"Tidbits From TNT" Wednesday Morning 12-6-2023
TNT:
CandyKisses: Iraq and Saudi Arabia sign a partnership agreement in the field of industrial investments for the private sector
Economy News-Baghdad
On Wednesday, Iraq and Saudi Arabia signed a partnership agreement in the field of industrial investments for the private sector.
The official agency said: "The head of the Iraq Fund for Development, signed today a partnership agreement between Iraq and Saudi Arabia in the field of industrial investments for the Iraqi and Saudi private sector
TNT:
CandyKisses: Iraq and Saudi Arabia sign a partnership agreement in the field of industrial investments for the private sector
Economy News-Baghdad
On Wednesday, Iraq and Saudi Arabia signed a partnership agreement in the field of industrial investments for the private sector.
The official agency said: "The head of the Iraq Fund for Development, signed today a partnership agreement between Iraq and Saudi Arabia in the field of industrial investments for the Iraqi and Saudi private sector
Tishwash: Al-Sudani: The challenges facing Iraqi society are mostly economically rooted
Al-Sudani: Within a year of the government’s life, we determined the priority of economic reform
Al-Sudani: By paying taxes, the citizen must feel his participation in improving the country’s reality
Prime Minister Muhammad Shiaa Al-Sudani considered, on Wednesday, that most of the challenges and problems facing Iraqi society have economic roots.
This came in a speech he delivered during the launch of the conference on reforming the tax system in Iraq.
Al-Sudani said in his speech, “Within a year of the current Iraqi government’s life, we identified one of the five priorities, which is economic reform. We did not set this word as a slogan or a temporary goal, but rather it came through a realistic reading and inevitable result of the problems and challenges facing Iraqi society, most of which have economic roots.” ".
more to come... link
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CandyKisses: Parliamentary calls for an extraordinary session to discuss the blatant US aggression
Information / Baghdad.
State of Law Coalition MP Yasser al-Husseini said on Tuesday that the blatant attack on the Popular Mobilization Forces will not pass without taking a position on the US presence, calling for an extraordinary session to discuss the repeated blatant attacks of the US occupation.
Al-Husseini said in an interview with the Information Agency that "the blatant US aggression against the sites of the Popular Mobilization Forces is unjustified and is a violation of Iraq's autonomy and must be stopped."
He added that "there is pressure on the government in order to activate the decision of the previous parliament to remove the US occupation from Iraq," pointing out, "The political forces are invited to hold an extraordinary session to find out the repeated attacks on the sites of the Popular Mobilization."
Al-Husseini called on the presidency of the House of Representatives to "hold an extraordinary session to discuss the US aggression against the Popular Mobilization Forces sites in Kirkuk province."
Many parliamentary forces are demanding the removal of US forces from Iraq, especially as they play suspicious roles in the security scene."
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CandyKisses: Before receiving my boss. Putin to visit UAE and Saudi Arabia tomorrow
BAGHDAD (Reuters) - Russian President Vladimir Putin is heading to the United Arab Emirates and Saudi Arabia before receiving his Iranian counterpart in Moscow on Thursday.
Russian presidential spokesman Dmitry Peskov explained that "President Putin will conduct a working visit to the United Arab Emirates and Saudi Arabia tomorrow (Wednesday, December 6, 2023)," noting that the two visits will occur "in one day."
The Kremlin noted that Putin will meet in the UAE with President Mohammed bin Zayed Al Nahyan to "discuss ways of cooperation and the situation in the Middle East," and in Riyadh, he will be received by Saudi Crown Prince Mohammed bin Salman to "discuss trade, investments and international politics."
The Kremlin spokesman added that Putin would address bilateral relations, the war between Israel and Hamas, international politics, as well as oil production cuts within the framework of the OPEC+ alliance joined by Russia.
The Kremlin did not say whether the Russian president would attend the COP28 climate conference currently being held in Dubai.
In turn, the Iranian news agency reported that Iranian President Ebrahim Raisi will travel to Moscow at the invitation of Putin at the head of a "high-level political and economic delegation," noting that "bilateral issues, including economic interactions, as well as discussions on regional and international issues, especially the situation in Gaza, will be at the top of the agenda of the one-day visit."
Mot: .... More of the Karma I Love!!!!
Mot: . Raising the ""Wee Folks"" siiggghhhhhh
Iraq Economic News and Points to Ponder Late Tuesday Evening 12-5-23
Iraq Economic News and Points to Ponder Late Tuesday Evening 12-5-23
Tlm724 Administrator Bondlady’s Corner
Report... Currency Fluctuations In Iraq: The Role Of Private Banks In The Dollar Crisis
December 4, 2023 Last updated: December 4, 2023 The Independent / Report / - In light of the economic and political transformations, Iraq is witnessing significant fluctuations in the value of its currency and their effects on the national economy.
This report explores the role of private banks in settling the dollar crisis and its challenges.
Iraq Economic News and Points to Ponder Late Tuesday Evening 12-5-23
Tlm724 Administrator Bondlady’s Corner
Report... Currency Fluctuations In Iraq: The Role Of Private Banks In The Dollar Crisis
December 4, 2023 Last updated: December 4, 2023 The Independent / Report / - In light of the economic and political transformations, Iraq is witnessing significant fluctuations in the value of its currency and their effects on the national economy.
This report explores the role of private banks in settling the dollar crisis and its challenges.
The Iraqi dinar has witnessed continuous fluctuations in value against the US dollar, which raises concerns among citizens and affects various economic sectors.
This volatility is attributed to several factors, including political tensions and widespread corruption in financial and banking institutions.
The Dollar Crisis And Its Effects:
The dollar crisis is reflected in the increased demand for hard currency and the deterioration of the value of the Iraqi dinar.
Citizens and businesses suffer from difficulty obtaining dollars, which affects purchasing power and economic stability.
The Role Of Private Banks:
Private banks play a vital role in managing this crisis.
By offering foreign exchange services and providing options to deal with fluctuations, the banking sector plays a pivotal role in providing financial support to individuals and businesses.
Challenges For Private Banks:
Private banks face challenges in managing currency fluctuations, including increased demand for the dollar and the effects of the financial distress resulting from the crisis.
It requires them to adapt to these challenges and provide innovative solutions to meet customer needs.
The role of the government and oversight:
The importance of the government’s role is highlighted in strengthening oversight of financial markets and ensuring the stability of the national currency.
The authorities must take the necessary measures to stimulate investment and promote economic stability.
Solutions And Directions:
To overcome these challenges, the private banking sector must cooperate with the government to provide effective solutions.
This includes enhancing financial security, offering innovative investment options, and enhancing financial technology to facilitate transactions.
Currency fluctuations and the dollar crisis remain major challenges in Iraq,
but by coordinating the efforts of private banks and cooperating with the government, solutions can be provided that contribute to achieving economic stability that benefits citizens and companies alike.
https://mustaqila.com/تقرير-تقلبات-العملة-في-العراق-دور-الم/
Economist: Switching To Electronic Cards Will Allow The Central Bank To Track The Movement Of The Dinar
Information / Baghdad... Economic expert, Safwan Qusay, confirmed on Tuesday that the shift towards adopting electronic cards in financial transactions will allow the Central Bank to track the movement of the dinar, pointing out that working with cards will contribute to launching projects, creating new job opportunities, and ensuring that currency is not stored inside homes.
Qusay told Al-Maalouma, “The Central Bank will be able to track the movement of the dinar through the Ministry of Oil’s procedures to activate electronic cards at fuel filling stations, as well as reduce cases of corruption that may occur when supplying generator owners with kerosene.”
He added, "The more federal ministries expand their procedures to shift toward electronic cards in financial transactions,
the more they will be able to convert transactions from paper dinars to electronic ones that go directly into the banking system." He stated that
"working with the electronic system for trading in the dinar will allow the currency to be moved instead of storing it in homes and companies.
It will be placed in the banking system and re-injected in the form of projects and job opportunities."
The Date Of “Cancellation Of Cash” And The Reality Of The Additional Fees.. New Details About Electronic Payment At Gas Stations
Politics |12-3-2023, Baghdad today – Baghdad Today, Sunday (December 3, 2023), the Petroleum Products Distribution Company affiliated with the Ministry of Oil revealed new details regarding stopping cash payment at gas stations at the beginning of the new year.
