"Tidbits From TNT" Sunday Morning 11-19-2023

TNT:

Tishwash:  Changes in commercial transactions... Iraq replaces the dollar with other currencies to stabilize the dinar

 Member of the Parliamentary Finance Committee, Nermin Maarouf, confirmed today, Saturday, that the Central Bank has made notable efforts recently to reduce pressure on the US dollar against the Iraqi dinar, and to control instability in the value of the dollar.

Marouf told Al-Mutala’ Agency, “The measures that have been adopted include dealing with some merchants abroad in other currencies, such as the Indian rupee, the Chinese yuan, and the Emirati dirham, based on the volume of trade exchanges that Iraq conducts with those countries, especially with China and India, and aims to This step reduces the pressure on buying dollars in commercial transactions.”

Marouf indicated that "these measures have not yet fully entered into force, as traders informed her that India has agreed to deal in the Indian rupee, but she is awaiting the resolution of the official mechanism between the government of Iraq and India before implementing them fully."

She stressed the need to accelerate procedures related to this matter to achieve stability of the Iraqi dinar against the US dollar. 

She added, "A bilateral agreement must be reached between countries and Iraq to deal in the currency of the country with which trade is conducted, given that the dollar is considered the prevailing currency in most commercial transactions currently."

Marouf concluded her statement by "calling to speed up procedures and reach an official agreement to implement these steps, in order to enhance the stability of the Iraqi dinar and achieve greater financial independence for the country."  link

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11-19-23..UPDATE FROM RAY..

CandyKisses:  6 AM EST.. 3 LETTER GUYS SAY THEY'RE NOT SURE IF WE WILL SEE "IT" THIS MORNING OR LATER TODAY, AFTER THE MARKET OPENS......BUT THEY ARE DEFINITELY THINKING "TODAY" .........TIME WILL TELL MONDAY'S "TO DO" LIST - CONTACT REALTOR - CONTACT ROLLS ROYCE DEALER - CALL (2) BANKS AND THE 800 NUMBER (IF AVAILABLE) TO COMPARE RATES.........

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Tishwash:  5 years of waiting and America welcomes... What does it mean for Iraq to join the European Bank?

The European Bank for Reconstruction and Development officially included Iraq in its membership, becoming the 74th member of the multilateral lender, and the US administration welcomed this step.

Official Media
The Iraqi Ministry of Foreign Affairs announced, on Thursday, November 16, 2023, that Iraq has officially joined the European Bank for Reconstruction and Development

Ministry spokesman Ahmed Al-Sahhaf said in a statement, “Iraq has joined the European Bank for Reconstruction and Development (EBRD), as it has completed the accession procedures and is now the 74th member of the bank,” noting that “Iraq had previously submitted an application to join the bank in April 2018.” The Board of Governors approved his membership in October 2020.”

He continued, "The process of becoming a contributing member has now been completed, and as a shareholder, Iraq can apply to benefit from the financial and political support provided by the European Bank for Reconstruction and Development."

The President of the European Bank for Reconstruction and Development, Odile Renaud-Basso, said, according to the statement: “I am pleased to welcome Iraq as a member of the Bank. We are fully committed to dealing with the country, and when the time comes, we look forward to starting work in Iraq, and applying our expertise to develop its economy.”

The statement concluded, “This achievement was the culmination of effortsEmbassy of the Republic of IraqIn London and its continued efforts with the bank’s management in London, and the possibility of the bank’s contribution to infrastructure projects inIraqIncluding a projectDevelopment pathThe American administration welcomed the Iraqi step, and stated in a

comment on the matter that “accessionIraqThe European Bank allows its companies to access loans that contribute to improving products and services and enhancing communication with the world.”

He will joinIraqTo the bank’s region in the southern and eastern Mediterranean, which includes Egypt, Jordan, Lebanon, Morocco, Tunisia, the West Bank and the Gaza Strip, given the strong economic ties between it and those countries.

The Iraqi government applied to join the bank for the first time in 2018, and its status as a shareholder enables it to apply to become a recipient economy, which would provide financing and political support from the bank.

And it was foundedEuropean BankFor Reconstruction and Development (EPRD) in 1991 to assist the former communist countries in the EastEuropeOn the transition to a market economy. The Group of Seven major countries owns a majority stake in the bank.

The Foundation launched its operations in the southern and eastern Mediterranean region in 2011, and has so far invested nearly 19 billion euros in 363 projects to support the private sector and sustainable development.

The importance of joining
helpsEuropean BankIt has been working on developing the economies of developing countries since its establishment in 1991, and investment is an important tool to help build market economies, and from this standpoint comes the importance of joiningIraqTo him, considering thatIraqIt represents a wide arena and a good environment for investment in various fields and sectors, and joining can helpIraqTo this bank in promoting the development renaissance in the country and this will provide great job opportunities, in addition to making...IraqA destination for giant European companies, thus supporting the Iraqi economy and moving away from the grip of the mono-economy that depends on oil, according to experts.

Experts and specialists also expressed their hope that the accession would be revitalizedIraqFor membershipEuropean BankFor reconstruction and development, the wheel of reconstruction is turning and the revival of many of the large projects that the current government has begun to implement.

The financial advisor to the Prime Minister, Mazhar, outlinedMohammed SalehThe importance of joiningIraqtoEuropean BankFor reconstruction and development, while stressing that accession was the result of sober and constructive consultations carried out by economic diplomacy.

Saleh said: “JoinIraqtoEuropean BankFor Reconstruction and Development, he has been preparing since he agreedBoard of GovernorsHe joined the 74th member in 2020,” pointing out that “the accession was the result of sober and constructive consultations carried out by economic diplomacy over the years to reach the stage of full accession to membership in this multilateral European financial institution,” according to the official agency. He added, “This will enable Our country is able to implement our priorities in sustainable economic development, which he undertakesEuropean BankReconstruction tasks there and improving important aspects of Iraq’s infrastructure.”

He explained that “the European Bank for Reconstruction and Development (EBRD) is a multilateral development bank that uses investment as a tool to help build market economies. It was founded in 1991 and initially He devoted its work to the Eastern European transitional countries that transitioned from centralized economies to markets.” The aforementioned bank financed 5,035 projects from 1991 until 2020, with a total value of business volume amounting to 120 billion euros.”

He pointed out that "the European Bank works specifically for reconstruction and development in 38 countries in the southern and eastern Mediterranean, Central and Eastern Europe, and Central Asia." It also finances large and small projects in a variety of sectors, including public works and agribusiness." Natural resources, infrastructure such as road projects, water and sanitation, and the digital and technological sector."

He continued: “Thus, the European Bank for Reconstruction and Development serves the interests of all its shareholders - whose total number today exceeds more than 74 countries from 5 continents, in addition to the European Union countries themselves.” He stressed that “Iraq’s membership in the European Bank for Reconstruction and Development will represent a true European investment partnership in launching important strategic projects in our country, such as the large Iraq development project (Development Road), which is a project that will link the interests of Iraq and the global south with Europe on the one hand, and the interests of Europe and Iraq with the global south.” The world on the other hand.  link

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Tishwash:  What are the demands of foreign companies operating in the region? Rejection, guarantees and direct transfer

Today, Saturday (November 18, 2023), economic expert Nabil Al-Marsoumi revealed the most prominent demands of foreign companies operating in the Kurdistan region. 

Al-Marsoumi referred in a blog post followed by “Baghdad Today” to “the demands of foreign companies operating in Kurdistan,” indicating that they “refuse to amend the current commercial conditions and the economic model signed between them and Kurdistan after the Federal Ministry of Oil demanded that production-sharing contracts be converted into profit-sharing contracts.” 

