MilitiaMan: Iraq Dinar - Precursors - RV - International Businesses - WTO
Iraq Dinar - Precursors - RV - International Businesses - WTO
MilitiaMan and Crew: 11-22-2023
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 - Precursors - RV - International Businesses - WTO
MilitiaMan and Crew: 11-22-2023
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Economic News and Points to Ponder Wednesday Evening 11-22-23
Iraq Economic News and Points to Ponder Wednesday Evening 11-22-23
Tlm724 Administrator Bondlady’s Corner
Parliamentary Committee: The American Ambassador Supports Her Country’s Decisions Against Iraq
The Foreign Relations Committee in the House of Representatives said on Tuesday that US Ambassador Alina Romanowski did not play any positive role in supporting and strengthening the Iraqi dinar and resolving the dollar crisis that Iraq is witnessing due to American decisions.
Committee member Representative Amer Al-Fayez said in a press interview, “The American ambassador supports her country’s decisions against Iraq regarding the dollar crisis, and she did not play a positive role in supporting the Iraqi dinar.”
Iraq Economic News and Points to Ponder Wednesday Evening 11-22-23
Tlm724 Administrator Bondlady’s Corner
Parliamentary Committee: The American Ambassador Supports Her Country’s Decisions Against Iraq
The Foreign Relations Committee in the House of Representatives said on Tuesday that US Ambassador Alina Romanowski did not play any positive role in supporting and strengthening the Iraqi dinar and resolving the dollar crisis that Iraq is witnessing due to American decisions.
Committee member Representative Amer Al-Fayez said in a press interview, “The American ambassador supports her country’s decisions against Iraq regarding the dollar crisis, and she did not play a positive role in supporting the Iraqi dinar.”
He added, "The American embassy in Baghdad submits reports to the American administration with various information, whether at the economic, political, or even security levels, and as a result of those reports, Washington takes some decisions, but we do not know anything about the American reports that are sent from Baghdad to Washington, except that it is... Certainly there are many unreal issues.”
https://www.radionawa.com/all-detail.aspx?jimare=36370
Economist: The Impact Of Introducing New Trade To The Electronic Platform Is Limited Unless The Borders And Customs System Are Controlled
Money and business Economy News – Baghdad Economist Nabil Al-Marsoumi said, “The process of introducing the trade in cigarettes, gold, or mobile phones into the operations of the electronic platform could have a limited impact unless the borders and the customs system in general are controlled. Therefore, the concerned authorities must work in accordance with a unified customs and tax system and set a central tariff for goods.” Imported goods, and complete control over the border crossings.”
Al-Marsoumi added, “Many merchants of gold, cigarettes, and other goods do not prefer to enter the electronic platform if they are actually included, because it will require them to enter the goods through official ports, and entering some types of goods, such as cigarettes, through official ports exposes them to paying customs duties of up to 100 %, as well as for gold, so the process of involving them in the dollar selling platform may have very limited results unless the import system is activated in general.”
The economic expert explained, “The banking reform process in Iraq, and the economic reform in general, must be accompanied by unified legislation so that such decisions and instructions can have a positive impact in reducing the exchange rate of the dollar against the dinar, which means that such measures do not touch the essence of the issue and their impact will be limited.” On the parallel market and on the dollar exchange rate.” Views 33 11/22/2023 https://economy-news.net/content.php?id=37754
The Iraqi Stock Exchange Closed Up By 0.05%
Market Economy News – Baghdad The Iraqi Stock Exchange closed today, Wednesday, down by 0.05%.
The session traded shares of 30 companies, with the number of shares traded reaching more than one billion shares, with a value of more than 538 million dinars.
Sumer Bank shares rose by 14.2%, followed by Al-Amin Insurance by 13.2%, and Al-Khazir Construction by 9.3%. Shares of the Islamic Bank fell by 12.5%, and the United Bank by 11.11%.
Views 29 11/22/2023 - https://economy-news.net/content.php?id=37767
Petroleum Products Will Adopt Electronic Payment Systems At All Stations Early Next Year
Local | 11/22/2023 Baghdad - Mawazine News Today, Wednesday, the Ministry of Oil announced the adoption of electronic payment systems in all stations, starting from the beginning of next year.
A statement from the Ministry received by Mawazine News stated, “Based on the directives of the Council of Ministers in its session No. 23620 of 2023, held on 10/31/2023, related to activating the electronic payment service, adopting modern automation systems, and ending cash dealing. Accordingly, and in line with government directives, the Ministry decided to Petroleum Products Distribution Company, adopting electronic payment systems in all stations and suspending cash dealing as of January 1, 2024.”
The statement added, "Citizens must cooperate with the company to distribute petroleum products by adopting modern mechanisms and means in the distribution sector to serve the public interest, by acquiring approved electronic payment cards so that everyone can refuel according to the new mechanisms, and benefit from the services provided in the distribution sector."
https://www.mawazin.net/Details.aspx?jimare=238355
Petroleum Products Will Adopt Electronic Payment Systems At All Stations Early Next Year
Local 11/22/2023 Baghdad - Mawazine News Today, Wednesday, the Ministry of Oil announced the adoption of electronic payment systems in all stations, starting from the beginning of next year.
A statement from the Ministry received by Mawazine News stated, “Based on the directives of the Council of Ministers in its session No. 23620 of 2023, held on 10/31/2023, related to activating the electronic payment service, adopting modern automation systems, and ending cash dealing. Accordingly, and in line with government directives, the Ministry decided to Petroleum Products Distribution Company, adopting electronic payment systems in all stations and suspending cash dealing as of January 1, 2024.”
The statement added, "Citizens must cooperate with the company to distribute petroleum products by adopting modern mechanisms and means in the distribution sector to serve the public interest, by acquiring approved electronic payment cards so that everyone can refuel according to the new mechanisms, and benefit from the services provided in the distribution sector." https://www.mawazin.net/Details.aspx?jimare=238355
A Slight Rise In Oil Prices Before US Inventory Data
Economy | 11/22/2023 Baghdad - Mawazine News Oil prices changed slightly in Asian trading on Wednesday, as a potential large buildup in US crude inventories offset gains resulting from potential supply cuts from the OPEC+ alliance of producing countries.
Brent crude futures rose 11 cents, or 0.1 percent, to $82.56 per barrel by 00:04 GMT, while US West Texas Intermediate crude futures increased 14 cents, or 0.2 percent, to $77.91.
Both benchmarks fell for four consecutive weeks, and investors remained cautious ahead of the OPEC+ meeting scheduled for Sunday, at which the producer group will discuss further supply cuts due to slowing global economic growth.
Sources reported yesterday, Tuesday, citing figures from the American Petroleum Institute, that US crude inventories rose by about 9.1 million barrels in the week ending November 17.
Gasoline stocks fell by about 1.79 million barrels, while distillate stocks fell by about 3.5 million barrels.
US government data on inventories is scheduled to be released on Wednesday.
https://www.mawazin.net/Details.aspx?jimare=238318
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points to Ponder on Feelings – Sincerity - Slander
Feeling in the young precedes philosophy, and often acts with a better and more certain aim -- Carleton
Sincerity is to speak as we think - to do as we pretend and profess - to perform what we promise - and really to be what we would seem and appear to be -- Tilloston
Sincerity is the face of the soul as dissimulation is the mask -- S. Dubay
Sincerity - a deep - genuine heart felt sincerity is a trait of true and noble manhood --Sterne
Inward sincerity will of course influence the outward deportment; where the one is wanting, there is great reason to suspect the absence of the other -- Sterne
Sincerity is the indispensable ground of all conscientiousness and by consequence of all heartfelt religion -- Kant
The shortest and surest way to live with honor in the world is to be in reality what we would appear to be ; all human virtues increase and strengthen themselves by the practice and experience of them -- Socrates
Believe nothing against another , but on good authority; one report what may hurt another, unless it be a greater hurt to some other to conceal it -- Penn
The worthiest people are the most injured by slander, as it is the best fruit which the birds have been peeking at -- Swift
Slander is the revenge of the coward, and dissimulation his defense -- Johnson
Some "Wednesday News" Posted by Clare at KTFA 11-22-2023
KTFA:
Clare: Iraq agrees in principle to establish a joint economic zone with Saudi Arabia
11/22/2023
The Ministry of Industry and Minerals announced, on Wednesday, its initial approval to establish a joint economic zone with Saudi Arabia on the common border between the two countries. LINK
KTFA:
Clare: Iraq agrees in principle to establish a joint economic zone with Saudi Arabia
11/22/2023
The Ministry of Industry and Minerals announced, on Wednesday, its initial approval to establish a joint economic zone with Saudi Arabia on the common border between the two countries. LINK
Clare: The dollar in Iraq.. Baghdad is planning “permanent solutions” with Washington, and Parliament describes the dialogues as “successful”
11/21/2023 Baghdad
The Finance Committee in the House of Representatives said today, Tuesday (November 21, 2023), that the dialogues taking place between the Central Bank of Iraq and the US Department of the Treasury are very important to find solutions to the dollar crisis in Iraq.
Committee member Moeen Al-Kazemi told Baghdad Today, “The monetary and financial authority in Iraq is making great efforts through negotiation and dialogue with the US Treasury Department in order to find quick and lasting solutions to the dollar crisis, and these dialogues are very important “
Al-Kadhimi stated, “Over the past few days, Iraq has reached important solutions with the American side, and the dialogues have been successful. Therefore, new meetings must be held to present more solutions that strengthen the Iraqi dinar, prevent any scarcity of the dollar in Iraq, and support the Iraqi banking sector.”
Yesterday, Monday (November 20, 2023), an informed source reported an expected meeting between the Central Bank of Iraq and the US Treasury Department next week.
