Goldilocks' Comments and Global Economic News Monday Evening 11-27-23

 Goldilocks' Comments and Global Economic News Monday Evening 11-27-23

Good Evening Dinar Recaps,

"Al-Kazimi added that “we expect that the new year will witness a significant decline in dollar prices with the appreciation of the value of the Iraqi dinar, especially with the presence of government decisions and directives to address all the causes of the dollar crisis, and we expect that economic and financial stability will be strongly present at the beginning of next year.”

We have two things going on in Iraq that are currently raising my eyebrows and causing dimples to form on each side of my cheeks from smiling.  Iraq is currently in process of reducing the gap disparity between the Dollar and the Iraqi Dinar. This is expected to be completed by the end of the year.

Closing the disparity between the Dollar and the Dinar will help move Iraq's currency into a real value and financial stability capable of allowing them to do cross-border International trades. This is taking place through the UPI or Unified Payments Interface on India's platform early January 2024.

Al Kazimi went on to say that Iraq expects to witness the decline of the Dollar's value as the Iraqi Dinar begins to increase its value.  

Just be aware, this is a process and change still may come slowly until Protocol 20 digitizes and upgrades all our assets including currencies onto the new QFS.

This upgrade will allow Quantum Technologies to network and connect with one another producing real values upon trades beginning to happen with local currencies around the world instead of the dollar.

This is why it is important to "watch the water" as exchange rates are interfaced onto the new digital mechanisms utilized in shipping ports.

Protocol 20 is still set for January the 30th, 2024.

© Goldilocks
Search 4 Dinar Link 1
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Circle, the company behind the second-largest dollar-pegged cryptocurrency by market capitalization, has announced the launch of a new token standard for their stablecoin.

The standard is called the Bridged USDC Standard, and it introduces a new process for deploying a bridged form of USDC on Ethereum Virtual Machine (EVM) blockchains.

Circle claims that the standard for bridged USDC is permissionless, equitable, standardized, extensible, secure, and audited.

https://cryptogazette.com/circle-launched-new-bridged-usdc-standard/

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Jeremy Allaire, Circle’s Founder and Chief Executive Officer, has announced that CCTP will soon go live on Noble. CCTP, an acronym for Cross-Chain Transfer Protocol, has chosen the asset-issuance chain on Cosmos to pave the way for getting natively wired into dYdX on their app chain on Cosmos.

Members of the selected network can directly move their USDC into dYdX. While Solana is expected to join the list soon, members of Avalanche, Ethereum, Base, Arbitrum, Cosmos, and Optimism are not required to bridge or wrap their USDC holdings before moving them across dYdX. This makes the process efficient, economical, and safer.

dYdX has been chosen because it is a bigger protocol capable of setting a new benchmark when the market pendulums between decentralized exchange and centralized exchange. Transparency and risk management as a DeFi protocol are at the core of its operation.

CCTP going live on Noble marks the step toward unlocking the next wave of on-chain usage. This is poised to become a more user-friendly environment as the value and development progress. Interestingly, a lot of elements are merging for this innovation. This includes combining wallets, bridges, aggregators, and messaging layers. Not to forget, several blockchain networks are joining hands with CCTP and Noble to ensure the technical and user experience innovation continues across the blockchain networks.

Jeremy has said that Circle is looking to accelerate mass adoption in the next 2 years, that is, in 2024/2025. 

https://www.coinnewsspan.com/cctp-to-go-live-on-noble/

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Bullion Banks Worried As Gold Breaks Above $2,000 And Silver Approaches $25   

King World News

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Will BRICS currency be backed by crypto or gold? 

The BRICS nations are considering introducing a new currency at their 2024 summit, with debate over whether it will be a digital asset or gold-backed.

The choice between a gold-backed currency and a digital one using blockchain technology reflects the bloc’s ambition to challenge traditional financial systems.

A digital BRICS currency could modernize cross-border transactions, while a gold-backed option offers stability and reliability amid global economic uncertainty.

https://www.cryptopolitan.com/will-brics-currency-be-backed-by-crypto-gold/

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Bonds build liquidity for a Government. Are we running out?

© Goldilocks
WSJ Link

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64 US Bank Branches File to Shut Down in a Single Week—Are You Affected? | NTD
https://www.ntd.com/64-us-bank-branches-file-to-shut-down-in-a-single-week-are-you-affected_956756.html

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"SBI Holdings, Inc. located in Tokyo has officially entered into a Memorandum of Understanding (MOU) with Circle Internet Financial, which has headquarters in Boston, Massachusetts. This collaboration aims to facilitate the circulation of USDC stablecoins, establish a banking relationship, and promote the use of Circle's Web3 Services within Japan."

This is a very important article in that we are being told that boosting banking relations using USDC as a Stablecoin is underway.

This will begin solidifying the USDC as a Stablecoin and as a viable digital banking asset to be used in the trading of assets between Banks in Japan and the US and beyond.

Institution money tends to support projects with billions and trillions of dollars when it is ready to move out into an International platform.

© Goldilocks

https://cointelegraph.com/news/circle-sbi-holdings-partner-mou-boost-usdc-circulation-japan

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Iraqi News Highlights and Points to Ponder Monday AM 11-27-23

Iraqi News Highlights and Points to Ponder Monday AM 11-27-23

Adviser To The Prime Minister: The Electronic Payment System Will Raise The Value Of The Dinar Against The Dollar

Time: 11/27/2023  Read: 2,158 times  {Economic: Al-Furat News} Mazhar Muhammad Saleh, financial advisor to Prime Minister Muhammad Shiaa al-Sudani, said that the electronic payment system will preserve the monetary supply of the Iraqi dinar and will raise its value against the dollar in later stages.

Saleh explained, in a press statement, that “the cash payments system is linked to a high degree of certainty whenever payments are made by electronic or digital means, which provides an accurate liquidity indicator for the banking system and reduces the degree of ambiguity and uncertainty in banking liquidity. The payments system also provides sufficient information.” The flow of cash into the banking system, the clarity of the amounts of paid and accumulated amounts, and a statement of their actual balances at all times during the banking working day.

He pointed out, "In light of monetary systems that rely on direct cash payments, bank liquidity management policies surround themselves with additional hedges of disrupted liquidity in order to anticipate liquidity risks, which disrupts part of banking and credit operations in particular."

He stated, “As electronic payments increase as a behavior in daily dealings, the management of the cash mass and its flow in the banking system will be subject to the rule of clarity in cash management, and then directing bank credit towards profitable areas, which provides efficient use of the cash mass, in addition to reducing the percentage of cash leakages outside Banks will decline, which means that a structural change in the behavior of cash demand among individuals and banks will lead to a decline, due to dealing with electronic payment systems that are linked to bank accounts.”

Saleh added, “Thus, the development of the payments environment and its transition from the direct cash environment or cash payment in payment and receipt operations to the use of electronic payment will, in all circumstances, restrict all local cash payment in currencies (other than the dinar) and spare the economy and distance its transactions from cash payment in foreign currency, because systems Digital payments do not allow transactions in the local economy in anything other than the national currency.”   LINK

Experts: Electronic payment raises the value of the dinar

The first  11/27/2023  Baghdad: Hoda Al-Azzawi  Experts and specialists in financial and economic affairs believed that the electronic payment system would preserve the monetary supply of the Iraqi dinar and raise its value against the dollar in later stages.

The Prime Minister’s Advisor for Economic and Financial Affairs, Dr. Mazhar Muhammad Saleh, explained to “Al-Sabah” that “the cash payments system is linked to a high degree of certainty whenever payments are made by electronic or digital means, which provides an accurate liquidity indicator for the banking system and reduces the degree of ambiguity.” And the uncertainty in banking liquidity.

The payments system also provides sufficient information about the flow of the cash mass into the banking system, and the amounts of paid and accumulated amounts are clear and their actual balances are stated at all times during the banking working day.”

