Goldilocks' Comments and Global Economic News Sunday Evening 11-12-23
Goldilocks' Comments and Global Economic News Sunday Evening 11-12-23
Good evening Dinar Recaps,
The American Financial System: US
1. Delinquent commercial real estate loans at US banks have hit their highest level in a decade.
2. US bank stocks have collapsed to all-time lows when measured against the S&P 500 index.
3. Jamie Dimon and his family will sell $141 million of JPMorgan stock in 2024.
4. US banks are sitting on an estimated $650 billion in unrealized losses on their bond holdings.
Goldilocks' Comments and Global Economic News Sunday Evening 11-12-23
Good evening Dinar Recaps,
The American Financial System: US
1. Delinquent commercial real estate loans at US banks have hit their highest level in a decade.
2. US bank stocks have collapsed to all-time lows when measured against the S&P 500 index.
3. Jamie Dimon and his family will sell $141 million of JPMorgan stock in 2024.
4. US banks are sitting on an estimated $650 billion in unrealized losses on their bond holdings.
5. The 60+ days delinquency rate of the subprime-backed ABS that Fitch tracks rose to 6.1% in September... this represents a RECORD.
These are the facts.
And sometimes the facts are served cold.
Read: https://x.com/goldtelegraph_/status/1723449486381605230?s=46
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This has been a great year for fans of gold-based money. As part of their migration away from the fiat dollar-based international financial system, Russia has reportedly introduced widespread “gold-based checking accounts” at major commercial banks — a simple and effective form of “digital gold” — while the government of India has begun issuing gold-based government bonds.
International megabank HSBCHBA 0.00% just said that it is launching a “tokenized gold” platform, making gold-based transactions possible among HSBC’s many clients worldwide. Of course there is no evidence that the Federal Reserve is going to jump on this bandwagon anytime soon.
However, at the State level, many US States — actually, most of them — are tiptoeing toward creating an alternative gold-based currency platform.
https://www.forbes.com/sites/nathanlewis/2023/11/07/us-states-leading-the-move-to-a-golden-dollar/
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On January 20, 2024, the Global Gold Monetary Fund will launch its gold-backed currency in the Philippines. (See link below) They have invited other countries to do the same.
Many countries have already started this process including the United States on the state level. It is a movement that is growing and rapidly becoming an alternative to the current monetary system.
At this time, the Philippines are expected to be done with their revisions and legislation process by the end of the year.
The Philippines have created what is called a Sovereign Wealth Fund capable of being backed by precious metals, and they are expected to be fully operational by the end of this year.
© Goldilocks
ChannelNewsAsia Link
ManiliaTimes Link
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Ethereum Insider Ready For Battle: ETH Founders’ Fraud Proof Coming In 4-5 Days
https://bitcoinist.com/ethereum-insider-eth-founders-fraud/
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Exporters to be able to exchange currencies through foreign brokers
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Abu Dhabi Finance Week (ADFW) 2023, set to run from 27 to 30 November, will host an impressive assembly of financial leaders, boasting a collective $27trillion in assets under management.
The four-day event will encompass over 40 events and more than 180 sessions, drawing in over 10,000 attendees from 3,500 companies worldwide.
Among the notable participants are CEOs from trillion-dollar asset management firms including Franklin Templeton and State Street, investor Ray Dalio, leaders of sovereign wealth funds, and top executives from global financial institutions such as Goldman Sachs, Morgan Stanley, and BNY Mellon.
https://thefintechtimes.com/adfw-2023-finance-giants-convene-with-27trillion-in-assets/
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JPMorgan is giving institutional clients more control over payments via JPM Coin — marking the company’s latest blockchain-related milestone.
Its new programmable payments offering is a feature for blockchain-based accounts on the JPM Coin System, a permissioned payment rail and deposit account ledger letting clients transfer dollars within the system.
Programmability lets clients place rules for funding a bank account, for example — or set parameters for executing payments based on margin calls, asset delivery or meeting contract requirements.
“Blockchain technology is the ideal infrastructure to which programmable payments can be applied as it enables rules and bank accounts to be integrated in a native manner, enabling cases including dynamic direct debits and multi-party escrow accounts,” a spokesperson told Blockworks in an email.
JPMorgan’s Onyx Digital Assets network — launched in 2020 — enables the tokenization of traditional assets, such as US Treasurys and money-market products.
https://www.blockworks.co/news/jpmorgan-blockchain-payments
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Russia warns that the United States might soon run out of paper for printing dollars needed to service its debt.
The Central Bank of Russia is actively engaging in large-scale buy-and-sell operations in the foreign exchange market.
These operations involve selling tenders worth 0.8 billion Rubles ($8.7 million) and using resources from the National Wealth Fund.
https://www.cryptopolitan.com/russia-us-running-out-of-paper-for-dollar/
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We are entering a new era of value creation for banks.
The new digital economy is creating tokenized payments that will encroach upon the printing of paper money.
These adjustments in volume along with supplying new volumes for countries overseas printing their money in their own local currencies and digital tokens are creating shifts in the values of the banking system as we speak.
