  ........ how did he do it Kevin from Home Alone

Goldilocks' Comments and Global Economic News Wednesday Evening 11-1-23

Goldilocks' Comments and Global Economic News Wednesday Evening 11-1-23

Good evening Dinar Recaps,

Iraq Moves Further Out Of U.S.’s Influence With New Russia And China Deals

"With the U.S.’s current primary Middle East focus being on trying to deter a widening of the Israel-Hamas War, China and Russia have been busy cementing their influence elsewhere in the region, most recently in Iraq."

Iraq has made a new agreement with China. It is called the Iraq-China Framework Agreement. Basically, China has first refusal on all oil, gas, and petrochemicals projects that come up in Iraq.

You know there will be other agreements that are not talked about in an article such as trading in the Petro Yuan.

We are witnessing a reset in the oil, gold, and silver sectors. These sectors of the market create a foundation for price patterns on the rest of it. The debt clock is a place for us to look and find these figures.

© Goldilocks
OilPrice Link
USDebtClock Link
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We now have the two largest oil producers in the world switching over to local currencies in trade. Iraq and Saudi Arabia are currently in the process of making this transition.

The transition of the Petro Dollar to the Petro Yuan in oil trades will begin the process of leveling off of our currencies around the world who trade with them in their own local currencies.

As we approach the completion of Protocol 20 and integration of Quantum Technologies by the first part of next year, we look to be in a spot whereby Quantum Technologies can begin to network at real values.

This will make it easier for a repricing event of the global economy to begin taking place in the first quarter of 2024.

Time will tell.

© Goldilocks

https://stellar.org/blog/foundation-news/stellar-development-foundation-q3-2023-in-review

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Singapore Central Bank and Global Regulators Collaborate on Asset Tokenization Pilots

The Monetary Authority of Singapore (MAS), Singapore’s financial regulatory authority, has founded a Project Guardian policymaker group in partnership with the Financial Services Agency of Japan (FSA), the Financial Market Supervisory Authority of Switzerland (FINMA), and the Financial Conduct Authority of United Kingdom (FCA), according to Monday press release published on the MAS’ website.
Blockonomi Link

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"The GAO confirmed what many suspected: SAB 121 is subject to Congressional review,” said Chairman McHenry. “This rule would impose massive new requirements on financial institutions and other firms to place digital assets on their balance sheets as a liability with a corresponding asset. Ultimately, this would deter institutions and firms from offering custodial services—denying Americans access to safe and secure custody of their assets. SAB 121 was drafted with zero input from prudential regulators and the public, and now Congress must step in to block this harmful rule.”
 
“Staff Accounting Bulletin 121 should have been an official rule issued by the SEC through the normal process of federal rulemaking. This bulletin has massive implications, and the SEC should have received feedback on it from the federal banking regulators and the public before implementing this legally binding directive,” said Senator Lummis. “I have serious concerns over the impact of this bulletin on consumer protection and ensuring well-regulated financial institutions are able to provide safe custody for Americans’ hard-earned financial assets is my top priority. This sets an incredibly dangerous precedent. I plan to use the Congressional Review Act to block this rule in the coming weeks.”
Financial Services Link

Goldilocks pointed 👆 to this article

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JPMorgan Chase Is Ramping Up its Digital Currency Ambitions

PaymentsJournal Link

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FOMC Press Conference Introductory Statement, July 26, 2023

https://youtu.be/-c-TLn5BR0c?feature=shared

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BREAKING: 🇺🇸 Federal Reserve pauses interest rate hikes, remains at 5.25% - 5.50%.
@WatcherGuru

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Today,
China's biggest index provider launched two stock indices linked to gold, which include shares of global gold mining companies.

Read: https://x.com/goldtelegraph_/status/1719809391174865082?s=46

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HSBC adds fuel to tokenization fire with gold-focused offering

London-based financial giant HSBC is trying its hand at gold tokenization.  

The bank launched tokenized ownership of physical gold held in its London vault on Wednesday, noting its use of distributed ledger technology (DLT) to trade the assets.  

The approach “generates a permissioned digital representation of clients’ physical gold holdings,” the company said in a news release. One token on HSBC’s gold tokenization platform is equivalent to 0.001 troy ounce.

Tokenized physical gold can be traded between HSBC and institutional investors through the HSBC Evolve platform.

https://www.blockworks.co/news/hsbc-explores-gold-tokenization

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Investopedia Link

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According to an announcement by @swiftcommunity the Payments Market Practice Group (PMPG) has recently updated their #ISO20022 adoption guidelines. okt.to/4ZLyH6

https://twitter.com/payment_infrast/status/1719688993795723754?t=yF86cdi0jQhWXbMjGqtIzA&s=3

ISO 20022 Payments Migration & Interoperability Considerations for the Global Community Version 2

https://www.swift.com/swift-resource/251867/download

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Iraq Economic News and Points to Ponder Wednesday Evening 11-1-23

Iraq Economic News and Points to Ponder Wednesday Evening 11-1-23

Tlm724 Administrator Bondlady’s Corner

The Iraqi Central Bank is moving towards the US Federal Reserve to increase its dollar transfers

Political| 06:35 - 01/11/2023  Baghdad - Mawazine News  The Parliamentary Finance Committee revealed, today, Wednesday, a move by the Central Bank with the US Federal Reserve to increase Iraqi dollar transfers.

A statement by the committee, followed by Mawazine News, stated that  “external and internal factors stand behind the crisis of fluctuations in the dollar exchange rate,” stressing that   “the governor of the Central Bank of Iraq is working hard to solve these problems in order to reach understandings with the US Federal Reserve to increase Iraqi dollar transfers, as well as About confronting speculators and brokers internally.”

 The statement called on "citizens to support the procedures and policy of the Central Bank because the crisis requires the combined efforts of everyone."  He added,

 "The Finance Committee is in constant contact with the Central Bank of Iraq and other concerned parties regarding the problem of the fluctuation of dollar selling prices and supports all steps and measures that would restore stability to the exchange rate," pointing out that

 "several immediate and future proposals are being presented in this regard, with the aim of finding alternatives and solutions." Effective for this crisis and in a way that preserves the strength of the Iraqi dinar and also preserves the strength of our cash reserves of hard currency.” End 29

 https://www.mawazin.net/Details.aspx?Jimare=237158

Al-Rasheed Bank Launches An Electronic Reservation Form To Sell Dollars To Travelers

 PM:07:56:01/11/2023  240 views   Today, Wednesday, Al-Rasheed Bank announced the launch of an electronic reservation form to sell dollars to travelers.

