"Tidbits From TNT" Friday Morning 11-10-2023

TNT:

Tishwash:  Golden advice” for Iraqis.. Which is safer for acquiring foreign currency, gold, or the dinar?

The economic expert, Dr. Abdul Rahman Al-Mashhadani, explained today, Thursday, that the most secure acquisition for Iraqis is between foreign currency, gold, and the dinar, under the current circumstances.

Al-Mashhadani told  “In unstable countries, and Iraq has been one of them for 50 years, it is preferable to keep foreign currency only, because even gold is not easy to liquefy, which results in losses for its owner as a result of differences in wording and buying and selling accounts.”

He stressed, “Therefore, keeping acceptable foreign currencies remains the best.”  link

Tishwash:  A parliamentary movement to dismiss the Governor of the Central Bank for his failure to control the rise of the dollar

A member of the Parliamentary Oil and Gas Committee, Adnan Al-Jabri, confirmed on Thursday that the Governor of the Central Bank, Ali Al-Alaq, failed to control the rise in the dollar exchange rate.

Al-Jabri said in a televised interview followed by Mawazine News, “There is complaint in political and popular circles about the decline of the dinar against the dollar.”

Al-Jabri pointed out, “The government needs to take measures against the Governor of the Central Bank, Ali Al-Alaq.”

He continued, “After assuming the position of governor of the Central Bank, Al-Alaq presented a plan to control the rise in the dollar exchange rate, but he failed in it and did not fulfill his promises to the Iraqi people.”

Al-Jabri stated, “There are deliberations within the House of Representatives to take measures against the governor of the Central Bank, as he is directly responsible for the currency market,” pointing out that “Al-Alaq bears responsibility for the continued decline in the value of the dinar.”   link

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

CandyKissess:  Economist: Targeting US bases contributed to the rise of the dollar

Baghdad - Iraq Today:

Financial and banking expert Mahmoud Dagher mortgaged the return of the stability of dollar exchange rates to stop the smuggling of foreign currency, while revealing the relationship of the reasons for the high rate of foreign remittances from the currency auction targeting US bases inside Iraq.

Dagher said in a press interview, "The rise in the process of foreign remittances to the Central Bank's sales of the currency auction is justified, considering that since the start of the war on Gaza and the targeting of some armed factions military bases inside Iraq, Washington pushed the tightening and rejection of many foreign remittances issued by the Central Bank, for reasons that may be considered as a pressure card on Iraq to reduce these attacks, but some messages exchanged between Baghdad and Washington have eased the severity of the American emphasis on remittances. Foreign Affairs, and this is what prompted its rise because many of it was stacked over the past days."

Dagher added that "there is no return to the stability of the exchange rates of the dollar against the Iraqi dinar in its natural form, except through controlling the borders and reducing the smuggling of foreign currency outside the country's borders."

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

CandyKisses:  Attacks exceeded 33. Iraqi summary of the reasons for Washington's inability to respond to the "armed factions"

Baghdad Today - Baghdad

Today, Thursday (November 9, 2023), Ali al-Fatlawi, a leader in the Coordination Framework, Identified many reasons that prevent America from responding to the "armed resistance factions in Iraq", despite the number of attacks reaching 33 attacks since October 17.

Fatlawi said in an interview with "Baghdad Today", that "what is happening in Gaza is genocide with an American green light through its unlimited support for the Zionist entity," pointing out that "the high statistics of martyrs and wounded to more than 33 Thousand martyrs and wounded is evidence of a bloody approach committed by the Zionist entity in the land of Palestine."

He added, "There are many reasons that prevent America from responding to the attacks of the resistance factions in Iraq, most notably that it does not want to open any other front in the Middle East because it realizes that any reaction from it means another folly." after the folly of the Zionist entity and may lead to a scene that Washington cannot remedy, especially with the presence of resistance factions in Lebanon, Syria, Yemen and even Iraq."

He pointed out that "America has been working for weeks to send messages to various parties about its quest to contain events in the Middle East, but the matter remains tense, especially with what we monitor of the minutes recorded," stressing that "the Middle East is in a difficult situation because of Washington's policies and its great support for the Zionist entity."

The "resistance factions in Iraq" expanded their attacks on bases that house US forces, both in Iraq and Syria, and according to the Pentagon, the number of attacks until November 6 amounted to more than 33 attacks.

The "resistance factions in Iraq" targeted Ain al-Assad base with drones a few hours after US Secretary of State Antony Blinken left Baghdad on November 5, despite the "warning messages" issued by Blinken during his visit to Baghdad and his meeting with Prime Minister Mohammed Shea al-Sudanese.

On November 8, 2023, a Pentagon official revealed that the US Department of Defense had launched an urgent investigation into an attack on the US embassy in the fortified Green Zone inside Baghdad, as well as an advanced base for US forces known as "Union 3.""

Mot:  .. We Don't Know them All - but ~~~~

Mot:  ... They Nailed it!! Veterans day

Iraq Economic News and Points to Ponder Thursday Evening 11-9-23

Iraq Economic News and Points to Ponder Thursday Evening 11-9-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Announces A Decline In Inflation Rates For The Current Year

Thursday 09, November 2023 | Economical Number of readings: 447  Baghdad / NINA / The Central Bank of Iraq revealed inflation trends in Iraq and the region, confirming lower inflation rates for this year compared to last year.

The Department of Statistics and Research at the Central Bank of Iraq confirmed in a statement that its inflation rate decreased from (4.4%) in August 2022 to (3.7%) in August 2023, indicating that inflation rates are within acceptable limits compared to some countries in the region such as Iran (46.0%) and Turkey. 57.0%), the United Arab Emirates (3.4%), and the Kingdom of Saudi Arabia (2.4%)./End2

https://ninanews.com/Website/News/Details?key=1088812

Al-Sudani: The Recovery Of Those Convicted On Corruption Charges Will Be A Standard For Iraq’s Relations With Other Countries

 Politics     breaking     Corruption in Iraq     Sudanese  2023-11-08 Shafaq News/ Prime Minister Muhammad Shiaa Al-Sudani confirmed on Wednesday that the recovery of those convicted on corruption charges will be a standard for Iraq’s relations with the rest of the countries.

This came during his chairmanship of the seventh regular meeting of Iraqi ambassadors represented in Arab and foreign countries, in the presence of the Minister of Foreign Affairs and the senior staff in the ministry, according to a statement received by Shafaq News Agency.

 Al-Sudani reviewed Iraq's official position regarding the recent regional developments, most notably the Palestinian issue, stressing communication with the Arab and international circles in order to achieve a ceasefire and provide our Palestinian people besieged in Gaza with humanitarian aid.

He stated that Iraq's position was consistent with the historical position of the people, religious authorities and political leaders,

stressing to the Iraqi diplomatic missions the need to reveal Iraq's clear position on the Palestinian issue, which we consider an issue of principle and belief.

 The Prime Minister also reviewed the most prominent achievements in the government program, in terms of services, confronting poverty and unemployment, combating corruption, and reforming the economic file, as well as reviewing the promising and future opportunities that the government will invest in the oil, strategic industries, and gas sectors, where Iraq will enter the market. global gas and will achieve self-sufficiency within 3-5 years, pointing to the obstacles that have faced the government’s work since it took office until the present day, and the methods it has followed to confront them.

 Al-Sudani provided a set of directives to the ambassadors and diplomatic missions, in order to strengthen Iraq's foreign relations, reflect Iraq's image abroad and highlight its historical and economic role and importance.

He also directed the necessity of continuous and direct communication with the Iraqi communities.  He stressed that

 one of the duties of diplomatic missions abroad is to connect communities with their country, and to encourage creative artists and intellectuals to communicate and provide their services to Iraq.

His Excellency directed the need to develop the work mechanisms of the Ministry of Foreign Affairs, and for the selection of ambassadors to be based on experience, professionalism, and competence, and not on the basis of party affiliation.  The Prime Minister indicated that

 Iraq is seriously seeking to recover those convicted on corruption charges and its stolen funds, and has made this a criterion for strengthening its relations with countries.

 He also referred to Iraq’s representation in international organizations, which must be parallel with Iraq’s financial contributions and achieving the country’s interests, through This is international representation.

 https://shafaq.com/ar/سیاسة/السوداني-استرداد-المحكومين-بتهم-الفساد-سيكون-معيارا-لعلاقات-العراق-مع-بقية-الدول

Report: China Has Lent Amounts Exceeding One Trillion Dollars Within The “Belt And Road” Framework

November 7 14:43  Information/follow up..   A report published this week estimated that China has lent amounts totaling more than $1 trillion under the Belt and Road Initiative and that about 80 percent of these loans are to countries experiencing financial difficulties.

