Goldilocks' Comments and Global Economic News Thursday Evening 12-14-23

Goldilocks' Comments and Global Economic News Thursday Evening 12-14-23

Good Evening Dinar Recaps,

Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) made a decision today to set up what will be known as the National Company for Electronic Payment Systems.

It will be in charge of creating, running, and overseeing the country’s electronic payment and litigation systems (Banking Laws). It will also be in charge of expanding the Payment Systems functionality.

"The primary responsibility of the CBI will be managing and supervising these systems."

© Goldilocks

https://www.iraqinews.com/iraq/iraqs-central-bank-to-set-up-e-payment-national-company/

https://cbi.iq/news/view/2485

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The World’s Copper Supply Is Suddenly Looking Scarce  Finance Yahoo Link

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Banking Announcement:

"UPI To Go Global, You Will Soon Be Able To Make Payments In Dollars"

The Unified Payments Interface of India just so happens to have a contract with Iraq with the expectation of them doing trade in local currencies together.

Just hours ago, we learned that Iraq is now using the "National Company for Electronic Payment Systems" to aid them in foreign currency exchanges between countries.

This new update will open the door for seamless transactions across Global Borders with countries who have a common currency.

© Goldilocks
CNBC TV18
India Link
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X-Press Feeders to launch green shipping 

The shipping company, which operates a fleet of more than 100 vessels, has 14 dual-fuel vessels on order and due for delivery from next year’s first quarter through to mid-2026. X-Press Feeders’ 14 dual-fuel ships each have 1,200-TEU capacity with a length of 148 m. 

The first dual-fuel vessel, Eco Maestro, will have its maiden voyage in Q1 next year, and it will sail from Shanghai – where the ship is built – to the Port of Rotterdam via the Suez Canal.

Eco Maestro, the first biomethanol-powered ship to be built in China, will use biomethanol for its voyage to Europe. Biomethanol is a renewable energy source produced from the decomposition of organic matter, such as waste and residues.
Because biomethanol is produced from a renewable source, it is often referred to as green methanol. 
Riviera MM Link

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CFTC Proposes Long-Awaited Guidance on Voluntary Carbon Credit Derivative Contracts   JDSupra Link

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Basel Committee publishes consultation on targeted adjustment to its standard on interest rate risk in the banking book.

Adjustments update calibration of the standard's interest rate shock parameters and methodology used to calculate the shocks.

The measures are based on a specified set of interest rate shocks for each currency for which the bank has material positions, according to BIS.   https://www.bis.org/press/p231212.htm

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SEC Set to Adopt Treasury Clearing Rules at Its Dec. 13 Meeting | Morgan Lewis - All Things FinReg   

The rule changes, designed to reduce the potential for systemic risk, will require more Treasury market trades to be centrally cleared.   JDSupra Link

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China, Belarus, Pledge Eurasian and Trade Development Cooperation   Silk Road Briefing Link

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Breaking - Euro Stablecoin: Deutsche Bank, Others To Issue Euro-based Stablecoin  CoinGape Link

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The SEC and the CFTC is reportedly on a "turf war" over who gets to regulate the crypto industry

Behnam had previously said Ethereum and stablecoins are commodities

SEC's Gensler said all crypto assets except Bitcoin are securities   IB Times Link

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JUST IN: JPMorgan says Ethereum will outperform Bitcoin in 2024.  @WatcherGuru

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JUST IN: 🇺🇸 SEC Chair Gary Gensler says they are taking a new look at Spot Bitcoin ETF's based upon court rulings.   @WatcherGuru

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What is the summary of HR 2670?

Requires the Secretary of Defense to develop an integrated maritime domain awareness and interdiction capability in cooperation with allies and partners in the Middle East. Inserts the text of Nuclear Weapons Abolition and Conversion Act of 2023 (H.R. 2775).

https://www.congress.gov/bill/118th-congress/house-bill/2670

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Iraq Economic News and Points to Ponder Thursday Evening 12-14-23

Iraq Economic News and Points to Ponder Thursday Evening 12-14-23

Tlm724 Administrator Bondlady’s Corner

Central Bank: Agreement With The American Side To Meet Our Requests For Cash Shipments For The Year 2024

Economy |  12/14/2023  Mawazine News – Baghdad  The Central Bank of Iraq announced, on Thursday, the results of its meetings with the delegation of the Federal Reserve and the US Treasury Department in Dubai, while indicating an agreement to meet its requests for cash shipments for the year 2024. The Central Bank stated in a statement, a copy of which Mawazine News received, that “The Central Bank delegation concluded its meetings with the delegation of the Federal Reserve and the US Treasury Department in Dubai.”

He added, "Representatives of the US Federal Reserve Bank and the US Treasury appreciated the efforts made by the Central Bank of Iraq during the year 2023 to achieve compliance with the Iraqi banking system."

