"Tidbits From TNT" Saturday 11-25-2023

TNT:

CandyKisses:  Al-Rafidain launches a campaign to rely on electronic payment and open bank accounts for citizens

Baghdad Today - Baghdad

Today, Saturday (November 25, 2023), Rafidain Bank announced the launch of a campaign to rely on electronic payment and open bank accounts for citizens.

The bank's media office said in a statement received by "Baghdad Today" that "the mobile field teams of the branches of Rafidain Bank are conducting intensive visits to the owners of shops, commercial centers, universities and other sectors to review the banking services and facilities provided to customers and the procedures for opening bank accounts and the trend to adopt electronic payment in daily financial transactions."

Tishwash:  Advisor to the Prime Minister: Starting a new phase of the relationship with China

The Prime Minister's Advisor for Investment Affairs, Muhammad Al-Najjar, announced today, Saturday, the importance of the relationship between Iraq and China, while announcing a platform for Iraqi and Chinese businessmen.

Muhammad al-Najjar told the official agency, during the establishment ceremony of the Iraqi-Chinese Business Council, under the patronage of Prime Minister Muhammad Shia al-Sudani, that “China was distinguished by several characteristics, including that it is the only country that was able to save 400 million people from the poverty line within 20 years, and this is an experience.” It is great and everyone must benefit from it.

The second characteristic is its transition from a 100% state-controlled communist economy to a real shared economy that has become productive.”

Al-Najjar added, “The third characteristic, which is very important as it relates to the experience that China has acquired over 4,000 years of civilization, is how to develop a team capable of managing the country’s variables,” indicating that “Iraq views China as a friend and as a country that shared its concerns in a stage of abandonment.” A lot about him.”

He continued, "We seek to learn a lot from China regarding how to change the framework and systems of the state," noting, "China has a principle called special economic zones, and this is an experience that must be benefited from in Iraq to change our economic reality."

Al-Najjar pointed out, “In 1979, China’s gross domestic product did not exceed 120 billion, but today China is the second largest economy in the world over 40 years of changes that occurred not only on a political basis, but on an economic and political basis simultaneously.” He expressed his hope to “begin a new phase of the relationship with China.”

He stressed that "renewable commercial and industrial projects will be held between Iraq and China," adding, "The Iraqi-Chinese Business Council will be a platform for businessmen from both countries."   link

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Tishwash:  Moody's maintains Iraq's rating at "Caa1"... What does this mean?

Moody's credit rating agency maintained its rating for Iraq's economy at the level of "Caa1" and maintained a stable future outlook.

The agency said in its report that the classification comes under accreditationIraqEconomic, financial and external impact on the oil and gas sector, resulting in significant exposure to oil price fluctuations and carbon transition risks.

High global oil prices prompted a major shift in Iraq's financial and external accounts, which supported the reduction of public debt and led to a noticeable recovery in the foreign exchange reserve position of the Bank of Iraq.IraqCentral Bank to reach its highest levels ever, according to the agency’s report.

"Moody'sShe said in her report that, nevertheless, the presence of “a three-year expansionary budget and limited reform momentum will lead to a continuous and recent deterioration in financial indicators, as well as deepening gaps.”IraqStructural,” the agency also expected that the ceiling for local and foreign currencies would remain unchanged.

Last July, it announced, “Moody'sReducing the assessment of Iraq's economic strength to "ba2", she said that this assessment balances the size of the economy and the abundance of natural resources with instability and turmoil in economic growth, weak infrastructure, and the economy's lack of diversity.

IraqIt is the second largest oil producer in OPEC, with an average of 4.5 million barrels per day, of which it exports about 3.4 million barrels, as the state relies on revenues from selling crude to cover about 95% of its expenses. anticipationInternational Monetary FundIn a previous report, oil production in the country would shrink by 5% this year against the backdrop of the decision of the main members of OPEC+ to reduce production.

A report "Moody's"The statement expected that it would lead to an escalation of the conflict between...IsraelAndagitation, regionally with participationIranAnd the United States, which is currently a weak scenario according to the agency, will have material repercussions on...Iraq, through a number of many transmission channels.

The report added: “Any escalation in tensions in the Gulf would threaten to disrupt maritime transport routes through...Strait of Hormuz, on which it dependsIraqin most of its oil exports.”

*Additional points from the report “Moody's":

- Oil's dominance of government revenues and exports will imply immediate and significant pressures on public finances and liquidity, with the overall impact depending on how long this disruption continues.

- AdoptionIraqThe decline in external financing and the reserves provided by the recovery in foreign exchange reserves confirm a group of factors relieving pressures on public finances.

Extremely weak governance of institutions constrains the effectiveness of policies, the government's ability to respond to domestic and external shocks, and the competitiveness of the economy.

-Deep political division and vulnerabilityIraqBeing affected by geopolitical tensions, increasing social pressures resulting from high rates of youth unemployment and inadequate access to basic services, all exposeIraqto the risks of political events.  link

Mot: .... One of those Delimas after.......

Mot:  .. 2 Daze Later!!! Still full

Iraq Economic News and Points to Ponder Late Friday Evening 11-24-23

Iraq Economic News and Points to Ponder Late Friday Evening 11-24-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance: The Central Bank Has Come A Long Way In Its Mission To Get Rid Of The Dominance Of The Dollar

Economy | 11/24/2023  Mawazine News – Baghdad  The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Friday, that the Central Bank has come a long way in the mission of restoring market stability and getting rid of the dominance of the dollar.

Al-Atwani said in an interview followed by Mawazine News, “Diversifying the sources of foreign currency dependence in commercial transactions is the only way to address the problem of the increasing demand for the dollar.”

He added, "We stress the importance of this trend as it is an effective solution and a well-thought-out strategy to open new horizons that ensure the facilitation of commercial transaction procedures at various levels."

He continued, "We renew our full support for the steps of the Central Bank of Iraq as it moves steadily towards developing real solutions to the crisis."  https://www.mawazin.net/Details.aspx?jimare=238471

Central Bank Governor: Washington Responds To All That Iraq Needs In Terms Of Dollars And A Meeting With It Next Month

Time: 11/24/2023 Read: 2,041 times   {Economic: Al-Furat News} Central Bank Governor Ali Al-Alaq announced that the Federal Reserve and the US Treasury are responding to all requests for the dollar Iraq needs.

Al-Alaq said in a press interview that “the Iraqi Central Bank will hold a meeting with the US Treasury and the Federal Reserve early next month in Dubai,” noting that “radical steps will be taken within the framework of reorganizing trade on the right foundations,” noting that “the electronic platform will be completed early next year.” .

He noted that "the Central Bank will exit the process of conducting the executive aspects of the external transfer, and its role will be limited to supervision, and we have worked to find a new relationship between Iraqi banks and internationally accredited correspondent banks abroad."

He continued, "We succeeded in opening more than 40 accounts for Iraqi banks with correspondent banks abroad, and we developed radical solutions to end speculation and dollar smuggling operations, and we were able to diversify currencies in transfer operations abroad."

Al-Alaq stated that “import operations in Chinese yen and euros have been in effect for some time and import operations in UAE dirhams will begin next week,” stressing that “there are preliminary understandings with the Turkish side to make transfers through Turkish banks in the euro currency.”

He pointed out that "the US Federal Reserve provides support in creating a relationship between Iraqi banks and correspondent banks," noting that "the operations of opening accounts for Iraqi banks are happening for the first time, and that the rejection of transfers on the electronic platform has begun to decline and there are no restrictions on Iraqi funds abroad."

Al-Alaq went on to say, "We began supplying dollars into the country from the accounts of Iraqi banks abroad, and supplying dollars comes from what is in the accounts of Iraqi banks abroad, and the Central Bank is studying the request of the bank that is supplying the dollar and its needs before giving approval."

He explained, "The supply of the dollar supports the reserves in the Central Bank, and there is a broad reform plan that includes the merger of private banks and correcting their conditions. The Central Bank is working with the government on a broad plan to develop government banks, which represent the largest weight in the banking sector."

He revealed the diagnosis of some merchants who are pressuring the dollar currency in the market without following the fundamental import processes, and the government is working to eliminate the episodes that put pressure on the cash exchange rate, pointing out that “the government issued a decision prohibiting dealing in the dollar locally, while studying the exception of some cases.”

Al-Alaq concluded his speech by saying, "There will be follow-up operations in the market and commercial stores to ensure that they entered with an original external transfer, and there will be besieging operations for every category that puts pressure on the cash dollar in the market." LINK

Al-Allaq: There Will Be Blockade Operations For Each Category That Will Put Pressure On The Cash Dollar In The Market

Economy | 11/24/2023  Baghdad - Mawazine News Today, Friday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the start of importing dollars into the country through the accounts of Iraqi banks abroad, and while he indicated the end of procedures to open accounts in the UAE dirham and the understanding with Turkey to make transfers in euros or the Turkish currency, he revealed a broad plan to reform and develop private and government banks. .