He pointed out that "in light of monetary systems that rely on direct cash payments, bank liquidity management policies surround themselves with additional hedges of disrupted liquidity in order to anticipate liquidity risks, which disrupts part of banking operations and credit in particular," explaining that "as payments increase...

Electronic behavior as a behavior in daily dealings, the management of the cash mass and its flow in the banking system will be subject to the rule of clarity in cash management, and then direct bank credit towards profitable areas, which will provide efficient use of the cash mass, in addition to that the percentage of cash leakages outside the banks will decrease, which means that A structural change in the behavior of cash demand among individuals and banks will trend toward decline, due to dealing with electronic payment systems that are linked to bank accounts.”

He added, “Thus, the development of the payments environment and its transition from a direct cash environment or cash payment in payment and receipt operations to the use of electronic payment will, in all circumstances, restrict all local cash payment in currencies (other than the dinar) and spare the economy and distance its transactions from cash payment in foreign currency, because systems Digital payments do not allow transactions in the local economy in anything other than the national currency,” he explained, explaining that “in Milan, the economy will move its transaction payments to the (digital dinar) instead of the (cash dollar), whose transactions in internal settlements are legally rejected completely.”

For his part, the head of the “Regional Center for Studies”, Ali Al-Sahib, indicated in an interview with “Al-Sabah” that “electronic collection or electronic payment is a step that the government adopted not long ago, but it has not been implemented yet, and the Iraqi citizen in general lacks a culture.” Electronic payment, even though most countries in the world, including neighboring countries, have been dealing with it for years.”

He explained, "Despite this, if this practice is applied in Iraq, it will have both negative and positive paths. As for the positive, it is the abolition of cash and the preservation of storage, as well as preventing the banknote from being damaged and possibly stolen or lost, as well as reducing cases of corruption in gas stations and elsewhere, not to mention waste." The time in the process of receiving the money, disbursing it, etc.

He added, “As for the negatives of the process - they lie in the citizen’s ignorance and unwillingness to deal - in addition to the fees for obtaining the card and other negatives.”

He added, "It is remarkable that Iraq consumes approximately (30) million liters of vehicle fuel daily. These are very large quantities and require government effort to spread the culture of public awareness to enter this new stage," indicating that "forcing the citizen to use electronic payment may confuse The daily scene and reality raises complaints and complaints from citizens, and the best solution is for the state to give the citizen the choice to follow one of the two methods until he gets used to electronic payment.”    https://alsabaah.iq/87963-.html

One Of Them Is Borne By The Government. A Parliamentarian Identifies Two Reasons For Delaying The Release Of The 2023 Budget

Information/private..  Today, Tuesday, Member of Parliament, Jassem Al-Atwani, identified the reasons for delaying the release of financial allocations for the 2023 budget, while holding the government responsible for one of the reasons.

Al-Atwani said, in an interview with the Maalouma Agency, that “the defect in delaying the disbursement of financial allocations for the 2023 budget is clear and is due to two main reasons, one of which is borne by the federal government.”

He added, "The government followed suit after approving the budget, as it began specifying instructions and controls, considering that budget instructions must accompany its launch, and this is what happened in previous financial budgets."

The member of the House of Representatives explained, “The other reason is related to the lack of financial abundance, especially since the budget depends primarily on financial revenues, given that the government does not depend on cash reserves, but rather on imports that can be obtained from oil sales and others.”

Al-Atwani stated, “There is a clear delay in the flow of these funds, which in one way or another caused the release of financial allocations for the 2023 budget.”

A member of the Parliamentary Economy and Investment Committee, MP Muhammad Al-Zayadi, had previously criticized the Ministry of Finance for obstructing the launch of investment financial allocations in the tripartite budget for the governorates, indicating that this was reflected negatively by obstructing the completion of projects.

The House of Representatives approved, on Monday, June 12, 2023, after long deliberations between the government and parliamentarians that extended for months, the financial budget law for the three years 2023, 2024, and 2025, as the budget approved more expenditures and investments as a direct result of the increase in oil revenues, which constitute 90% of the country’s revenues. LINK

Iraq Refuses To Establish Free Trade With Iran

2023-11-27 03:53    Shafaq News/ Iran's Special Trade Representative in Iraq, Farzad Belten, revealed on Monday an Iraqi refusal to establish free trade with the Iranian side.

Belten said in statements reported by Mehr News Agency that the trade capacity between Iran and Iraq amounts to 20 billion dollars, explaining that due to the large gap between exports and imports with Iraq, this country does not want to establish free trade.

Regarding the trade situation between Iran and Iraq, he explained that during the first six months of this year, about 4.5 billion dollars of goods were exported from Iran to Iraq, and about 150 million dollars of goods were imported to Iran from the aforementioned country.

Belten, the former Director General of West Asia for the Iranian Trade Development Organization, added that the trade capacity of the two countries confirms the possibility of increasing trade relations between the two countries, including the export of goods, services, electricity and gas, at about $20 billion.

Belten also said that there is a possibility of establishing free trade or preferential tariffs with Iraq, considering that trade between Iran and Iraq is one-way and mainly includes exports from Iran to Iraq.

He continued, despite various endeavors over the past years, the Iraqi government does not wish to negotiate and sign an agreement in any of the aforementioned areas.

He added, "For Belten, Iran's main competitors in Iraqi markets are China and Turkey."

The Iranian Special Trade Representative in Iraq stated, “There are problems related to trade infrastructure such as one-way transportation of goods, clearance of goods at border crossings, standards, etc., and if they are resolved, it will be possible to develop trade relations between the two countries.”   LINK

Provoking Points To Ponder on HOPE:

People crushed by laws, have no hope but to evade power. If the laws are their enemies, they will be enemies to the law; and those who have must to hope and nothing to lose will always be dangerous. Edmund Burke

You cannot hope to build a better world without improving the individuals. To that end, each of us must work for our own improvement and, at the same time, share a general responsibility for all humanity, our particular duty being to aid those to whom we think we can be most useful. -- Marie Curie

To hope means to be ready at every moment for that which is not yet born, and yet not become desperate if there is no birth in our lifetime.  -- Erich Fromm

If we all worked on the assumption that what is accepted as true is really true, there would be little hope of advance.  -- Orville Wright

You believe that easily which you hope for earnestly -- Edward Bulwer-Lytton

In all things it is better to hope than Despair – Goethe

You cannot put a great hope into a small soul -- J L Jones

The future is lighted for us with the radiant colours of hope. Strife and sorrow shall disappear. Peace and love shall reign supreme -- John Fiske

All the Saints of God are there to protect me, to sustain me and to carry me. And your prayers, my dear friends, your indulgence, your love, your faith and your hope accompany me. -- Pope Benedict XVI

"Tidbits From TNT" Monday 11-27-2023

TNT:

Tishwash:  Al-Fateh: We have strong economic factors to move towards countries other than America

The representative of the Al-Fatah Alliance, Ahmed Al-Musawi, confirmed on Monday that Iraq has many elements of economic power that enable it to cooperate with other countries, stimulate commercial activity, export oil, exchange goods and merchandise, and distance itself from America and its hegemony. 

Al-Moussawi told Al-Maalouma, “Iraqi funds should have been liberated and the government had the authority to benefit from them to serve the country, after leaving Chapter Seven, which greatly restricted Iraq.” 

He added, "The government has many economic and political papers, and there are many countries that have very strong economic activities and have announced the opening of the doors of cooperation with Iraq and the conclusion of contracts and agreements to serve economic interests." 

He stated, "There is a great possibility for Iraq to dispense with cooperation with the American side and move toward other countries, so that through this cooperation, oil can be exported and currencies, goods, and commodities can be exchanged."

