Will the BRICS+ group of countries change the world?

TNT:

Tishwash:  in IRaq's news

Will the BRICS+ group of countries change the world?

Brazil, Russia, India, China and South Africa (emerging market economies known as BRICS) accounted for 19% of global GDP on a purchasing power parity basis in 2001 .

Currently, the share that includes countries scheduled to join the bloc is 36%, and the percentage is expected to rise to 45% by 2040, more than double the share of the economies of the Group of Seven major advanced industrial countries .

The rapid rise of the BRICS group is changing the global economy. Member states generally have less democracy and freedom than advanced economies, and growing economic weight could result in a massive shift in influence. Despite this, the bloc lacks homogeneity, which will stand in the way of the ambitious goals of some of the group’s countries, such as competing with the US dollar for its dominant role globally .

The name BRICS began when Jim O'Neill, the chief economist at Goldman Sachs at the time, set two criteria for membership, the first of which was that countries must have a truly large economy and be prepared to grow rapidly. Brazil, Russia, India and China came to the fore. In an added bonus, the first letters of the names of these countries represent an abbreviation for the attractive bloc .

The idea proved to be hugely successful. The original BRICS group achieved remarkable growth during the first decade of this century. In an unusual example from a geopolitical standpoint, they united to form a bloc, which South Africa joined in 2010, based on a recommendation contained in a research note from a Wall Street bank .

During August of this year, the BRICS group invited 6 other countries to join the bloc: Argentina, Egypt, Ethiopia, Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates .

There is no new abbreviation for the economic group's name, but the name will likely be changed to BRICS +. Those joining the group also expand O'Neill's original membership criteria, but there remain other, more qualified candidates outside the bloc .

Indonesia, for example, has not yet joined the BRICS+ group, but its economy is larger than Egypt, Saudi Arabia, and the United Arab Emirates, and it is likely to outgrow two of the three countries. Nigeria and Thailand both outperformed Iran on O'Neill's two criteria. Mexico and Turkey are ahead of Argentina. The same applies to Bangladesh when compared with Ethiopia .

The meaning is clear. The expansion of BRICS is less about economics and more about politics. As for the engines of expansion, it is related to challenging the hegemony of the United States of America, getting rid of the dollar as the main currency in the world, and establishing alternative institutions to the International Monetary Fund and the World Bank, whose headquarters are located in Washington .

Can the BRICS group achieve this goal? The group has several advantages: size, diversity and ambition .

First, the enlarged BRICS is actually larger than the Group of Seven major industrialized nations, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States of America. During 2022, the bloc represented 36% of the global economy, compared to 30% for the group of economically developed countries. Our projections indicate that the expanding workforce and huge scope for technological catch-up will expand the BRICS+ share to 45% by 2040, compared to 21% for the G7 economies. In practice, BRICS+ and the G7 will exchange positions in relative size until 2040. Enjoying economic weight will also mean enjoying political influence .

Second, the bloc's membership will include some of the world's largest oil exporters (Saudi Arabia, Russia, the United Arab Emirates, and Iran) and some of its largest importers (China and India). If the adoption of currencies other than the dollar to settle some oil deals succeeds, this may indirectly affect the US currency’s share of international trade and global foreign exchange reserves .

Third, it has become clear that weakening the dollar’s ​​dominance is one of the ambitions of BRICS+. China has sought greatly to strengthen the role of the yuan in global trade. Brazilian President Luiz Inacio Lula da Silva called on the bloc to find an alternative to the US dollar, while Russia believes that directing the economic reorganization process towards China and away from Europe constitutes the only rational option as it continues its war on Ukraine. Because of the sanctions, Moscow actually sells oil to China in yuan .

However, looking deeper than the surface, BRICS+ also faces some challenges ahead .

BRICS+ is already big and growing; But China's debt problem and a corrective movement in the property market mean that one of the group's main drivers is dissipating. The bloc's emergence over the current century is largely due to the story of Beijing's astonishing economic growth at an average of 9% per year during the period 2000-2019. This rate is likely to decline to 4.5% during the 2020s, 3% in the 1930s, and 2% in the fourth decade. India may also suffer from some recession, but its economic rise and political ambition are unlikely to match those of China .

BRICS includes oil exporting and oil importing countries as members, but some of them conduct oil deals in US dollars. Producing countries Saudi Arabia and the United Arab Emirates peg their currencies to the dollar and need US currency reserves to support their financial positions. Even without a peg, the majority of countries - unless they are subject to sanctions such as Iran or Russia - prefer payments in dollars as the most acceptable trading medium in international trade .

There is hesitation in the BRICS group of countries to promote an alternative currency. Russia does not want to obtain the rupee from India in exchange for its oil, because it does not want to accumulate its savings in India. But what if India makes payments to Russia in Chinese yuan? Here the geopolitical competition between New Delhi and Beijing emerges. As the former will not want to promote the use of the Chinese yuan in global trade .

Finally, the enlarged bloc lacks consensus and cohesion; India is suffering from a renewed border dispute with China. Tensions may worsen as India rises and China declines .

Saudi Arabia and Iran recently resumed diplomatic relations. But a deep division resulting from proxy wars may require difficulty to bridge. New Delhi and Riyadh also signed - along with the UAE - a memorandum of understanding with the United States of America and Europe to establish an economic corridor that competes with China's "Belt and Road" initiative .

What about alternative institutions to the International Monetary Fund and the World Bank? Again, this will likely remain more of an aspiration than a reality. The New Development Bank, the BRICS affiliate similar to the World Bank, spent a small amount of money. The BRICS emergency reserve arrangement mechanism, which is supposed to be a competitor to the IMF, is small and of limited use .

The idea of ​​a single BRICS currency, with a unified monetary policy, seems unlikely, especially at the present time. Brazil cuts interest rates while Russia raises them sharply; While the UAE and Saudi Arabia mimic everything that the US Federal Reserve does. When we see the Eurozone facing difficulties in light of a unified currency and monetary policy, the BRICS group of countries may not be able to find a unified currency according to the “one size for all” rule from the beginning .

This does not mean that the surprising rise of the BRICS group will be without repercussions on the global economy. The center of gravity will shift to the east and south, where governments enjoy low levels of democracy, popular representation, and intervene more in markets compared to the West .

Within the BRICS+ group of countries, only Argentina, Brazil and South Africa were rated “free” by Freedom House last year. India was described as “partly free,” while China, Egypt, Ethiopia, Iran, Russia, Saudi Arabia, and the UAE were described as “not free.” When we measure the contribution to global GDP from countries classified as “partly free” or “not free,” we find that it has increased from 24% in 1990 to 49% in 2022. Our expectations indicate that this percentage will increase to 62% by 2040 .

Things look even bleaker for advocates of liberal markets. The Heritage Foundation, a conservative US think tank, rates almost all BRICS+ economies as “mostly unfree” or worse. While the economies of the Group of Seven major industrialized nations were classified as “mostly free” or “relatively free .”

But the contribution to global GDP by economies classified by the Heritage Foundation as “mostly unfree” or “repressed” actually jumped from 27% in 1995 to 44% in 2022, and by 2040 our expectations indicate that it will rise to 56%. %.