Government sources recently spoke about an agreement concluded between the Central Bank of Iraq and the American side, which resulted in an increase in the number of banks that can directly enhance their balance in dollars to 10 banks, 5 of which are through Citibank, and the other five are through Bank GB Morgan), according to the Iraqi News Agency.
He also revealed that the number of Iraqi banks whose balances in Chinese yuan will be strengthened through the Singapore Development Bank has increased to 13 banks, while the number of banks whose accounts in Indian rupees with the Singapore Development Bank have been strengthened is 2, and Other banks will be added during the next two weeks.
Other meetings were held that brought together an Emirati bank, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks, where all the technical details were resolved, and it is expected that The mechanism for enhancing balances in the Emirati dirham will begin during the next few days. LINK
**************
Clare: Oil: Adopting electronic payment systems at all stations early next year
11/22/2023
The Ministry of Oil announced, on Wednesday, the adoption of electronic payment and the suspension of cash dealing at fuel filling stations, starting from January 1, 2024.
The Ministry stated in a statement that “based on the directives of the Council of Ministers in its session numbered 23620 of 2023, held on 10/31/2023, related to activating... Electronic payment service, adopting modern automation systems, and ending cash dealing.
Accordingly, and in line with government directives, the Ministry of Oil, the Petroleum Products Distribution Company, decided to adopt electronic payment systems in all stations and suspend cash dealing, as of January 1, 2024.”
The statement added, "Citizens must cooperate with the Petroleum Products Distribution Company by adopting modern mechanisms and means in the distribution sector to serve the public interest, by acquiring approved electronic payment cards so that everyone can refuel according to the new mechanisms, and benefit from the services provided in the distribution sector." LINK
Clare: With the participation of 120 companies...the launch of the Iraq International Building, Construction and Infrastructure Exhibition
11/22/2023 Baghdad
The activities of the Iraq International Building, Construction and Infrastructure Exhibition, in its second session, were launched in the capital, Baghdad, on Wednesday, with the participation of more than 120 companies from 13 countries, while the Governor of Babylon, Wissam Aslan, confirmed that the government allocated the largest portion of the investment budget to infrastructure projects .
Aslan said in his speech during the Iraq International Building, Construction and Infrastructure Exhibition, “The country is in real need of a major campaign on the issue of reconsidering the previously existing infrastructure or establishing new infrastructure in areas where there is no infrastructure, especially the issue of construction and construction, represented by roads and drainage networks.” Sanitary and rainwater networks,” pointing out that “the facilities and institutions supporting these sectors must have bridges, tunnels, laboratories, and factories that will provide supplies and construction for the construction .”
He added, “The government decided, through its three-year plan, that the largest portion of the funds allocated to the investment budget would be for the infrastructure issue,” noting that “Prime Minister Muhammad Shiaa Al-Sudani stressed in all his meetings, whether with the governors or with the ministers, that funds must be allocated.” The state provides infrastructure projects that take care of the real requirements and needs of the citizen with a long life and high quality .”
He expressed his hope that "the outcomes of this exhibition will be positive and serve the interest of improving the quality and quantity of infrastructure," stressing "the necessity of rapprochement between governors and capable companies of high capacity and quality due to the presence of a large package of real projects in all sectors, whether the road sector or the sanitation sector."
And the rainwater sector, desalination plants, treatment plants, bridges and tunnels, in addition to the presence of real investment opportunities in most of our governorates concerned with factories, laboratories and facilities interested in this sector for the pipe industry, the manufacture of prefabricated panels, the concrete industry and various real industries, all of which are supportive and comprehensive of this important structural sector. ”
Meanwhile, Osama Majeed, relations and media official at Sorouh Exhibition Organizing Company, confirmed in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the activities of the Building and Construction Exhibition were launched with the participation of more than 120 companies from 13 countries,” indicating that “these companies that presented Today to the capital, Baghdad, you realize the importance of the Iraqi economic market, as it is a large and very promising market,” explaining that “today, all governorates are witnessing the process of building, rehabilitating, and moving infrastructure in general, and it is an opportunity for these companies to present all their products and the latest technology they have achieved.” It puts it in the hands of the Iraqi investor and in the hands of decision-makers .”
He stressed that "today a protocol agreement was signed between three companies, namely Al-Sorouh Company for Organizing International Exhibitions, companies from the Emirates and an Egyptian company, which will result in specialized exhibitions in the coming days," explaining that "the arrival of companies is a gain for Iraq. LINK
Goldilocks' Comments and Global Economic News Wednesday Afternoon 11-22-23
Goldilocks' Comments and Global Economic News Wednesday Afternoon 11-22-23
Good Afternoon Dinar Recaps,
On November the 15th, 2023, the London Clearing House launched on it's Forex Clear System the market's first Forex smart clearing service.
A smart contract looks at both sides of a trade to clear the transaction based on the terms of a contract between them through artificial intelligence. It is designed to reduce the amount of Capital Requirements needed in an Exchange. This minimizes counterparty risk between the two parties and allows a trade to move forward on the London Clearing House platform.
Goldilocks' Comments and Global Economic News Wednesday Afternoon 11-22-23
Good Afternoon Dinar Recaps,
On November the 15th, 2023, the London Clearing House launched on it's Forex Clear System the market's first Forex smart clearing service.
A smart contract looks at both sides of a trade to clear the transaction based on the terms of a contract between them through artificial intelligence. It is designed to reduce the amount of Capital Requirements needed in an Exchange. This minimizes counterparty risk between the two parties and allows a trade to move forward on the London Clearing House platform.
The LCH clears a broad range of asset classes including foreign currency exchange protocols.
The London Clearing House is the largest Global supplier of clearing services for the derivatives Market.
© Goldilocks
AssetServicingTimes Link
BOC Link
FinanceMagnates Link
~~~~~~~~~~
Iraq is beginning to sell US dollars to investors coming into Iraq for trade.
This is done to devalue another country's currency while maintaining principal value in Iraq's own currency. It looks like the de-dollarization process has begun for Iraq inside trading platforms.
As the dollar depreciates inside Iraq, it will give Iraq the opportunity to appreciate (raise in value) its own national currency.
Watch the water.
© Goldilocks
Rudaw Link
Money US News Link
~~~~~~~~~~
So far, we have seen country after country begin the process of De-dollarization. Clearly, there is a war on the dollar taking place, but the final battles will be in the digital space.
The move toward a Central Bank Digital Currency has already began in the narratives spoken by some of the highest leaders in our financial fields.
We all know that a retail Central Bank Digital Currency would bring about total control over the finances of the people. This is why the final battleground will take place in a place where both fear and faith will come into play.
The choices we make during this final battle will determine the course of history. It is currently being written. I truly hope everyone is paying attention.
© Goldilocks
Rumble Link
~~~~~~~~~~
China’s copper market is tightening, with premiums over exchange prices spiking due to demand from the renewable industry.
Cracks are emerging.
We need more copper mines to feed the upcoming transition.
Billionaire Robert Friedland has warned we are heading for a train wreck.
Read: https://x.com/goldtelegraph_/status/1727133998353113120?s=46
~~~~~~~~~~
Banking Announcement:
12 USC 531: Exemption from taxation. Text contains those laws in effect on November 21, 2023
From Title 12-BANKS AND BANKINGCHAPTER 4-TAXATIONSUBCHAPTER I-FEDERAL RESERVE BANKS.
§531. Exemption from taxation
Federal reserve banks, including the capital stock and surplus therein and the income derived therefrom shall be exempt from Federal, State, and local taxation, except taxes upon real estate.
https://www.law.cornell.edu/uscode/text/12/1433#
~~~~~~~~~~
Banking Announcement:
12 USC 531: Exemption from taxation. Text contains those laws in effect on November 21, 2023
From Title 12-BANKS AND BANKINGCHAPTER 4-TAXATIONSUBCHAPTER I-FEDERAL RESERVE BANKS.
§531. Exemption from taxation
Federal reserve banks, including the capital stock and surplus therein and the income derived therefrom, shall be exempt from Federal, State, and local taxation, except taxes upon real estate.
https://www.law.cornell.edu/uscode/text/12/1433#
USCodeHouse Link 1
~~~~~~~~~~
Several articles are coming out this morning about banking reforms.
These new changes are designed to make room for new rules in the Forex Market along with minimizing investor risks for banks and clients.
© Goldilocks
EconomidTimesIndia Link
RegulationAsia Link
~~~~~~~~~~
In an effort, it describes as intended to help “level the playing field” between banks and nonbank consumer financial service providers that are sometimes characterized as “Big Tech”, the Consumer Financial Protection Bureau (“CFPB”) has issued a proposal to directly supervise large non-bank providers of digital consumer payment applications.[1] The CFPB announced the proposal on November 7. Comments must be submitted by January 8, 2024.[2]
https://www.jdsupra.com/legalnews/cfpb-proposes-to-level-the-playing-4054285/
~~~~~~~~~~
Home Sales Collapse, Prices Drop Further, Supply Jumps. People Are Finally on Buyers’ Strike
~~~~~~~~~~
Loan applications dropped in 2023, Federal Reserve says Marketplace
~~~~~~~~~~
Fed hikes may have concluded, as central banks purchase gold at a record level Kitco News Link
~~~~~~~~~~
This room will be closing at 12:00 noon today, and it will open up again on Friday morning.
I hope you and your family have a wonderful Holiday and find many reasons to be thankful for what you already have. Just the gift of life itself and the ability to participate in it is more than any of us could have ever imagined.