 This step comes within the framework of the bank's efforts to facilitate the sale of hard currency and provide a convenient means for citizens wishing to obtain dollars for the purpose of traveling and meeting their needs outside the country.

 The electronic reservation form will enable travelers to order dollars and reserve in advance online, reducing waiting time at banks and providing them ease of obtaining hard currency.

 - Form link:  https://edollar.rasheedbank.gov.iq/

 https://www.nrttv.com/ar/detail3/16951

Muhammad Al-Najjar: Plans To Establish Joint Development Funds

 Money  and business  Economy News – Baghdad  The Executive Director of the Iraqi Development Fund, Muhammad al-Najjar, advisor to the Prime Minister for Investment Affairs, identified 4 goals for establishing the Iraqi Development Fund, while confirming that there is work to form 6 funds during the next stage.

Al-Najjar said in an interview with “Al-Sabah” followed by “Al-Iqtisad News” that

 “the main goal of establishing the fund is direct investment for development and diversification of the economy and changing its philosophy by introducing the private sector into investment as a major force, whether from inside or outside, and developing human capital and returning it to its previous state.”

 His reign came after the wars and disasters that befell Iraq, which led to the erosion of a lot of experience,” adding that

 “the other goal is to restore spirit to the small or medium-sized companies sector,

and to work to withdraw the monetary mass of citizens that do not have investment outlets and do not enter into the economy or the banking system.” By creating new outlets.  Al-Najjar continued,

 “There is a trend to create joint funds with other countries, which allows the trillion dinars that were allocated to create projects through the fund to increase, to reach 7-8 trillion through foreign investments,” noting that

 “the local economy faces a number of problems and we aim to solve them by Through the establishment of 6 specialized funds, including those related to digital transformation, as Iraq is the country that uses the least technology among middle-income countries in the world.”  He explained that

 “the second fund is specialized in finding housing for citizens through the (rent and own) program by working through investors to build houses and rent them to citizens with the guarantee of those in charge of the fund, so that the citizen can own them after a period,” noting that

 “one of them is concerned with education and from it will start a group of schools established by the private sector.”

The state rents it in order to create great job opportunities in the construction sector and solve the problem of the lack of schools.”  The Prime Minister's advisor pointed out that

 "the industry, agriculture, and environment funds do not conflict with the work of the relevant ministries,

 but rather work to introduce technology, find new methods for irrigation, invest in water treatment methods, and introduce artificial intelligence to industrial projects, through investments for which the private sector is a guarantor."  Views 63  11/01/2023 https://economy-news.net/content.php?id=37178

The Sudanese Financial Advisor Reveals The Intention To Bring In An International Audit Force To Reduce Corruption

 Politics   11/01/2023 20:17  Number of readings : 177   Baghdad - Iraq today:   Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that government agencies’ contracts with reputable international financial auditing companies represent an international auditing force that contributes to reducing the phenomena of multilateral corruption.  Saleh said in a press interview,

 “International auditing companies have long experience in investigating the most complex financial transactions, especially financial and administrative activities and transactions with broad and complex connections, called branching activities with long arms.”  He added,

 "The use of an additional international audit force for important financial centers in our country has become clear in reducing the phenomena of multilateral systemic corruption, and that

the positive effects of this comprehensive, multi-purpose audit undoubtedly represent a new dimension in providing a climate based on assessing the level of financial discipline in addition to its role in

 Strengthening long-term paths that are of fundamental importance in government administration, and at the same time extend across the joints of multi-purpose government financial activities in our country.”  Saleh continued,

  “In accordance with international standards, in developing the efficiency of public money management and auditing mechanisms and adopting modern accounting principles, the international procedures that are adopted in auditing are procedures that have left a positive impact in providing an additional climate of financial protection that is directly consistent with the general principles stated in the government program.” In developing the digital government administrative system,

 it is a trend that has become coherent and continuous and touches on financial governance in accordance with international standards to protect public money and apply the force of law.”

 The Prime Minister's Advisor for Financial Affairs noted that

 "the role of international auditing companies is, in all cases, based on the principles and foundations of the effective Federal Financial Management Law No. 6 of 2019, as amended, as well as the applicable national supervisory instructions and procedures."

 https://iraqtoday.com/news/76997/مستشار-السوداني-المالي-يكشف-عن-التوجه-لاستقدام-قوة-تدقيقية-دولية-للحد-من-الفساد

Deputy: The Sudanese Government Opened 12 Files Regarding Al-Kadhimi’s Corruption

 Today 14:16  Information / Baghdad   Representative Baqir Al-Saadi confirmed on Thursday that the government had opened 12 corruption files throughout the country.

 Al-Saadi said in an interview with Al-Maalouma, “The Sudanese government is aware of the  seriousness of the scourge of corruption, its impact within state institutions, and the  amount of money that has been looted in various ways over many years.”

He added, "It is not possible to build a real path for the state while it lies under corruption," stressing that  "the Sudanese government has begun opening 12 corruption files, the most prominent of which are the violations committed by the  Al-Kadhimi government, in addition to other files in ministries, institutions, and government bodies."

He pointed out that  "dozens of cases are under investigation, and quite a few arrest and recruitment orders have been issued, along with the return of money to the country's treasury that was in the possession of dozens of corrupt people," pointing out that

 "the battle with corruption is complex and requires time and procedures in order to track down its networks and recover the money."

Iraq's institutions are suffering from the emergence of corruption in some of its ministries and government institutions, despite efforts to combat it by Integrity. Ended 25 February

  https://almaalomah.me/news/45087/politics/نائب:-حكومة-السوداني-فتحت-12-ملفا-بفساد-الكاظمي

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

https://www.bondladyscorner.com/

Provoking Points to Ponder on Riches & Wealth:

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

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

The larger the income, the harder it is to live within it. -- Whately

Misery assails riches, as lightning does the highest towers; or as a tree that is heavy laden with fruit breaks its own bough, so do riches destroy the virtue of their possessor. -- Burton

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

There are two things needed in these days; first, for rich men to find out how poor men live; and second, for poor men to know how rich men work. -- E. Atkinson

Wednesday News From Iraq Posted by Clare at KTFA 11-1-2023

KTFA:

Clare:  As of the beginning of next month, Kurdistan will adopt the Iraqi dinar in crossings and airport transactions

10/31/2023

The Kurdistan Regional Government decided, today, Tuesday, to start dealing in the Iraqi dinar at all border crossings and airports, starting from the beginning of next month.

The Director General of Customs in the Kurdistan Region, Samal Abdul Rahman, said, “In accordance with a decision issued by the Kurdistan Regional Government, all transactions at border crossings and airports will be in Iraqi dinars, starting from the beginning of next month.”

