Iraqi News Highlights and Points to Ponder Saturday Afternoon 11-4-23
Iraqi News Highlights and Points to Ponder Saturday Afternoon 11-4-23
“The Dinar Is Stronger Than The Dollar.” The Hypothesis That Is Absent From Reality!
Special Sumerian 2023-11-04 | 2,091 views Everything has become high because of the dollar, a dangerous trade recession that the country is experiencing, amid warnings of an economic slide that may worsen the situation in the coming days.
According to experts, traders affiliated with influential parties and entities are the only beneficiaries of the platform affiliated with the Central Bank, and the government must come out immediately and be honest with the people about the truth of what is happening.
Iraqi News Highlights and Points to Ponder Saturday Afternoon 11-4-23
“The Dinar Is Stronger Than The Dollar.” The Hypothesis That Is Absent From Reality!
Special Sumerian 2023-11-04 | 2,091 views Everything has become high because of the dollar, a dangerous trade recession that the country is experiencing, amid warnings of an economic slide that may worsen the situation in the coming days.
According to experts, traders affiliated with influential parties and entities are the only beneficiaries of the platform affiliated with the Central Bank, and the government must come out immediately and be honest with the people about the truth of what is happening.
By simple calculation, the Central Bank sells an estimated two hundred thousand dollars daily, meaning that the daily profits of speculators are estimated at forty thousand dollars, reaching their total monthly. One million two hundred thousand dollars, which is equivalent to about two billion Iraqi dinars net for speculators per month. LINK
The Dollar Opens Higher In Baghdad Markets And Money Exchangers... 163 Thousand For Every 100 Dollars
Economy |Baghdad today - Baghdad Today, Saturday (November 4, 2023), the dollar exchange rates recorded a noticeable increase against the Iraqi dinar in the markets and exchange offices of the capital, Baghdad.
Market and exchange transactions in Baghdad witnessed the recording of 163 thousand Iraqi dinars for every 100 US dollars for sale, while purchase prices recorded 162 thousand Iraqi dinars for every 100 US dollars.
Last Thursday (November 2, 2023), the US dollar exchange rates recorded 162,250 dinars for 100 dollars for sale, in the markets and exchange offices of the capital, Baghdad. LINK
The Dollar In Iraq Is Flying Due To Political Corruption And Security Escalation
November 4, 2023 Baghdad/Al-Masala Al-Hadath: The price of the dollar is rising in Iraq, and the purchase price has reached more than 161 dinars for every 100 dollars.
For more than 8 months, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system “SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel (black) markets.
The Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying the dollar from the Ministry of Finance reached 1,300 dinars per dollar and selling it at (1,310) dinars per dollar to banks through the electronic platform, and it is sold for (1,320) dinars per dollar. Dollars from banks and non-banking financial institutions to the final beneficiary.
The security escalation in Iraq is one of the most important political reasons behind the rise in the price of the dollar in the country. Since the American invasion of Iraq in 2003, the country has witnessed ongoing political and security conflicts, which led to the deterioration of the Iraqi economy and the decline in the value of the Iraqi dinar against the dollar.
This year, threats between armed factions and American forces in Iraq led to the instability of the dollar exchange rate.
Political corruption is another reason that leads to the rise in the price of the dollar in Iraq. Political corruption in Iraq hinders economic development and leads to the leakage of money from the country, which weakens the value of the Iraqi dinar.
The weakness of government institutions is also one of the reasons leading to the rise in the price of the dollar in Iraq. Iraqi government institutions are weak and ineffective, which makes it difficult for the government to control the market and adjust the currency exchange rate.
The Iraqi economy depends heavily on oil, as oil represents about 90% of the country's exports. High oil prices lead to an increase in Iraqi oil revenues, which strengthens the value of the Iraqi dinar, while low oil prices lead to a decrease in Iraqi oil revenues, which weakens the value of the Iraqi dinar.
High inflation is one of the reasons that leads to an increase in the price of the dollar in Iraq. High inflation leads to an increase in demand for the dollar, which raises its value against the Iraqi dinar.
The demand for the dollar is one of the main reasons that leads to an increase in its price, as the dollar is the global reserve currency and is used in international trade and foreign investments, and increasing demand for the dollar leads to an increase in its value against other currencies.
https://almasalah.com/archives/71975
Iraq's Imports Decreased By 25%.. Iranian Goods Finance Themselves With The "High Dollar" And Lose Competitiveness In Iraq - Urgent
Economy |Baghdad today – Baghdad Iranian trade with Iraq is facing many difficulties, the most important of which is financing and the possibility of obtaining the dollar, especially with the implementation of the platform in the Central Bank of Iraq, which prevents financing trade and sending money to Iran for the purpose of importing.
This led to merchants importing from Iran rushing to buy the dollar from the parallel market and bearing an additional cost as a result of the rise in prices there. Amid these many difficulties, Iranian exports to Iraq are expected to decline during the current year.
https://baghdadtoday.news/uploads/posts/2023-11/645x344-1573811231321-e1645007201517.jpg
The difficulty of financing is not the main reason that Iranian trade with Iraq may incur many losses, but rather the fact that merchants buy the dollar at exorbitant prices from the parallel market, with a difference of more than 20% higher than the dollar at the official price obtained by merchants who import goods from other countries. It is permissible to send the dollar. In addition, it will make Iranian goods more expensive than their counterparts of goods coming from other countries, which will make Iranian goods lose competitiveness.
The economic expert, Nabil Al-Marsoumi, said in an explanation followed by “Baghdad Today”, that “one of the results of the electronic platform that the US Federal Bank obligated Iraq to operate was that it almost stopped financing Iraq’s imports from Iran using bank transfers, and therefore it was necessary to resort to the parallel market to purchase The dollar was transferred to Iranian merchants, which was one of the important reasons for the rise in the parallel price of the dollar against the dinar.”
He adds, "The former Secretary General of the Iraqi-Iranian Chamber of Commerce, Hamid Al-Husseini, says that the main problem in exporting Iranian products to Iraq is the currency exchange rate for Iranian merchants, which amounted to more than 22%, as the dollar is equivalent to 1,620 dinars for an Iranian merchant, while the number drops to 1,320." One dinar per dollar for exporters from other countries.”
Al-Husseini believes that "this difference has become large because any number exceeding 1,600 dinars to the dollar will make things more difficult and will reduce the competitiveness of Iranian goods in the Iraqi market."
Iraq's imports from Iran annually amount to approximately 10 billion dollars, which is equivalent to 16% of Iraq's total annual imports, amounting to 60 billion dollars annually.
“Baghdad Today” tracked global trade data, according to the Trading Economics website, and found that Iraq imported $16.8 billion during the first half of this year, compared to the same period last year in which Iraq’s imports amounted to about $23 billion. This means that Iraq's imports decreased this year by 25%, which shows the extent of the impact of control over the dollar and external transfer on the course of Iraqi trade this year. LINK
https://baghdadtoday.news/uploads/posts/2023-11/1699119192252.png
Biden Allocates $653 Million To American Port Development Projects
Arab and international Economy News - follow-up The US Department of Transportation provided $653 million in grants to develop and improve forty-one seaports throughout the United States .
The grants are part of a trillion-dollar infrastructure investment included in a bipartisan law signed by President Joe Biden in 2021 .
Biden administration officials said that the projects that receive support will allow ports to meet larger shipping demands, in addition to reducing costs for consumers and improving worker safety conditions .
Transportation Secretary Pete Buttigieg said during a phone call with reporters that supply chain challenges, starting in 2021, have led to higher prices as the United States recovers from the Corona epidemic .
Buttigieg added that the goal of the projects is to improve port infrastructure so that it can withstand the types of shocks that the United States witnessed during the pandemic .
He said: “Our goal is to strengthen these supply chains in a sustainable way. Today’s announcement is another big step in this direction .”
The grants included $43.4 million to renovate a pier in Cold Bay, Alaska .
The Port of Long Beach in California will receive $52.6 million for various developments, including an extension of the rail network to help transport freight .
Thirty-two million dollars will be allocated to the Port of Newark, New Jersey, to rebuild the dock .
Views 32 Added 11/04/2023 - 4:45 PM https://economy-news.net/content.php?id=37239
Provoking Points to Ponder on HOPE:
You cannot hope to build a better world without improving the individuals. To that end, each of us must work for our own improvement and, at the same time, share a general responsibility for all humanity, our particular duty being to aid those to whom we think we can be most useful. -- Marie Curie
To hope means to be ready at every moment for that which is not yet born, and yet not become desperate if there is no birth in our lifetime. -- Erich Fromm
If we all worked on the assumption that what is accepted as true is really true, there would be little hope of advance. -- Orville Wright
You believe that easily which you hope for earnestly -- Edward Bulwer-Lytton
"Tidbits From TNT" Saturday 11-4-2023
TNT:
CandyKisses: The launch of the “Seventh Ambassadors” conference in Baghdad with the participation of 85 Iraqi diplomats
The “Seventh Ambassadors” conference, entitled “Iraqi Diplomacy Balanced Relations and Sustainable Development” kicked off in Baghdad on Saturday, with the participation of 85 personalities from Iraq’s ambassadors and heads of Iraqi political and consular missions abroad.