You could say that the whole Global Nation is in the midst of adjusting new settings or mechanisms to execute new volumes and new currency valuations.
Setting a price on each of these changes will be determined by the new values placed on our tokenized assets such as gold, silver, and other commodities as we shift from a stock-driven to a commodity-driven Market.
Look for the price of gold to begin moving to higher levels to engage these new prices and offer liquidity for them to be priced in real value.
© Goldilocks
TheBanker Link
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Exchange companies under categories ( A , B ) are kindly requested to contact the contact points below for the purpose of obtaining the main agency for your companies.
1. Western Union
Dina.mehanna@westernunion.com
2. Money Gram
Bahar D. Sahajwalla Tell: 202-3656763
Email: bsahajwalla@moneygram.com
3. Union pay
Haider Ali Raza Tell: 971 507 581469
Email: haideraza@unionpayinti.com
We hope that you will inform us of your procedures, what has been achieved, and our readiness to provide support in the advanced stages of submitting applications.
https://cbi.iq/news/view/2466
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Iraq Economic News and Points to Ponder Sunday Afternoon 11-12-23
Iraq Economic News and Points to Ponder Sunday Afternoon 11-12-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank Achieves One Of The Basic Goals Of Monetary Policy In 2023
Samir Al-Nusairi Economy News – Baghdad The objectives of the monetary policy of the Central Bank are to achieve economic growth and stability, and one of its primary 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 affected negatively and positively.
Iraq Economic News and Points to Ponder Sunday Afternoon 11-12-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank Achieves One Of The Basic Goals Of Monetary Policy In 2023
Samir Al-Nusairi Economy News – Baghdad The objectives of the monetary policy of the Central Bank are to achieve economic growth and stability, and one of its primary 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 affected negatively and positively.
Our economy has suffered from these conditions for decades, and the reason is the rentier economy and the dependence of 93%,
as an average, of the general budget on oil, which constitutes approximately 60% of the gross domestic product, while the active economic sectors, which are agriculture, constitute 4.7% and industry do not exceed 2%.
These are indicators that led to the lack of Local production covers the consumption needs of citizens for food and other basic materials. Therefore, the reliance was almost entirely on imports for the private commercial sector and from various origins.
Successive governments were unable to control internal trade and regulate foreign trade, and control over illicit trade and unofficial border crossings was weak, which led to the impact of The monetary and commercial market, and the prices of food and essential items for citizens rose at high rates during the years 2021 and 2022.
Therefore, this indicator was the most prominent challenge facing 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 controlling external transfers and regularity in the global financial and banking system by developing the electronic platform and working to prepare and launch a new strategy for banking reform and classification in all its basic links at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for large and registered merchants and for every merchant, regardless of his classification, at the official rate via The platform exclusively helped reduce prices for most food and essential items within balanced rates commensurate with their prices in the global commercial market, in the country of origin, and in the markets of most regional countries.
This was achieved through analyzing the indicators of the annual inflation rate for the year 2023, which was published by the Central Bank, in comparison with the annual inflation rates.
For the year 2022 achieved in Iraq and in the regional countries, as 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 have reached very high rates of inflation, reaching % in Turkey. 80.2%, in Sudan 117.4%, in Iran 40.0%, in the Arab Maghreb countries with relative economic stability in Tunisia, Algeria and Morocco 9.3%, 9.0% and 5.0% respectively, and in Egypt it reached 37.4% and ranged In the Gulf countries with stable and oil-rich economies, the range is between (2.4%-4.8%).
This confirms beyond doubt that the Central Bank’s strategy and procedures during this year achieved one of the basic goals of monetary policy, which is reducing the rate of inflation and maintaining the general level of commodity prices. And services, and he is currently working to achieve other goals, which are stabilizing the exchange rate and maintaining a foreign reserve covering the local currency in circulation and imports, which exceeded 100 billion dollars.
So, the economic results and outcomes confirm that the policies and procedures undertaken 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 goals of monetary policy.
Views 171 11/12/2023 - https://economy-news.net/content.php?id=37458
The Federal Court Obliges The Council Of Ministers And The Minister Of Finance To Submit The Final Accounts
Sunday 12, November 2023 | Political Number of readings: 221 Baghdad / NINA / The Federal Supreme Court (the highest judicial authority in the country) accepted a lawsuit submitted by the Secretary of the Communist Party in Iraq, in which he demanded that the Council of Ministers and the Ministry of Finance submit the final accounts for the implementation of the general budget.
Lawyer Zuhair Diaa El-Din, who was assigned, along with lawyer Salam Zuhair Diaa El-Din, by the Secretary of the Communist Party, Raed Fahmy, to carry out the duties of the lawsuit, in a statement today, “The Federal Court issued a decision obligating both the Council of Ministers and the Minister of Finance to submit the final accounts.”
The Federal Court issued its decision, in Case No. 190/Federal/2023, based on the implementation of the text of Article (62/First) of the Iraqi Constitution, which stipulates that “the Council of Ministers shall submit the general budget law and the final account to the House of Representatives for approval, in accordance with the provisions of Article (34). ) of the Financial Management Law No. (6) of 2019.