The BRICS group of countries will change the world, but this may be due more to their growing share of GDP and diverging political and economic systems than to fulfill the grand plans of their decision-makers   link

"Tidbits From TNT" Sunday 11-12-2023

TNT:

Tishwash:  urgent Does 2024 need a budget amendment? A Sudanese advisor answers

A financial advisor to Prime Minister Muhammad Shiaa al-Sudani revealed the extent of the possibility of the need for legislation or amendment next year, 2024, to the tripartite financial budget approved by Parliament last June.

Mazhar Muhammad Saleh told {Al-Furat News} agency, “The Federal General Budget Law of the Republic of Iraq No. 13 of 2023 represents an integrated financial plan for three years 2023, 2024 and 2025, and therefore there is no need for any new financial legislation, unless financial and economic conditions arise that require the adoption of what is required.” Adding or amending some constants and variables here and there, the government can go to the House of Representatives to approve the required partial amendments if the urgent need arises.”

Saleh added, "But until now, the financial indicators for the fiscal year 2024 show that they are stable, and that the legislation available for the tripartite federal general budget is currently sufficient."

At dawn on June 12, the House of Representatives approved the draft financial budget law for the current year 2023 and the following years 2024 and 2025.

It is noteworthy that, on March 13, the Council of Ministers approved the largest financial budget in the country’s history, which exceeded 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit amounting to 63 trillion Iraqi dinars, taking advantage of the rise in oil prices, which constitutes more than 95 percent. % of the country's financial revenues.   link

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Tishwash:  A Chinese visa for the citizens of Kurdistan soon and a modern park in Erbil.. A meeting between the governor and the consul

The Governor of Erbil, Omid Khoshnaw, confirmed on Sunday the issuance of travel visas to China for citizens of the region early next year, during his meeting with the Chinese Consul General in Erbil, Liu Jun, while the two parties discussed the establishment of a large park with a modern design, in the center of the city.

Statement by Erbil Governorate

On Sunday, the Governor of Erbil, Omid Khoshnaw, received Liu Jun, the Chinese Consul General. In the meeting, which was attended by the Mayor of Erbil and the Director of Erbil Parks and Gardens Engineering, the Chinese Consul General praised the progress and prosperity witnessed by Erbil and pointed out that Erbil is a historical and ancient city, and expressed his hope for That long-term friendly relations between the Kurds and China and relations between the Kurdistan region and its country develop in all fields (trade, industry, agriculture, and tourism).

For his part, the Governor of Erbil welcomed the consul and said, “China, as a major global trading country, and the presence of its companies in Erbil is important to us, and our desire is to continue developing relations with China. We confirm that, as always, our doors are open to all Chinese companies and investors, and if they want to work in Erbil, we will provide them with all Facilities.”

In another topic of the meeting, in addition to discussing the procedures for issuing Chinese visas by the Chinese Consulate, all preparations were made to issue Chinese visas to citizens in Erbil starting in the new year, and a project to build a large park with a modern design and Chinese style with an area of ​​(15 thousand square meters) was discussed. Square) by the Chinese Consulate and under the supervision of the Erbil Governorate, and construction will begin soon. For this purpose, and in addition to identifying several places to implement the project, the Governor thanked the Chinese Consulate for its initiative and appreciated its work, which will be a beautiful gift from China to Erbil in the future. He stressed that the establishment of this park will support the environment. Healthy and increases the amount of green spaces in Erbil.

Then the Chinese Consul General officially invited the Governor of Erbil to visit China and the provinces of his country and expressed his desire for Erbil to become a sister province to his country. For his part, the Governor of Erbil accepted the Chinese Consul’s invitation and expressed his hope that the agreement would be signed between the city of Erbil and its sister Chinese provinces in as soon as possible.

In conclusion, the two sides expressed their readiness for any cooperation, coordination and facilitation to ensure the success of their work and joint projects.  link 

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CandyKisses:  jp Morgan strengthens 5 Iraqi banks

A government source said on Saturday that negotiations took place during the past days between the Central Bank and the American side, to facilitate procedures for foreign transfers, while referring to an agreement to strengthen the advance balance of 5 Iraqi banks in dollars through (jp morgan).

Intensive meetings took place in Abu Dhabi in the past few days between a delegation from the Central Bank of Iraq and the US side responsible for foreign transfers to cover imports.

The negotiations culminated in a number of decisions and mechanisms that contribute to facilitating procedures for foreign transfers related to imports through the foreign currency sale window.

It was agreed to strengthen a pre- balance of five Iraqi banks in their dollar accounts with Jordanian banks and remittances through (jp morgan).

Problems with rejected transfers were resolved and it was agreed that the rejection of transfers was based on strong reasons.

Other meetings brought together one of the UAE banks, the Central Bank of Iraq and the American side to implement the mechanism of enhancing balances in the UAE dirham for Iraqi banks (UAE Dirham pilot).

All technical details have been resolved and the mechanism of enhancing balances in UAE dirhams is expected to begin within the next few days.

There are serious negotiations that have reached their final stages to strengthen the balances of some Iraqi banks in euros at UBAF Bank (UBAF) to finance trade with the European Union.

The number of banks whose assets are being strengthened in Chinese yuan through the Singapore Development Bank has been increased.

Opening accounts for six Iraqi banks in this bank and during the coming period, 7 other banks will be added to finance Iraqi trade and imports from China, where those imports are estimated at about 12 billion dollars annually.

This mechanism is expected to contribute to financing Iraq's imports from India, especially medicines and food, which are estimated at $3 billion.

https://964media.com/250831/

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CandyKisses:  The Central Bank achieves one of the main objectives of monetary policy in 2023

Economy News-Baghdad

The objectives of the monetary policy of the Central Bank are to achieve economic growth and stability, and one of its main objectives is to reduce inflation rates and stabilize the prices of goods and services in very complex economic, security and political conditions in 2023 that the world is going through, especially the countries of the geographical region, in which our country is negatively and positively affected.

And that these conditions have been suffered by our economy for decades and the reason is the rentier economy and the dependence of 93% as a rate of the general budget on oil, which constitutes about 60% of GDP, while the active economic sectors, namely agriculture, constitute 4.7% and industry does not exceed 2%, which are indicators that led to the lack of local production that covers the consumer need of citizens in food and other basic materials, so the dependence was almost entirely on imports for the commercial private sector and from different origins,

  BAnd successive governments could not Control of internal trade and regulation of foreign trade and weak control over illegal trade and informal border crossings, which led to the impact of the monetary and commercial market and the prices of food and necessary materials for citizens at high rates during the years 2021 and 2022, so this indicator was the most prominent challenge that faced monetary policy and directly affected the stability of the exchange rate, which led the Central Bank to take many measures in cooperation with the government in 2023 to regulate foreign trade and control control over foreign remittances.

And regularity in the global financial and banking system by developing the electronic platform and working on preparing and launching a new strategy for reform and banking classification in all its basic episodes at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for large and registered traders and for each trader, regardless of his classification at the official price through the platform exclusively, which helped to reduce prices

This was achieved through the analysis of the annual inflation rate indicators for 2023, which was published by the Central Bank compared to the annual inflation rates for 2022 achieved in Iraq and in regional countries, where it is clear from official data that the annual inflation rate reached 3.7% in 2023 and 4.4% in 2022, and that most other countries with unstable economies reached Inflation rates have very high rates, reaching 80.2% in Turkey, 117.4% in Sudan, 40.0% in Iran, 9.3%, 9.0% and 5.0% respectively in Egypt, and ranged
in the Gulf countries with stable economies and rich in oil between (2.4-4.8%).

