Iraq Economic News and Points to Ponder Monday Evening 11-6-23
Iraq Economic News and Points to Ponder Monday Evening 11-6-23
Tlm724 Administrator Bondlady’s Corner
Advisor To The Prime Minister: There Is No Shortage Of Currency Liquidity, And The Government Is Very Careful About Two Things
Economy |2-11-2023, | 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."
Iraq Economic News and Points to Ponder Monday Evening 11-6-23
Tlm724 Administrator Bondlady’s Corner
Advisor To The Prime Minister: There Is No Shortage Of Currency Liquidity, And The Government Is Very Careful About Two Things
Economy |2-11-2023, | 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."
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
Trade Announces The Lifting Of The Import License For Three Basic Materials
Headquarters of the Ministry of Commerce
Money and business Economy News – Baghdad The Ministry of Commerce announced, on Sunday, the lifting of the import license for three basic materials, confirming that 30 marketing centers will rely on the electronic system for sales by the end of 2024.
The Ministry’s spokesman, Muthanna Al-Fariji, said in a statement reported by the official news agency and seen by Al-Iqtisad News, that
“Minister of Commerce, Atheer Al-Ghurairi, directed the opening of 7 new marketing centers during the next six months, bringing the number to 15 marketing centers in all governorates.
By the end of 2024, we will have 30 high-end centers that rely on the electronic system (barcode) for sales.” He continued,
"The Minister also directed that the market be supplied with any item that is subject to an increase in price, to maintain market balance." He stressed,
“His ministry has lifted the import license restriction for those wishing to import food, electrical, or pharmaceutical materials, and the Central Bank’s platform is available to everyone.”
He pointed out, "The dollar exchange rate for food importers is 132 thousand dinars, so this increase is unjustified," calling on "food merchants to take into account the purchasing power of Iraqis, and to stay away from the greed that has afflicted some, by making profits twice, once from the price difference." dollar, and again from selling the same article.”
Views 57 11/05/2023 - https://economy-news.net/content.php?id=37280
Iraq Is The Third Worst Country In The World In Burning Natural Gas
Economy breaking Iraqi oil Associated gas Burning gas
2023-11-05 23:16 Shafaq News/ Energy Research Unit data revealed that Iraq ranked third among the worst countries in the world in terms of burning natural gas.
She said in her report, viewed by Shafaq News Agency, that “gas burning declined globally by an amount that reached 5.9 billion cubic meters during the past year 2022, compared to the previous year, with an annual decline rate of 4%.”
She indicated that "Iraq burned about 17.8 billion cubic meters during 2022, compared to 17.7 billion cubic meters in 2021, with an annual growth rate of 0.3%."
He pointed out that "Russia, Iran, the United States, Mexico, Libya, Nigeria, and Saudi Arabia are successfully reducing the burning of gas resulting from their oil operations, which has contributed to the decline in the total at the global level."
Iraqi Prime Minister Muhammad Shiaa Al-Sudani confirms that his government is determined to eliminate the burning of natural gas associated with the oil extraction process, and says that he is determined to make Iraq “active” in the global gas market.
https://shafaq.com/ar/اقتصـاد/العراق-ثالث-سو-دول-العالم-في-حرق-الغاز-الطبيعي
By Investing In Black Oil...An Economic Expert Proposes A Solution To The Dollar Crisis In Iraq
Economy |Yesterday, |Baghdad Today – Baghdad After the dollar exchange rate crisis worsened, and the situation got out of control in the parallel market in light of the inability of the government and the central bank to contain the crisis, economic expert Nabil Al-Marsoumi proposes a “solution through investing in black oil.”
During the past months, the dollar exchange rates witnessed a noticeable increase, exceeding 160 thousand dinars for every 100 dollars, which ignited the market and raised the prices of food and other commodities, in light of merchants’ fears of the losses that may befall them as a result of this rise.
Selling Black Oil
Al-Marsoumi said today, Sunday (November 5, 2023), that “Iraq’s exports of black oil in 2022 amounted to more than 4 billion dollars.”
The economic expert explained in a blog post followed by “Baghdad Today” that “Iraq can sell black oil in euros or Chinese yuan and use the amounts to settle commercial transactions with countries sanctioned by America, especially Iran.”
Al-Marsoumi pointed out that “if this happens, the exchange rate of the dollar in the parallel market will decline significantly,” pointing out that “this must be preceded by an understanding with the US Federal Bank and obtaining its approval.”
Trade Exchange With Iran
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, according to economic estimates.
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 import.
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 high prices there, and amid these many difficulties.
On (October 31, 2023), an Iranian official revealed a decline in his country’s various exports to Iraq for several reasons, including the difference in the dollar exchange rate.
The former Secretary of the Iranian-Iraqi Chamber of Commerce said in a press statement,
“One dollar for an Iranian merchant is equivalent to 1,600 Iraqi dinars, while this number for businessmen from other countries is 1,300 dinars, which is equivalent to the official price of Iraq,” stressing that
“this difference in the price that... “Up to 15% is acceptable for Iranian businessmen, but exceeding that will make things more difficult.”
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points to Ponder :
Mistakes -- A life spent making mistakes is not only more honorable but more useful than a life spent in doing nothing -- George Bernard Shaw
Anger is seldom without argument - but seldom with a good one --Hallfax
An angry man is again angry with himself when he returns to reason -- Publilius Syrus
Anybody can become angry - that is easy - but to be angry with the right person and to the right degree and at the right time - and for the right purpose and in the right way -- that is not within everybody's power and is not easy -- Aristotle
Tolerance is the positive and cordial effort to understand another's beliefs, practices, and habits without necessarily sharing or accepting them -- Joshua Liebman
Forgiveness -- Never does the human soul appear so strong as when it foregoes revenge, and dares forgive an injury -- E. H. Chapin
"I can forgive, but I cannot forget" is only another way of saying, "I will not forgive" -- Forgiveness ought to be like a cancelled note -- torn in two - burned up - so that it can never be shown against one -- Henry Ward Beecher
Friendship -- True friendship is like sound health, the value of it is seldom known until it is lost - Charles Caleb Colton
Goldilocks' Comments and Global Economic News Monday Evening 11-6-23
Goldilocks' Comments and Global Economic News Monday Evening 11-6-23
Good evening Dinar Recaps,
"The Bank for International Settlements (BIS) has published detailed plans for its cross-border wholesale central bank digital currency (CBDC) project nearly one year after completing a pilot study."
This project is expected to begin early 2024. Wholesale CBDCs will be utilized on Forex to exchange foreign currencies through digital smart contracts designed to ensure funds on both sides of a trade are executed safely.
Goldilocks' Comments and Global Economic News Monday Evening 11-6-23
Good evening Dinar Recaps,
"The Bank for International Settlements (BIS) has published detailed plans for its cross-border wholesale central bank digital currency (CBDC) project nearly one year after completing a pilot study."
This project is expected to begin early 2024. Wholesale CBDCs will be utilized on Forex to exchange foreign currencies through digital smart contracts designed to ensure funds on both sides of a trade are executed safely.
The Bank for International Settlements is a foreign exchange company that is a bank for banks. It is owned by Central Banks and will ensure transactions will be made in our exchanges.
© Goldilocks
CoinGeek Link
https://www.bloomberg.com/profile/company/BIZ:SW#xj4y7vzkg
https://www.bis.org/
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Central Banks Successfully Test Cross-Border Trading of Wholesale CBDC Using DeFi
“Project Mariana pioneers the use of novel technology for interbank foreign exchange markets. It successfully demonstrated that it is feasible to exchange wholesale CBDC across borders using novel concepts such as automated market makers (AMM),” said Cecilia Skingsley, Head of the BIS Innovation Hub. CoinDesk Link
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BIS Banking Announcement:
"The Committee on Payments and Market Infrastructures (CPMI) is an international standard setter that promotes, monitors and makes recommendations."
After careful study, the CPMI says that stablecoins would not have a positive impact on cross-border payments.
Even if stablecoins were properly designed and regulated, the BIS does not believe they are a proper use coin for cross-border payments.
This does not mean that in-country use is without merit. It just looks like the BIS is looking at other means for foreign currency trades.