The conference was attended by the Prime Minister, Mohammed Shia Al-Sudani, the President of the Republic Abdul Latif Rashid, and the President of the Supreme Judicial Council, Faik Zeidan, as well as a number of ministers and governors.
The Foreign Ministry said, in a press release followed by Network 964, that the conference “aims to put forward an improved agenda for Iraqi diplomacy, which reflects on more effectiveness of foreign policy, activating the role of Iraq in Arab, regional and international organizations and strengthening relations with countries on the basis of the principle of mutual respect and achieving common interests.
TNT:
CandyKisses: The launch of the “Seventh Ambassadors” conference in Baghdad with the participation of 85 Iraqi diplomats
The “Seventh Ambassadors” conference, entitled “Iraqi Diplomacy Balanced Relations and Sustainable Development” kicked off in Baghdad on Saturday, with the participation of 85 personalities from Iraq’s ambassadors and heads of Iraqi political and consular missions abroad.
The conference was attended by the Prime Minister, Mohammed Shia Al-Sudani, the President of the Republic Abdul Latif Rashid, and the President of the Supreme Judicial Council, Faik Zeidan, as well as a number of ministers and governors.
The Foreign Ministry said, in a press release followed by Network 964, that the conference “aims to put forward an improved agenda for Iraqi diplomacy, which reflects on more effectiveness of foreign policy, activating the role of Iraq in Arab, regional and international organizations and strengthening relations with countries on the basis of the principle of mutual respect and achieving common interests.
The conference is an in-depth opportunity to exchange views with the aim of implementing the priorities of the government program and intensifying diplomatic work with various parties.
The conference will run for four days from November 4 to 8 of the same month.
Tishwash: Iraq is ranked third among the largest oil exporters to America
The US Energy Information Administration announced on Saturday that Iraq's oil exports to America rose over the past week.
The administration's latest table showed that the average US imports of crude oil during the past week from nine major countries amounted to 5.645 million barrels per day, an increase of 392 thousand barrels per day from the previous week, which amounted to 5.253 million barrels per day.
He added that Iraq's oil exports to America amounted to 351 thousand barrels per day last week, an increase of 169 thousand barrels per day from the previous week, which reached an average of 182 thousand barrels per day.
He pointed out that most of America's oil revenues during the past week came from Canada at an average of 3,485 million barrels per day, followed by Mexico with an average of 1,004 million barrels per day, and oil revenues from Saudi Arabia amounted to an average of 294 thousand barrels per day, and then Brazil with an average of 168 thousand barrels per day.
According to the administration, the amount of American imports of crude oil from Ecuador is at a rate of 133 thousand barrels per day, from Libya at a rate of 106 thousand barrels per day, from Colombia at a rate of 74 thousand barrels per day, and from Nigeria at a rate of 30 thousand barrels per day, while no quantity is imported from Russia. link
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Tishwash: Barzani reveals Iraq's loss of $5 billion due to the oil cessation
The President of the Iraqi Kurdistan Region, Nechirvan Barzani, said that the cessation of the region’s oil exports caused Iraq to lose $5 billion, indicating that the resumption of oil exports depends on Baghdad.
This came in a press conference held by the President of the Iraqi Kurdistan Region, Nechirvan Barzani, after the end of his meeting with French President Emmanuel Macron.
Nechirvan Barzani said in the press conference, "The resumption of oil exports depends on Baghdad," adding: "I do not say that the failure to resume oil exports is a political issue, but rather a technical issue," explaining that "the cessation of the export of oil from the Kurdistan region of Iraq caused Iraq to lose 5 billion dollars."
He added, "Not exporting oil harms not only the Iraqi Kurdistan region but all of Iraq," expressing the hope that Baghdad will look at the issue in the same way and "find an appropriate solution for it."
The President of the Iraqi Kurdistan Region explained regarding his meeting with French President Emmanuel Macron: “We had a good meeting with President Macron,” stressing that “France was a major supporter of Iraq.”
Nechirvan Barzani said, "President Macron expressed his readiness to help solve the problems between Erbil and Baghdad," pointing out that an invitation was extended to President Macron to visit the Kurdistan region of Iraq, and he will visit the region.
Nechirvan Barzani noted that “there is no excuse left for Baghdad not to send salaries to the Kurdistan Region of Iraq,” stressing that “the Kurdistan Regional Government of Iraq provided the data to Baghdad transparently,” referring to the data of the Kurdistan Region’s employees.
Regarding the internal situation in the Iraqi Kurdistan region and the relationship with the Patriotic Union of Kurdistan and the upcoming elections, the President of the Iraqi Kurdistan region said that “there is no agreement with the Patriotic Union of Kurdistan to postpone the elections,” adding: “We will meet this week with the Patriotic Union of Kurdistan.”
Nechirvan Barzani stressed: “We are not in favor of postponing the regional parliament elections,” noting: “We have implemented our obligations to hold the region’s elections.”
Regarding the situation in the region, Nechirvan Barzani stated that the problem facing the region “is not only related to the place where it occurs,” but it “certainly affects the entire region.”
He continued: “Our position, and we discussed this with President Macron as well, is the necessity of delivering humanitarian aid as quickly as possible to the people of Gaza, and this is the first step. We believe that those detained by Hamas must be released.”
He stressed the necessity of "finding a strategic solution to this issue in the future, and we believe the correct solution is the two-state solution," which is "a strategic solution and the only solution," noting that "it has been proven that war does not solve the problem."
He went on to say: "We do not want Iraq to become a part of these problems in any way," stressing the need for "the Prime Minister to play his role as commander of the armed forces, and for all of us to help the Iraqi Prime Minister, so that this issue does not become a problem for Iraq in any way." link
Mot: . Tah -- Dah!!! --- this Weekend~~~~
Mot: Please !!!!!!!!!! .......................
Iraq Economic News and Points to Ponder Late Friday Evening 11-3-23
Iraq Economic News and Points to Ponder Late Friday Evening 11-3-23
Tlm724 Administrator Bondlady’s Corner
Advisor To The Prime Minister: Launching The (Visa Direct) Service Will Contribute To Reducing The Exchange Rate
Economy Baghdad - IA - Hassan Al-Fawaz Today, Friday, Fadi Al-Shammari, Advisor to the Prime Minister, Fadi Al-Shammari, considered the launch of the “Visa Direct” service for transferring money abroad a successful step that will facilitate the work of small merchants, stressing that it will contribute to reducing the exchange rate in the parallel market, and the procedures take only 5 minutes.
Iraq Economic News and Points to Ponder Late Friday Evening 11-3-23
Tlm724 Administrator Bondlady’s Corner
Advisor To The Prime Minister: Launching The (Visa Direct) Service Will Contribute To Reducing The Exchange Rate
Economy Baghdad - IA - Hassan Al-Fawaz Today, Friday, Fadi Al-Shammari, Advisor to the Prime Minister, Fadi Al-Shammari, considered the launch of the “Visa Direct” service for transferring money abroad a successful step that will facilitate the work of small merchants, stressing that it will contribute to reducing the exchange rate in the parallel market, and the procedures take only 5 minutes.
Al-Shammari told the Iraqi News Agency (INA):
“The launch of banking work during the era of the current government is taking place with a new vision and modern mechanisms, and First Bank of Iraq is the first bank to launch the direct financial transfer service digitally through the (Visa Direct) service.” He added,
"This development is a major achievement that is linked in one way or another with the strategic vision held by the government and launched by the Prime Minister in financial, banking and economic management, and
is also consistent with the new directions of the Central Bank in the process of re-evaluating, restructuring, organizing and maturing the banking work in Iraq, and
we are now witnessing the start of "It will have a significant impact on the commercial and banking reality in Iraq."
He continued, "We hope that citizens will interact with this banking service, which will contribute to cutting off speculators in the black market, and the
Visa Direct service will include many small merchants and will help them access a clear, explicit, official, and legal platform to transfer money abroad easily and conveniently, from account to account, at the official exchange rate." He pointed out that
"this service will contribute to a decrease in the exchange rate in the parallel market within the framework of ongoing government work to regulate banking work."
Earlier, the Central Bank of Iraq announced the launch of the “Visa Direct” service to facilitate financial transfers, in coordination with the international company “Visa” and cooperation with the First Bank of Iraq.
The bank confirmed that the “Visa Direct” service is for direct financial transfer to the bank’s customers in Iraq, and it was launched digitally for the first time through a special application, and
every customer in the First Iraq Bank (FIB) can transfer five million dinars daily, and 13 million dinars monthly, which will be calculated at a price. Official exchange.
Central Bank Governor Ali Al-Alaq said during his speech at the service launch conference:
“The Visa Direct tool came at the right time to facilitate transfer operations, especially simple transfers at the citizen level.”