The company's general manager, Hussein Talib, told "Baghdad Today",
"Closing cash transactions at gas stations completely will not happen at the beginning of next year, but rather in the first quarter of 2024, and
the process will also take place gradually at the stations, one after the other.". Talib stated,
“There are kiosks that will be opened in most gas stations in order to issue an electronic payment card, in order to facilitate this matter for many citizens, and
payment via the card will not deduct any additional amount other than the amount that appears on the payment screen, without any Other wages.
The Director General of the Petroleum Products Distribution Company added,
“Payment devices will be available at every pump so that there will be no delay in the issue of paying wages, and the process will be easy and fast and will not cause any rush.
On the contrary, it will speed up the payment process, but rather cash payment, which takes time to complete.” Count the money.”
Under The Patronage Of The Prime Minister, The Conference On Reforming The Tax System In Iraq Will Start Tomorrow
Economy News – Baghdad At nine o'clock tomorrow morning, Wednesday, Baghdad will witness the launch of the conference on reforming the tax system in Iraq, under the auspices of Prime Minister Muhammad Shiaa Al-Sudani, and under the slogan (Towards a transparent and fair tax system).
The conference's main topics will include tax policies, legislation, governance and automation, tax administration and accounting.
The conference aims to
amend tax legislation that is not friendly to the business environment,
develop tax administration and the skills of its employees to raise the level of tax performance,
correct defects in the tax work environment in a way that serves the process of economic development,
achieve tax justice and
reduce the tax burden on taxpayers,
facilitate tax procedures and
adopt tax governance. And
reconsidering tax and customs policies in Iraq in light of the market economy,
strengthening Iraq’s position in international classifications in the field of tax work, and
spreading a tax culture among those charged with paying taxes by reflecting tax revenues by providing good services and
creating investments that contribute to providing job opportunities that generate sustainable income.
During which 12 winning papers will be discussed, specializing in several topics, out of 40 papers submitted by governmental and academic bodies, private sector companies, and international organizations. Views 12 12/05/2023 - https://economy-news.net/content.php?id=38177
Iraq Offers 90 Investment Opportunities In Petrochemicals And Mining
The first 12/05/2023 Baghdad: Haider Al-Jaber The majority of experts and observers agree that two internal and external factors are behind the disruption of local Iraqi industry, despite successive governments pumping millions of dollars over the past years without a noticeable improvement at the market level.
A few days ago, the Ministry of Industry and Minerals launched the Industrial Partnerships Forum in Basra in the presence of Prime Minister Muhammad al-Sudani, as part of a plan to operate the ministry’s factories and laboratories.
The ministry’s media director, Duha Muhammad Saleh, explained to “Al-Sabah” that
“the forum comes within the ministry’s plan to operate old and stopped factories,” adding that
“most of the factories have stopped due to the end of their lifespan, and
we plan for these factories to enter into partnership with the private sector and with local successful investors.” Or Arabs or foreigners.” Saleh explained that
“during the forum, about 90 investment opportunities were presented in the presence of many investing companies and various industries, including food, textiles, petrochemicals and mining,” noting that
“the Ministry had previously organized a conference for factories during which many partnerships were signed with the private sector in the phosphate and petrochemical sectors.” Sulfur and fertilizers, and
the Ministry continues to study the offers to choose the best and most appropriate to bring modern and advanced lines and factories.” https://alsabaah.iq/88428-.html
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points To Ponder on Difficulty:
WHAT IS DIFFICULTY? Only a word indicating the degree of strength requisite for accomplishing particular objects; a mere notice of the necessity for exertion; a bugbear to children and fools; only a stimulus to men -- Samuel Warren
The greatest difficulties lie where we are not looking for them -- Goethe
It has been the glory of the great masters in all arts to confront and to overcome; and when they had overvc0me the first difficulty, to turn it into an instrument for new conquests over new difficulties; thus to enable then to extend the empire of science - Burke
Difficulty is a severe instructor, set over us by the Supreme guardian and legislator, who knows us better than we know ourselves, and loves us better too. -- He that wrestles with us strengthens our nerves and sharpens our skill -- Our antagonist is our helper -- Burke
The weak sinews become strong by their conflict with difficulties -- hope is born in the long night of watching and fears - Faith visits us in defeat and disappointment, amid the consciousness of earthly frailty and the crumbling tombstones of mortality -- E H Chapin
Goldilocks' Comments and Global Economic News Tuesday Evening 12-5-23
Goldilocks' Comments and Global Economic News Tuesday Evening 12-5-23
Good Evening Dinar Recaps,
The BRICS Nations are currently letting go of their trades in dollars and signing free trade agreements with each other this year. This will allow them to trade in their own local currencies.
And, it will increase the demand for their own currencies raising their values between each other.
Recently, China and Saudi Arabia have just signed agreements to make their primary trading currency their own instead of the dollar.
Goldilocks' Comments and Global Economic News Tuesday Evening 12-5-23
Good Evening Dinar Recaps,
The BRICS Nations are currently letting go of their trades in dollars and signing free trade agreements with each other this year. This will allow them to trade in their own local currencies.
And, it will increase the demand for their own currencies raising their values between each other.
Recently, China and Saudi Arabia have just signed agreements to make their primary trading currency their own instead of the dollar.
© Goldilocks
SilkRoadBriefing Link
ArabNews Link
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"We previously reported plans to settle a tokenized bond issuance by the Canton of Zurich with a wholesale Swiss Franc. Additionally, the City of Basel issued a CHF 105 million bond, using the wholesale central bank digital currency (wholesale CBDC) for settlement. Both transactions occurred last Friday. Basel’s bond was issued via the Basler Kantonalbank."
Zurich has begun tokenizing their bond market and selling them through CBDCs. This is a pilot program and settles their transactions through atomic settlements which simply means irreversible trades once a transaction takes place.
This will provide liquidity for the Canton of Zurich. Basel, Zurich's tokenized bonds settled with Swiss wholesale CBDC.
“This issuance is one of a series of live trials, as part of Helvetia Phase III, and represents another key milestone for the wider development of wholesale CBDC and digital assets which will importantly be used in a live production environment.”
© Goldilocks
LedgerInsights Link
ThePaymentsAssociation:Link
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If you have noticed for the last 3 years, the Dow has been in stagflation. It has moved up and it has moved down, but it continues to hover around the same numbers.
On July the 1st 2023, we began the process of SOFR lending services. This is collateralized lending inside the Banking and Market Systems that requires a growing liquidity to move Financial Systems Forward.
SOFR brought us to a place where gold-backed liquidity allowed us to begin creating mechanisms of standard protocols that can be utilized in the new digital financial system.
Look for gold to be reset and caps released. "All roads lead to gold and gold will set us free."
© Goldilocks
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I asked Salty Toes to check in with Isaac to see if this is what he needed to have happen in order for him to get liquidity.
I am referring to the two articles above these words.
If the answer is yes, is important to notice that the article states this project is in pilot form.
Once the pilot form is done usually around 30 days, liquidity will follow.
@ Goldilocks Goldilocks Link
"Correct 👍
Right on the money"
@ Isaac Isaac's Room Link
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JUST IN: $44,000 Bitcoin @WatcherGuru
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Iraq Economic News and Points to Ponder Late Tuesday Afternoon 12-5-23
Iraq Economic News and Points to Ponder Late Tuesday Afternoon 12-5-23
Tlm724 Administrator Bondlady’s Corner
A Decline In Dollar Exchange Rates In Local Markets With The Closure Of The Two Stock Exchanges
Market Economy News – Baghdad On Tuesday, the exchange rates of the US dollar in Baghdad and Erbil witnessed a decline with the closure of the stock market.
The exchange rates of the dollar fell on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 157,150 dinars per 100 dollars, while it recorded this morning 157,600 dinars per 100 dollars.
Iraq Economic News and Points to Ponder Late Tuesday Afternoon 12-5-23
Tlm724 Administrator Bondlady’s Corner
A Decline In Dollar Exchange Rates In Local Markets With The Closure Of The Two Stock Exchanges
Market Economy News – Baghdad On Tuesday, the exchange rates of the US dollar in Baghdad and Erbil witnessed a decline with the closure of the stock market.
The exchange rates of the dollar fell on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 157,150 dinars per 100 dollars, while it recorded this morning 157,600 dinars per 100 dollars.
Regarding selling prices in banking shops in local markets, they decreased, as the selling price reached 158,000 dinars per 100 dollars, while the purchase price reached 156,000 dinars per 100 dollars.