Al-Moussawi pointed out, “Exiting the aforementioned clause allows Iraq to control its funds, but there is political weakness regarding the failure to liberate Iraq’s funds and their remaining with America.”   link

Tishwash:  Central Bank Governor: The size of the monetary supply amounts to more than 100 trillion dinars, 70 percent of which is in circulation

Today, Monday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, denied the existence of a scarcity in the stock of the Iraqi dinar, and while determining the size of the dinar’s monetary mass and those in circulation, he revealed a broad strategic plan to expand the transition to electronic payment.

Al-Alaq said in a statement followed by “Earth News” that “the state’s financial situation depends in general on its imports and is currently at a good level as a result of the rise in oil prices,” stressing that “it is important to invest this money in a way that accelerates opportunities for construction, advancement and development.”

He added, “The positive thing about the government’s work is that it is moving in this direction, and there is great emphasis and focus on completing projects,” noting that “there are a large number of projects that were stalled and stalled for many reasons, and there is work to address the situation and accelerate the projects, especially since they are mostly related to infrastructure.” Services, etc., and the government gives this matter great attention, priority, and diligent follow-up by the Prime Minister personally.”

He pointed out that “there is a wide movement regarding the demand for investment projects in the country,” noting that “a large number of companies and countries have begun to conduct studies and have identified some projects to start in Iraq.”

Al-Alaq said, “These are positive indicators that benefit from the state of stability in the country and the stability of the financial and monetary conditions,” pointing out that “the size of the monetary mass or the exported currency amounts to more than 100 trillion dinars, 70 percent of which is in circulation.”

He denied, “There is a scarcity in the stock of the Iraqi dinar,” adding, “We are responding to the demand for the Iraqi dinar or in relation to the dollar in dinar initiative for the purposes of the Ministry of Finance.”

He stressed that “the trend towards electronic payment aims to reduce the phenomenon of the cash economy, which has major negative effects on the Iraqi economy and consequences and effects with regard to managing liquidity and the costs of this liquidity from printing currency and controlling it,” explaining that “the government’s trend is to switch to electronic payment to reduce This phenomenon".

He stated, “There are trends at many levels in this context, and there is direct coordination between the government and the Central Bank. Electronic payment experiments and tools have begun to be circulated in many areas, and there is a broad and strategic plan at the Central Bank to expand in this field,” calling on citizens to “keep abreast of the developments that have occurred and are occurring.” In all countries of the world, to reduce the phenomenon of using cash.”

He pointed out that “keeping pace with development serves the citizen, the state, and the economy,” pointing out that “holding cash and hoarding only carries risks, and deprives the citizen of having these amounts in his accounts and being able to benefit from them in many areas.”

He noted that “the world is heading towards digital transformation, which is considered the fourth revolution in the world, and we must be close to these transformations to achieve the goals, objectives, benefits and positives that come from them.”  link

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Tishwash:  The dinar will recover.. Iraq is approaching an “imminent end” to the dollar crisis before the end of 2023

Today, Monday (November 27, 2023), the Parliamentary Finance Committee commented on the possibility of the Iraqi government succeeding in controlling the dollar by the end of the current year.

Committee member Moeen Al-Kazemi told Baghdad Al-Youm, “The government and the central bank are working to end the dollar crisis once and for all, and there is great progress in this file and there is control over the market, as well as a gradual decline in exchange rates in the parallel market.”

Al-Kadhimi added, "We expect that the new year will witness a significant decline in dollar prices with the rise in the value of the Iraqi dinar, especially with the presence of government decisions and directives to address all the causes of the dollar crisis, and we expect that economic and financial stability will be strongly present at the beginning of next year."

Earlier, a senior official in the Central Bank of Iraq told Reuters that the country will ban cash withdrawals and transactions in dollars as of January 1, 2024, in the latest effort to limit the misuse of the country’s hard currency reserves in financial crimes and evade US sanctions on Iran. .

Mazen Ahmed, Director General of the Investment and Transfer Department at the Central Bank of Iraq, told Reuters that the aim of the step is to stop the illegal use of about 50 percent of the $10 billion cash amount that Iraq imports annually from the Federal Reserve Bank in New York.

This step comes as part of a broader campaign to stop the economy's dependence on the dollar after residents began to prefer the US currency over the dinar.

Ahmed said that people who deposit dollars in banks before the end of 2023 will be able to withdraw money in dollars in 2024. But dollars deposited in 2024 can only be withdrawn in the local currency at the official rate of 1,320 dinars to the dollar.

Official price

Ahmed said, "You want to transfer money? To do so. You want a card in dollars? Here you are. You can use the card inside Iraq at the official rate, or if you want to withdraw cash, you can at the official rate in dinars... but don't talk to me about dollars in cash anymore."

Iraq has already created a platform to organize bank transfers that make up the bulk of demand for dollars, and which has served as a hotbed for counterfeit receipts and fraudulent transactions that have leaked dollars to Iran and Syria, which are under US sanctions.

Ahmed stated that this system, which was put in place in coordination with the authorities in the United States where Iraq's reserves of $120 billion from oil sales are kept, is now almost airtight and provides dollars at the official rate to those who engage in legitimate trade activities such as importing food and consumer goods.

But he said that the misuse of cash withdrawals continues in ways that include travelers who are officially entitled to $3,000 but are looking for ways to circumvent the system.

Iraq relies heavily on its good relations with Washington to ensure that the country's oil revenues and funds are not subject to American oversight.

Dollar shortage

Many local banks have already limited cash withdrawals in dollars over the past few months, exacerbating shortages that have caused the exchange rate to continue to rise in the parallel market.

Ahmed said that some banks are suffering from a shortage of dollars because many people are trying to withdraw at the same time in light of a feeling of unease about the financial system, while some banks are also suffering from a shortage because they provided loans denominated in dollars that were then repaid in dinars.

He added that the Central Bank of Iraq also limited the amount of dollars it provides as part of an agreement with the US Central Bank to limit cash liquidity and shift to electronic payments.

Ahmed pointed out that the Iraqi Central Bank expects the dinar to lose more of its value as the new measures enter into force, but he added that this is an acceptable side effect of formalizing the financial system, noting that the Iraqi Central Bank provides dollars at the official exchange rate for all legitimate purposes.

He said that the cost that Iraq is bearing today is not compared to the value of achieving this goal.

Ahmed stated that the financing operations that are carried out transparently and legally through the bank and at the official rate are the most important and therefore nothing else matters, even if the exchange rate reaches 1700.

He continued, saying, "The cost we bear now is nothing compared to achieving this goal, in all honesty, as long as the legitimate channels are established. What matters is even if the exchange rate reaches 1,700... because the legitimate purpose is the official price." link

Mot: ..... is it time yet!!!???   

Mot:  Christmas Gift list

Goldilocks' Comments and Global Economic News Monday AM 11-27-23

Goldilocks' Comments and Global Economic News Monday AM 11-27-23

Good morning Dinar Recaps,

"Key players in the global container freight transport market include:
Maersk
Hapag-Lloyd AG
Evergreen Marine Corp.
MSC Industrial Direct
COSCO Shipping Development
CMA CGM
APL Logistics Americas
Kuehne Nagel
Hanjin Group

The container freight transport market is driven by a number of factors, including:
The growing volume of global trade
Increasing globalization of supply chains
The growth of e-commerce"

The shipping industry is growing into more volume along with more efficiency through digitizing this new trading sector. These factors will go into play as new price determinations are coming into view.

This is where the rubber meets the road on the formation of exchange rates around the world.

Protocol 20 will determine new tokenized asset prices, and the shipping industry will support the determination of these values through volumes being priced because of it.

© Goldilocks

https://prophecyjournals.com/revolutionizing-global-commerce-unveiling-the-dynamics-and-trends-shaping-the-container-freight-transport-market/

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Small businesses are about to be given a Level Playing Field in trade through Free Trade Agreements.

FTA agreements inside the new digital economy will give small businesses the opportunity to trade just like the big boys and girls.

Yes, new trade agreements can be signed anywhere in the world allowing International transactions to take place across the globe through virtual trade venues making it all possible.