© Goldilocks
https://www.bis.org/cpmi/publ/d220.htm
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ZETRIX LAUNCHES CROSS-BORDER SUPPLY CHAIN FINANCING PILOT WITH BANK OF CHINA AND DIXCHAIN PR Newswire Link
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Introducing Liquid Protocol: The First ERC20 Liquidity Provider Compatible with UNISWAP V2
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BRICS nears agreement on joint currency, awaits China and India’s endorsement, says ex-Russian minister CryptoPolitan Link
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“The authorities continue to advance on important reforms, albeit with delays. Capacity-building efforts have focused on strengthening tax administration and improving revenue mobilization; enhancing public financial management; improving foreign exchange operations; strengthening financial supervision and oversight; and improving statistical reporting on government finances, public debt, and national accounts. These efforts were supported by technical assistance from the IMF, the World Bank and other development partners. IMF Link
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JUST IN: 🇬🇧 Bank of England proposes allowing stablecoins as a payment option for goods and services. @WatcherGuru
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BREAKING NEWS
BILL GATES-BACKED MINING STARTUP WANTS TO EXPAND INTO CONGO
Congo is the world's largest producer of cobalt and one of the largest producers of copper.
Everyone is hunting for metals now.
Read: https://x.com/goldtelegraph_/status/1721610460368363924?s=46
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Thank you Dinar Recaps - www.DinarRecaps.com
Iraq Economic News and Points to Ponder Monday Afternoon 11-6-23
Iraq Economic News and Points to Ponder Monday Afternoon 11-6-23
Tlm724 Administrator Bondlady’s Corner
Oil Prices Rise Due To The Voluntary Reduction In Production By Saudi Arabia And Russia
Monday 06, November 2023 | Economical Number of readings: 432 Baghdad / NINA / Oil prices rose, today, Monday, after Saudi Arabia and Russia, the two largest oil exporting countries in the world, confirmed the continuation of the voluntary reduction in their production until the end of the year, which keeps the supply scarce.
Iraq Economic News and Points to Ponder Monday Afternoon 11-6-23
Tlm724 Administrator Bondlady’s Corner
Oil Prices Rise Due To The Voluntary Reduction In Production By Saudi Arabia And Russia
Monday 06, November 2023 | Economical Number of readings: 432 Baghdad / NINA / Oil prices rose, today, Monday, after Saudi Arabia and Russia, the two largest oil exporting countries in the world, confirmed the continuation of the voluntary reduction in their production until the end of the year, which keeps the supply scarce.
By midnight GMT, Brent crude futures rose 41 cents, or 0.5%, to $85.30 per barrel, while US West Texas Intermediate crude reached $81.05 per barrel, up 54 cents, or 0.7%.
Both crude oil prices witnessed their second weekly decline in a row last week, with a decline of about 6%, driven by the easing of the geopolitical risk premium that arose from fears of supply disruptions due to the potential expansion of the conflict in the Middle East./ End
https://ninanews.com/Website/News/Details?key=1088196
Central Bank Sales Today Exceed $227 Million
Monday 06, November 2023 13:23 | EconomicalNumber of readings: 353
Baghdad / NINA / The Central Bank of Iraq announced, today, Monday, its total sales of foreign currency through the electronic window.
He stated: “The total amounts of transfers abroad (remittances, credits) amounted to $199,757,755, while the total amount of cash sales amounted to $27,690,000, and the total amount of sales amounted to $227,447,755.”
The cash sale price was set at 1,305 dinars per dollar, while bond credits, international settlements for the electronic card, and foreign transfers were set at 1,310 dinars per dollar. /End 11
https://ninanews.com/Website/News/Details?key=1088266
It Exceeded 167 Thousand Dinars... A Skyrocketing Dollar Price In Baghdad
2023/11/06 Read: 897 times {Economic: Al-Furat News} The prices of the dollar rose against the Iraqi dinar, today, Monday, significantly with the closure of the main stock exchange in Baghdad.
Dollar prices recorded 166,800 dinars against 100 dollars with the closure of the Al-Kifah and Al-Harithiya stock exchanges, while prices this morning were 164,250 dinars against 100 dollars.
Until the selling prices in the exchange shops in the local markets in Baghdad rose, as the selling price reached 167,750 Iraqi dinars for 100 dollars, while the purchase price reached 165,750 dinars for 100 dollars. LINK
The Iraqi Stock Exchange Closed Up By 0.77%
Market Economy News – Baghdad The Iraqi Stock Exchange closed, rising by 0.77% during Monday’s session, and the ISX 60 index reached 839.67 points.
Investors traded 1.23 billion shares, worth 1.21 billion dinars, through 808 transactions.
The trading companies were 37 companies, the high companies were 17 companies, and the low companies were 9 companies.
The most active companies were (Sumer Commercial Bank, Gulf Bank, Iraqi Investment Bank, Al-Mansour Bank, and Bank of Baghdad). Views 23 11/06/2023 - https://economy-news.net/content.php?id=37307
The American Ambassador Reveals The Outcomes Of The Sudanese And Blinken Meeting
Monday 06, November 2023 11:38 | Political Number of readings: 752 Baghdad / NINA / The US Ambassador to Iraq, Elena Romanowski, revealed today, Monday, the outcomes of Prime Minister Muhammad Shiaa Al-Sudani’s meeting with US Secretary of State Anthony Blinken, in Baghdad.
The ambassador said in a blog post on the “x” website: “Secretary of State Anthony Blinken met with Prime Minister Muhammad Shiaa Al-Sudani, yesterday, Sunday, in Baghdad, and the two parties discussed the ongoing conflict between Israel and Hamas and the need to avoid the expansion of the conflict, including Iraq.”
She added: "Blinken discussed the humanitarian situation in Gaza, and our continued commitment to coordination with Iraq and our other partners in the region to ensure sustainable and safe access to food, water, medical care, and other necessary assistance to meet the necessary needs."
The American ambassador stated: "The two sides discussed the need to ensure that the Palestinians are not forced to leave the Gaza Strip forcibly."
She confirmed: "Blinken urged the Iraqi Prime Minister to hold accountable those responsible for continuing attacks against American forces in Iraq and to fulfill Iraqi obligations to protect all facilities that host these individuals who are there at the invitation of the Iraqi government," indicating: "The United States will defend its interests and individuals." . /End 11
https://ninanews.com/Website/News/Details?Key=1088237
The Ministry Of Planning Discusses The Work Mechanisms For Following Up On Japanese Agency Loan Projects
Monday 06, November 2023 Economical Number of readings: 194 Baghdad / NINA / the Ministry of Planning discussed the work mechanisms for following up on Japanese agency loan projects during an introductory workshop it held in cooperation with the United Nations Development Programme.
The Director General of the Department of International Cooperation, Saher Abdel Kazem Mahdi, said in a statement to the ministry: “The Japanese loan includes many projects, the number of which exceeds more than 30 projects in various sectors,” indicating that the role of the United Nations Development Program is to follow up on the procedures for this loan within a steering committee. The Council of Advisors holds its meetings annually or semi-annually and prepares its follow-up report.”
For her part, the director of the Japanese loan project at the Japanese International Cooperation Agency (JICA), Shuri Otan, said: There are specific mechanisms for following up on Japanese loan projects, in addition to the requirements for the project and the mechanism for its implementation, follow-up and monitoring. Pointing out that there is a specific mechanism for listing projects in the Ministry of Planning, and that JICA has a specific mechanism for selecting projects through the availability of a number of requirements for selecting the project.
He pointed out that “there must be compatibility between the requirements of the Ministry of Planning and the requirements of the lender in selecting projects.” In addition to the existence of specific mechanisms for monitoring projects from the lender, it is clear that the role of the Ministry of Planning in Japanese loan projects is to support the beneficiary ministries.”/End 8
https://ninanews.com/Website/News/Details?key=1088299
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points to Ponder on Exaggeration:
The habit of exaggeration becomes, in time, a slavish necessity, and they who practice it pass their lives in a kind of mental telescope through whose magnifying medium they look upon themselves and everything around them -- J B Owen
Perfectly truthful men of vivid imagination and great force of sentiment often feel so warmly, and express themselves so strongly, as to give what they say a disagreeable air of exaggeration and almost falsehood -- J F Boyes
Exaggerated language employed on trivial occasions spoils that simplicity and singleness of mind so necessary to a right judgment of ourselves and others - Those who exaggerate in their statements belittle themselves -- C Simmons
Some men can never state an ordinary fact in ordinary terms -- All their geese are swans, till you see the birds -- J B Owen
There is no strength in exaggeration; even the truth is weakened by being expressed too strongly
"Tidbits From TNT" Monday 11-6-2023
TNT:
Tishwash: Al-Sudani arrives in the Iranian capital, Tehran, on an official visit
Prime Minister Muhammad Shiaa Al-Sudani arrived today, Monday, in the Iranian capital, Tehran, on an official visit.