He stated, “This tool facilitates the demand for foreign currencies, and we are trying to expand access to these currencies in easy ways,” stressing,
“The issue of foreign transfers, selling the dollar, and the exchange rate are fundamentally linked to employing as many electronic tools as possible.” https://www.ina.iq/196636--.html
Al-Mandalawi: The Next Stage Will Witness A Process Of Modernizing The Foundations Of Life In Baghdad
Political Baghdad – IA The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, confirmed today, Friday, that the next stage will witness a process of modernizing the foundations of life in Baghdad.
The media office of the First Deputy Speaker of the House of Representatives said in a statement received by the Iraqi News Agency (INA):
“Al-Mandalawi stressed that the areas south of Baghdad deserve greater attention in terms of services and infrastructure development, and utmost efforts must be made to achieve this.”
During his meeting with a number of sheikhs and notables from the regions of southern Baghdad - Mahmoudiyah district, according to the statement,
Al-Mandalawi stressed “the necessity of working hard to eliminate the service and urban disparities between cities and regions located on the outskirts,” stressing,
“his daily follow-up of the process of providing services to citizens and monitoring the implementation of development projects for the budget.” "With those concerned."
He added, "The basis is providing public services to citizens," pointing out that "the next project will witness a process of modernization of all the foundations of life in Baghdad and its various regions." https://www.ina.iq/196650--.html
After Meeting With Macron.. Barzani: The Region’s Oil Exports Have Stopped Technical, Not Political
Time: 11/03/2023 Read: 325 times {Politics: Al-Furat News} The President of the Kurdistan Region, Nechirvan Barzani, announced that stopping the export of the region’s oil caused Iraq to lose $5 billion, indicating that the resumption of oil exports depends on Baghdad.
Barzani said in a press conference, held today, Friday, after the end of his meeting with French President Emmanuel Macron in Paris, that “the resumption of oil exports depends on Baghdad,” adding: “I do not say that the failure to resume oil exports is a political issue, but rather a technical issue,” explaining that “stopping the export of oil The Kurdistan region caused Iraq to lose $5 billion.”
He added, "Not exporting oil harms not only the Kurdistan region but all of Iraq," expressing the hope that Baghdad will look at the issue in the same way and "find an appropriate solution for it."
Regarding his meeting with Macron, the President of the Kurdistan Region explained: “We had a good meeting with President Macron,” stressing that “France was a major supporter of Iraq.”
Barzani noted that “President Macron expressed his readiness to help solve the problems between Erbil and Baghdad,” pointing out that an invitation was extended to President Macron to visit the Kurdistan Region, and he will visit the Kurdistan Region.
Nechirvan Barzani noted that "there is no excuse left for Baghdad not to send salaries to the Kurdistan Region," stressing that "the Kurdistan Regional Government provided the data to Baghdad transparently," referring to the data of Kurdistan Region employees. LINK
Stability Of Oil Prices In Global Markets
Economy | 03/11/2023 Follow-up - Mawazine News There was little change in oil prices today, Friday, but they are heading to record a second consecutive week of losses with the US Central Bank leaving the door open to possible increases in interest rates in the future, as well as declining fears that the conflict in the Middle East could lead to... to disruption in supplies.
Brent crude futures rose six cents to $86.91 per barrel, while US West Texas Intermediate crude futures increased 12 cents, or 0.2%, to $82.58 per barrel.
The two benchmark crude oil rose by more than $2 a barrel yesterday, Thursday, and Brent is heading to record a decline of about 4% this week, while West Texas Intermediate crude is heading to close down 3.5%. Ended https://www.mawazin.net/Details.aspx?jimare=237208
This Month...The Central Bank Launches The Financial Sustainability Map
The second and third 11/02/2023 Baghdad: Rula Wathiq This month, the Central Bank launches a financial sustainability map in cooperation with international institutions.
Bank Governor Ali Al-Alaq told Al-Sabah:
The map, which is based on financial sustainability, was designed to manage environmental and social risks, noting that it will clarify the directions that the bank will take related to the awareness and educational aspect, as well as risk management and sustainable financing. He pointed out that
the map will support financial inclusion, including the Bank’s initiatives in supporting small and medium enterprises that are being adapted or pushed towards being consistent with what we aspire to, taking into account the environmental and social aspects, pointing out that
Iraq can address the backwardness of industry, agriculture, and the economy by developing them according to modern foundations and standards using methods. Which leads to achieving this purpose. Al-Alaq pointed out that
the factors for regulating trade are not achieved with the diversification of the economy and the provision and support of projects that operate within this framework, with the presence of chaos in them and the lack of control over this large activity that is drowning the country, undermining the opportunities for growth and development, and expanding the production base in a large and frightening manner, in addition to the fact that it introduces a lot of Goods that lack many health and environmental specifications and standards.
He added that financing is a complementary link when appropriate conditions are available, as happened with the launch of an initiative to lend for the use of clean energy, especially at the household level in the use of solar cells, indicating that we do not find any interest in this initiative, which forces us to review other factors related to the awareness process, as The vast majority of citizens do not have an adequate understanding of the benefits these cells bring on the personal and environmental levels.
https://alsabaah.iq/86616-.html
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points to Ponder on DREAMS:
Expect your every need to be met, Expect the answer to every problem, Expect abundance on every level, Expect to grow spiritually - Ellen Caddy - The Dawn of Change
Expect the best: Convert problems into opportunities; Be dissatisfied with the status quo: Focus on where you want to go, instead of where you're coming from; and most importantly, Decide to be happy, knowing it's an attitude, a habit gained from daily practice, and not a result or payoff - Dennis Waitley - The Winners Edge
When you are inspired by some great purpose - some extraordinary project - all your thoughts break their bonds - your mind transcends limitations - your consciousness expands in every direction -- and you find yourself in a new, great and wonderful world -- Dormant forces, faculties and talents become alive, and you discover yourself to be a greater person by far than you ever dreamed yourself to be - Patanjali
Trials are but lessons that you failed to learn presented once again - so where you made a faulty choice before you can now make a better one - and thus escape all pain that what you chose before has brought to you - A Course in Miracles
Your pain is the breaking of the shell that encloses your understanding - Kahlil Gibran
Take heart - truth and happiness will get you in the end -- You can't lose in this game - have fun -- It goes on too long to be taken seriously "all" the time -- John & Lyn St Clair Thomas - Eyes of the Beholder
Goldilocks' Comments and Global Economic News Friday Evening 11-3-23
Goldilocks' Comments and Global Economic News Friday Evening 11-3-23
Good evening Dinar Recaps,
"SEC Finalizes Rule on Security-Based Swaps Trading Venues"
The delayed Dodd-Frank-era measures outlines and registration rules. After careful analysis, there were about five firms expected to have to register with agency.
Conclusion: "The US Securities and Exchange Commission (LINK BELOW) has released final rules for security-based swaps trading platforms, giving them the green light to register with the agency." This allows security based swaps to flow freely through all the firms with transparency in foreign currency exchanges.
Goldilocks' Comments and Global Economic News Friday Evening 11-3-23
Good evening Dinar Recaps,
"SEC Finalizes Rule on Security-Based Swaps Trading Venues"
The delayed Dodd-Frank-era measures outlines and registration rules. After careful analysis, there were about five firms expected to have to register with agency.
Conclusion: "The US Securities and Exchange Commission (LINK BELOW) has released final rules for security-based swaps trading platforms, giving them the green light to register with the agency." This allows security based swaps to flow freely through all the firms with transparency in foreign currency exchanges.
There are three steps to the finalization of a rule. This is the third one, and it was given the green light to move forward. (https://www.bloomberg.com/quote/13165Z:US)
This does not mean you and I will go in at the push of a button. These firms are still organizing themselves, registering with the SEC, and preparing for new changes taking place.
© Goldilocks
Bloomberg Link
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Executive Order Announcement:
On October 29, the Biden Administration issued a broad Executive Order (Order) on artificial intelligence (AI). Titled “Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence,” the Order establishes guidelines for AI safety and security, aims to shield Americans’ data privacy, and emphasizes equity and civil rights.
As stated by the White House in its Fact Sheet about the Order, the Order “stands up for consumers and workers” while fostering innovation and competition.
ConsumerFinanceMonitor Link
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AFME and Deloitte release post-trade inefficiencies paper.
The Association for Financial Markets in Europe (AFME) and Deloitte have published a report detailing the causes of settlement fails in the EU securities market. They offer a number of recommendations on how post-trade processes could be made more efficient. AssetServicingTimes Link
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Riding the Wave: Tokenization Takes Center Stage in Crypto's 2023 Resurgence Securities.io Link
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Coinbase crypto futures for retail US traders goes live, includes 'nano' bitcoin trading The Block Link
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Banking Announcements on AI:
Integration of AI, Fintech, ESG Gets Underway
By Jill Wong, Regulation Asia Published on 31st October 2023
The financial industry is accelerating its interest around three main themes - fintech, ESG and AI.