Beijing says that more than 150 countries from Uruguay to Sri Lanka are participating in the Belt and Road Initiative, a huge project launched by China under the leadership of Xi Jinping ten years ago to develop international corridors and infrastructure.

 Since then, China has granted huge loans to finance the construction of bridges, ports, railways and highways in low- and middle-income countries.

However, more than half of these loans have now entered the stage of repayment of the principal amount, according to a report published on Monday by the EdData Research Institute at the University of William End Mary in the US state of Virginia.

 This report expected this percentage to rise to 75 percent by the end of the decade.

By analyzing data on Chinese financing for about 21,000 projects in 165 countries, the Aid Data Institute estimated that Beijing has granted aid and loans “close to $80 billion annually” to low- and middle-income countries.

 By comparison, the United States gives $60 billion annually to these categories of countries.  The report stated,

  “Beijing is playing an unusual and uncomfortable role, which is that it has officially become the largest debt collector in the world.”

 “The total debt owed — including principal but excluding interest — by borrowers from the developing world to China is at least $1.1 trillion,” the report noted.

 The EdData Institute estimates that “80 percent of China’s loan portfolio abroad in developing countries currently supports countries in financial distress.”

Supporters of the Belt and Road Initiative say it brings resources and growth to the countries of the South.

 His opponents denounce the ambiguity surrounding the costs of facilities built by Chinese companies.

 Some countries, such as Malaysia and Burma, are currently trying to renegotiate their agreements with Beijing to ease their financial burdens.

 The initiative also faces criticism due to its huge carbon footprint and environmental damage caused by large infrastructure projects.  

https://almaalomah.me/news/46260/economy/تقرير:-الصين-أقرضت-مبالغ-تتجاوز-تريليون-دولار-ضمن-الحزام-وال

America Says It Is Following The Resumption Of Kurdistan Oil Exports And The Draft Oil And Gas Law

  Kurdistan Women     Oil and gas law     Cihan Turkish script   2023-11-07  Shafaq News/ The Ministry of Natural Resources in the Kurdistan Regional Government announced, on Tuesday, that an American diplomatic delegation confirmed that Washington is closely following the process of resuming oil exports through the region’s pipeline to Turkey and legislating the oil and gas law.

 A statement from the ministry, received by Shafaq News Agency, said that the Kurdistan Minister of Electricity and Natural Resources, Kamal Muhammad Salih, received today, Tuesday, the American Consul General in Erbil, Mark Straw,

pointing out that  the new American Consul expressed his pleasure to invest in the electricity, energy and oil sector. 

 The statement indicated that the American consul confirmed regarding the issue of resuming oil exports (via the region’s pipeline to the Turkish port of Ceyhan) and the issuance of the draft federal oil and gas law that his country is closely following the process of resuming the region’s oil exports, indicating that Washington knows that suspending exports has negative effects on the region’s oil exports. Revenues of the region and its public sector. 

Straw added,   according to the statement, that addressing the revenue problem and approving the oil and gas law are among the priorities of his country's policy and programs.

The statement indicated that Minister Saleh expressed his thanks for America's role in giving importance to efforts to

resume the region's oil exports,

follow up on addressing oil and gas problems, expand investment,

and  approve the federal oil and gas law with the participation of the Kurdistan Region.

 https://shafaq.com/ar/كوردســتانيات/امريكا-تقول-نها-تتابع-است-ناف-صادرات-نفط-كوردستان-ومسودة-قانون-النفط-والغاز

Minister Of Interior: 98% Of The Smuggling Of Oil And Petroleum Derivatives Has Been Eliminated

 Minister of Interior Abdul Amir Al-Shammari  Economy News – Baghdad   Today, Tuesday, the Minister of Interior, Abdul Amir Al-Shammari, announced the expulsion of 153 officers and 899 members from the service, while confirming work to end dealing with paper IDs and direct electronic visas for foreigners soon.

 Al-Shammari said in a speech during his meeting with the directors of the satellite channels and in the presence of the head of the Media and Communications Commission and the head of the Iraqi Journalists Syndicate, that

 “153 officers and 899 members were expelled by the ruling of the Internal Security Forces Court in the year 2023.”  ‘

He added,  "33 million and 200 thousand Iraqis registered and received the national card," stressing,

 "We are working to end dealing in paper IDs in 2025, and  electronic visas for foreigners will also be implemented soon."   

He continued,  "Speed ​​radars will soon be connected to the Yusufiyah Expressway, Al-Dora Expressway - New Baghdad, and Al-Shuala Expressway," noting that

 "the experiment with the five smart traffic lights in Baghdad will fully include Al-Karkh and Al-Rusafa."  He pointed out that  "the Civil Defense began building 100 civil defense centers and purchased more than 130 fire engines during this year, and  we established a training center for the National Defense." 

He stressed that  "98 percent of the smuggling of oil and petroleum derivatives has been eliminated, and  a fund has been established and the development of the Internal Security Forces through fees and imports," pointing out that "37 thousand policemen have been contracted on a contract basis and  we graduated from the first session with ages from 18 to 25 years."

With a salary of 500 thousand dinars for 3 years during the year 2023.”  He pointed to "developing human resources and addressing slackness in construction through contracts."

 Views 45     11/07/2023 - https://economy-news.net/content.php?id=37344

Central Bank: Inflation rates in Iraq are low and their percentage is acceptable compared to countries in the region

 Thursday, November 9, 2023 Baghdad/National News Center  Today, Thursday, the Central Bank of Iraq announced the decline in inflation rates in Iraq, indicating that  their rate is acceptable compared to countries in the region.

 The Department of Statistics and Research at the Central Bank of Iraq confirmed, in a statement received by the National News Center, that  “the inflation rate in it decreased from (4.4%) in August 2022 to (3.7%) in August 2023, indicating that  inflation rates are within acceptable limits compared to In some countries in the region, such as

 Iran (46.0%),

Turkey (57.0%), the

Emirates (3.4%), and

Saudi Arabia (2.4%).”

 https://nnciraq.com.goog/236034/

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

https://www.bondladyscorner.com/

Provoking Points to Ponder on Courage:

  To see what is right and not do it, is want of courage -- Confucius

If we survive danger it steels our courage more than anything else -- Niebulur

Physical courage which despises all danger, will make a man brave in one way -- Moral courage, which despises all opinion -- will make a man brave in another -- The former would seem most necessary for the camp; the latter for the council; but to constitute a great man -- BOTH ARE NECESSARY -- Colton

Courage consists not in blindly overlooking danger; but in seeing and conquering it --Richter

True courage is not the brutal force of vulgar heroes, but the firm resolve of virtue and reason -- Whitehead

Goldilocks' Comments and Global Economic News Thursday Evening 11-9-23

Goldilocks' Comments and Global Economic News Thursday Evening 11-9-23

Good Evening Dinar Recaps,

To give you an idea of where the digital economy is going. Here is a link below to help you understand the goals of where we are headed in the next 5 years.

© Goldilocks

"Our four strategic goals are to:

Expand Access – Make our unique collections, experts, and services available when, where, and how our users need them.

Enhance Services – Create valuable experiences for every user to forge lifelong connections to the Library.

Strengthen Capacity – Support our staff and strengthen our operations.

Foster Innovation – Explore new approaches and emerging technologies to address challenges and spark creativity."

© THE SIGNAL: Digital Happenings at the Library of Congress

https://blogs.loc.gov/thesignal/2023/11/strategic-plan-2-0/?loclr=eadpb

~~~~~~~~~~

"USDC issuer Circle eyes early 2024 IPO amid growing stablecoin adoption"

Although nothing is official and in writing at this point, an introductory private offering of the USDC coin would make trade relationships more solid going into next year with the new digital economy.

Many countries are already refusing to take the dollar in trade, and this new digital dollar would keep us in line with the changing tides.

© Goldilocks   Kitco Link

~~~~~~~~~~

Bitcoin has just reached $37,000. It would make a lot of sense for the US to move into a digital dollar along with being the number one holder of Bitcoin at this time. The timing of this move together would be impeccable.

© Goldilocks

~~~~~~~~~~

OCC TO LEAN ON BANKS REGARDING TCPA COMPLIANCE!: Primary Regulator Changes TCPA Examination Criteria for Major Banks And the Czar is About to be Even Busier   TCPAWorld Link

~~~~~~~~~~

The Depository Trust & Clearing Corporation ("DTCC") just launched OTC direct connect.

Over-the-counter securities (OTC) are securities that are not listed on a National Exchange making it possible for these underlying securities to be accessed and traded such as new foreign currency markets.

This move will allow more transparent data to flow between investor and trader going forward along with smart contracts securing the trade inside a new digital economy.