The economic expert added: "Foreign companies also demanded a guarantee of payment for past and future oil exports, as losses amounted to more than $7 billion in export revenues since the closure of the Iraqi-Turkish pipeline at the end of last March." 

Al-Marsoumi noted that it also demanded that “the expected oil sales payments be transferred directly to foreign companies.” 

Earlier, Oil Minister Hayan Abdul Ghani said that he expected to reach an agreement with the Kurdistan Regional Government and foreign oil companies operating in Kurdistan to resume oil production from the region’s oil fields within three days.

Abdul Ghani said during a visit to Erbil that Iraq had reached an “understanding” with Turkey regarding the resumption of northern oil exports via the Iraq-Turkey pipeline.

The Norwegian oil company DNO had previously announced that it would refrain from producing oil and exporting it through pipelines in the Kurdistan region until the problem of late payments, estimated at about one billion dollars, was resolved. link

Mot: . the latest in Turkey Dressing!!!

Mot:  .. turkey Day - Cheat Sheet!!!

Iraq Economic News and Points to Ponder Saturday Evening 11-18-23

Iraq Economic News and Points to Ponder Saturday Evening 11-18-23

Tlm724 Administrator Bondlady’s Corner

Integrity: Recovering 15 Billion Dinars From The Former Authorized Director Of One Of The Electronic Payment Companies 

Economy News  Today, Saturday, the Federal Integrity Commission announced the recovery of 15 billion dinars from the former authorized director of one of the electronic payment companies.

The Authority stated in a statement received by Al-Eqtisad News that “its investigative procedures in the criminal case of the accused, the former authorized director, in the case of tax evasion by the company by providing incomplete information and concealing information related to its accounts for the period from (2010 - 2017) should have been clarified.” ", indicating that "he, in collaboration with employees of the General Tax Authority, caused damage to public funds, represented by the Ministry of Finance, amounting to fifteen billion and one hundred and fifty-four million dinars."

She added, "The company has paid the amount of damage caused to public funds as a result of non-accountability of taxes, confirming the transfer of an amount of (15,154,745,000) billion dinars to the account of the General Authority for Taxes - Senior Taxpayers Section," pointing out that "the General Authority for Taxes continues to request a complaint against the accused and take action." legal action against him for not paying the interest on the amount.”

According to the statement, the Authority pointed out that “a private case has been filed against the convicted accused, the former Director General of the General Tax Authority, because she sent a letter to (5) banks indicating that the aforementioned company is tax accountable until the year 2019, with the aim of moving the company’s accounts in those banks, despite the failure to meet the requirements.” The necessary mechanism used in tax accounting.”

She continued, "The convicted defendant carried out these acts in conjunction with three of her employees who were convicted and sentenced by the Central Anti-Corruption Criminal Court."

Views 59 11/18/2023 https://economy-news.net/content.php?id=37624

The Central Bank Finalizes The Arrangements For The Agreement To Strengthen Five Iraqi Banks With The UAE Dirham

Economy - 11/18/2023 Baghdad - Mawazine News  Today, Saturday, the Central Bank of Iraq concluded the arrangements for the agreement to strengthen five Iraqi banks with the UAE dirham.

A banking source said in an interview with Mawazine News: “The Central Bank of Iraq has completed the final arrangements for the agreement with the UAE’s First Abu Dhabi Bank, and it is hoped that the actual implementation of the strengthening operations for Iraqi banks’ accounts in the UAE dirham will begin during the next week.”

The source added, "The first phase of the reinforcements will include five Iraqi private banks, and it is expected that the number of banks will double after evaluating the first phase of implementation, which may last for a few weeks."   https://www.mawazin.net/Details.aspx?jimare=238037

More Than One Billion Dollars In Sales From The Central Bank Of Iraq Within A Week

Saturday 18, November 2023 | Economical Number of readings: 243  Baghdad / NINA / The Central Bank of Iraq's total sales of hard currency to the US dollar during the past week amounted to more than one billion dollars.

The Central Bank stated in a statement, “The Central Bank sold during the past week and for the five days in which the auction opened one billion and 143 million and 53 thousand and 503 dollars, at a daily rate of 228 million and 610 million and 700 dollars, higher than what it recorded last week, which amounted to one billion and 146 million 308 thousand and 909 dollars.”

The highest dollar sales were on Sunday, when sales amounted to 235 million, 236 thousand and 339 dollars, while the lowest sales were on Thursday, when sales amounted to 221 million, 425 thousand and 343 dollars.

He pointed out, "External remittance sales during the past week amounted to 1 billion 70 million 513 thousand and 693 dollars, an increase of 90% compared to cash sales that amounted to 103 million 858 thousand and 600 dollars."

He explained, "The sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of the amounts of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of the amounts of transfers abroad and the cash selling price reached 1,310 dinars per dollar."

https://ninanews.com/Website/News/Details?key=1090565

The British Ambassador Stresses The Importance Of Continuing Partnership And Cooperation Between Iraq And The Kingdom

Political | 11/18/2023   Mawazine News – Baghdad   The British Ambassador to Iraq, Stephen Hitchen, confirmed today, Saturday, that the stability of Iraq is stability for the region, stressing the importance of continuing partnership and cooperation between Iraq and the United Kingdom.

The media office of the National Security Advisor stated in a statement received by Mawazine News, “The National Security Advisor, Mr. Qasim Al-Araji, in his office today, Saturday, received the United Kingdom’s ambassador to Iraq, Stephen Hitchen.”

He added, "During the meeting, the overall relations between the two countries were discussed, especially cooperation and partnership in the field of combating terrorism and the exchange of experiences and information."

The statement continued, "The meeting witnessed a discussion of the latest developments in the regional and international political and security scene, as well as the file of the Syrian Al-Hawl camp."

Al-Araji stressed, “The current conditions require the logic of wisdom and the primacy of reason, stressing the importance of strengthening the foundations of the state through the rule of law, indicating that the Iraqi government has taken strict measures to protect foreign embassies and missions operating in Erq, pointing out that the Prime Minister, Mr. Muhammad Shia “The Sudanese government is making great efforts to achieve development and implement the government program according to its specified timing.”   https://www.mawazin.net/Details.aspx?jimare=238050

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

87. If you are facing a new challenge or being asked to do something that you have never done before don’t be afraid to step out. You have more capability than you think you do but you will never see it unless you place a demand on yourself for more. ~ Joyce Meyer

88. It’s okay to be crazy and scared and brave at the same time! ~ Kelly Epperson

89. But fear is confusing. It tears you in two. Half of you wants to run far, far away, but the other half is paralyzed, frozen, immovable. And the hard part is that you never know which half is going to win. ~ Melody Carlson

90. Whatever it is you’re scared of doing, Do it. ~ Neil Gaiman

91. As Grams treaded water, she tapped my forehead. ‘What’s in here, Poppy, is scarier than anything you’ll encounter in the depths of the ocean. An imagination is a powerful thing. ~ Shelley Coriell

92. What is fear after all? It is indecision. You seek some way to resist, escape. There is none. ~ Anne Rice

93. I am convinced that the deepest desire within each of us is to be liberated from the controlling influences of our own psychic madness or patterns of fear. All other things-the disdain of ordinary life, the need to control others rather than be controlled, the craving for material goods as a means of security and protection against the winds of chaos-are external props that serve as substitutes for the real battle, which is the one waged within the individual soul. ~ Caroline Myss

Goldilocks' Comments and Global Economic News Saturday Evening 11-18-23

Goldilocks' Comments and Global Economic News Saturday Evening 11-18-23

Good Evening Dinar Recaps,

"Al-Sudani directs government bank managers to submit a plan within one month to develop the banks’ work."