© Goldilocks

https://www.business-standard.com/industry/sme/msmes-getting-greater-attention-in-free-trade-agreements-govt-official-123112301208_1.html

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Next Bitcoin Halving 2024 Date & Countdown [BTC Clock]
https://buybitcoinworldwide.com/halving/

👆 Goldilocks pointed to this article

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Many people are beginning to wake up to copper

Stable jurisdictions are crucial, which is being demonstrated in real-time as the situation continues to evolve at one of the largest copper mines in the world, which First Quantum owns.

This upcoming week will be interesting

Read: https://x.com/goldtelegraph_/status/1728884949707882880?s=46

👆 Goldilocks pointed to this article

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Everybody was wrong about the amount of damage that an artificially suppressed price of silver could cause. 
 
Next month 200 Countries will announce through the United Nations the need to TRIPLE Green Energy production and 5X SOLAR POWER INSTALLATIONS by 2030! 
 
This will HAVE to be done to SAVE THE WORLD! 
 
The Problem is that there's not enough silver on the planet to do that. 
 
Here's what went wrong...the price of silver was suppressed for so long that alternatives to silver in solar panels was NOT necessary so not invented...BIG MISTAKE! 
 
Now the #1 CHOICE to End Climate Change is creating massive amounts of solar farms eating up every ounce of silver on the planet...at $24/oz.
 
By the way...they have no alternatives! 
 
GOT PHYSICAL SILVER?!
 
SILVER ALERT! Cheap Solar Silver Will SAVE the World & Fairly Valued Silver Will END IT! (Bix Weir)
https://www.youtube.com/watch?v=uzYd3DEfPDw

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What Are Iraq's Chances Of Joining BRICS? What Are The Consequences?

 What Are Iraq's Chances Of Joining BRICS? What Are The Consequences?

Posted On2023-11-26 By Sotaliraq   Ali Al-Hamdani

Iraq faces many obstacles that hinder its opportunity to join the BRICS group, despite the availability of most of the conditions that require joining this group, which constitutes a competitive pole for the United States of America, according to economic experts who spoke to (Al-Mada).

The BRICS group is a global economic bloc that seeks to break the hegemony of the West. The idea of ​​establishing it began in September 2006, when the first ministerial meeting of the foreign ministers of Brazil, Russia, India, and China was held on the sidelines of the United Nations General Assembly in New York.

This bloc includes 5 countries that are considered to have the fastest economic growth in the world: Brazil, Russia, India, China and South Africa. The word “BRICS” in English is an abbreviation that includes the first letters of the names of these countries.

The BRICS group has become one of the most important economic blocs in the world, due to the growth numbers that the countries of this bloc have achieved over the years, which has made it the focus of attention of many other countries, which continue to want to join the bloc.

Conditions for joining BRICS

Joining the BRICS group requires the fulfillment of several conditions, the most prominent of which is that “the country’s economy be a major one in the region, and that it has the potential for economic growth in the future,” according to the economist, Dr. Nabil Al-Marsoumi.

Among other important conditions, Al-Marsoumi adds to (Al-Mada), “the country must have an independent and stable political system, and that the state be fully sovereign, and have a strategic location that allows it to be a focus in global trade.”

The economist stresses another condition, which is that “the country should not be hostile to one of the main countries of the group, and that it has close relations with them.”

Al-Marsoumi explains, “Most of these conditions are met in Iraq, but the American hegemony over the economic decision makes it lose a basic condition for joining BRICS, through the United States seizing oil money and transferring it to the US Federal Bank, and then transferring it to the Central Bank of Iraq.”

 He continues, “The United States also places harsh conditions on the movement of the dollar and imposes sanctions on banks, which restricts Iraq’s monetary sovereignty over its funds.”

He explains, “BRICS aims to use national currencies to conduct trade settlements, and this is also a way to find an alternative to dollar trade and protect foreign exchange reserves.

He added, “However, the Iraqi economy is single-minded and completely dependent on oil, which contributes more than 97% of its total exports priced in dollars, while the remaining small percentage is limited to exporting some goods with low added values, such as mineral fuels, mineral oils, citrus peels, watermelon, and salt.”

He concluded by saying, “This is what makes the benefits that Iraq gains from joining BRICS limited and fraught with risks, and it may face an American reaction that increases the bleeding of the Iraqi dinar, especially since one of the goals of BRICS is to establish an effective model to oppose the dominant position of the West led by Washington.”

Barriers To Joining

The economic researcher, Omar Al-Halbousi, agrees with Nabil Al-Marsoumi that joining the BRICS group requires that “the country possess a strong economy and an industrial base that enables it to compete and add to the group, not be a burden on it.”

Al-Halbousi explains to Al-Mada, “Since 2003, Iraq has witnessed the systematic destruction of industry, agriculture, the private sector, and an economy that is reeling and burdened by many intertwined problems, all of which constitutes an obstacle to Iraq’s accession to BRICS.”

He continued, “In addition to this is Washington’s control over Iraq, which possesses many pressure cards that enable it to prevent Iraq from leaving under its control, and moving towards joining a group that constitutes a competitive pole for the United States of America.”

He explains, “Iraqi oil imports are under Washington’s control, which exposes the Iraqi financial situation to a setback in the event of joining BRICS.”

He added, “In addition to the United States’ military control through its military presence in more than one base, Washington also possesses political cards that can form a strangling cordon for the Iraqi government.”

From these data, it becomes clear that “there are many obstacles that hinder the opportunity of Iraq to join the BRICS group, represented by the presence of a group of obstacles facing Iraq that are owned by the United States of America, which exposes Iraq to serious consequences in the event of joining,” according to Al-Halbousi.

He points out that “Iraq does not have an economic system or an industrial base that qualifies it to join, to be an addition to the group. Rather, its entry will burden it, which means a lack of opportunities to join BRICS, and officials’ talk about joining is financial, economic, and political suicide.”

BRICS To Counter The Dominance Of The Dollar

Iraq is facing an ongoing dollar crisis despite the measures taken by the government and the central bank to control the rise in exchange rates.

Observers believe that the move towards joining the BRICS group will be important after the latter sought to issue a currency that would compete with the US dollar in an attempt to end Washington’s influence and its sanctions on countries and banks that violate its policies and conditions.

In this context, economic researcher Halim Salman says, “The US Federal Reserve is on its way to allowing the 14 previously sanctioned banks to deal again in dollars in a limited manner, and in doing so they can enter dollar liquidity that will help the market stabilize and reduce the exchange rate.”

Salman confirms to (Al Mada), “But on the condition that these banks continue to operate within the standards, and do not violate the conditions that will be imposed on them in exchange for returning to dealing in dollars.”

He explains, “If the government succeeds in eliminating the bottleneck of the dollar value of trade with Iran, the country will witness a major shift in the currency market, as there are sanctions on Iran that do not allow Iraq to deal through the platform in financial transfers, so it has become free and obligatory to get rid of 12 billion.” Dollars requested from the parallel market annually.”    LINK

https://www.sotaliraq.com/2023/11/26/%d9%85%d8%a7-%d9%87%d9%8a-%d9%81%d8%b1%d8%b5-%d8%a7%d9%84%d8%b9%d8%b1%d8%a7%d9%82-%d9%84%d9%84%d8%a7%d9%86%d8%b6%d9%85%d8%a7%d9%85-%d8%a5%d9%84%d9%89-%d8%a8%d8%b1%d9%8a%d9%83%d8%b3%d8%9f-%d9%88%d9%85/

MilitiaMan: Iraq Dinar - Currency Swaps - Oil & Gas Law - WTO - International Monetary Fund - AYSCUDA

Iraq Dinar - Currency Swaps - Oil & Gas Law - WTO - International Monetary Fund - AYSCUDA

MilitiaMan and Crew:  11-26-2023

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=D-6rNtZJfd0

Iraq Economic News and Points to Ponder Sunday Evening 11-26-23

Iraq Economic News and Points to Ponder Sunday Evening 11-26-23

Tlm724 Administrator Bondlady’s Corner

A Workshop For The Iraqi Private Banks Association And The Central Bank On “Importing Foreign Exchange From Outside Iraq”

Sunday 26, November 2023 | Economical Number of readings: 152  Baghdad / NINA / The Iraqi Private Banks Association, in cooperation with the Central Bank of Iraq, organized a workshop on “Importing Foreign Currency from Outside Iraq”, with the participation of the Investment Department of the Central Bank, and the presence of representatives of the Banking Control Department, the President of the Iraqi Private Banks Association, and the heads of the boards of directors of private banks and managers. Commissioners.