© Goldilocks
~~~~~~~~~~
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Iraq Economic News and Points to Ponder Wednesday Afternoon 11-22-23
Iraq Economic News and Points to Ponder Wednesday Afternoon 11-22-23
Tlm724 Administrator Bondlady’s Corner
The Council Of Ministers Issues A Number Of Decisions, Including Important Economic Ones, Regarding The Dollar
Time: 11/21/2023 19:34:19 Read: 5,369 times {Politics: Al-Furat New} Today, Prime Minister Muhammad Shiaa Al-Sudani chaired the forty-seventh regular session of the Council of Ministers, during which developments in the general situation throughout the country were discussed, and the progress of implementation of the government program was discussed, with all its basic axes and objectives, in addition to deliberating on the topics listed. on the agenda, and take the necessary decisions thereon.
Iraq Economic News and Points to Ponder Wednesday Afternoon 11-22-23
Tlm724 Administrator Bondlady’s Corner
The Council Of Ministers Issues A Number Of Decisions, Including Important Economic Ones, Regarding The Dollar
Time: 11/21/2023 19:34:19 Read: 5,369 times {Politics: Al-Furat New} Today, Prime Minister Muhammad Shiaa Al-Sudani chaired the forty-seventh regular session of the Council of Ministers, during which developments in the general situation throughout the country were discussed, and the progress of implementation of the government program was discussed, with all its basic axes and objectives, in addition to deliberating on the topics listed. on the agenda, and take the necessary decisions thereon.
At the beginning of the session, the Prime Minister offered his condolences over the tragic traffic accident, which claimed the lives of a number of members of the educational staff of male and female teachers at Al-Ibrahimi School in the Safwan district of Basra Governorate, which witnessed the death of (ten) educational staff and (three) children.
Al-Sudani directed that a delegation be sent to provide all possible assistance, assistance and support to the families of the grieving victims, and to follow up on their needs.
In the field of regulating trade and the importation of some materials and goods, which some merchants are forced to finance from the unofficial market for foreign currency, and the negative repercussions of that financing on the exchange rate, the Council of Ministers took a number of decisions and measures aimed at facilitating the benefit of importers of commodities (gold, cars). , mobile phones, cigarettes), are among the services of the external banking financial transfer platform, which makes it easier for importers of these goods to obtain financing in foreign currency at the official exchange rate and spares them the need to resort to purchasing foreign currency from the unofficial market.
The statement of the Prime Minister’s Office, which published the decisions of today’s session, pointed out that this decision “will reflect positively on reducing the price of foreign currency in the unofficial market, as trade in the aforementioned materials constitutes a large part of the demands for foreign currency in the unofficial market, as those decisions included Reducing customs duties on containers and another reduction related to cigarette import duties and approving certificates of origin issued by the chambers of commerce of exporting countries. These decisions also included simplifying procedures for importing gold through air ports and with 24-hour service.”
The Council of Ministers continued to consider the topics of the session. On the path of economic reform, which falls within the government’s priorities, the Council of Ministers decided to form a committee headed by the Minister of Planning, with membership; The Ministers of Interior, Construction, Housing, Higher Education, Scientific Research, and Justice, the Ministers of Interior and Finance of the Kurdistan Regional Government of Iraq, the Secretary-General of the Council of Ministers, the Head of the Legal Department in the Council of Ministers, the Director-General of Customs, the Chairman of the Border Ports Authority, and the Director-General of Taxes; It undertakes the following tasks:
- Reviewing the procedures for unifying customs policy at all border, land and sea ports and airports, and proposing the necessary decisions to implement what is stated in the ministerial platform in this regard.
-Developing a comprehensive and unified vision for implementing customs policies, product protection laws, and decisions in this regard.
- Reviewing the mechanisms for implementing the Border Ports Authority Law No. (30 of 2016), and its amendments, and proposing the necessary treatments to enable the Authority and the concerned authorities to perform their duties, and that the committee should complete its work within a month, and it may seek assistance from whomever it wishes of the specialists.
Within the framework of continued support for the agricultural sector in accordance with what was stated in the government program, the Council of Ministers approved the recommendation of the Ministerial Council for the Economy (230308 Q) according to the following:
1. Authorizing the Mesopotamian General Seed Company and the Iraqi Seed Production Company to contract with licensed private sector laboratories (yellow corn milling and drying laboratories), as an exception to the contracting methods in the instructions for implementing government contracts (2 of 2014).
2. Using the Ministry of Defense airports as spaces for receiving ears of yellow corn, under the management and supervision of the Ministry of Agriculture.
3. Allocating (150) billion dinars in addition to the remaining amounts of the amounts previously allocated to purchase ears of yellow corn for the season (2023-2024).
4. Approving a price of (380) thousand dinars to purchase one ton of yellow corn ears.
5. Approval of a price of (435) thousand dinars for the sale of one ton of yellow corn grains.
Provided that the Ministry of Agriculture initially delivers the Ministry of Finance’s share (70%) of the proceeds from the sale of yellow corn for the season (2022-2023), and adheres to the text of Article (44) of the Federal General Budget Law of the Republic of Iraq, for the fiscal years (2023-2024-2025), For future seasons.
In the same file, it was decided to amend Council of Ministers Resolution 248 of 2022, as follows:
- Approval of the establishment of grain marketing centers (silo) in the Wasit and Kirkuk governorates; To increase the storage capacity from the revenues of the General Company for Grain Trade.
In the oil sector, the recommendation of the Ministerial Council for the Economy (230270 Q) was approved, which includes approval of what was stated in the letter of the Ministry of Oil regarding correcting Council of Ministers Resolution (23068 of 2023), and Paragraph (5) of Council of Ministers Resolution (23188 of 2023). Concerning the pricing of petroleum products.
Also in the oil file, the Council of Ministers approved the following:
1- The entry into force of Council of Ministers Resolutions (100 and 189 of 2022) to be implemented by the Ministry of Oil, according to its letter on October 16, 2023. 2-
Amending the Council of Ministers Resolution (23 of 2022), bearing the burden of Petroleum Products Distribution Company The amount of taxes that will be incurred on the contract in question. Then later, after determining their amount and applying the description of (a government debt to it), the matter will be presented to the Council of Ministers, in accordance with its powers to waive, write off, or postpone, stipulated in the Federal Financial Administration Law (6). For the year 2019) amended.
As part of the government’s efforts to develop the gas sector and invest it in an optimal way, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (23097 of 2023) regarding the tender to modernize the gas desalination plant, and establish a nitrogen unit and facilities for compressing and drying gas from the West Qurna/2 field, according to the following: - Approval of the tender
. Related to the modernization of the gas desalination plant, and the establishment of a nitrogen unit and gas compression and drying facilities, for the West Qurna/2 field, under the custody of the Italian company (SICIM SpA), for a total amount of (619) million dollars, of Italian origin, with an implementation period of (990 days).
The Council of Ministers also approved the Ministerial Council for Energy’s recommendation (23093 of 2023) regarding the Ibn Omar Field gas investment project, as follows:
1. Recommendation to the Council of Ministers to exclude a gas investment project (Bin Omar Field) from the amended Cabinet Resolution (245 of 2019). By Cabinet Resolution (23374) of 2023, regarding the announcement of investment projects exclusively, through the National Investment Authority.
2. Guaranteeing the payment of funds through the Ministry of Finance (payment guarantee), determined by the Ministry of Oil from November 21, 2023, in light of the annual budget allocations.
3. Financial payment of invoices for all dues by means of crude oil, only through the Oil Marketing Company (SOMO), is an exception to the instructions to facilitate budget implementation.
In continuation of the government’s efforts to develop the electricity sector and address its crises, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (23091 of 2023) regarding the Iraqi-Saudi electrical interconnection project, according to the following:
1. Referring the implementation of consulting work for the Iraqi-Saudi electrical interconnection project to Tetratec Company
. (Terta Tech) for obtaining the highest technical and financial evaluation score, at a total cost of (1,088,652) dollars, only one million and eighty-eight thousand six hundred and fifty-two dollars, in six months.
2. Authorizing the Ministry of Electricity to sign the tripartite contract within the operational budget allocations, as an exception to the instructions for implementing government contracts (2 of 2014).
Based on the directives of the Prime Minister, to support the sports sector with various sporting events, the Council of Ministers agreed to allocate an amount of 923 million dinars, from the total budget allocated for the Asian Cup for Bow and Arrow Championship/first stage, which will be held in the capital, Baghdad, for the period from February 20-25. 2024, in order to be at the appropriate level and comply with the conditions of the International Federation of Bow and Arrow, according to the letter of the Ministry of Youth and Sports dated November 19, 2023.
In the context of reducing the spread of the drug phenomenon and mitigating its effects, the Council of Ministers approved the allocation of the Ministry of Finance in the amount of ten billion JD to the Ministry of Interior/General Directorate of Narcotics and Psychotropic Substances Affairs; To maintain and renovate forced drug rehabilitation centers, the amount is allocated from the emergency reserve, based on the provisions of the Federal General Budget Law of the Republic of Iraq, for the three fiscal years.
In the military industrialization file, the Council of Ministers approved the handover of all iron waste, which includes weapons, military equipment, military waste, and colored metals (copper, lead, aluminum) seized from the security services, to the Military Industrialization Authority, after the ruling on it acquired a final degree of finality. Competent courts.
The Council also agreed to include the Military Industrialization Authority in the provisions of Customs Law No. 23 of 1984, as amended, provided that the final beneficiary of the goods imported from the aforementioned Authority is the Armed Forces and the Internal Security Forces. LINK
A New Rise In The Dollar Exchange Rates On The Baghdad Stock Exchange
Economy Wednesday, November 22, 2023 Baghdad/National News Center Dollar prices rose today, Wednesday, in the markets of the capital, Baghdad, to record 158,500 dinars against 100 dollars, while yesterday, Tuesday, prices were 158,150 Iraqi dinars against 100 dollars.