Meeting with the US Treasury and the Federal Bank. Al- Alaq said in an interview with the official agency, followed by Mawazine News, that “the Central Bank of Iraq is in constant communication with the US Treasury and with the US Federal Bank,” indicating that “this communication continues permanently, and there are quarterly meetings held.” To review all matters related to this relationship.”

He added, "There is a meeting that will be held at the beginning of next month as part of the periodic quarterly meetings held between the Central Bank, the Federal Bank, and the Ministry of Treasury, where in these meetings we review all matters with emphasis and focus on the issue of regulating external transfer in a way that ensures the safety of the financial system, especially after the implementation of the new transfer system." external environment, which requires a lot of coordination.

He stated that "these developments that have taken place are radical and not formal developments within the framework of reorganizing trade on sound foundations and organizing external transfer on sound foundations," explaining that "the details related to this issue require coordination and joint cooperation between the Central Bank and those parties."

He stressed that "the next meeting will be in the Emirati city of Dubai," pointing out that "there are quarterly meetings in addition to emergency organizational meetings or communications via phone or video."

He agreed to strengthen banks with dollars and stated that “the Federal Bank agrees with the Central Bank on the need for them to exit the process of conducting the executive aspects of external transfer and their role is limited to supervision and control, and this is normal in central banks that do not exercise these executive roles or detailed operations with regard to transfer.”

Therefore, the plan and agreement between us was for the Central Bank of Iraq and the Federal Bank to exit these procedural processes, confirming the development of a plan to shift the external transfer process from the electronic platform that will be completed at the beginning of next year.

He pointed to creating a new relationship between Iraqi banks and internationally accredited correspondent banks abroad, where the process would be limited between them, and the role of the Central Bank of Iraq and the US Federal Reserve would be the process of monitoring and supervision, and we began some time ago trying to find a relationship between correspondent banks and our Iraqi banks.

“Opening more than 40 He opened a bank account  and stated: “We have greatly succeeded in this context, and we were able to open more than 40 accounts for Iraqi banks with correspondent banks or abroad,”

Diversifying Currencies

and stating that “to increase flexibility and facilitation in the external transfer process, we have diversified the currencies in which transfers are made to Abroad, and we now have transfers in addition to the dollar, euro and UAE dirham.”

Understandings For Making Transfers Through Turkish Banks

He stressed that "the procedures have been completed for opening accounts in the dirham, the Chinese yuan, and the Indian rupee," noting that "there are preliminary understandings with the Turkish side to make transfers through Turkish banks in the euro or the Turkish currency."

He stated that "this issue is important and is being conducted in coordination with the Federal Bank and the US Treasury, and they are helping us in this," noting that "this is the opposite of what some understand as an escape from the pressures of the Federal Bank regarding the dollar, as these currencies are covered by the dollar and we buy them from the dollars in the bank.

" The Federal Bank, which is not far from the Federal Bank, but rather with the coordination and support of the Federal Bank, as it wants to reach with us the desired goal, which is to have a relationship between Iraqi banks and correspondent banks.”

He stated, "This is happening for the first time by opening this number of accounts for our banks, and it is a very important step to strengthen the banking system in Iraq, because accepting these banks means that they now have systems capable of being accepted internationally," explaining that "any correspondent bank currently accepts... By opening an account with an Iraqi bank after ensuring that this bank has the necessary systems, standards, conditions and rules under which it operates.”

End Of Work On The Electronic Platform.

Al-Alaq confirmed that “this will lead to the end of work on the electronic platform in the year 2024,” explaining: “We have reached an advanced level and with the completion of the other episodes, we will leave this method.”

He stated, "In this case, operations will be faster, easier, and more disciplined, because these internationally accredited correspondent banks have complete systems for conducting audit and monitoring operations before implementing this operation."

Treating Rejected Transfers Gradually.

Al-Alaq pointed out that “this will gradually reduce the percentage of rejected transfers,” pointing out that “rejecting transfers has reasons, but the banks and transferring people will learn the conditions and points that must be taken into account when submitting a transfer request, as there are formal issues, for example, coding.

” The numbering, and there are required documents and review for the final beneficiary, is that there are well-known companies, and the prices are reasonable, etc., and over time, the importer or the applicant gets used to adapting or providing the requirements for the transfer.”

The fact that the American side is reducing the amount of dollars, and he stated that “the Federal Reserve and the US Treasury are responding to all requests related to the process of providing and strengthening the dollar that Iraq needs by following sound rules and standards for the movement of money,” explaining that “this is in the interest of the two countries and ridding the financial system of any suspicious operations such as laundering operations.

” Money and terrorist financing, so the money abroad is Iraqi money with no restrictions on it, but there are requirements and standards, whether they are in the dollar currency or even if they are in European currencies or other currencies, and these have become among the required rules in all cases.”

He continued, "Some people believe that if this money were in another country, it would be without restrictions, but these have become international standards followed, even if it was in euros, yuan, or pounds sterling, and there will be the same business rules."

Expanding the diversification of foreign transactions for all Iraqi banks

He stated, "Our goal is that all banks must have correspondent banks, and we emphasized this issue years ago, as a bank that does not have correspondent banks cannot carry out its real work and is cut off from the world," explaining that "some banks are late in this regard." There were easy methods available, so some did not bother to work seriously on this issue, but now all banks have realized that there is a necessity, so they began to intervene successively.”

He continued: “All that provides the bank is the correspondent bank’s belief that it has the system required to control the movement of funds, provide conditions, and follow international standards, and the presence of a monitoring system on the issue of money laundering and terrorist financing will enter this field,” noting that “some banks have begun seeking the assistance of specialized international companies.” To organize these aspects until they become qualified.”

Importing Various Currencies Comes Into Effect.

He pointed out that "import operations in various currencies have entered into force. For example, with the Chinese side and the euro, they were initiated some time ago, and the UAE dirham will begin next week."

We Aim To Reduce The Demand For The Dollar.

He stated, “These measures aim to reduce the pressure on the demand for the cash dollar, as we want all importers to carry out import operations through fundamental external transfer. However, some trade in Iraq does not follow this path, but rather goes to put pressure on cash.”

The dollar is in the market, so the price imbalance occurs, that is, it is the result of the presence of groups that put pressure on the cash while there are correct and fundamental procedures for transfer available,” he said, declaring work with the government to eliminate the episodes that put pressure on the cash exchange rate, and we found a group of groups, on For example, some deal in cash dollars inside Iraq.

The government issued a decision not to deal in dollars locally. As for the second class, they are the merchants who import some materials and do not enter the platform or transfer in the proper manner. We began by analyzing these categories, such as the cigarette trade, which takes the dollar from the market at a percentage 100 percent.

As we began to analyze the materials entering Iraq, such as some mobile phones and other materials, a decision was issued stating that these materials must have proof that they entered Iraq based on a fundamental external transfer. If these goods do not carry an official fundamental transfer, this means that they are goods. "I entered illegally."

Following Up On The Market

and stating that “there will be follow-up operations in the market, and even in the warehouses, to ensure that these materials enter based on an official transfer so as to keep them away from pressure on the cash dollar market, and we will expand this to other categories, and any category we find is making non-fundamental transfers.” Or by paying cash, we will besiege it.”

Transfers From Iraqis In Dollars

, and he pointed out that “the general principle is what was approved by the Council of Ministers that trading or payment inside Iraq is in dinars, but there are cases that are being studied at the present time, and there was a meeting in the Ministry of Planning regarding contracts in their various forms and how to make payment options, whether in dinars.” Or in dollars, as a group of proposals were put forward that we are now studying,” noting that “some types of contracts or obligations with foreign companies previously will continue to be dealt in dollars, and we are studying other cases to develop the best or most appropriate method for them.”

He pointed out that "in the past, inward transfers did not matter to the beneficiary if they were given in dinars, but now, because of the price difference, it is a temporary solution and we are working to solve the problem radically."

The mechanism for importing dollars by private banks. Al- Alaq announced the start of supplying dollars into the country from the accounts of Iraqi banks abroad, explaining that “the supply of dollars from abroad comes from what is in the accounts of Iraqi banks abroad. For example, we have an account in a bank, so we can withdraw it in cash or a check, and it is transferred.” In cash, and it has benefits, including that the amounts come into the country instead of abroad.”

He explained that the instructions of the Central Bank will not allow the bank to keep a large amount of foreign currency abroad, as there are certain percentages, in addition to preventing misuse of this currency coming into the country, and we put Rules for its uses.

He warned that "the Central Bank is studying the request of the bank that supplies the dollar and its needs before giving approval and verifying the source of the amount and even the transporting company, in addition to verifying the uses of this amount."