According to Diaa El-Din, this decision constitutes “a major achievement, given that the state’s final accounts reflect the processes of applying the general budget in accordance with the legal regulations, systems and financial instructions in force, to show the financial position of the state with its rights that must be collected, and the obligations that must be paid.”
This comes after the Council of Ministers and the Ministry of Finance hesitated to submit the final accounts that were last submitted for the year 2018, according to what was stated in the statement, which indicated that the accounts that are submitted are Years behind its timing,
the lawyer for the case expressed his hope, after the issuance of the decision, that the Council of Ministers and the Ministry of Finance would commit to completing and submitting the final accounts for the ending year with every budget that is referred to the House of Representatives for the purpose of approval, in implementation of the decision of the Federal Court, whose decisions are considered final and binding on all authorities based on the text Article (94) of the Constitution.
He also expressed his aspirations that the issuance of this decision would contribute in an effective way to preserving public money through monitoring disbursement operations, according to the statement.
On June 13, 2023, the House of Representatives voted on the country’s general financial budget for the years 2023, 2024, and 2025, after a difficult struggle that extended for months, and forced the holding of a series of parliamentary sessions. https://ninanews.com/Website/News/Details?key=1089489
Iraq Signs An Agreement With An International Bank To Finance A Power Plant Maintenance Project
Minister of Finance, Taif Sami, signed an agreement to finance the maintenance project loan for the Ministry of Electricity’s stations with JPM Bank, in partnership with (GE) General Electric International Inc., within the annual maintenance project (fifth phase, PUP5/B, at a total cost estimated at (257) million dollars. A Ministry statement
stated Finance: The signing of the agreement falls within the framework of the fourth axis of Article Two / State General Budget Law, and based on Cabinet Resolution No. (23588) of 2023, in which the Minister of Finance is empowered to sign the loan financing agreement for the project with JPM Bank and with the guarantee of the Export-Import Bank.
The Minister of Finance indicated during the signing ceremony, according to the statement, that “financing the project loan will contribute effectively to increasing the efficiency of electric power generation plants in Iraq, which will reflect in the interest of raising energy productivity and thus reducing the gap between supply and demand in energy and bridging The needs of citizens in all governorates.” https://www.radionawa.com/all-detail.aspx?jimare=3624
The Iraqi Stock Exchange Closed Up By 0.66%
Iraqi Stock Exchange Market Economy News – Baghdad The Iraqi Stock Exchange closed, on the first day of trading this week, up by 0.66%. Investors traded 301.7 million shares, worth 711.5 million dinars, through 389 transactions.
Shares of The United Bank rose by 14.29%, Mosul Bank by 5.88%, and Ishtar Hotels by 4.17%. Shares of agricultural products fell by 4.30%, Gulf Insurance by 4%, and Al Khazir Construction by 3.03%.
Views 38 11/12/2023 - https://economy-news.net/content.php?id=37474
A New Decline In The Dollar Exchange Rate In Iraq
Economy | 07:17 - 11/12/2023 Baghdad - Mawazine News The exchange rate of the dollar decreased today, Sunday, with the closure of the Al-Kifah and Al-Harithiya stock exchanges. The selling price of $100 was 162 thousand dinars. The purchase price was 161,500 thousand dinars per 100 dollars
https://www.mawazin.net/Details.aspx?jimare=237674
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Provoking Points to Ponder on FEAR for Living the Bold Life by Tess Marshall
15. All that ever holds somebody back, I think, is fear. For a minute I had fear. [Then] I went into the [dressing] room and shot my fear in the face… ~ Lady Gaga
16. Fear can force obedience, but it can never transform a heart. ~ Stacey Jay
17. I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain. ~ Frank Herbert
18. Expose yourself to your deepest fear; after that, fear has no power, and the fear of freedom shrinks and vanishes. You are free. ~ Jim Morrison
19. Ones fear of rejection is ones fear of love. ~ Alexandria Honey
20. I’m intimidated by the fear of being average. ~ Taylor Swift
21. We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light. ~ Plato
22. “What do you fear, lady?” [Aragorn] asked. “A cage,” [Éowyn] said. “To stay behind bars, until use and old age accept them, and all chance of doing great deeds is gone beyond recall or desire.” ~ J.R.R. Tolkien
23. Love is like jumping out of an airplane with no parachute. But there’s no need to be frightened, because that plane is still on the ground. ~ Jarod Kintz
24. There are two kinds of fears: rational and irrational – or in simpler terms, fears that make sense and fears that don’t. ~ Lemony Snicket
25. Men go to far greater lengths to avoid what they fear than to obtain what they desire. ~ Dan Brown
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 .
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."
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.
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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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Mot: Firefly Experience - Summer Night with Fireflies (Lightning Bugs)
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.
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.
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
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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
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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.
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,
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
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?
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.”
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.
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
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
~~~~~~~~~~
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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……..
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……..