Regulation Asia Link
G7 Nations Agree on Code of Conduct for AI Systems
By Editors, Regulation AsiaPublished on 31st October 2023
The code of conduct for AI developers seeks to promote the development of “secure and trustworthy” AI systems internationally. RegulationAsia Link
White House Issues Executive Order to Regulate AI
By Sanday Chongo Kabange, Regulation AsiaPublished on 31st October 2023
The executive order sets out new standards for AI safety and requirements for developers and users of AI systems. RegulationAsia Link
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CFPB Proposes Rule Granting Consumers Greater Access to and Control Over Their Financial Data | Jaburg Wilk JDSupra Link
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Wall Street regulator adopts new rules for swap trading facilities Reuters Link
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Saudi Arabia is engaged in ongoing discussions with Pakistan to purchase a portion of the government's stake in a $7 billion copper project, which is co-owned with Barrick Gold
The second-largest gold producer
The Kingdom is increasingly hunting for metal assets.
A trend...
Read: https://twitter.com/GoldTelegraph_/status/1720483410098188506
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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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What execs are saying about bank-fintech partnerships Banking Dive Link
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https://twitter.com/Rohitku24694375/status/1720435109097312605?t=YQhtCa8GVMFYnfczq77ptw&s=35
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1 Minute All 7 Chakras Quick Cleanse | Meditative Mind #shorts
https://youtube.com/shorts/1558rHJqOyw?feature=shared
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Thank you Dinar Recaps
Friday Night "Tidbits From TNT" 11-3-2023
TNT:
Tishwash: Oil deals"... Iraqi steps to get out of America's influence towards Russia and China
The British “Oil Price” website stated that Iraq is increasingly moving away from the influence of the United States, through energy deals with Moscow and Beijing, pointing to Iraq’s recent decision to increase its oil production, and to supply this additional increase to China, and that the summit between the President Minister Muhammad Shiaa Al-Sudani and Russian President Vladimir Putin discussed the issue of resuming the export of the region's oil.
Shafaq News Agency translated the report of the British website specialized in energy news, which indicated that in light of the current primary focus of the United States in the Middle East on trying to prevent the expansion of the war between Israel and Hamas, China and Russia are busy strengthening their influence in other locations in the region, including Recently in Iraq.
TNT:
Tishwash: Oil deals"... Iraqi steps to get out of America's influence towards Russia and China
The British “Oil Price” website stated that Iraq is increasingly moving away from the influence of the United States, through energy deals with Moscow and Beijing, pointing to Iraq’s recent decision to increase its oil production, and to supply this additional increase to China, and that the summit between the President Minister Muhammad Shiaa Al-Sudani and Russian President Vladimir Putin discussed the issue of resuming the export of the region's oil.
Shafaq News Agency translated the report of the British website specialized in energy news, which indicated that in light of the current primary focus of the United States in the Middle East on trying to prevent the expansion of the war between Israel and Hamas, China and Russia are busy strengthening their influence in other locations in the region, including Recently in Iraq.
The report considered that enhancing this influence is still a major goal for Beijing and Moscow by expanding their Iraqi presence for three main reasons, the first of which is that Iraq can easily become the largest producer of crude oil at the global level within a relatively short period of time if the rampant corruption in the oil sector is reduced. And gas.
The second reason, according to the report, is Iraq’s geographical location in the heart of the Middle East, making it a vital link in establishing a network of logistical communications from Eastern Eurasia to Western Europe.
Regarding the third reason, the report stated that Iraq, along with Iran, under whose permanent influence it operates, constitutes the spiritual, political, military and cultural core of the Shiite Crescent, adding that there was a wave of activity during the past two weeks that included Iraq, Russia and China, confirming the seriousness of continuing all these plans.
The report explained that plans to increase Iraq's oil production and then send this additional production to China witnessed an acceleration, especially during the Council of Ministers meeting last week headed by Muhammad Shiaa Al-Sudani.
The report quoted a high-level source working closely with the Iraqi Oil Ministry as saying that the Iraqi Council of Ministers agreed to increase crude oil exports to China by 50%, raising it from 100,000 barrels per day to 150,000 barrels per day, adding that it was also agreed to enhance The daily production capacity of the largest oil fields in Rumaila, whose partners include BP (47.6%), the China National Petroleum Corporation (46.4%), and the State Oil Marketing Corporation (6%), increased from 1.3 million barrels per day to 1.4 million barrels per day by the end of the year. Present.
The report pointed out that these steps represent part of Iraq’s plan to increase its oil production to reach 8 million barrels per day by the year 2028, adding that there is no main reason for not achieving such an increase and even reaching up to 12 million barrels per day, which is a possible production given Iraq’s resources. Oil, but the only obstacle here is the rampant corruption in the oil and gas sector, which has hindered this progress for years.
The report also indicated that at the same meeting of the Iraqi government last week, it was also agreed that Iraq should provide its full support for the implementation of all aspects of the “Framework Agreement between Iraq and China” signed in December 2021, adding that this agreement is very similar to In terms of its scope and size, with the “Comprehensive Cooperation Agreement between Iran and China for 25 years.”
The report continued that the main part of both agreements is that China has the right of first refusal on all oil, gas and petrochemical projects that will be proposed in Iraq for the duration of the deal, and that it is granted at least 30% of all oil, gas and petrochemical projects that it purchases.
The report added that the other main part of the framework agreement between Iraq and China allows Beijing to build factories throughout the country, with the consequent creation of infrastructure related to projects that also serves the “Belt and Road Initiative”, including railway lines under the supervision of its corporate employees. Chinese present on the ground in Iraq.
The report explained that the railway infrastructure in Iraq will be completed after the completion of the network in Iran, which began in earnest in late 2020 with an electricity contract related to the 900-kilometre main railway linking Tehran to the northeastern city of Mashhad. He added that plans have been drawn up to establish a high-speed train line between Tehran, Qom and Isfahan and to expand this developed network to the northwest via Tabriz, which is considered the headquarters of many major sites related to oil, gas and petrochemicals, and the starting point for the Tabriz-Ankara gas pipeline - which will be a focal point for the Silk Road. The new 2,300-kilometre-long project connects Urumqi (the capital of China's western Xinjiang province) to Tehran, and will connect Kazakhstan, Kyrgyzstan, Uzbekistan and Turkmenistan, before reaching Europe via Turkey.
The report quoted an Iraqi source as saying that, given the size and scope of the infrastructure that will be developed, there will be a heavy presence of Chinese “security” personnel in major projects throughout Iraq, adding that these elements will also be supported by security personnel associated with the participating Iranian companies. It is also in Chinese-Iraqi projects, especially those affiliated with the giant Khatam al-Anbiya Company, which is controlled by the Iranian Revolutionary Guard.
The report considered that the extensive presence of Iranian companies that maintain a large number of Revolutionary Guard forces inside Iraq, such as Khatam al-Anbiya, would allow Iran to continue its long-term plan to establish a strategic “land bridge” to the Mediterranean coast in Syria.
He continued that other employees of the state-owned Russian company "Rosoboro Nexport", which monopolizes all dual-use military products, services and technologies, appear at all major infrastructure development sites in Iraq.
The report concluded by indicating the existence of long-term plans by Russia (along with China) to control a unified Iraq, including the Kurdistan Region. He recalled the meeting held on October 11 between Iraqi Prime Minister Muhammad Shia al-Sudani and Russian President Vladimir Putin in Moscow, where they spoke generally about developing the Iraqi oil sector and the presence of Russian oil companies in it.
But the report considered that the reality, according to what an Iraqi source working closely with the Iraqi Ministry of Oil said, indicates that the discussions also included the future of oil exports from the Kurdistan Region to Turkey, in which the giant Russian oil company, Rosneft, plays a major role, given its control. Effective on a large part of the region's oil since 2017. He added that after 3 days, a meeting was held between the Minister of Energy and Oil, Hayyan Abdul-Ghani, with the head of the Russian "Gazprom" oil company, Alexander Dyukov, to discuss future oil and gas projects in southern and northern Iraq. link
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Tishwash: Tomorrow, Baghdad will host a conference for 85 ambassadors and heads of Iraqi political and consular missions abroad.
The seventh edition of the Iraq Ambassadors Conference will begin tomorrow, Saturday, in the capital, Baghdad.
The official spokesman for the Ministry of Foreign Affairs, Ahmed Al-Sahhaf, said in a statement received by Shafaq News Agency, “The conference is titled “Iraqi Diplomacy, Balanced International Relations and Sustainable Economic Development,” for the period 4-8 November 2023, with the participation of (85) Iraqi ambassadors and heads of political and consular missions. Iraqi abroad.