The Association’s Executive Director, Ali Tariq, spoke about the importance of the Central Bank of Iraq’s decision to import foreign exchange into the country and diversify it during the coming period, by importing the euro and other currencies, noting that “a number of banks have so far succeeded in importing foreign exchange through Erbil and Baghdad airports.”

He added, "Importing foreign currency is a major transformation in the financial sector, and will lead to the creation of a currency market within the Iraqi economy, through receiving and sending remittances in other currencies such as the yuan, rupee, dirham, euro, and others."

The workshop answered the questions of Iraqi private banks regarding the mechanism of importing foreign exchange and communicating with correspondent banks, the cost of transportation and insurance, and the method of delivering it to customers./End 5

https://ninanews.com/Website/News/Details?key=1091966

Parliamentary Finance For / Nina /: Strengthening The Balance Of Iraqi Banks In Foreign Currency Supports The Private Sector And The Local Market

Sunday 26, November 2023 | Economical Number of readings: 218  Baghdad / NINA / The Parliamentary Finance Committee stressed the importance of strengthening the Iraqi banks’ foreign currency balance to support the private sector and the local market.

The head of the committee, MP Atwan Al-Atwani, said in a statement to the National Iraqi News Agency. Nina /, “The increase in the currency exchange rate by accredited banks provides another safe path to meet the local market’s needs for foreign currency.”

He added, "The government has established paths for banking work governed by the controls of applicable laws. This will open broad horizons for the national economy and will also provide hard currency to the local market without the need for the central bank to intervene and bear responsibility."

He continued to say, “The private sector can adopt this by dealing with the electronic currency exchange platform, and dealing with trade in a way that ensures controlling the rhythm of market movement, and also part of this initiative is to support the private sector by establishing local projects that can provide foreign currency and achieve automation in the ports.” Border, tax and customs.”

At the beginning of this November, the Central Bank of Iraq agreed with the American side to facilitate procedures for external transfers, including an agreement to directly enhance the advance balance of a number of banks (ten banks) in dollars./ https://ninanews.com/Website/News/Details?Key=1091962

The Central Bank Of Iraq Sells More Than $240 Million At Auction On Sunday

Sunday 26, November 2023 | Economical Number of readings: 349  Baghdad / NINA / Today, Sunday, the Central Bank of Iraq sold more than 240 million dollars at the foreign currency auction.

A bulletin for the currency selling window stated that “the total amounts of transfers abroad (remittances, credits) amounted to $220,000,000,”

while “the total cash withdrawals amounted to $22,500,000, and the total total sales amounted to $242,500,000.” /End 11   https://ninanews.com/Website/News/Details?key=1091940

The National Bank Of Iraq Enjoys International Ratings That Enhance Investment And Give It A Promising Future

Economy News – Baghdad   The National Bank of Iraq stated on Sunday that the “positive” credit rating it obtained from the international credit rating agencies, Moody’s and Capital Intelligence, reflected the bank’s “strong financial position and creditworthiness,” which contributed to increasing the “confidence” of customers, shareholders, and investors. It enhanced his ability to “grow and prosper.”

Moody's rated the bank's long- and short-term deposits in local currency at B3, while Capital Intelligence rated the bank's short-term deposits in foreign currency at B.

The bank said in a statement received by Al-Iqtisad News: These classifications are considered the “cornerstone” of the National Bank of Iraq’s journey towards a “promising future,” especially as they confirm the soundness of the bank’s strategy, its distinguished reputation, and its advanced position within banking financial institutions at the local and regional levels.

The statement added that the National Bank of Iraq, "thanks to these classifications, has become a reliable reference for customers regarding banking services, as the increased confidence of customers enhances the volume of deposits and loan activity, which contributes to enhancing the bank's resources and its ability to better meet the needs of its customers."

According to the statement, “The bank’s credit rating is considered a strong signal to investors and donors about its ability to bear risks and achieve a sustainable return, as this support reflects confidence in correct management and financial stability, attracts new investments and enhances its capital.”

For his part, the authorized director of the National Bank of Iraq, Ayman Abu Dhaim, confirmed that “the positive credit ratings obtained by the National Bank of Iraq reflect the efforts made by the bank to enhance the soundness and strength of its financial position, including increasing its capital and improving its risk management.”

The statement indicated that, “Today, the National Bank of Iraq tops the list of banks operating in the Iraqi banking market, in terms of total assets that approached 2.8 billion dollars, supported by a growth in customer deposits of about 91%, while the bank has a growing customer base that today has reached about 200,000 customers being served.” Through more than 1,000 employees, 27 branches and 200 ATMs.”   Views 47 11/26/2023 - https://economy-news.net/content.php?id=37830

The Government Is Seeking To Attract Investments To Develop The Gas Sector In The Country

Reconstruction and Building    Economy News – Baghdad  As part of its approach, the government seeks to attract investments to develop the gas sector in the country, while the Halfaya Gas Company intends to develop the Bin Omar gas field, which will contribute to reducing carbon emissions by more than 8 million tons annually.

The head of the Raban Al-Safina Group, Saadi Sayhoud, said, “The government has presented the gas file among the priorities of its program, as it actively seeks to attract investments to develop the gas sector in the country, which confirms its commitment to benefiting from the gas sector in enhancing energy security and economic growth, and reducing burning.” associated gas and reducing carbon emissions.”

He added, "In light of this strategic vision, the Council of Ministers approved a historic step in this field by approving the signing of the South Gas Company, affiliated with the Ministry of Oil, with the Halfaya Gas Company, which is part of the Raban al-Safina Group and a leading Iraqi developer in the energy, oil and gas sector, on a contract to implement a development project." Bin Omar gas field according to the principle of build, own, operate and transfer ownership, or what is known as BOOT, for a period of 15 years after the date of commercial operation.

Sayhud stated, “This strategic field in Basra Governorate will contribute to enhancing and meeting energy needs and environmental sustainability, by processing more than 300 million standard cubic feet of dry gas per day, and reducing carbon emissions by more than 8 million tons annually.

 It is distinguished by its comprehensiveness, as it includes Building and operating facilities for collecting and compressing the associated gas produced in the Bin Omar field, central gas processing facilities, connecting pipelines, and marine export facilities that will be used to export petroleum products to global markets, such as liquefied petroleum gas and oil condensates, which will contribute to enhancing the revenues of the Ministry of Oil.

He explained, "The project represents a role model for successful partnerships between the public and private sectors in Iraq and represents an important step in the company's strategy aimed at actively contributing to the development of the oil and gas sector."

Sayhoud stressed, “The company’s full commitment to providing the highest standards of quality and efficiency, and this commitment includes creating strategic partnerships with leading American and European companies in the engineering and technology sectors, in addition to the commitment of the Halfaya Gas Company to contribute to societal qualitative development by creating thousands of new jobs in the labor market and transferring skills and expertise.” Specialization from international companies to local cadres. Views 36 11/26/2023 - https://economy-news.net/content.php?id=37836

Finance Announces The Offering Of The Second Reconstruction Bonds Next Tuesday

Economy |  11/26/2023   Mawazine News – Baghdad  The Ministry of Finance announced today, Sunday, the offering of the second reconstruction bonds next Tuesday, while clarifying their details.