He pointed out that "because of the price difference, there was pressure on banks to withdraw their balances or transfers received from the dollar, which led to some banks becoming scarce in the currency," explaining that "foreign currency can be available in more than one way, not only through the central bank." We seek to deepen this practice.”

He stated: “As long as our Iraqi banks have balances abroad in foreign currencies, it is better for us to enter them, and this supports the reserves in the central bank, that is, instead of the bank using its foreign currency reserves, the currency will be available from the banks’ accounts, and this is an important point.”

A Study To Restructure Banks In Iraq.

Al-Alaq confirmed that “there is a broad reform plan for private banks with mergers and correction operations in some of their situations, and there is a broad plan for government banks, some of whose details will be announced, and we are working with Prime Minister Muhammad Shiaa al-Sudani in this regard,” pointing out that “government banks It represents the greatest weight in the banking sector, and we must put it in the best possible way.”   https://www.mawazin.net/Details.aspx?jimare=238455

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

 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

Plato, hearing that some asserted he was a very bad man. said "I shall take care so to live that nobody will believe them" -- Guardian

Diogenes being asked "What is that beast, the bite of which is the most dangerous?" replied "Of wild beasts, the bite of a slanderer; and of tame beasts, that of the flatterer" -- Diogenes

No one is safe from slander -- The best way is to pay no attention to it - but live in innocence and let the world talk -- Moliere

MilitiaMan: Iraq Dinar - Central Bank - Radical Developments - Internationally Accredited

Iraq Dinar - Central Bank - Radical Developments - Internationally Accredited

MilitiaMan and Crew:  11-24-2023

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

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

https://www.youtube.com/watch?v=ZF-EA1onU4k

Iraq Economic News and Points to Ponder Friday Afternoon 11-24-23

Iraq Economic News and Points to Ponder Friday Afternoon 11-24-23

Tlm724 Administrator Bondlady’s Corner

Media Advisor To The Prime Minister: The Battle For The Dollar Is Almost Over

 Political     Baghdad – IA  The media advisor to Prime Minister Hashem Al-Rikabi confirmed today, Friday, that the battle for the dollar is nearing its end.

 Al-Rikabi said in a blog post on his account on the “X” platform, followed by the Iraqi News Agency (INA):   “The reform plans for the financial and banking system undertaken by the government and the Central Bank of Iraq aim to build strong foundations for the stability of the economy, pave the way for creating a suitable climate for investment, and end the eras of unfair trade.” Legitimacy, dollar smuggling, and speculative operations in the market.”  He added, "In short, the battle for the dollar is almost over."  https://www.ina.iq/197977--.html

Parliamentary Finance Identifies A Single Factor For The Stability Of The Dollar And Dinar

Economy| 08:43 - 11/24/2023  Mawazine News – Baghdad  The Finance Committee in Parliament considered that diversifying the sources of foreign currencies in commercial transactions is the only way to address the problem of the increasing demand for the dollar, and to create a parallel market for selling hard currency.

 The head of the committee, Atwan Al-Atwani, said in a statement received by Mawazine News, “The Central Bank’s response to our previous call regarding addressing the problem of the increasing demand for the dollar and creating a parallel market for selling hard currency has come a long way in the mission of restoring market stability.”  

He added,  "By starting to open different windows to deal with other foreign currencies and adopting the (clearing) system in trade exchange with various countries, the Central Bank has come a long way in getting rid of the dominance of the dollar and strengthening the strength of the Iraqi dinar and bringing it into the line of global commercial transactions."  

He stressed  "the importance of this approach as an effective solution and a well-thought-out strategy to open new horizons that ensure the facilitation of commercial transactions procedures at various levels," reiterating "full support for the steps of the Iraqi Central Bank." 

 He stressed that the  Iraqi Central Bank "is moving steadily towards developing real solutions to the crisis, while we look forward to other steps that will restore stability to the market and end the problem of exchange rate fluctuations and increasing demand for the dollar."

https://www.mawazin.net/Details.aspx?jimare=238481

The Government's Financial Advisor Reviews The Benefits Of The Decision To "Liberate The Selling Price Of The Dollar" In Money Exchange Offices

 Economy |Baghdad today – Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Thursday (November 23, 2023), that the decision to circularize the Central Bank today regarding trading the dollar outside the platform according to supply and demand, will provide high flexibility in supply that contributes to market stability.

Saleh told the official news agency, followed by "Baghdad Today", that  "liberalizing the operations of buying and selling foreign exchange is not an alternative to the policy of defending price stability and the government's plan to interfere in the stability of the general level of prices."

The Central Bank of Iraq had issued circulars to licensed banks regarding their share and the sale of the dollar to citizens at the official price yesterday, Wednesday, as it confirmed that its circulars, No. 463/3/9, on 8/17/2023, paragraph (first), thereof, stated that the official price for selling the cash dollar To the final citizen beneficiary, the amount of (1,320) dinars/dollars will be spent on the cash share received by banks and exchange companies, and mediation in buying and selling foreign currency directly from this bank/foreign currency buying and selling window.

It must be adhered to and sold in accordance with the instructions communicated to you. Otherwise, the price is subject to forces. Market supply and demand.

The Prime Minister's advisor added, "Families, natural and legal persons in Iraq are hoarding amounts of cash in foreign currency and outside the banking system amounting to billions of dollars and are subject to two phenomena. 

The first is the difficulty of disposing of their circulation outside the laws of supply and demand that create the currently free exchange rate due to deterrent legal controls, and the

second is a significant contraction of the money supply." of liquid foreign currency while it has stopped moving in the form of a cash hoarding that is immobile and outside the circle of supply.” 

He continued, "This exacerbates exchange rate fluctuations under the influence of (a liquidity trap in foreign currency resulting from an expected positive wealth due to the rise in the value of foreign exchange against the local currency)."   

He added,   “Therefore, liberalizing the climate of dealing in foreign currency and giving it a white character will provide high flexibility in supply that contributes to reducing noise in the secondary exchange market, which provides a flexible supply of foreign exchange that leads to market stability, supported by a government policy that provides commodity supply through the official exchange rate.” Highly stable and financed at an exchange rate of 1,320 dinars per dollar.

The Central Bank of Iraq’s statement yesterday, Wednesday, that the dollar exchange rates are subject to “the forces of supply and demand in the market,” raised several questions from economists about the reasons that prompted the governor to issue a decision that only recently considered it an “economic crime” that would put the accused in prison under penalty of the Penal Code. Effective against speculators in exchange rates.

What economists have pointed out is that all the measures taken in cooperation with the American side for nearly two years have been put in vain by the return of the currency auction in a “parallel” manner, which is considered an implicit acknowledgment of the existence of a “parallel market” that imposes itself on the Iraqi economy and controls it, and there is no point in preventing it.

Economist Nabil Al-Marsoumi commented on this step, sarcastically, “The militarization of the dollar has ended, after the Central Bank recognized the existence of the parallel market!!!”

On the other hand, economic experts described the Central Bank’s action by saying that the bank was finally convinced of the futility of preventing parallel markets, and allows the exchange of the dollar currency according to supply and demand,” considering that “this step is good and will enhance the stability of the markets.”

The matter led to the raising of several questions by observers about how the Central Bank will ensure that the dollar does not go to prohibited channels, and  whether this means that the Central Bank will retreat from the step of preventing the delivery of dollar remittances to citizens, and

whether dollar circulation will become available and not be pursued and anyone can Banking can sell the dollar to anyone willing to buy the dollar, as well as  whether it will enhance the stability of the markets, especially since cash from the dollar will become available, which may lead to a balance of supply and demand and thus a decline in prices.  

https://baghdadtoday.news/236249-المستشار-المالي-للحكومة-يستعرض-فوائد-قرار-تحرير-سعر-بيع-الدولار-في-الصيرفات.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

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

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

Iraqi News Highlights and Points to Ponder Friday AM 11-24-23

Iraqi News Highlights and Points to Ponder Friday AM 11-24-23

Parliamentary Comment On Government Measures Regarding The Dollar

Baghdad - IQ    The Parliamentary Finance Committee confirmed that the Central Bank has come a long way in restoring market stability.

The head of the committee, Atwan Al-Atwani, said in a statement received by (IQ NEWS), “Diversifying the sources of foreign currency adoption in commercial transactions is the only way to address the problem of the increasing demand for the dollar, and create a parallel market for selling hard currency.”

He added, "With the Central Bank's response to our previous call in this regard, by starting to open various windows to deal in other foreign currencies and adopting the (clearing) system in trade exchange with various countries, it has come a long way in the mission of restoring market stability, getting rid of the dominance of the dollar, and strengthening The strength of the Iraqi dinar and its entry into the line of global commercial transactions.

Al-Atwani stressed, according to the statement, “the importance of this approach as an effective solution and a well-thought-out strategy to open new horizons that ensure facilitation of commercial transactions procedures at various levels.”