Al-Sahhaf explained, “The conference aims to present a developed agenda for Iraqi diplomacy, which will be reflected in more presence and effectiveness of foreign policy, activating Iraq’s role in Arab, regional and international organizations and strengthening relations with countries on the basis of the principle of mutual respect and achieving common interests. The conference is an in-depth opportunity to exchange views with the aim of Implementing the priorities of the government program and intensifying diplomatic work with various parties.” ink
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Tishwash: It takes 5 minutes.. Sudanese advisor: Launching the (Visa Direct) service will contribute to reducing the exchange rate
Today, Friday, Fadi Al-Shammari, Advisor to the Prime Minister, Fadi Al-Shammari, considered the launch of the (Visa Direct) service for transferring money abroad a successful step that will facilitate the work of small merchants, stressing that it will contribute to reducing the exchange rate in the parallel market and its procedures take only 5 minutes.
Al-Shammari added, "The launch of banking work during the era of the current government is taking place with a new vision and modern mechanisms, and First Bank of Iraq is the first bank to launch a direct financial transfer service digitally through the (Visa Direct) service."
Today, Friday, Fadi Al-Shammari, Advisor to the Prime Minister, Fadi Al-Shammari, considered the launch of the (Visa Direct) service for transferring money abroad a successful step that will facilitate the work of small merchants, stressing that it will contribute to reducing the exchange rate in the parallel market, and the procedures take only 5 minutes.
Al-Shammari told the official agency, followed by (Al-Oula News): “The launch of banking work during the era of the current government is taking place with a new vision and modern mechanisms, and First Bank of Iraq is the first bank to launch a direct financial transfer service digitally through the (Visa Direct) service.”
He added, “This development is a major achievement that is linked in one way or another with the strategic vision held by the government and launched by the Prime Minister in financial, banking and economic management, and is also consistent with the new directions of the Central Bank in the process of re-evaluating, restructuring, organizing and maturing banking work in Iraq, and we are now witnessing the start of “It will have a significant impact on the commercial and banking reality in Iraq.”
He continued, “We hope that citizens will interact with this banking service, which will contribute to cutting off speculators in the black market, and the Visa Direct service will include many small merchants and will help them access a clear, explicit, official, and legal platform to transfer money abroad easily and conveniently, from account to account, at the official exchange rate.”
He pointed out that “this service will contribute to a decrease in the exchange rate in the parallel market within the framework of ongoing government work to regulate banking work.”
Earlier, the Central Bank of Iraq announced the launch of the “Visa Direct” service to facilitate financial transfers, in coordination with the international company “Visa” and cooperation with the First Bank of Iraq.
The bank confirmed that the “Visa Direct” service is for direct financial transfer to the bank’s customers in Iraq, and it was launched digitally for the first time through a special application, and each customer in the First Iraq Bank (FIB) can transfer five million dinars daily, and 13 million dinars monthly, which will be calculated at a price. Official exchange.
Central Bank Governor Ali Al-Alaq said during his speech at the service launch conference: “The Visa Direct tool came at the right time to facilitate transfer operations, especially simple transfers at the citizen level.”
He stated, “This tool facilitates the demand for foreign currencies and we are trying to expand access to these currencies in easy ways,” stressing that “the issue of foreign transfers, selling the dollar, and the exchange rate are fundamentally linked to employing as many electronic tools as possible.” link
Mot: .... Yea!!! -- Splain that!!!
Mot: ... Patience - Opal ....
Iraq News Highlights and Points to Ponder Friday Afternoon 11-3-23
Iraqi News Highlights and Points to Ponder Friday Afternoon 11-3-23
A List Of The Countries That Receive The Most American Aid.. Iraq Is Ranked Second
International 1,122 views Alsumaria News – International Afghanistan has topped the list of countries receiving the most US aid since 2000, with a total of $144 billion, according to the US Agency for International Development and the State Department.
The data showed that Iraq came in second place with aid amounting to 91 billion dollars, then Israel with about 84 billion dollars, while the American aid that Egypt has received since the beginning of the 21st century amounted to about 44 billion dollars, and Ukraine received aid from the]United States amounting to 32 billion dollars
Iraqi News Highlights and Points to Ponder Friday Afternoon 11-3-23
A List Of The Countries That Receive The Most American Aid.. Iraq Is Ranked Second
International 1,122 views Alsumaria News – International Afghanistan has topped the list of countries receiving the most US aid since 2000, with a total of $144 billion, according to the US Agency for International Development and the State Department.
The data showed that Iraq came in second place with aid amounting to 91 billion dollars, then Israel with about 84 billion dollars, while the American aid that Egypt has received since the beginning of the 21st century amounted to about 44 billion dollars, and Ukraine received aid from the]United States amounting to 32 billion dollars. 2023-11-03 | 1,122 views LINK
Decreased Smuggling Of Petroleum Products To The Kurdistan Region By 90%... 3 Strategies
Local Today 11:20 Al-Ma’louma/ Diyala.. A security source confirmed, on Friday, that the smuggling of petroleum products to the Kurdistan region will decline by 90% during 2023.
The source said in an interview with “Al-Ma’louma/,” that “the law enforcement operation in Diyala, which began last March, adopted an important axis, which is addressing "The file of smuggling of all kinds, especially petroleum products, has been a source of concern, especially with the recurrence of crises."
He added, "Three strategies were adopted on the land roads between Diyala and the Kurdistan region, the most important of which are the checkpoints and the closure of all breezeways in the countryside overlapping the administrative borders, which contributed to the decline of the smuggling file by up to 90%."
He pointed out that "addressing the smuggling issue led to creating flexibility in providing fuel, in addition to cutting off any attempts at smuggling from the rest of the governorates through the Diyala roads to the region, given the severe damage it causes."
The smuggling of petroleum products caused severe harm in Diyala by creating crises and repeating long queues in front of gas stations. End 25 F LINK
Security Forces Tightened Their Procedures In Central Baghdad And Installed Large Screens To Broadcast Hassan Nasrallah's Speech
2023-11-03 Shafaq News / A security source reported, on Friday, that the Iraqi security forces had tightened their security measures in Tahrir Square in the center of the capital, Baghdad.
The source told Shafaq News Agency, "The security forces tightened their security measures within Tahrir Square, as dozens of protesters began arriving to the square, and a large screen was set up to watch Hassan Nasrallah's speech."
A segment of Iraqis are awaiting the expected speech by the Secretary-General of the Lebanese Hezbollah, Hassan Nasrallah, regarding the development of the current events in the Gaza Strip and the war against Israel. LINK
Washington Approves A Deal To Sell Military Equipment To Iraq Worth $300 Million
Security |Baghdad today - follow-up Today, Friday (November 3, 2023), the United States of America agreed to sell military equipment to Iraq worth $300 million.
The Pentagon said, "The State Department has approved the planned sale of logistical support and related equipment for Bell helicopters to Iraq."
She added that the deal would cost an estimated $300 million, noting that "the company's Textron unit is the main contractor for weapons."
Earlier, the American “Business Insider” website reported that there are four deals to purchase air fighters that may take place with countries in the Middle East, including Iraq, that would reshape the region’s largest armies, which for decades have been importing advanced warplanes in large numbers and were destroyed in some cases. Often record numbers in their purchases.
The report stated, "Iraq was conducting negotiations regarding 14 Rafale aircraft, and if completed, the deal would represent the first time that Baghdad had purchased combat aircraft from France since the former regime requested 133 Mirage F1 aircraft in the 1970s and 1980s."
The report pointed out that Iraq received its first F-16 aircraft in 2015, and they became the backbone of the Iraqi Air Force, but within five years, the future of these aircraft became questionable due to maintenance problems and technical aspects. LINK
Al-Rasheed Bank: Applying To Purchase Dollars For Travelers Is Done Through Our Official Website
Economy 2023/11/03 10:45 Number of readings: 87 Baghdad - Iraq Today: Al-Rasheed Bank confirmed that applications to purchase dollars for travelers are made through its official website.
The bank said in a statement, “Travelers wishing to obtain the dollar must enter the bank’s official website and apply via the link through the form designated for this purpose.”
He added, "Applications must adhere to the review deadline. Otherwise, the application will be canceled if they do not review the branch within the specified time." LINK
Advisor To The Prime Minister: There Is No Shortage Of Currency Liquidity, And The Government Is Very Careful About Two Things
Baghdad Today – Baghdad Today, Thursday (November 2, 2023), the advisor to the Prime Minister, Amer Al-Adad, denied that there was a shortage of financial liquidity in hard currency with the government.
Al-Adad said in a televised statement followed by "Baghdad Today", "Money is available, including hard currency, through oil sales and the central bank's currency auction."
He explained, "Electronic payment points allow a person to pay with an electronic payment card at points of sale in order to increase the transparency of the movement of money in the country and preserve public money. It is part of a larger program to shift to electronic banking and bring savings from homes to the banking system."
He added, "At this stage, the number of electronic payment cards in Iraq may range between 7 to 9 million cards, and we expect it to grow further with the imposition of collecting fees. We are in a transitional period so as not to confuse the market, after which the electronic payment system will be emphasized."
Al-Adad stated, "The economic reforms in the current government are characterized by seriousness and follow-up. In the reform program, we found that the targets do not match the goals, and we set new targets for each goal."
He stressed, "Collection is the duty of the state; but this type of contract has been transferred to the private sector, and the experience of electronic collection of electricity has been largely successful and this has been proven in Anbar, and investment depends on reforming the banking system."