Maintaining the general level of prices of goods and services is currently working to achieve other goals, which are the stability of the exchange rate and the maintenance of foreign reserves covering the local currency in circulation and imports, which exceeded 100 billion dollars.

Therefore, the economic results and outputs confirm that the policies and measures carried out by the Central Bank this year have achieved an important goal of achieving stability in the monetary system, which is an important step in achieving the other objectives of monetary policy.

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Iraq Economic News and Points to Ponder Saturday Evening 11-11-23

Iraq Economic News and Points to Ponder Saturday Evening 11-11-23

Tlm724 Administrator Bondlady’s Corner

Revealing The Details Of The Central Bank’s Meeting With The American Side Regarding The Dollar

Economy | 11/11/2023   Baghdad - Mawazine News  A government source revealed, today, Saturday, that the Central Bank of Iraq agreed with the American side to enhance the advance balance of five Iraqi banks in dollars.

The source said, according to the official agency, “In the past few days, intensive meetings took place in Abu Dhabi between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports, and the negotiations culminated in a number of decisions and mechanisms that contribute to facilitating the special procedures.” Foreign transfers related to imports through the foreign currency sales window.

He added, "It was agreed to enhance the advance balance of five Iraqi banks in their accounts in dollars with Jordanian banks and transfers via (JP Morgan)," noting that "the problems related to the rejected transfers were resolved, and it was agreed that the rejection of transfers should be based on strong reasons."

He continued: “There were also other meetings that brought together one of the Emirati banks, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks (UAE Dirham pilot),” indicating that “things are going well in this aspect, as all the technical details related to it have been resolved.” In this regard, it is expected that the mechanism for enhancing balances in the UAE dirham will begin within the next few days.”

He stressed that "there are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union," noting "an increase in the number of banks whose balances in Chinese yuan are being enhanced through the Singapore Development Bank."

He added, "Accounts have been opened for 6 Iraqi banks in this bank, and during the coming period 7 more banks will be added to finance Iraqi trade and imports from China, as these imports are estimated at about 12 billion dollars annually."

The source concluded, saying: “Bank accounts have also begun to be opened in the Indian rupee for a number of Iraqi banks at the same correspondent, the Singapore Development Bank (New Delhi branch), and operations to strengthen the balance of two Iraqi banks have actually taken place as a first stage, and it is expected that this mechanism will contribute to financing Iraq’s imports from India.” Especially medicines and foodstuffs, which are estimated at about 3 billion dollars. Ended 29/h

https://www.mawazin.net/Details.aspx?jimare=237578

Stability Of Dollar Prices In Baghdad Markets

Time: 11/11/2023 11:54:28 Read: 2,938 times  {Economic: Al-Furat News} Dollar prices stabilized, today, Saturday, in Baghdad markets.   The prices were as follows..

The selling price was 165,750 Iraqi dinars, while the purchase amounted to 163,750 dinars per 100 dollars.   LINK

Oil Prices Rise As Iraq Confirms Its Commitment To Production Levels Set By The OPEC+ Alliance

Saturday 11, November 2023 09:47 | Economical Number of readings: 380  Baghdad / NINA / Oil prices rose by about 2% in today’s dawn trading session, with Iraq confirming its commitment to the production levels set by the “OPEC+” alliance, before a meeting that the alliance will hold in two weeks.

Brent crude futures rose $1.42, or 1.8%, to settle at $81.43 per barrel, and US West Texas Intermediate crude rose $1.43, or 1.9%, to $77.17 at settlement.

Prices recorded a weekly decline of 4%, causing the two crude oils to suffer a third weekly loss in a row for the first time since May.

"Concerns about demand have replaced fear of production disruptions due to the conflict in the Middle East," Commerzbank analysts said.

Weak Chinese economic data this week increased concerns about faltering demand. Moreover, refineries in China, the largest buyer of crude oil, ordered fewer supplies from Saudi Arabia for the month of December.

The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will meet on November 26.

The Ministry of Oil said: “Baghdad is committed to the OPEC+ agreement regarding determining production levels.”/ End 9    https://ninanews.com/Website/News/Details?key=1089185

Al-Sudani: There Is No Alternative Other Than The Private Sector And The Government’s Policy Towards Reducing Imports

Time: 11/11/2023 Read: 780 times   Speech by Prime Minister Muhammad Shiaa Al-Sudani during his inauguration of an integrated poultry project in the Holy Governorate of Karbala:

We congratulate our people, the people of the Holy Karbala Governorate, for the opening of this strategic investment project, the integrated poultry project

The project represents a true success story in the field of agricultural investments

On behalf of the Iraqi government, I express my great thanks and gratitude to the investor and the company implementing this project for the idea, planning and implementation they provided in an integrated and vital project that falls within the framework of achieving and ensuring food security for the country.

Our visit today and our attendance at the opening of this project is a sign of support for the implementing investor in particular, and it is a message of support in general to the Iraqi private sector, in which we have placed great trust, from the first day of this government’s life.

The agricultural sector represents a fundamental focus in the government program, and we have begun a series of procedures and decisions, whether by forming support committees, increasing the capital of the Agricultural Bank, or supporting the private sector to implement projects, whether in the plant or animal sectors.

We have made important strides in securing the ration card items and what is related to flour by securing the wheat crop, as we have sufficient storage to secure this important food item due to the successful agricultural and marketing plan for last season.

This project is an important addition to securing food supplies of chicken and eggs in the Iraqi market

The advantage of this project is that it was implemented in a record period, starting in 2022, on an area of ​​250 thousand dunums

When the executive official in the governorate is supportive and supportive of the private sector, the investor implements

This concerted effort between the private sector, the governorate and the ministry is what produced this important project for us that contributes to achieving food security

Today we are facing a practical step in ensuring food security by producing three billion eggs annually and three hundred and forty thousand tons of chicken meat annually out of the production needed by the local market. We are on the right track towards achieving self-sufficiency.

There is no alternative but the private sector. We do not have the ability as a country to absorb all employees in government employment, and the Iraqi private sector is capable and able to implement these important projects that contribute to achieving food security and ending imports.

With the Social Security Law, we want it to apply to all workers, which is to guarantee their families and their future

The government's policy is towards reducing imports, and this is done through the presence of productive projects that cover the needs of the market

We affirm our absolute support for these projects and for all businessmen and investors wishing to implement projects. They will find from this government direct support and continuous support in the various stages of implementation, starting from laying the foundation stone and ending with the opening of the project.   LINK

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

https://www.bondladyscorner.com/

Provoking Points to Ponder on FEAR  for Living the Bold Life by Tess Marshall:

6. It’s better to die laughing than to live each moment in fear. ~Unknown

7. One is never afraid of the unknown; one is afraid of the known coming to an end. ~ Jiddu Krishnamurti

8. Don’t be afraid of your fears. They’re not there to scare you. They’re there to let you know that something is worth it. ~ C. JoyBell C.

9.  Imagine not being frightened by any feeling. Imagine knowing that nothing will destroy you. That you are beyond any feeling, and state. Bigger than. Vaster than. That there is no reason to use drugs because anything a drug could do would pale in comparison to knowing who you are. ~ Geneen Roth

10. Find what you are afraid of, face it, and then you won’t be afraid of it anymore. ~ Marilyn Manson

11. I tend to scare myself. ~ Stephen King

12. Anxiety is the dizziness of freedom. ~ Soren Keiregaard

Goldilocks' Comments and Global Economic News Saturday Afternoon 11-11-23

Goldilocks' Comments and Global Economic News Saturday Afternoon 11-11-23

Good Afternoon Dinar Recaps,

India is launching their wholesale CBDCs platform on the UPI. The CBDC platform enables real-time settlements in cross-border International trades for large transactions.