© Goldilocks

https://www.dtcc.com/news/2023/november/08/dtcc-launches-otc-direct-connect

~~~~~~~~~~

I am aware that many headlines are written to grab people's attention. This is the purpose of a doom and gloom title for articles. Yes, we have been preparing for this transition for a long time. This is why capital requirements are being lifted to secure the transitional period for us.

The world is not coming to an end. It is at the beginning stages of a rebirth. If you have been following this page, you will realize that our financial institutions have been simply finding new parameters in order to exist in a new world.

Some stocks will fall while others will rise during this time. I just simply pray that you were on the right side of history at this point because it is coming.

"All roads lead to gold and gold will set us free."

© Goldilocks

~~~~~~~~~~

"The number of Americans who feel gold is the best long-term investment nearly doubled from 2022 to 2023; more than a quarter (26%) now rank it above investment options such as stocks and bonds, according to a Gallup poll released earlier this year."

https://www.gainesvillecoins.com/blog/gainesville-coins-explains-precious-metal-based-investing-growing-interest

👆 Goldilocks pointed at this article 

~~~~~~~~~~

US finds no major trade partners manipulated currencies     Reuters Link

~~~~~~~~~~

Whether your company is a new fintech or a traditional financial institution with deep roots, you should be taking notice of the Consumer Financial Protection Bureau (CFPB) October 27, 2022 announcement concerning Section 1033 of the Dodd-Frank Act.[1] 

Among other things, Section 1033 mandates that financial services companies provide consumers with access to the data they generate, such as payment histories and transaction records, in a usable electronic format. It further provides that the right to access be "subject to rules prescribed by the Bureau."      https://www.jdsupra.com/legalnews/cfpb-provides-an-update-on-its-long-6465613/

~~~~~~~~~~

This is the endgame...  The Economic Ninja
https://www.youtube.com/watch?v=FKT4WOFTjE4