Abdul Rahman added that the regional government had previously used the dinar instead of the dollar at some crossings with neighboring countries, adding that there are still some crossings that will be converted to the dinar tomorrow.

 The Kurdistan Region Council of Ministers had issued Resolution No. 227 circulated on 9/20/2023 and published on 10/16/2023, which stated: “Based on the provisions of Article (8) of the Kurdistan Region Council of Ministers Law, No. 3 of 1992, it was decided to collect fees.”

Customs duties and customs taxes at border gates and customs points are in Iraqi dinars only. LINK

Clare:  Executive Procedures For The Electronic Payment System And Electronic Points Of Sale (POS).

10/31/2023

The Council of Ministers, in its forty-fourth regular session, held today, Tuesday, approved a package of executive measures related to the electronic payment system and electronic points of sale (POS), which the government adopted within its ministerial platform in the axis of economic and financial reforms, and obligating all government agencies to adhere to them.

A statement from his media office, received by Earth News, stated that “the procedures included the following”:

First:
1- Implementing the requirements and circulars issued by the Central Bank of Iraq, the General Secretariat of the Council of Ministers, and the relevant authorities, in a way that contributes to the speedy completion of the implementation of electronic payment systems, including electronic points of sale (POS), and otherwise holding those who delay accountable, in accordance with the law.

2- The use of electronic payment tools by procurement committees and implementation committees shall be a secretariat, provided that all payment operations shall be held after (6) months from the date of issuance of this decision.

3- Deposit the bonuses, incentives, annual profits, and overtime wages granted to employees and those assigned to a public service, at a rate of not less than (20%) of them into their bank accounts, provided that they are used exclusively for electronic payment and cannot be withdrawn in cash.

4- Adopting financial and accounting information systems for the financial aspects of expenses and revenues, which contribute to the ease of using electronic payment and electronic collection methods.

Second: The Central Bank of Iraq is responsible for taking all measures to support the implementation of electronic payment systems, including electronic points of sale (POS), in accordance with the law, including the following:

1-Coordination with relevant authorities to exercise an effective role in supporting electronic payment systems projects, drawing up a national strategy for payments, and overcoming obstacles. facing the work of beneficiaries of these systems.

2- Listing all services provided, their types, amounts and fees collected from citizens, in addition to the number of transactions for each of the services provided, and setting a policy for pricing commissions for electronic payment services for amounts collected for the benefit of government institutions, according to what was stated in the letter of the General Secretariat of the Council of Ministers on September 14, 2023.

3- Organizing workshops, including banks, electronic payment companies, the Federation of Chambers of Commerce, unions, and stakeholders, to present their ideas and proposals in the field of providing incentives and facilities that can be adopted to make the project a success and present them to decision makers.

4- Completing the evaluation of electronic payment companies in accordance with the standards established for this purpose, and determining the position regarding their licensing according to the results of the evaluation.

5- Expediting the completion of the study of applications submitted by new companies that wish to enter the market and provide the service according to the established standards, in a way that ensures attracting reputable companies in this field and enhancing the principle of competition, in order to achieve the provision of the best services at the lowest prices to citizens.

6- Completing the procedures for determining the tariff related to electronic payment operations, according to the nature of the business and the amounts collected for the public and private sectors, no later than December 15, 2023.

Third: The Central Bank of Iraq is obligating all banks to take all measures to support the application of electronic payment systems, including electronic points of sale (POS), including the following:

1- Simplifying the procedures for opening bank accounts for citizens, business owners, and professions, while studying the possibility of... Account opening and card issuance commissions (free or at nominal prices), and cooperation with all banks; To grant short or medium credit facilities to the owners of these interests, ensuring that they benefit from the existence of their accounts and motivating them to use electronic payment.

2- Adopting the service of banking offices in addition to branches, and moving on the ground to universities, institutes, shopping centers, commercial centers, and others, for the purpose of encouraging the opening of bank accounts for customers and providing them with electronic cards (for free or at nominal prices).

3- Study the possibility of including deposits resulting from electronic operations, which exceed a certain amount and remain in the account for a period of time, as savings deposits, according to which certain benefits or advantages are granted.

4- Obligating banks and electronic payment companies to provide a (free) electronic application on mobile phones, allowing customers to pay by phone, inquire about their balances and financial transactions, and prepare reports on paid invoices related to electronic payment systems, including electronic points of sale (POS).

5- Taking appropriate measures regarding monopolistic contracts concluded with electronic payment companies, to ensure compliance with the Competition and Antitrust Law No. 14 of 2010.

6-Intensifying media awareness campaigns for citizens about the benefits of electronic payment systems and how to use them, including electronic points of sale (POS), in coordination Between banks and electronic payment companies.

7- Obliging electronic payment companies to provide a customer service center around the clock, to facilitate payment operations and address immediate problems occurring in electronic payment.

Fourth: The Ministry of Communications and the Media and Communications Authority, each according to its specialty, shall provide the Internet at reasonable prices to all commercial websites, ensuring support for e-commerce and synchronization of data and commercial transactions with the required speed.

Fifth: Obliging private educational institutions, universities and private colleges, fuel processing stations, centers and shops of all kinds, restaurants, pharmacies, private medical clinics, warehouses, all wholesale and retail marketing outlets, and professionals and others that require payment for their interests within the boundaries of the Baghdad Municipality and the centers of governorates and districts throughout all of Iraq, to There will be a minimum amount of cash receipts through the electronic point-of-sale (POS) system after they are determined by the relevant sectoral authorities and presented to the Ministerial Council for the Economy, as a condition for renewing work licenses or licenses to practice the profession.

Sixth: The relevant government agencies must oblige all owners of commercial activities to register their entities in the commercial registry, and register owners of professions with the competent sectoral authorities, with the requirement of opening a bank account as one of the requirements for registration or a license to practice the profession.

Seventh: The Ministry of Labor and Social Affairs/Department of Retirement and Social Security for Workers obliges companies to pay social security amounts to their workers through electronic payment systems.

Eighth: Government agencies must impose additional fees at a rate not exceeding (5%) of the value of goods and services in cash transactions, compared to those collected through electronic payment systems, to encourage citizens; In order to use electronic payment systems instead of cash payment.

Ninth: This decision will be implemented starting December 1, 2023.   LINK

Clare:  The Iraqi Central Bank is moving towards the US Federal Reserve to increase its dollar transfers

11/1/2023

The Parliamentary Finance Committee revealed, today, Wednesday, a move by the Central Bank with the US Federal Reserve to increase Iraqi dollar transfers.