He renewed his full support for “the steps of the Central Bank of Iraq as it moves steadily towards developing real solutions to the crisis,” pointing out that “we are looking forward to other steps that will restore stability to the market and end the problem of fluctuating exchange rates and increasing demand for the dollar.”

https://www.iqiraq.news/economy/55423--.html#hathalyoum

]Parliamentary Finance Identifies A Single Factor For The Stability Of The Dollar And Dinar

Economy | 08:43 - 11/24/2023  Mawazine News – Baghdad   The Finance Committee in Parliament considered that diversifying the sources of foreign currency reliance in commercial transactions is the only way to address the problem of the increasing demand for the dollar, and to create a parallel market for selling hard currency.

 The head of the committee, Atwan Al-Atwani, said in a statement received by Mawazine News, “The Central Bank’s response to our previous call regarding addressing the problem of the increasing demand for the dollar and creating a parallel market for selling hard currency has come a long way in the mission of restoring market stability.”

 He added, "By starting to open different windows to deal with other foreign currencies and adopting the (clearing) system in trade exchange with various countries, the Central Bank has come a long way in getting rid of the dominance of the dollar and strengthening the strength of the Iraqi dinar and entering the line of global commercial transactions."

 He stressed "the importance of this approach as an effective solution and a well-thought-out strategy to open new horizons that ensure the facilitation of commercial transactions procedures at various levels," reiterating "full support for the steps of the Iraqi Central Bank."

He stressed that the Iraqi Central Bank "is moving steadily towards developing real solutions to the crisis, while we look forward to other steps that will restore stability to the market and end the problem of exchange rate fluctuations and increasing demand for the dollar."

https://www.mawazin.net/Details.aspx?jimare=238481

Member Of The Democratic Party: Postponing The Oil And Gas Law Until After The Kurdistan Parliament Elections

Time: 11/24/2023 19:22:08   Read: 858 times   {Politics: Al-Furat News} A member of the Kurdistan Democratic Party expected that the draft oil and gas law would be postponed to next year due to continuing disagreements over it.

Wafa Muhammad Karim told Al-Furat News Agency, “The oil and gas law has reached the stage of final touches before being sent to the House of Representatives, but the entry into the oil-producing governorates required more time to write the draft, in addition to the presence of political parties that want to obstruct the law.”

He added, "So far, the law has not been sent to Parliament and will be postponed until next year, because it is one of the most complex laws passed in Iraq."

Karim expected that "the draft law will be implemented after the Kurdistan Regional Parliament elections {scheduled for the beginning of next year} due to its legislative difficulty."

Prime Minister Muhammad Shiaa Al-Sudani confirmed on the second of last August that the draft oil and gas law is part of the commitment to the ministerial approach, which the House of Representatives voted on, and will take into account constitutional principles, in a way that guarantees the fair distribution of oil wealth and improves the reality of the economy in its various aspects, and contributes to the economic reform that The government has made it a priority.

Al-Sudani directed the formation of a ministerial committee to supervise the technical dialogues between the Federal Ministry of Oil and the Ministry of Natural Resources in the region, in addition to inviting the governors of the oil-producing governorates, Basra, Maysan, Kirkuk, and Dhi Qar, and the general directors of government oil companies to the ongoing technical dialogues regarding the law, provided that it is followed by These dialogues complete the political dialogue to agree on submitting the draft law.   Raghad Dahham  LINK

Provoking Points To Ponder From Seedtime Quotes That Will Change How You Look At Money

“Never spend your money before you have it!”
  
“Every time you borrow money, you’re robbing your future self!”
 
 “It’s not your salary that makes you rich, its’ your spending habits!”
  
“If you can count your money, work harder!“If you can count your money, work harder!”
 
“Chase your Passions & Money will come. Chase Money & you may never find your Passions!”
 
 “You’ve got to tell your money what to do, or it will leave!”
 
“Rich is not a goal. Five million in three years is.”
 
I hope you have found some advice that you can change the way you look at money!
 
https://seedtime.com/quotes-about-money/

Goldilocks' Comments and Global Economic News Friday AM 11-24-23

Goldilocks' Comments and Global Economic News Friday AM 11-24-23

Good Morning Dinar Recaps,

As we enter into 2024, many changes are going to come to the banking system we have not seen in a long time.  We are moving from a closed banking system where information is kept quiet to a controlled open banking system that allows information to flow from bank to bank.

This open banking system is going to be secured through artificial intelligence and smart contracts that enable transactions to take place based upon both sides of a trade being capable of finishing their contract together.

Third-party payments will be included in the new Financial System to be on a Level Playing Field along with traditional banking protocols. This is designed to bring in cryptocurrency into the mainstream Financial System.

To support these transactions and the assets that are going to be tokenized late January, we will be implementing final rules of Basel 3 on January the 16th 2024 with new operational rules to be carried out going forward.

Many legislative transitions are going to take place in 2024, and the banking system as we know it will move into Quantum Technologies that will push most people into having to learn something they have never understood before.

It looks like the transition we are looking for will begin to move at a rapid pace in 2024 and take us to the place many of us want. The question still remains for most countries will be how quickly they can mobilize these changes and work together with networks around the world at Quantum speeds and Quantum levels bringing forth multi bridges into areas of the economy not ever accessed before.

© Goldilocks

Morgan Lewis Link

Consumer Reports Link

~~~~~~~~~~

Just recently, we have become aware that JP Morgan and Warren Buffett are selling billions of their stocks now and early next year. This will give them a significant amount of cash to invest in new Quantum Technologies that are coming into play in 2024.

Moves like this create new directions in our markets going forward. When you have institutional money and whales clearly making changes to their investment portfolios happening right now, it is important to take notice.

The movement from a stock-driven Market to a commodity lead Market through digital Technologies on Quantum levels is a reset in the making on every level of the market that affects all sectors including Forex.

We are truly living in a Time whereby movement forward is no longer a choice. It is inevitable. The trick has been trying to pinpoint the timing of this event.

Everything is a process and not a push of the button. The market reset will begin in January and take us to a new place of existence we have never lived before within it.

I hope everyone had a wonderful Thanksgiving Day and pray that the rest of our Holiday season is one filled with joy and abundance on levels we have never experienced before.

© Goldilocks

The Truth Reporter Link
Barrons Link

~~~~~~~~~~

2024: Under the radar trends for Banks, Credit Unions and Financial Institutions planning their embedded cross-border payment strategy     American Banker Link

~~~~~~~~~~

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
Economic Times India Link
RegulationAsia Link

~~~~~~~~~~

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"Tidbits From TNT" Friday 11-24-2023

TNT:

CandyKisses:  Turkey announces the readiness of the railway line to link Iraq through the development road

Economy News-Baghdad

The Iraqi Ministry of Transport announced on Thursday that the Turkish side informed it that the railway line is ready to be connected to the development road through Fishkhabur.

The Ministry of Transport participated in the meetings of the Iraqi-Turkish Joint Committee held in Baghdad for the period from November 21 to 22, and the two sides agreed on the entry of trucks to Iraqi territory and vice versa and according to the controls and regulations between the two countries, as well as an agreement to activate transit transport with regard to land transport after completing the technical aspects, according to a statement issued by the ministry.

The statement quoted the director of the General Company for Railways Younis Khaled Jawad as saying that: The committee agreed to exchange experiences between the two countries in the field of methods of inspection, loading and unloading in ports in addition to storage mechanisms in ports, noting that the Iraqi side showed its cooperation in the field of transport of dangerous goods and perishables, training and cooperation in the civil air transport sector.

He added: We informed the Turkish side that the railway line has been developed to be ready to be linked to the development road through Fishkhabur, and the two sides agreed that the Road Transport Association will hold a meeting in the second half of next year in Turkey to discuss the issue of roads and land transport between the two countries

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

Tishwash:  Al-Alaq: Our communication continues with the US Federal Reserve and the US Treasury

The Governor of the Central Bank, Ali Al-Alaq, confirmed the continuation of communication between the Central Bank of Iraq, the US Treasury, and the US Federal Bank, indicating that the beginning of next month will witness a new meeting between the three parties.

Al-Alaq said in a statement that the Central Bank of Iraq is in continuous communication with the US Treasury Department and with the US Federal Bank, indicating that “this communication continues permanently, and there are quarterly meetings held to review all related matters within the framework of this relationship.” He added that “there is a meeting that will be

held At the beginning of next month, within the periodic quarterly meetings held between the Central Bank, the Federal Bank, and the Ministry of Treasury, during these meetings we review all matters with emphasis and focus on the issue of regulating external transfer in a way that ensures the safety of the financial system, especially after the implementation of the new external transfer system, which requires a lot of coordination.