Here we have a banking benchmark from Iraq. Bank managers from Iraq are being told to finish their banking reforms within a month of November 14th, 2023.  At that time, their staff will need to go through logistics training on the new digital asset-based trading system.

We already know that Iraq on January 1st, 2024 will begin using their Iraqi dinar only in trades around the world. The use of the dollar in their International trades will no longer be allowed.

A meeting followed this meeting to go over electronic mechanisms and procedures that would be used to carry this out on an international level.

They are expecting to do a comprehensive economic reform. A comprehensive economic reform takes control away from the government's power over an exchange rate and allows the market to determine it by demand.

In other words, this move will be a dropping of a programmed rate to a rate determined by market analysis and Market flow. It will be a move that reinstates the Iraqi dinar into a real value.

This will be a movement from paper recording to electronic recording of all aspects of their Banking system. Advanced electronic programs and modern technology will serve as their new way of service to the people of Iraq and abroad.

© Goldilocks

https://www.caclubindia.com/forum/reinstatement-of-foreign-currency-38068.asp

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We have always said we would tell you the truth here and we continue to stick by that. So with all the hype around this weekend and the upgrades I wanted to reiterate that we are not to the "RV" yet.

We still have a ways to go, after all "gold has to be free" before we see the "RV". So what is the hype this weekend - ISO20022 comes fully online for SWIFT and multiple other banks and financial institutions.

What this means - simply stated it brings all those finishing their upgrades under one standard used worldwide for financial messaging. The very fabric of the payment systems we have been learning so much about. Is this a big deal - absolutely.

However, this is part of the completion of the digital revaluation that we have been seeing over the last few months. What happens now - once the ISO standards are implemented they will work together with legacy messaging to fulfill payments to those institutions that have upgraded.

How does this change things - with all financial messaging coming under one standard it eliminates the cross-border inefficiencies. This is part of the regulations that is NEEDED in order for us to move forward with the blessing we have all been waiting on.

Please stay grounded, stay focused, and know that we are all in this together. We are here for you and will help answer any of those concerns you may have. Remember, we want the best for everyone, even those that don't care for us because that is what HUMANITARIANS do, we support and love one another. Have a great night and an excellent weekend. See you all Monday morning.   M 🔥

👆  Goldilocks pointed to this.

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I know it's exciting to hear about the news coming out from Iraq, but we must remember that Protocol 20 is not finished until the end of January 2024.

At that time, we will have a month of circulating volumes that support a rate determined by the demand for Iraq that can be placed on the new digital asset-based trading system.

Protocol 20 connects Quantum Technologies from around the world.

Let's see what happens.

© Goldilocks

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Three things have to happen in order for the QFS to be fully activated:

* All Banking Protocols have to be finished leading up to Quantum Technologies being activated.

* All regulations to secure the new digital asset-based trading system have to be passed through legislation.

* And finally, we need to see gold move into a real value.

© Goldilocks

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AI To Enhance Central Banks’ Supervision: Deutsche Bundesbank

ByJill Wong, Regulation Asia Published on 16th November 2023

Joachim Wuermeling of the Deutsche Bundesbank says AI will help central banks do a better job in supervising banks.   PrivateBankJPMorgan Link

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Banking Announcement in the Philippines:

Philippines Set to Issue Maiden Tokenised Treasury Bonds

ByMark Johnston, Regulation AsiaPublished on 17th November 2023

The Philippines will issue the country's first tokenised treasury bonds next week, available in PHP 10 million denominations. CoinDesk Link

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Iraq Economic News and Points to Ponder Saturday Afternoon 11-18-23

Iraq Economic News and Points to Ponder Saturday Afternoon 11-18-23

Tlm724 Administrator Bondlady’s Corner

To What Extent Do The Government And The Central Bank Control Dollar Smuggling Operations? Parliamentarian Explains

Time: 11/18/2023 Read: 1,404 times {Economic: Al-Furat News} Member of the Parliamentary Finance Committee, Ali Jabbar Mu’nis, explained today, Saturday, that tightening control and maintaining the official price limits smuggling operations, and this matter falls on the responsibility of the government and the Central Bank.

For several months, the value of the Iraqi dinar has fluctuated sharply, losing on some days 15 percent of its value against the dollar, which sparked sporadic demonstrations by Iraqis worried about losing their purchasing power.

Muanis told {Al-Furat News} agency: “With regard to the rise in the exchange rates of the parallel dollar due to the lack of tight control over the parallel market, smuggling operations must be controlled according to mechanisms established by the government,” indicating that “tightening control and maintaining the official price limits smuggling operations.”

He added, "Remaining in this situation leads to maintaining the large difference between the parallel and official prices, and this matter falls on the responsibility of the Central Bank and the government," indicating that "the situation remaining in this situation is worrying and needs to be stopped."

During the past few days, many Iraqi banks have begun to stop giving depositors their money in dollars, even though they have accounts in Iraqi dinars and US dollars.

This came after statements made by officials at the Central Bank talking about preventing cash transactions in dollars and restricting them to the Iraqi dinar only in an attempt to control exchange rates.

The selling price of the dollar in Baghdad markets this morning reached 160,500 Iraqi dinars, while the buying price reached 158,500 dinars for every 100 dollars.  LINK

Parliamentary Oil Committee: The Oil And Gas Law Has Not Reached Parliament And Is Still In The Government’s Drawers

Iraq  Saturday, November 18, 2023 4:35 PM  Exclusive / National News Center  The Second Deputy Chairman of the Parliamentary Oil and Gas Committee, Adnan Al-Jabri, today, Saturday, called on the Prime Minister to open an investigation into the devaluation of the rights of lecturers in Basra.

Al-Jabri said in a statement to the National News Center: “Data for 35,721 retirees in the General Directorate of Basra Education was published as contracts for lecturers and administrative volunteers in the education departments in Basra Governorate, but we were surprised by the lecturers who have direct positions in their schools.”

Al-Jabri stressed on the Ministry of Education, “Do not underestimate the merit of volunteers who have been working for free for three years and filling vacancies in many schools affiliated with Basra Education.”

Regarding the oil and gas law, he explained that “it has not yet reached the House of Representatives and is still in the government’s custody, and the government has formed many committees to study the organization of the draft law.” 

He added, “This law must be enacted during this session to resolve the problems between the center and the region, preserve the entitlements of the oil-producing governorates, and regulate production operations and management of oil and gas.”   https://nnciraq.com/237375/

Oil Rises After A Week Of Intense Sales Due To Supply And Demand Concerns

Saturday 18, November 2023 08:41 | Economical Number of readings: 273  Baghdad / NINA / The price of Brent crude oil, the global standard, remained below $80 per barrel, a day after it fell 5% to the lowest level in 4 months due to increasing fears of escalating supplies from outside the Organization of the Petroleum Exporting Countries (OPEC) and slowing demand.

By yesterday evening, Friday, Brent crude futures rose $1.34, or about 1.7%, to $78.76 per barrel, and US West Texas Intermediate crude rose to $74.1, an increase of $1.2, or about 1.7% as well.

The two benchmarks lost about one-sixth of their value over the past four weeks, and prices are heading towards recording a fourth week of losses.

“Oil prices have fallen slightly this year, although demand has exceeded our optimistic expectations,” Goldman Sachs analysts said in a note.

They added, "OPEC's non-essential supplies were much stronger than expected, and partially offset the OPEC cut."