This is expected to begin in January 2024 that just so happens to be the month that Iraq is being included inside the UPI trading system in India using the Iraqi Dinar.

The Unified Payments Interface or UPI is capable of doing bank-to-bank transfers across the borders with several Banks simultaneously.

This is the new technology that will bring forth the Iraqi dinar on the international stage allowing them to trade in their own local currency going forward.

© Goldilocks

Banque-France Link

https://www.npci.org.in/what-we-do/upi/product-overview

https://cbi.iq/news/view/2424

https://www.ledgerinsights.com/india-to-launch-wholesale-cbdc-in-january-2024-report/

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As Banking Goes Digital, Finance Apps Are Still Too Risky   HindustanTimes Link

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Web3 coins, also known as decentralized cryptocurrencies, are a subset of digital currencies that operate on the Web3 infrastructure. Unlike traditional cryptocurrencies like Bitcoin and Ethereum, Web3 coins are built on decentralized networks, allowing for greater transparency, security, and control.

Web3 refers to the third generation of internet technology, characterized by the integration of blockchain, smart contracts, and decentralized applications (dApps). These coins leverage these advanced technologies to provide users with enhanced functionalities and improved user experiences.

https://techbullion.com/the-rise-of-web3-coins-understanding-the-basics/

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BoE promises new ‘rulebook’ for clearing houses and CSDs 

Central Banking Link

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Iraq's oil ministry said in a statement on Friday that Baghdad is committed to the OPEC+ agreement on determining production levels, two weeks ahead of a key meeting of the producer group.

https://www.nasdaq.com/articles/iraq-committed-to-opec-pact-on-output-levels-oil-ministry

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XRP Championed by Blockchain Expert as Future of Cross-Border Payments  

CryptoGlobe Link

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The Guaranteed Income Pilot Program Act of 2023

https://www.instagram.com/reel/CzghRHXOUVA/?igshid=MW12NzdzMmQ4N2NqeA==

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"Tidbits From TNT" Saturday 11-11-2023

TNT:

Tishwash: this is in Bahrain's news

Iraq is moving to support its assets with the Chinese yuan to finance imports amounting to $12 billion annually

Opening bank accounts in Indian rupees for Iraqi banks to finance trade worth $3 billion

A government source in Iraq said that officials from the Central Bank of Iraq held “intensive meetings” with American officials in Abu Dhabi in recent days to discuss external transfers to cover imports.

The source added that Iraq has strengthened its assets denominated in the yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about 12 billion dollars annually.

The source stated that the oil-exporting country also moved to strengthen its assets in UAE dirhams and is negotiating to increase its assets denominated in euros to finance trade with the European Union, according to what was reported by Iraqi news agency “Inaa.”

The source said that negotiations with the American side reached a set of decisions and mechanisms that contribute to facilitating procedures for foreign transfers related to imports through the foreign currency sales window.

He added, "It was agreed to enhance the advance balance of five Iraqi banks in their dollar accounts with Jordanian banks and transfers via JP Morgan Bank," noting that "the problems related to the rejected transfers were resolved, and it was agreed that the rejection of transfers should be based on strong reasons."

He continued: “There were also other meetings that brought together one of the Emirati banks, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks,” indicating that “things are going well in this regard, as all technical details related to the issue have been resolved, and it is expected to begin.” The mechanism for enhancing balances in UAE dirhams during the next few days.”

He stressed that “there are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union,” noting “an increase in the number of banks whose balances are being enhanced.” In Chinese yuan through the Singapore Development Bank.”

The source also reported that bank accounts had begun to be opened in the Indian rupee for a number of Iraqi banks at the same correspondent, the Singapore Development Bank (New Delhi branch), and operations to enhance the balance of two Iraqi banks had actually been completed as a first stage, and it is expected that this mechanism will contribute In financing Iraq's imports from India, especially medicines and foodstuffs, which are estimated at about 3 billion dollars  link

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Tishwash:  Parliament Finance responds to the Central Bank’s decision to import foreign currency and plans to host the governor

 Today, Saturday (November 11, 2023), the Finance Committee in the House of Representatives commented on the decision of the Central Bank of Iraq to import “foreign currency” from abroad, while indicating that it will work to host Governor Ali Al-Alaq.

Committee member Mustafa Al-Karaawi told “Baghdad Today” that “the committee will work to host the Governor of the Central Bank, Ali Al-Alaq, and the senior staff at the bank, to discuss the decision to import foreign currency from abroad, and to find out the reasons that prompted such a decision to be taken and how it might have an impact.” On the internal Iraqi economic situation.”

He stated, “There is a fear that such decisions will be exploited by some parties and personalities who want to exploit any decision to their advantage, and for this reason we will have a position of following up and monitoring this decision, and we will also have a position in making an appropriate decision after reviewing the full details of this decision within a few days.” "The next one."

The instructions of the Central Bank of Iraq, which it issued on Wednesday (November 8, 2023), regarding allowing banks to import foreign currency from abroad, raised a number of questions and discussions in economic circles about the legality, motives, and goals of this step.

The discussion was topped by some recalling the decision of the State Shura Council in 2011, to infer the lack of legal basis for the decision to import foreign currency, as the State Shura Council issued Resolution 2/2011, in January of the year 2011, based on a request for an opinion that came to the Council by the Office Financial oversight, as the State Shura Council relied on several legal texts, to infer the absence of a legal basis for the Central Bank to grant licenses to import foreign currency from abroad.

On the other hand, researchers in economic affairs have proven the validity of the Central Bank’s instructions, as the Central Bank had previously issued instructions to import foreign currency in July of 2011, and they were published in the Al-Waqe’at newspaper at that time, that is, 6 months after the decision of the State Shura Council, which makes it a document. Legally enforceable.

Observers and specialists raised a number of questions about the Central Bank’s decision, about the reason for opening the door to importing foreign currency, and whether this means or indicates that the Central Bank has begun to find difficulty in obtaining the dollar or sufficient quantities of it from the US Federal Reserve, and therefore the bank The Central Bank has become unable to meet the demand for the dollar because it does not possess it in sufficient quantity  link

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Tishwash:  Moody’s Cuts Outlook on U.S. Credit Rating

Moody’s Investors Service changed its outlook on the U.S.’s credit rating to negative from stable late Friday. The ratings firm cited the federal deficit as a “key driver” behind the action.

Moody’s retained its top Aaa rating for U.S. credit, unlike the other major credit rating firms. S&P downgraded U.S. credit to AA+ in 2011. Fitch followed suit this past August.

In its ratings action, Moody’s said: “The downside risks to the US’ fiscal strength have increased and may no longer be fully offset by the sovereign’s unique credit strengths.”

“In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues, Moody’s expects that the US’ fiscal deficits will remain very large, significantly weakening debt affordability.”

The agency added that politics was a concern, as well: “Continued political polarization within US Congress raises the risk that successive governments will not be able to reach consensus on a fiscal plan to slow the decline in debt affordability.”