~~~~~~~~~~

The Central Bank allows Iraqi banks to import foreign currency and requires them to meet 5 conditions (document)    Search4Dinar Link

~~~~~~~~~~

Follow Goldilocks'   Roadmap

Follow Goldilocks'   Timeline

Goldilocks'   Telegram Room

Q & A   Telegram Room

Goldilocks on the Seeds of Wisdom Team™   Website

Subscribe to   Newsletter

Thank you Dinar Recaps  --  www.DinarRecaps.com

Iraq Economic News and Points to Ponder Thursday Afternoon 11-9-23

Iraq Economic News and Points to Ponder Thursday Afternoon 11-9-23

Tlm724 Administrator Bondlady’s Corner

A Parliamentary Movement To Dismiss The Governor Of The Central Bank For His Failure To Control The Rise Of The Dollar

Economy |  09/11/2023      Mawazine News – Baghdad  A member of the Parliamentary Oil and Gas Committee, Adnan Al-Jabri, confirmed on Thursday that the Governor of the Central Bank, Ali Al-Alaq, failed to control the rise in the dollar exchange rate.

Al-Jabri said in a televised interview followed by Mawazine News, “There is complaint in political and popular circles about the decline of the dinar against the dollar.”

Al-Jabri pointed out, “The government needs to take measures against the Governor of the Central Bank, Ali Al-Alaq.”

He continued, “After assuming the position of governor of the Central Bank, Al-Alaq presented a plan to control the rise in the dollar exchange rate, but he failed in it and did not fulfill his promises to the Iraqi people.”

Al-Jabri stated, “There are deliberations within the House of Representatives to take measures against the governor of the Central Bank, as he is directly responsible for the currency market,” pointing out that “Al-Alaq bears responsibility for the continued decline in the value of the dinar.”

https://www.mawazin.net/Details.aspx?jimare=237530

Intelligence Seizes $806,000 In The Possession Of “Exchange Rate Speculators”

Thursday, November 9, 2023 Baghdad / National News Center   Today, Thursday, the Ministry of the Interior announced the seizure of 806,370 thousand dollars that were in the possession of smuggling gangs and speculators in the price of the dollar through a network spreading between Baghdad and a group of governorates, and  anti-organized crime detachments were on the lookout for them by arresting them red-handed.

 The Ministry said in a statement received by the National News Center,

 “As part of a series of specific objectives achieved by the Organized Crime Directorate within the Federal Intelligence and Investigation Agency, our detachments received accurate information about a group of smuggling gangs and speculators carrying out the price of the dollar, through their practice of an operation... Conducting transfers inside and outside the country and buying and selling the dollar currency, contrary to the instructions of the Central Bank, which would harm the national economy.”  She continued,

 “Immediately, our detachments specialized in combating organized crime formed a specialized intelligence and technical team to investigate and collect information about these speculators, and

 after completing the technical investigations and judicial approvals, our detachments began raiding more than one specific target within Baghdad Governorate and a group of governorates, which resulted in the arrest of a group of speculators and seized sums of money estimated at 806,370 thousand US dollars.” 

She added,  “When interrogating the defendants, they frankly admitted to making transfers at home and abroad and buying and selling dollars in contravention of the instructions of the Central Bank.” 

 She confirmed, “Recording their statements and referring them to the relevant authorities in preparation for their appearance before the judiciary and trial in accordance with the Money Laundering Law, which stipulates the confiscation of their funds obtained as a result of money laundering operations so that they receive their just punishment.”   https://nnciraq.com/236030/

An Economic Vision To End The Dollar’s ​​Dominance Of The Iraqi Market

November 8 10:17 Information / Baghdad...   On Wednesday, the head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, presented an economic vision to end the crisis in the parallel market for the dollar in Iraq.   Al-Tamimi told Al-Maalouma,

 “The rise in the dollar exchange rate in the parallel market was not surprising,  but was indicated in our expectations a month ago from now for multiple reasons, some of which are external related to Washington’s position on the Sudanese government and others are internal related to the Central Bank and the extent of implementation of measures in reality.”.  He added,

 "The Chamber of Commerce put forward a 7-dimensional vision to contain the parallel market,

 starting with investigating the mechanisms for granting the dollar at the official rate at the specified outlets and seeking to end the dollarization of several sectors at home and stressing this measure, pointing out that the crisis is not temporary because there are accumulated factors that caused its exacerbation." Recently". 

He pointed out that  "70% of the dollar is exported abroad because Iraq is devoid of industries that supply its markets with basic needs.

 This is a catastrophic matter that was overlooked after 2003, which makes the country's economy dependent on external conditions, and  any crisis will hit hard internally, requiring a comprehensive review to revive the industry again."    https://almaalomah.me/news/46324/economy/رؤية-اقتصادية-لإنهاء-هيمنة-الدولار-على-السوق-العراقية

Oil Prices Catch Up With Stocks And Brent Near $80

Energy   Economy News _ Baghdad  The price of oil rose along with broader financial markets after falling nearly 7% over the previous two sessions amid signs of deteriorating demand expectations.

The price of global benchmark Brent crude rose to nearly $80 per barrel after closing below this level yesterday, Wednesday, for the first time since July. West Texas Intermediate crude was near $76.

Stocks rose in Asia after US stocks rose for the eighth straight day on Wednesday, their most momentum winning streak in nearly two years, amid optimism that US interest rates have peaked.

Oil prices have fallen sharply over the last three weeks as a result of growing concerns about weak demand. Markets returned to focus on fundamental movements, as refining margins declined and inventories increased in China, the world's largest importer. Asia's largest economy returned to contraction last month, according to data released on Thursday.

Demand concerns push oil prices to their lowest levels in 3 months

Oil supplies from the Middle East - the source of a third of the world's crude oil supply - have not been affected in more than a month after the Hamas attack on Israel. Russian shipments are approaching their highest levels in four months, and sector data showed an increase in US crude inventories by about 12 million barrels last week.

Charu Chanana, market strategist at Saxo Capital Markets, said concerns about demand are currently supporting market sentiment. He added: “Aggregate data from the United States and China, as well as EIA inventory data, will be key in the near term to assess the impact of higher interest rates on oil demand.”

Brent crude's further decline was reflected in the price differentials between its two closest-dated contracts, as the price premium for shorter-dated contracts largely evaporated. The difference was 16 cents in the case of Backorder, compared to $1.65 a month ago.

Views 47  11/09/2023 - https://economy-news.net/content.php?id=37398

Dollar Prices Closed At 165 Thousand Dinars At The End Of The Week

11/09/2023 Read: 637 times  {Economic: Al-Furat News} The exchange rates of the US dollar against the Iraqi dinar rose with the closure of the main stock exchange in Baghdad on Thursday evening.

With the closure of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, dollar prices recorded 165,000 dinars for every 100 dollars, while prices this morning were 164,750 dinars for every 100 dollars.  Until the selling prices in the exchange shops in the local markets in Baghdad rose, as the selling price reached 166,000 dinars, while the purchasing price reached 164,000 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 Common Sense:

If man can have only one kind of sense, let him have common sense -- If he has that and uncommon sense too, he is not far from genius -- H W Beecher

He was one of those men who possess almost every gift, except the gift of the power to use them --- C Kingsley

The crown of all faculties is common sense -- It is not enough to do the right thing, it must be done at the right time and place -- Talent knows what to do; tact knows when and how to do it -- W Matthews

The figure which a man makes in life, the reception which he meets with in company, the esteem paid him by his acquaintance -- all these depend as much upon his good sense and judgment, as upon any other part of his character -- A man of the best intentions, and fartherest removed from all injustice and violence, would never be able to make himself much regarded, without a moderate share of parts and understanding -- Hume

Common Sense is only a modification of talent -- Genius is an exaltation of it ---The difference is, therefore, in degree, not nature -- Bulwer

Rebuilding the Iraqi Economy 20 Years After US Invasion

TNT:

Shybaby:  Rebuilding the Iraqi Economy 20 Years After US Invasion

Twenty years after the start of the military operation that led to the fall of Saddam Hussein’s regime, Iraq is still trying to reclaim its status as a major regional economic player.

 PATRICK MARLOW   Nov 07, 2023

 Research from Brown University’s Watson Institute estimates the cost of the Iraq war at approximately $2.9 trillion. Although it is harder to estimate the cost to the Iraqi economy—the approximately 300,000 dead civilians and combatants and 3 million internally displaced refugees was a trauma that is difficult to recover from—it is easy to see how much it has been set back by the conflict.

It seems a long time ago now, but back in the 1980s, Iraq was seen as one of the most advanced Arab economies, with some of the best infrastructure and the highest per capita income in the region.

With the country so sorely dependent on oil revenues, which still represent around 87% of the government’s budget, the 1980s oil crash hit the Iraqi economy hard; the Iran-Iraq war also cost billions of dollars and hundreds of thousands of lives, and the international sanctions that followed Saddam Hussein’s 1990 invasion of Kuwait sounded the death knell for this period of relative prosperity.

Then, following the 2003 U.S.-led invasion of Iraq, the economy contracted by up to 50% by some measures, due notably to the widely criticized destruction of the Iraqi state apparatus; as flawed and morally bankrupt as it may have been, the Baathist regime provided a measure of stability that no longer existed after the fall of Saddam Hussein, and the chaos of internecine fighting that followed enabled the rise of the Islamic state.

Massive Resources for a Slow Reconstruction

The U.S. invested significantly in the country in the following years, but much of that was in security—with a need to replace the disbanded Baathist security forces—and the rest of the spending in infrastructure was highly inefficient due to corruption and a fractured social order. As a result of all this, per-capita GDP is roughly the same now as it was in 2003. A once-leading regional power had become a basket case.

Given the hardship that the Iraqi population has undergone over the last few decades, one can only be relieved that the authorities are making efforts to modernize the economy, but the road to economic recovery is long and littered with potholes.

Although it is true that Iraq seems finally to be on the mend, its economy remains extremely fragile and largely dependent on oil revenues.

Indeed, a recent IMF mission concluded that a drop in oil prices could severely jeopardize the country’s macroeconomic stability and capacity to implement the reforms it needs. As such, it is concerning that OPEC is forcing Iraq to cut its oil production in 2023, which will amputate oil revenue.

The IMF estimates that growth was stagnant in 2022, although real GDP is expected to expand by 3.7% in 2023, but as Moody’s Investors Service said in its latest report on Iraq’s credit fundamentals, “Iraq is heavily exposed to significant carbon transition risks because of its economic, fiscal and external reliance on the hydrocarbon sector.”

The problem is that Iraq also still requires major investment. The new 3-year budget voted this spring allows for some of this; it was certainly crucial to allow the government to continue operating following several years of gridlock with the parliament unable to agree on a budget, and according to Prime Minister Mohammed Al Sudani the budget will enable the government “to start the implementation of the infrastructure projects and turn Iraq into one of the biggest workshops in the region.”

Al Sudani also believes that the budget “prioritizes the essential needs of Iraqi citizens and families, aiming to meet their expectations for government services, construction and infrastructure projects.” But critics disagree: “there is no real investment spending in the budget,” says Sajad Jiyad, an analyst and fellow at the Century Foundation, “it just focuses on expanding what was in previous budgets and leaves very little—a few billion—on investment.”

At any rate, as IMF mission chief Tokhir Mirzoev says, Iraq’s structural imbalances mean that even the government spending that is in the budget, such as it is, “could reignite inflation and foreign exchange market volatility.” Inflation is a chronic issue for Iraq, not helped by the fact that the country has a massive trade deficit: “Iraqi society buys everything from abroad, from agricultural materials to food and medicines, and industrial goods,” said Iraqi Foreign Minister Fuad Hussein in a recent interview with VOA’s Kurdish Service. “If you look at Iraq's trade or its trade balance with other countries, you will see that everything comes from abroad,” he added.

This is one of the subjects that Hussein discussed on his recent visit to Washington. Since the dinar collapsed after the 2003 invasion, many Iraqis chose to use the dollar for their everyday purchases, but the Iraqi Interior Ministry has banned trade in U.S. dollars to prevent runaway inflation. The recent sharp decline of the Iraqi dinar against the dollar is further causing foreign exchange volatility which, according to the IMF, has “adversely affected import-dependent non-oil sectors.” One of the ways that the Iraqi government is trying to fight this is a system for monitoring American dollars that enter the Iraqi economy and tracking when they leave the country, which has the added benefit of preventing the financing of terrorism.

The Central Bank of Iraq in Action

The Central Bank of Iraq’s (CBI) actions seem to be bearing fruit in this respect, with the foreign exchange market stabilizing, helped by the growth of real non-oil GDP, which is expected to reach 3.7% in 2023. Inflation, which peaked at 7% in January 2023, has begun to fall and is forecast to average 5.6% this year.

Meanwhile, in May 2023, the Governor of the CBI, Ali Mohsen al-Allaq, unveiled a new state-owned financial institution, the Social Development Bank (SDB), which aims to promote inclusive economic progress in Iraq. The SDB will "diversify the non-oil economy by fostering small and micro-scale projects, thereby stimulating the private sector and reducing unemployment and poverty rates," said al-Alaq. "The bank will be the first in Iraq to cater to low-income individuals, offering facilitated loans and simple guarantees to support vulnerable groups," he added. The CBI also plans to open a Centre for Finance and Business, which according to al-Alaq, “will host the securities market, the business sector, and financial institutions."