Selling prices in money exchange shops in local markets in Baghdad reached 159,500 dinars (157,500 dinars per 100 dollars), while purchasing prices reached 157,500 dinars per 100 dollars.
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points to Ponder on Feelings – Sincerity - Slander
The last, best fruit which comes to late perfection - even in the kindliest soul - is - tenderness toward the hard - forbearance toward the un-forbearing - warmth of heart toward the cold - philanthropy toward the misanthropic -- Richter
Some people carry their hearts in their heads; very many carry their heads in their hearts -- the difficulty is to keep them apart and yet both actively working together -- Sterne
A word - a look - which at one time would make no impression - at another time wounds the heart; and like a shaft flying with the wind, pierces deep, which, with its own natural force -- would scarce have reached the object aimed at - Sterne
Every human feeling is greater and larger than its exciting cause - a proof I think - that man is designed for a higher state of existence -- Coleridge
Feelings come and go - like light troops following victory of the present; but principles - like troops of the line are undisturbed and stand fast -- Richter
The heart has often been compared to the needle of the compass for its constancy; has it ever been so for its variations? Yet, were any man to keep minutes of his feelings from youth to age, what a table of variations would they present -- how numerous, how diverse, how strange ! - Hare
Iraq Economic News and Points to Ponder Wednesday AM 11-22-23
Iraq Economic News and Points to Ponder Wednesday AM 11-22-23
Tlm724 Administrator Bondlady’s Corner
Association Of Banks: The Dollar Exchange Rate In The Parallel Market Will Decrease After The Government’s Measures
Economy| 11/21/2023 Mawazine News - Baghdad Today, Tuesday, the Iraqi Private Banks Association expressed its support for government efforts aimed at reducing the dollar exchange rate in the parallel market, while noting that
Prime Minister Muhammad Shiaa Al-Sudani’s movement to support the private sector represents the beginning of reforming the Iraqi economy.
Iraq Economic News and Points to Ponder Wednesday AM 11-22-23
Tlm724 Administrator Bondlady’s Corner
Association Of Banks: The Dollar Exchange Rate In The Parallel Market Will Decrease After The Government’s Measures
Economy| 11/21/2023 Mawazine News - Baghdad Today, Tuesday, the Iraqi Private Banks Association expressed its support for government efforts aimed at reducing the dollar exchange rate in the parallel market, while noting that
Prime Minister Muhammad Shiaa Al-Sudani’s movement to support the private sector represents the beginning of reforming the Iraqi economy.
The head of the association, Wadih Al-Handal, said, “The recent measures of the Central Bank of Iraq and the government, regarding facilitating trade financing using new currencies, represented by the euro, the dirham, the Chinese yuan, and the Indian rupee, are a step that contributes to reducing the exchange rate of the dollar in the parallel market,” noting that
“regulating trade financing “What the government and the central bank are doing by introducing other goods to the platform will lead to an increase in trade financing.” He stressed that
"private banks are taking great steps in expanding international relations with international banks, which facilitates the financing of Iraqi trade with countries around the world," explaining that
"the Prime Minister's great support for the private sector is considered the beginning of reforming the Iraqi economy, especially since the private sector is an important partner." To the government, in providing services and jobs and reducing poverty.”
https://www.mawazin.net/Details.aspx?jimare=238270
Complete Decisions Of The Council Of Ministers Session
Political Yesterday, 19:31 Baghdad – IA Today, Tuesday, the Council of Ministers issued a number of new decisions during its 47th session, including facilitating importers of goods (gold, cars, mobile phones, cigarettes) from benefiting from the services of the foreign banking money transfer platform, and forming a committee to review procedures for unifying customs policy at all ports.
Approving the recommendation of the Ministerial Council for Energy regarding the Iraqi-Saudi electrical interconnection.
The Prime Minister’s Media Office said in a statement received by the Iraqi News Agency (INA):
“Prime Minister Muhammad Shia’ al-Sudani chaired, today, the forty-seventh regular session of the Council of Ministers, during which developments in the general situation throughout the country were discussed, and the progress of implementing the program was discussed.” Government, with all its basic axes and objectives, as well as deliberating on the topics on the agenda and taking the necessary decisions regarding them.”
At the beginning of the session, the Prime Minister offered “his condolences over the tragic traffic accident, which claimed the lives of a number of members of the educational staff of male and female teachers at Al-Ibrahimi School in the Safwan district of Basra Governorate, which witnessed the death of (ten) educational staff and (three) children,” directing, “ “Sending a delegation to provide all possible assistance, assistance and support to the families of the grieving victims, and to follow up on their needs.”
In the field of regulating trade and the importation of some materials and goods, which some merchants are forced to finance from the unofficial market for foreign currency, and the negative repercussions of that financing on the exchange rate, the
Council of Ministers has taken a number of decisions and measures aimed at facilitating the benefit of importers of commodities (gold, Cars, mobile phones, cigarettes) are among the services of the external banking money transfer platform,
which makes it easier for importers of these goods to obtain financing in foreign currency at the official exchange rate and spares them the need to resort to buying foreign currency from the unofficial market.
This will reflect positively on reducing the price of foreign currency in the informal market, as trade in the aforementioned materials constitutes a large part of the demands for foreign currency in the informal market, as
those decisions included reducing customs duties on containers and another reduction related to cigarette import duties and approving certificates. Origin issued by the Chambers of Commerce of the exporting countries.
These decisions also included simplifying the procedures for importing gold through air ports and with 24-hour service.
The Council of Ministers continued to consider the topics of the session. On the path of economic reform, which falls within the government’s priorities, the Council of Ministers decided to form a committee headed by the Minister of Planning, and the membership of the Ministers of Interior, Construction, Housing, Higher Education, Scientific Research, and Justice, the Ministers of Interior and Finance in the Kurdistan Regional Government of Iraq, and the Secretary-General of the Council of Ministers. Ministers, Head of the Legal Department in the Council of Ministers, Director General of Customs, Head of the Border Ports Authority, and Director General of Taxes;
It undertakes the following tasks:
- Reviewing the procedures for unifying customs policy at all border, land and sea ports and airports, and
proposing the necessary decisions to implement what was stated in the ministerial platform in this regard.
- Developing a comprehensive and unified vision for implementing customs policies, product protection laws and decisions in this regard.
- Reviewing the mechanisms for implementing the Border Ports Authority Law No. (30 of 2016), and its amendments, and proposing the necessary treatments to enable the Authority and the concerned authorities to perform their duties, and that the committee should complete its work within a month, and it may seek the assistance of whomever it desires from the specialists.
Within the framework of continued support for the agricultural sector in accordance with what was stated in the government program, the Council of Ministers approved the recommendation of the Ministerial Council for the Economy (230308 Q) according to the following:
1. Authorizing the Mesopotamian General Seed Company and the Iraqi Seed Production Company to contract with licensed private sector laboratories (yellow corn milling and drying laboratories), as an exception to the contracting methods in the instructions for implementing government contracts (2 of 2014).
2. Using the Ministry of Defense airports as spaces for receiving ears of yellow corn, under the management and supervision of the Ministry of Agriculture.
3. Allocating (150) billion dinars in addition to the remaining amounts of the amounts previously allocated to purchase ears of yellow corn for the season (2023-2024).
4. Approving a price of (380) thousand dinars to purchase one ton of yellow corn ears.
5. Approval of a price of (435) thousand dinars for the sale of one ton of yellow corn grains.
Provided that the Ministry of Agriculture initially delivers the Ministry of Finance’s share (70%) of the proceeds from the sale of yellow corn for the season (2022-2023), and adheres to the text of Article (44) of the Federal General Budget Law of the Republic of Iraq, for the fiscal years (2023-2024-2025), For future seasons.
In the same file, it was decided to amend Cabinet Resolution 248 of 2022, as follows:
- Approval of the establishment of grain marketing centers (silo) in Wasit and Kirkuk governorates; To increase the storage capacity from the revenues of the General Company for Grain Trade.
In the oil sector, the recommendation of the Ministerial Council for the Economy (230270 Q) was approved, which includes approval of what was stated in the letter of the Ministry of Oil regarding correcting Council of Ministers Resolution (23068 of 2023), and Paragraph (5) of Council of Ministers Resolution (23188 of 2023). Concerning the pricing of petroleum products.
Also in the oil file, the Council of Ministers approved the following:
1- Enforcement of Cabinet Resolutions (100 and 189 of 2022) to be implemented by the Ministry of Oil, according to its letter dated October 16, 2023.
2- Amending the Council of Ministers’ Resolution (23 of 2022), allowing the Petroleum Products Distribution Company to bear the amount of taxes that will result from the contract in question, and then later, after determining its amount and applying the description of (government debt to it), the issue will be presented to the Council of Ministers, in accordance with its powers. By waiver, cancellation or postponement stipulated in the amended Federal Financial Management Law (6 of 2019).
As part of the government’s efforts to develop the gas sector and invest it in an optimal way, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (23097 of 2023) regarding the tender to modernize the gas desalination plant, and establish a nitrogen unit and facilities for compressing and drying gas from the West Qurna/2 field, according to the following:
Approval of the tender related to the modernization of the gas desalination plant, and the establishment of a nitrogen unit and gas compression and drying facilities, for the West Qurna/2 field, under the custody of the Italian company (SICIM SpA), for a total amount of (619) million dollars, from Italian origin, with an implementation period of (990 days).
The Council of Ministers also approved the recommendation of the Ministerial Council for Energy (23093 of 2023) regarding the Ibn Omar field gas investment project, according to the following:
1. Recommendation to the Council of Ministers to exclude a gas investment project (Bin Omar Field) from Council of Ministers Resolution (245 of 2019), amended by Council of Ministers Resolution (23374) of 2023, regarding the announcement of investment projects exclusively, through the National Investment Authority.