The Prime Minister’s Media Office stated in a statement received by Earth News Agency, “The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, arrives in the Iranian capital, Tehran, on an official visit.”
Iraqi Prime Minister Muhammad Shiaa Al-Sudani arrived on Monday in the Iranian capital, Tehran, at the beginning of a regional tour, according to a statement by the Prime Minister’s Media Office received by Shafaq News Agency.
Yesterday, Sunday, Iraqi government spokesman Bassem Al-Awadi revealed the goals of Prime Minister Muhammad Shiaa Al-Sudani’s tour, which is scheduled to begin tomorrow, Monday, with a visit to Tehran.
TNT:
Tishwash: Al-Sudani arrives in the Iranian capital, Tehran, on an official visit
Prime Minister Muhammad Shiaa Al-Sudani arrived today, Monday, in the Iranian capital, Tehran, on an official visit.
The Prime Minister’s Media Office stated in a statement received by Earth News Agency, “The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, arrives in the Iranian capital, Tehran, on an official visit.”
Iraqi Prime Minister Muhammad Shiaa Al-Sudani arrived on Monday in the Iranian capital, Tehran, at the beginning of a regional tour, according to a statement by the Prime Minister’s Media Office received by Shafaq News Agency.
Yesterday, Sunday, Iraqi government spokesman Bassem Al-Awadi revealed the goals of Prime Minister Muhammad Shiaa Al-Sudani’s tour, which is scheduled to begin tomorrow, Monday, with a visit to Tehran.
Al-Awadi told Shafaq News Agency, “The goal of the regional tour of Iraqi Prime Minister Muhammad Shiaa Al-Sudani is a common understanding to stop the aggression against Gaza, stop the expansion of the war, contain it and prevent its spread, and activate urgent truce proposals.”
He added, "The visit aims to support efforts to provide and send urgent humanitarian aid to civilians in Gaza, and to prepare the ground for understandings that push the UN and international organizations to activate their international and legal obligations towards the Palestinian issue and provide protection for the Palestinian people."
The Iraqi government spokesman added, "As for the schedule for visiting Gulf capitals, it will move according to the speed of arranging appointments. Therefore, we cannot mention the name of a specific country because it may be preceded by the name of another country." link
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CandyKisses: Al-Maliki describes Blinken's visit to Baghdad as "impudent": She came to beg!
On Monday, Safaa al-Maliki, head of the Victorious Bloc, part of the Nabni coalition, described the US Secretary of State’s visit to Baghdad as “impudent.”
Al-Maliki said in a statement received by Al-Maalouma, “The visit of the American occupying State Minister to Baghdad can be described as ‘impudent’ to say the least.”
He added, "The visit came to plead not to bomb her country's interests in Iraq and the region."
The head of the Victorious Bloc explained, "His visit proved that Washington is afraid and is using its weapons to kill civilians and not to confront the heroic resistance fighters."
Yesterday, Sunday, US Secretary of State, Anthony Blinken, arrived in the capital, Baghdad, and met with the Prime Minister, Muhammad Shiaa Al-Sudani. link
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CandyKisses: Oil rises after Saudi Arabia and Russia commit to voluntary cuts. Brent at $85
Baghdad Today - Follow-up
Oil prices rose on Monday (November 6, 2023), after Saudi Arabia and Russia, the world's two largest oil exporters, confirmed the continuation of voluntary cuts in their production until the end of the year, which keeps supply tight while investors await tougher US sanctions on Iranian oil.
By midnight GMT, Brent crude futures were up 41 cents, or 0.5 percent, at $85.30 a barrel, while US West Texas Intermediate crude was at $81.05 a barrel, up 54 cents, or 0.7 percent.
In line with analysts' expectations, the Kingdom confirmed it would continue to reduce its voluntary output of one million bpd, bringing its output to nine million bpd in December, an energy ministry source said in a statement.
The source stressed that "this additional voluntary reduction comes to strengthen the precautionary efforts made by the OPEC+ countries with the aim of supporting the stability and balance of oil markets."
Following the Saudi statement, Moscow also announced a continuation of voluntary production cuts of 300, <> bpd from its crude oil and petroleum products exports until the end of December.
Both contracts saw their second consecutive weekly decline last week, down about 6 percent, driven by a easing of the geopolitical risk premium that arose from fears of supply disruptions due to the potential for conflict in the Middle East.
Israel on Sunday rejected mounting international pressure for a ceasefire as the US secretary of state sought to contain a crisis that threatens further escalation in neighboring Lebanon.
ANZ analysts said in a note: "The risk premium associated with the geopolitical background has completely disappeared after two weeks of volatile prices."
"Market focus has shifted to demand expectations that remain uncertain," they added.
Investors this week are looking for more economic data from China after the world's second-largest oil consumer reported disappointing factory data for October last week.
Tony Sycamore, analyst at IG Markets in Sydney, expects oil prices to be weighed down by news from the Middle East and technical charts this week.
He added that WTI crude needs to stay above the support level of $80 a barrel early this week, otherwise prices could fall to the low of $77.59 hit in August.
The US House of Representatives on Friday approved a bill to strengthen sanctions on Iranian oil that would impose measures on foreign ports and refineries (TADAWUL:2030) that refine oil exported from Iran if it is signed into law.
Mot: ... oooooooooh Yea.. This is Great!!!!
Mot: ... splains alot - Huh!!!
Iraqi News Highlights and Points to Ponder Monday AM 11-6-23
Iraqi News Highlights and Points to Ponder Monday AM 11-6-23
A Representative Answers “Baghdad Today”: Why Did Government Measures Fail Against The Green Currency?
Economy |Baghdad today – Baghdad Independent MP Hadi Al-Salami confirmed today, Sunday (November 5, 2023), the failure of government measures to confront the “dollar mafias,” while renewing the demand to change the governor of the Central Bank, Ali Al-Alaq.
Al-Salami told “Baghdad Today” that “the dollar mafias that control the parallel market are still manipulating exchange rates despite all government measures, and this confirms the failure of those measures, as they are patchwork measures and do not contain any real reform measure.”
Iraqi News Highlights and Points to Ponder Monday AM 11-6-23
A Representative Answers “Baghdad Today”: Why Did Government Measures Fail Against The Green Currency?
Economy |Baghdad today – Baghdad Independent MP Hadi Al-Salami confirmed today, Sunday (November 5, 2023), the failure of government measures to confront the “dollar mafias,” while renewing the demand to change the governor of the Central Bank, Ali Al-Alaq.
Al-Salami told “Baghdad Today” that “the dollar mafias that control the parallel market are still manipulating exchange rates despite all government measures, and this confirms the failure of those measures, as they are patchwork measures and do not contain any real reform measure.”
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He added, "We are still demanding and working according to the constitutional powers granted to us in order to change the Governor of the Central Bank, Ali Al-Alaq, as he failed in the task of controlling the dollar exchange rate. Indeed, the dollar is constantly rising and the bank has lost control of that."
Today, Sunday (November 5, 2023), the dollar exchange rates witnessed a significant jump, exceeding 163 per hundred dollars in local markets in the capital, Baghdad.
The "Baghdad Today" correspondent said, "The selling price of the dollar in exchange offices in Baghdad today reached 164,250 dinars for every 100 dollars."
He added, "The purchase price reached 162,250 dinars for every 100 dollars."
On (November 2, 2023), a member of the Parliamentary Finance Committee, Jamal Kujar, revealed that a group of mafias and influential people controlled the dollar exchange rate through a “WhatsApp group.”
Cougar indicated in a televised interview followed by “Baghdad Today” that “there is a (group) on WhatsApp run by a group of influential people or mafias who control the exchange rate of the dollar in the parallel market,” calling on the security services from the intelligence and national security to intervene and follow up on the matter.”