The Ministry stated in a statement received by Mawazine News, “In continuation of the government program related to achieving financial stability and enhancing the capabilities of economic and investment activities, and in view of the success of the first issuance of Emaar bonds, the Ministry of Finance intends to offer the second issuance of bonds and make them available for circulation to citizens as of Tuesday, October 28.” The second is 2023 and for a period of 30 days.”

She noted, “Details of the bonds offered: The second issuance of bonds with a value of one and a half trillion Iraqi dinars, tradable on the Iraqi Stock Exchange, is available in the form of two denominations: the first at a price of (500,000) five hundred thousand dinars, with an annual interest rate of 6% for two years, and the second at a price of 1,000,000 one million.” Dinar, with an annual interest rate of 8% for four years.

She added, "Purchasing and trading of the bonds offered are exempt from taxes, according to what is stated in the General Federal Budget Law No. 13 of 2023."

She explained that “the mechanism for applying to buy a bond: People wishing to buy bonds can submit a direct request to one of the approved banks, bringing with them the original identification documents. The buyer will be given a receipt by the bank for the amount he paid to buy the bond. The buyer keeps the receipt until the bond is prepared.” The buyer brings the aforementioned receipt to the bank to receive the bond after preparing it.”   https://www.mawazin.net/Details.aspx?jimare=238549

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

https://www.bondladyscorner.com/

Provoking Points to Ponder on The Value of Challenge 

Challenge is life's way of making sure that you truly desire the things you achieve. Challenge is an excellent tool for keeping you focused on the things that really matter to you.

Imagine for a moment what it would be like to live in a world with no challenge. In such a world, you could obtain anything  and everything with no need for effort, discipline or commitment. 
Does that sound like a great setup, with your every wish fulfilled  the moment you think of it? 

Well, it might be nice for 20 minutes or so, but it would soon grow extremely tiresome. For such a world  would literally overwhelm you with meaningless triviality. 

Sure, every wish would be instantly granted, but it would all be painfully empty.

The value of achievement is in the achieving, in the overcoming  of the challenges, in the person you become as a result of going  through the process. 

To have the reward without the effort is to have no reward at all,  nothing but an empty and meaningless token.

Challenge is difficult, often painful, always demanding, and as such, challenge is what makes true value, beauty and fulfillment  possible. Challenge can be tough, yet indeed it brings about the 
richness and fullness of life.

Ralph Marston

"Tidbits From TNT" Sunday 11-26-2023

TNT:

Tishwash:  Al-Sudani: It is time for the current plans to focus on economic diversification

Prime Minister Muhammad Shiaa Al-Sudani sponsored the first conference of the five-year national development plan, which was held this Sunday morning by the Ministry of Planning in cooperation with the United Nations Development Programme, and its work will continue for the period from 26-28 this November.

In a speech he delivered during the conference, Al-Sudani stressed the government’s interest in strategic plans and projects that are consistent with the 2030 Sustainable Development Vision, calling on everyone to actively contribute to building a five-year national development plan that suits Iraq’s need for real development built on sound foundations.

The Prime Minister praised the Ministry of Planning, in preparing this important document, and the efforts of the experts supporting the Ministry. He also praised the efforts of the United Nations Development Program and the United States Agency for Development, for their support of the efforts of the Iraqi government.

The following are the highlights of the Prime Minister’s speech during the conference:

The scale of the challenges requires integrated plans aimed at achieving comprehensive renaissance in the medium and long term.

Iraq has witnessed a development interruption since the 1980s. Because of wars, sieges, and counter-terrorism operations. 

Our government worked to put development back on track and launch its development plans.

The government increased the pace of implementation of existing projects, which number more than 7,000 projects, and implemented new projects that represent a high development and service value.

The government has paid attention to strategic projects that are consistent with the 2030 Sustainable Development Vision, including infrastructure projects, clean energy, the development road, Al-Faw port, and others.

The best conditions to achieve the goals of the five-year plan must be provided by the agencies concerned with its implementation, including the governorates.

- At the beginning of its work, our government supported the governorates, through the Supreme Commission for Coordination between the Governorates, which succeeded in changing many paths, and its results appeared within one year of the government’s life.

The new governorate councils will represent a qualitative addition to the work, so we were keen to create the conditions for the success of the elections, so that each governorate would have representatives, whose work would complement the governor’s.

It is time for the new development plan to have economic dimensions based on the philosophy of economic diversification.

The government has laid the foundations for economic diversification, including the establishment of the Iraqi Fund for Development, which aims to create an integrated investment environment in the country.

Initiatives have been launched that aim to change the pattern of the rentier economy, such as the “Riyada” initiative, which helps young people invest their ideas in productive sectors.

The tripartite budget included a special provision to support the private sector by granting it sovereign guarantees, which will contribute to encouraging the business and investment environment in the country.

We are working hard to support the private sector and complete the formation of its development council, as it represents the primary partner of the government sector.

- If we succeed in achieving economic diversification, providing a fertile investment environment, and strongly introducing the private sector into the development scene, the reality of the situation will change.

We are continuing to build a network of economic relations between Iraq and the countries of the world, built on the foundations of mutual interests.

The government worked to reform the banking and financial sector, by automating all economic and service activities.

- We have begun to automate work at border crossings, and established the shift towards the use of electronic payment in all market and commercial transactions.

The five-year development plan must adopt digital transformation, by adopting electronic systems in all aspects of life.

We need sound development data and indicators in order to make development plans successful, and this requires conducting an accurate and comprehensive census of the population, their places of residence, and their work environments.

We decided to conduct the population census next year, 2024, and directed that all financial and logistical requirements be provided to make it successful.

-The five-year development plan should create space to achieve good governance, establish appropriate mechanisms to fight corruption, and dry up its sources wherever they are.

The existence of a five-year, verifiable development plan indicates a state of security, political, social and economic stability.

The results of development plans must reflect positively on vulnerable segments of society, by providing housing, education, and health, improving income levels, and reducing the effects of climate change.

- During its first year, the government worked to reduce poverty and unemployment rates, through the social protection network, improving the food basket, paying attention to health and education projects, services and infrastructure, working to not inherit poverty among poor families, and establishing a fund to support the poorest areas.   link

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Tishwash:  Saudi Arabia is accelerating the steps to establish the first free economic zone with Iraq

Saudi Minister of Investment Khaled Al-Fateh said on Sunday that his country is accelerating the steps to inaugurate the first free economic zone with Iraq, in the border region of Arar.

Al-Falih said that the Saudi Economic Cities Authority is studying establishing a link between the border areas and free zones with neighboring countries, expressing his hope that the border area with Iraq in Arar will be the first free economic zone with a neighboring country without taxes, fees or entry visas to serve investors in the two countries.

The statements of the Saudi Minister of Investment came during one of the sessions of the Northern Border Investment Forum held in the Saudi city of Arar, in which he indicated the availability of about 100 new investment opportunities, worth 20 billion riyals, in addition to the existing opportunities, which are valued at 80 billion riyals.

He stated that the new Arar land port in the northern border region is one of the gateways to the trade movement between Saudi Arabia and Iraq during the past two years, as the volume of land trade exchange during the first half of the current year amounted to about 913.1 million riyals, indicating at the same time that the volume of trade exchange between Saudi Arabia and Iraq In 2021, it amounted to about 3.5 billion riyals.

The Chamber of Commerce and Industry in the Northern Border Region said in a study it conducted that the trade movement between the Kingdom and Iraq grew from 294 million riyals in January to 381 million riyals in March, and Saudi Arabia’s imports from Iraq declined during the same period from 11.5 million riyals to 8.6 million riyals. Millions of riyals. 

The goods that Saudi Arabia exports to Iraq include aluminum and its products, electrical appliances and equipment and their parts, preparations based on grains or flour, dairy and eggs, edible animal products, and mineral products. While goods were imported from Iraq, namely aluminum and its products, gum and vegetable juices, sugar and its sugar products, and copper and its products.