2. Guarantee the payment of funds through the Ministry of Finance (payment guarantee), determined by the Ministry of Oil from November 21, 2023, in light of the annual budget allocations.
3. Financial payment of invoices for all dues by means of crude oil, only through the Oil Marketing Company (SOMO), is an exception to the instructions to facilitate budget implementation.
In continuation of the government’s efforts to develop the electricity sector and address its crises, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (23091 of 2023) regarding the Iraqi-Saudi electrical interconnection project, according to the following:
1. Referring the implementation of consulting work for the Iraqi-Saudi electrical interconnection project to Terta Tech for obtaining the highest technical and financial evaluation score, at a total cost of (1,088,652) dollars, only one million and eighty-eight thousand six hundred and fifty-two dollars, in six months.
2. Authorizing the Ministry of Electricity to sign the tripartite contract within the operational budget allocations, as an exception to the instructions for implementing government contracts (2 of 2014).
Based on the directives of the Prime Minister, to support the sports sector with various sporting events, the Council of Ministers agreed to allocate an amount of 923 million dinars, from the total budget allocated for the Asian Cup of Archery and Arrow Championship/first stage, which will be held in the capital, Baghdad, for the period from 20-25. February 2024, in order to be at the appropriate level and comply with the conditions of the International Federation of Bow and Arrow, according to the letter of the Ministry of Youth and Sports dated November 19, 2023.
In the context of reducing the spread of the drug phenomenon and mitigating its effects, the Council of Ministers approved the allocation of ten billion dinars by the Ministry of Finance to the Ministry of Interior/General Directorate of Narcotics and Psychotropic Substances Affairs.
To maintain and renovate forced drug rehabilitation centers, the amount is allocated from the emergency reserve, based on the provisions of the Federal General Budget Law of the Republic of Iraq, for the three fiscal years.
In the military industrialization file, the Council of Ministers approved the handover of all iron waste, which includes weapons, military equipment, military waste, and colored metals (copper, lead, aluminum) seized from the security services, to the Military Industrialization Authority, after the ruling on it gained a final degree of approval. Competent courts.
The Council also agreed to include the Military Industrialization Authority with the provisions of Customs Law No. 23 of 1984, as amended, provided that the final beneficiary of the goods imported from the aforementioned Authority is the Armed Forces and the Internal Security Forces. https://www.ina.iq/197789--.html
Experts: The Central Bank’s actions need media promotion
Economic 11/20/2023 Baghdad: Shukran Al-Fatlawi Financial and economic experts called for the need to intensify the promotion of the new mechanisms adopted by the Central Bank, including (Visa Direct) to assist citizens and merchants with the financial transfer process, in addition to developing more serious solutions to reduce the exchange rate in the parallel market by regulating banking business.
Economist Dr. Mustafa Hantoush told “Al-Sabah”:
The recently launched “Visa Direct” service did not gain public support in terms of financial transfers, as it is not known yet, even though the Central Bank and the competent authorities have begun the process of focusing on this. Mechanism.
He explained that the matter is not bad in terms of the transfer amount and the mechanism used, indicating that daily transfers may reach approximately three thousand dollars via the “Visa” issued by the banks.
Hantoush added that the transferred amount, although small, is suitable for small merchants, stressing that this process is subject to compliance and money laundering standards by knowing the reasons for the transfer and who is entitled to it, and this service is easier than going to banking companies, (Zain Cash) or (Western Union).
He pointed out that this service is easy in terms of transfer, wondering at the same time about the possibility of transferring the Iraqi dinar to the Emirates or Turkey, and whether the withdrawals are in the Emirati dirham, the Turkish lira, or the dollar, since the basis of the problem is the smuggling of the dollar to the banned countries.
He noted that this issue may contribute to somewhat balancing the exchange rate or decreasing it slightly, but it does not contribute to solving the problem, due to the need for more serious steps, including a platform for selling the dollar and stopping smuggling. Hantoush pointed out that
the First Bank of Iraq, which follows this mechanism, is specialized in banking operations via telephone and Internet means, and
it was implemented in the year 2020 and provided a set of services that did not reach the required level and circulation among the banking public due to the weakness of the marketing process.
For his part, Imad Al-Muhammadawi, who is interested in economic affairs, said during his interview with “Al-Sabah” that the (Visa Direct) service It works to facilitate the movement of money globally, explaining that the country is far behind in this aspect.
He stated that what the Central Bank did in this regard was an attempt to control the dollar, pointing out the need for solid and well-known banks to adopt this mechanism to prevent manipulation.
It is noteworthy that the advisor to the Prime Minister, Fadi Al-Shammari, praised the (Visa Direct) service for transferring money abroad and considered it a successful step to facilitate the work of small merchants, stressing that
it contributes to reducing the exchange rate in the parallel market and
its procedures take only 5 minutes,
expressing his hope that the citizen will interact with this. Banking service that cuts off black market speculators. https://alsabaah.iq/87551-.html
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points to Ponder on Feelings – Sincerity - Slander
Our feelings were given us to excite to action, and when they end in themselves, they are cherished to no good purpose -- Sanford
Strong feelings do not necessarily make a strong character -- The strength of a man is to be measured by the power of the feelings he subdues - not by the power of those which subdued him -- Richter
Cultivate consideration for the feelings of other people if you want not have your own injured -- Those who complain the most of ill-usage are those who abuse others the oftenest - Richter
The heart that is soonest to awake to the flower is always the first to be touched by the thorns -- Moore
Thought is deeper than all speech; feeling deeper than all thought; soul to souls can never teach what unto themselves was taught -- Cranch
Continued ………………………… More to come
"Tidbits From TNT" Wednesday Morning 11-22-2023
TNT:
CandyKisses: Electricity: All government buildings will run on solar energy
Economy News-Baghdad
The Ministry of Electricity reported that it is proceeding with a project to convert all government buildings in the country to work with solar energy, revealing that they will be linked to an electronic system to monitor their performance.
The rapporteur of the national initiative, head of the quality management department at the ministry, Shaima Mazhar Sadiq, said in a statement to "Al-Sabah" that the ministry is proceeding with its project aimed at converting all government buildings to work with solar energy, and within the objectives of the national initiative to support energy and reduce the volume of emissions, especially after allocating 90 billion dinars for its first phase.
TNT:
CandyKisses: Electricity: All government buildings will run on solar energy
Economy News-Baghdad
The Ministry of Electricity reported that it is proceeding with a project to convert all government buildings in the country to work with solar energy, revealing that they will be linked to an electronic system to monitor their performance.
The rapporteur of the national initiative, head of the quality management department at the ministry, Shaima Mazhar Sadiq, said in a statement to "Al-Sabah" that the ministry is proceeding with its project aimed at converting all government buildings to work with solar energy, and within the objectives of the national initiative to support energy and reduce the volume of emissions, especially after allocating 90 billion dinars for its first phase.
She indicated that the buildings will be linked to an electronic system to monitor their performance centrally by the ministry's Energy Research Department on the national (your) platform in cooperation with the National Data Center Department of the Council of Ministers, revealing that her ministry had begun converting 550 government buildings to work with solar energy, including 290 schools in Baghdad and the provinces.
Sadek stated that a specialized team from the canceled Ministry of Science and Technology had revealed buildings qualified to convert their work to solar energy instead of electricity, as well as reduce the volume of emissions emitted by that energy, which causes significant pollution.
She explained that the United Nations program provided advisory support and expertise in the field of implementing such projects, pointing out that the Ministries of Electricity and Environment are the concerned authorities to implement the project to convert buildings to work with a renewable energy system, especially after it became a serious environmental pollution.
************
Tishwash: China: Our companies are following the development road project “with great interest”
The Chinese ambassador to Iraq, Cui Wei, confirmed today, Wednesday, that Chinese companies are following the development road project “with great interest” and awaiting more information from Iraq, while pointing to his country’s readiness to enhance future cooperation with Baghdad in various fields.
Wei said that the development road is “an important strategic project proposed by the Iraqi side, and welcomes other countries to participate in it. China has accepted the invitation of the Iraqi side and is currently interested in this project, and is preparing to provide whatever assistance it can to Iraq,” stressing that “Chinese companies are currently following this project.” With great interest, we are awaiting more information from the Iraqi side,” according to the official Al-Sabah newspaper.
In a separate context, Wei pointed out, “China participated in quite a few electrical projects, most notably (Wasit, Rumaila, Maysan, and Basra stations), as these stations contributed, after their establishment, to solving the problem of electricity supply in Iraq significantly, and created many opportunities.” Work for Iraqi citizens,” noting that “the volume of electrical energy provided by the Wasit station in the summer is 70 percent of the total energy consumption in Baghdad,” according to the official newspaper “Al-Sabah.”
He continued, "China and Iraq have an important economic and trade partnership, as practical cooperation between the two sides is continuously deepening in all fields, as the Chinese side is keen to provide a contribution to improving living conditions, resuming industry, and developing the economy for the Iraqi side," expressing his country's readiness to "strengthen cooperation." "The future with the Iraqi side in various fields link
************
CandyKisses: : Sudani: Iraq today represents a safe environment for investment
Baghdad Today - Baghdad
Prime Minister Mohamed Shia Al-Sudani confirmed today, Tuesday (November 21, 2023), during a phone call with the Spanish Prime Minister Pedro Sanchez, that Iraq has become a safe environment for investment.
A statement by the Prime Minister's Information Office, received by "Baghdad Today", said that "Sudanese, held a phone call with Spanish Prime Minister Pedro Sanchez, in which he congratulated him on winning the confidence of the Spanish Parliament to head his country's government , and discussed bilateral relations between the two friendly countries and ways to develop them in all fields, especially in the economic, agricultural and development fields."