He pointed out that "the meetings resulted in a number of agreements related to supporting the policies of the Central Bank of Iraq in its orientation to support Iraqi banks by establishing relationships with correspondent banks and the gradual transition of operations to enhance the advance balance of the accounts of these banks, and this is consistent with what the Central Bank of Iraq previously announced in its plan to gradually reduce... Relying on the electronic platform until it is completed within the next year and limiting it to recording financial transfers for the purposes of control, auditing and analysis.”

He pointed out, "It was agreed and approved by the above authorities to meet the requests of the Central Bank of Iraq for cash shipments for the year 2024. The meetings also witnessed a number of understandings that aim towards building the capabilities of Iraqi banks and enhancing their compliance with international standards."

The Governor of the Central Bank stressed that “the bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices.” Ended 29/h

https://www.mawazin.net/Details.aspx?jimare=239261

The Central Bank Announces The Results Of Its Meetings In Dubai And The Fulfillment Of Its Requests For Cash Shipments For The Year 2024  

Economy News – Baghdad  Today, Thursday, the delegation of the Central Bank of Iraq concluded its meetings with the delegation of the US Federal Reserve and the US Treasury in Dubai.

The bank's media office stated in a statement received by Al-Aqsad News, "The delegation of the Central Bank of Iraq has completed its meetings with the delegation of the US Federal Reserve and the US Treasury in Dubai."

He added, "Representatives of the US Federal Reserve and the US Treasury appreciated the efforts made by the Central Bank of Iraq during the year 2023 to achieve compliance with the Iraqi banking system."

The statement explained, "The meetings resulted in a number of agreements related to supporting the policies of the Central Bank of Iraq in its orientation to support Iraqi banks in establishing relationships with correspondent banks and the gradual transition of operations to enhance the advance balance of the accounts of these banks.

This is consistent with what the Central Bank of Iraq previously announced in its plan to gradually reduce Relying on the electronic platform until it is completed within the next year and limiting it to recording financial transfers for the purposes of control, auditing and analysis.”

The Governor of the Central Bank of Iraq stressed during the statement, “The Central Bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices.”

He added, "It was agreed and approved by the above authorities to meet the requests of the Central Bank of Iraq for cash shipments for the year 2024, and the meetings witnessed a number of understandings that aim towards building the capabilities of Iraqi banks and enhancing their compliance with international standards."   12/14/2023 -https://economy-news.net/content.php?id=38519

Central Bank Sales Exceeded $220 Million At Today’s Auction

Thursday, December 14, 2023 Baghdad/National News Center  Foreign remittances increased at the Central Bank auction, today, Thursday, by 92% at the expense of cash sales, to reach $203 million.

The bank stated, “Today, during its auction for buying and selling the US dollar, it sold 219 million 157 thousand 334 dollars, which the bank covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar.” “Critically.”

He added, “Most of the bank’s dollar sales went to strengthen balances abroad in the form of (remittances, credits), which amounted to 203 million 367 thousand and 334 dollars, an increase of 92%, compared to cash sales amounting to 15 million 790 thousand dollars.”

He pointed out, “The number of banks that purchased cash dollars reached 8 banks, while the number of banks that responded to requests to enhance balances abroad reached 22 banks, while the total number of exchange and brokerage companies participating in the auction was 133 companies.”

https://nnciraq.com/241124/

Dollar Prices Fall In Baghdad With The Stock Market Closed

Economy  Thursday, December 14, 2023   Baghdad/National News Center  The prices of the US dollar fell against the Iraqi dinar, today, Thursday, in the markets of the capital, Baghdad, with the stock market closed.

The National News Center correspondent said, “Dollar prices fell with the closure of the main Kifah and Harithiya stock exchanges in Baghdad, recording 155,900 dinars against 100 dollars, while dollar prices recorded this morning 156,400 dinars against 100 dollars.”

He added, “Selling prices in exchange shops in local markets in Baghdad decreased, as the selling price reached 156,500 dinars for 100 dollars, while the purchase price reached 155,500 dinars for 100 dollars.”    https://nnciraq.com/241150/

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

https://www.bondladyscorner.com/

Provoking Points To Ponder From Inspirational Movie Quotes

16. Believe in yourself. Your confidence will lead you to success and happiness.

    After a while, you learn to ignore the names people call you and just trust who you are. - from Shrek

17. In order to achieve your dreams and goals, you’ll go through tough times for sure but hold on!

    If you’re going to try, go all the way. Otherwise don’t even start. This could mean losing girlfriends, wives, relatives, jobs. And maybe your mind. It could mean not eating for three or four days. It could mean freezing on a park bench. It could mean jail. It could mean derision.