The Saudi northern border region includes 25% of the Kingdom’s mining wealth, with a total value of 1.2 trillion riyals, according to the Deputy Minister of Industry and Mineral Resources for Mining Affairs, Khaled Al-Mudaifer.

The Saudi northern border region also contains about 7% of the global phosphate reserve, and the volume of investment in it amounts to about 85 billion riyals in two stages.

The northern region is considered an international corridor for trade and transport movement through 3 axes: the first through Iraq and then the countries of East Asia, the second through Jordan and Syria, then Turkey and the continent of Europe, and the third to the Arab Gulf countries.

On the 22nd of this month, the Iraqi Ministry of Industry and Minerals announced its initial approval to establish a joint economic zone with Saudi Arabia on the border between the two countries.  link

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

Tishwash:  Al-Nusairi: The battle with black dollar speculators is in its final round

 Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed in an interview with Al-Iqtisad News Agency that the measures of the government and the Central Bank and the efforts made since the beginning of 2023 have yielded results and will give the desired results according to what was planned, as speculators who deal in the black dollar on the black market have been besieged and the battle is with them.

In its last tour, this was explained in detail by the Governor of the Central Bank in his recent speech to the Iraqi News Agency, in which he referred to the administrative, technical and negotiating procedures and steps with the US Federal Reserve Bank and the US Treasury Department and the understandings to regulate trade financing by approving the opening of accounts for Iraqi banks in American and Chinese correspondent banks.

And Emirati and Turkish to deal directly with them for external transfers in the currencies of these countries, which are the dollar, the euro, the Chinese yuan, the Indian rupee, and the Emirati dirham, and to leave the electronic platform in 2024 and supply the dollar and foreign currencies into Iraq from the accounts of Iraqi banks in correspondent banks or abroad, as well as achieving the opening of up to 40 accounts for our banks. In correspondent banks.

Al-Nusairi explained that the Central Bank’s next strategy to reform the banking sector will depend on reclassifying banks and increasing their capital to the ceiling set by the Central Bank in accordance with the specified time frames until the end of 2024, which will lead to raising the capabilities of our banks to provide the best banking products and services to customers and to the economy, investment and development and the transition to comprehensive digital transformation. .

 Al-Nusairi pointed out that government support and the government agencies concerned with stimulating and activating the real sector and revolutionizing the productive economic sectors will constitute support and support for the plans and procedures of the Central Bank and continuous coordination with monetary policy applications.

 Al-Nusairi concluded his speech by saying that the methodology for advancing and reforming the Iraqi economy and achieving economic growth and stability requires exceptional efforts, programs, mechanisms and government procedures in partnership with the private sector and competent national competencies to change towards the desired economic advancement. With an emphasis on supporting, developing and classifying the banking sector as the first basic link in the economy.   link

Mot:  Good luck, shoppers!

Mot: ...... Hay Ya'll ~~~~~

Goldilocks' Comments and Global Economic News Sunday AM 11-26-23

 Goldilocks' Comments and Global Economic News Sunday AM 11-26-23

Good Morning Dinar Recaps,

As of October 2023, many Vietnamese banks are already in the process of migrating to ISO 20022. For example, Vietcombank, the largest bank in Vietnam, announced in August 2023 that it had successfully completed the migration of its cross-border payments to ISO 20022.

Other major Vietnamese banks, such as BIDV, Agribank, and Techcombank, are also expected to complete their migrations to ISO 20022 by the November 2025 deadline.

Vietnamese banks accelerate migration to ISO 20022   

VnExpress International Link

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"Gold Prices Forecast: XAU/USD's Future Moves Hinge on Federal Reserve Actions"

There is a strong expectation that the Federal Reserve will halt interest rate hikes for the time being from many economists. This move is expected to carry over into the first part of next year and possibly into the summer.

These actions would be good for foreign currency markets allowing them to move into higher values based upon new choices being made in the digital economy and the dollar pulling back from its strength.

We have oil getting ready to make a turn around and to higher values along with cryptocurrency and a gold. The stage is being set for new price pressures going forward.

These changes will make it easier to determine real values on the new tokenized assets backed by gold and supported by new algorithms taking place early next year as Protocol 20 transitions the market into price actions that level the playing field.

© Goldilocks
Action Forex Link
FXEmpire Link

https://www.fool.com/investing/2023/11/26/bond-market-alarm-what-it-means-for-stock-market/

https://www.dailyfx.com/news/gold-xau-usd-silver-xag-usd-hold-the-high-ground-as-oil-prices-eye-a-recovery-20231126.html

https://www.dailyfx.com/news/us-dollar-forecast-growth-and-inflation-to-extend-the-usd-sell-off-20231126.html

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Is Mexico’s Peso Set for a Strong 2024?

https://www.youtube.com/watch?v=F8Wt1kk_U-c 

👆 Goldilocks pointed at this article

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Russia anticipates that they will finalize a deal shortly for the proposed natural gas hub in Turkey.

This has been long in the works.

We will eventually see an electronic gas-trading platform.

Very interesting…

Read: https://x.com/goldtelegraph_/status/1728589726888726538?s=46

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Canada says 60% of all new passenger cars and light trucks sold in Canada must be electric by 2030, increasing to 100% in 2035.

Canada needs more minerals to make this vision an actual reality.

Expect more mineral development in Canada in the coming years…

Read: https://x.com/goldtelegraph_/status/1728608497083035921?s=46

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Iraq Economic News and Points to Ponder Sunday Afternoon 11-26-23

Iraq Economic News and Points to Ponder Sunday Afternoon 11-26-23

Tlm724 Administrator Bondlady’s Corner

The Regional Government Is “Illegitimate”... Where Does The Money Sent From Baghdad To Kurdistan Go?

Information/private.   The former member of the House of Representatives, representing the Kurdish component, Ghaleb Muhammad, stated today, Sunday, the fate of the funds sent to Kurdistan, and while he described the regional government as “illegitimate,” he addressed a request to the Baghdad government regarding employee salaries.

Ghaleb said, in an interview with the Maalouma Agency, that “the educational personnel who moved from Kurdistan to Baghdad are demanding their financial rights as Iraqi citizens,” calling on the federal government to “take crisis measures and settle the salaries of Kurdistan employees directly with its banks without returning to the region.”

He added, "The Kurdistan Regional Government now, and its authorities, are illegitimate, and do not have any legal basis, especially after the end of the life of the Kurdistan Parliament, and this is also the case with the government," stressing that "the money that is sent from Baghdad to the region is stolen by parties and companies." The ruler goes to the officials and their families, which is what prompted us to demand our salaries from Baghdad.”

The former Kurdish MP explained, “Citizens in Dohuk or Erbil want to be like those living in other Iraqi provinces,” pointing out that “the federal government is able to take measures and transfer employees’ salaries to it.”

Earlier, a member of the House of Representatives, Muhammad Al-Qadri, confirmed that Kurdistan is today trying to transfer the crisis of its employees’ salaries to the center. To put pressure on the federal government,” adding: “If there are no solutions to the outstanding problems between Baghdad and Erbil, then a solution to this crisis cannot be found.”

Earlier today, hundreds of educational and teaching personnel arrived in the capital, Baghdad, from the Kurdistan region, where they organized a demonstration in Tahrir Square. To demand their financial entitlements, and attempt to settle their salaries with the federal government.  LINK

The "Five-Year Plan" In The Al-Sumaria Bulletin And Government Assurances On Building Economic Relations With The World

Special Sumerian   2023-11-26 | 969 views    Al-Sudani stresses providing the best conditions to achieve the goals of the five-year plan... and is keen to build economic relations with the world.

 The region's teachers demonstrate in Baghdad to demand the payment of their salaries.. A Kurdish delegation will visit Baghdad tomorrow to meet the Prime Minister.