According to the statement, the Prime Minister stressed that "Iraq has become a safe environment for investment today, and is open to benefiting from the expertise possessed by Spanish companies, with all the laws provided by the government in Iraq that contribute to the success of investment projects, renewing his invitation to Mr. Sanchez to visit Iraq."
The call touched, according to the statement, on "the worsening of the situation in Gaza, and the deliberate occupation forces continue attacks on the Palestinian people in Gaza, and the Prime Minister stressed the need for urgent intervention by all European active countries, to stop the repercussions of the events due to the tragic war targeting civilians in Gaza, stressing the importance of working quickly to deliver humanitarian aid to besieged civilians."
Mot: ..... Kool!!!
Mot: ole ""Fred"" wasn't Seen again fer Weeks and Weeks!!!
Goldilocks' Comments and Global Economic News Tuesday Evening 11-21-23
Goldilocks' Comments and Global Economic News Tuesday Evening 11-21-23
Good Evening Dinar Recaps,
It looks like lines have been drawn in the sand between Russia and the US regarding sanctions on Russia's Arctic LNG 2 project. This project is a huge money maker for Russia and a lifeline for its economic stability in Global Trade. Russia has warned the US that it would do everything possible to keep sanctions on this project from happening. We are at a crossroads.
Escalated tensions such as these have the tendency to raise the price of oil and other Commodities in the markets. Price distortions emerge in situations such as these creating incredible volatility inside a market. Alliances are formed and trade relations are often altered. Look for many stressors to begin hitting the market.
Goldilocks' Comments and Global Economic News Tuesday Evening 11-21-23
Good Evening Dinar Recaps,
It looks like lines have been drawn in the sand between Russia and the US regarding sanctions on Russia's Arctic LNG 2 project. This project is a huge money maker for Russia and a lifeline for its economic stability in Global Trade. Russia has warned the US that it would do everything possible to keep sanctions on this project from happening. We are at a crossroads.
Escalated tensions such as these have the tendency to raise the price of oil and other Commodities in the markets. Price distortions emerge in situations such as these creating incredible volatility inside a market. Alliances are formed and trade relations are often altered. Look for many stressors to begin hitting the market.
The stressors often shift price correlations. In this case, it has the potential to move our stocks into real values along with commodity prices going to their actual values.
This conflict has the potential to move our Market into a commodity-driven economic system that will be a catalyst for taking us into the new Digital Economy based on tokenized assets backed by Commodities of real value.
© Goldilocks
OioPrice Link
https://www.nsenergybusiness.com/projects/arctic-lng-2-project/
~~~~~~~~~~
The Central Bank of Iraq has warned that some people are misusing the electronic payment cards it makes available to meet the legitimate natural needs of citizens.
The bank stressed its commitment to implementing strict measures to limit this phenomenon, protect the financial system, and ward off risks from it, indicating that it will include the names of bank card holders whose misuse or smuggling is caught on black lists and take legal measures against this group.
The bank noted that they will be deprived of issuing other cards and all financial products, and that all necessary measures will be taken against violators, based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and the instructions and controls issued pursuant thereto.
Central Bank of Iraq Information Office November 20, 2023 https://cbi.iq/news/view/2470
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BREAKING NEWS
CHINA AND SAUDI ARABIA HAVE SIGNED A LOCAL-CURRENCY SWAP AGREEMENT WORTH AROUND $7 BILLION, DEEPENING THEIR TIES AS NATIONS THROUGHOUT THE MIDDLE EAST AIM TO DIVERSIFY MORE OF THEIR NON-OIL TRADE AWAY FROM THE DOLLAR.
Major news.
The trend is accelerating.
Read: https://x.com/goldtelegraph_/status/1726628254679998808?s=46
~~~~~~~~~~
Mastercard has gotten approval to run a yuan-denominated bank card clearing service in China through a joint venture (JV), the central bank said, giving the U.S.-based company a shot at a slice of the fees generated by the trillions of dollars in card transactions made in the country each year.
“Mastercard NUCC is committed to being in China as an active partner, working to expand issuance and acceptance of Mastercard-branded products for the benefit of local businesses and consumers,” Ling Hai, chairman of the board of Mastercard NUCC and co-president of international markets at Mastercard, said in the release.
Mastercard has already built a cross-border portfolio in China, with tens of millions of bank cards and millions of acceptance points across the country, according to the release. The infrastructure has facilitated connectivity to the global economy and has driven cross-border and inbound commerce in China.
Pymnts Link
~~~~~~~~~~
"Global Blockchain Business Council (GBBC), the largest and leading industry association for the blockchain technology and digital assets ecosystem, and U.S. Blockchain Coalition (USBC), a non-profit coalition of state-focused blockchain associations, influencers and organizations, today announced their merger at North American Blockchain Summit.
Under the merger’s terms, USBC will become a national initiative of GBBC and USBC’s non-profit members will become observing members of GBBC. The combined association will have nearly 600 institutional members. Launched as the only organization focused on multi-state collaboration to promote American leadership in digital assets and blockchain, USBC brings together organizations from 46 states, including the Texas Blockchain Council, hosts of the North American Blockchain Summit."
Newswire Link
~~~~~~~~~~
Are you reading what I am reading? Several governing bodies in the financial system are coming into play implementing new rules and guidelines today.
Some of these have moved from the Federal Government to the State level.
As Banks continue to find reasonable Capital Requirements inside new Basel 3 guidelines set for final rules of implementation on January the 16th 2024, these governing bodies will be set to manage these new Basel 3 guidelines inside a new digital asset-based trading system.
Everything is built on layers. You can't have one without the other.
© Goldilocks
Jdsupra Link
Sidley Link
Newswire Link
MayerBrown Link
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Binance in the Spotlight as US Department of Justice Announces Crypto Enforcement Action
According to the crypto news aggregator, tier10k, the DoJ is set to announce significant cryptocurrency enforcement actions at 3PM ET (20:00UTC) today.
The lineup will feature the following officials:
Attorney General Merrick Garland
Secretary of the Treasury Janet Yellen
Deputy Attorney General Lisa Monaco
CFTC Chairman Rostin Behnam
This is a developing story.
US DOJ is Set to Announce Significant Crypto Enforcement Action
https://beincrypto.com/us-doj-crypto-enfocement-action/
👆 Goldilocks pointed to this.
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China’s State Administration of Foreign Exchange (SAFE) is embarking on a significant policy revision with the release of a draft titled, “Guidance for Foreign Exchange Business of Capital Account (2023 Edition)”. This draft, currently open for public consultation, aims to enhance the management of foreign exchange transactions and streamline business processes, particularly for enterprises and entities dealing in foreign exchange.
China's SAFE Drafts New Guidance for Foreign Exchange Business BNN Network Link
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US Attorney General Merrick Garland will hold a press conference at 3pm ET to announce “separate but related cryptocurrency enforcement actions,” the Department of Justice said in a statement.
The announcement will involve a settlement with Binance, according to two people familiar with the matter. The Justice Department is seeking more than $4 billion from the cryptocurrency exchange as part of a resolution of a years-long investigation, Bloomberg News reported Monday.
Read More: US Is Seeking More than $4 Billion From Binance to End Case Bloomberg Law Link
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Court unseals indictments against Binance and CZ, detailing expected guilty pleas
https://cointelegraph.com/news/binance-indictment-unsealed-cz-guilty-plea
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Iraq Economic News and Points to Ponder Tuesday Afternoon 11-21-23
Iraq Economic News and Points to Ponder Tuesday Afternoon 11-21-23
Tlm724 Administrator Bondlady’s Corner
The Council Of Ministers Takes A Decision That Contributes To Reducing The Price Of The Dollar In Iraq - Urgent
Politics |Baghdad today – Baghdad Today, Tuesday (November 21, 2023), the Council of Ministers, during its forty-seventh regular session headed by Muhammad Shiaa Al-Sudani, took decisions to facilitate importers of goods (gold, cars, mobile phones, cigarettes) from benefiting from the services of the external banking financial transfer platform.
A statement from the Prime Minister’s Media Office, received by “Baghdad Today,” said that the Council of Ministers decided “in the field of regulating trade and the importation of some materials and goods, which some merchants are forced to finance from the unofficial market for foreign currency, and the negative repercussions that such financing entails on The exchange rate.
Iraq Economic News and Points to Ponder Tuesday Afternoon 11-21-23
Tlm724 Administrator Bondlady’s Corner
The Council Of Ministers Takes A Decision That Contributes To Reducing The Price Of The Dollar In Iraq - Urgent
Politics |Baghdad today – Baghdad Today, Tuesday (November 21, 2023), the Council of Ministers, during its forty-seventh regular session headed by Muhammad Shiaa Al-Sudani, took decisions to facilitate importers of goods (gold, cars, mobile phones, cigarettes) from benefiting from the services of the external banking financial transfer platform.
A statement from the Prime Minister’s Media Office, received by “Baghdad Today,” said that the Council of Ministers decided “in the field of regulating trade and the importation of some materials and goods, which some merchants are forced to finance from the unofficial market for foreign currency, and the negative repercussions that such financing entails on The exchange rate.
The Council of Ministers has taken a number of decisions and measures aimed at facilitating importers of goods (gold, cars, mobile phones, cigarettes) from the services of the foreign banking money transfer platform, in a way that makes it easier for importers of these goods to obtain financing in foreign currency at the official exchange rate and spares them the need to Resorting to buying foreign currency from the informal market.
He added, "The decision will reflect positively on reducing the price of foreign currency in the informal market, as trade in the aforementioned materials constitutes a large part of the demands for foreign currency in the informal market, as those decisions included reducing customs duties on containers and another reduction related to import duties."