A member of the Parliamentary Finance Committee confirmed that “personalities working in the stock exchanges referred to this (group) and demanded that the matter be conveyed to the relevant authorities to take urgent measures.”
On (last October 8), the expert in banking affairs, Ahmed Al-Tamimi, criticized the Iraqi Banks Association for not taking any position on what some private banks are working on to acquire the dollar illegally .
Al-Tamimi told "Baghdad Today", "Some private banks are working to illegally seize the dollar. They take the share of the traveling citizen and do not give it to him. Also, some banks refuse to hand over to the citizens the remittances that reach them in dollars, and all of this violates the law."
The expert in banking affairs stated that “the Iraqi Banks Association bears a large part of the illegal behavior that is happening in some private banks, especially since it has not yet taken any role from those banks. Rather, it remains silent and tries to evade its role in following up on the work of those banks.” ".
Meanwhile, economic expert Sarhank Hussein earlier accused the Association of Private Banks of being behind the rise in dollar exchange rates in the parallel (black) markets .
Hussein told "Baghdad Today", "The process of buying the dollar with cards by merchants and giving it to private banks is behind the rise in the dollar exchange rate again." LINK
Exceeding 165.. A Significant Increase In Dollar Prices In Iraq
MONDAY, 11-06-2023, KARAR AL-ASSADI Dollar prices rose today, Monday, in the markets of Baghdad and the rest of the country's governorates, with the opening of the stock market.
The dollar exchange rates on the central Kifah and Harithiya stock exchanges in Baghdad recorded $164,250 against $100, while the prices yesterday, Sunday, were 163.200 dinars against $100.
Dollar prices rose in exchange shops in local markets in Baghdad, with the selling price reaching 165,250 Iraqi dinars, while the purchasing price reached 163,250 dinars for every 100 dollars.
https://non14.net/public/161641
A Jump In Dollar Exchange Rates In Iraqi Markets
Economy 2023-11-06 | 19,596 views Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Monday, November 6, 2023.
The selling prices of the dollar in local markets in the capital, Baghdad, recorded 165,000 per 100 dollars, while purchasing prices reached 164,500 per 100 dollars.
For more than 8 months, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system ““SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets.
The Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying the dollar from the Ministry of Finance reached 1,300 dinars per dollar and selling it at (1,310) dinars per dollar to banks through the electronic platform, and it is sold for (1,320) dinars per dollar. Dollars from banks and non-banking financial institutions to the final beneficiary. LINK
The Dollar Continues To Storm Iraqi Markets, And Many Solutions Are In Vain
Economy 2023/11/05 Number of readings : 216 Baghdad - Iraq Today: With the return of the rise in dollar prices, popular dissatisfaction and anger are renewed, especially by poor citizens, after the possibility of a stifling economic crisis, which will cause great harm to their miserable living conditions.
The economic expert, Bassem Antoine, said in a press interview, “Economic reforms, in light of the rise in the price of the dollar against the Iraqi dinar, need a long time to complete what the current government seeks, by untying the dollar knot and ending the major crisis.”
He added, "Iraq needs to develop the economy in a way that is different from before, especially with regard to the agricultural, commercial, and tourism sectors," noting that "activating these sectors will contribute greatly to reducing poverty and unemployment rates, and increase the strength of the country's economy, which will strengthen the value of the Iraqi dinar." . LINK
"By 86%"... An Increase In Currency Auction Transfers From The Dollar Outside Iraq
2023-11-06 Shafaq News/ External remittances increased at the Central Bank of Iraq auction, today, Monday, by 86% at the expense of cash sales, to reach 199 million dollars.
Shafaq News Agency correspondent said, “Today during its auction for buying and selling the US dollar, the Central Bank sold 227 million 447 thousand and 755 dollars, which the bank covered at a base exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for remittances.” External, at the same price in cash.
Our correspondent added that most of the bank's dollar sales went to strengthening balances abroad in the form of (remittances, credits), which amounted to 199 million 757 thousand and 755 dollars, an increase of 86%, compared to cash sales amounting to 27 million 690 thousand dollars.
Our correspondent indicated that the number of banks that purchased cash dollars reached 4 banks, while the number of banks that responded to requests to enhance balances abroad reached 22 banks, while the total number of exchange and brokerage companies participating in the auction was 48 companies. LINK
Restricting Cash Reserves
Economical 11/06/2023 Yasser Al-Metwally In order to distinguish between the advantages (benefits) and disadvantages (risks) of the cash reserve, we must understand the simplified definition of it, which means (all the foreign currencies that countries own and keep in their central banks).
Among the benefits of these currencies (cash reserves in foreign currency) is using them to finance their foreign trade first, and then to pay their debts second, and also more importantly, maintaining the stability of their local currencies, and third, dealing with financial crises and monetary inflation.
As for its risks, it is determined by restricting it (restricting its use by the countries that own it (i.e., exporting it).
We offer this simplified definition to those who do not know the importance of monetary reserves and their impact on economies, especially those who confuse monetary policy with useless statements, and of course those who are not specialists in economics and its risks.
There is no doubt that the dollar is still the strongest currency in the world despite all attempts to find a competitive alternative to it. The United States of America accounts for nearly a quarter of the global gross domestic product, which makes it the largest and strongest economic power in the world.
What adds to this strength is that it has the largest financial institutions and banks in the world, and that most of the global trade financing between countries is denominated in dollars, especially oil wealth, and dollar transactions constitute approximately 70 percent compared to other currencies combined.
Perhaps the weapon of sanctions that America imposes on countries that oppose its policy is through restricting its monetary reserve and not allowing it to use it. The two closest examples of this are Russia because of its war with Ukraine and before that Iran because of the failure to resolve the nuclear file between them. Notice the size of the impact of restricting the use of its foreign exchange reserve. What an impact? In their economic problems, especially the collapse of the local currency of the two countries, albeit at different rates.
Here, most of the countries that were dissatisfied with the strict American policy of using the dollar as a weapon to undermine their economies turned to the BRICS group in the hope that it would be able to mitigate the effects of the dollar. Returning to Russia and Iran, the reason for their resistance to the dollar sanctions is that they possess solid economic bases that allow them to endure for longer periods of time because they possess solid production bases.
The question is: Is the Iraqi economy able to endure if America decides to restrict its monetary reserves?
The Iraqi economy depends on imports for everything and does not have a solid production base, whether industrial or agricultural. Other than that, our cash reserves are subject to old decisions in the hands of America. We do not want to delve into the merits of the decisions and their effects. Rather, we only draw the attention of some gentlemen from the legislative and executive sectors. Do not put more pressure on the Central Bank, let it act in the language of approved monetary policy. In countries of the world, which are based on previously agreed upon international standards.
The chaos of statements makes matters worse, confuses the market, and pushes for wrong decisions, thus paving the way for specialists to deal with the dollar problem to find the appropriate solution.
https://alsabaah.iq/86745-.html
Provoking Points to Ponder on WORDS:
Words are both better and worse than thoughts - they express them - and add to them -- they give them power for good or evil - they start them on an endless flight - for instruction and comfort and blessing -- or for injury and sorrow and ruin -- Tryon Edwards
When you have spoken the word - it reigns over you -- When it is unspoken you reign over it -- Arabian Proverb
You may tame the wild beast - the conflagration of the forest will cease when all the timber and the dry wood are consumed -- but you cannot arrest the progress of that cruel word which you uttered carelessly yesterday or this morning -- FW Robertson
A man cannot speak but he judges and reveals himself -- With his will or against his will - he draws his portrait to the eye of others by every word -- Every opinion reacts on him who utters it -- Emerson
Goldilocks' Comments and Global Economic News Saturday Evening 11-5-23
Goldilocks' Comments and Global Economic News Saturday Evening 11-5-23
Good evening Dinar Recaps,
We have two major events still taking place in the Global Markets. One is the tokenization of assets, and the other is the development of Basel 3 requirements for banks.
The US and China are in the process of developing Basel III requirements along with Europe and the UK.
Protocol 20 is an interfacing of Quantum Technologies from around the world, and the current testing phase is still in process with a vote expected to be taken on its movement forward by the end of the year along with Basel 3 requirements moving forward for the US in January.