The CBI has also signed an agreement with British banknote manufacturer De La Rue for the production of polymer notes. This decision seems somewhat at odds with the other recent positive initiatives by the Iraqi government to modernize their economy.

 Indeed, polymer banknotes are far from having proved themselves as a prudent fiduciary choice, and certain countries which had previously rolled out polymer banknotes because they were thought to be more robust, have backtracked because the notes started to show signs of wear and tear much more rapidly than originally thought. With a shorter-than-expected lifespan, it becomes harder to amortize the extra initial cost of polymer banknotes and the anticipated savings are not forthcoming.

Many of the central banks around the world who have made the transition to polymer banknotes also cite their greater security, but again, polymer banknotes add little in this respect; modern printing techniques mean that paper banknotes, like the Euro notes, which are made of cotton fiber, boast numerous cutting-edge security features like raised ink, security threads, and holograms.

 In fact, because some of these security features are woven into the actual fabric of the paper, modern paper banknotes may even be harder to counterfeit than polymer banknotes, on which security features are simply added to the substrate.

 It is easier for counterfeiters to obtain polymer material and try to imitate the security features that are printed on the surface of banknotes than to accurately reproduce the embedded threads, for example, that are used in banknotes like the new Euro series.

According to the European Central Bank, the number of counterfeit Euro banknotes withdrawn from circulation reached a record low in 2021, and indeed, one of the largest counterfeiting operations shut down in recent memory was for polymer banknotes in Romania.

 Likewise, it is worth noting that the U.S. dollar—the world's principal reserve currency and the most widely used currency in the world—is still printed on paper. The U.S. dollar is subject to a high degree of regulation and oversight, so if the Federal Reserve is not considering switching to polymer banknotes, the consensus must be that paper provides strong enough protection against counterfeiting.

Given the hardship that the Iraqi population has undergone over the last few decades, one can only be relieved that the authorities are making efforts to modernize the economy, but the road to economic recovery is long and littered with potholes; to maintain credibility in Iraq’s fiscal policy, the government should continue to focus on more productive measures, rather than falling prey to fads that do nothing to promote actual economic stability.

https://www.commondreams.org/opinion/iraq-economy-20-years-after-invasion

Iraqi News Highlights and Points to Ponder Thursday AM 11-9-23

Iraqi News Highlights and Points to Ponder Thursday AM 11-9-23

The Dollar Deepens The Wounds And Hits The Economy. Smuggling To Jordan, The Emirates, And Iraq Pays The Price

Information/Baghdad..   Iraq continues to pay the trade bill of merchants and smugglers to Jordan, Turkey, and the Emirates, reaching record numbers, exceeding the reasonable price, while demands are mounting to end the control of Jordan and its banks over the Iraqi currency auction in the Central Bank of Iraq.   Representative Youssef Al-Kalabi said in a post on the “X” platform, “The Iraqi judiciary is investigating the director general responsible for transfers and credits at the Central Bank on suspicions of corruption and causing manipulation of dollar prices and other serious issues.”

He added, "This person enabled the National Bank, known as (the Jordan Bank), to acquire two billion dollars a month."

Al-Halbousi Ignores Calls For Reform

In addition, independent MP Hadi Al-Salami accused the Parliament Presidency of ignoring the representatives’ calls to host the Prime Minister and the Governor of the Central Bank to discuss the dollar crisis.

Al-Salami said in an interview with the Maalouma Agency, “The Presidency of Parliament did not deal with the issue of the dollar exchange rate,” pointing out that “there is continuous follow-up by members of the House of Representatives regarding the real and parallel exchange rates.”

He added, "The dollar crisis is still casting a shadow over the economic scene in light of warnings about the decline in the value of the Iraqi dinar."

He pointed out that "the dollar is continuing to gradually increase and it is possible that it will exceed 170 thousand dinars in the absence of new deliberate steps to control this matter."

Al-Salami pointed out, “The Presidency of Parliament ignored our calls to host the Prime Minister and the Governor of the Central Bank to discuss the dollar crisis.”

Independent MP Basem Ngheimesh Al-Gharibawi had confirmed that the Presidency of Parliament had not responded to demands to hold an investment session to discuss the dollar crisis and its instability in the markets.

Shy Steps

In a shy step, the Central Bank announced the resumption of the sale of gold bullion and coins via an electronic platform in order to reduce demand for the dollar.

A statement from the Central Bank, received by the Maalouma Agency, stated that it “decided to sell gold bullion and coins via an electronic platform, starting tomorrow, Wednesday.”

He pointed out, "Governmental and private banks can apply to buy gold bullion and coins via (an electronic platform designated for this purpose)," indicating that "their sale will be in accordance with the instructions and controls issued by the Central Bank of Iraq."

 The Dollar Is Beyond Reasonable

Dollar prices rose significantly in Baghdad and in Erbil, the capital of the Kurdistan Region, with the closure.

The Maaloma Agency correspondent said that dollar prices rose with the closure of the Al-Kifah and Al-Harithiya stock exchanges, recording 166,800 dinars against 100 dollars.    LINK

Iraq Maintains Its 30th Position In The World With The Largest Gold Reserves

Market   Economy News _ Baghdad  The World Gold Council announced, on Thursday, that Iraq maintained its 30th place in the world with the largest gold reserves.

The Council said in its latest table for the month of November 2023, which Al-Eqtisad News reviewed, that “Iraq maintained its ranking of 30 globally out of 100 countries included in the table with the largest gold reserves, as it has not purchased gold since the month of May, bringing its gold possessions to 132.7 tons, which is It represents 7.6% of its other reserves.

He added, "Iraq came in fourth place in the Arab world with the largest gold reserves after Saudi Arabia with 323.1 tons, Lebanon with 286.8 tons, and Algeria with 173.6 tons. Egypt came in fifth place with 125.9 tons."  

He pointed out that "the United States of America leads the rest of the countries with the largest possession of gold in the world, with 8,133.5 thousand tons, followed by Germany with 3,352.6 thousand tons, then Italy came with 2,451.8 thousand tons, while Bosnia and Herzegovina ranked 99th with 1.5 tons, followed by Suriname." The same quantity is 1.5 tons.

On June 27, 2022, Iraq announced the purchase of new quantities of gold amounting to approximately (34) tons, an increase of 35% over what it had in possession, while in May it announced the purchase of 2.3 tons of gold.

It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest gold mining companies in the world and the most

Views 31 11/09/2023 - https://economy-news.net/content.php?id=37403

Experts Call For Changing Some Economic Laws

Iraq  11/09/2023    Baghdad: Muhannad Abdel Wahab  The opinions of economic experts varied regarding Iraq’s need to change or amend a number of economic laws, including the law of the Central Bank, Securities and Investment Authority, while they called for dividing the budget law into three investment budgets and others for the Investment Authority and the Central Bank to support loans.

The economic expert, Mustafa Hantoush, said in an interview with “Al-Sabah”: The Iraqi economic reality needs to amend some of the laws that work to restore its economic growth in accordance with the development that the world is witnessing, as they need to be reformulated or amended to their paragraphs, noting that the laws that need to be amended

They are Central Bank Law No. 56 of 2004, Banks No. 4 of 2004, Securities Commission No. 72 of 2004, Investment No. 50 of 2015, Tax Law No. 113 of 1982 amended for the year 2004, and Companies Law No. 21 of 1999 amended for the year 2019. He explained

. These laws have a number of problems and do not help direct the Iraqi economy or manage banking operations or state funds correctly, stressing that we need to activate investment in another way and with a greater flow. Even the budget law needs to be divided and made into three budgets, one for investment and another for the Investment Authority and the Central Bank and to support Loans.

In this context, economic expert Hazem Hadi pointed out, in an interview with Al-Sabah, that the Iraqi economic system has a number of distortions, especially since it is burdened by widespread unemployment, deteriorating services, and others, warning that all of these factors, unless they are addressed, cannot improve the economy. The Iraqi.

He pointed out that the solutions lie in changing a number of laws, including the Central Bank Law, which must take its role in controlling the foreign currency in a positive manner and not leave matters to the currency auction, adding that Iraq since 2003 has not witnessed an import plan or approach for what the country needs, and it must Be clear to those working in the industrial and commercial sector and their import needs.   Edited by: Adhraa Juma   https://alsabaah.iq/87002-.html

They Have More Than 800 Thousand Dollars In Their Possession. They Overthrew A Group Of Exchange Rate Speculators

2023-11-09 | 918 views  Al-Sumaria News – Security   The Federal Intelligence and Investigation Agency announced today, Thursday, the arrest of gangs smuggling and speculating in the price of the dollar, while noting that 806,370 thousand dollars were seized in their possession.

The agency stated, in a statement received by Al-Sumaria News, that “our detachments received accurate information about a group of smuggling gangs and speculators exercising the price of the dollar through their practice of making transfers inside and outside the country and buying and selling the dollar currency, in contravention of the instructions of the Central Bank, which would harm the national economy.”

She added: “Immediately, our detachments specialized in combating organized crime formed a specialized intelligence and technical team to investigate and collect information about these speculators, and after completing the technical investigations and judicial approvals, our detachments began raiding more than one specific target within Baghdad Governorate and a group of governorates, which resulted in the arrest of a group.” of speculators and seized sums of money estimated at 806,370 thousand US dollars.”

The statement indicated, “The defendants, upon interrogation, frankly admitted that they made transfers at home and abroad and bought and sold dollars in contravention of the instructions of the Central Bank.”

The statement concluded: “Their statements were recorded and they were referred to the relevant authorities in preparation for their appearance before the judiciary and their trial in accordance with the money laundering law, which stipulates the confiscation of their funds obtained as a result of money laundering operations so that they receive their just punishment.”  LINK

Provoking Points to Ponder From Daily Reflections For Highly Effective People By Stephen Covey:

Our character - basically - is a composite of our habits --  Because they are consistent - often unconscious patterns - they consistently - daily - express our character and produce our effectiveness ................ or ineffectiveness -- p. 46

It becomes obvious that if we want to make relatively minor changes in our  lives -- we can perhaps appropriately focus on our attitudes and behaviors -- But if we want  to make  significant -- quantum change - we need  to work on our basic paradigms -- p. 31

Change -- REAL CHANGE -- comes from the inside out -- It doesn't come from hacking at the leaves of attitude and behavior with quick fix personality ethic techniques -- it comes from striking at the root -- the fabric of our thought - the fundamental - essential paradigms - which give definition to our character and create the  lens through which we see the world -- p. 317

You can decide within yourself how circumstances will affect you -- Between what happens to you or the stimulus - and your response to it -- is your FREEDOM or POWER to CHOOSE that response -- p. 69

"Tidbits From TNT" Thursday Morning 11-9-2023

TNT:

Tishwash:  Iraq maintains its 30th position in the world with the largest gold reserves

 The World Gold Council announced, on Thursday, that Iraq maintained its 30th place in the world with the largest gold reserves.

The Council said in its latest table for the month of November 2023, viewed by Shafaq News Agency, that “Iraq maintained its ranking of 30 globally out of the 100 countries included in the table with the largest gold reserves, as it has not purchased gold since the month of May, bringing its gold possessions to 132.7 tons, which represents 7.6 tons.” % of the rest of its other reserves.

He added, "Iraq came in fourth place in the Arab world with the largest gold reserves after Saudi Arabia with 323.1 tons, Lebanon with 286.8 tons, and Algeria with 173.6 tons. Egypt came in fifth place with 125.9 tons."   

He pointed out that "the United States of America leads the rest of the countries with the largest possession of gold in the world, with 8,133.5 thousand tons, followed by Germany with 3,352.6 thousand tons, then Italy came with 2,451.8 thousand tons, while Bosnia and Herzegovina ranked 99th with 1.5 tons, followed by Suriname." The same quantity is 1.5 tons.

Financial expert Muhammad Al-Hassani said, “All countries, including Iraq, are trying to diversify their basket of currencies and gold to be an investment portfolio to reduce risks and sudden fluctuations that may occur as a result of crises or the decline in the value of currencies. It is a type of hedge and provides monetary stability.”

He added, "Countries do not rely on gold to a large extent in their investment portfolios because it is a heavy commodity, not like other currencies that can be bought and sold quickly. Therefore, we see that some rich countries have gold, but their gold reserves are almost constant and they do not carry out buying and selling operations on a regular basis." Continuing as America, Germany and the United Kingdom.

On June 27, 2022, Iraq announced the purchase of new quantities of gold amounting to approximately (34) tons, an increase of 35% over what it had in possession, while in May it announced the purchase of 2.3 tons of gold.

It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest gold mining companies in the world and the most  link

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

Tishwash:  The Central Bank allows the import of Iranian tomans with its latest decision.. Experts  but how? 

The pressure on the dollar has reached its maximum

Iraqi experts said that the Central Bank’s decision to “conditionally” allow the import of foreign currency likely targets currencies subject to American sanctions or restrictions, such as the Iranian toman, or exceeds the limits on some companies in the Gulf and Turkey, via the lira and a number of Arab currencies, but they wondered. How to do that, and what will be in return for it, as part of attempts to alleviate the dollar market, which has been under maximum pressure for months.