A statement by the committee, followed by Mawazine News, stated that “external and internal factors stand behind the crisis of fluctuations in the dollar exchange rate,” stressing that “the governor of the Central Bank of Iraq is working hard to solve these problems in order to reach understandings with the US Federal Reserve to increase Iraqi dollar transfers, as well as About confronting speculators and brokers internally.”
The statement called on "citizens to support the procedures and policy of the Central Bank because the crisis requires the combined efforts of everyone."

He added, "The Finance Committee is in constant contact with the Central Bank of Iraq and other concerned parties regarding the problem of the fluctuation of dollar selling prices and supports all steps and measures that would restore stability to the exchange rate," pointing out that "several immediate and future proposals are being presented in this regard, with the aim of finding alternatives and solutions."

Effective for this crisis and in a way that preserves the strength of the Iraqi dinar and also preserves the strength of our cash reserves of hard currency.”    LINK

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

Clare:  Adviser to the Prime Minister: Using an international audit force that contributes to reducing corruption phenomena

11/1/2023  Baghdad - IA - Nassar Al-Hajj

 Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that government agencies’contracts with reputable international financial auditing companies represent an international auditing force that contributes to reducing the phenomena of multilateral corruption.

Saleh told the Iraqi News Agency (INA): “International auditing companies have long experience in investigating the most complex financial transactions, especially financial and administrative activities and transactions with broad and complex connections, called branching activities with long arms.”

He added, "The use of an additional international audit force for important financial centers in our country has become clear in reducing the phenomena of multilateral systemic corruption, and that the positive effects of this comprehensive, multi-purpose audit undoubtedly represent a new dimension in providing a climate based on assessing the level of financial discipline in addition to its role in Strengthening long-term paths that are of fundamental importance in government administration, and at the same time extend across the joints of multi-purpose government financial activities in our country.”

Saleh continued, “In accordance with international standards, in developing the efficiency of public money management and auditing mechanisms and adopting modern accounting principles, the international procedures that are adopted in auditing are procedures that have left a positive impact in providing an additional climate of financial protection that is directly consistent with the general principles stated in the government program.”

In developing the digital government administrative system, it is a trend that has become coherent and continuous and touches on financial governance in accordance with international standards to protect public money and apply the force of law.”

The Prime Minister's Advisor for Financial Affairs noted that "the role of international auditing companies is, in all cases, based on the principles and foundations of the effective Federal Financial Management Law No. 6 of 2019, as amended, as well as the applicable national supervisory instructions and procedures."   LINK

Iraq Economic News and Points to Ponder Wednesday Afternoon 10-31-23

Iraq Economic News and Points to Ponder Wednesday Afternoon 11-1-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance: We Renew Our Support For The Central Bank’s Measures To Control The Exchange Rate

  Economy Baghdad – IA    Today, Tuesday, the Parliamentary Finance Committee renewed its support for the Central Bank’s measures to control the exchange rate.

 The head of the committee, Atwan Al-Atwani, told the Iraqi News Agency (INA),   “The committee renews its support for the Central Bank’s measures to control the exchange rate and address obstacles.”

 Al-Atwani denied "the news circulating that there is a tendency to dismiss the governor of the Central Bank."    https://www.ina.iq/196447--.html

Dollar Prices Rise In Baghdad With The Stock Market Closed

Economy  Wednesday, November 1, 2023 4:34 PM Baghdad/National News Center  The prices of the US dollar rose against the Iraqi dinar, today, Wednesday, in the markets of the capital, Baghdad, with the stock market closed.

The correspondent of the National News Center said, “Dollar prices rose with the closure of the main Kifah and Harithiya stock exchanges in Baghdad, recording 162,200 dinars against 100 dollars, while dollar prices this morning recorded 161,900 dinars against 100 dollars.”

He added, “Selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 162,500 dinars for 100 dollars, while the purchase price reached 161,000 dinars for 100 dollars.”   https://nnciraq.com/234845/

Central Bank Sales Exceed $198 Million Today

Wednesday 01, November 2023 14:23 | Economical Number of readings: 278  Baghdad / NINA / The Central Bank of Iraq announced, today, Wednesday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) of $177,215,364, while the total amount of cash sales amounted to $21,700,000, and the total amount of sales amounted to $198,915,364.

The cash sale price was set at 1,305 dinars per dollar, while bond credits, international electronic card settlements, and foreign transfers were set at 1,310 dinars per dollar. /End 11

https://ninanews.com/Website/News/Details?key=1087319

Parliamentary Finance Denies The Existence Of A Movement To Dismiss The Governor Of The Central Bank Of Iraq

Politics     Central Bank of Iraq     Parliamentary Finance  2023-10-31 Shafaq News/ The Parliamentary Finance Committee denied, on Tuesday, the existence of a movement by Parliament to dismiss the Governor of the Central Bank, Ali Al-Alaq.

The head of the committee, Atwan Al-Atwani, said in a statement received by Shafaq News Agency,

“We categorically deny the news circulating regarding the Parliamentary Finance Committee’s intention to dismiss the Governor of the Central Bank of Iraq.”

Al-Atwani called on the media to adopt the official news issued by the committee’s presidency, stressing “the committee’s full support for the measures of the Central Bank of Iraq to restore stability to the market and control the exchange rate, and we are in constant communication and coordination in order to address the causes and obstacles with the aim of putting things back on track.”

https://shafaq.com/ar/سیاسة/المالية-النيابية-تنفي-وجود-حراك-ل-قالة-محافظ-البنك-المركزي-العراقي

Oil Rises Ahead Of The Fed Meeting As The Conflict In Gaza Continues

Economy | 09:05 - 01/11/2023 Baghdad - Mawazine News  Oil prices rose in early Asian trading, today, Wednesday (November 1, 2023), ahead of major global central bank meetings this week, including the US Federal Reserve, while the market closely monitors developments in the conflict in Gaza between Israel and Hamas. By 0330 local

time Greenwich, Brent crude futures for January delivery rose by 0.3 percent, or 28 cents, to $85.30 a barrel, after falling more than one percent in Tuesday’s session. Brent crude futures for December fell four cents to settle at $87.41. per barrel with the expiration of the contract yesterday, Tuesday.

US West Texas Intermediate crude futures increased 0.2 percent, or 16 cents, to $81.02 per barrel, after losing about 1.6 percent in the previous session. Edward Moya, chief market

analyst at OANDA, said, “Crude prices It stabilizes before...the interest rate decision of the Federal Open Market Committee,” which is the committee that determines the direction of US monetary policy.