Goldilocks' Comments and Global Economic News Saturday Evening 11-5-23
Good evening Dinar Recaps,
We have two major events still taking place in the Global Markets. One is the tokenization of assets, and the other is the development of Basel 3 requirements for banks.
The US and China are in the process of developing Basel III requirements along with Europe and the UK.
Protocol 20 is an interfacing of Quantum Technologies from around the world, and the current testing phase is still in process with a vote expected to be taken on its movement forward by the end of the year along with Basel 3 requirements moving forward for the US in January.
Feel free to read the links below to gather more information on this process currently taking place.
© Goldilocks
https://dashboard.stellar.org/
FSB Link
http://toi.in/Ba8Mla
https://www.marketsmedia.com/hsbc-tokenises-ownership-of-physical-gold/
https://www.reuters.com/markets/asia/china-strengthens-capital-management-rules-banks-2023-11-01/
https://crypto.news/sfc-aims-to-offer-clarity-and-investor-protection-in-tokenized-securities-activities/
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Strikes Will Become The Trend!!! America's Dollar TO END..
https://youtu.be/xu-pfl3ZU-M?feature=shared
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Foreign Bond Investors Are 'Extremely Concerned' About US Deficits
MarketsBusinessInsider Link
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US Banking Crisis: Citizens Bank closed, FDIC appointed as receiver - Investing Abroad News
👆Goldilocks pointed to this article!
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Nobody is talking about it but there is a MASSIVE GLOBAL ANNOUNCEMENT coming very soon that will shine a magnificent spotlight on the #1 most important commodity on planet Earth....SILVER!!
Here's my behind the scenes take on what this announcement is about to do...
SPECIAL PRIVATE ROAD REPORT - The Silver Announcement That Will SHOCK THE WORLD! (Bix Weir)
https://www.roadtoroota.com/members/main.cfm
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The new Bretton Woods: How India's G20 Presidency Accelerated Talks on Multilateral Development Bank Reforms
The New Delhi Declaration of the G20 reiterated the commitment to reform multilateral development banks. finance ministers have taken this forward at Marrakesh but changes won't occur overnight
BusinessToday Link
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Multiple deposit delays across US banks linked to ACH system error CryptoSlate Link
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Mastercard partners with Live Nation
https://www.electronicpaymentsinternational.com/news/mastercard-partners-with-live-nation/
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Federal Reserve, Clearing House Say Bank Payment Issues Resolved – Bloomberg Bloomberg Link
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G20 Accepts IMF-FSB's Synthesis Report on Roadmap to Crypto Regulations ZyCrypto Link
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A former Russian minister says a BRICS currency with unique attributes is nearly ready to launch. In an interview with TV BRICS, Sergey Glazyev says that the currency itself is almost complete, but it still needs support from all leaders of the economic alliance.
"And in order to launch such a currency, Russia, as the presiding country next year, could convene an international conference to sign an agreement on the introduction of such a new international settlement currency."
https://article.wn.com/view/2023/11/04/brics_currency_8216almost_ready_8217_will_be_much_more_attra/
👆Goldilocks pointed to this article!
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South Korea will ban short-selling shares until June to ensure a "level playing field."
Absolutely wild.
Financial markets are being manipulated all over the world right now.
You know what actually needs a level playing field?
The international monetary system.
Gold.
Read: https://x.com/goldtelegraph_/status/1721241563412770922?s=46
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Follow Goldilocks' Roadmap
Follow Goldilocks' Timeline
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Goldilocks on the Seeds of Wisdom Team™ Website
Thank you Dinar Recaps -- www.DinarRecaps.com
Iraq Economic News and Points to Ponder Sunday Afternoon 11-5-23
Iraq Economic News and Points to Ponder Sunday Afternoon 11-5-23
Tlm724 Administrator Bondlady’s Corner
Member Of Parliamentary Finance: The Dollar Exchange Difference Is Very Large And It Has Become Necessary To Address It
Time: 11/05/2023 11:33:30 Read: 2,080 times {Economic: Al-Furat News} A member of the Parliamentary Finance Committee stressed the need to address the high dollar exchange rates in the country. Committee member Ali Jabbar Mu'nis told Al-Furat News Agency, "The financial difference between the official and parallel exchange rates in the markets has become very large."
He added, "It has become necessary to resolve this matter by dealing more seriously with the US Federal Reserve, oil dues, and increasing dollar payments to Iraq, and the issue must be addressed because of the negative repercussions on the lives of citizens."
Iraq Economic News and Points to Ponder Sunday Afternoon 11-5-23
Tlm724 Administrator Bondlady’s Corner
Member Of Parliamentary Finance: The Dollar Exchange Difference Is Very Large And It Has Become Necessary To Address It
Time: 11/05/2023 11:33:30 Read: 2,080 times {Economic: Al-Furat News} A member of the Parliamentary Finance Committee stressed the need to address the high dollar exchange rates in the country. Committee member Ali Jabbar Mu'nis told Al-Furat News Agency, "The financial difference between the official and parallel exchange rates in the markets has become very large."
He added, "It has become necessary to resolve this matter by dealing more seriously with the US Federal Reserve, oil dues, and increasing dollar payments to Iraq, and the issue must be addressed because of the negative repercussions on the lives of citizens."
He warned of "long-term repercussions, as the Iraqi government has large economic obligations and the budget must undertake the process of organizing the budget more closely." LINK
An Economic Expert Proposes A Solution To The Dollar Crisis In Iraq
Economy | 05/11/2023 Mawazine News - Baghdad, the economic and teaching expert at Basra University, Nabil Al-Marsoumi, on Sunday, proposed a solution after the escalation of the dollar exchange rate crisis in Iraq.
Al-Marsoumi said in a post on his Facebook account, followed by Mawazine News, that “Iraq’s exports of black oil in 2022 amounted to more than 4 billion dollars.”
He added, "Iraq can sell black oil in euros or Chinese yuan and use the amounts to settle commercial transactions with countries sanctioned by America, especially Iran."
Al-Marsoumi pointed out that “if this happens, the exchange rate of the dollar in the parallel market will decline significantly,” pointing out that “this must be preceded by an understanding with the US Federal Bank and obtaining its approval.” https://www.mawazin.net/Details.aspx?jimare=237300
More Than $223 Million...Central Bank Sales Today
Sunday 05, November 2023 |Economical Number of readings: 316 Baghdad / NINA / The Central Bank of Iraq announced, today, Sunday, its total sales of foreign currency through the electronic window.
The total amounts of transfers abroad (remittances, credits) amounted to $200,100,280, while the total amount of cash sales amounted to $23,700,000, and the total amount of sales amounted to $223,800,280.
The cash sale price was set at 1,305 dinars per dollar, while bond credits, international settlements for the electronic card, and foreign transfers were set at 1,310 dinars per dollar. /End 11
https://ninanews.com/Website/News/Details?key=1088041
The Stock Exchange Traded 21 Billion Shares Last October
Market Economy News – Baghdad The Iraq Stock Exchange announced today, Sunday, that it traded 21 billion shares worth 26 billion dinars during the month of last October.
The market stated in a report published on its official website and viewed by Al-Iqtisad News that it “organized during the month of last October 22 trading sessions on the shares of 103 companies listed on the market.”
During the aforementioned period, approximately 13,000 transactions were executed, while the price index decreased by 3%.
In turn, foreign investors bought more than 700 million shares worth 2.3 billion dinars after implementing 479 deals on shares of 12 companies.
Views 23 11/05/2023 - https://economy-news.net/content.php?id=37284
The Dollar Drifts With The Closure In The Local Market
Time: 11/05/2023 16:44:50 Read: 1,755 times {Economic: Al-Furat News} The exchange rates of the US dollar against the Iraqi dinar rose with the closing of the stock market in Baghdad on Sunday evening.
Dollar prices recorded 163,550 dinars with the closure of the Al-Kifah and Al-Harithiya stock exchanges, while prices this morning were 163,200 dinars for 100 dollars.