The reason for the decline in oil this week was mainly due to the sharp rise in US crude inventories and the continuation of production at record levels, and the shrinking demand in China also raised concerns./ End   https://ninanews.com/Website/News/Details?key=1090476

Iraq's Oil Exports To America Increased Last Week

Oil  Energy  Economy News  The US Energy Information Administration announced on Saturday that Iraq's oil exports to America rose over the past week.

The administration's table showed that the average US imports of crude oil during the past week from nine major countries amounted to 5.369 million barrels per day, down by 46 thousand barrels per day from the previous week, which amounted to 5.415 million barrels per day.

She added that Iraq's oil exports to America amounted to 283 thousand barrels per day last week, an increase of 96 thousand barrels per day from the previous week, which reached an average of 187 thousand barrels per day.

She pointed out that most of America's oil revenues during the past week came from Canada at an average of 3,835 million barrels per day, followed by Mexico with an average of 366 million barrels per day, oil revenues from Colombia at an average of 316 thousand barrels per day, and then Saudi Arabia at an average of 242 thousand barrels per day.

According to the administration, the amount of American imports of crude oil from Brazil is at a rate of 135 thousand barrels per day, from Libya at a rate of 86 thousand barrels per day, from Nigeria at a rate of 70 thousand barrels per day, and from Ecuador at a rate of 36 thousand barrels per day, while no quantity is imported from Russia. Views 48 11/18/2023 - https://economy-news.net/content.php?id=37616

The President Of The Republic Confirms To The Pope Of The Vatican: Iraq Has Come A Long Way In Consolidating Security And Political Stability

Political | 02:52 - 11/18/2023   Baghdad - Mawazine News   The President of the Republic, Abdul Latif Jamal Rashid, confirmed that Iraq has come a long way in consolidating security and political stability.

The Presidency of the Republic stated in a statement, a copy of which was received by Mawazine News, that the President of the Republic, Abdul Latif Gamal Rashid, and the First Lady, Shanaz Ibrahim Ahmed, met with His Holiness Pope Francis, Pope of the Vatican. At the beginning of the meeting, the President of the Republic expressed his “thanks to His Holiness the Pope for visiting Iraq,” stressing

that “Iraqis remember with love and pride this visit, which embodied the concepts of peaceful coexistence and the depth of bonds between religions inside and outside Iraq.”

The President of the Republic pointed out that: “Our region needs to consolidate the foundations of brotherhood and tolerant human ties,” stressing “the importance of concerted efforts to strengthen the principles of dialogue, cooperation, and work.” common among peoples, and that the calls, prayers, and public messages issued by the Vatican have a moral impact in relying on calm, dialogue, and consolidating understanding.” He added, “

Iraq has come a long way in establishing security and political stability, and our priorities today are shifting to providing services, improving the standard of living of citizens, rehabilitating the infrastructure, and developing the economy.” In order to achieve comprehensive development.

He stressed that "Iraq is keen to strengthen democracy, pluralism, and respect for rights and freedoms," noting that "the relationship between the federal government and the Kurdistan Regional Government is good, and there is a will on both sides to resolve the outstanding issues in accordance with the constitution and the law."

The President of the Republic stressed that “Christians are an essential component in building the country, its progress, and its prosperity, and there is the government’s keenness on the return of the displaced Christians, Yazidis, and other components to their areas and resolving this humanitarian issue by providing them with the requirements of a decent life, preserving the Christian presence, and protecting diversity,” indicating that “ The doors of the Presidency of the Republic are open to Christians to consider their demands and issues in a way that secures their livelihood and stability.”

He pointed out that "Iraq has good relations with neighboring countries and the world as they depend on mutual respect and common interests. His Excellency also spoke about the situation in Palestine and Gaza," stressing that "Iraq strongly condemns the ongoing violations and aggression against the Palestinians, and calls on the international community to make more efforts." To stop the aggression, protect civilians, and secure the arrival of humanitarian aid.”

For his part, His Holiness the Pope expressed his “welcome to the visit of the President of the Republic,” stressing “the Vatican City’s support for Iraq’s efforts to strengthen ties between religions and components,” and pointed to “the role of the

Christian component in promoting harmony and solidarity, their sacrifices for a prosperous and developed Iraq, and their adherence to national identity.”

The statement continued, "His Holiness the Pope focused on the importance of enhancing opportunities for peace in the world, since wars mean failure."

The statement noted that souvenirs were then exchanged between the President and His Holiness the Pope, and that the meeting witnessed the presence of Member of Parliament Dylan Abdul Ghafour, the Ambassador of the Republic of Iraq to the Vatican, Rahman Al-Amiri, and a number of advisors and officials.    https://www.mawazin.net/Details.aspx?jimare=238046

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

80. Fear defeats more people than any other one thing in the world. ~ Ralph Waldo Emerson

81. But fear doesn’t need doors and windows. It works from the inside. ~ Andrew Clements

83. I believe there are three tenants to live by in this apartment called Life: Love is empowering, Fear is motivating, and Passion is fruit. ~ Jarod Kintz

83. Courage is fear that has said its prayers. ~ Dorothy Bernard

84. Fear is the thief of dreams. ~ Brian Krans

85. Your fear remains strong. You are not ready to face your story, preferring instead to surround yourself with knots. Someday, they will strangle you. ~ Maria V. Snyde

86. It is a true saying, that what you fear you find. ~ Jeanette Winterson

Black Swan in the Stock Market: What Is It, With Examples and History

Black Swan in the Stock Market: What Is It, With Examples and History

By THE INVESTOPEDIA TEAM Updated September 29, 2023

Reviewed by GORDON SCOTT Fact checked by SUZANNE KVILHAUG

What Is a Black Swan?

A black swan is an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences.

Black swan events are characterized by their extreme rarity, severe impact, and the widespread insistence they were obvious in hindsight.

KEY TAKEAWAYS

• A black swan is an extremely rare event with severe consequences.

• It cannot be predicted beforehand, though after the fact, many falsely claim it should have been predictable.

• Black swan events can cause catastrophic damage to an economy by negatively impacting markets and investments, but even the use of robust modeling cannot prevent a black swan event.

• Reliance on standard forecasting tools can both fail to predict and potentially increase vulnerability to black swans by propagating risk and offering false security.

• The term was popularized by the book, The Black Swan, by Nassim Nicholas Taleb.1

Understanding a Black Swan

The term was popularized by Nassim Nicholas Taleb, a finance professor, writer, and former Wall Street trader. Taleb wrote about the idea of a black swan event in a 2007 book prior to the events of the 2008 financial crisis. Taleb argued that because black swan events are impossible to predict due to their extreme rarity, yet have catastrophic consequences, it is important for people to always assume a black swan event is a possibility, whatever it may be, and to try to plan accordingly.1 Some believe that diversification may offer some protection when a black swan event does occur.

Taleb later used the 2008 financial crisis and the idea of black swan events to argue that if a broken system is allowed to fail, it actually strengthens it against the catastrophe of future black swan events. He also argued that conversely, a system that is propped up and insulated from risk ultimately becomes more vulnerable to catastrophic loss in the face of rare, unpredictable events.1

Taleb describes a black swan as an event that:

1. Is so rare that even the possibility that it might occur is unknown

2. Has a catastrophic impact when it does occur

3. Is explained in hindsight as if it were actually predictable1Nassim Nicholas Taleb. “The Black Swan.” Random House Trade Paperbacks, 2010.

Special Considerations

For extremely rare events, Taleb argues that the standard tools of probability and prediction, such as the normal distribution, do not apply since they depend on large population and past sample sizes that are never available for rare events by definition. Extrapolating, using statistics based on observations of past events is not helpful for predicting black swans, and might even make us more vulnerable to them.