Cigarettes and the approval of certificates of origin issued by the chambers of commerce of exporting countries. These decisions also included simplifying procedures for importing gold through air ports and with 24-hour service.”
Earlier, a government source reported that directives would be issued to adopt trade in gold, cars, mobile phones, and cigarettes within the dollar selling platform soon.
The source explained in an interview with "Baghdad Today", "Based on the Prime Minister's directives regarding regulating trade and import operations for some materials and goods, most of which are financed from the parallel market and the negative effects it has on the stability of exchange rates, the
Ministerial Council for the Economy will consider proposing important decisions to facilitate and simplify... Procedures for importers of goods (gold, cars, mobile phones, and cigarettes) to enter the foreign money transfer platform.
He added, "These decisions and instructions will be the catalyst for importers of these goods to abandon the process of buying and transferring dollars through the parallel market for the dollar and direct them towards the platform for the foreign currency selling window in the Central Bank of Iraq at the official price."
The source confirmed, "This will have a positive and significant impact on reducing the price of the dollar in the parallel market, as trade in the above materials contributes the largest proportion of the demand for the dollar in that market."
Rafidain Bank Announces The Launch Of A Purchases Card
Local Baghdad – IA Today, Monday, Rafidain Bank announced the launch of a purchasing card for all state institutions.
The bank said in a statement received by the Iraqi News Agency (INA), that “in accordance with government directives and Cabinet decisions regarding the adoption of electronic payment, the electronic card was launched for the procurement committees for all state institutions that have their accounts with Rafidain Bank and all private sector institutions.” He added,
"The bank has begun applying and approving the card with regard to the bank's procurement committees, and the mechanism of operation of these cards will be according to the following formula:
- It is not possible to withdraw cash from the card.
- The card does not work outside Iraq.
- It is not possible to transfer from the card.
- Zero commission for shopping.
- Deposit funds into the card and use them exclusively for purchasing purposes.
- The card is debit type. https://www.ina.iq/197701--.html
Iraq Exports Cooking Gas To 11 Countries
Monday, November 20, 2023 Baghdad/National News Center The Basra Gas Company revealed today, Monday, that Iraq exports cooking gas to 11 countries, noting that its production has increased four-fold since 2013, and today reached 950 million standard cubic feet.
Director of the Supreme Production Authority and Deputy Commissioner of the Company, Kazem Al-Asadi Port, said in a statement followed by the National News Center:
“The company has sought, since its establishment, to increase production to meet the country’s need, provide gas, and export the surplus,” noting that
the company “has a port and docks, but it It was not ready in terms of safety and security requirements, so it sought to build a complete third dock to export cooking gas from 2016 until today.”
Al-Asadi dded, “With the increase in production and the presence of this dock, the company has begun exporting high-pressure cooking gas in the amount of more than 296 shipments so far,” pointing out that “Iraq has become an exporter of this material after it was an importer of it, and exports have begun to 11 countries in present time".
Al-Asadi pointed out that “there was an expansion in the company after it was able in 2021 to start a new project, which is the export of semi-refrigerated gas, by changing the specifications of the gas so that the size of the shipments is larger and sending them to distant places, so that its economic return will be better,” indicating that “the company exports material Condensers, reaching 215 shipments of 1,200,000 tons exported from 2016 to date.
Al-Asadi continued, “The company’s production has increased four-fold since the company’s inception in 2013, as production has reached 950 million standard cubic feet today,” adding that
“the Basra Gas Company is Iraqi and operates according to international standards as a result of the presence of foreign partners (Shell and Mitsubishi).”
The company has adopted modern strategies, plans and technologies to implement projects and manage production.” https://nnciraq.com/237586/
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points to Ponder on Endurance & Perseverance:
There is no royal road to anything -- One thing at a time - and all things in succession -- That which grows slowly endures -- J G Holland
There are two ways of attaining an important end -- force and perseverance -- Force fails to the lot only of the privileged few - but austere and sustained perseverance can be practiced by the most insignificant -- Its silent power grows irresistible with time -- Mad. Swetchine
The conditions of conquest are always easy -- We have but to toil awhile - endure a while - believe always and never turn back -- Simms
I hold a doctrine - to which I owe not much - indeed - but all the little I ever had - namely - that with ordinary talent and extraordinary perseverance - all things are attainable -- T F Buxton
The nerve that never relaxes - the eye that never blenches - the thought that never wanders -- these are the masters of victory -- Burke
Hasten slowly - and without losing heart - put your work twenty times upon the anvil --Boileau
Perseverance gives power to weakness - and opens to poverty the world's wealth -- It spreads fertility over the barren landscape - and bids the choicest fruits and flowers spring up and flourish in the desert abode off thorns and briers -- S G Goodrich
Persistent people begin their success where others end in failure -- Edward Eggleston
Iraqi News Highlights and Points to Ponder Tuesday AM 11-21-23
Iraqi News Highlights and Points to Ponder Tuesday AM 11-21-23
The Foreign Ministry Complains About The Role Of The American Ambassador In The “Dollar Crisis”: Her Reports Are Different
Politics |Baghdad today – Baghdad The Foreign Relations Committee in the House of Representatives said today, Tuesday (November 21, 2023), that US Ambassador Alina Romanowski did not play any positive role in supporting and strengthening the Iraqi dinar and resolving the dollar crisis that Iraq is witnessing due to American decisions.
Committee member Representative Amer Al-Fayez said in an interview with “Baghdad Today” that “the American ambassador supports her country’s decisions against Iraq regarding the dollar crisis, and she did not have a positive role in supporting the Iraqi dinar.”
Iraqi News Highlights and Points to Ponder Tuesday AM 11-21-23
The Foreign Ministry Complains About The Role Of The American Ambassador In The “Dollar Crisis”: Her Reports Are Different
Politics |Baghdad today – Baghdad The Foreign Relations Committee in the House of Representatives said today, Tuesday (November 21, 2023), that US Ambassador Alina Romanowski did not play any positive role in supporting and strengthening the Iraqi dinar and resolving the dollar crisis that Iraq is witnessing due to American decisions.
Committee member Representative Amer Al-Fayez said in an interview with “Baghdad Today” that “the American ambassador supports her country’s decisions against Iraq regarding the dollar crisis, and she did not have a positive role in supporting the Iraqi dinar.”
He continued, "The American embassy in Baghdad submits reports to the American administration with various information, whether at the economic, political, or even security levels, and as a result of those reports, Washington takes some decisions, but we do not know anything about the American reports that are sent from Baghdad to Washington, except that... It is certain that there are many unreal issues.”
Yesterday, Monday (November 20, 2023), an informed source reported an expected meeting between the Central Bank of Iraq and the US Treasury Department next week.
Government sources recently spoke about an agreement concluded between the Central Bank of Iraq and the American side, which resulted in an increase in the number of banks that can directly enhance their balance in dollars to 10 banks, 5 of which are through Citibank, and the other five are through Bank G. B. Morgan), according to the Iraqi News Agency.
He also revealed that the number of Iraqi banks whose balances in Chinese yuan will be strengthened through the Singapore Development Bank has increased to 13 banks, while the number of banks whose accounts in Indian rupees with the Singapore Development Bank have been strengthened is 2, and other banks will be added during the next two weeks.
Other meetings were held that brought together an Emirati bank, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks, where all the technical details were resolved, and it is expected that the mechanism for enhancing balances in the Emirati dirham will begin during the next few days. LINK
Parliamentary Calls To Expand The “Currency Basket” To Escape The Consequences Of The Dollar
Information / Baghdad Representative Salem Al-Anbuki stressed, on Tuesday, Iraq’s need to increase the size of the financial basket of foreign currencies other than the dollar to end American hegemony.
Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..
Al-Anbuki said in an interview with Al-Ma’louma, “The restrictions on the circulation of the dollar in Iraq have created recurring economic crises, especially since Washington uses it from time to time as a pressure card, not in the country but in other countries, which increases the burden on the markets and led to the emergence of the parallel market that is behind the increase in burdens.” Finance on millions of Iraqis.
He added, "Iraq has realized the importance of creating a basket of other currencies besides the dollar to get rid of its restrictions, especially since it has large trade with countries such as China and India, which gives high flexibility in providing the funds necessary for imports without going through the complexities of transferring the dollar."
He pointed out that "many countries, some of which are oil-based, have begun to diversify the currencies in their financial reserves in order to provide greater flexibility in providing funds for import purposes away from the restrictions of the dollar."
The US Treasury created crises inside the country because of its restrictions on the transfer of the dollar to Baghdad and the imposition of sanctions on some banks. Ended 25 February LINK
Parliamentarians Demand Real Solutions To The Dollar Crisis
Iraq 11/21/2023 Baghdad: Shaima Rashid Members of the House of Representatives believe that there are various reasons behind the rise in the dollar exchange rate, between the smuggling of currency outside the country and the government’s lack of control over the situation and control of the borders, in addition to the lack of real and realistic solutions in this regard. On the other hand, the victim of all this matter is The poor citizen who is no longer able to meet his needs with the daily rise in prices due to the rise in the dollar.
Member of the House of Representatives, Fatima Al-Qara Ghouli, said in an interview with “Al-Sabah”: “The victim of the current economic crisis is primarily the poor Iraqi citizen,” indicating that “everyone knows the reason for it is the smuggling of currency outside Iraq, and that because of this matter, the US Federal Bank has determined The sale of the dollar should be through the electronic platform in order to control all these obstacles, and in order to stop the smuggling of the dollar outside Iraq.”
She added, "This issue needs a clear financial policy and strategy in order to limit the issues that caused this crisis, in which the Iraqi citizen was a victim," indicating that "with the start of the next legislative term, a session will be held in this regard in order to develop solutions and consult with the Central Bank and the Ministry of Finance."