  Despite its religious status, Al-Kadhimiya is infiltrated by drugs... and demands to combat anomalies in the city’s alleys.  

 The Gaza truce enters its third day... the continued entry of humanitarian supplies into the Strip... and anticipation of the release of more prisoners.   LINK

The Importance Of Oil And Gas Law

Economical  11/26/2023   Muhammad Sharif Abu Maysam   The importance of the Oil and Gas Law does not stop at establishing the correct mechanisms and methods for managing oil wealth and establishing the correct solutions for resolving oil and gas conflicts and disputes between the producing and contracting parties in a way that enhances confidence in the political system and the judicial institution, as its legislation and entry into force will necessarily contribute to supporting political, security and economic stability.

 They will contribute to strengthening national unity, increasing the rule of law, and creating an attractive investment environment that goes beyond promoting investments in the oil sector, and will push towards the urgent need to legislate the Federal Court law, respect the constitution, and resolve all points of contention between the center and the region, given that most of the outstanding problems between Baghdad and Erbil are the result of the oil and revenue file.

Oil, and most importantly of all, the legislation of this law will confirm the right of the Iraqi people to own oil and gas wealth as stated in Articles (11 and 12) of the Constitution.

Despite this great importance of legislating the oil and gas law, which prompted the current government to form a committee to study and amend the draft law and then present it to the government and the House of Representatives, political differences are still an obstacle to approving a law that satisfies all parties since 2007 until now, which makes Legislating this law is the biggest challenge under the government's program document applications.

It goes without saying that a legal draft that is not consistent with the constitutional texts will be subject to categorical rejection under the powers of the Federal Court responsible for implementing the constitutional texts. Anything less than that can be agreed upon through intensifying dialogue sessions between oil and legal experts and those concerned with financial management.

However, such a law will remain. It has been locked away for about sixteen years without legislation under the pretext of political differences. This is a very strange matter, not only because the justifications for obstruction are illogical in light of the extent of the national importance of its legislation, but also because the current stage is the most dangerous after the escalation of the conflict between the major oil-consuming countries, in addition to what the country is witnessing.

Hello, World!

Of major economic transformations, at a time when we are looking forward to implementing the government program, specifically with regard to legislating obstructive laws and resolving disputes related to economic files.

Accordingly, the current committee charged with studying and amending the draft prepared in 2007, over which dialogue took place for years to no avail, is required to work hard, compete for time, and disclose the reality of the obstacles that hinder reaching consensus on the controversial points contained therein, with the aim of forming a public opinion that pressures those responsible. By disrupting.   https://alsabaah.iq/87868-.html

Petroleum Products Resolve The Controversy Over Imposing Fees On Selling Fuel At Stations Via Electronic Payment

Economy |Baghdad Today – Baghdad  The Petroleum Products Company confirmed today, Sunday (November 26, 2023), that selling fuel at stations via electronic payment will not add additional financial costs to citizens.

Director of Petroleum Products, Hussein Taleb, told the official agency, “The decision to adopt electronic payment exclusively at gas stations comes within the government’s direction to generalize this experience in payment and requires, initially, that all drivers have an electronic payment card.”

He added, "The citizen will only pay the required amount on the screen at the stations, and they will not bear additional financial burdens that exceed the price of a liter of fuel."

Talib pointed out, “The Petroleum Products Distribution Company supplies thirty million liters of gasoline per day to citizens, divided between premium gasoline for (450) dinars and improved gasoline (650) dinars.”

He pointed out that "the state subsidizes petroleum derivatives with a value of more than 100%," pointing out that "the price of a liter of gasoline, which is sold for 650 dinars, costs the state 1,000 dinars."

Talib pointed out that “the company produces 23 million liters of gasoline daily, and there is a deficit estimated at 7 million that is imported from abroad,” pointing out that “Iraq was importing oil derivatives worth three and a half billion dollars annually before the need for imports was reduced.” LINK

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

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Provoking Points to Ponder on THANKS - GIVING.... GIVING THANKS ..... "GIVING"..... GRATITUDE

Generosity is giving more than you can, and pride is taking less than you need. Kahlil Gibran (1883 - 1931)

Do give books - religious or otherwise - for Christmas. They're never fattening, seldom sinful, and permanently personal. Lenore Hershey

You try to give away what you want yourself. Lois McMaster Bujold, "Memory", 1996

If we have the opportunity to be generous with our hearts, ourselves, we have no idea of the depth and breadth of love's reach. Margaret Cho, weblog, 03-09-04

If you want to see what children can do, you must stop giving them things. Norman Douglas

What a child doesn't receive he can seldom later give. P. D. James, Time to Be in Earnest

Gifts allow us to demonstrate exactly how little we know about a person. And nothing pisses a person off more than being shoved into the wrong pigeonhole. Pam Davis, House M.D., It's A Wonderful Lie, 
2008

A gift in season is a double favor to the needy. Publilius Syrus (~100 BC), Moral Sayings, 100 B.C.

He doubly benefits the needy who gives quickly.  Publilius Syrus (~100 BC), Maxims

The spirit in which a thing is given determines that in which the debt is acknowledged; it's the intention, not the face-value of the gift, that's weighed. Seneca (5 BC - 65 AD), Letters to Lucilius, 100 A.D.

We make a living by what we get, we make a life by what we give  Sir Winston Churchill (1874 - 1965)

Purchase not friends by gifts; when thou ceasest to give, such will cease to love. Thomas Fuller (1608 - 1661)

Rich gifts wax poor when givers prove unkind.  William Shakespeare (1564 - 1616), Hamlet, 1600

Here's A Look At Countries Using The Greenback As Local Currency

Taking Dollarization To The Next Level: Here's A Look At Countries Using The Greenback As Local Currency

Filip De Mott  Fri, November 24, 2023

Argentina's presidential election puts the country closer to adopting the dollar as its own currency. But the switch could mean risks, and Argentina would have to cede monetary control.

Several other countries, including Panama and Zimbabwe, have adopted the greenback. Pro-dollarization candidate Javier Milei has secured Argentina's presidency, laying the foundation for the country to adopt the US dollar — and join other countries that have done the same. It'll be no easy thing to implement, analysts have noted, as support in the Argentina's congress remains thin. But if successful, it would become the largest economy to dollarize.

"If Argentina uses the dollar, they're basically outsourcing their central bank and monetary policy to the US. And my sense is that few countries, especially few large countries, really want to do that," Bannockburn Global Forex strategist Marc Chandler told Business Insider in June.

Others have also warned of recessionary risks that can erupt from a sudden currency shift, especially as Argentina lacks dollars in its reserves.

Still, other countries have done it. Here are nations that use the US dollar as local currency. GDP and population estimates come from 2021 World Bank data.

Ecuador   GDP: $106.17 billion   Population: 17,797,737

The Latin American nation went through a number of currencies before landing on the sucre. However, when this became worthless, many citizens began accumulating dollars on their own, unofficially dollarizing the nation. Ecuador eventually adopted the US dollar in 2000.

Panama  GDP:  $63.61 billion   Population: 4,351,267

The Central American country uses the dollar alongside its local currency. The Panamanian Balboa is pegged 1-for-1 to the greenback and only issued in the form of coins. This structure has been established since 1904 after Panama claimed independence.

El Salvador  GDP:   $28.74 billion   Population: 6,314,167

The US currency replaced El Salvador's colón in 2001, as a method of stabilizing its economy. More recently, the nation moved to also recognize bitcoin in 2021.

Zimbabwe   GDP: $28.37 billion   Population: 15,993,524

The greenback was used in 77% of transactions this year after the US dollar was reintroduced to rein in inflation caused by the local Zimbabwean dollar. This is the second time since 2009 that the US currency was brought in.

Earlier this month, the International Monetary Fund pushed Zimbabwe to take further action on its currency reforms, such as allowing the local tender to become free-floating.

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/taking-dollarization-next-level-heres-203000678.html