He stated that “these developments that have taken place are radical and not formal developments within the framework of reorganizing trade on sound foundations and organizing external transfer on sound foundations,” explaining that “the details related to this issue require coordination and joint cooperation between the Central Bank and those parties.” He stressed

that “The next meeting will be in the Emirati city of Dubai,” noting that “there are quarterly meetings in addition to emergency organizational meetings or communications via telephone or video communication.”

He stated that “the Federal Bank agrees with the Central Bank on the necessity of them being removed from the process of conducting the executive aspects of the external transfer, and their role is limited to supervision and control, and this is normal in central banks that do not exercise these executive roles or detailed operations with regard to external transfer, and therefore the plan was The agreement between us is for the Central Bank of Iraq and the Federal Bank to exit these procedural processes, confirming the development of a plan to transfer the external transfer process from the electronic platform that will be completed at the beginning of next year.”

He pointed to creating a new relationship between Iraqi banks and internationally accredited correspondent banks abroad, where the process would be limited between them, and the role of the Central Bank of Iraq and the US Federal Reserve would be the process of monitoring and supervision, and we began some time ago trying to find a relationship between correspondent banks and our Iraqi banks.h  link

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

CandyKisses:  Dollar down compared to six other currencies

The dollar was pressured on Friday by uncertainty surrounding the path of US interest rates, while the euro maintained gains made overnight with data indicating that the decline in the euro area may recede.

With U.S. markets closed on Thursday and a shorter trading session held on Friday due to Thanksgiving, currency trading is likely to be limited but with some volatility as liquidity is expected to remain weak.

The dollar index, which measures the greenback's performance against six currencies, fell 0.029 percent to 103.73, staying close to a two-and-a-half-month low of 103.17 touched earlier in the week.

For the month, the index fell 2.8 percent and is on track for its weakest monthly performance in a year amid growing expectations that the U.S. Federal Reserve has finished raising interest rates and could start cutting them next year.

The euro was at $1.0904 after rising 0.16 percent overnight after a series of preliminary surveys showed the recession in Germany could be less than expected, offsetting a pessimistic reading of business activity in France.

Meanwhile, Japan's core consumer price growth rose slightly in October, after declining the previous month, supporting investors' views that persistent inflation could prompt the Bank of Japan to roll back monetary stimulus soon.

ING economists said they expected the Bank of Japan to move away from its ultra-lax stance next year. The Japanese yen rose 0.04 percent to 149.49 per dollar. The Asian currency is slowly moving away from a 33-year low of 151.92 touched at the start of last week. It rose 1.5 percent during the month.

Japan's factory activity contracted for a sixth straight month in November, a survey showed on Friday, while modest growth in the services sector was little changed, highlighting the fragile economy amid weak demand and persistent inflation.

Sterling last traded at $1.2539, up 0.05 percent on the day.

The Australian dollar rose 0.14 percent to $0.657 and its New Zealand counterpart rose 0.07 percent to $0.605.

Mot:  .... how can Ya tell da Age of da ......... Christmas Tree

Mot: .... Love this Guy I Do! ~~~~

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

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

Tlm724 Administrator Bondlady’s Corner

11/23/2023  444 views   Today, Thursday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained the goal of the Central Bank’s circular today regarding trading the dollar outside the platform according to supply and demand, indicating that it will provide high flexibility in supply that contributes to market stability.  Saleh told the official agency,

 “Liberating the operations of buying and selling foreign exchange is not an alternative to the policy of defending price stability and the government’s plan to interfere in the stability of the general level of prices.” 

Saleh added,   “Families, natural and legal persons in Iraq are hoarding amounts of cash in foreign currency and outside the banking system amounting to billions of dollars and are subject to two phenomena.

The first is the difficulty of disposing of their circulation outside the laws of supply and demand that create the currently free exchange rate due to deterrent legal controls and

the second is the contraction of a large monetary supply from Liquid foreign currency, which has stopped moving in the form of a cash hoarding that is immobile and outside the circle of supply.”  He continued,

"This exacerbates exchange rate fluctuations under the influence of (a liquidity trap in foreign currency resulting from an expected positive wealth due to the rise in the value of foreign exchange against the local currency)."  Saleh added,

 “Therefore, liberalizing the climate of dealing in foreign currency and giving it a white character will provide high flexibility in supply that contributes to reducing noise in the secondary exchange market,

which provides a flexible supply of foreign exchange that leads to market stability, supported by a government policy that provides commodity supply through the official price.” “For highly stable exchange and financed at an exchange rate of 1,320 dinars per dollar.”

https://www.nrttv.com/ar/detail3/18305

A New Official Book...Except For The Window Dollar - The Central Bank Allows Banks And Money Exchangers To Sell At The Market Price

 News source/ newsroom  In a new official directive, the Central Bank allowed banks and exchange companies to sell the dollar at the market price,

with the exception of amounts received through the currency selling window,

which means canceling the previous directives that prohibited all transactions that are not subject to the official exchange rate.

A directive from the Central Bank to banks, financial brokerage companies and money exchanges, a copy of which was obtained by Iraq News:

    With the exception of the window dollar - the central bank allows banks and money exchangers to sell at the market price

https://964media.com/storage/2023/11/4ARLV58MziSGEMHqHNHT4Da9Yl4Xwfn.jpg  

https://iraqakhbar.com/4113340

The Central Bank Issues Circulars To Banks Regarding Their Share And The Sale Of Dollars To Citizens At The Official Rate.. Document

 Economy |  Baghdad today – Baghdad  The Central Bank of Iraq issued circulars to licensed banks regarding their share and the sale of dollars to citizens at the official rate.

According to a document obtained by “Baghdad Today”, issued on (November 22, 2023),

“We confirm our notice No. 463/3/9 on 8/17/2023, paragraph (first), thereof, that the official price for selling the cash dollar to the final beneficiary, the citizen.”

The amount of (1320) dinars/dollars goes to the cash share received by banks and exchange companies and brokers in buying and selling foreign currency directly from this bank/foreign currency buying and selling window.

It must be adhered to and sold in accordance with the instructions communicated to you. Otherwise, the price is subject to the forces of supply and demand in the market.".

Below is the text of the document:  

 https://baghdadtoday.news/uploads/posts/2023-11/1700728334271.png  

 https://baghdadtoday.news/236195-البنك-المركزي-يصدر-إعمامًا-إلى-المصارف-بشأن-حصتها-وبيع-الدولار-للمواطنين-بالسعر-الرسمي.-وثيقة.html

Read The Latest Central Bank Circular: Has Dollar Trading Become Available To Everyone?

Economy |Baghdad today – Baghdad     The Central Bank of Iraq’s statement yesterday, Wednesday, that the dollar exchange rates are subject to “the forces of supply and demand in the market,” raised several questions from economists about the reasons that prompted the governor to issue a decision that only recently considered it an “economic crime” that would put the accused in prison under penalty of the Penal Code. Effective against speculators in exchange rates.

What economists have pointed out is that all the measures taken in cooperation with the American side for nearly two years have been put in vain by the return of the currency auction in a “parallel” manner, which is considered an implicit acknowledgment of the existence of a “parallel market” that imposes itself on the Iraqi economy and controls it, and there is no point in preventing it.

The Central Bank of Iraq had issued circulars to the licensed banks regarding their share and the sale of the dollar to citizens at the official price yesterday, Wednesday, as it confirmed that its circulars, No. 463/3/9, on 8/17/2023, paragraph (first), thereof, stated that the official price for selling the cash dollar to... The final beneficiary, the citizen, who amounts to (1,320) dinars/dollars, will go to the cash share received by the banks and exchange companies and mediate in buying and selling foreign currency directly from this bank/buying and selling window of foreign currency. It must be adhered to and sold according to the instructions communicated to you. Otherwise, the price is subject to the forces of supply. And market demand.

Economist Nabil Al-Marsoumi commented on this step, sarcastically,  “The militarization of the dollar has ended, after the Central Bank recognized the existence of the parallel market!!!”

On the other hand, economic experts described the Central Bank’s action by saying that the bank was finally convinced of the futility of preventing parallel markets, and allows the exchange of the dollar currency according to supply and demand,” considering that “this step is good and will enhance the stability of the markets.”

The matter led to the raising of several questions by observers about how the Central Bank will ensure that the dollar does not go to prohibited channels, and

whether this means that the Central Bank will retreat from the step of preventing the delivery of dollar remittances to citizens, and

whether dollar circulation will become available and not be pursued and anyone can Banking can sell the dollar to anyone willing to buy the dollar, as well as

whether it will enhance the stability of the markets, especially since cash from the dollar will become available, which may lead to a balance of supply and demand and thus a decline in prices.

https://baghdadtoday.news/236232-قراءة-في-إعمام-البنك-المركزي-الاخير-هل-أصبح-التداول-بالدولار-متاحًا-للجميع؟.html

Experts: Iraq Has Important Investment Laws, But They Are Ineffective
 
money and business   Specialists in economic affairs said that the investment law in the country is one of the best laws that can attract capital and international companies, in addition to being appropriate to the economic reality, indicating that those advantages provided by the law were not optimally exploited to bring about broad development or reconstruction moves, and were not exploited.
 