Despite the concerns, Moody’s held on to its top rating for U.S. debt: “The affirmation of the Aaa ratings reflects Moody’s view that, despite rising fiscal pressures and political risk, the US’ formidable credit strengths continue to preserve the sovereign’s rating, in particular exceptional economic strength, high institutional and governance strength, and the unique and central roles of the US dollar and Treasury bond market in the global financial system.

Moody’s announcement had a limited immediate impact on stocks. The SPDR S&P 500 ETF Trust    link

SPY 1.56% , which tracks the S&P 500 index, was down 0.2% in after-hours trading Friday.

Mot:  . and Sooooooo - Why is she looking at him soooooooo

Mot:  I'm Sooooooo Glad this Reminder Pops Up at This Time of Year!!!

Iraq Economic News and Points to Ponder Saturday Afternoon 11-11-23

Iraq Economic News and Points to Ponder Saturday Afternoon 11-11-23

Tlm724 Administrator Bondlady’s Corner

An Economic Institution Attributes The Problem Of Increasing Demand For The Dollar In Iraq To The Large Consumption Of Imported Goods

 Economy     Iraq     Dollar  2023-11-10 00:06  Shafaq News/ The Future Iraq Foundation for Economic Studies and Consultations, on Friday, attributed the problem of increasing demand for the dollar in the markets to the large consumption of imported goods, as its volume during the current year, which is about to end, reached 55 billion US dollars.

 The head of the Foundation, Manar Al-Obaidi, said in a report published today,

 “The basis of the problem of demand for the dollar is the consumption of imported goods  and the rise in their bill annually until our imports for the year 2023 reached as follows: UAE $19 billion, China $13 billion, Turkey $10 billion, Iran $9 billion.” India: $4 billion. 

He added,   "What we need is a clear strategy that works,  firstly, to limit the annual growth of imports, and  then work to reduce it by adopting an agricultural, industrial, and extractive policy that reduces our need for raw materials," stressing

"the necessity of building a strategy for industrial transformation and supporting manufacturing industries."". 

Al-Obaidi continued to say, "Any other solution will make us always follow a policy of reaction to disasters that occur as a result of the absence of a clear strategy and anticipation of the future."

 https://shafaq.com/ar/اقتصـاد/م-سسة-اقتصادية-ت-شر-مشكلة-زيادة-الطلب-على-الدولار-في-العراق

Experts Call For Changing Some Economic Laws  
Iraq 11/09/2023    Baghdad: Muhannad Abdul 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 in 2004, and
Companies Law No. 21 of 1999 amended in 2019. 

He explained that 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. 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.    Https://Alsabaah.Iq/87002-.Html

The Anti-Money Laundering Office Determines The Amount Of Cash A Traveler Is Allowed To Bring In And Out Of Iraq

 Economy |Yesterday,  Baghdad today – Baghdad   Today, Thursday (November 9, 2023), the Anti-Money Laundering and Terrorist Financing Office determined the amount of cash a traveler is allowed to bring in and out of Iraq.

 According to a document issued by the office and received by "Baghdad Today", the amount allowed without a permit was set to not exceed one million Iraqi dinars, while it was set at 10,000 US dollars or its equivalent in foreign currencies, while it was allowed to carry  precious stones equivalent to 10,000 dollars. American.

According to the document, the office prohibited the traveler from exceeding the value of the amounts mentioned above without permission.   

Below is the text of the document:

https://baghdadtoday.news/uploads/posts/2023-11/0701d692-3996-44ca-86be-2407e81c9fb1.jpg  

https://baghdadtoday.news/235186-مكتب-مكافحة-غسيل-الأموال-يحدد-كمية-النقد-المسموح-للمسافر-بإدخالها-وإخراجها-من-العراق.html

A Reading Of The Central Bank’s Decision To Allow “Importing The Dollar”... What Does It Mean And How?

 Economy |Yesterday,   Baghdad today – Baghdad  The instructions issued by the Central Bank of Iraq yesterday, Wednesday (November 8, 2023), regarding allowing banks to import foreign currency from abroad, raised a number of questions and discussions in economic circles about the legality, motives, and goals of this step.

 The discussion was topped by some recalling the decision of the State Shura Council in 2011, to infer the lack of legal basis for the decision to import foreign currency, as the State Shura Council issued Resolution 2/2011, in January of the year 2011, based on a request for an opinion that came to the Council by the Office Financial oversight, as the State Shura Council relied on several legal texts, to infer the absence of a legal basis for the Central Bank to grant licenses to import foreign currency from abroad.

 To view  the decision  click here  https://www.moj.gov.iq/view.48/

 On the other hand, researchers in economic affairs have proven the validity of the Central Bank’s instructions, as the Central Bank had previously issued instructions to import foreign currency in July of 2011, and they were published in the Al-Waqe’at newspaper at that time, that is, 6 months after the decision of the State Shura Council, which makes it a document. Legally enforceable.

 https://baghdadtoday.news/uploads/posts/2023-11/1699556842_11.jpg   

https://baghdadtoday.news/uploads/posts/2023-11/1699556852_1.jpg

https://baghdadtoday.news/uploads/posts/2023-11/1699556863_12.jpg  

 A package of questions

On the other hand, observers and specialists raised a number of questions about the Central Bank’s decision,  about the reason for opening the door to importing foreign currency, and whether this means or indicates that the Central Bank has begun to find difficulty in obtaining the dollar or sufficient quantities of it from the US Federal Reserve, and thus The central bank has become unable to meet the demand for the dollar because it does not possess it in sufficient quantity.

Among the other questions that were raised:

In what currency will Iraqi banks buy or import the dollar from banks outside the country?

Is it in the Iraqi dinar?

Or in other currencies?

Is it basically correct for the Iraqi dinar to be circulated outside the country, which will lead to a reduction in the monetary supply inside the country?

 If the dollar will be purchased in other currencies, where will these banks obtain the other currencies?

 How is the dollar priced by other banks?

This means how much will the dollar be worth when purchased from abroad and when transferred to Iraq?

 Will its cost be lower or higher than the official price?

 https://baghdadtoday.news/235218-قراءة-لقرار-البنك-المركزي-السماح-بـاستيراد-الدولار.-ماذا-يعني-وكيف؟.html

The National Card Launches The “Second Phase” Within Days

 Iraq 11/09/2023  Baghdad: Huda Al-Azzawi   Remitting efforts are being made by the Directorate of National Card Affairs in order to develop the national card and facilitate its work by overcoming obstacles and routine procedures and reducing loopholes.

It is expected that the directorate will announce in the next few days the inauguration of the “expansion” and entry into the second phase of the national card, which includes issuing it outside the country.

 The country is in countries with a high density of Iraqi communities, in addition to opening central registration offices in the governorates to alleviate the burden of the citizen and issuing the card in his place of residence.

The Minister of Interior, Abdul Amir Al-Shammari, said in a speech during the Seventh Ambassadors’ Conference, which was held recently by the Ministry of Foreign Affairs:

 “The Ministry of Interior always seeks to provide the best services to the Iraqi community by opening new sites for the national card and electronic passport in a number of countries around the world, to facilitate the granting of “The holdings.”  He pointed out,

“The Ministry is working on an electronic entry visa (visa) project that will solve many of the obstacles facing the work of Iraqi missions abroad.”