In Erbil, the dollar also recorded a decline, as the selling price reached 156,850 dinars, and the purchase price reached 156,750 dinars per 100. 12/05/2023 - https://economy-news.net/content.php?id=38199
The Iraqi Stock Exchange Closed Down By 4.02%
Market Economy News – Baghdad The Iraqi Stock Exchange closed, on the second day of trading this week, down by 4.02%.
The session traded shares of 31 companies, with the number of shares traded reaching more than 1.6 billion shares, with a value of more than 2.6 billion dinars.
Al Mansour Hotel shares rose by 1.43%.
Al-Mansour Bank shares fell by 14.88%, followed by Ashur Bank by 8.51%.
Views 26 Added 12/05/2023 - https://economy-news.net/content.php?id=38191
The Central Bank Raises Tens Of Millions Of Euros As An Initial Payment To Cover Imports From Türkiye
Central Bank of Iraq Economy News – Baghdad A government source revealed, on Tuesday, that the Central Bank has increased tens of millions of euros as an initial payment to cover imports from Turkey.
The source said, "In implementation of the banking arrangements agreement that was concluded with Turkey last week, the Central Bank of Iraq has, since last Sunday, the third of December, strengthened tens of millions of euros as an initial payment."
He added, "This aims to cover retailers' imports from Turkey, through Iraqi merchants paying in Iraqi dinars and the Central Bank strengthening them in euros so that settlement with Turkish merchants is made in Turkish lira." Views 103 12/05/2023 - https://economy-news.net/content.php?id=38169
After Losses That Continued For Days, Oil Prices Stabilized In Global Markets
Economy | 05/12/2023 Baghdad - Mawazine News Oil prices stabilized after a three-day loss, as Saudi Arabia said recent cuts by the OPEC+ alliance would be fully adhered to and could be extended, in the face of persistent doubts about the effectiveness of the restrictions.
Brent crude settled above $78 a barrel after falling by more than 6% in the previous three sessions, while West Texas Intermediate crude exceeded $73.
Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg News that the recently scheduled cuts will “overcome” the expected inventory increase in the first quarter, and could continue until 2024 if necessary.
Crude oil has been under downward pressure since the meeting of the Organization of the Petroleum Exporting Countries and its allies last week, as traders remain unconvinced of the extent to which the voluntary cuts package has been fully implemented. Analysts highlighted the group's bloated spare capacity, saying traders need to see evidence of the implementation and impact of the cuts. The meeting was delayed for several days and witnessed internal disagreements.
https://www.mawazin.net/Details.aspx?jimare=238976
The President Of The Republic To The Minister Of Interior: Stability Is An Important Element In Achieving Economic Development And Encouraging Investment
Political | 12:57 - 05/12/2023 Baghdad - Mawazine News The President of the Republic, Abdul Latif Jamal Rashid, stressed during his meeting with the Minister of Interior, Abdul Amir al-Shammari, today, Tuesday, the importance of consolidating security and stability.
A statement from the Presidency of the Republic, received by Mawazine News, stated, “The President of the Republic, Abdul Latif Jamal Rashid, received today at Baghdad Palace, the Minister of Interior, Abdul Amir al-Shammari.” ".
During the meeting, the President of the Republic stressed "the importance of consolidating the security and stability that Iraqi cities enjoy," pointing out that "stability is an important element in achieving economic development and encouraging investment and the private sector."
He praised "the efforts of the Ministry of Interior in protecting the security of the regions and combating crime in all its forms, especially in reducing the scourge of drugs," noting "the importance of providing facilities to citizens to carry out their daily transactions and issuing documents, identification documents, etc."
For his part, Minister Abdul Amir Al-Shammari appreciated "the directives of the President of the Republic, and also reviewed the ongoing work progress in the Ministry of Interior at various levels and the implementation of the tasks assigned to it in establishing security and stability, and the future plans drawn up in this regard." https://www.mawazin.net/Details.aspx?jimare=238993
All Cabinet Decisions Taken In Today's Session
The Council of Ministers headed by Muhammad Shiaa Al-Sudani - Sweeteners Economy News – Baghdad On Tuesday, during its 49th regular session, the Council of Ministers took several decisions after discussing the files on its agenda.
A statement by the Prime Minister’s Media Office, seen by Al-Iqtisad News, stated that Prime Minister Muhammad Shiaa Al-Sudani chaired, today, Tuesday, “the forty-ninth regular session of the Council of Ministers, during which various general political situations, service, economic and social files were discussed, as well as “On following up on the implementation of the government program and its progress in multiple areas and on various performance axes.”
On the occasion of International Volunteer Day, and in appreciation of the valuable efforts they have made to serve the nation and society and with the aim of spreading the culture of volunteer work in Iraq; The Prime Minister directed the following:
1. Obligating all ministries and government agencies to show the utmost cooperation and provide facilities to volunteers and volunteer teams to implement their programs.
2. Allocating a financial grant to volunteers who are involved in accidents during their volunteer work.
3. Allocate an annual national award for those distinguished in volunteer work.
4. Ministries that have a need for volunteers establish volunteer centers in them that work to organize them within their programs and activities.
In the field of social care, the Council of Ministers decided to approve the proposals of the draft law on the first amendment to the Law on the Care of People with Disabilities and Special Needs (38 of 2013), which included increasing the salary of the full-time employee to 250 thousand dinars in lump sum, and authorizing the Council of Ministers to adjust the salary when needed, taking into account attention. Notes from the Legal Department in the General Secretariat of the Council of Ministers, and notes that were presented during the session.
In order to complete the solution to the problem of free lecturers, the Council of Ministers agreed to exclude Baghdad Governorate from the controls and instructions (2 of 2023) for the purpose of contracting with the second Rusafa lecturers (annex), who number (20,666) lecturers, provided that it is within the share of Baghdad Governorate stipulated in Article 66 of the Budget Law.
In the field of following up on health sector projects and completing health and treatment services, the Council of Ministers decided to approve the following:
The Ministry of Finance allocated (192,827,599,908) dinars, only one hundred and ninety-two billion eight hundred and twenty-seven million five hundred and ninety-nine thousand nine hundred and eight dinars to the Ministry of Health for signed and unfunded contracts (drug and dialysis contracts) to exhaust the drug allocation and raise the level of medical and therapeutic services provided in health institutions. Based on the provisions of the Federal General Budget Law (13 of 2023).
As a follow-up to the service aspect, and the completion of municipal services in residential areas that suffer from poor services, the Council of Ministers approved authorizing the Baghdad Municipality with the authority to receive the sewage network for the serviced, unserved, and agricultural areas implemented by the people in Al-Zawraa District (Al-Ma’amel), as is the current situation, according to the position of the sites and shops. The updated one, provided that tables of quantities are prepared for the required stores to be developed.
The Council also approved the allocation of the Ministry of Finance (11,774,286,000) dinars, only eleven billion seven hundred and seventy-four million two hundred and eighty-six thousand dinars to the Municipality of Baghdad for the emergency needs governing the repairs of the sinking of the main conveyor line (Baghdad Line) of the Baghdad Sewerage Department from the emergency reserve, based on To the provisions of the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025).
Within the same service framework, the Council of Ministers approved the recommendation of the Ministerial Council for the Economy No. (20279 Q) regarding the project to implement the main line from Al-Habibiyah station to the sewage treatment project in Al-Rustamiyah (Al-Khansaa line), according to the following:
1. Cancellation of Cabinet Decisions (54 of 2014) and (214 of 2019).
2. Approval to include the component recorded in the letter of the Ministry of Planning, dated August 27, 2023, as a new, independent project within the federal general budget for the year 2023, and the Municipality of Baghdad will transfer an amount out of the allocations of its investment projects for the year 2023 for the purpose of inclusion, provided that its total cost is covered within the budget tables. Federal General Assembly for the year 2024, according to what was stated in the Federal General Budget Law (13 of 2023).
As part of the economic reform trends, the Council of Ministers approved the recommendations of the minutes of the meeting of the team formed pursuant to Council of Ministers Resolution (23408 of 2023), which included amending the legislative decision.
(767 of 1987) regarding the draft law exempting development projects from taxes and fees (repealing the dissolved Revolutionary Command Council’s decision No. 767 of 1987), to become as follows:
1. Limiting (defining) the concept of development projects set forth in Legislative Resolution (767 of 1987) and Cabinet Resolution (167 of 2010) projects financed by loans and grants within the federal general budget.