The last key aspect of a black swan is that as a historically important event, observers are keen to explain it after the fact and speculate as to how it could have been predicted. Such retrospective speculation, however, does not actually help to predict future black swans as these can be anything from a credit crisis to a war.

Examples of Past Black Swan Events

The crash of the U.S. housing market during the 2008 financial crisis is one of the most recent and well-known black swan events. The effect of the crash was catastrophic and global, and only a few outliers were able to predict it happening.

Also in 2008, Zimbabwe had the worst case of hyperinflation in the 21st century with a peak inflation rate of more than 79.6 billion percent.2 An inflation level of that amount is nearly impossible to predict and can easily ruin a country financially.

The dotcom bubble of 2001 is another black swan event that has similarities to the 2008 financial crisis. America was enjoying rapid economic growth and increases in private wealth before the economy catastrophically collapsed. Since the Internet was at its infancy in terms of commercial use, various investment funds were investing in technology companies with inflated valuations and no market traction. When these companies folded, the funds were hit hard, and the downside risk was passed on to the investors. The digital frontier was new so it was nearly impossible to predict the collapse.

As another example, the previously successful hedge fund Long-Term Capital Management (LTCM), was driven into the ground in 1998 as a result of the ripple effect caused by the Russian government’s debt default, something the company’s computer models could not have predicted.3

A more recent example could be the emergence of the COVID-19 virus that caused a global pandemic beginning in the Spring of 2020, and which disrupted markets and global economies around the world.

What Is a Black Swan Event in the Stock Market?

A black swan event in the stock market is often a market crash that exceeds six standard deviations, making it exceedingly rare from a probabilistic standpoint. Some have argued that stock prices are “fat-tailed” and that such events are, in reality, more frequent than the statistics would let on.

Why Do They Call It a Black Swan Event?

A black swan is considered to be rare, since most swans are white. In fact, the story goes that black swans were thought once to not at all exist, until finally one was discovered. The lesson is that what we think are very rare events may be more common than previously thought.

What Is a Grey Swan Event?

A grey swan event is an outlier, but which is more probably than a black swan. As a result, people can better prepare for and hedge against a grey swan than for a black swan.

Source: Investopedia

https://dinarchronicles.com/2023/11/17/what-is-a-black-swan-in-the-stock-market-with-examples-and-history/

"Tidbits From TNT" Saturday 11-18-2023

TNT:

Tishwash:  The Central Bank finalizes the arrangements for the agreement to strengthen five Iraqi banks with the UAE dirham

 Today, Saturday, the Central Bank of Iraq completed the arrangements for the agreement to strengthen five Iraqi banks with the UAE dirham.

A banking source told the Iraqi News Agency (INA): “The Central Bank of Iraq has completed the final arrangements for the agreement with the UAE’s First Abu Dhabi Bank, and it is hoped that the actual implementation of the enhancement operations for Iraqi banks’ accounts in the UAE dirham will begin during the next week.”

The source added, "The first phase of the reinforcements will include five Iraqi private banks, and it is expected that the number of banks will double after evaluating the first phase of implementation, which may last for a few weeks."   link

The agreement arrangements with Abu Dhabi have ended and the Iraqi banks will deliver dirhams - the Central Bank

 The official news agency, quoting a source in the Central Bank, said that Iraq has completed the final arrangements related to the agreement with Abu Dhabi Bank, as part of the government’s efforts to control the exchange rate.

The source:

The Central Bank of Iraq finalizes the final arrangements for the agreement with the UAE’s First Abu Dhabi Bank.

It is hoped that the actual implementation of the enhancement operations for Iraqi bank accounts in the UAE dirham will begin next week.

The first phase of reinforcements will include five Iraqi private banks.

The number of banks is expected to double after evaluating the first phase of implementation, which may last for a few weeks. link

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

Tishwash:  Al-Araji: The Iraqi government has taken measures to protect embassies operating in Iraq

National Security Advisor Qasim Al-Araji confirmed that the Iraqi government has taken measures to protect embassies operating in Iraq.

The Chancellery stated in a statement: “Al-Araji met in his office today, Saturday, with the Australian Ambassador to Baghdad, Paula Ghali, on the occasion of the end of her duties as her country’s ambassador to Baghdad. The meeting discussed the latest developments in the political and security situation, at the international and regional levels.”

Al-Araji thanked the Australian ambassador for her role in strengthening relations of cooperation and friendship between Iraq and Australia at all levels, stressing that Australia is a partner of Iraq in confronting terrorism, pointing out that terrorism still poses a threat to the region and the world, noting that the Iraqi government has taken measures to protect embassies operating in Iraq.

Regarding the events in the Gaza Strip, Al-Araji stressed that children, women and civilians are not part of the battle, and must be protected under international and humanitarian law, and the international community must do its duty to stop this war, indicating that the problem in Palestine will remain without the existence of a Palestinian state.

For her part, the Australian Ambassador expressed her country's condemnation of the killing of civilians, women and children, in the Gaza Strip, noting that there is an increasing international determination to resolve this crisis.  link

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

CandyKisses:  Integrity: Recovery of 15 billion dinars from the former managing director of one of the electronic payment companies

Baghdad Today - Baghdad

Today, Saturday (November 18, 2023), the Federal Integrity Commission announced the recovery of 15 billion dinars from the former managing director of an electronic payment company.

The authority stated in a statement received by "Baghdad Today", that "its investigative procedures in the criminal case of the accused sponsor, the former manager authorized in the case of tax evasion by the company by providing incomplete information, and hiding information related to its accounts for the period from (2010-2017) should have been clarified," indicating "his joint with employees of the General Tax Authority to cause damage to public money, represented by the Ministry of Finance, amounting to fifteen billion and one hundred and fifty-four million dinars."

She added that "the company has paid the amount of damage caused to public money as a result of the lack of tax accounting, confirming the transfer of an amount of (15,154,745,000) billion dinars to the account of the General Tax Authority - Department of Senior Taxpayers," pointing to "the continuation of the General Tax Authority to request a complaint against the accused and take legal action against him for non-payment of interest on the amount."

According to the statement, the authority pointed to "an individual lawsuit against the convicted defendant, the former director general of the General Tax Authority, for sending a letter to (5) banks indicating that the aforementioned company is tax accounted until the year 2019, In order to move the company's accounts in those banks, despite the failure to meet the necessary mechanism followed in tax accounting."

"The convicted defendant carried out these acts jointly with three of her employees who were convicted and sentenced by the Central Anti-Corruption Criminal Court," she said.

Mot: . 10 facts about Thanksgiving

Mot:  ..... fur those Gals needing a Date fur Turkey Day!!! 

MilitiaMan: Iraq Dinar - World Bank - Iraq Central Bank - BIS - WTO - Global Valuation - IQD

Iraq Dinar - World Bank - Iraq Central Bank - BIS - WTO - Global Valuation - IQD

MilitiaMan and Crew:  11-17-2023

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=mzCXuwPuDNg

Iraqi News Highlights and Points to Ponder Saturday AM 11-18-23

Iraqi News Highlights and Points to Ponder Saturday AM 11-18-23

Parliament Finance Indicates The Reason For The Decline In The Exchange Rate And Talks About “A Crackdown On Smugglers”

In recent days, the local markets witnessed a decline in the exchange rate of the dollar against the Iraqi dinar, reaching 158 thousand for every 100 dollars. The Finance Committee in the House of Representatives indicated the reasons for the decline, while revealing “a control over smugglers.”