Mustafa Hantoush, financial and economic affairs specialist:

What I think is most likely is that the Central Bank of Iraq wants to allow banks to buy currencies other than the dollar, to conduct contracts in these currencies, and have a balance in the lira, dinar, and toman... etc., and thus carry out commercial operations through them, and this does not contradict the Federal Bank, but the decision here is in how the exchange Currency: If you buy currencies from countries under sanctions, such as the toman, the exchange for them must be either an Iraqi dinar or a dollar, so how will we be able to barter them!? Will this be a commercial exchange?

Jalil Al-Lami, economist:

The market is witnessing a shortage of most imported goods, especially consumer tools, so the Central Bank of Iraq decided to work to reduce pressure on the dollar in the parallel market on the one hand, since dollar prices are still high, and to facilitate the import of currency and foreign transfers on the other hand.

The Central Bank of Iraq allows licensed Iraqi banks to import foreign currency in order to provide the required flexibility for banks operating in Iraq and in order to prepare for the next stage that the banking sector awaits early next year, provided that the banks adhere to the conditions announced.   link

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

CandyKisses:  Fear of "creating new speculators" after a Central Bank action related to importing foreign exchange

Baghdad today - Baghdad 

The decision of the Central Bank of Iraq to allow the import of foreign exchange from abroad raised many concerns, the most important of which is "creating new speculators," according to economic expert Nabil Al-Marsoumi.

Al-Marsoumi wrote, today, Thursday (November 9, 2023), in a blog post followed by "Baghdad Today" that, "Under this procedure, any entity or institution that receives remittances from outside Iraq can abandon receiving remittances in Iraqi dinars and at the official rate, which is equivalent to 1,320 dinars per dollar." He shipped its money in foreign currency by air, paid the cost of transportation and insurance, and then received it when it arrived in Iraq."

He pointed out that "this measure is linked to the scarcity of foreign currency in the Central Bank of Iraq and its inability to exchange the amounts of remittances in dollars, especially in light of the strangulation practiced by the US Federal Bank for clear political reasons." "

He pointed out that "there are fears that this will lead to the creation of new speculators who enter the US dollar and then sell it at the parallel price to take advantage of the large difference between the official and parallel prices of the dollar and then buy back the dollar at the official rate through the platform!!".

"This measure puts big question marks over the source of funds transferred from abroad? Is it from the money of private banks and their wealth abroad?, or through financing through the platform??".

On Wednesday (November 8, 2023), the Central Bank of Iraq set the conditions for importing foreign exchange from outside the country.

In its communication to all licensed banks, according to a document obtained by Baghdad Today, the central bank obligated the following:

1 - The uses of the amounts for the purposes of meeting the requests of customers from companies, organizations and bodies duly registered and individuals working for foreign companies or institutions who receive mobile phones imported from outside Iraq.

2- Submit an application to the Central Bank of Iraq (Banking Control Department) that includes the quantity required to be entered from the shipment details.

3- The entry of amounts shall be through air ports exclusively.

4- Commitment to register the serial numbers of these shipments and provide the Banking Control Department with them and the data of their recipients later.

5- Providing the Central Bank with the name of the foreign shipping company with a copy of the license granted to it in its country.

The Central Bank confirmed that it continues to provide foreign currency to meet the requests of customers and in accordance with the instructions and controls in this regard.

Mot:  and Yet - Another Wonderful ""Raising the Wee Folks"" Tip - frum ole Mot of Course!

Mot: . And another Awareness Tip on Raising the ""Wee Folks"" - from Mot of Course!

MilitiaMan: Iraq Central Bank - Dinar - Allows Foreign Currency Imports - Kills the Black Market?

Iraq Central Bank - Dinar - Allows Foreign Currency Imports - Kills the Black Market?

MilitiaMan and Crew :  11-8-2023

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

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

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

Iraq Economic News and Points to Ponder Wednesday Evening 11-8-23

Iraq Economic News and Points to Ponder Wednesday Evening 11-8-23

Tlm724 Administrator Bondlady’s Corner

Financial Exchanges And Trading

Economic 11/08/2023  Muhammad Sharif Abu Maysam  In light of the procedural developments witnessed by the financial and monetary policies and the movement at the level of decision and consultation between those in charge of them, and the practical applications that these developments produce at the level of structural policies and the introduction of technologies, and the applied developments that electronic payment systems are witnessing in the banking arena,  there are potential transformations that will be witnessed in the arena of exchanges.

Financial transactions in the next few months will move toward a business environment that is compatible with the possibility of engaging in the banking industry system in the world,

which will have a significant impact on the overall features of the financial and monetary landscape in the country,

starting with the applications and practices of the tax system and customs tariffs, passing through exchange methods, all the way to the existence of a parallel market.

Exchange rates are able to finance its exchanges without relying on a single source.

The features of these potential transformations have become apparent since the relevant authorities were forced to abandon the approved methods of financing foreign trade and begin adopting electronic payment methods on the “SWIFT” platform, and

the resulting confusion led to the recovery of the speculative market and the growth of black market parasites before they became organized.

Procedural operations in accordance with the regularity of the infrastructure for electronic payment tools, and

since the international company Visa began the first steps of its work in Iraq in early June of last year, and the Vice President of the American “JP Morgan” Bank expressed his readiness to support Iraqi trade financing operations during his meeting with the Governor of the Central Bank.

The Iraqi Bank last June, promising to provide the necessary support to facilitate the opening of an office for JP Morgan Bank in Baghdad to establish a banking sector that rises to the level of the banking industry in the world.

After that, the features of the transformations became clearer with the procedural steps taken by the authorities in charge of monetary policy, starting with the procedural steps in the restructuring project, which culminated in the Central Bank’s decision to increase the capital of banks to no less than 400 billion dinars during a maximum period of 12/31/2024.

Then in the axis of introducing technologies that culminated in the recent introduction of the (Visa Direct) service in one of the banks to transfer money abroad in a maximum time of five minutes,

thus facilitating the work of small merchants and large companies simultaneously,

 which will have an impact on the movement of funds to and from Iraq, and enabling...

End users, whether companies or individuals, are able to transfer money quickly and safely around the world, in addition to  the direct impact on the exchange rate in the speculative market due to the expected decline in demand and consequently the decline in prices according to the supply and price equation, while the lack of control over currency smuggling will remain the biggest challenge facing them. The relevant authorities.    https://alsabaah.iq/86915-.html

Experts: We Lost Billions Of Resources Due To Lack Of Seriousness In Investing In Natural Resources

 Economic 11/06/2023    Baghdad: Ali Muwafaq   Experts in the field of geology have warned that if the sulfur and phosphate production fields are stopped and the rest of the mineral elements and resources spread in most governorates, especially in the western region, Iraq will lose billions of resources that could be an alternative or a major support for oil wealth.

The head of the Iraqi Geologists Syndicate, Saad Obaid, said during a symposium entitled (Mineral wealth is a support for the national economy and an alternative to oil wealth), which was attended by “Al-Sabah”:

The union is trying to shed light on the issue of mineral wealth and invest it optimally, as it is an important tributary to the national economy, as it can save millions of dollars. It contributes to reviving the national industry if exploited correctly.  He added that

the aim of the symposium is to urge decision-makers in the country to pay attention and develop this wealth in an attempt not to make Iraq an oil station only while adding material value to this wealth, in addition to focusing on the importance of localizing the mineral industry in the country. He stated that

the union calls on the government to support the Geological Survey to carry out its work and invest and explore this wealth in an effort to truly benefit from it, as well as to learn about the experience of Saudi Arabia, which has allocated millions of dollars for mineral exploration.

For his part, geological expert Dr. Khaldoun Subhi Al-Bassam told “Al-Sabah”:

Iraq possesses quantities amounting to 600 million tons of free sulfur, 60 percent of which is extractable, as production did not exceed one million tons annually and there is no serious move to reactivate the Mishraq and Al-Lazza fields in Nineveh Governorate.

 He continued that Iraq also has a wealth of phosphate in the Akashat region in Anbar Governorate, where available industrial reserves are estimated at 10 thousand million tons, and production does not exceed, in the best circumstances, two million tons annually from one site that has been out of work for years.

 Al-Bassam stated that Iraq stands behind Morocco in phosphate reserves, but this is not the entire reserve.

If exploration work continues, it is possible to find larger quantities. He stated that  there are natural elements and resources that Iraq possesses in large quantities, and  they are used in important industries, including sedimentary iron, amounting to 60 million tons, which is used in the cement industry, and sodium sulphate, amounting to 22 million tons, which is used in the manufacture of vegetable oils and glass, but its factory is out of service, and investigations are underway.

It indicates that there are 8 thousand million tons of untapped limestone in the governorates of Anbar, Muthanna, Najaf, and the Kurdistan Region.

 He pointed out that the Western Desert contains an amount of 7 thousand million tons of silica sand, while production does not exceed 50 thousand tons annually, as it is used in the manufacture of glass, ceramics, refractories, and modern silicon industries,

in addition to the presence of 16 million tons of quartz in Anbar, and quantities of lead and copper in Dohuk and Sulaymaniyah are not yet exploited.

 The symposium came up with recommendations that included the importance of developing a strategy for mineral investment policy and opening the way for the private sector and international companies to carry out mineral exploration operations due to the government’s lack of serious desire to invest in them, as well as the importance of legislating laws that encourage investment in minerals.

 https://alsabaah.iq/86744-.html

Restricting Cash Reserves

 Economic 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

Oil Prices Fall To Their Lowest Level In More Than 3 Months

Economy | 11:43 - 08/11/2023  Baghdad - Mawazine News  Oil prices fell on Wednesday to their lowest levels in more than three months, after data showed a significant increase in US crude supplies, while conflicting Chinese economic data raised concerns about global demand for crude.

Brent crude futures fell 25 cents to $81.36 per barrel by 0001 GMT, while US crude futures fell 35 cents to $77.02 per barrel. Both fell to their lowest level since July 24 in early Asian trading.

Market sources said late yesterday, Tuesday, citing figures from the American Petroleum Institute, that US crude oil inventories rose by about 12 million barrels last week.

The US Energy Information Administration will postpone the release of weekly inventory data until the week of November 13.

The administration said yesterday that crude oil production in the United States will rise this year slightly less than previously expected, while demand will decline.

The Energy Information Administration currently expects that total oil consumption in the United States will decrease by 300,000 barrels per day this year, a decline from its previous forecast of an increase of 100,000 barrels per day.

Data from China, the world's largest oil consumer, also raised doubts about demand expectations.

The world's second-largest economy's imports of crude oil increased sharply in October, but its total exports of goods and services contracted faster than expected, raising fears of a decline in global energy demand.

Adding to the pressure on oil prices is the modest recovery of the dollar from its recent lows, making oil more expensive for holders of other currencies.  https://www.mawazin.net/Details.aspx?jimare=237456

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

https://www.bondladyscorner.com/

Provoking Points to Ponder on Common Sense:

Common Sense is, of all kinds, the most uncommon -- It implies good judgment, sound discretion, and true and practical wisdom applied to common life -- Tryon Edwards

One pound of learning requires ten pounds of common sense to apply it -- Persian Proverb

Fine sense, and exalted sense, are not half as useful as common sense -- there are forty men of wit to  one man of sense -- He that will carry nothing about him but gold, will be every day at a loss for readier change -- Pope

To act with common sense according to the moment, is the best wisdom I know ; and the best philosophy is to do one's duties, take the world as it comes, submit respectfully to one's lot; bless the goodness that has given us so much happiness with it, whatever it is; and despise affectation -- Walpole

Common sense is the knack of seeing things as they are, and doing things as they ought to be done -- C E Stowe

"Knowledge, without common sense," says Lee, is "folly; without method, it is waste; without kindness, it is fanaticism; without religion, it is death" But with common sense, it is wisdom; with method, it is power; with charity, it is beneficence; with religion, it is virtue,and life, and peace -- Farrar

Goldilocks' Comments and Global Economic News Wednesday Evening 11-8-23

Goldilocks' Comments and Global Economic News Wednesday Evening 11-8-23

Good Evening Dinar Recaps,

Dodd-Frank Update:
We have a lot of people utilizing digital apps these days that may not be covered under the FDIC protection mechanisms.   There is an ongoing movement to educate people in this area of their money holdings.   We have seen FTX and other cryptos fail this year without protections for their customers, and it is important to only invest what you can afford to lose in any of them.

As these systems become more integrated in the years to come, it is important to just simply be careful.

© Goldilocks
Dodd-Frank update Link