Until the selling prices in the exchange shops in the local markets in Baghdad rose, as the selling price reached 164,500 Iraqi dinars for 100 dollars, while the purchasing price reached 162,500 dinars for 100 dollars. LINK
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points to Ponder on Difficulty:
The greatest difficulties lie where we are not looking for them -- Goethe
It has been the glory of the great masters in all arts to confront and to overcome; and when they had overvc0me the first difficulty, to turn it into an instrument for new conquests over new difficulties; thus to enable then to extend the empire of science - Burke
Difficulty is a severe instructor, set over us by the Supreme guardian and legislator, who knows us better than we know ourselves, and loves us better too. -- He that wrestles with us strengthens our nerves and sharpens our skill -- Our antagonist is our helper -- Burke
The weak sinews become strong by their conflict with difficulties -- hope is born in the long night of watching and fears - Faith visits us in defeat and disappointment, amid the consciousness of earthly frailty and the crumbling tombstones of mortality -- E H Chapin
It is not every calamity that is a curse - and early adversity is often a blessing - Surmounted difficulties not only teach, but hearten us in our future struggles -- Sharp
"Tidbits From TNT" Sunday Morning 11-5-2023
TNT:
Tishwash: oooh weee someone is upset!
The dinar is stronger than the dollar.” The hypothesis that is absent from reality!
Everything has become higher because of the dollar, a dangerous trade recession that the country is experiencing, amid warnings of an economic slide that may lead to a worsening of the situation in the coming days.
According to experts, merchants 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.
According to a 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, bringing their monthly total to one million two hundred thousand dollars, which is equivalent to about two billion Iraqi dinars net for speculators per month. link
TNT:
Tishwash: oooh weee someone is upset!
The dinar is stronger than the dollar.” The hypothesis that is absent from reality!
Everything has become higher because of the dollar, a dangerous trade recession that the country is experiencing, amid warnings of an economic slide that may lead to a worsening of the situation in the coming days.
According to experts, merchants 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.
According to a 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, bringing their monthly total to one million two hundred thousand dollars, which is equivalent to about two billion Iraqi dinars net for speculators per month. link
CandyKisses: Sudanese visits the Ministry of Commerce to follow up its plans in implementing the government program
{local: Al-Ferat News} Prime Minister Mohammed Shia Al-Sudani visited the headquarters of the Ministry of Commerce and follows up the ministry's plans and procedures within the implementation of the government program.
Al-Sudani also toured the Companies Registration Department at the Ministry of Commerce and was briefed, on the ground, on the obstacles and mechanisms followed in the registration of companies.
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Tishwash: Member of Parliamentary Finance: The dollar exchange difference is very large and it has become necessary to address it
A member of the Parliamentary Finance Committee stressed the need to address the high dollar exchange rates in the country.
Committee member Ali Jabbar Mu'nis told Al-Furat News Agency, "The financial difference between the official and parallel exchange rates in the markets has become very large."
He added, "It has become necessary to resolve this matter by dealing more seriously with the US Federal Reserve, oil dues, and increasing dollar payments to Iraq, and the issue must be addressed because of the negative repercussions on the lives of citizens."
He warned of "long-term repercussions, as the Iraqi government has large economic obligations and the budget must undertake the process of organizing the budget more closely." link
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CandyKisses: Source reveals main reason behind Blinken's visit to Baghdad: 3 worrying reports
Baghdad Today - Baghdad
Today, Sunday (November 5, 2023), an informed source revealed the main and direct reason behind US Secretary of State Antony Blinken's visit to Baghdad, which was not planned 72 hours ago, while indicating that there are three worrying reports.
The source said in an interview with "Baghdad Today", that "the visit of the US Secretary of State to Baghdad was not planned 72 hours ago, meaning that it took place in exceptional circumstances, especially with the presence of 3 worrying reports prepared by the Pentagon about the attacks on US bases in Iraq and Syria by unknown Iraqi factions."
He added, "Reports indicated beyond any doubt that the bombing is influential and that the quality of the marches poses a direct danger to the lives of soldiers and can lead to significant human and material losses, pointing out that Blinken will discuss with the Iraqi government the file of the bases being subjected to repeated bombardment in a way that may lead to escalation and tension in an area that is mainly suffering from the repercussions of the current events in Gaza."
The source pointed out that "Blinken will send a message to Tehran about Washington's seriousness not to expand the scope of the crisis in Gaza and not to send any fighters on the ground, while warning of the danger of supporting the factions with weapons and lethal drones." that seemed to strain US bases due to the depletion of air defense batteries."
The source, who preferred not to be named, said, "The US Secretary of State is aware of Iraq's clear position on the Palestinian issue after the Cairo conference and his visit is an attempt to reduce tensions, especially with the waves of bombardment that began to take a wider range by bombing targets in Israel."
Mot: .. the Old Indian Said!!!!
Mot: ............ Sooooo !!! -- What is Sunday!!!????
Mot: ... Heres Ur Guide!!!
Iraqi News Highlights and Points to Ponder Sunday AM 11-5-23
Iraqi News Highlights and Points to Ponder Sunday AM 11-5-23
By Investing In Black Oil...An Economic Expert Proposes A Solution To The Dollar Crisis In Iraq
Economy |Baghdad Today - Baghdad After the dollar exchange rate crisis worsened, and the situation got out of control in the parallel market in light of the inability of the government and the central bank to contain the crisis, economic expert Nabil Al-Marsoumi proposes a “solution through investing in black oil.”
During the past months, the dollar exchange rates witnessed a noticeable increase, exceeding 160 thousand dinars for every 100 dollars, which ignited the market and raised the prices of food and other commodities, in light of merchants’ fears of the losses that may befall them as a result of this rise.
Iraqi News Highlights and Points to Ponder Sunday AM 11-5-23
By Investing In Black Oil...An Economic Expert Proposes A Solution To The Dollar Crisis In Iraq
Economy |Baghdad Today - Baghdad After the dollar exchange rate crisis worsened, and the situation got out of control in the parallel market in light of the inability of the government and the central bank to contain the crisis, economic expert Nabil Al-Marsoumi proposes a “solution through investing in black oil.”
During the past months, the dollar exchange rates witnessed a noticeable increase, exceeding 160 thousand dinars for every 100 dollars, which ignited the market and raised the prices of food and other commodities, in light of merchants’ fears of the losses that may befall them as a result of this rise.
Selling Black Oil
Al-Marsoumi said today, Sunday (November 5, 2023), that “Iraq’s exports of black oil in 2022 amounted to more than 4 billion dollars.”
The economic expert explained in a blog post followed by “Baghdad Today” that “Iraq can sell black oil in euros or Chinese yuan and use the amounts to settle commercial transactions with countries sanctioned by America, especially Iran.”
Al-Marsoumi pointed out that “if this happens, the exchange rate of the dollar in the parallel market will decline significantly,” pointing out that “this must be preceded by an understanding with the US Federal Bank and obtaining its approval.”
Trade Exchange With Iran
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, according to economic estimates.
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 import.
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 high prices there, and amid these many difficulties.
On (October 31, 2023), an Iranian official revealed a decline in his country’s various exports to Iraq for several reasons, including the difference in the dollar exchange rate.
The former Secretary of the Iranian-Iraqi Chamber of Commerce said in a press statement, “One dollar for an Iranian merchant is equivalent to 1,600 Iraqi dinars, while this number for businessmen from other countries is 1,300 dinars, which is equivalent to the official price of Iraq,” stressing that “this difference in the price that... “Up to 15% is acceptable for Iranian businessmen, but exceeding that will make things more difficult.” LINK
The Dollar Records A New High Against The Dinar In Baghdad And Erbil
SUNDAY, 05-11-2023, TAYSEER AL-ASADI The dollar records a new high against the dinar in Baghdad and Erbil 9-1699174421
Dollar prices rose today, Sunday, in Baghdad markets and in Erbil, the capital of the Kurdistan region.
According to media sources, dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 163,200 dinars against 100 dollars, while yesterday, Saturday, prices were 162,900 dinars against 100 dollars.
The sources added that selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 164,250 Iraqi dinars, while the purchasing price reached 162,250 dinars for every 100 dollars.
In Erbil, the dollar also recorded an increase in banking shops, the selling price was 163,050 dinars against the dollar, and the purchasing price was 162,950 dinars against 100 dollars.
https://non14.net/public/161613
Member Of Parliamentary Finance: The Dollar Exchange Difference Is Very Large And It Has Become Necessary To Address It
Time: 11/05/2023 Read: 754 times {Economic: Al-Furat News} A member of the Parliamentary Finance Committee stressed the need to address the high dollar exchange rates in the country.