He pointed out that "the government of Muhammad Shiaa Al-Sudani is very cautious regarding the issue of the people's assets, lands, and residential complexes, and is working on a real plan to support prices."
Provoking Points to Ponder on Difficulty:
Difficulty is the soil in which all manly and womanly qualities best flourish; and the true worker, in any sphere; is continually coping with difficulties -- His very failures, throwing him upon his own resources, cultivate energy and resolution; his hardships teach him fortitude; his successes inspire self-reliance -- W Matthews
It cannot be too often repeated that it is not helps, but obstacles, not facilities, but difficulties that make men -- W Matthews
Difficulties strengthen the mind, as labor does the body -- Seneca
There is no merit where there is no trial; and till experience stamps the mark of strength, cowards may pass for heroes, and faith for falsehood -- A Hill
The greater the obstacle, the more glory we have in overcoming it; the difficulties with which we are met are the maids of honor which set off virtue -- Moliere
Difficulties show men what they are - In case of any difficulty God has pitted you against a rough antagonist that you may be a conqueror, and this cannot be without toil -- Epictetus
Our energy is in proportion to the resistance it meets -- We attempt nothing great but from a sense of the difficulties we have to encounter; we preserve in nothing great but from a pride in overcoming them -- Hazlitt
There are difficulties in your path - Be thankful for them -- they will test your capabilities of resistance; you will be impelled to persevere from the very energy of the opposition -- But what of him that fails? - what does he gain? Strength for life -- the real merit is not in the success but in the endeavor and win or lose -- he will be honored and crowned -- W M Punshon
"Tidbits From TNT" Friday 11-3-2023
TNT:
CandyKisses: Iraq extends Russian Lukoil's contract for more than 20 years
Baghdad - Iraq Today:
The Russian company Lukoil announced on Thursday (November 2, 2023) the signing of a supplementary agreement with Basra Oil on the West Qurna 2 oil field, which included extending the service contract for a period of 10 years until 2045, and pumping investments for further development work and increasing production from the field.
The company's statement explained that the agreement will lead to a gradual doubling of the field's capacity to reach 800,2 barrels per day, which will allow to increase the economic efficiency of the West Qurna <> project.
He also noted that the field's development plan includes the operation of multi-well drilling rigs, the commissioning of oil and gas processing facilities to form the Yamamah and the construction of export pipelines.
TNT:
CandyKisses: Iraq extends Russian Lukoil's contract for more than 20 years
Baghdad - Iraq Today:
The Russian company Lukoil announced on Thursday (November 2, 2023) the signing of a supplementary agreement with Basra Oil on the West Qurna 2 oil field, which included extending the service contract for a period of 10 years until 2045, and pumping investments for further development work and increasing production from the field.
The company's statement explained that the agreement will lead to a gradual doubling of the field's capacity to reach 800,2 barrels per day, which will allow to increase the economic efficiency of the West Qurna <> project.
He also noted that the field's development plan includes the operation of multi-well drilling rigs, the commissioning of oil and gas processing facilities to form the Yamamah and the construction of export pipelines.
CandyKisses: Middle Eastern summit. The Elysee hosts today the Macron-Nechirvan Barzani meeting
Shafaq News / The Elysee Palace will host a meeting between French President Emmanuel Macron on Friday afternoon, and Kurdistan Regional President Nechirvan Barzani.
Today's meeting will be the first of its kind hosted by the Elysée between Macron and a Middle Eastern official and will include a consultation on the accelerating developments underway in Iraq, in light of the repercussions of the war between Israel and Hamas, which raises growing fears of its regional spread, also affecting Iraq.
On Thursday, Barzani arrived in Paris at an official invitation from French President Emmanuel Macron.
In turn, the Presidency of the Kurdistan Region explained in a statement that President Nechirvan Barzani will discuss during his meeting with President Macron at the Elysee Palace French relations with Iraq and the Kurdistan Region and the development of joint cooperation, and the situation in Iraq and the region in general.
It is noteworthy that this is the fourth official visit by Nechirvan Barzani since assuming the presidency of the Kurdistan Regional Government in its previous session, and the presidency of the region in its current session.
The French president was scheduled to visit Iraq to attend the "third Baghdad Conference", which was scheduled to be held at the end of October, but the postponement of its meeting until further notice prevented this.
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Tishwash: Macron will visit Iraq at the end of this month
The Ambassador of the Republic of Iraq to France, Wadih Batti, revealed that French President Emmanuel Macron will visit Iraq at the end of this November, indicating that this visit will be followed by a visit by the French Minister of Defense as well.
Ambassador Petit said, "We have an expected visit at the end of this month by French President Emmanuel Macron to Iraq, followed by the visit of the French Minister of Defense to Iraq," indicating that "all these events confirm that we are moving in the right direction by moving Iraqi and French relations to higher levels."
Wadih Batti explained that “a simple look at what happened during the past 10 months can give us an indication of the great escalation that occurred in Iraqi-French relations in general,” adding that “the visits taking place between the two countries are high-level visits, starting with the visit of the President The ministers went to Paris and signed the strategic partnership treaty, then the visit of the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, then the visit of the President of the Supreme Judicial Council, Faiq Zaidan, the visit of Foreign Minister Fouad Hussein, and the Minister of Justice Khaled Shawani, in addition to technical visits by Iraqi delegations to Paris, and 3 weeks ago there were We have an important visit from the Speaker of the Iraqi Parliament, Muhammad al-Halbousi, and today we receive His Excellency President Nechirvan Barzani.”
He pointed out that "this level of visits represented by the three Iraqi presidencies, in addition to the presidency of the Kurdistan Region and its government, indicates the presence of heat and tension in relations, and we have come a long way even in the field of strategic projects, including the project to sign the Total contract, and we have an important contract that will be signed with Thales this week." Next, in addition to major activities carried out by the French Development Agency in Iraq.”
He noted that "there is cooperation at the educational and university levels, and we signed 6 memorandums in the field of education and even in the field of integrity and drug control, diplomatic training and cooperation to train judges," pointing out that "all these steps mean that we are trying to give a dose to all aspects of the relationship."
Regarding Total, the Iraqi ambassador to France stated that “there were discussions, because it is not a small project, but rather includes 4 projects and its value is tens of billions of dollars, so it needs discussions, and there may be technical matters that were overcome in the dispute, and the agreement was signed.”
As for Mosul Airport or other projects, he said, “There is a great opportunity for French companies, and we indicated in the symposium that we held two weeks ago that the door is open and wide, and we encourage them to enter the Iraqi market and rearrange their cards in a way that enables them to compete with other companies that are entering.” Iraqi market.
French President Emmanuel Macron had previously visited Iraq in early September 2020, coming from Lebanon, on an official visit, and at that time Macron was the first head of state to visit Iraq since the formation of Mustafa Al-Kadhimi’s government.
French President Emmanuel Macron also visited Iraq in late August 2021. link
Mot: . Allllllll Toooooo Sooooooooon!!!!
Mot: . Ooooooooon Noooooooooo!!!
Iraq Economic News and Points to Ponder Late Thursday Evening 11-2-23
Iraq Economic News and Points to Ponder Late Thursday Evening 11-2-23
Tlm724 Administrator Bondlady’s Corner
Hoarded Money And Stimulating Depositors
Economic 11/01/2023 Yasser Al-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..
Iraq Economic News and Points to Ponder Late Thursday Evening 11-2-23
Tlm724 Administrator Bondlady’s Corner
Hoarded Money And Stimulating Depositors
Economic 11/01/2023 Yasser Al-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 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. 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
This Month...The Central Bank Launches The Financial Sustainability Map
The second and third 11/02/2023 Baghdad: Rula Wathiq This month, the Central Bank launches a financial sustainability map in cooperation with international institutions.
Bank Governor Ali Al-Alaq told Al-Sabah:
The map, which is based on financial sustainability, was designed to manage environmental and social risks, noting that it will clarify the directions that the bank will take related to the awareness and educational aspect, as well as risk management and sustainable financing. He pointed out that
the map will support financial inclusion, including the Bank’s initiatives in supporting small and medium enterprises that are being adapted or pushed towards being consistent with what we aspire to, taking into account the environmental and social aspects, pointing out that
Iraq can address the backwardness of industry, agriculture, and the economy by developing them according to modern foundations and standards using methods.
Which leads to achieving this purpose. Al-Alaq pointed out that the factors for regulating trade are not achieved with the diversification of the economy and the provision and support of projects that operate within this framework, with the presence of chaos in them and the lack of control over this large activity that is drowning the country, undermining the opportunities for growth and development, and expanding the production base in a large and frightening manner, in addition to the fact that it introduces a lot of Goods that lack many health and environmental specifications and standards.
He added that financing is a complementary link when appropriate conditions are available, as happened with the launch of an initiative to lend for the use of clean energy, especially at the household level in the use of solar cells, indicating that we do not find any interest in this initiative, which forces us to review other factors related to the awareness process, as The vast majority of citizens do not have an adequate understanding of the benefits these cells bring on the personal and environmental levels.