2. Projects that are announced after the issuance of this decision are included in this decision according to the interpretation mentioned in Paragraph (1) above.
3. The exemption becomes effective for projects that were included under Cabinet Resolution (167 of 2010) derived from Legislative Resolution (767 of 1987) and signed before the issuance of this decision.
In the field of monitoring the investment sector and stimulating economic development, the Council of Ministers decided to approve the following:
1. The competent ministries provide priced statements and transformation paths for the conflicts facing the implementation of government projects included in the investment plan.
2. The statements are presented to the contractors implementing these projects. For the purpose of implementing it at the same prices, and under the supervision of the competent ministry.
3. In the event that the contractor apologizes for implementation, for any reason, the competent minister grants the authority to implement an exception to the contracting methods and instructions for implementing the budget.
4. The costs of conflicts are added to the cost of the project (outside the amount of reserve, supervision and control) without the need for the approval of the Ministry of Planning and the Ministerial Council for the Economy.
5. This decision will be implemented for a period of (6) months, with the Ministry of Planning being informed of this.
Also in the investment sector, the Council of Ministers approved the recommendation of the minutes of the fifth meeting of the Diwani Order Committee (22432) of 2022 concerned with (reviewing the agreement with the Chinese side and proposing a policy for selecting and determining its projects), according to the following:
Financing the projects listed below from the investment account, based on the second axis (the Iraqi-Chinese Agreement/A) of the federal general budget law for the three years, and includes the projects and their estimated costs:
1 Jerusalem Station: 1 212,500,000 dollars
2 Jerusalem Station: 3 212,500,000 dollars
3 Akkas gas station: $106,250,000
The Council discussed a number of issues and files on its agenda, and took the following decisions regarding them:
First: Approval of the issuance of the Environmental Competencies System for the year 2023, which was audited by the State Council, based on the provisions of the Constitution and Article (5) of Law (1 of 2020) The Third Amendment Law to the Law on the Graduation of Persons in Medical and Health Professions (6 of 2000), taking into account attention. Opinion of the Legal Department in the General Secretariat of the Council of Ministers.
Secondly:
1. Approval of annexing the plot numbered (529/10 Bartella) to the plot numbered (332) adjacent to and belonging to the Syriac Orthodox Church of Bartella, without allowance, for use as a church and its annexes.
2. The amount of the sales allowance, the subject of paragraph (1) above, was considered a government debt and was written off in accordance with the Federal Financial Management Law of 2019, and Cabinet Resolution (23447 of 2023).
Third: Approval to grant the company executing the Al-Shuhada Residential Complex project in Maysan Governorate an operating advance for the second time in the amount of (10,000,000,000) dinars, only ten billion dinars, based on the provisions of the instructions to facilitate the implementation of the Federal General Budget Law of the Republic of Iraq, for the fiscal years (2023-2024). -2025).
Views 27 12/05/2023 - https://economy-news.net/content.php?id=38205
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Provoking Points To Ponder:
Doubt -- There are two ways to slide easily through life: to believe everything or to doubt everything; both ways save us from thinking -- Alfred Korzybski
Crisis -- You must learn to be still in the midst of activity and to be vibrantly alive in repose --Indira Gandhi
Hope -- There is no medicine like hope, no incentive so great, and no tonic so powerful as expectation of something tomorrow -- O S Marden
Mistakes -- A life spent making mistakes is not only more honorable but more useful than a life spent in doing nothing -- George Bernard Shaw
Anger is seldom without argument - but seldom with a good one --Hallfax
An angry man is again angry with himself when he returns to reason -- Publilius Syrus
Anybody can become angry - that is easy - but to be angry with the right person and to the right degree and at the right time - and for the right purpose and in the right way -- that is not within everybody's power and is not easy -- Aristotle
Tolerance is the positive and cordial effort to understand another's beliefs, practices, and habits without necessarily sharing or accepting them -- Joshua Liebman
Forgiveness -- Never does the human soul appear so strong as when it foregoes revenge, and dares forgive an injury -- E. H. Chapin
"I can forgive, but I cannot forget" is only another way of saying, "I will not forgive" -- Forgiveness ought to be like a cancelled note -- torn in two - burned up - so that it can never be shown against one -- Henry Ward Beecher
Friendship -- True friendship is like sound health, the value of it is seldom known until it is lost - Charles Caleb Colton
Reality -- It is good to have an end to journey toward; but it is the journey that matters in the end --Ursula K Leguin
Destiny is not a matter of chance, it is a matter of choice - It is not a thing to be waited for, it is a thing to be achieved -- William Jennings Bryan
Purpose -- I am the master of my fate; I am the captain of my soul -- William E Henley
Knowing -- Where there is the tree of knowledge, there is always paradise; so say the most ancient and the most modern serpents -- Friedrich Nietzche
Compassion --Fear grows out of the things we think; it lives in our minds, Compassion grows out of the things we are, and lives in our hearts -- Barbara Garrison
What we anticipate seldom occurs -- what we least expect generally happens -- Benjamin Disraell
"Tidbits From TNT" Tuesday 12-5-2023
TNT:
CandyKisses: Central bank boosts tens of millions of euros as initial payment to cover imports from Turkey
Economy News - Baghdad
The central bank has boosted tens of millions of euros as an initial payment to cover imports from Turkey, a government source said on Tuesday.
"In implementation of the banking arrangements agreement made with Turkey during the past week, the Central Bank of Iraq has since last Sunday, December 3, strengthened tens of millions of euros as an initial payment," the source said.
He added that "this aims to cover the imports of retailers from Turkey, through Iraqi traders paying in Iraqi dinars and the Central Bank's reinforcement in euros to settle with Turkish traders in Turkish lira."
TNT:
CandyKisses: Central bank boosts tens of millions of euros as initial payment to cover imports from Turkey
Economy News - Baghdad
The central bank has boosted tens of millions of euros as an initial payment to cover imports from Turkey, a government source said on Tuesday.
"In implementation of the banking arrangements agreement made with Turkey during the past week, the Central Bank of Iraq has since last Sunday, December 3, strengthened tens of millions of euros as an initial payment," the source said.
He added that "this aims to cover the imports of retailers from Turkey, through Iraqi traders paying in Iraqi dinars and the Central Bank's reinforcement in euros to settle with Turkish traders in Turkish lira."
Tishwash: Al-Rasheed Bank temporarily suspends the promotion of advances and loans
Al-Rasheed Bank announced today, Tuesday, the suspension of promotion and loans in all its bank branches at the present time for the purposes of the application applicable annually.
In a statement to Shafaq News Agency, the bank warned against promoting some pages on the social networking site by granting advances and loans and exploiting and stealing from citizens.
The bank confirmed that it will resume work on loans in 2024. link
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Tishwash: Under the patronage of the Prime Minister, the conference on reforming the tax system in Iraq will start tomorrow
At nine o'clock tomorrow morning, Wednesday, Baghdad will witness the launch of the conference on reforming the tax system in Iraq, under the auspices of Prime Minister Muhammad Shiaa Al-Sudani, and under the slogan (Towards a transparent and fair tax system).
The conference's main topics will include tax policies, legislation, governance and automation, tax administration and accounting.
The conference aims to amend tax legislation that is not friendly to the business environment, develop tax administration and the skills of its employees to raise the level of tax performance, correct defects in the tax work environment in a way that serves the process of economic development, achieve tax justice and reduce the tax burden on taxpayers, facilitate tax procedures and adopt tax governance.
And reconsidering tax and customs policies in Iraq in light of the market economy, strengthening Iraq’s position in international classifications in the field of tax work, and spreading a tax culture among those charged with paying taxes by reflecting tax revenues by providing good services and creating investments that contribute to providing job opportunities that generate sustainable income.
During which 12 winning papers will be discussed, specializing in several topics, out of 40 papers submitted by governmental and academic bodies, private sector companies, and international organizations link
************
Tishwash: Revealing the number of stalled laws in the House of Representatives
The legal advisor to the House of Representatives, Hatef Al-Rikabi, revealed that 170 laws were broken within Parliament.
Al-Rikabi said in a press statement, “The first and second sessions and the first half of the third session were full of legal legislation, whether from the legislative or supervisory side, in addition to the presence of many hosting and interrogations, as a result of which many ministers were dismissed.”