~~~~~~~~~~

How to Migrate to ISO 20022   ACI Worldwide Link

~~~~~~~~~~

Ripple To Partner With Georgia’s Central Bank in the Eurasian Country’s CBDC Pilot The Daily Hodl Link

~~~~~~~~~~

Supply Chain Resiliency Can Be Boosted with Production Production and Digital Maturity

Material Handling and Logistics Link

~~~~~~~~~~

Defaults of high-yield corporate bonds are accelerating and could bring a $46 billion wave of distressed debt in 2024, Bank of America says   BusinessInsider Link

~~~~~~~~~~

Metals Focus predicts a boost in precious metals demand due to advanced AI chips and electronic components.

Silver is expected to be most affected, being a key element in electronics and facing supply constraints with rising green energy needs.

Industrial demand for gold has dropped this year, but the overall tech sector uptake of precious metals is forecasted to rebound next year due to AI developments.

https://oilprice.com/Metals/Gold/AI-Surge-To-Fuel-Precious-Metals-Demand-In-2024.html

~~~~~~~~~~

PBoC in a Hurry to Buy Gold: Covertly Bought 593t of Gold YTD

https://www.gainesvillecoins.com/blog/pboc-in-hurry-to-buy-gold-covertly

~~~~~~~~~~

FCA and Bank of England publish proposals for regulating stablecoins   Bank of England Link

~~~~~~~~~~

MORE RUNS ON BANKS... EXPECT PRICE ACTION DISTORTIONS TO WORSEN, FASTER. 

Mannarino Link

~~~~~~~~~~

BRICS: Russia Dumps Currencies Worth $8.7 Million in Yuan & Ruble Set - BRICS continues to DUMP the dollar🔥

BRICS member Russia is aggressively buying and selling currencies in the foreign exchange markets. The Central Bank of Russia initiated large amounts of ‘buy’ and ‘sell’ of currencies in the domestic market on Tuesday. The regulator is exchanging currencies in the Moscow Exchange section and sold tenders worth 0.8 billion Rubles. The first settlement was initiated on November 2, 2023, continuing over Monday and Tuesday of this week.