The Financial Intermediary And Its Importance In The Modern Economy
News source/ newsroom The financial intermediary is one of the basic elements in the modern financial system, as it mediates between investors and dealers in the financial markets.
The financial intermediary plays a vital role in facilitating financial operations and balancing the supply and demand of financial resources.
The functions of a financial intermediary include providing various financial services, such as brokering purchases and sales, providing financial advice, managing investment portfolios, executing orders, issuing securities, and providing economic and financial research and analysis.
The ADSS trading broker acts as a link between investors and dealers, as it contributes to facilitating and organizing buying and selling operations and directing funds to appropriate investment channels.
Types of financial intermediaries range from banks and investment companies to brokerage firms, investment funds and financial agencies.
The financial broker is considered to have experience and deep knowledge of financial markets and various financial products, which enables him to provide financial and investment advice to investors and provide specialized financial services according to their individual needs.
The importance of the financial intermediary in the modern economy is invaluable, as it contributes to enhancing trust and transparency in financial markets and achieving financial stability.
A financial intermediary acts as a neutral intermediary between different parties, protecting the interests of investors and ensuring that transactions are executed with credibility and integrity.
Thanks to the role of financial intermediary, financial markets are stimulated and their liquidity increases, which enhances economic development and contributes to job creation and investment development.
A financial intermediary also provides opportunities for investors to access global financial markets, diversify their investment portfolios and achieve financial returns.
In other aspects, the financial intermediary plays an important role in directing savings and available funds towards the most effective investments suitable for investors' goals.
The financial intermediary provides financial analyzes and recommendations based on research and accurate financial information, which helps investors make informed and informed investment decisions.
In addition, the financial intermediary provides protection and guarantees to traders in the financial markets.
A financial intermediary uses financial tools and mechanisms to reduce risks and protect investors from severe market fluctuations, manipulation and financial fraud.
In general, the importance of the financial intermediary can be summarized in the following points:
1. Facilitating financial operations: The financial broker facilitates buying and selling operations and executing financial orders smoothly and effectively, which saves time and effort for investors.
2. Providing specialized financial services: The financial broker provides various financial services, such as financial consulting and investment portfolio management, which helps investors achieve their financial goals.
3. Increase transparency and trust: The financial intermediary works to improve the transparency of financial markets and provide accurate and reliable information to investors, which enhances confidence and protects their rights.
4. Achieving financial stability: The financial intermediary plays a role in achieving financial stability by regulating buying and selling operations and monitoring manipulation and fraud in the financial markets.
5. Enabling access to investment opportunities: The financial intermediary helps investors access investment opportunities available in local and global financial markets, which contributes to diversifying investment portfolios and achieving financial returns.
In short, the financial intermediary is an essential element in modern financial markets, playing a vital role in facilitating financial operations, achieving financial stability and protecting investors' rights. By providing specialized financial services and providing... https://iraqakhbar.com/4097094
Iraq Stops Burning 270 Million Feet Of Gas Within A Year: We Will Be An Exporter Within 6 Years
Economy |Yesterday, 19:02 | Baghdad today – Baghdad Oil Minister Hayan Abdul-Ghani Al-Sawad confirmed today, Wednesday (November 1, 2023), that investing all of the national gas is one of the government’s priorities and we hope that we will be a gas exporting country after six years.
Al-Sawad said in a statement received by “Baghdad Today” that
“the ministry was able to invest 270 million cubic feet of gas within a year of the current government’s life,” considering that “one of the government’s most important priorities is gas investment, and
there is a well-thought-out plan to invest it in the associated and free gas levels.”. Al-Sawad explained,
“Prime Minister Muhammad Shiaa al-Sudani is pushing towards increasing local gas production and reducing imported gas through a plan prepared for that, and
the ministry is working through this plan for the purpose of its gradual completion, as
we want to move as quickly as possible for the purpose of investing gas in oil fields or gas fields that will witness The coming period is an investment for it.”
Al-Sawad added, “The Ministry of Oil was able to implement strategic projects related to gas, most of which were in Basra and the Halfaya field in Maysan, in addition to the Akkas field in Anbar, from which the Ministry worked to invest gas in good quantities after a Korean company withdrew before taking over the current government, as we were able to proceed with partial gas investment from The field reaches 60 million cubic feet and will then be used to operate the Akkas Electrical Station, which lacked gas, which contributed to generating electrical energy and connecting it to the national grid to increase processing hours for citizens.
He explained that "all the prepared plans aim to reduce the import of gas from the Republic of Iran and other countries from which Iraq buys varying quantities," noting that
"the primary goal of the government and the ministry is for the country to be a gas exporter within the next six years, and this is what is being worked on according to plans." Government and ministerial strategy.
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points to Ponder on Riches & Wealth:
No man can tell whether he is rich or poor by turning to his ledger. It is the heart that makes a man rich. He is rich according to what he is, not according to what he has. -- H W Beecher
The use we make of our fortune determines as to its sufficiency. A little is enough if used wisely, and too much if expended foolishly. -- Boovee
Worldly riches are like nuts; many clothes are torn in getting them, many a tooth broken in cracking them, but never a belly filled with eating them. -- Venning
Riches do not delight us so much with their possession, as torment us with their loss. -- Gregory
As riches and favor forsake a man we discover him to be a fool, but nobody could find it out in his prosperity. -- Bruy'ere
Worldly wealth is the devil's bait; and those whose minds feed upon riches, recede in general from real happiness, in proportion as their stores increase; as the moon, when she is fullest of light, is farthest from the sun. -- Burton
Wealth is like a viper, which is harmless if a man knows how to take hold of it; but if he does not, it will twine round his hand and bite him. -- St Clement
Money and time are the heaviest burdens of life, and the unhappiest of all mortals are those who have more of either than they know how to use. -- Johnson
There is no society, however free and democratic, where wealth will not create an aristocracy. -- Bulwer
Riches are gotten with pain, kept with care, and lost with grief. The cares of riches lie heavier upon a good man that the inconvenience of an honest poverty. -- L'Estrange
MilitiaMan and Crew: Progression - Iraq Dinar - World Trade Organization - International Iraq Dinar - Internal - External
Progression - Iraq Dinar - World Trade Organization - International Iraq Dinar - Internal - External
MilitiaMan and Crew: 11-3-2023
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Progression - Iraq Dinar - World Trade Organization - International Iraq Dinar - Internal - External
MilitiaMan and Crew: 11-3-2023
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 Thursday Evening 11-2-23
Goldilocks' Comments and Global Economic News Thursday Evening 11-2-23
Good evening Dinar Recaps,
"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
Goldilocks' Comments and Global Economic News Thursday Evening 11-2-23
Good evening Dinar Recaps,
"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
~~~~~~~~~~
"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
~~~~~~~~~~
US House passes bill on aid to Israel, but not Ukraine
The Republican-led House of Representatives approved a $14.3 billion military aid measure for Israel without mentioning Ukraine, despite a veto threat from President Biden.
Besides no aid for Kiev, the legislation also includes cuts to the Internal Revenue Service's tax enforcement initiative – part of the Inflation Reduction Act that is a key part of Biden's agenda.
The bulk of the money in the GOP bill would go to help Israel replenish and bulk up its weapons systems, including $4 billion for the Iron Dome and David's Sling missile defense systems. The measure also includes $200 million for the protection of US personnel and evacuation of American citizens.
Notably, it completely omits humanitarian aid for Gaza.
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As Washington looks to hand over $14 billion to Israel, the number of recurring applications for unemployment benefits in the US has risen for the sixth straight week, indicating that those who have lost their jobs are starting to have more trouble finding new ones.
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Iraq Economic News and Points to Ponder Thursday Afternoon 11-2-23
Iraq Economic News and Points to Ponder Thursday Afternoon 11-2-23
Tlm724 Administrator Bondlady’s Corner
The American Ambassador: We Are In Iraq To Ensure Its Stability
Political | 06:40 - 02/11/2023 Mawazine News – Baghdad US Ambassador Alina Romanski confirmed that the presence of the United States in Iraq will help it defeat terrorism and ensure its stability.
The media office of the head of the Victory Coalition, Haider Al-Abadi, said in a statement received by Mawazine News, “Today, Thursday, Al-Abadi received the Ambassador of the United States of America to Iraq, Alina Romanski, to discuss the overall situation in Iraq and the region, and the recent attacks of the Zionist aggression against the Palestinian people.”
Iraq Economic News and Points to Ponder Thursday Afternoon 11-2-23
Tlm724 Administrator Bondlady’s Corner
The American Ambassador: We Are In Iraq To Ensure Its Stability
Political | 06:40 - 02/11/2023 Mawazine News – Baghdad US Ambassador Alina Romanski confirmed that the presence of the United States in Iraq will help it defeat terrorism and ensure its stability.