He added, “Geopolitical risks remain and this appears to offset some of the impact of record production levels coming from the United States.”

The American Petroleum Institute reported on Tuesday that crude oil stocks in the United States rose by about 1.3 million barrels last week, while fuel stocks fell by about 360,000 barrels, and distillate stocks fell by about 2.5 million barrels.

Raising interest rates to curb inflation could slow economic growth and reduce demand for oil, while lowering interest rates to stimulate spending could lead to increased oil consumption.

According to a poll conducted by the CME FeedWatch tool, the US Central Bank, which will conclude its meeting on Wednesday, is expected to keep interest rates steady.

In Europe, inflation in the euro zone in October reached the lowest level in two years, falling to 2.9 percent from 4.3 percent in September, according to a preliminary reading of the European Union Statistics Office (Eurostat), which led to expectations that the European Central Bank would not raise interest rates soon. The Bank of England will meet tomorrow, Thursday.

A special survey on Wednesday showed that factory activity in China unexpectedly contracted in October, after pessimistic official figures issued the previous day, raising questions about the fragile economic recovery at the beginning of the fourth quarter. China is the world's largest oil importer.

Regarding the escalation of the conflict in Gaza, US Secretary of State Anthony Blinken, who will visit Israel on Friday, said that the United States and other countries are examining “a variety of possible alternatives” for the future of the Gaza Strip if the Hamas movement is isolated from the Strip.

 https://www.mawazin.net/Details.aspx?jimare=237123

Oil: Revenues Last Month Amounted To More Than $9 Billion

Wednesday 01, November 2023 | Economical Number of readings: 128  Baghdad / NINA / The Ministry of Oil announced that revenues generated from the sale of oil last month amounted to more than nine billion dollars.

The ministry said in a statement that the amount of crude oil exports last month, according to preliminary statistics issued by the Iraqi Oil Marketing Company "SOMO", amounted to (109) million (545) thousand and (589) barrels, with revenues amounting to (9.669) billion dollars.

She explained that the total quantities of crude oil exported for the month of October from the oil fields in central and southern Iraq amounted to (108) million (50) thousand and (360) barrels, while the quantities exported to Jordan amounted to (464) thousand and (728) barrels, while exports from Qayyarah were one million (30) thousand and (501) barrels.

It indicated that the average daily quantities exported amounted to (3) million and (533) thousand barrels, and the average price of one barrel reached (88.26) dollars../End

https://ninanews.com/Website/News/Details?key=1087343

Parliament Rules Out The Adoption Of The Oil And Gas Law During The Current Session And Explains The Reasons

Time: 11/01/2023 08:14:13 Read: 2,028 times   {Economic: Al-Furat News} The Oil, Gas and Natural Resources Committee in the House of Representatives ruled out approving the oil and gas law during the current parliamentary session.

He pointed out that there are different drafts of this law, but the Kurdistan region was not satisfied with the draft proposed by the Ministry of Oil, indicating that “the region is completely unable to export oil according to the decision of the Federal Court, which requires it to deliver 400 thousand barrels per day to Baghdad, in addition to a court ruling.” Paris, which recognized the need for the central government to control oil exports from the Kurdistan region itself.”

Fereydoun pointed out that the viewpoint of political parties is those that oppose the enactment of the law, while the future outlook shows that the law will contribute to resolving the problems between Baghdad and Erbil.

He added that everyone in this country must believe in solving problems from their roots, since the stage now, whether for the region or the center, is different, stressing the need to be bold in legislating the law.

The spokesman for the Ministry of Oil, Assem Jihad, said in a previous press statement that “the Ministry prepared the oil and gas law and presented it to the government, and it was discussed by the concerned authorities and the team formed by the regional government,” stressing that “the government is committed to approving it in the current government session, as it Within the government curriculum.   LINK 

 Bank Of Baghdad Achieves A Net Profit Of 102 Billion Dinars During The First 9 Months Of The Year 2023

Bank of Baghdad   The Bank of Baghdad achieved a net profit of 102.9 billion dinars until the third quarter of the year 2023, as it ranks first in the banking sector in terms of profits.

The bank's assets amounted to 2.4 trillion dinars, and deposits grew to 1.9 trillion dinars.

In the recent period, the bank has been suffering from problems related to liquidity in the dollar currency, but deposits and revenues have grown very significantly.

The bank invested 566 billion dinars in Iraqi and Lebanese government bonds.

After announcing the financial results for the third quarter, the stock jumped by 1.23% to reach 3.3.

Views 36  11/01/2023 - https://economy-news.net/content.php?id=37195

Industry: Directed To Achieve 5 Main Goals To Protect The Local Product

Money  and business  Today, Wednesday, the Ministry of Industry and Minerals set three standards for implementing consumer and local product protection laws, while announcing the most important laws in this regard.

Ministry spokeswoman Doha Al-Jubouri said, “The package of economic laws that was issued in Iraq in 2010, represented by the Iraqi Products Protection Law, the Competition and Monopoly Prevention Law, the Consumer Protection Law, and the Customs Tariff Law, is a combination of economic laws whose texts must be applied.”

She added, "The above-mentioned laws work to control local and global markets, monitor the course of internal and external trade, provide the correct solutions to provide a competitive environment, and provide legal protection for national projects and foreign investments to ensure the arrival of goods that meet the needs of the Iraqi consumer, as well as preventing any defect that may occur." Causes harm to the market, the consumer or the industry.”

She pointed out, “The Ministry adopts a specific methodology in the process of implementing the provisions of the law based on a number of standards and determinants, and takes into account achieving a balance between the main goal of implementing the decisions, which is to protect the local industry on the one hand, and ensuring the interest of the Iraqi consumer and protecting his rights on the other hand, and achieving Fair competition and not creating a monopoly from a third party.”

She continued, "All of these considerations have been translated into special forms, spreadsheets, and obligations imposed on everyone who submitted a protection request, on the basis of which decisions issued to protect local products are evaluated in accordance with the law, and on the basis of which these decisions are reviewed during the application period, to monitor their impact on the industry." The local market, the Iraqi consumer, and the local market.

Views 29    11/01/2023 - https://economy-news.net/content.php?id=37193

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

https://www.bondladyscorner.com/

Provoking Points to Ponder on Feelings:

Our feelings were given us to excite to action, and when they end in themselves, they are cherished to no good purpose -- Sanford

Strong feelings do not necessarily make a strong character -- The strength of a man is to be measured by the power of the feelings he subdues - not by the power of those which subdued him -- Richter

Cultivate consideration for the feelings of other people if you want not have your own injured -- Those who complain the most of ill-usage are those who abuse others the oftenest - Richter

The heart that is soonest to awake to the flower is always the first to be touched by the thorns -- Moore

Goldilocks' Comments and Global Economic News Wednesday AM 11-1-23

Goldilocks' Comments and Global Economic News Wednesday AM 11-1-23

Good morning Dinar Recaps,

Gold imports from Russia to Hong Kong surged by 750% from January to September 2023, compared to the same period the previous year.