 In turn, the Assistant Director of National Card Affairs, Brigadier General Engineer Ali Hamdi Khalaf, said in an interview with “Al-Sabah”:

 “The Directorate of National Card Affairs, and in the coming days, will enter into the (expansion) contract for the second phase of the National Card, which includes opening stations outside Iraq to receive the community.” Iraqi nationality card and conduct the necessary operations to issue the national card  “Similar to passports.”

 He pointed out that “this stage is a set of steps that we began by holding workshops with the Ministry of Foreign Affairs, training cadres, and preparing places,” noting that

 the opening of stations outside Iraq will take into account countries with large numbers of Iraqi communities, gradually until they include all embassies.”“. 

Khalaf pointed out that  “the (expansion) contract includes - in addition to what was mentioned above - establishing an expansion in each governorate by opening a central registration office that allows citizens to issue their national cards according to the geographical area,”

indicating that  “opening central registration offices will reduce the burden on citizens who despair.” In one governorate, and their souls in another governorate.” 

He explained,   “33 million and 200 thousand citizens registered and received the national card, and we are working to end the work on the paper ID at the beginning of 2025.

Therefore, we call on citizens to complete the requirements related to issuing the national card, especially after past crises have been overcome and after it has become printed first-hand, both in Baghdad or the governorates.”   https://alsabaah.iq/87000-.html

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

https://www.bondladyscorner.com/

Provoking Points to Ponder on FEAR  for Living the Bold Life by Tess Marshall

1. Fear is the worst kind of grave, because it buries one alive. ~ Beth Fantaskey

2. What you fear will not go away; it will take you into yourself and bless you and keep you. That’s the world, and we all live there. ~ William Stafford

3. There are two basic motivating forces: fear and love. When we are afraid, we pull back from life. When we are in love, we open to all that life has to offer with passion, excitement, and acceptance. We need to learn to love ourselves first, in all our glory and our imperfections. If we cannot love ourselves, we cannot fully open to our ability to love others or our potential to create. Evolution and all hopes for a better world rest in the fearlessness and open-hearted vision of people who embrace life. ~ John Lennon

4. Fear kills everything. Your mind, your heart, your imagination. ~ Cornelia Funke

5. Children have a lesson adults should learn, to not be ashamed of failing, but to get up and try again. Most of us adults are so afraid, so cautious, so ‘safe,’ and therefore so shrinking and rigid and afraid that it is why so many humans fail. Most middle-aged adults have resigned themselves to failure. ~ Malcolm X

Iraqi News Highlights and Points to Ponder Saturday AM 11-11-23

Iraqi News Highlights and Points to Ponder Saturday AM 11-11-23

Parliament Finance Responds To The Central Bank’s Decision To Import Foreign Currency And Plans To Host The Governor

Politics/Economy |Baghdad today - Baghdad   Today, Saturday (November 11, 2023), the Finance Committee in the House of Representatives commented on the decision of the Central Bank of Iraq to import “foreign currency” from abroad, while indicating that it will work to host Governor Ali Al-Alaq.

Committee member Mustafa Al-Karaawi told “Baghdad Today” that “the committee will work to host the Governor of the Central Bank, Ali Al-Alaq, and the senior staff at the bank, to discuss the decision to import foreign currency from abroad, and to find out the reasons that prompted such a decision to be taken and how it might have an impact.” On the internal Iraqi economic situation.”

He stated, “There is a fear that such decisions will be exploited by some parties and personalities who want to exploit any decision to their advantage, and for this reason we will have a position of following up and monitoring this decision, and we will also have a position in making an appropriate decision after reviewing the full details of this decision within a few days.” "The next one."

The instructions of the Central Bank of Iraq, which it issued on Wednesday (November 8, 2023), regarding allowing banks to import foreign currency from abroad, raised a number of questions and discussions in economic circles about the legality, motives, and goals of this step.

The discussion was topped by some recalling the decision of the State Shura Council in 2011, to infer the lack of legal basis for the decision to import foreign currency, as the State Shura Council issued Resolution 2/2011, in January of the year 2011, based on a request for an opinion that came to the Council by the Office Financial oversight, as the State Shura Council relied on several legal texts, to infer the absence of a legal basis for the Central Bank to grant licenses to import foreign currency from abroad.

On the other hand, researchers in economic affairs have proven the validity of the Central Bank’s instructions, as the Central Bank had previously issued instructions to import foreign currency in July of 2011, and they were published in the Al-Waqe’at newspaper at that time, that is, 6 months after the decision of the State Shura Council, which makes it a document. Legally enforceable.

Observers and specialists raised a number of questions about the Central Bank’s decision, about the reason for opening the door to importing foreign currency, and whether this means or indicates that the Central Bank has begun to find difficulty in obtaining the dollar or sufficient quantities of it from the US Federal Reserve, and therefore the bank The Central Bank has become unable to meet the demand for the dollar because it does not possess it in sufficient quantity.   LINK

JP Morgan Strengthens 5 Iraqi Banks

Signs of relief in the dollar crisis.. Washington provides “limited facilities” for foreign remittances

Baghdad – 964  A government source said, today, Saturday, that negotiations took place during the past days between the Central Bank and the American side, to facilitate procedures for foreign transfers, while indicating an agreement to enhance the advance balance of 5 Iraqi banks in dollars through (JP Morgan).

Intensive meetings took place in Abu Dhabi in the past few days between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports.

The negotiations resulted in a number of decisions and mechanisms that contribute to facilitating procedures for foreign transfers related to imports through the foreign currency sales window.

It was agreed to enhance the advance balance of five Iraqi banks in their accounts in dollars with Jordanian banks and transfers via (JP Morgan).

The problems related to rejected transfers were resolved, and it was agreed that the rejection of transfers should be based on strong reasons.

Other meetings took place that brought together an Emirati bank, the Central Bank of Iraq, and the American side to implement the mechanism for enhancing balances in UAE dirhams for Iraqi banks (UAE Dirham pilot).

All technical details have been resolved, and it is expected that the mechanism for enhancing balances in the UAE dirham will begin within the next few days.

There are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF to finance trade with the European Union.

The number of banks whose balances are supported by the Chinese yuan has been increased through the Development Bank of Singapore.

Accounts were opened for six Iraqi banks in this bank, and during the coming period, 7 more banks will be added to finance Iraqi trade and imports from China, where these imports are estimated at about 12 billion dollars annually.

It is expected that this mechanism will contribute to financing Iraq's imports from India, especially medicines and foodstuffs, which are estimated at about 3 billion dollars.

https://964media.com/250831/

Dollar Prices Recorded Stability At An Increase In Baghdad Money Exchangers

Economy |Baghdad today – Baghdad  Today, Saturday (November 11, 2023), dollar exchange rates stabilized at exchange offices in the capital, Baghdad.

The "Baghdad Today" correspondent said, "The selling price of the dollar in exchange offices in Baghdad today reached 165,750 dinars for every 100 dollars."

He added, "The purchase price reached 163,750 dinars for every 100 dollars."   LINK

An Economic Institution Attributes The Problem Of Increasing Demand For The Dollar In Iraq To The Large Consumption Of Imported Goods

FRIDAY, 11-10-2023, KARAR AL-ASSADI   The "Iraq Future" Foundation for Economic Studies and Consultations, today, Friday, attributed the problem of increasing demand for the dollar in the markets to the large consumption of imported goods, as its volume during the current year, which is about to end, reached 55 billion US dollars.