Committee member Ali Jabbar Mu'nis told Al-Furat News Agency, "The financial difference between the official and parallel exchange rates in the markets has become very large."
He added, "It has become necessary to resolve this matter by dealing more seriously with the US Federal Reserve, oil dues, and increasing dollar payments to Iraq, and the issue must be addressed because of the negative repercussions on the lives of citizens."
He warned of "long-term repercussions, as the Iraqi government has large economic obligations and the budget must undertake the process of organizing the budget more closely." LINK
Chamber Of Commerce: 65% Of The Money Is Stored In The Homes Of Iraqis
Information / Baghdad.. The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, revealed on Sunday that about 65% of private money is stored in the homes of Iraqis.
Al-Tamimi told Al-Maalouma, “The economic and financial file in Iraq needs a road map that contributes to correcting it, especially with the many mistakes in the mechanisms for dealing with crises, not to mention the push to rely on the sale of oil as a basic resource for the country’s treasury.”
He added, "65% of the money is hoarded in the homes of Iraqis, and this is a grave mistake whose causes were multiple, most notably the failure of plans to attract money over many decades," pointing out that "there are 3 solutions, the most prominent of which is giving advantages to placing money in banks and opening investment channels that push... Moving the economic file, especially in vital files, including residential investments and others.
He pointed out that "getting people to put money in banks gives flexibility in paying salaries and increases the obligation to give financial loans in a way that pushes the economy to grow at a higher pace."
The national economy is suffering from great difficulties in light of its heavy dependence on the sale of oil to finance the treasury. LINK
The Central Bank Sold A Billion Dollars Last Week
Economy 2023/11/05 10:04 Number of readings: 273 Baghdad - Iraq Today: The Central Bank of Iraq's total sales of hard currency in US dollars during the past week amounted to more than 997 million dollars.
A financial source said that the Central Bank sold during the last week and for the five days during which the auction was opened, 997 million 84 thousand and 686 dollars, at a daily rate of 109 million and 652 dollars, higher than what it recorded last week, which amounted to 996 million 975 thousand and 34 dollars.
The highest dollar sales were last Monday, when sales amounted to 203 million, 802 thousand and 572 dollars, while the lowest sales were on Tuesday, when sales amounted to 195 million, 529 thousand and 217 dollars. LINK
Provoking Points to Ponder on TRUTH:
The history of our race, and each individual's experience, are sown thick with evidence that a truth is not hard to kill and that a lie told well is immortal. Mark Twain (1835 - 1910), Advice to Youth
Truth is more of a stranger than fiction. Mark Twain (1835 - 1910)
Truth sits upon the lips of dying men. Matthew Arnold (1822 - 1888), 'Sohrab and Rustum,' 1853
The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth. Niels Bohr (1885 - 1962)
The truth is rarely pure and never simple. Oscar Wilde (1854 - 1900), The Importance of Being Earnest, 1895, Act I
Truth persuades by teaching, but does not teach by persuading. Quintus Septimius Tertullianus (160 AD - 230 AD), Adversus Valentinianos
Truth is beautiful, without doubt; but so are lies. Ralph Waldo Emerson (1803 - 1882)
I have been truthful all along the way. The truth is more interesting, and if you tell the truth you never have to cover your tracks. Real Live Preacher, RealLivePreacher.com Weblog, January 04, 2004
I guess sometimes you have to lie to find the truth. Scott Westerfeld, Extras, 2007
Turns out if you never lie, there's always someone mad at you. Scott Westerfeld, Extras, 2007
How often have I said to you that when you have eliminated the impossible, whatever remains, however improbable, must be the truth? Sir Arthur Conan Doyle (1859 - 1930), (Sherlock Holmes) The Sign of Four, 1890
Men occasionally stumble over the truth, but most of them pick themselves up and hurry off as if nothing ever happened. Sir Winston Churchill (1874 - 1965)
Iraq Economic News and Points to Ponder Late Saturday Evening 11-4-23
Iraq Economic News and Points to Ponder Late Saturday Evening 11-4-23
Tlm724 Administrator Bondlady’s Corner
An Economic Expert Told Nina: Preventing The Withdrawal Of Dollars In Erbil Via ATM, I.E., An Automated Teller Machine, Is A Health Measure.
Saturday 04, November 2023 | Economical Number of readings: 596 Baghdad / NINA / Economic expert Raad Twig said in a statement to the National Iraqi News Agency ( NINA ) that “the Central Bank’s prohibition of withdrawing the dollar in Erbil via an ATM, i.e. an automated teller machine, is a healthy measure in preventing the leakage of the dollar,” indicating that the financial engineering of the Central Bank is tending to reduce the percentage of the dollar among speculators. Thus, the dollar is prepared within controlled systems and in specific directions.
Iraq Economic News and Points to Ponder Late Saturday Evening 11-4-23
Tlm724 Administrator Bondlady’s Corner
An Economic Expert Told Nina: Preventing The Withdrawal Of Dollars In Erbil Via ATM, I.E., An Automated Teller Machine, Is A Health Measure.
Saturday 04, November 2023 | Economical Number of readings: 596 Baghdad / NINA / Economic expert Raad Twig said in a statement to the National Iraqi News Agency ( NINA ) that “the Central Bank’s prohibition of withdrawing the dollar in Erbil via an ATM, i.e. an automated teller machine, is a healthy measure in preventing the leakage of the dollar,” indicating that the financial engineering of the Central Bank is tending to reduce the percentage of the dollar among speculators. Thus, the dollar is prepared within controlled systems and in specific directions.
He stressed that this measure will contribute to the elimination of parallel markets and parallel exchange rates, the end of the state of dollarization, and the trend towards an automatic increase in the value of the Iraqi dinar./End https://ninanews.com/Website/News/Details?Key=1087841
The Prime Minister Threatens Those Involved In Stealing Tax Deposits And Announces The Signing Of Major Investment Deals
Money and business Economy News – Baghdad Prime Minister Mohamed Shiaa Al-Sudani revealed on Saturday that Interpol had demanded the arrest and extradition of high-ranking officials who had embezzled more than $2.5 billion in tax funds, while confirming that our special forces had uncovered a series of planned attacks by ISIS in Europe .
Al-Sudani said, in an article published in the British newspaper The Guardian, that “over the past year, the government paved the way to meet the aspirations of the Iraqi people and support their basic needs,” stressing that “the government is focusing on attracting foreign investment, strengthening the private sector and addressing important issues, especially in education and health care. ” .
The Prime Minister added: "The government has taken important steps to restore Iraq's reputation on the global stage," stressing "Iraq's decisive role in working to protect political and economic security in the region through cooperation with our international partners. "
He pointed out that "the tripartite budget focuses on modernizing our infrastructure and creating job opportunities," while stressing that corruption is the biggest threat to future development in Iraq .
Al-Sudani said: “We asked Interpol, as part of our anti-corruption campaign, to arrest and hand over former high-ranking Iraqi officials who embezzled more than $2.5 billion in tax money,” noting that “we have recovered a large amount of stolen tax money, and we will bring those responsible to justice, and this It requires continued collaboration with partners like the UK .”
He explained, "Iraq has become a place for international companies to invest and work, especially in the energy sector," while revealing that "during the first year of the government, major investment deals were signed, which indicates the growing international confidence in the Iraqi economy. "
He also continued: “We will confirm our pivotal role in the region, through partnerships and investing in our untapped potential,” pointing out that “Iraq will be able to help achieve broader regional prosperity,” noting that “Iraq is on a positive path, which is the path that I believe Others said it wouldn't have been possible a few years ago ."
Al-Sudani said: “There is still a lot to be done, and we are committed to ensuring that this continues for all Iraqis .” Views 65 11/04/2023 - https://economy-news.net/content.php?id=37253
Iraq Is Ranked Third Among The Largest Oil Exporters To America
Economy | 01:18 - 04/11/2023 Baghdad - Mawazine News The US Energy Information Administration announced today, Saturday, that Iraq's oil exports to America rose during the past week.
The administration's latest schedule 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. Ended 29/ M99
https://www.mawazin.net/Details.aspx?jimare=237249
More Than $997 Million In Central Bank Sales During The Past Week
Saturday 04, November 2023 Economical Number of readings: 406 Baghdad / NINA / The Central Bank of Iraq’s total sales of the US dollar during the past week amounted to more than 997 million dollars.