He pointed out, "The second half of the third session and what followed witnessed a state of collapse in terms of legislation and oversight, and the sessions turned into completely obstructing and excluding the oversight aspect. Consequently, Parliament during that period became a burden on the work of the executive authority, and clearly failed."
He explained, “Parliament did not legislate any laws during that period (the third and fourth sessions), and consequently the bylaws were violated several times, and committees were split without referring to a vote, and new committees were also established without a vote, and problems arose in the status of the parliament’s presidencies as well.” About the disruption of some committees that have not been settled yet.”
Al-Rikabi continued, "There was no legislation for any important law in (last year 2022), and only one law was proposed by Parliament and put in place by the government, which is (the Food Security Law), which was rejected by the Federal Court." link
Mot: ... and Yet another ""Helping Hand Tip"" frum ole Mot of course!!
Mot: . Funny - How I Can Relate with this Guy!!!
MilitiaMan: Iraq Dinar - Reality - Internationalism - Investors - Revaluation - IMF - World Bank - X
Iraq Dinar - Reality - Internationalism - Investors - Revaluation - IMF - World Bank - X
MilitiaMan and Crew: 12-4-2023
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Dinar - Reality - Internationalism - Investors - Revaluation - IMF - World Bank - X
MilitiaMan and Crew: 12-4-2023
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Economic News and Points to Ponder Late Monday Evening 12-4-23
Iraq Economic News and Points to Ponder Late Monday Evening 12-4-23
Tlm724 Administrator Bondlady’s Corner
Obstacles To Adopting The “Dinar-Toman” In Trade Exchange.. What Does Tehran Do With The Accumulated Dinars?
Politics/Economy |Yesterday, 17:09 |Baghdad today – Baghdad Many questions have been raised since the Central Bank and the Iraqi government announced that they had concluded agreements with a number of banks and other countries to deal in local currencies in commercial exchange, but the most prominent question raised is what will be done or how will other countries, especially those that export large sums of money to Iraq annually, benefit from the Iraqi currency, the dinar, Which is supposed to be paid by Iraq or merchants for the purpose of importing goods instead of the dollar.
Iraq Economic News and Points to Ponder Late Monday Evening 12-4-23
Tlm724 Administrator Bondlady’s Corner
Obstacles To Adopting The “Dinar-Toman” In Trade Exchange.. What Does Tehran Do With The Accumulated Dinars?
Politics/Economy |Yesterday, 17:09 |Baghdad today – Baghdad Many questions have been raised since the Central Bank and the Iraqi government announced that they had concluded agreements with a number of banks and other countries to deal in local currencies in commercial exchange, but the most prominent question raised is what will be done or how will other countries, especially those that export large sums of money to Iraq annually, benefit from the Iraqi currency, the dinar, Which is supposed to be paid by Iraq or merchants for the purpose of importing goods instead of the dollar.
The Central Bank of Iraq concluded agreements with banks in Turkey, the Emirates, and China for the purpose of dealing in the local currency instead of the dollar, as well as dealing with Iran in the binary (dinar-toman) for trade exchange,
but this problem will emerge clearly with countries with which trade exchange between Iraq is “non-existent or non-existent.” From one direction,” meaning that Iraq imports more from it than it exports to it, especially Iran and Turkey.
Economic expert Abdul Rahman Al-Mashhadani reviewed today, Sunday (December 3, 2023), the obstacles to adopting the national currencies of Iraq and Iran in trade exchange.
Al-Mashhadani said in an interview with "Baghdad Today",
"Iran exports to Iraq more than 10 billion dollars annually, while
Iraq exports to it only approximately 570 million dollars, meaning that
the latter's percentage in the exchange process reaches 5%, meaning that
trade between Baghdad and Tehran is unequal." In terms of import volume. He added,
"The lack of parity will lead to the accumulation of the dinar among the Iranians, which is not a leading currency and faces many restrictions in the process of exchanging it, even in some neighboring countries, which means that the
Iranians will be forced to buy the dollar from the parallel market in Iraq through the financial liquidity they have because they need He is desperate to cover their needs for paying money in foreign transactions.” He added,
"Even the Iranians are not in favor of the idea of proposing dealing according to the (dinar-toman) principle.
They are looking for any leading currency or one that has a large scope of dealing, as is happening now in the Emirates by adopting the dirham due to the parity of the trade process between Abu Dhabi and Tehran." He pointed out that
"the problem between Baghdad and Tehran can be solved by agreeing to adopt an acceptable third currency that bypasses all complications,
in addition to the possibility of increasing the export of black oil in exchange for gas, which was approved months ago because Tehran urgently needs it to operate many of its factories, and
through an agreement, the private sector can be covered and accounts opened."
It addresses the principle of creating balance in trade exchange.
https://baghdadtoday.news/236928-معرقلات-اعتماد-دينار-تومان-في-التبادل-التجاري.-ماذا-تفعل-طهران-بالدنانير-المكدسة؟.html
The problem of banks
Economic 12/05/2023 Yasser Al-Metwally
There has been a lot of talk about banking reform and the importance of the banking system returning to the banking services for which it was established.
In an unprecedented manner, the government is urging steps to achieve this goal after realizing the importance of the banking sector in achieving comprehensive development programs,
so that international investment companies wishing to enter the Iraqi market cannot do without solid banks that provide advanced services to facilitate the work of companies and as the strong arm of the Iraqi private sector in dealing and partnership. With external and internal investments.
From this standpoint, the government seeks to activate this role and achieve the desired reform, but what are the challenges facing achieving this goal?
The most prominent challenges facing the banking sector are (loss of confidence) depositors’ confidence in banks and, in return, banks’ confidence in their customers.
Of course, this phenomenon has many causes that are inherited from the time of the era preceding the period of change and extended more widely during the transitional period and up to the present day.
It is known and declared axiom that the legally issued monetary mass exceeds 100 trillion dinars.
It is also known that 70 percent of this mass is outside financial circulation, outside the financial market, and hoarded by the public.
Efforts are being made to attract this mass, or at least part of it, to deposit it in banks with the aim of investing it and recycling it in construction and development,
but there is a reluctance among the public to deal with banks.
The reason, as I mentioned, is lack of trust.
Here, with the aim of achieving reform of the banking system and making it effective in performing its duties and providing banking services, the steps that must be followed from our point of view are:
First: To correct and activate banks in performing their duties by providing real banking activities and services, urgent government measures must be taken to restore the confidence of the public and the depositors.
Secondly - The larger goal of engaging banks in implementing sustainable development programs requires attracting the public’s accumulated cash mass so that it can be invested in implementing development programs.
To achieve these two goals, the government must:
1 - The agreement between the government and Parliament to sign a code of honor not to expose and attack banks in the media in a way that harms the banks’ reputation and leads to the public’s reluctance to deposit their money in them, because conflicting statements contribute to deepening the loss of confidence in banks.
2 - The government and the Central Bank must amend the banking law to provide protection and guarantees for banks when financial crises occur, which is what is done in countries of the developed world, and this is what encourages the public to go to banks and deal with them.
3 - Obliging banks to carry out their true banking activities and services with full transparency and clarity by devising various and well-known means of encouragement.
4 - The Central Bank and the government must push towards stimulating free competition between banks to attract depositors.
It is noted that whenever the curtain falls on the phenomenon of lack of confidence in banks and things are going well, this confidence collapses quickly with any fluctuation in the exchange rate that occurs for reasons that can be addressed by monetary policy,
but the media attack by Iraqi officials and parliamentarians at various levels with all the accusations confuses the market and the effect of this is stronger.
Many rumors hinder the procedures, so we call for a code of honor not to discuss matters and leave them to those responsible for monetary policy and handle them without chaos and side effects.
This is one aspect of achieving banking reform
Which is targeted by the government and gains priority to advance an advanced reform program.
https://alsabaah.iq/88408-.html
Al-Sudani: The government has placed economic reform among its five priorities
Saturday, December 2, 2023 10:18 AM Baghdad / National News Center
Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Saturday, that the government has placed among its five priorities reforming the country’s economy.
In his speech during the Industrial Partnerships Forum in Basra Governorate and followed by the National News Center, Al-Sudani welcomed: “the investment companies in the Industrial Partnerships Forum,” indicating that
“the government has placed reform of the economy among its five priorities.” He added,
“The economy cannot be reformed except by supporting industry, agriculture, tourism, and trade,” pointing out that “
the natural resources we have enable us to establish an advanced Iraqi industry that meets our local needs and from which we can export.”