The head of the Foundation, Manar Al-Obaidi, said in a report published today, “The basis of the problem of demand for the dollar is the consumption of imported goods and the rise in their bill annually until our imports for the year 2023 reached as follows: UAE $19 billion, China $13 billion, Turkey $10 billion, Iran $9 billion.” India: $4 billion.

He added, "What we need is a clear strategy that works, firstly, to limit the annual growth of imports, and then work to reduce it by adopting an agricultural, industrial, and extractive policy that reduces our need for raw materials," stressing "the necessity of building a strategy for industrial transformation and supporting manufacturing industries." ".

Al-Obaidi continued to say, "Any other solution will make us always follow a policy of reaction to disasters that occur as a result of the absence of a clear strategy and anticipation of the future."

https://non14.net/public/161747

The Dollar Recorded A Slight Rise In Parallel Markets

Information/Baghdad..  Today, Saturday, the dollar exchange rates witnessed a new jump, exceeding 164 thousand for every hundred dollars in the local markets in the capital, Baghdad.

A local source said in an interview with Al-Maalouma, “The selling price of the dollar in exchange offices in Baghdad today reached 164,250 dinars for every 100 dollars.”

He pointed out that "the purchase price amounted to 163,250 dinars for every 100 dollars."

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

Weak Oversight And Smuggling Of Oil From The North.. Did Iraq Violate The OPEC Plus Agreement?

Economy |Baghdad today – Baghdad   Economist Nabil Al-Marsoumi said today, Saturday (November 11, 2023), that Iraq has confirmed its commitment to the “OPEC Plus” agreement and its production quota of 4.220 million barrels of oil per day.

Al-Marsoumi wrote in a blog post on his personal account on the Facebook platform, followed by “Baghdad Today,” that “Iraq’s oil exports, which rose to 3.533 million barrels per day last October, are the highest this year, resulting from a reduction in internal consumption, but a recent survey showed an increase in production.” Iraqi oil is 180,000 barrels per day above the levels specified by OPEC Plus, according to what S&P Global Commodity Institutes reported.

He continued, "Iraq's production rose last October to 4,400 million barrels per day, and this increase is largely related to weak control over oil production in Kurdistan, which consumes part of it internally and smuggles the other part through tanks to Turkey and Iran."

Yesterday, Friday (November 10, 2023), the Iraqi Ministry of Oil said that Iraq is committed to the OPEC+ agreement regarding determining production levels, two weeks before an important meeting of the oil producing group.

Iraqi Oil Minister Hayyan Abdul-Ghani said, according to a ministry statement received by Baghdad Today, that oil exports from the southern fields increased by 350,000 barrels per day, without mentioning a time frame.

The export of about 450,000 barrels per day of oil from northern Iraq has been halted since late March due to a conflict with Turkey.

The ministry's statement indicated that the increase in exports is a "natural matter" and did not affect the total production ceiling agreed upon within the framework of OPEC+.

The statement added, "These increases in export levels sometimes occur due to a decrease in domestic consumption from one quarter to another."

The statement also indicated that the OPEC+ group “will not hesitate to make decisions that ensure stability and balance in global markets.”

The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, is scheduled to hold a meeting in Vienna on November 26 to determine production policy.

Last September, Iraqi Oil Minister Hayan Abdul Ghani said that Iraq's average oil production reached 4.23 million barrels per day, while the average oil export reached 3.35 million barrels per day.

Abdul Ghani confirmed that the government directed to focus oil investments in the western and central regions, while indicating that great strides had been made in enhancing investment areas through licensing rounds. According to press statements by the Minister.  LINK

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

You can buy people's hands - but you can't buy their hearts -- Their hearts are where their enthusiasm - their loyalty is -- You can buy their backs - but you can't buy their brains -- that's where their creativity is -- their ingenuity - their resourcefulness -- p. 58

Marilyn Ferguson observed -- "No one can persuade another to change -- Each of us guards a gate of change that can only be opened from the inside -- We cannot open the gate of another - either by  argument or by emotional appeal"  If you decide to open your "gate of change" to really understand and live the principle embodied in the Seven Habits - your growth will be evolutionary - but the net effect will be revolutionary -- p. 60-61

Many people seem to think that success in one area can compensate for failure in other areas of life -- But can it  really? Perhaps it can for a limited  time in some areas -- But can success in your profession  compensate for a broken marriage - ruined health - or weakness  in  personal character? -- true effectiveness requires balance -- p. 161

Goldilocks' Comments and Global Economic News Friday Evening 11-10-23

Goldilocks' Comments and Global Economic News Friday Evening 11-10-23

Good Evening Dinar Recaps,

Sometimes we assume things, and I do not want to assume anything with this room.

Is everyone aware that in order to have liquidity for an RV we need to see the Commodity Sector of the markets go to a real value such as gold?

Just give me a sign that you read this note either through a thumbs up or other symbols. Thank You in advance.

© Goldilocks

~~~~~~~~~~

JUST IN: $1,590,000,000 worth of Bitcoin & Ethereum options expire today.

@WatcherGuru

~~~~~~~~~~

Follow Goldilocks'   Roadmap

Follow Goldilocks'   Timeline

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Goldilocks on the Seeds of Wisdom Team™   Website

Subscribe to   Newsletter

Thank you   Dinar Recaps  --  www.DinarRecaps.com

MilitiaMan: Iraq Dinar - International - WTO - UNCTAD - Progression - Coins - Convergence all = Global Investors

Iraq Dinar - International - WTO - UNCTAD - Progression - Coins - Convergence all = Global Investors

MilitiaMan and Crew:  11-10-2023

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=tNzQpEMAcJc

Goldilocks' Comments and Global Economic News Friday AM 11-10-23

 Goldilocks' Comments and Global Economic News Friday AM 11-10-23

Good Morning Dinar Recaps,

"CFTC’s Proposal on Investment of Customer Funds"

Not happening anymore my friends. No more using your money to invest on the market to make money for the banks. 

The main objective of the Commodity Exchange Act (“CEA”) and CFTC regulations is to put together a framework that protects customer's money.

This proposal is already on the table and awaiting final comments on January the 17th, 2024. It will allow the final phase and the implementation of this new proposal to move forward. This comes just one day behind the January 16th deadline of 2024 to move forward with Basel III Capital requirements after it's comment period.

SOFR has made these changes possible going forward. It was the first step in reforming our Global Banking and Market Systems in our new soon-to-be gold standard economy. On July 1st, 2023, the banking system around the world made changes to utilize a gold based lending service that now makes liquidity possible through gold.

© Goldilocks

https://www.natlawreview.com/article/cftcs-proposal-investment-customer-funds

~~~~~~~~~~

Yicai) Nov. 9 -- "The newest version of the Cross-border Interbank Payment System(CIPS), which offers clearing and settlement services in Chinese yuan, is on display at the China International Import Expo in Shanghai."

China is expanding the use of its CIPS payment system that will utilize the Chinese Yuan. More countries are getting on board to utilize this payment system.

A total of 42 new overseas recipients have joined this new payment system as of late.

© Goldilocks

https://www.yicaiglobal.com/news/latest-chinese-yuan-interbank-payment-system-goes-on-display-at-ciie

~~~~~~~~~~

BREAKING: BlackRock Allegedly Plans to Apply for Ethereum Spot ETF - Bitcoin Sistemi
https://en.bitcoinsistemi.com/breaking-blackrock-allegedly-plans-to-apply-for-ethereum-spot-etf/

~~~~~~~~~~

Binance Launches Binance Web3 Wallet within the Binance App for iOS and Android
https://www.gizmotimes.com/apps/ios-app-store/binance-web3-wallet-for-ios-and-android/46804

~~~~~~~~~~

The world is changing.