The provisions of the laws are widespread except in the oil field, indicating that legal legislation alone is not sufficient for the inward flow of investment capital.
 
In an image that confirms the government’s intention to activate investment laws, Muhammad al-Najjar, advisor to the Prime Minister for investment affairs and director of the Iraqi Fund for Development, during his hosting earlier by the Parliamentary Investment and Development Committee headed by Representative Hassanein al-Khafaji, stressed the necessity of reconsidering investment laws and some other laws to suit the objectives of Iraqi Fund for Development. 

The advisor, according to a press release issued by the Investment Committee, provided a detailed explanation of the vision for the Fund’s work, the problems and obstacles that obstruct the workflow, as well as the opportunities for success that the Fund seeks to achieve, indicating that the most important goals that the Fund focuses on in its work are establishing partnerships with investment funds and completing investment projects. Through the private sector in Iraq. 

Al-Najjar also confirmed that the most important projects that the Fund focuses on supporting are projects with social returns, such as  schools and housing projects, as well as profitable projects such as environmental projects, the technology sector, raising production in the agricultural sector, and others, while
 
the Chairman of the Parliamentary Committee, Hassanein Al-Khafaji, stated that we cannot proceed. In building a strong Iraqi economy without an active and effective private sector, to contribute to creating job opportunities and reducing dependence on oil. 
 
In this regard, the academic and economic researcher, Dr. Abdul Karim Al-Issawi, said in an interview with “Al-Sabah” followed by “Al-Iqtisad News” that “Iraq has begun a new era in its distinguished economic and political relations, and is striving towards openness to the outside and integration into the global economy after political isolation that extended for more than Two decades ago, the
 
first step towards that openness was the adoption of liberal laws on the investment level, and accordingly, Investment Law No. 13 of 2006 and its amendments were issued.  Al-Issawi believes that
 
“this law is one of the best investment laws in the regional and Arab neighborhood, but
it did not achieve the desired and expected goals of it, namely the flow of foreign funds to invest in the commodity and service economic sectors in Iraq, and
 
foreign investments were limited to the oil extractive sector largely through oil licensing rounds and in a small percentage.” " Very much so than other sectors." 

Dr. Al-Issawi continued,  “This reality affected national capital, which preferred to invest abroad as a result of the failure to activate investment laws in their correct form, and the absence of an appropriate environment for work in Iraq at that time, which was determined by a group of economic, financial, political, and security determinants, as
 
legal legislation alone cannot It is sufficient for capital and investments to flow inward, but these legislations must be implemented in the correct manner in order to be compatible with the Iraqi economic reality.” 

Al-Issawi pointed out that the current government trends are in the interest of attracting investors and capital, as the Sudanese government is working to activate laws that are in the interest of investment, so this trend should be exploited to create strategic projects relying on the private sector and foreign companies, indicating that
 
these positive factors were not available in Previous years, as the difference in visions regarding the quality and nature of investments constitutes a major obstacle to companies wishing to enter Iraq, in addition to the conditions that the country experienced in the past, which have completely disappeared now.

For his part, the specialist in economic affairs, Dr. Adnan Bahia, says that investment is one of the development arms of any country that is trying to move at an accelerated pace towards development and sustainable development.
 
It also contributes to the  transfer of technology and modernity, employs a large number of workers, local experts and graduates, and reduces the burden on the state financially and planning. In the areas of development and shaping the future.  

Bahia added that investment works to strengthen relations between countries and companies, especially in the field of long-term investments, but it needs a safe and stable environment, in addition to its need for an environment that protects it from routine and dealing with relevant institutions.  Views 30  11/23/2023 - https://economy-news.net/content.php?id=37787

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

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 

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

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

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

Tlm724 Administrator Bondlady’s Corner

Dollar Prices Rise In Baghdad... 160 Thousand For Every 100 Dollars

Time: 11/23/2023 Read: 1,326 times   {Economic: Al-Furat News} The exchange rates of the US dollar against the Iraqi dinar rose today, Thursday  The prices were as follows..   The selling price was 160,750 dinars, while the purchase price was 158,750 dinars per 100 dollars.  LINK

After The Decision On The Four Commodities...An Economic Expert: The Dollar Exchange Rate Is Declining

Time: 11/23/2023 12:05:32 Read: 2,496 times   {Economic: Al-Furat News} An economic expert revealed what the government decision will achieve to import 4 commercial goods through the electronic platform of the Central Bank of Iraq and at the official dollar exchange rate.

Salah Nouri told {Al-Furat News} agency, “The import of cars, gold, cigarettes, and mobile phones represents a large percentage of the volume of imports,” based on, “providing them through the electronic platform of the Central Bank at the official exchange rate.”

He stressed that the measure will lead to "not resorting to the parallel market and thus reducing the demand for the dollar there, and this will reduce the rise in the exchange rate, because the relationship is direct between the demand for the dollar in the parallel market and the rise in the exchange rate."

Nouri pointed out that “it will facilitate the monitoring of the source of funds in the national currency for import, and this is related to detecting money laundering, because before the Central Bank approves the import, its source is monitored by the Anti-Money Laundering and Terrorist Financing Office, as the importer submits his request to the bank approved by the bank.” Exclusively the Central Bank, and this bank is obligated to investigate the source of the funds before entering the electronic platform.”

He pointed out that the decision "will ensure that imported materials are subject to customs duty and tax accounting, provided that the employees at the Customs Authority outlets and tax departments are honest."

Last Tuesday, the Council of Ministers issued, in the field of regulating trade and the importation of some materials and goods, which some merchants are forced to finance from the informal market for foreign currency, and the negative repercussions that such financing entails on the exchange rate, a number of decisions and procedures aimed at facilitating the benefit of importers of goods ( 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 purchasing foreign currency from the informal market.

The Prime Minister's Office pointed out that these decisions "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 reducing... Another relates to fees for importing cigarettes and approving certificates of origin issued by chambers of commerce of exporting countries. These decisions also included simplifying procedures for importing gold through air ports and with 24-hour service. LINK

The Iraqi Market Announces Weekly Trading Indicators

Market   Economy News – Baghdad   On Thursday, the Iraq Stock Exchange announced the weekly trading indicators.

The market stated in a statement, “During the third week of November 2023, the Iraq Stock Exchange organized five trading sessions from Sunday, November 19, 2023, to Thursday, November 23, 2023. During this week, the following indicators were achieved:

1. The number of shares traded during this week reached more than (22) billion shares.

2. The value of shares traded this week amounted to more than (22) billion dinars.

3. The market trading index closed for the first session of the week at (857.04) points, while the index closed at the end of the week at (859.56) points, achieving an increase of (0.29%) from its close at the first session.4. During the week (2619) purchase and sale contracts were executed on the shares of companies listed in the market.”   Views 30 11/23/2023 - https://economy-news.net/content.php?id=37801

Al-Sudani Directs The Approval Of The Main Branched Electronic Account To Settle Financial Transactions

Economy | 10:35 - 11/23/2023  Mawazine News – Baghdad  Prime Minister Muhammad Shiaa Al-Sudani directed the adoption of the main branched electronic account to solve the problem of settling government financial operations.

A government source said in an interview with Mawazine News, “Prime Minister Muhammad Shiaa Al-Sudani directed the approval of the main branched electronic account to solve the problem of settling government financial operations and collecting electronic payments from beneficiaries, including collecting funds and increasing the transparency of their movement, knowing that this account will ensure Transactions are settled on the same business day and increases the government’s ability to monitor public funds.”

He added, "Directives were issued to the Ministry of Finance to adopt this by instructing government institutions (spending units) to implement this with the banks that hold their official accounts." Ended 29/H   https://www.mawazin.net/Details.aspx?jimare=238402

Integrity: Severe Imprisonment Of A Former Director General Of The Ministry Of Finance

Local | 04:53 - 11/23/2023   Mawazine News – Baghdad   The Investigation Department of the Federal Integrity Commission announced today, Thursday, the issuance of a sentence in absentia of severe imprisonment against a former Director General of the Ministry of Finance.

The department said in a statement received by Mawazine News, “The Central Anti-Corruption Criminal Court sentenced the convict in absentia to severe imprisonment for two years in accordance with the provisions of Article (331) of the Amended Penal Code No. (111 of 1969).

She added, "The convict intentionally committed something that violated his job duties while he was serving as Director General of the State Real Estate Department," indicating that he "granted a property for investment to the benefit of a company, despite the fact that it was ordered to be sold according to the decision of the dissolved Revolutionary Command Council," pointing out that the convict carried out his act. “With the aim of benefiting individuals at the expense of the state.”