“we cannot remain spectators while Iraq remains a consumer market.” The Prime Minister explained that
“the state cannot employ all the huge numbers of graduates,” stressing that
“it is time for the Iraqi economy to be linked to the global economic cycle.”
https://nnciraq.com/239309/
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points To Ponder:
Disappointment -- too many people miss the silver lining because they are expecting gold
-- Maurice Seltter
Fortunes made in no time are like shirts made in no time; its ten to one if they hang long together -- Douglas Jerrold
Disappointment to a noble soul is what cold water is to burning metal; it strengthens, tempers, intensifies, but never destroys it -- Eliza Tabor
Man must be disappointed with the lesser things of life before he can comprehend the full value of the greater -- Edward G Bulwer-Lytton
Goldilocks' Comments and Global Economic News Monday Evening 12-4-23
Goldilocks' Comments and Global Economic News Monday Evening 12-4-23
Good Evening Dinar Recaps,
Things are beginning to heat up in the Forex Markets. Look for foreign currencies to begin lining themself up as they begin to establish their place in the new digital economy.
Programs are being rewritten at this time to establish new protocols and standards on local currencies instead of the use of the dollar as new trade agreements come into the forefront.
Goldilocks' Comments and Global Economic News Monday Evening 12-4-23
Good Evening Dinar Recaps,
Things are beginning to heat up in the Forex Markets. Look for foreign currencies to begin lining themself up as they begin to establish their place in the new digital economy.
Programs are being rewritten at this time to establish new protocols and standards on local currencies instead of the use of the dollar as new trade agreements come into the forefront.
There may be a major development to keep people from watching this closely, so it is important for us all to stay awake.
Unless we get a nice surprise this month, don't look for any major changes just yet. Benchmarks have been pushed out in the banking system, but they can be pulled right back in...
© Goldilocks
~~~~~~~~~~
"...the Bank of England is set to collaborate with international counterparts to ensure a coordinated and harmonized approach to stablecoin regulation. Recognizing the borderless nature of cryptocurrencies, such collaboration is deemed essential to prevent regulatory arbitrage and maintain the integrity of the global financial system. As part of this initiative, the Bank will also explore the possibility of developing a central bank digital currency (CBDC)."
Look for 2024 to be the year of integration for digital and paper currencies through Stablecoins and CBDC networks.
Tighter regulatory protocols will determine which digital networks will move forward in the transference of currency tokens that will represent foreign exchange opportunities.
The Protocol 20 vote on January 30th of 2024 will determine programmable prices on the digitization of currencies through tokenizing these assets and supporting them with gold.
© Goldilocks
TechStory Link
AltCoinBuzz Link
~~~~~~~~~~
Let's take a good look at why Protocol 20 is so important. We're moving into a time where programmable money is controlled by a Central Authority such as a Government or Financial Institution.
Digital money can be programmed to follow through with transactions when certain conditions are met.
Self-executing contracts known as smart contracts to secure both sides of a trade are capable of going through will be done through artificial intelligence. The self executing contracts are written into the code of a computer program to facilitate sequences moving digital money.
Programmable money includes CBDCs, Stablecoins, and digital versions of traditional assets that are Tokenized into a digital format.
When protocol 20 is voted and approved on January the 30th 2024. It will create a new starting point for digital tokenized asset values. It will synchronize banks and shipping ports with the markets at the push of a button. New monetary values will begin to form from these starting points in all sectors of the market including Forex.
These new standard protocols backed by gold, algorithmic demands, and other commodities will create global computations that will level the playing field. Everything will reset.
Watch the banks.
Watch the markets.
Watch the water.
Watch gold.
© Goldilocks
Financial Express Link
~~~~~~~~~~
12:20 am ET JUST IN: $41,000 Bitcoin
@WatcherGuru
~~~~~~~~~~
⚠️📈*THE IMF & CENTRAL BANKS JUST CONFIRMED RIPPLE/XRP & XRP WILL BE $1 BY EOY*📈⚠️
https://youtu.be/0C3ZFaZs_Sw?feature=shared
~~~~~~~~~~
Sovereign Gold Bonds (SGBs): A Lucrative Long-Term Investment with Tax Advantages
~~~~~~~~~~
10:20 am ET JUST IN: $42,000 Bitcoin
~~~~~~~~~~
BREAKING NEWS
THE BANK FOR INTERNATIONAL SETTLEMENTS IS WARNING THAT CENTRAL CLEARINGHOUSES THAT HOLD OVER $1 TRILLION IN LIQUID ASSETS MAY EXACERBATE PERIODS OF FINANCIAL STRESS
This does not seem good.
Read: https://x.com/goldtelegraph_/status/1731653617973916125?s=46
~~~~~~~~~~
JP Morgan is live on multi bank tokenized deposit platform Partior - Ledger Insights - blockchain for enterprise
https://www.ledgerinsights.com/jp-morgan-is-live-on-multi-bank-tokenized-deposit-platform-partior/
~~~~~~~~~~
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Iraq Economic News and Points to Ponder Monday Evening 12-4-23
Iraq Economic News and Points to Ponder Monday Evening 12-4-23
Tlm724 Administrator Bondlady’s Corner
The Agricultural Bank Announces The Activation Of The Mastercard Deposit Service
Economy News – Baghdad The Agricultural Cooperative Bank announced today, Monday, the activation of the MasterCard deposit service.
The bank’s media stated in a statement received by Al-Iqtisad News that, “Based on the directives of the Prime Minister and the Minister of Finance, it was decided to activate the service of depositing amounts into the bank’s MasterCard cards.”
Iraq Economic News and Points to Ponder Monday Evening 12-4-23
Tlm724 Administrator Bondlady’s Corner
The Agricultural Bank Announces The Activation Of The Mastercard Deposit Service
Economy News – Baghdad The Agricultural Cooperative Bank announced today, Monday, the activation of the MasterCard deposit service.
The bank’s media stated in a statement received by Al-Iqtisad News that, “Based on the directives of the Prime Minister and the Minister of Finance, it was decided to activate the service of depositing amounts into the bank’s MasterCard cards.”
According to the statement, the Director General of the Bank directed “the employees working in the electronic payment department to provide the best services to the public by activating the MasterCard services and simplifying the procedures to accomplish the requirements of the digital transformation sought by the central government and the government program.”
Views 51 12/04/2023 - https://economy-news.net/content.php?id=38133
Parliamentary Finance: No Deficit In Next Year’s Budget
Political | 09:01 - 04/12/2023 Mawazine News – Baghdad The Parliamentary Finance Committee pointed out that this year’s budget was not fully spent, but rather the allocations for ongoing projects were released and spent. While it clarified that spending reached 117 trillion dinars, it indicated that the 2023 and 2024 budgets do not have a deficit.
Committee member, Moeen Al-Kazemi, said, “The committee had a meeting with the Budget Department in the Ministry of Finance, and what has happened so far is the release of allocations to governorates and ministries, but not in the required manner, noting that what was spent during the first six months amounted to 47 trillion dinars.”
Al-Kadhimi added, “In the second six months, the spending rate will reach more than 70 trillion, and thus we will not have a deficit in the budget, but rather there will be a “surplus,” stressing that next year will be without a deficit. Al-
Kadhimi pointed out, “After the elections are completed, Allocations will be made larger to governorates and ministries to implement projects, which will lead to the advancement of the government program presented by the Prime Minister. https://www.mawazin.net/Details.aspx?jimare=238931
Finance Issues A Clarification Regarding The Selection Of Ernst & Young To Review Its Data
Political | 04/12/2023 Baghdad - Mawazine News Today, Monday, the Ministry of Finance issued a clarification regarding the selection of Ernst & Young to review its data.
The ministry said in a statement, “The media and social networking sites have recently covered topics related to the reasons for the Ministry of Finance choosing the international auditing firm Ernst & Young (EY) to review its financial statements, as a first step within the efforts to correct and evaluate the financial policy, which is compatible with the adoptions of the government’s reform program.” "Iraqiya."