The media office of the head of the Victory Coalition, Haider Al-Abadi, said in a statement received by Mawazine News, “Today, Thursday, Al-Abadi received the Ambassador of the United States of America to Iraq, Alina Romanski, to discuss the overall situation in Iraq and the region, and the recent attacks of the Zionist aggression against the Palestinian people.”
The statement added, "Al-Abadi condemned the clear bias in favor of the Israeli entity and condoning the crimes taking place against civilians in Gaza, calling on the international community to play its supposed humanitarian role and help the people."
For her part, Ambassador Romanski stressed that "the presence of the United States is focused on helping Iraq against terrorism and ensuring its stability."
https://www.mawazin.net/Details.aspx?jimare=237200
The Foreign Exchange Shock...Signals For Correcting The Macroeconomic Policy Perspective
Dr. Haitham Hamid Mutlak Al-Mansour In light of the new shock of the rise in the dollar exchange rate from its target level beyond the threshold of 1,600 dinars per dollar in the parallel market at the beginning of the last quarter, and the resulting rise in the general level of prices, the Iraqi dinar began to suffer a significant decline in its real value, causing a decline in income levels.
The real value of individuals and economic units , and with increasing expectations that the gap between the actual and target prices will continue to widen, the foreign exchange movement and the repeated shocks it is exposed to are an important input into analyzing the reality of the monetary economy and macroeconomic policy, through the following axes:
The duality of the price system and the restriction of public spending in the absence of traditional economic balance, as economic activity suffers from real problems in its internal structure that are reflected in the method of managing the exchange rate and choosing the appropriate system to manage it, and the accompanying outcomes of this duality of economic restrictions that work to unsustain the stability of the exchange rate within the target.
This includes the decline in the effectiveness of macro policy in achieving its goals of stabilizing the general level of prices and economic growth.
The increased flexibility of financial transfer channels used in foreign trade in light of the obsolescence of financial transfer channels, which creates difficulty in managing the supply of the dollar, reducing demand for it and lowering the actual exchange rate. Therefore, the technical limitation of the tools of state authority over dollar flows is one of the real challenges to the financial situation in Iraq.
The policies of the US Federal Bank, and the package of financial, monetary and commercial conditions that the government and the central bank are required to implement in order to reduce the severity of the smuggling or exit of the dollar to countries besieged by economic sanctions.
The decline in the efficiency of fiscal and tax policy tools on foreign trade outlets, which allows two negative movements to occur against the rhythm of adjusting the dollar currency and the exchange rate:
Dumping policies followed by the blockading countries increase the demand for the dollar.
The exit of a large proportion of the monetary dollar mass of the aforementioned countries.
Decreased compliance of some banks with financial and monetary control tools in a way that reduces the ability of monetary policy to control the pace of financial transfer and the sale of the dollar.
Weak outcomes of coordination between fiscal and monetary policies: The failure to implement laws supporting the trade protection policy, including the customs tariff law, the local product protection law, the competition and antitrust law, and the consumer protection law, which are considered among the most important steps for the effectiveness of monetary policy and enabling it to perform its functions towards the goal of stability at the general level. For prices.
The fluctuation of the flow of dollar revenue receivables for oil exports from Iraq's credit account and the occurrence of some bottlenecks that negatively affect the supply of the dollar.
Therefore, the continued exposure of the market to the fluctuations of foreign exchange shocks shows a decline in the degree of responsiveness of the exchange system to monetary policy tools. If the exchange rate continues to move beyond the 1600 threshold, inflation is expected to have a greater impact on the income cycle, the behaviors of economic units, and the movement of consumption, investment, and saving than it does .
This leads to a re-evaluation of their balance sheets according to changes in inflation. This will reflect on all aspects of economic life, as the continued rise in inflation means the dominance of inflationary expectations that fuel other rises, which deepens the problem.
Despite the multiple and continuous measures taken by the Central Bank to restrict the movement of the dollar around the target and raise the exchange system’s response to its monetary tools, the inflation index is still high, which means that the response is still low, due to the fact that the economy needs a combination of several policies in order to calm and stabilize inflation at the target.
Therefore, the monetary authority alone cannot be able to contain the scope of the problem, but rather requires coordination with other relevant policies, to correct the degree in the perspective of macroeconomic policies and adopt a government plan with a short-term path and the other with a medium-term path that limits recurring shocks and achieves the goal of reducing the exchange gap between the actual and target rates. According to the following indications:
Reducing the demand gap for the dollar, by creating effective alternatives to achieve a balance between the supply of the dollar and the demand for it, in light of auditing and examining the movement of transfers via documentary credits according to the electronic platform and auditing the movement of the cash dollar.
Developing the performance of the financial policy arms through tightening the ports of foreign trade movement and examining and organizing import operations with customs controls and regulations that would limit the phenomenon of commodity dumping, including increasing import flexibility towards the goods of the besieged countries, to support the local product, or to divert part of the trade away from those countries.
Then, work to reduce the impact of the external variable by increasing response to the Federal Reserve’s policies and the package of financial conditions proposed to the government to restrict dollar smuggling activities and enhance the transparency of international transfer activities.
Maintaining the flow rate of oil revenue receivables within its normal rate from Iraq’s credit account to avoid recurring bottlenecks, by reorganizing the practical perspective of macroeconomic policy and the Federal Reserve’s policy. 11/02/2023 - https://economy-news.net/content.php?id=37222
Increased Revenues From Iraqi Oil Exports To Europe
Energy Economy News _ Baghdad Iraqi oil export revenues to Europe witnessed an increase in October (2023), by about $505 million, compared to revenues recorded in September of $1.54 billion.
The revenues generated from the sale of Iraqi oil to Europe during the month of September fell by about 570 million dollars, compared to the revenues recorded in the previous August, which amounted to about 2.11 billion dollars, according to monthly statistics published by the Iraqi Oil Marketing Company "SOMO." .
Statistics revealed that the total revenues of Iraqi oil exports during last October recorded $9.669 billion, compared to $9.494 billion recorded in September.
Revenues From Iraqi Oil Exports To Europe In October
During the month of October 2023, revenues from Iraqi oil exports to Europe amounted to about $2.045 billion, higher than the revenues of the previous September, which amounted to $1.54 billion, by more than half a billion dollars.
It is noteworthy that revenues for the month of August 2023 achieved about $2.11 billion, while revenues in July recorded about $1.6 billion, according to the specialized energy platform.
The quantities of Iraqi oil exported to European markets in October 2023 amounted to about 23.8 million barrels, an increase of 7.2 million barrels over the quantities exported during the month of September, which amounted to about 16.6 million barrels.
It is noteworthy that the total revenues from Iraqi oil exports to Europe recorded, during the first nine months of this year, about 12.46 billion dollars, in the period between January (2023) and September, and by adding the revenues of October, the total Revenue towards. $14.5 billion.
The Volume Of Iraqi Exports To Europe:
Last October witnessed the export of about 23 million 812 thousand 198 barrels, compared to exports last September, which amounted to about 16 million 568 thousand 311 barrels, while the price of a barrel of Iraqi oil reached about 85.86 dollars. , compared to $93.23 during September.
The price of a barrel of Iraqi oil was recorded last August at about $81.66, but the volume of exports this month amounted to 25 million 842 thousand and 614 barrels, an increase of more than 9 million barrels over September, according to the specialized energy platform.
In July 2023, the quantities of Iraqi oil exported to Europe recorded approximately 20 million 505 thousand and 964 barrels, with an average price of approximately 78.53 dollars per barrel, meaning exports recorded approximately 1.61 billion dollars.
In June, Iraqi oil export revenues to Europe were about $1.07 billion, with the volume of exports reaching 15,734,19 barrels, while the average price of a barrel of Iraqi oil in that month was about $67.84.
The volume of Iraq's exports to Europe in May was 21 million, 402,379 barrels, with an average price per barrel of 66.03 US dollars, bringing revenues from Iraqi oil exports to Europe to about 1.41 billion dollars.
Iraq has been working to increase oil exports to the European market for about 12 months, with the aim of achieving great benefit from oil revenues to develop and maximize Baghdad’s financial resources, in addition to opening new markets and enhancing the spread of Iraqi oil in global markets.
Views 68 11/02/2023 - https://economy-news.net/content.php?id=37208
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points to Ponder From The Seat of the Soul By Gary Zukav:
You create your reality with your intentions
An intention is a quality of consciousness that you bring to an action
At each moment you choose the intentions that will shape your experiences and those things upon which you will focus your attention -- If you choose unconsciously, you evolve unconsciously -- If you choose consciously, you evolve consciously
Every action, thought, and feeling is motivated by an intention -- and that intention is a cause that exists as one with an effect -- If we participate in the cause - it is not possible for us not to participate in the effect -- In this most profound way - we are held responsible for our every action , thought, and feeling, which is to say, for our every intention
From the perception of the five sensory human, intentions have no effects, the effects of actions are physical, and not all actions affect us or others -- From the perception of the multi sensory human -- the intention behind an action determines its effects, every intention affects both us and others -- and the effects of intentions extend far beyond the physical world