She explained, “The court, after reviewing the evidence obtained in this case, represented by the statements of the legal representative of the Agricultural Real Estate Department, the financial oversight report, the recommendations of the investigative committees and the presumption of the accused’s escape, found it sufficient and convincing to convict him.”

She added, "The ruling decision issued in accordance with the provisions of Article (331) of the Penal Code, and based on Articles (47, 48, and 49) thereof, included issuing an arrest warrant against the convict, and giving the right to the affected party to demand compensation before the civil courts."

https://www.mawazin.net/Details.aspx?jimare=238420

Al-Sudani Issues A Directive That Strengthens The Government’s Oversight Of Public Funds

Time: 11/23/2023 10:37:04 Read: 1,703 times  {Economic: Al-Furat News} A government source revealed that Prime Minister Muhammad Shiaa Al-Sudani directed, today, Thursday, to adopt the main branched electronic account to solve the problem of settling government financial operations.

The source stated in a press statement that Al-Sudani “directed the adoption of the main branched electronic account to solve the problem of settling government financial transactions and collecting electronic payments from beneficiaries, including collecting funds and increasing the transparency of their movement,” pointing out that “this account will ensure that transactions are settled on the same working day and will increase the government’s ability to Monitoring public funds

He added, "Directives were issued to the Ministry of Finance to adopt this by instructing government institutions (spending units) to implement this with the banks that hold their official accounts." LINK

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

Plato, hearing that some asserted he was a very bad man. said "I shall take care so to live that nobody will believe them" -- Guardian

Diogenes being asked "What is that beast, the bite of which is the most dangerous?" replied "Of wild beasts, the bite of a slanderer; and of tame beasts, that of the flatterer" -- Diogenes

No one is safe from slander -- The best way is to pay no attention to it - but live in innocence and let the world talk -- Moliere

The slanderer inflicts wrong by calumniating the absent; and he who gives credit to the calumny before he knows its truth, is equally guilty -- Herodotus

Oh! Many a shaft, at random sent, finds mark the archer little meant; and many a word, at random spoken, may soothe or wound a heart that's broken -- Walter Scott

It is commonly unnecessary to refute slander and calumny, except by perseverance in well doing; they are sparks, which, if  you do not fan them, will soon go out --

If evil be said of thee,m and it is true, correct it; if it be a lie, laugh at it -

Have patience awhile; slanders are not long lived -- Truth is the child of time; ere long she shall appear to vindicate thee -- Kant

Slander cannot make the subject of it either better or worse -- it may represent us in a false light, or place a likeness of us in a bad one, but we are always the same -- Not so the slanderer, for calumny always makes the calumniator worse, but the culmniated never -- Colton

"Tidbits From TNT" Thursday 11-23-2023

TNT:

Tishwash:  A parliamentary committee answers: Is Kurdistan forced to pass the oil and gas law?

Today, Wednesday, the Oil, Gas and Natural Resources Committee explained the way to improve the Kurdistan Region’s relations with the federal government, and while it confirmed that the region has become “forced” to submit to the requirements of the next stage, it pointed to the importance of the Oil and Gas Law.

Committee member, Intisar Al-Jazairi, said in an interview with the Maalouma Agency, “The current government has come a long way in its understandings with the Kurdistan region regarding the oil file, and handing over the quotas imposed on it in the financial budget.”

She added, "The Kurdistan region has become forced to submit to the requirements of the next stage, especially regarding the oil and gas law, given that the law is not specific to the governorates for which the federal government is responsible only, but also includes oil that is under the control of Kurdistan."

The oil parliamentary member explained, “If the Kurdistan region wants to improve its relations with the federal government, by paying taxes, or by exporting oil, it must submit to the oil and gas law.”

Al-Jazairi confirmed, “The government and Parliament are waiting for the legislation of this law until it finishes the issue of how to export oil, or invest gas in the coming stages.”

Earlier, a member of the House of Representatives, Kazem Al-Touki, confirmed that all technical problems surrounding the oil and gas law have been resolved, with the exception of the political problems between Baghdad and Erbil regarding the law, which require intervention from the active parties to resolve the problems surrounding the law.

The oil and gas law is one of the issues that has sparked controversy between Erbil and Baghdad for many years, but it was agreed to approve this draft law between the two parties within the framework of a political agreement that led to the formation of the current government.   link

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CandyKisses:  With the participation of 120 companies. Iraq International Exhibition for Building, Construction and Infrastructure kicks off

 Economy Baghdad News

The activities of the Iraq International Exhibition for Building, Construction and Infrastructure kicked off 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 bulk of the investment budget for infrastructure projects.

Aslan said in a speech during the Iraq International Exhibition for Building, Construction and Infrastructure, that "the country really needs a big campaign in the subject of reconsidering the existing infrastructure previously or the establishment of new infrastructure in areas where there is no infrastructure, especially the issue of construction and construction represented by roads, sewage networks and rainwater networks," pointing out that "the facilities and institutions supporting these sectors bridges, tunnels, factories and factories that would prepare requirements and construction for construction."

He added that "the government resolved through its three-year plan to be the largest part of the funds allocated to the investment budget for the issue of infrastructure," noting that "Prime Minister Mohamed Shia al-Sudani stressed in all his meetings, whether with governors or with ministers, that it is necessary to employ state funds for infrastructure projects that take care of the requirements and needs of the actual real citizen with a long life and high quality."

He expressed his hope that "the outputs of this exhibition will be positive and in the interest of upgrading and rising in the subject of infrastructure qualitatively and quantitatively," stressing "the need for governors to converge with capable companies with high ability and quality because there is a large package of real projects in all sectors, whether the roads sector, the sewage sector, 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 prefabricated panel industry, the concrete industry and various real industries are all supportive and inclusive of this important structural sector."

While the official of relations and media company Sorouh for organizing exhibitions Osama Majeed, in a statement reported by the official news agency, and seen by "Economy News", that "the activities of the building and construction exhibition were launched with the participation of more than 120 companies from 13 countries," noting that "these companies that came today to the capital, Baghdad, realize the importance of the economic market of Iraq as it is a large and very promising market," explaining that "all provinces are witnessing today the process of building, rehabilitation and moving infrastructure in general, which is "It's an opportunity for these companies to present all their products and the latest technology they have come up with and put them in the hands of the Iraqi investor and decision-makers."

He stressed that "a protocol agreement was signed today between three companies, namely Al-Sorouh Company for organizing international exhibitions, companies from the UAE 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."

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CandyKisses:  Washington has reached the "stage of insanity". Bombing of Iraqi headquarters and blood 'will not end without repercussions'

Baghdad Today - Baghdad

The leader of the Coordination Framework, Turki Al-Atabi, confirmed on Thursday (November 23, 2023) that America has reached the stage of madness in dealing with Middle East issues, especially after the recent targeting of the headquarters of the Popular Mobilization, which may lead to a major confrontation.

Al-Atabi said in an interview with "Baghdad Today" that "America is the gateway to chaos in the Middle East and is the one who is running the war of extermination that has been taking place for more than 40 days in Gaza and the rest of the Palestinian cities by pumping weapons and money to the Zionist entity and thwarting any attempts aimed at stopping the fire."

He added, "Targeting a force of the Popular Mobilization Forces and the fall of 8 martyrs and a number of infections is a blatant attack that indicates that America has reached the stage of madness in the Middle East and wants to create a major confrontation to protect the usurping Zionist entity in Palestine."

Al-Atabi pointed out that "the bombing of the headquarters of the Popular Mobilization will have serious repercussions and the blood of the martyrs will not be in vain," noting that "the people with all its components have become aware of all the malicious agenda "Sponsored by Washington in Iraq in order to protect its interests."

"The demand to remove the remaining US forces in Iraq is a popular demand because there is no stability or security with a brute force that kills its sons in broad daylight under flimsy pretexts," he said.

Earlier, MP Rafik Salhi, a member of the Coordination Framework, revealed the existence of a parliamentary movement aimed at legislating the law "Prosecute the United States of America.

Al-Salhi told Baghdad Today that "a movement of deputies from different political blocs is currently working to collect signatures in order to submit a draft law aimed at prosecuting the United States of America for the crimes it committed against Iraqis, from the day of the occupation of Iraq until now, especially after its recent crimes in the Jurf al-Nasr district."

He added that "the recent US crimes targeted an official government force, and this is a serious violation of Iraq and its autonomy and a threat to its security and stability, and this requires firm positions towards the American presence, and we will work in every way to end this illegal presence, and we will work to prosecute Washington for all its crimes against Iraq and Iraqis."

US drones bombed the headquarters of the Popular Mobilization Forces in the Jurf al-Sakhar area of Babil province, killing 4 victims and wounding two others, after a similar operation targeted a vehicle of the crowd in the Abu Ghraib area, west of Baghdad.