Finance, and the session will be in the presence of the Governor of the Central Bank,” and she continued: “The timing of the session is still under study, as the issue is important and has caused a stifling crisis without there being solutions.”
In addition, Member of Parliament Haider Al-Salami criticized what he described as “the government’s lack of control over the exchange rate,” and pointed out in an interview with “Al-Sabah” that “there is no real treatment for the crisis, as it must start from the border because currency smuggling and selling Millions of dollars starts from there.”
Al-Salami called on the Prime Minister to address the details of the dollar crisis in a real manner by changing the officials and those concerned with this file, indicating that “we must be frank with regard to this file, because there are partisan interventions in it that make the government unable to solve it.” https://alsabaah.iq/87634-.html
The Dollar In Iraq.. Baghdad Is Planning “Permanent Solutions” With Washington, And Parliament Describes The Dialogues As “Successful”
Politics/Economy |Baghdad today - Baghdad The Finance Committee in the House of Representatives said today, Tuesday (November 21, 2023), that the dialogues taking place between the Central Bank of Iraq and the US Department of the Treasury are very important to find solutions to the dollar crisis in Iraq.
Committee member Moeen Al-Kazemi told Baghdad Today, “The monetary and financial authority in Iraq is making great efforts through negotiation and dialogue with the US Treasury Department in order to find quick and lasting solutions to the dollar crisis, and these dialogues are very important.”
Al-Kadhimi stated, "Over the past few days, Iraq has reached important solutions with the American side, and the dialogues have been successful. Therefore, new meetings must be held to present more solutions that strengthen the Iraqi dinar, prevent any scarcity of the dollar in Iraq, and support the Iraqi banking sector."
Yesterday, Monday (November 20, 2023), an informed source reported an expected meeting between the Central Bank of Iraq and the US Treasury Department next week.
Government sources recently spoke about an agreement concluded between the Central Bank of Iraq and the American side, which resulted in an increase in the number of banks that can directly enhance their balance in dollars to 10 banks, 5 of which are through Citibank, and the other five are through Bank G. B. Morgan), according to the Iraqi News Agency.
He also revealed that the number of Iraqi banks whose balances in Chinese yuan will be strengthened through the Singapore Development Bank has increased to 13 banks, while the number of banks whose accounts in Indian rupees with the Singapore Development Bank have been strengthened is 2, and other banks will be added during the next two weeks.
Other meetings were held that brought together an Emirati bank, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks, where all the technical details were resolved, and it is expected that the mechanism for enhancing balances in the Emirati dirham will begin during the next few days. LINK
Representatives Warn: The Scarcity Of The Dollar Causes Iraqis Working In Foreign Companies To Lose 20% Of The Value Of Their Salary
November 20, 2023 Baghdad/Al-Masala Al-Hadath: Representative Mustafa Sanad revealed a strange reason that exacerbated the problem of dollar scarcity in local markets, and caused a loss of 20% of the salaries of Iraqis working in foreign companies.
Sanad said that the Prime Minister’s Office gave an exception to Daewoo to receive their share of the dollar in full and through (Abu Dhabi Islamic Bank), and therefore the Central Bank, Basra Branch, was directed to distribute most of the cash dollar (cash) to this company for nearly three months.
He added that this measure caused the scarcity of dollars for the rest of the local companies and contractors and their loss of 20% of their dues because the receipt was in Iraqi dollars and at the official rate. The same applies to Iraqis working for foreign companies who were receiving their salaries in dollars and now in Iraqi dollars and at the official rate, which caused their salaries to decrease by 20%.
He pointed out that a question was directed to the Central Bank about the reasons for this unfair dealing. https://almasalah.com/archives/73798
Provoking Points To Ponder From Seedtime Quotes That Will Change How You Look At Money
“If you have no debt and US$10 in your pocket – you are richer than 25% of the American people!”
“Price is what you pay, Value is what you get!”
“The Quickest way to Double your Money is to fold it over and put it back in your pocket!”
“I make myself rich by making my wants few!”
“Don’t let pride keep you in debt. A big house and a fancy car aren’t worth a lifetime of bondage!”
“Become so Financially Secure that you forget that it’s Payday!”
“Don’t go Broke trying to Look Rich!”
“Wealthy people invest first & spend what’s left… Broke people spend first & invest what’s left”
Continued……………. More to come ……….
"Tidbits From TNT" Tuesday 11-21-2023
TNT:
Tishwash: Parliamentary calls to expand the “currency basket” to escape the consequences of the dollar
Representative Salem Al-Anbuki stressed, on Tuesday, Iraq’s need to increase the size of the financial basket of foreign currencies other than the dollar to end American hegemony.
Al-Anbuki said in an interview with Al-Maalouma, “The restrictions on the circulation of the dollar in Iraq have created recurring economic crises, especially since Washington uses it from time to time as a pressure card, not in the country but in other countries, which increases the burden on the markets and led to the emergence of the parallel market that is behind the increase in burdens.” Finance on millions of Iraqis.
He added, "Iraq has realized the importance of creating a basket of other currencies besides the dollar to get rid of its restrictions, especially since it has large trade with countries such as China and India, which gives high flexibility in providing the funds necessary for imports without going through the complexities of transferring the dollar."
TNT:
Tishwash: Parliamentary calls to expand the “currency basket” to escape the consequences of the dollar
Representative Salem Al-Anbuki stressed, on Tuesday, Iraq’s need to increase the size of the financial basket of foreign currencies other than the dollar to end American hegemony.
Al-Anbuki said in an interview with Al-Maalouma, “The restrictions on the circulation of the dollar in Iraq have created recurring economic crises, especially since Washington uses it from time to time as a pressure card, not in the country but in other countries, which increases the burden on the markets and led to the emergence of the parallel market that is behind the increase in burdens.” Finance on millions of Iraqis.
He added, "Iraq has realized the importance of creating a basket of other currencies besides the dollar to get rid of its restrictions, especially since it has large trade with countries such as China and India, which gives high flexibility in providing the funds necessary for imports without going through the complexities of transferring the dollar."
He pointed out that "many countries, some of which are oil-based, have begun to diversify the currencies in their financial reserves in order to provide greater flexibility in providing funds for import purposes away from the restrictions of the dollar."
The US Treasury created crises inside the country because of its restrictions on the transfer of the dollar to Baghdad and the imposition of sanctions on some banks. link
CandyKisses: Dollar hits lowest level against the euro and other major currencies
Economy News _ Baghdad
The dollar came under pressure on Tuesday and traded at multi-month lows against the euro and other major currencies as investors expect U.S. interest rates to fall next year and see it as a sign of selling the dollar as a mockery.
The moves were modest in early Asian trade, but the dollar index fell below its 200-day moving average on Monday as the Chinese yuan's rise triggered another round of significant decline for the greenback.
The dollar index, which measures the greenback's performance against a basket of six major currencies, fell 1.9 percent last week as U.S. Treasury yields rose sharply and lost another 0.5 percent overnight to 103.44 points.
The euro touched a three-month high of $1.0952 on Monday thanks to limited help from European Central Bank Governing Council member Pierre, who defied market expectations of a rate cut in April.
The yuan hit a three-month high against the dollar on Monday thanks to China's central bank policies. The Australian and New Zealand dollars also rose against the greenback.
In weak offshore trading on Tuesday morning, the yuan rose and maintained gains at 7.1640 per dollar.
The Australian dollar rose slightly to $0.6561, slightly below Monday's three-month high of $0.6564.
The New Zealand dollar settled at $0.6040.
Even the yen rose to a seven-week high of 148.1 per dollar overnight and settled at $148.3 on Tuesday
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Tishwash: Rashid from Baku: Iraq today enjoys distinguished international relations and is a fertile environment for investment
Today, Tuesday, the President of the Republic, Abdul Latif Jamal Rashid, visited the Iraqi embassy in the Azerbaijani capital, Baku, and met with its staff.
President Rashid stressed during his speech, according to a presidential statement, a copy of which {Al-Furat News} received, that "one of the priorities of Iraq's diplomatic missions is to convey the true picture of the new Iraq and the extent of the clear improvement in the security, political and economic aspects."
He also stressed the importance of the embassy working to encourage investment companies in Azerbaijan to work in Iraq in the investment, economic and tourism fields.
The President of the Republic pointed out that "Iraq today enjoys distinguished relations with all countries of the world at various levels and is a fertile and suitable environment for investment in various sectors."
In turn, the staff of the Iraqi embassy expressed their thanks and appreciation to the President of the Republic for his valuable directives, stressing their continued hard work and development to achieve the highest interests of the country. link
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CandyKisses: Gold rises after the decline of the dollar and the focus turns to the minutes of the US Federal Reserve meeting
Gold rises after the decline of the dollar and the focus turns to the minutes of the US Federal Reserve meeting
Economy News-Baghdad
Gold prices rose on Tuesday, supported by a decline in the US dollar and Treasury yields, while investors looked to the minutes of the last meeting of the US Federal Reserve for more clues regarding the interest rate outlook.
Spot gold rose 0.6% to $1,988.29 an ounce by 01:33 GMT. U.S. gold futures rose 0.5 percent to $1,990.10.
The dollar fell near its lowest level in more than two and a half months as investors expected U.S. interest rates to fall next year. A weaker dollar would make gold less expensive for holders of other currencies.
Among other precious metals, spot silver rose 1% to $23.64 an ounce, platinum settled at $918.59, while palladium slipped 0.2% to $1,076.26.
Mot: ..... ooooooooooooooooooooh NOooooooooooooooooo
Mot: For anyone up here having problems with strangers coming onto your property..