She added, "Ernst & Young (EY) is one of the largest and leading professional services companies in the world with more than 700 locations in 150 countries. It was founded in 1903 and has been operating in Iraq since 1923, for nearly 100 years," explaining that "Ernst & Young demonstrated a firm commitment to Iraq by reopening its office in Baghdad in 2004. The Baghdad office works fully with the global network of Ernst & Young offices around the world, and in 2008 the company opened its offices in Erbil and Basra to serve Iraq in the northern and southern regions of Iraq."
She stated that she "has worked with this company since the year 2004 to date on a number of projects, the most important of which was the project to settle Iraqi foreign debts, in addition to other projects of importance.
The company is also currently working, since 2004, with a number of ministries such as the Ministry of Oil, the Office of Financial Supervision, and the Ministry of Reconstruction and Housing, the Ministry of Planning, the Media and Communications Authority and all ministries with regard to auditing the Development Fund for Iraq, in addition to other financial institutions in Iraq, the most important of which is the Central Bank of Iraq, as the company audited the financial statements of the Central Bank of Iraq for more than 13 years, as well as the Trade Bank of Iraq for a number of years. ".
She stressed that "the company has provided our ministries and governmental and financial institutions with a large number of experts, specialists, consultants and leading methodologies in several fields and of different nationalities, who have contributed to developing the competencies of government sector employees in Iraq, and the company is still continuing in this role,"
explaining that "the company has worked since the year 2004 with Al-Rafidain and Al-Rashid Banks and the Central Bank of Iraq, regarding the project to settle Iraqi foreign debts and a number of other projects, such as supervising the implementation of the comprehensive banking system,
auditing the work of electronic payment companies, a project to analyze the gaps in all operations of Al-Rafidain and Al-Rasheed Banks, and auditing the data of Al-Rafidain and Al-Rasheed Banks for the years. 2006 and 2014 in accordance with International Accounting Standards (IFRS), which contributed to increasing the company’s knowledge and understanding of the Iraqi financial and banking sector.”
She stated that "the company worked to develop banks, which includes the optimal use of financial, human and technical resources, moving from paper work to possible work, electronic dealing with all banking activities, developing a comprehensive vision for banks in granting credit facilities and loans, and developing work mechanisms, including control and oversight tools." ".
https://www.mawazin.net/Details.aspx?jimare=238951
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Provoking Points To Ponder on Character:
Never does a man portray his own character more vividly, than in his manner of portraying another -- Richter
Character and personal force are the only investments that are worth anything -- Whitman
Characters do not change -- Opinions alter , but characters are only developed --Benjamin Disraeli
As they, who for every slight infirmity take physic to repair their health, do rather impair it; so they, who for every trifle are eager to vindicate their character, do rather weaken it -- J Mason
Our character is but the stamp on our souls of the free choices of good and evil we have made through life --John Cunningham Geikie
Truthfulness is a corner-stone in character, and if it be not firmly laid in youth, there will ever after be a weak spot in the foundation -- J Davis
Character is the result of two things: Mental attitude and the way we spend our time --Elbert Hubbard
Iraq Economic News and Points to Ponder Monday Afternoon 12-4-23
Iraq Economic News and Points to Ponder Monday Afternoon 12-4-23
Tlm724 Administrator Bondlady’s Corner
The President Of The Republic: There Is No Dollar Crisis In Iraq
President of the Republic Abdel Latif Gamal Economy News – Baghdad On Monday, President Abdel Latif Rashid denied the existence of a “dollar crisis” in the country.
Rashid stated in a television interview followed by “Al-Iqtisad News” that “Iraq’s situation now is good in terms of security, and this is greatly reflected in economic stability. Until a few years ago, we suffered from the repercussions of security instability on the economy, and we are ready to implement the government’s program that aims to To improve infrastructure in all fields, including energy, water, housing, roads, bridges, etc.
Iraq Economic News and Points to Ponder Monday Afternoon 12-4-23
Tlm724 Administrator Bondlady’s Corner
The President Of The Republic: There Is No Dollar Crisis In Iraq
President of the Republic Abdel Latif Gamal Economy News – Baghdad On Monday, President Abdel Latif Rashid denied the existence of a “dollar crisis” in the country.
Rashid stated in a television interview followed by “Al-Iqtisad News” that “Iraq’s situation now is good in terms of security, and this is greatly reflected in economic stability. Until a few years ago, we suffered from the repercussions of security instability on the economy, and we are ready to implement the government’s program that aims to To improve infrastructure in all fields, including energy, water, housing, roads, bridges, etc.
Regarding the country's economic situation, and his recent visits to Azerbaijan and Armenia, the Iraqi president stressed "the need to attract investments from various friendly countries."
He continued: “At the same time, our focus is on providing services to the Iraqi people, as the country suffers from an old state of neglect, and the government is taking seriously to improve the service situation in terms of education, health, agriculture and other fields. We encourage cooperation with investors, and starting energy, water and agricultural projects, not Especially since Iraq’s budget is now better than before.”
In response to what is being raised about the dollar crisis in Iraq, Rashid stressed that there is no dollar crisis, and that the issue is related to the change in the dollar exchange rate from time to time.
He added, "Until recently, Iraqi markets were open to any foreign currency, and this does not help the Iraqi currency. Therefore, we took some measures to strengthen the dinar's strength and control the market."
The Iraqi President stressed that his country's economic situation is good, both on the general level and on the individual level, but at the same time he pointed out that there are problems related to unemployment and others: "We hope to improve the situation and encourage the private sector to contribute to providing job opportunities for university graduates."
Views 20 12/04/2023 - https://economy-news.net/content.php?id=38144
Digital Dinar Instead Of Cash Dollar.” These Are The Most Prominent Gains Of Electronic Payment
Economy |1-12-2023, | Baghdad Today – Baghdad Today, Friday (December 1, 2023), Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained the gains of adopting the electronic payments system in transactions inside Iraq.
Saleh said in a statement received by "Baghdad Today", "The cash payments system is linked to a high degree of certainty whenever payments are made by electronic or digital means, which provides an indicator of liquidity in the banking system and reduces the degree of uncertainty in banking liquidity."
He explained that "the payments system provides sufficient information about the flow of cash into the banking system, makes clear the amounts of paid and accumulated amounts, and indicates their actual balances at all times during the banking working day.
Conversely, in light of monetary systems that rely on direct cash payment, banking liquidity management policies surround themselves." With additional hedges of idle liquidity in order to protect against liquidity risks.
Saleh stated, “This matter disrupts an aspect of banking and credit operations in particular,
so 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 by expanding...
Credit activity provides efficient use of the cash supply, as well as a decrease in the rate of cash leakages outside banks,
which means that a structural change in the behavior of cash demand among individuals and at banks will tend towards a decline, due to dealing with electronic payment systems that are linked to bank accounts.”
He stressed, “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 cases, reduce the risks of local cash payment in currencies other than the dinar and distance the national economy’s transactions from cash payment in foreign currency, because payment systems Digital does not allow transactions in the local economy in anything other than the dinar,
that is, the national currency, and certainly the economy’s tendency in its transaction payments is to (the digital dinar) instead of (the cash dollar), whose transactions in internal settlements are legally rejected completely by virtue of the principle of monetary sovereignty of the Iraqi dinar.
Dollar Prices Closed At More Than 158 Thousand Dinars In Baghdad
Time: 12/04/2023 Read: 702 times {Economic: Al-Furat News} The main stock exchange in Baghdad closed today, Monday, due to a rise in the selling prices of the dollar against the Iraqi dinar in the local market.
Selling prices in banking shops in local markets in Baghdad recorded 158,500 dinars for 100 dollars, while purchasing prices reached 156,500 dinars for 100 dollars. LINK
The Iraqi Stock Exchange Closed Down By 4.76%
Market Economy News – Baghdad The Iraqi Stock Exchange closed today, Monday, down by 4.76%.
The session traded shares of 24 companies, with the number of shares traded reaching more than 1.2 billion shares, with a value of more than 1.4 billion dinars.
Al Mansour Hotel shares rose by 2.4%, followed by Asia Cell by 1.6%, and Commercial Bank by 1.3%.
Sumer Bank shares fell by 12.5%, followed by Bank of Baghdad by 12.03%.
Views 53 12/04/2023 - https://economy-news.net/content.php?id=38132
Oil Prices Rise As Tensions Escalate In Gaza And The Red Sea
Energy Economy News-Follow-up Oil futures rose slightly in early trading on Monday, as geopolitical tension in the Middle East resurfaced, raising concerns about supplies from the region, but uncertainty over voluntary production cuts by OPEC+ and growth in global fuel demand cast a shadow over the outlook. For the sector.