In the early parts, many just shake their heads and laugh, but then, one day, you wake up, and the change is visible.

In a monetary reset…

The change is more felt instead of seen.

That is what makes it so unique.

Read: https://x.com/goldtelegraph_/status/1722886158861082756?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

Iraqi News Highlights and Points to Ponder Friday AM 11-10-23

Iraqi News Highlights and Points to Ponder Friday AM 11-10-23

A Parliamentarian Answers... Will Restarting Factories Reduce Demand For The Dollar?

 Information / Baghdad    Today, Friday, a member of the House of Representatives, Salem Al-Anbuki, explained the impact of restarting factories on the dollar in the Iraqi markets, while pointing to the factors of pressure on the parallel market.

Al-Anbaki said in an interview with “Al-Ma’louma” that “the most important factors putting pressure on the parallel market and pushing dollar prices to rise are the lack of national products that enable them to contain market demands for many goods, which leads to the import of approximately 95% of needs, which requires the availability of hard currency.” To the dollar.

He added, "Reconsidering the national economic strategy, pushing factories and laboratories to produce, and closing the large gap in the import balance will reduce the demand for the dollar by no less than 70%, which means a greater decline and gives greater flexibility in the markets."

He pointed out that "the rise in the dollar causes severe harm to more than 13 million people who are below the poverty line because of its impact on raising prices, especially basic food items."

The currency market in Iraq is witnessing a rise in the dollar exchange rate in recent weeks, especially as it approaches breaking the barrier of 170 thousand dinars per 100%.  LINK

Expecting A “Jump In The Exchange Rate.” The Chamber Of Commerce Proposes A “Salary Dollar” Proposal.

The price of the dollar continues to rise in the parallel market amid expectations of a “new jump” in the exchange rate, especially since many private banks are “a front for political parties,” according to specialists.

“Salary Dollars” Proposal

The Diyala Chamber of Commerce introduced what it called the “salary dollar” temporarily to limit the rise in the parallel market.

The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, said in a press interview seen by “Taqaddam” that “the rise in the dollar exchange rate in the parallel market in recent days is worrying, especially with assurances from experts that the rise will not remain at limits ranging between 160-170 thousand dinars for every 100 dollars.” “In fact, it may jump to higher numbers.”

He adds, “The rise in the exchange rate in the parallel market indicates the presence of influential parties, some of which are deeply embedded in state institutions, and do not want to abandon the river of money that flows into the pockets of politicians and elites under various titles.”

He pointed out that “a not insignificant portion of the banks are fronts for political parties and blocs,” noting that “the psychological state constitutes another factor in raising the dollar, with many refusing to give it up. Some of them even began to push to change the cash they have in Iraqi dinars into dollars out of greed.” In other profits, and for fear that the national currency will lose more strength in the face of the rise of the parallel market.”

Al-Tamimi called for “adopting the experience of granting part of employees’ salaries in dollars temporarily and according to the official price of the dollar, away from the currency auction, which is subject to powerful banks and financial forces that profit daily tens of billions of dinars within seconds with the difference in currency between the official and the parallel.”

 He stated that “giving employees the dollar will achieve stability and prevent the auction from being exploited to increase the wealth of powerful parties.”

In recent days, the exchange rate of the dollar against the Iraqi dinar has witnessed a significant rise, approaching 170,000 dinars for every 100 dollars, which has become a burden on the Iraqi citizen who is struggling to provide a living.  https://takadum-news.com/archives/191189

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

447  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 said in a press interview seen by “Taqaddam” that “the rise in the dollar exchange rate in the parallel market was not surprising, but rather it was indicated through 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 its implementation.” for actual procedures.

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 emphasizing 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://takadum-news.com/archives/191191

Economist: It is not possible to mint an Iraqi coin currently, and inflation is a thousand times high

11/09/2023 Read: 546 times  {Economic: Al-Furat News} The economic expert, Abdul Rahman Al-Sheikhli, ruled out minting an Iraqi coin at the present time due to the high inflation of the dinar by 1,000 digits.

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Al-Sheikhli said: For the program {Free Speech} broadcast by Al-Furat satellite channel this evening, it was said: “The issue of importing the dollar is not new. It was approved in 2010 by a measure by the Central Bank, and the new decision came at the request of merchants to cover the needs of the local market.”

He added, "The dollar in banking offices is either legitimate or through acquisition, and cash is sold to travelers, students, and patients abroad. The reality of the situation requires the presence of another source to provide the currency, and the Central Bank has obliged the import of the dollar exclusively through airports."

Al-Sheikhly stressed that "the central bank will not be an intermediary in importing the dollar, but rather the banks that have relations with foreign banks and rely on their stock of the dollar."

He also stated, “The political influence is very great on the economic process, which hinders its flexibility, and the entry of the imported dollar will be a competitive factor in the Iraqi street for the black and will have a very significant impact on reducing the price of the currency.”

Al-Sheikhli pointed out, “The most important factor in the fluctuation of the dollar is supply and demand, and the rise of the dollar and oil on balance contributed to raising the currency in the local market,” adding, “The US Federal Reserve does not delay remittances, but it audits them, and international standards for money laundering and supporting terrorism delay some attempts.”

He added, "Some banks operate in unprofessional ways, which led citizens to hoard currency and the need to restore confidence between the citizen and the banking system. The Prime Minister agreed with the Minister of Commerce to import materials at the official price and sell them at a discount."

Al-Sheikhli added, "Iraq has inflation in the dinar, which is more than 1,000 and it is not possible to print coins at the present time. The Iraqi citizen must be educated to use the Visa card in his transactions."

While he noted that “the Ministry of Finance’s intervention in raising the price of the dollar created a major problem,” calling on the Central Bank to “use its full independence and powers to control the price of the dollar, as the Central Bank is still deficient in resolving some of the existing problems,” concluding, “The American Federal Reserve has no authority over the Central Bank of Iraq.” Rather, it issues recommendations regarding violations.”   Wafaa Al-Fatlawi   LINK

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

The word proactive means more than merely taking initiative -- It means that as human beings - we are responsible for our own lives -- Our behavior is a function of our decisions - not our conditions -- We can subordinate feelings to values -- We have the initiative and the responsibility to make things happen -- p. 71

If you're proactive -- you don't have to wait for circumstances or other people to create perspective expanding experiences -- You can consciously create your own -- p. 131 

The law of the harvest governs: we will always reap what we sow -- no more - no less -- The law of justice is immutable - and the closer we align ourselves with correct principles - the better our judgment will be about how the world operates and the more accurate our paradigms -- our maps of the territory -- will be -- p. 305

When two people in a marriage are more concerned about getting the golden eggs , the benefits, than they are in preserving the relationship that makes them possible -- they often become insensitive and inconsiderate - neglecting the little kindnesses and courtesies so important to a deep relationship -- They begin to use control levers to manipulate each other - to focus on their own "wants" - to justify their own position and look for evidence to show the wrongness of the other person -- The love - the richness - the softness and spontaneity begin to deteriorate -- The goose gets sicker day by day -- p. 55