Committee member Moin Al-Kazemi said, “There is security and intelligence progress in the file of identifying dollar smugglers, and during the past days a number of them have been overthrown.”

Al-Kadhimi indicated in a press interview seen by “Taqaddam” that “this greatly affected the decline in the dollar exchange rate in the parallel market.”

A member of the Parliamentary Finance Committee stated that “there is great economic importance in thwarting foreign currency smuggling operations,” noting that “there is government interest in this file, and the security and intelligence services have information about these parties and personalities, and work is continuing to pursue and overthrow them.”

https://takadum-news.com/archives/192452#hathalyoum

A Deputy Reveals Three Risks Threatening The Iraqi Economy

Information / Baghdad   Representative Ali Al-Lami warned, on Saturday, of Iraq's continued dependence on the sale of oil to finance its expenses, indicating that the continued penetration of corruption will lead to a major economic collapse in the country.

Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..

Al-Lami said in an interview with “Al-Ma’louma” that “Iraq’s economy has been facing serious complications for years that must be paid attention to,” calling for “the adoption of a road map that leads to reducing the risks of any international crises, especially with regard to oil prices, which represent more than 90% of treasury revenues.” ".

He added, "There are three risks that threaten the national economy: the corruption that has permeated state institutions and its large dependence on the sale of oil despite price fluctuations from time to time, in addition to the presence of 25 unofficial outlets in the Kurdistan region, which represent the largest smuggling front in the country."

He pointed out that "the danger of the unofficial outlets in the region is that they represent black loopholes because they are illegal and cause the livelihoods of six sectors, including agriculture and industry, to be directly robbed by flooding the markets with materials, which means huge losses for national production, which requires an urgent reconsideration that contributes to ending the issue of the outlets." "And push Baghdad to control it and force it to work in accordance with official instructions and conditions."

Iraq relies almost entirely on the sale of oil to secure public treasury revenues for spending and paying salaries. LINK

At The Beginning Of The Week, Dollar Prices Rose In Baghdad And Erbil

2023-11-18  Shafaq News/ Dollar prices rose today, Saturday, in the markets of Baghdad and Erbil, the capital of the Kurdistan Region.

Shafaq News correspondent said that dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 159,400 dinars against 100 dollars, while last Thursday prices were 157,850 dinars against 100 dollars.

Our correspondent indicated that selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 160,500 Iraqi dinars, while the purchasing price reached 158,500 dinars for every 100 dollars.

As for Erbil, the stock market does not trade on official holidays, but the dollar recorded an increase in banking shops, the selling price being 158,800 dinars against the dollar, and the purchasing price being 158,400 dinars against 100 dollars.  LINK

After The Rapid Decline And Slow Rise...An Expert Denies The End Of The Dollar Crisis In Iraq Except Under Two Conditions

Economy |Baghdad today – Baghdad  Economic expert Nabil Al-Marsoumi confirmed today, Friday (November 17, 2023), that the dollar exchange rate crisis will continue because the government’s solutions are unrealistic .

Al-Marsoumi said in an interview with “Baghdad Today” that “the dollar crisis in Iraq will continue due to the continuation of the American economic sanctions imposed on Iran.”

He added, "After implementing the electronic platform system, it became difficult to transfer dollars to Iran, and since Iraq has trade with Iran amounting to about 10 billion dollars annually, and tourists and patients visit Iran and spend more than 3 billion dollars annually, there is difficulty in controlling the dollar crisis."

He stated that "only two solutions can restore stability to the dollar exchange rate and end the crisis, which is convincing the United States to allow the transfer of dollars to Iran, or searching for another source to import goods from countries that do not have embargoes or sanctions."

The dollar exchange rates declined rapidly 3 days ago from 166 thousand dinars to 155 thousand dinars per 100 dollars, before returning to a relatively high rate, reaching 159 thousand dinars currently.

The decline came due to market sentiment, after statements and reports about a package of measures and agreements between the Central Bank of Iraq and American, European, Turkish and Emirati banks, for the purpose of strengthening the balances of some Iraqi banks in advance in the currencies of the dollar, the Indian rupee, the Chinese yuan, the euro and other currencies, to expand the possibility of financing Iraqi trade and diversifying it instead of... Limited to the dollar.  LINK

More Than One Billion Dollars In Sales From The Central Bank Of Iraq Within A Week

2023-11-18 04:06  Shafaq News/ The Central Bank of Iraq’s total sales of hard currency to the US dollar during the past week amounted to more than one billion dollars.

Shafaq News Agency correspondent stated that the Central Bank sold during the past week and for the five days in which the auction was opened, one billion and 143 million and 53 thousand and 503 dollars, at a daily rate of 228 million and 610 million and 700 dollars, higher than what it recorded last week, which amounted to one billion and 146. One million 308 thousand and 909 dollars.

The highest dollar sales were on Sunday, when sales amounted to 235 million, 236 thousand and 339 dollars, while the lowest sales were on Thursday, when sales amounted to 221 million, 425 thousand and 343 dollars.

Our correspondent indicated that sales of foreign remittances during the past week amounted to 1 billion 70 million 513 thousand and 693 dollars, an increase of 90% compared to cash sales that amounted to 103 million 858 thousand and 600 dollars.

Our correspondent explained that the sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,310 dinars per dollar.  LINK

Provoking Points To Ponder From Daily Reflections For Highly effective People By Stephen Covey:

We must look at the lens through which we see the world - as well as at the world we see - and understand that the lens itself shapes how we interpret the world -- p17

We simply assume that the way we see things is the way they really are or the way they should be - And our attitudes and behaviors grow out of those assumptions -- p24

Each of us has many - many maps in our head - which can be divided into two main categories: maps of the way things are, or realities -- and maps of the way things should be - or values -- We interpret everything we experience through these mental  maps -- p24

Our character - basically - is a composite of our habits -- Because they are consistent - often unconscious patterns - they constantly daily - express our character and produce our effectiveness ........ or ineffectiveness -- p46

You are NOT your habits -- You CAN replace old patterns of self defeating behavior with new patterns - new habits of effectiveness - happiness and trust-based relationships -- p61

Highly Proactive People recognize their "respons-ability -- the ability to choose their response -- They do not blame circumstances - conditions - or conditioning for their behavior -- their behavior is a product of their own conscious choice - based on values - rather than a product of their conditions  - based on feeling -- p71

Reactive People focus on circumstances over which they have  no  control -- the negative energy generated by that  focus - combined with neglect in areas they could do  something about - causes their Circle of Influence to shrink -- p83

Proactive People focus their efforts on the things they can do something about -- the nature of their energy is positive - enlarging - and magnifying causing their Circle of Influence to increase -- p83

Whatever is at the center of our life will be the source of our security - guidance - wisdom and power -- p109 

Iraq Economic News and Points to Ponder Friday Afternoon 11-17-23

Iraq Economic News and Points to Ponder Friday Afternoon 11-17-23

Tlm724 Administrator Bondlady’s Corner

Financial Processors 

 Economic 11/15/2023  Muhammad Sharif Abu Maysam   The basis for the existence of a speculative market at the exchange rate is the increased demand for the dollar to finance foreign trade due to the insufficient local production of goods to cover the minimum local need,

so that importing is the only way to meet the increasing demand due to the high rate of per capita income in light of an unprecedented consumption pattern.

In addition to what has resulted and is being produced by the stifling blockade imposed by the United States on neighboring Syria and Iran, of an increasing demand for the dollar in the Iraqi market by the merchants of these two countries,

in addition to what is resulting from the phase of adaptation to the introduction of technologies and automation of processes in financial and banking work, and the resulting confusions.