There is a global gold reshuffling right now.

It is very clear,

Gold is playing a central role in the financial strategy of China and Russia.

Read: https://twitter.com/GoldTelegraph_/status/1719436115038601692

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Shafaq News/ The Kurdistan Regional Government decided, today, Tuesday, to start dealing in the Iraqi dinar at all border crossings and airports, starting from the beginning of next month.
Search 4 Dinar Link

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70% of Iraq’s imports come from BRICS countries

Iraqi News Link

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Paysend Announces Agreement with Western Union to Bolster Global Money Transfer Services

The Western Union Co. announced customers will be able to send money via the company’s digital service directly to Visa and Mastercard cards through an integration with Paysend, a card-to-card payments platform.

Lightspeed Commerce Inc. launched several new features including artificial intelligence-assisted menu creation, better insights into popular items, staff performance tools, and the release of its Services Module, aimed at merchants with service components.

Yardi, a property management software maker, eliminated automated clearing house fees for clients and residents using Yardi for rent payments in the United States and Canada beginning in January. More than 15 million rental units are on the Yardi platform. It also will launch a rewards program in 2024.

Old Glory Bank said its customers can donate to Code of Vets, a military-veterans group, through the bank’s Old Glory Pay QR code at the Code of Vets Web site.

PR Newswire Link

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The World Bank Eyes an Overhaul Amid the Climate Crisis

Carnegie Endowment for International Peace

Goldilocks pointed 👆 to this article.

~~~~~~~~~~

The U.S. Ambassador to Canada says that for a secure transition to clean energy, Canada and the United States must enhance their domestic mining and refining of critical minerals.

Countries are starting to rush for critical minerals.

Copper...

Many continue to sleep on this.

Read: https://x.com/goldtelegraph_/status/1719485591887245725?s=46

Goldilocks pointed 👆 to this article also.

~~~~~~~~~~

Protocol 20 Update:

"Soroban inches ever closer to launching on Mainnet, with the smart contracts platform now live on Testnet and the validator vote for the Protocol 20 upgrade approaching early 2024.

Soroban is built with security in mind. To further augment the platform and its cutting-edge formal verification capabilities, SDF and industry-leading security firm Certora have announced security support for Soroban.

The Anchor Platform, designed to simplify integration to the Stellar network, added a second 'standard' for on and off-ramping. This enhancement makes it easier for businesses to connect to the Stellar blockchain and offer their services through various digital wallets."