The bank stated in a statement that, during the past week and for the five days in which the auction was opened, it sold 997 million 84 thousand and 686 dollars, at a daily average of 109 million and 652 dollars, higher than what it recorded last week, which amounted to 996 million 975 thousand and 34 dollars
Dollar sales last Monday, where sales amounted to 203 million, 802,572 dollars, while sales were the lowest on Tuesday, when sales amounted to 195 million, 529,217 dollars. He pointed out that sales of foreign remittances during the past week amounted to 895 million, 289 thousand
And 904 dollars, an increase of 86% compared to cash sales, which amounted to 129 million 11 thousand and 600 dollars.
He explained that the sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of the amounts of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar. While the selling price of remittances abroad and the cash selling price reached 1,310 dinars per dollar./ https://ninanews.com/Website/News/Details?key=1087829
Tomorrow...Blinken Is In Baghdad To Discuss The Situation In Gaza
Political | 04/11/2023 Baghdad - Mawazine News Iraqi government sources revealed today, Saturday, a visit by US Secretary of State Antonio Blinken to Baghdad tomorrow, Sunday.
The sources reported, according to Russia Today, that "Blinken will visit Baghdad tomorrow, Sunday, to meet with Iraqi officials, most notably Prime Minister Muhammad Shiaa al-Sudani, to discuss the situation in Gaza."
She added, "The visit is not announced, and there may be messages exchanged between the two parties related to the Israeli war on Gaza." https://www.mawazin.net/Details.aspx?jimare=237273
About 164 Thousand.. Dollar Exchange Rates Closed Higher
Economy | 04/11/2023 Baghdad - Mawazine News The Baghdad Stock Exchange closed, due to an increase in the exchange rate of the dollar against the Iraqi dinar. The selling price of $100 was 163,100 dinars. The purchase price was 162,000 dinars per 100 dollars. Ended 29/h
https://www.mawazin.net/Details.aspx?jimare=237258
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points to Ponder From Kahlil Gibran:
No man can reveal to you aught but that which already lies half asleep in the dawning of your knowledge.
Work is love made visible. And if you cannot work with love but only with distaste, it is better that you should leave your work and sit at the gate of the temple and take alms of those who work with joy.
Yes, there is a Nirvanah; it is in leading your sheep to a green pasture, and in putting your child to sleep, and in writing the last line of your poem.
You give but little when you give of your possessions. It is when you give of yourself that you truly give.
Friendship is always a sweet responsibility, never an opportunity.
Doubt is a pain too lonely to know that faith is his twin brother.
You pray in your distress and in your need; would that you might also pray in the fullness of your joy and in your days of abundance.
The obvious is that which is never seen until someone expresses it simply.
The biggest thing in today's sorrow is the memory of yesterday's joy
We choose our joys and sorrows long before we experience them.
Goldilocks' Comments and Global Economic News Saturday Evening 11-4-23
Goldilocks' Comments and Global Economic News Saturday Evening 11-4-23
Good evening Dinar Recaps,
The US Securities and Exchange Commission (SEC) has finalized a rule requiring certain parties to report their securities lending transactions to a registered national securities association (RNSA). The Financial Industry Regulatory Authority, Inc. (FINRA), currently the only RNSA, must now adopt rules implementing the infrastructure for such reporting and dissemination.
Goldilocks' Comments and Global Economic News Saturday Evening 11-4-23
Good evening Dinar Recaps,
The US Securities and Exchange Commission (SEC) has finalized a rule requiring certain parties to report their securities lending transactions to a registered national securities association (RNSA). The Financial Industry Regulatory Authority, Inc. (FINRA), currently the only RNSA, must now adopt rules implementing the infrastructure for such reporting and dissemination.
The SEC adopted the new rule, Rule 10c-1a, under the Securities Exchange Act of 1934 (the Exchange Act) on October 13, 2023. Rule 10c-1a requires the reporting of securities loans to an RNSA, which in turn has to make publicly available certain information it receives within specified timeframes.
https://www.jdsupra.com/legalnews/sec-finalizes-securities-lending-8497815/
👆Goldilocks pointed to this article!
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BREAKING: SEC OFFERS SETTLEMENT WITH #RIPPLE CEO (BIDEN TO ISSUE EXEC ORDER) - $500 PER #XRP!!
https://twitter.com/CryptoGeekNews/status/1720681078552207529?t=XmfnSzfl6NLsOJBbWaarxA&s=35
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Washington D.C., Nov. 2, 2023 —
"The Securities and Exchange Commission today adopted new Regulation SE under the Securities Exchange Act of 1934 to create a regime for the registration and regulation of security-based swap execution facilities (SBSEFs). The new regulatory framework was required under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the over-the-counter derivatives market."
The adoption of Regulation SE of the Security Exchange Act coordinates registration and reporting efforts between the SEC, CFTC, and the security exchange facilities.
This execution takes place 60 days after registering with the Federal Register. This new requirement will adhere to reporting requirements that will create proper records between those with security based swaps such as foreign currency and other trades.
Currently, the preparation phase of this new piece of legislation is in its final 60 day stage of implementation.
© Goldilocks SEC News link.
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Rules Relating to Security-Based Swap Execution and Registration of Security-Based Swap Execution Facilities FederalRegister Link
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RYE, NY (November 2, 2023) — USAlliance Federal Credit Union (dba USALLIANCE Financial) announced today that the credit union is now live on the Federal Reserve’s FedNow® Service. USALLIANCE becomes an early adopter of the FedNow® Service following its launch in July 2023, and will immediately offer members the ability to send and receive instant payments.
https://www.cuinsight.com/press-release/usalliance-becomes-an-early-adopter-of-fednow/
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Regulatory capital, liquidity, and resolution planning for banks: recent developments and cross-border perspectives. RiskandCompliance Link
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Commissioner Pham Announces Agenda for the Upcoming Global Markets Advisory Committee (GMAC}
At this meeting, the GMAC will receive four recommendations from its Global Market Structure Subcommittee, including swap blocks, cross-margining in Treasury markets, permitted repo counterparties, and market volatility controls. The GMAC will also receive four recommendations from its Technical Issues Subcommittee, including global CCP default simulation, eligible collateral, and trade reporting. The GMAC’s Digital Asset Markets Subcommittee will also provide an update on its work.
The GMAC meeting will also include a discussion regarding the Basel III endgame proposal and its impact on derivatives markets, and a presentation on derivatives exposures, regulatory transparency, and trade repositories. https://www.cftc.gov/PressRoom/PressReleases/8817-23
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Minor Revolution at the CFTC
The CFTC Division of Enforcement ("Enforcement") recently issued an advisory on new enforcement policies that increase the agency's focus on corporate accountability through increasing civil penalties, requiring admissions in negotiated resolutions, and imposing monitors and consultants.
https://www.jonesday.com/en/insights/2023/10/minor-revolution-at-the-cftc
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Breaking With Precedent - New Guidance on Future CFTC Enforcement Resolutions
Our key takeaways are:
We expect Enforcement to recommend significantly higher penalties than have been imposed in similar actions previously, particularly in matters involving similar conduct across multiple market participants or matters involving perceived recidivism.
Enforcement will likely recommend monitors and consultants more often, especially for perceived recidivists. We anticipate demands for admissions will become more common when negotiating settlements with the CFTC.
https://www.jdsupra.com/legalnews/breaking-with-precedent-new-guidance-on-8710574/
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There is a nasty rumor going around that Isaac has been put in jail and lost his banking license.
This is so untrue and unfortunate that people would start a rumor such as this going around.
Many people don't like the fact that he has to go in before we do because it keeps them from putting out false narratives that overlook this hurdle.
Isaac was actively talking to a friend of mine this morning and stated that this is far from anything close to being true.
Folks, if you only knew who he was and what he represents, you would laugh at such comments and not take them as true.
Again, we will not go through until Isaac goes through no matter what anyone tries to tell you to circumvent the truth.
© Goldilocks
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Isaac just posted. I guess he is NOT in jail. 😂
"Hello 👋 hope all good nothing happened yet , I will post as soon as i have news, blessings and have a great weekend." © Isaac Isaac's Telegram Room
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