Pressured by the requirements of the US Federal Reserve and the US Treasury Department, which turned into practical obligations regarding the use of electronic platforms and systems in exchanges and trades, and

thus the requirement to leave traditional work methods, with the aim of establishing an investment environment that suits the movement of globalization capital, and in which the banking system is at the level of the global banking industry.

Accordingly, addressing the structural imbalances in the local market is a priority for any objective treatment with the aim of creating a balance between the local demand for goods and the ability of the productive sectors to respond,

which contributes to putting an end to imports and reliance on local production in order to preserve monetary stability and stop the bleeding of hard currency under the pretext of financing foreign trade.

On the one hand, on the other hand, confronting the illegal demand for hard currency in local markets and limiting its smuggling by merchants in some neighboring countries, in addition to the need for those who refuse to deal with electronic payment methods from local merchants, “as in cases of tax evasion and other things,” will gradually recede with the entry into force. Technologies and means of electronic payment in all cases of electronic exchanges and trades in the financial system,

starting with the applications and practices of the tax system and customs tariffs, passing through exchange methods, all the way to the existence of a parallel market for exchange rates capable of financing its exchanges without relying on a single source.

While the state of harmony and cooperation between local governments and the central government will contribute to putting an end to cases of currency smuggling whenever these authorities are able to address the weaknesses and imbalances resulting from the accumulations of previous years, which witnessed an extension of the open import policies and market chaos.https://alsabaah.iq/87321-.html

A Special Session Of The House Of Representatives Tomorrow

Iraq  Friday, November 17, 2023   Baghdad/National News Center  Today, Friday, the Parliament’s Media Department announced that the Presidency of the House of Representatives had received a request from more than 50 deputies to hold an extraordinary session tomorrow.

A statement by the Parliament’s Media Department received by the National News Center stated, “Based on Article 58 First of the Constitution, which reads: First: - The President of the Republic, or the Prime Minister, or the Speaker of the House of Representatives, or fifty members of the Council, invite the House of Representatives to... An extraordinary session, and the meeting will be limited to the topics that necessitated its invitation.”

He added, “The Presidency of the Council received a request from more than 50 representatives to hold an extraordinary session tomorrow to complete the Council’s legislative and oversight tasks.”

https://nnciraq.com/237232/

 Oil Prices... A Slight Increase And A Trend To Record A Fourth Weekly Loss

Friday 17, November 2023 10:06 | Economical Number of readings: 527  Baghdad / NINA / Oil prices rose slightly during Friday’s trading session, but they are heading to record the fourth weekly loss in a row, after falling to the lowest level in 4 months yesterday, Thursday, amid concerns about global demand for crude and a sharp rise in US inventories.

Brent crude futures rose by about 0.14% to $77.53 per barrel, and US crude futures rose by 0.14%, recording $73 per barrel.

The monthly report of both OPEC and the International Energy Agency this week showed a shortage in supplies in the fourth quarter, however, some economic data released around the world this week indicated that demand is lower than expected.

Data also revealed to J.P. Morgan said that tracking global demand for oil showed that the average demand reached 101.6 million barrels per day in the first half of this month, that is, 200 thousand barrels per day less than its expectations for this month./ End

https://ninanews.com/Website/News/Details?key=1090388

The President Of The Republic Arrives In Rome

Friday 17, November 2023 17:57 | Political Number of readings: 208  Baghdad / NINA / The President of the Republic, Abdul Latif Gamal Rashid, arrived in Rome today on an official visit.  https://ninanews.com/Website/News/Details?key=1090436

The Size Of Debt And Banking Crises

 Economic 11/13/2023  Yasser Al-Metwally  The size of the global gross domestic product exceeds the $100 trillion mark, according to estimates by global financial institutions.

In contrast, the size of public debt exceeds or is equivalent to three times the size of the global economy, and

here lies the danger.

Among the risks of public debt is the global financial crises that countries of the world go through at different time periods, and   their effects are greatly reflected in the countries’ economies, even in varying proportions, according to the strength of each country’s economy, which is measured by the size of each country’s domestic product and the extent of each country’s ability to bear the burdens.

These crises, and I mean financial crises, therefore their risks cannot be underestimated.

According to the above, the basic rule for financing in financial crises is to adopt the interest rate imposed and controlled by central banks in accordance with their plans to address impermissible inflation with the aim of avoiding the collapse of the value of their currencies and achieving market balance.

At the peak of the economic contraction phase within the economic cycle that the world's economies periodically go through, central banks reduce interest rates with the aim of providing financial leverage capable of reviving their countries' economies, thus providing financial abundance to meet market needs.

This method followed by central banks is called (monetary easing).

Here, banks are encouraged, as a result of lowering interest rates, to raise the ceiling on their credit to the public and expand their acceptance of deposits at low interest rates.

This encourages borrowers to raise consumption, so demand increases and supply for goods and services decreases, prompting an increase in prices, which is one of the most important indicators of impermissible inflation.

Central banks are forced to address this phenomenon, I mean inflation, by raising the interest rate, which is called a policy

(Monetary tightening)  This measure, in turn, prompts depositors to withdraw their deposits from banks to benefit from the interest difference.

This causes the banks to lose, and they are forced to sell their bonds and sometimes their assets to meet the binding demands of depositors.

 This is the main reason for the collapse of many banks in the world,  but some countries protect them from collapse through emergency lending support, and  this is what happened with a number of American banks recently.

 From here we discover the extent of the damage and the painful effects of debts and their risks on banks.

 This is because deposits in banks are like debts to the account of depositors who make a single donation to withdraw their deposits due to raising the interest rate, as well as in financial crises and when the exchange rate fluctuates in fragile economies.

 Economists attribute the reason for the collapse of banks to the fact that they engage in debt trading and not capital development, and this phenomenon is mostly diagnosed in commercial banks.

 It is clear from the above that Islamic banks develop capital through the process of sharing profits and losses, so the effects of crises on them are lighter and less, and their resistance to staying in the market is higher. This analysis applies in many developed countries.

 Perhaps one of the reasons for the collapse of banks is the failure to enact sufficient legislation to protect the banking system, and banks do not have the ability to manage risks and service debt.

In Iraq, the situation is different, as  there is a need to reconsider the Banking Law No. 94 of 2004, given that nearly two decades have passed since a bitter experience that needs a legal amendment that is in the interest of protecting the banking sector, especially the rights of the minority and the rights of depositors.

Although there are preventive measures in the banking law, such as guardianship and bank lending, the applications and rescue packages are still really weak.  Therefore, our call to reconsider the banking law has become urgent.    https://alsabaah.iq/87154-.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

76. You shouldn’t feel so bad about being afraid of so many things.” “Why not?” “Because if you weren’t afraid never ever, then you couldn’t be brave never ever.” ~ C. JoyBell C.

77. If you have no faith in yourself, then have faith in the things you call truth. You know what must be done. You may not have courage or trust or understanding or the will to do it, but you know what must be done. You can’t turn back. There is no answer behind you. You fear what you cannot name. So look at it and find a name for it. Turn your face forward and learn. Do what must be done. ~ Patricia A. McKillip

78. When you do what you fear most, then you can do anything. ~ Stephen Richards

79. The greatest achievement was at first and for a time a dream. The oak sleeps in the acorn; the bird waits in the egg; and in the highest vision of the soul a waking angel stirs. Dreams are the seedlings of realities. ~ James Allen

"Tidbits From TNT" Friday 11-17-2023

TNT:

Tishwash:  Government spokesman: Occupying international leadership positions represents the recovery of Iraq’s reputation

 On Thursday, government spokesman Bassem Al-Awadi identified the most prominent features of Iraq’s victory in membership in the Executive Council of UNESCO, while noting that occupying international leadership positions represents the recovery of Iraq’s reputation.