https://stellar.org/blog/foundation-news/stellar-development-foundation-q3-2023-in-review

~~~~~~~~~~

Consumer Confidence Index Dips as Inflation Fears Heighten
https://www.investopedia.com/consumer-confidence-index-dips-on-inflation-fears-8385026

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Thank you Dinar Recaps  -  www.DinarRecaps.com

"Tidbits From TNT" Wednesday 11-1-2023

TNT:

CandyKisses:  Iraqi intelligence raids a company that smuggles dollars out of the country and arrests its members

Iraqi intelligence raids a company that smuggles dollars out of the country and arrests its membersShafaq News / The Iraqi intelligence agency specialized in combating terrorism announced on Tuesday the arrest of six people working inside a company and in possession of sums of money amounting to 334270000 million Iraqi dinars and 157215 thousand US dollars on charges of smuggling currency out of the country contrary to the instructions of the Central Bank.

She said in a statement, received by the Shafaq News Agency, that the intelligence agency's detachments continue their pre-emptive operations against dollar speculators who practice transferring money contrary to the instructions of the Central Bank, which would harm the national economy, explaining that based on accurate intelligence information received by the detachments of the intelligence agency specialized in combating terrorism in Baghdad Karkh, which included a university services company in Baghdad province next to Karkh within the Mansour area that receives and smuggles the dollar currency outside and inside Iraq in a way Contrary to the instructions of the Central Bank, which would harm the national economy.

The statement explained that an intelligence and technical team was immediately formed to investigate and collect information and after completing all judicial procedures, the detachments were able to raid the building used by the aforementioned company, where money amounting to (334270000) million Iraqi dinars and (157215) thousand dollars were seized, as well as the arrest of 6 people working inside the mentioned company and the closure of the company.

When interrogating the defendants, they openly confessed that they had converted national and foreign currency inside and outside Iraq contrary to the instructions of the Central Bank, taking advantage of a fictitious address bearing the name of a university services company, harming the national economy, according to the statement, which indicated that the defendants' statements were recorded and referred to the competent authority to combat organized crime in preparation for their appearance before the judiciary.

 ************

Tishwash:  Iran reveals a decline in its exports to Iraq and attributes the reasons to the exchange rate

An Iranian official revealed the decrease and decline of his country's various exports to Iraq for several reasons, including the difference in the dollar exchange rate.

The former Secretary of the Iranian-Iraqi Chamber of Commerce said in a press statement, “One dollar for an Iranian merchant is equivalent to 1,600 Iraqi dinars, while this number for businessmen from other countries is 1,300 dinars, which is equivalent to the official price of Iraq,” stressing that “this difference in price Up to 15% is acceptable for Iranian businessmen, but exceeding that will make things more difficult.”

 Hamid Hosseini pointed out, “The reason for preventing the import of agricultural products from Iran to Iraq is to increase the production of these products in Iraq,” noting that “Iraq has limited the import of some agricultural products from Iran with the aim of supporting local production of agricultural products.” He added, "The regions of southern Iraq, Basra, and Dhi Qar all include agricultural lands that have succeeded in recent years in raising fish and growing agricultural products due to government support in providing water. These farmers have objected to import operations, and for this reason the central government decided to ban imports, and the Kurdistan Regional Government Iraq is regulating imports by raising and lowering customs duties.”

 Hosseini stressed that "the import ban is limited only to the seasons in which Iraqi domestic production increases," noting that "as soon as the import of Iranian products into Iraq becomes limited, the internal stock will decrease, and after a short period, demand will rise again."

He added, "In any case, exporting water-intensive agricultural products is not suitable for Iran."

 Regarding whether the spread of pests and non-standard agricultural products is a factor in banning these import operations, Hosseini explained: These defects apply only to apple trees, and not to other agricultural products.

 A member of the Chamber of Commerce spoke about the reasons for imposing duties on Iranian rebar imports to Iraq: Iraq produces about 3.5 million tons of rebar annually, but Iraqi rebar cannot compete with a similar Iranian product, so they imposed a customs tariff on its imports ranging from 70 to 80 dollars. .

Hosseini considered that the main problem in exporting Iranian products to Iraq is the currency exchange rate for Iranian merchants in this country.

He explained that "the exchange rate in Iraq for Iranian businessmen is 20% higher than for businessmen in other countries." link

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

Tishwash:  Hoarded money and stimulating depositors 

Official estimates indicate that 85 percent of the issued monetary mass, amounting to more than 100 trillion dinars, is outside the banking system and is called money hoarded outside banks.

This means that this huge amount of monetary mass is disabled from performing its role in development, and since the banks are the driving tool for the wheel of development through their credit (lending) policies, they are unable to perform this role for this reason. Therefore, you find our economy unable to advance due to the decline in the development performance of the banks. .

Meanwhile, monetary policy is moving towards motivating the depositor public to deal with banks. The Central Bank’s latest circular last week urged banks to facilitate procedures and create incentives at attractive interest rates for the purpose of attracting depositors.

What is the challenge facing this trend?

The trust factor is the most difficult number and the basic indicator for the success of the process of attracting the public’s hoarded funds to deposit them in banks.

Banks in all countries of the developed world are the primary engine of the economy through their role in implementing development through their lending policies that contribute to generating interest that accrues to depositors and bank owners with lucrative profits by investing money and making profits. They also contribute to the implementation of projects and thus contribute to the circulation of funds.

But the problem with Iraqi banks, in all frankness and transparency, is that they suffer from a loss of public confidence, which is a deep-rooted, inherited problem due to the actions of some banks due to the weakness of their management and the alienation of depositors from them.

How do we restore confidence in light of the new trend?

The public is looking for a guarantee (an insurance policy) in order to be encouraged to deposit their hoards, and this requires facilitating deposits and withdrawals in an easy way without boring routine complications. However, the poor banking behavior of some employees and the complexities of police-style instructions contribute to the public’s reluctance.

(Insurance policy) means the body that officially guarantees the public’s deposits in the event of the collapse of a particular bank, and here comes the role of the Deposit Insurance Company, which was recently established for this purpose.

Here I have an assessment of the Deposit Insurance Company, with all transparency and clarity, that its performance is weak, inactive, and unknown, and it requires the formation of a regular and influential media unit to market its activity on an ongoing basis, and for the company to take the initiative to give guarantees to depositors by guaranteeing their money with a signed official paper distributed among all depositors in any bank, in light of which it bears responsibility. Why is it legal to guarantee deposits? Otherwise, why was it established?

Thus, it can provide partial security that encourages the public to deposit in banks and gradually restore confidence.

The fluctuation of the dollar exchange rate cannot be overlooked in creating chaos and mistrust. 

But we are talking about the national currency, which is still strong, and there is no problem in depositing and withdrawing it with the company’s guarantee.  link

Mot: . Ya Gots to be - careful what Ya Ask fir

Mot:  .... the Annual Meeting - Soooon to be Scheduled!!! 

Iraq Economic News Highlights and Points to Ponder Wednesday AM 11-1-23

Iraq Economic News Highlights and Points to Ponder Wednesday AM 11-1-23

Parliamentary Warnings About The Consequences Of The Decline In The Value Of The Iraqi Dinar

Information/Baghdad..  On Wednesday, the representative of the Kurdistan Democratic Party, Sharif Suleiman, warned of the consequences of the continuing rapid decline in the value of the Iraqi dinar against the dollar, while calling on the government to adopt a new reform package to stabilize the value of the Iraqi dinar.

Suleiman said in an interview with the Maalouma Agency, “The value of the Iraqi dinar witnessed a noticeable decline against the US dollar during the past days.”

He added, "It is the responsibility of the government and the central bank to take quick measures to preserve the value of the Iraqi dinar as it affects people's pensions and the Iraqi market."

He pointed out that "the procedures followed by the government and the Central Bank are below the required level," calling on the Central Bank to "take new steps to address the crisis of the decline in the value of the Iraqi dinar."

Independent MP Raed al-Maliki confirmed the failure of the government and the central bank to control the dollar against the Iraqi dinar. Ended / 25 h  LINK

Parliamentary Wealth Rules Out Legislation Of The Oil And Gas Law In The Current Session

The first  11/01/2023  ula Wathiq  The Oil, Gas and Natural Resources Committee in the House of Representatives ruled out approving the oil and gas law during the current parliamentary session, while the Ministry of Oil clarified that the government is proceeding with its approval and that it is subject to consensus.