By 0018 GMT, Brent crude futures rose 28 cents, or 0.4 percent, to $79.16 per barrel, while US West Texas Intermediate crude futures reached $74.36 per barrel, up 29 cents, or 0.4 percent. .
“The re-emergence of geopolitical tension at the weekend gave a boost to lower crude oil prices upon reopening this morning,” said Tony Sycamore, market analyst at IG Markets.
He added, "It seems that escalating tension is surfacing again in the Middle East as a result of the resumption of Israeli attacks in Gaza."
The US military said on Sunday that fighting had resumed in Gaza and that three commercial ships were attacked in international waters in the southern Red Sea, while the Yemeni Houthi group claimed responsibility for drone and missile attacks on two Israeli ships in the region.
Tina Teng, an analyst at CMC Markets, said that the resumption of the war between Israel and Hamas fueled the upward momentum in oil prices.
"However, oil prices may continue to be under pressure at the present time due to the disappointing pace of economic recovery in China and increased US production," she added.
Energy services company Baker Hughes PKRO said in its closely watched report on Friday that US oil rigs increased by five to 505 this week, the highest since September.
Oil prices are recovering from a drop of more than 2 percent last week due to investor doubts about the extent of supply cuts by the Organization of the Petroleum Exporting Countries and its allies including Russia, which is called the OPEC+ alliance, and concerns about the slowdown in global manufacturing activity.
“Prices are likely to remain volatile and perhaps directionless until the market sees clear data points related to voluntary production cuts,” RBC Capital analysts said in a note, adding that such data would not be available for another two months.
Regarding Russian oil, Western countries have intensified their efforts to implement the maximum price per barrel of $60 on seaborne shipments of Russian oil, which they imposed to punish Moscow because of its war in Ukraine.
On Friday, Washington imposed additional sanctions on three entities and three oil tankers.
Views 39 Added 12/04/2023 - https://economy-news.net/content.php?id=38113
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Provoking Points To Ponder on Character:
Character building begins in our infancy and continues until death --Mrs Franklin D Roosevelt
A tree will not only lie as it falls, but it will fall as it leans -- J J Gurney
Let us not say, Every man is the architect of his own fortune; but let us say, every man is the architect of his own character -- G D Boardman
Talents are best nurtured in solitude; character is best formed in the stormy billows of the world -- Johann Wolfgang von Goethe
It is not what a man gets, but what a man is, that he should think of - He should think first of his character, and then of his condition: for if we have the former, he need have no fears about the latter - Character will draw condition after it -- Circumstances obey principles -- H W Beecher
It is not money, nor is it mere intellect, that governs the world; it is moral character, and intellect associated with moral excellence -- T D Woolsey
To be worth anything, character must be capable of standing firm upon its feet in the world of daily work, temptation, and trial; and able to bear the wear and tear of actual life -- Cloistered virtues do not count for much -- Samuel Smiles
"Tidbits From TNT" Monday 12-4-2023
TNT:
Tishwash: The 2023 budget loses its “explosive” character: the year will end with only 58% of it being spent
The 2023 budget approved by the Iraqi parliament last June was described as an “explosive budget” and the highest in the history of Iraq’s budgets, as it amounted to 199 trillion Iraqi dinars, but as the end of the current year approaches, it is expected that only 58% of the budget will be spent.
Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, said, “The committee had a meeting with the Budget Department inMinistry of FinanceWhat has happened so far is the release of allocations to governorates and ministries, but not in the required manner,” noting that “what was spent during the first six months amounted to 47 trillion dinars,” according to the official Al-Sabah newspaper.
TNT:
Tishwash: The 2023 budget loses its “explosive” character: the year will end with only 58% of it being spent
The 2023 budget approved by the Iraqi parliament last June was described as an “explosive budget” and the highest in the history of Iraq’s budgets, as it amounted to 199 trillion Iraqi dinars, but as the end of the current year approaches, it is expected that only 58% of the budget will be spent.
Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, said, “The committee had a meeting with the Budget Department inMinistry of FinanceWhat has happened so far is the release of allocations to governorates and ministries, but not in the required manner,” noting that “what was spent during the first six months amounted to 47 trillion dinars,” according to the official Al-Sabah newspaper.
Al-Kadhimi added, “In the second six months, the spending rate will reach more than 70 trillion, and thus we will not have a budget deficit, but rather there will be a surplus,” stressing that “next year will be without a deficit.
Al-Kadhimi pointed out that after the elections are completed, more allocations will be made to governorates and ministries to implement projects, which will lead to the advancement of the government program presented by the Prime Minister.
Accordingly, the total amount that will be spent will amount to only 117 trillion dinars during the current year, an amount equivalent to only 58% of the total budget amounting to 199 trillion dinars, which was described as the highest in the history of the country.Iraq. link
CandyKisses: China announces an increase in the volume of trade exchange with Iraq
Economy Baghdad News
The Chinese embassy revealed, on Sunday, the volume of trade exchange with Iraq during a year, and the increase in its purchases from Iraq by nearly 48%.
Deputy Ambassador Xu Haifeng said in a statement reported by the official news agency and seen by Al-Eqtisad News that "China has a great interest in developing trade and economic relations with Iraq because of its economic weight in the world and the Middle East."
He added that "the volume of trade exchange between the two countries in 2022 amounted to 53.37 billion dollars, an annual increase of 43.1 percent, while the volume of China's imports from Iraq amounted to 39.38 billion dollars, an annual increase of 47.8 percent," stressing that "China is the largest buyer of Iraqi oil."
On the Iraqi-Chinese Business Council, Haifeng pointed out that "the Council is the first business council established by Chinese and Iraqi companies, and we are confident that it will contribute to the development of bilateral relations between Iraq and China in terms of trade and economy."
"The Chinese embassy will work to promote information exchange and guide companies to conduct their work in accordance with laws and regulations, to make a bridge of cooperation between the two countries," he said
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Tishwash: Parliamentary accusations against America of standing against the Belt and Road Initiative
Today, Monday, the head of the Parliamentary Rights Bloc, Saud Al-Saadi, accused the United States of America of standing against the completion of the Belt and Road Initiative.
Al-Saadi said in an interview with the Maalouma Agency, “There is an American desire not to complete the Chinese Belt and Road Initiative agreement with Iraq.”
He added, "America stands against the Iraqi government's efforts to develop its economy and move towards strategic projects."
Al-Saadi confirmed, "China is present in Iraq at some level of initiatives, such as schools, oil sectors, or the energy sector."
He pointed out that "the United States of America prevents in any way the signing of a comprehensive framework agreement with China at the level of the Belt and Road Initiative inside Iraq."
The popular movement for the Belt and Road had accused unnamed corrupt political parties of obstructing the implementation of the Belt and Road project, calling on Prime Minister Muhammad Shiaa Al-Sudani to pay attention to the Belt and Road initiative and work to complete the Grand Al-Faw Port. link
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CandyKisses: When will the deposit of Iraq's oil money in US banks end?
Information/private.
The economist, Nasser Al-Kinani, on Sunday, the reasons for the United States of America to deposit the money for the sale of Iraqi oil in the Federal Bank, these agreements have existed since the former regime.
Al-Kinani said in an interview with the agency / Information /, that "what the country lacks is the strong political leadership in the negotiations to end the file of farewell to Iraq's money in American banks," adding that "the agreements concluded by the United States of America do not allow the deposit of money selling oil in Iraqi banks directly."
He continued, "Iraq will end the US hegemony in the event of ending the dollar and heading towards the euro or other global currencies," adding that "these agreements began during the former regime by exporting oil in exchange for food and medicine and were developed to serve the interests of Washington in the first place."
Al-Kinani concluded his speech: "The financial policy that includes the United States of America aims to benefit from the farewell of funds and then send them to Iraq later," noting that "Washington prevents the flow of dollars to countries that impose financial or political sanctions, whether direct or indirect."
The leader of the State of Law Coalition, Haider Al-Lami, had accused in an interview with the agency / Information /, "The United States of America circumventing political agreements file farewell money sale oil in the Federal Bank, while stressing that the changes Made by Washington to the security, political and economic agreements are tantamount to occupation of the country.
Mot: . Trying to get the daze astarted she is ..
Mot: . Call Her Bluff!! -- Dude!!!