Al-Awday told the Iraqi News Agency (INA): “The process of qualifying countries to be members of the executive councils of major international institutions is subject to an assessment of the reputation of the political systems of those countries and the positions of various countries of the world towards them,” indicating that “Iraq, because of the follies of the previous regime, has been removed since 1991 from membership.”

Most, indeed, all major international institutions, and the voting process for Iraq has become subject to pressure, interference, and rejection over the course of three decades.”

He added, "Iraq's return to occupying its international leadership positions once again represents the recovery of Iraq's reputation and the overcoming of the signs of the past, and the reputation has become fully qualified and ready to take its place and its natural right in international councils," noting that "Iraqi policy (internal and external) and the government that supervises it is a place of trust." International respect qualifies the country to obtain the votes of various countries competing to vote and qualify for these councils.”

He pointed to "the role of countries and governments in pursuing their entitlement to these institutions and working diligently to reach it, as Prime Minister Muhammad Shiaa Al-Sudani met twice during this year with the leadership of UNESCO and provided a cohesive basis for reserving Iraq's seat."

Regarding how Iraq can exploit its seat after winning membership in the Executive Council of UNESCO, he stressed that “this is done by following up on the organization’s work and projects, including supporting illiteracy eradication projects, in addition to supporting vocational training, teacher qualification and training programs, and international science programs, as well as historical and cultural projects.”

Global cooperation agreements, preserving human heritage, supporting internal organizations, efforts, projects and partnerships with Iraqi ministries and bodies, establishing a mechanism for implementing activities in geographical regions, and following up on their implementation.”

He stressed that "Iraq's acceptance of membership in the Executive Council of UNESCO is a purely governmental effort based on correct indicators that the world has been monitoring over the past year  link

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

Tishwash:  Source: Iraqi-Turkish discussions result in 4 points to regulate trade between the two countries

A source in the Iraqi government stated, today, Thursday, that discussions took place with Turkey to regulate trade between the two countries through approved legal and banking methods and means.

The source said in a statement circulated to the media, including Shafaq News Agency, that, “In order to organize trade exchange between Iraq and Turkey on better foundations and standards to ensure containing the pressure on the parallel market and the demand for the cash dollar to feed some aspects of trade exchange between the two countries, the Prime Minister directed that discussions be held.” Wide with the Turkish side.

He added, "An expanded meeting took place on Wednesday, November 15, 2023, which included the Central Bank of Iraq and a number of advisors to the Prime Minister, while the Turkish side included a delegation headed by the Turkish ambassador, Turkish banks operating in Iraq, and a representative of the Turkish private sector."

According to the source, the discussions resulted in the following points:

1- The importance of the Turkish customs authorities matching the transfer documents with the goods supplied to Iraq at the Turkish customs points in a way that protects the interests and stability of trade between the two countries.

2- Linking Turkish exports to bank transfer documents through Turkish border crossings serves the Iraqi economy, as Iraqi merchants will resort and encourage financial transfers through the banking system instead of using parallel market tools and the cash dollar to finance their trade with Turkey.

3- For its part, the Central Bank of Iraq expressed its readiness to facilitate external transfer procedures by activating the relationship between the branches of Iraqi banks in Turkey and the branches of Turkish banks in Iraq in terms of feeding accounts in foreign currency and financing foreign trade between the two countries.

4- The issue of facilitating the use of credit cards in the Turkish banking market in an accessible way for Iraqi residents and tourists was also discussed.

The source confirmed that these measures aim to regulate and stabilize trade between the two friendly countries through approved legal and banking methods and means.  link

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

CandyKisses:  The "curse of corruption" ravages Iraqi society and its danger is equivalent to ISIS. MP points out its repercussions

Baghdad Today - Baghdad

The scourge of corruption is ravaging Iraqi society, while its danger has become equivalent to ISIS and its ideas, according to Member of Parliament Salem Al-Anbaki, who pointed out the five repercussions of this "curse", as he put it.

Today, Thursday (November 16, 2023), Al-Anbaki stressed that "the repercussions of corruption in Iraqi society can be identified by five important points."

Al-Anbaki said in an interview with "Baghdad Today" that "corruption in all its forms is a complex problem and its impact is deep and dangerous in the structure of any state, especially since its repercussions are very critical in society due to the severe "damage it causes."

The member of the House of Representatives pointed out that "the repercussions of (the curse of corruption) on Iraqi society can be limited to five important points: increasing poverty, unemployment, people's resentment, injustice and loss of confidence in the political system," noting that it is "a direct cause of the emergence of various types of crimes, including terrorism."

Al-Anbaki pointed out that "corruption is a serious scourge that parallels the danger of the ideas of (al-Qaeda and ISIS) together in its negative impact on society," stressing that "corruption has dealt severe blows to Iraqi society, especially since the presence of corrupt people at large accompanied by the obscene wealth of some pushes to raise a number of question marks about ways to follow-up, control and concern for public money, which requires that the war on corruption be real and bear fruit in arresting Those who looted that money."

He pointed out that "the survival of corruption means the continued weakness of the state and its institutions, and the mechanisms to combat it must be strong and firm."

Earlier, the World Corruption Perceptions Index for 2022 revealed that Iraq ranked seventh in the Arab world and 157th globally for the most corrupt countries among the 180 countries listed on the list of Transparency International.

The organization stated in its annual report that Iraq ranked seventh among the most corrupt Arab countries in 2022, ahead of Eritrea, Libya, Sudan, Yemen, Syria and Somalia.

Iraq also ranked 157th with 23 points in the index globally, a rank it has maintained at the Arab and international levels since 2017, according to the report.

Mot: ... Ya Member any of Um!!???

Mot... Can YOU Believe it's Only!! ~~~~~

Goldilocks' Comments and Global Economic News Friday AM 11-17-23

Goldilocks' Comments and Global Economic News Friday AM 11-17-23

 Good Morning Dinar Recaps,

Citi Bank has developed a digital application utilizing blockchain infrastructure to price and execute bilateral spot foreign exchange trades.   This digital mechanism is part of Project Guardian. It is a collaborative initiative by the Monetary Authority of Singapore and the financial industry.

The USD/SGD pair was tested and found to be successful. The application can be used for any fiat currency pair. This mechanism is currently not available to clients, but it is known to work.

© Goldilocks

https://www.citigroup.com/global/news/press-release/2023/citi-develops-blockchain-fx-solution-under-the-monetary-authority-of-singapore-project-guardian

~~~~~~~~~~

"The firm’s new product equips banks with a choice in post-trade FX messaging, and provides the security of a backup plan."

CobaltFX is a part of United Fintech. It has launched a trade notification network as a backup plan for sending and receiving messages on Forex Trading in case of attempts at hacking and security breaches.

This system will allow a trade to go through as an alternative to other means of messaging services in cross-border international trades on Forex.

© Goldilocks
AssetServicingTimes Link

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Washington D.C., Nov. 16, 2023 —
Trade Announcement:

The Securities and Exchange Commission has adopted new rules to improve the governance of all registered clearing agencies by reducing the likelihood that conflicts of interest may influence their boards of directors or equivalent governing bodies.
https://www.sec.gov/news/press-release/2023-236

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HSBC Goes Live on Broadridge’s DLT Repo Platform - Markets Media
https://www.marketsmedia.com/hsbc-goes-live-on-broadridges-dlt-repo-platform/

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