It was reported on the 9th of October BRICS dumped a total of $123 billion in U.S. treasuries in 2023.

https://watcher.guru/news/brics-russia-dumps-currencies-worth-8-7-million-yuan-ruble

~~~~~~~~~~

CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps 

Consumer Financial Protection Bureau Link

~~~~~~~~~~

Blockchain Revolution: A Race for Banking's Survival
https://www.financemagnates.com/cryptocurrency/blockchain-revolution-a-race-for-bankings-survival/

~~~~~~~~~~

Keough School expert to play key role in COP28 climate talks on food systems 

Notre Dame News Link

~~~~~~~~~~

Fedwire Will Get Boost From ISO 20022 and Data-Rich Messaging

~~~~~~~~~~

"Agencies Extend Comment Period on Proposed Rules to Strengthen Large Bank Capital Requirements"

The Office of The Comptroller of The Currency is informing us that they will begin the final phase of Basel 3 requirement implementations on January 16, 2024. 

This is the point to which the banking system will have enough capital requirements to synchronize their support of the banks and markets going forward.

Unless they extend this date, Basel 3 requirements will be on center stage.

© Goldilocks

https://www.occ.gov/news-issuances/news-releases/2023/nr-ia-2023-116.html

~~~~~~~~~~

Hello tomorrow I have a very very important cc to see where are we , as soon as I finish I will post , blessing   © Isaac

Isaac's room link   https://t.me/joinchat/Tc5mohvokA3F-CnM

~~~~~~~~~~

The Bank of Russia will be creating a digital ruble payment system with the United Arab Emirates.

This is a major development. Here comes CBDCs.   Read: https://x.com/goldtelegraph_/status/1722344359428075625?s=46

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks'   Timeline

Goldilocks'   Telegram Room

Q & A   Telegram Room

Goldilocks on the Seeds of Wisdom Team™   Website

Subscribe to   Newsletter

Thank you   Dinar Recaps

Iraq Economic News and Points to Ponder Wednesday Afternoon 11-8-23

Iraq Economic News and Points to Ponder Wednesday Afternoon 11-8-23

Tlm724 Administrator Bondlady’s Corner

Economist: The Dollar Exchange Rate Will Be Equal To The Government Price Early Next Year

 Economy    breaking    dollar price    Economic forecasts    Official pricing    Black market  2023-11-07 Shafaq News/ Academic and economic expert Dr. Khaled Haider expected today, Tuesday,  the price of the dollar to stabilize against the Iraqi dinar, close to government pricing, with the start of next year.

 Dr. Khaled Haider said in a statement to Shafaq News Agency, that  the current political situation is directly linked to the financial and economic situation of the region, and the  recent events in Gaza and the accusations directed at Iran of supporting Hamas are all reasons that make citizens expect that this situation will affect the economic situation, including the financial one, since Iraq It is an important economic region for Iran because a portion of the foreign currency goes to its eastern neighbor.” 

He pointed out that "administrative and financial corruption in Iraq plays a major role in the exchange rate difference, especially those who benefit from this difference,

 which prompts the Central Bank of Iraq to pump large amounts of dollars into the currency auction, ranging from 200 to 250 million dollars daily to cover the market’s need for currency, in

 While the actual daily need ranges between $190 to $200 million, the  bank is pumping more than that in an attempt to control the exchange rate.” 

Haider stated,  “Near-term expectations may be inaccurate, but it is expected, and

 according to a scientific economic reading, that the price of the dollar in the markets will approach the government pricing at the beginning of next year after the implementation of the Central Bank of Iraq’s decision to ban financial transactions in anything other than the Iraqi dinar, and

 this will make the Iraqi dinar More powerful in local markets.

 Regarding the impact of the fluctuation of the dollar exchange rate on the citizen, the economic expert confirmed that this “reflected negatively on the citizen, as today the exchange rate of 100 dollars reached more than 164 thousand Iraqi dinars, especially if we take into account that until the year 2020 the official exchange rate was 118 thousand dinars against... 100 dollars, while it currently ranges above 160 thousand dinars. Certainly, this disparity is reflected in the prices of consumer goods, since Iraq is a consuming country.”

 Earlier today, Shafaq News Agency correspondent said that dollar prices fell with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 165,250 dinars against 100 dollars, while prices this morning were 166,000 dinars against 100 dollars.

 https://shafaq.com/ar/اقتصـاد/خبير-اقتصادي-سعر-صرف-الدولار-سيوازي-التسعيرة-الحكومية-مطلع-العام-المقبل

In The Document... The Central Bank Allows Banks To Import Foreign Currency... Under Five Conditions

Wednesday 08, November 2023 | Economical Number of readings: 165  Baghdad / NINA / The Central Bank of Iraq decided, today, Wednesday, to allow banks to import foreign currency according to 5 conditions.

It was stated in a letter sent by the Central Bank of Iraq to the licensed banks, that “based on the requests received to the bank, and in order to provide the required flexibility for banks operating in Iraq, it was decided to allow the import of foreign currency from outside Iraq while adhering to the following:

 1 - That the uses of the amounts be For the purposes of meeting the requests of your customers, including duly registered companies, organizations, bodies, and individuals working for foreign companies or institutions who receive incoming remittances from outside Iraq.

2- Submit a request to the Central Bank of Iraq (Banking Control Department) that includes the quantity required to be entered along with the details of the shipment.

3- The Entering amounts exclusively through air ports.

4- Your commitment to registering the serial numbers for these shipments and providing the Banking Control Department with them and their recipients’ data later.

5- Providing the Central Bank with the name of the foreign shipping company with a copy of the license granted to it in its country.

The Central Bank of Iraq confirmed its continued provision of currency foreign products to meet customer requirements and in accordance with instructions and controls in this regard./End 8

https://ninanews.com/Website/News/Details?key=1088703

The Return Of The Rise In Dollar Exchange Rates In Local Markets

Time: 11/08/2023 17:04:54 Read: 1,443 times  {Economic: Al-Furat News} The exchange rates of the US dollar rose again against the Iraqi dinar, today, Wednesday, in Baghdad markets with the stock market closed.

With the closure of the main Kifah and Harithiya stock exchanges in Baghdad, dollar prices recorded 164,600 Iraqi dinars against 100 dollars, while prices this morning were 163,300 dinars against 100 dollars.

Until the selling prices in the exchange shops in the local markets in Baghdad rose, as the selling price reached 165,750 Iraqi dinars for 100 dollars, while the purchase price reached 163,750 dinars for 100 dollars.  LINK

Foreign Remittances Increased By 86% In The Iraqi Currency Auction

Wednesday 08, November 2023 15:27 | Economical Number of readings: 237  Baghdad / NINA / External remittances increased at the Central Bank of Iraq auction, today, Wednesday, by 86% at the expense of cash sales, to reach 197 million dollars.

The Central Bank stated in a statement: “Today, during its auction for buying and selling the US dollar, the Central Bank sold 225 million 801 thousand and 357 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, at a price of 1,310 dinars per dollar.” For external transfers at the same price per dollar in cash.

He added, "Most of the bank's dollar sales went to strengthen balances abroad in the form of (remittances, credits), which amounted to 197 million 651 thousand and 357 dollars, an increase of 86%, compared to cash sales amounting to 28 million 150 thousand dollars."

He pointed out that "the number of banks that purchased cash dollars reached 8 banks, while the number of banks that responded to requests to enhance balances abroad reached 18 banks, while the total number of exchange and brokerage companies participating in the auction was 97 companies."/End    https://ninanews.com/Website/News/Details?key=1088674

Chairman Of The National Investment Commission: Iraq Looks Forward To Effective Levels Of Economic And Investment Cooperation

Wednesday 08, November 2023 15:00 | Economical Number of readings: 288   Baghdad / NINA / The head of the National Investment Commission, Haider Muhammad Makkiya, confirmed that Iraq is looking forward to effective levels of economic and investment cooperation.

He said during his meeting with Iraqi ambassadors to China, Japan and South Korea: "Iraq is looking forward to levels of effective economic and investment cooperation among major companies and foreign businessmen." 

He added: "The Authority's policy is to expand regional and international transactions to enhance the confidence factor in the Iraqi investment environment."

He continued: “The work programs prepared to develop the reality of investment will adopt joint mechanisms with developed countries in East Asia and various countries in the fields of investment and business.”/ End   https://ninanews.com/Website/News/Details?key=1088670

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

https://www.bondladyscorner.com/

Provoking Points to Ponder on Character:

Character and personal force are the only investments that are worth anything -- Whitman

Characters do not change -- Opinions alter , but characters are only developed --Benjamin Disraeli

As they, who for every slight infirmity take physic to repair their health, do rather impair it; so they, who for every trifle are eager to vindicate their character, do rather weaken it -- J Mason

Our character is but the stamp on our souls of the free choices of good and evil we have made through life --John Cunningham Geikie

Truthfulness is a corner-stone in character, and if it be not firmly laid in youth, there will ever after be a weak spot in the foundation -- J Davis

Character is the result of two things: Mental attitude and the way we spend our time --Elbert Hubbard