Mot:  .. many - Many Thanxs!!! To those working Thanksgiving

Mot:  . When Cooking! - Witch Method Do ya Use!!??? 

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

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

3 Countries Behind The Postponement Of The “OPEC+” Meeting.. Sources Of Leakage Of The List Of Countries

Time: 11/23/2023 Read: 871 times  {Economic: Al-Furat News} Informed sources reported that the postponement of the OPEC+ meeting on the production strategy came after a disagreement over the current production levels of some member countries, and the possible cuts associated with them.

According to what the media reported, the meeting was postponed from November 26, 2023, to the 30th, and that the postponement was linked to African countries.

OPEC+ announced after its last meeting last June that the production quotas of Angola, Nigeria and Congo for 2024 are conditional on reviews from external analysts.

For his part, UBS analyst Giovanni Stonovo said: “Uncertainty is not good at all for the markets, as the markets must now wait longer to obtain clarity about what OPEC+ will do next year.”

The analyst added, "Postponing the meeting also shows that there are some different viewpoints among the group's participants."

Yesterday, during afternoon trading, black gold prices fell by about 4%, but contracts reduced their losses in the evening, and Brent closed trading with a decline of 0.6% at $82.65 per barrel, while American crude fell by 0.85% to $77.10 per barrel.  LINK

Al-Mandalawi To The Turkish Minister Of Energy: We Are Keen To Find Solutions To Resume Oil Exports

Baghdad today – Baghdad  Today, Wednesday (November 22, 2023), First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, confirmed to the Turkish Minister of Energy (Alp Arslan Bayraktar) the keenness to find solutions to resume oil exports through the port of Ceyhan.

A statement from the Office of the First Deputy Prime Minister received by “Baghdad Today” stated that Al-Mandalawi received Bayraktar and his accompanying delegation, in the presence of the Turkish Ambassador to Iraq, Ali Reza Kony, and they discussed “the bilateral relations that bind the two neighboring countries, and the prospects for developing them in all fields, especially on the energy level, and discussing opportunities.” The promising investment offered by Iraq in this aspect, in addition to exchanging views on the oil file and the problems of exporting it.”

He stressed that "there are serious efforts by the legislative and executive authorities to find appropriate solutions to the outstanding issues in a way that does not conflict with the Constitution and takes into account the interests of Iraq and its people."

The statement pointed out that "the water issue was discussed, and Al-Mandalawi stated that this issue is a priority for Iraq and cooperation between the two countries must be undertaken in addressing it, given that this issue has economic and humanitarian repercussions."

Al-Mandalawi stressed "the need for Iraq to obtain its fair share of adequate water releases," stressing "the importance of the Development Road Project in supporting the wheel of economic development, and the attractive investment environment it will provide that will reflect on the security and stability of the region and the well-being of its people."   LINK

Sudanese To The Turkish Minister Of Energy: We Are Ready To Find A Solution To Resume Oil Exports

Baghdad Today – Baghdad  Today, Wednesday (November 22, 2023), Prime Minister Muhammad Shia al-Sudani confirmed during his meeting with the Turkish Minister of Energy and Natural Resources, Alp Arslan Bayraktar, and his accompanying delegation, the government’s readiness to find a solution to resume the export of Kurdistan region’s oil through the Turkish port of Ceyhan.

A statement from the Prime Minister’s Office received by “Baghdad Today” stated, “The meeting discussed cooperation relations between Iraq and Turkey in the field of energy and ways to develop it, as well as discussing the efforts of the two countries to resume the work of the meetings of the Joint Economic Committee at its 19th session, and to continue work on the issue of exporting Iraqi oil through the Turkish port of Ceyhan.” ".

During the meeting, the Prime Minister explained, "The government's readiness to find a solution to resume oil exports," stressing that "Iraq has adopted fair solutions, within the limits of the Constitution, in dealing with various issues of neighboring countries."

Al-Sudani referred to "the water file, Iraq's water share, and the trend toward optimal use of water, especially in the field of agriculture," stressing, "Iraq looks forward to more Turkish cooperation in this file, which receives great attention from the government, because of its economic and humanitarian impacts."

He also referred to "the important strategic project that both countries are working on, which is the path of development, and the steady growth it will achieve in various joint economic sectors."

The meeting also discussed, according to the statement, "the position of the two countries regarding the current events in Gaza, and the conformity of visions regarding the Palestinian issue. In this regard, the Prime Minister appreciated Turkey's clear position on the condemned attacks on the Palestinian people in the Gaza Strip."

For his part, the Turkish Minister conveyed to the Prime Minister the greetings of Turkish President Recep Tayyip Erdogan and his country’s desire for more cooperation in various fields. He pointed to the Turkish President’s clear and detailed interest in the development road project, stressing that Iraq is an important country not only for Turkey, but also For European countries, especially in the field of energy and the promising investment opportunities it has in the global gas market.”

It was likely that an agreement would be reached last week between Baghdad, the Kurdistan Regional Government and foreign oil companies to resume production from oil fields in the region following the visit of Oil Minister Hayan Abdul Ghani a week ago to Erbil.

Turkey stopped flows amounting to 450,000 barrels per day through the export route in the Iraqi Kurdistan region leading to the port of Ceyhan, on March 25, 2023, two days after a ruling issued by the International Chamber of Commerce.

The International Chamber of Commerce ordered Ankara to pay compensation to Baghdad amounting to about $1.5 billion for unauthorized exports by the Kurdistan Regional Government between 2014 and 2018.

Baghdad submitted a request for arbitration in 2014 before the International Chamber of Commerce, based in Paris, regarding Turkey’s role in facilitating oil exports from Kurdistan without the approval of the federal government.

 Last March, the International Chamber of Commerce ruled in favor of Iraq that it has the right to control loading at the port of Ceyhan and see what is being loaded.

Iraq announced last May that the halt, in March, coincided with Turkey's request to inspect the pipeline and storage tanks to monitor any damage resulting from the devastating earthquake that occurred on February 6.

The two countries agreed to wait until the pipeline maintenance assessment is completed to resume flows while continuing the legal battle over arbitration awards.  LINK

Parliamentary Economy Explains The Mechanism For Regulating Trade And Import Operations In Iraq And The Possibility Of Achieving Them

Economy |Baghdad today – Baghdad  Today, Thursday (November 23, 2023), the Parliamentary Economy and Trade Committee clarified the possibility of Iraq succeeding in organizing trade and import operations for some materials and goods through the external financial transfers platform.

Committee member Ali Al-Maksusi told Baghdad Al-Youm, “There is a difficulty in the issue of Iraq’s success in controlling and organizing trade and import operations for some materials such as gold, cars, and mobile phones through the external financial transfer platform, especially with the presence of smuggling operations, tax evasion, and others.”

He added, "Iraq has not yet succeeded in controlling the payment of foreign imports in dollars through the platform. There are still illegal transfers taking place outside the platform," indicating that "this is the reason for an increase in the dollar exchange rate in the parallel market."

Al-Maksousi pointed out that "the matter requires a long time and many technical and legal procedures."

A government source reported on Monday (November 20, 2023) that directives had been issued to adopt trade in gold, cars, mobile phones, and cigarettes within the dollar selling platform soon.

The source explained to “Baghdad Today” that, “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 entry procedures.” Importers of goods “gold, cars, mobile phones and cigarettes” to the external money transfer platform.

He added, "These decisions and instructions will be the catalyst for importers of these goods to abandon the process of purchasing 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 reflect positively and significantly on reducing the dollar prices in the parallel market, as trade in the above materials contributes the largest proportion of the demand for the dollar in that market."

The Governor of the Central Bank, Ali Al-Alaq, spoke earlier about the reasons for establishing the electronic platform for selling foreign currency, saying: One of the goals of the Central Bank of Iraq that it seeks to achieve is to integrate the banking sector into the global financial markets, because of its importance in developing its work,

and accordingly, it has The bank created an electronic platform to automate subscription mechanisms in the foreign currency selling window to achieve a number of goals, most notably simplifying subscription procedures for financing foreign trade and transparency in procedures,

in addition to providing more opportunities to expand banking activities with foreign correspondent banks and raising the level of compliance with the requirements of the transfer process, as well as attracting a larger segment. of commercial operations available in the market and improving the efficiency of operations related to implementing the sale of foreign currency.  LINK

Provoking Points To Ponder From Seedtime Quotes That Will Change How You Look At Money

“A Budget is telling your money where to go instead of wondering where it all went!” 

“Debt is the Slavery of the Free!”

 “Just because you can afford it, doesn’t mean you should buy it!” 

“Beware of little expenses; a small leak will sink a great ship!”

“You must gain control over your money, or the lack of it will forever control  you!”

 “You might get 85 years on this planet, don’t spend 65 years paying off a lifestyle you can’t afford!”

“Never spend your money before you have it!”