In an interview with Al-Sabah, committee member Aso Fereydoun described the law as “a political-legal-technical file that needs major work,” explaining that it was one of the provisions of the political agreement between the forces that participated in forming the current government.

He pointed out that there are different drafts of this law, but the Kurdistan Region was not satisfied with the draft presented by the Ministry of Oil, indicating that the region is completely unable to export oil according to the decision of the Federal Court, which requires it to deliver 400 thousand barrels per day to Baghdad, in addition to the ruling of the Paris Court, which He acknowledged the need for the central government to personally control oil exports from a region Kurdistan.  https://alsabaah.iq/86532-.html

Hoarded Money And Stimulating Depositors

Economical  11/01/2023  Metwally    Official estimates indicate that 85 percent of the issued monetary mass, amounting to more than 100 trillion dinars, is outside the banking system and is called money hoarded outside banks.

This means that this huge amount of monetary mass is disabled from performing its role in development, and since the banks are the driving tool for the wheel of development through their credit (lending) policies, they are unable to perform this role for this reason. Therefore, you find our economy unable to advance due to the decline in the development performance of the banks. .

Meanwhile, monetary policy is moving towards motivating the depositor public to deal with banks. The Central Bank’s latest circular last week urged banks to facilitate procedures and create incentives at attractive interest rates for the purpose of attracting depositors.

What Is The Challenge Facing This Trend?

The trust factor is the most difficult number and the basic indicator for the success of the process of attracting the public’s hoarded funds to deposit them in banks.

Banks in all countries of the developed world are the primary engine of the economy through their role in implementing development through their lending policies that contribute to generating interest that accrues to depositors and bank owners with lucrative profits by investing money and making profits. They also contribute to the implementation of projects and thus contribute to the circulation of funds.

But the problem with Iraqi banks, in all frankness and transparency, is that they suffer from a loss of public confidence, which is a deep-rooted, inherited problem due to the actions of some banks due to the weakness of their management and the alienation of depositors from them.

How Do We Restore Confidence In Light Of The New Trend?

The public is looking for a guarantee (an insurance policy) in order to be encouraged to deposit their hoards, and this requires facilitating deposits and withdrawals in an easy way without tedious routine complications. However, the poor banking behavior of some employees and the complexities of police-style instructions contribute to the public’s reluctance.

(Insurance policy) means the body that officially guarantees the public’s deposits in the event of the collapse of a particular bank, and here comes the role of the Deposit Insurance Company, which was recently established for this purpose.

Here I have an assessment of the Deposit Insurance Company, with all transparency and clarity, that its performance is weak, inactive, and unknown, and it requires the formation of a regular and influential media unit to market its activity on an ongoing basis, and for the company to take the initiative to give guarantees to depositors by guaranteeing their money with a signed official paper distributed among all depositors in any bank, in light of which it bears responsibility. Legal information about deposit insurance, otherwise why was it established?

Thus, it can provide partial security that encourages the public to deposit in banks and gradually restore confidence.

The fluctuation of the dollar exchange rate cannot be overlooked in creating chaos and mistrust.

But we are talking about the national currency, which is still strong, and there is no problem in depositing and withdrawing it with the company’s guarantee. https://alsabaah.iq/86507-.html

Parliamentary Finance: The Measures Taken By The Central Bank To Change The Exchange Rate Are Weak

Posted On 2023-11-01 By Sotaliraq  Bright news  Yesterday, Tuesday, member of the Finance Committee, Saad Al-Toubi, revealed evidence of clear corruption violations by some banks, stressing that the measures taken by the Central Bank to change the exchange rate are “weak” and have been of no benefit.

While the government is talking about measures it intends to implement to contain the dollar crisis, which may include penalties for individuals and private banks whose involvement in the manipulation process has been indicated, while demands are emerging for the necessity of following up on the implementation of these measures to ensure positive results are achieved.

Observers believe that the process of controlling the causes of the crisis is necessary to put an end to rampant corruption, and economists consider that these measures need careful follow-up of their implementation by the competent government agencies, as well as supporting them with a number of other steps to create a state of economic stability.

Useless Plans

Financial Committee member Saad Al-Toubi explains in an exclusive interview with Al-Mada: “As a financial committee, we made demands several times from the Central Bank, the Governor of the Central Bank, and government banks, and we discussed many matters, including changes to the exchange rate, and how to maintain it at the established price, and we believe that the procedures The measures taken by the Central Bank, whether new or previous, have not been of any benefit, such as imposing sanctions on some banks and other measures it has taken because they are very weak measures and do not rise to the level of ambition in a country that is experiencing an unnoticeable change in exchange rates.

 He notes, “This results in a weakening of the Central Bank’s oversight of most government banks and government platforms.”

Corruption Rates

Al-Tobi adds, “There is an example of weak monitoring, which is when an Iraqi citizen travels outside the country and goes to the platform to obtain the exchange rate of “one hundred and thirty-two thousand” for one hundred dollars, and this process is unregulated, and as a financial committee we have evidence of violations that contain clear corruption from some banks, as The Central Bank tried to break the rate of corruption, but it was unable in the past periods, so we gave the Central Bank a week to carry out some reforms, but it is incapable of any banking measures and reforms and has not adjusted the exchange rate.”

He concludes by saying: “There are promises made by the Central Bank due to government pressure by the Prime Minister on the Central Bank for certain periods in order to provide a settlement or reforms. Therefore, we hope in the coming days for an end to this crisis.”

Questions

Financial and economic expert Safwan Qusay Abdel Halim explains, “The process of improving the value of the Iraqi dinar requires a long-term strategy, supporting local production and creating a model environment to know who is requesting hard currency, and what are the purposes of this request, as well as knowing the import destinations through which it is made.”

Importing goods into Iraq, and what are the opportunities for local growth to reduce the demand for the dollar for import purposes?

A Common Account

The expert added, speaking to Al Mada, that “we need a clear map of the relationship between the demand for hard currency and the possibility of increasing local production capacity to cover these demands,” noting, “There are medium and short-term solutions, and the more we allow the international trading system to deal with... Directly with local production and consumers through the Amazon website or through the Alibaba website, which can open a window for marketing international goods for sale in Iraqi dinars inside Iraq in exchange for the Ministry of Commerce and the Ministry of Finance purchasing the Iraqi dinar from these sites and converting them to the US dollar at the official rate.

The fewer opportunities we have to deal with informal suppliers, and if we cannot control the dollar in the informal market, there are other solutions related to the possibility of having a joint account to purchase goods from the punished side, whether it is Iran, Syria, or some Turkish companies, in exchange for settling these dues on behalf of the government.

Through this joint account, similar to the process of purchasing Iranian gas or other commodities that the American government allowed to be purchased in exchange for paying dues to Oman or Qatar, so that the Iranian side can benefit from this joint account in purchasing all types of humanitarian goods, and thus reduce the demand for the dollar in the informal market. We allow demand to grow through the legitimate platform.”

Inability

Abdel Halim continues by saying: “The Central Bank’s procedures will not be able to control the dollar in the informal market unless the border crossings are controlled, and the movement of official and unofficial imported goods is tracked to ensure that they reach consumers at official prices without speculation or selling them outside the Iraqi market, and the introduction of cash dollars from outside the Iraqi market.”

Iraq into its country for the purpose of benefiting from the price difference, as there is an urgent need to work on twinning monetary policy with fiscal policy for the purpose of controlling commodity prices and financial transfers.”

The dollar and its price fluctuations constitute a major problem for citizens because the matter is linked to the movement of the commercial market and the prices of goods. It is a crisis that may worsen unless solutions are put in place to ensure people’s livelihood.   LINK

Provoking Points to Ponder on Endurance:

Our strength often increases in proportion to the obstacles imposed upon it -- It is thus we enter upon the most perilous plans after having had the shame of failing in more simple ones -- Rapin

There is no royal road to anything -- One thing at a time - and all things in succession -- That which grows slowly endures -- J G Holland

MilitiaMan: Iraq International - WTO - Global Financial System - Fix - Lets see - IMF -Article VIII - Compliance

Iraq International - WTO - Global Financial System - Fix - Lets see - IMF -Article VIII - Compliance

MilitiaMan and Crew:  10-31-2023

The Crew:  Samson, PompeyPeter, Petra, Angel1,  Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……

..https://www.youtube.com/watch?v=Ou3eqLceSRQ