It could mean mockery, isolation. Isolation is the gift. All the others are a test of your endurance. Of how much you really want to do it. And you’ll do it, despite rejection in the worst odds. And it will be better than anything else you can imagine. – from Factotum

18. Make every moment count, enjoy your life time and don’t waste it.

    All we have to decide is what to do with the time that is given to us. - from Lord of the Rings: The Fellowship of the Ring

Continued ……….  More to come in next news post

Iraq Economic News and Points to Ponder Thursday Afternoon 12-14-23

Iraq Economic News and Points to Ponder Thursday Afternoon 12-14-23

Tlm724 Administrator Bondlady’s Corner

Economic Expectations That The Dollar Will Lose 20% Of Its Economic Power Early Next Year

 December 13 14:10  Information / Baghdad..The Diyala Chamber of Commerce confirmed, on Wednesday, that the dollar will lose 20% of its influence in Iraqi markets during 2024.

The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, said in an interview with Al-Maalouma,  “Washington used the dollar 4 times during 2023 to pressure Baghdad to achieve a political agenda, which led to provoking crises and raising prices at rates of up to 10%, especially for basic materials, due to the influence of the dollar’s ​​liquidity and its control.” About 90% of transactions are done directly.

He added,  "The openness of the Sudanese government and its adoption of a basket of other currencies to cover foreign exchanges is a step in the right direction," pointing out that

"the dollar will lose 20% of its influence in the markets during 2024 due to companies and traders resorting to a basket of currencies, including the Chinese yuan, the euro, and others."

He pointed out that  "Baghdad's pressure to end the dollarization of Iraqi markets and adopt electronic trading will have a positive impact in reducing the demand for the dollar, which will give flexibility and stability to the exchange rate."

In the past months, the Iraqi markets suffered from instability in the dollar exchange rates and its direct impact on the markets. Ended 25 February

https://almaalomah.me/news/49956/economy/توقعات-اقتصادية-بفقدان-الدولار-20-من-سطوته-الاقتصادية-مطلع-ا

Visa" Cooperates With The "Exchange" And "Earthlink" Companies To Educate The Iraqi Consumer About The Advantages Of Digital Payments

 Money  and business  Economy News - Baghdad  The leading global company in the field of digital payments, Visa, cooperated with the payment services provider, “Exchange,” and the largest Internet service provider, “Earthlink” (the National Internet Project), to organize an awareness campaign in the form of a training workshop to educate Iraqis about the advantages of digital payments.

This initiative comes as a continuation of the ongoing awareness campaign organized by Visa for merchants and consumers in cooperation with the Central Bank of Iraq and with the support of Prime Minister Muhammad Shiaa Al-Sudani.

The workshop, which was launched on November 15, 2023 and required the personal attendance of participants, aims to train the Earthlink team/agents, who in turn will be able to educate their user base, which exceeds 2 million users.

The training will cover various topics, including the use of cards in daily transactions via points of sale, e-commerce, as well as the use of cards in ATMs.

In addition, participants will receive guidance on how to make informed financial decisions and the security of digital payments.

As part of the campaign, a strategic initiative to introduce a co-branded prepaid card in collaboration with Earthlink is currently being implemented.

The initiative aims to provide additional benefits to Earthlink users and agents participating in the electronic payment system.

To stimulate participation, Al-Tabadul and Earthlink will encourage agents and users to obtain the Al-Tabadul Visa card and facilitate their membership payments through the card.

Commenting on the matter, Laila Sarhan, Regional Director and Vice Chairman of the Board of Directors to lead the company’s business in North Africa, the Levant countries and Pakistan, said:

“At Visa, we believe that strategic partnerships play a crucial role in achieving financial inclusion.

Therefore, we are excited to cooperate with the two companies, the Exchange.” ' and 'Earthlink' (the National Internet Project) to empower and support the Iraqi consumer.

Over the past few years, Visa has collaborated closely with the Central Bank of Iraq and key players in the sector, in line with the goals of Iraq Vision 2030 to promote financial inclusion within a diversified economy.

“Our mission is to connect the world through an innovative, reliable and secure payment network, to enable individuals, businesses and economies to thrive.

The electronic payment awareness campaign is another step in this direction.”

For his part, Ahmed Shaker, CEO of Al-Tabadul, said: “We realize that many users in Iraq still use cash transactions, which can be inconvenient and risky, keeping them excluded from the formal financial sector.

We are pleased to cooperate today with Visa.” And 'Earthlink' to enhance awareness of digital payment options and integrate the Iraqi people into a financially inclusive environment.

Our goal through the campaign is to reach more than two million Iraqis within the 'Earthlink' network (the national internet project), to support Iraq's progress in the field of strengthening the digital economy."

Visa has always embraced innovation to lead the way in building the largest, most dynamic and global open global network of technology, partnerships and people.

In Iraq, Visa has led several initiatives and collaboration projects, marking an important milestone with the introduction of the country's first digital payment and multi-currency cards.

 Views 164     Added 12/13/2023 - https://economy-news.net/content.php?id=38454

Evaluation Of The Iraqi Economy

Economic 12/12/2023  Yasser Al-Metwally  There are indicators that enable the economic analyst to judge the economy of any country whether it is thriving, tired, or shrinking.

The real standard and basic indicator for evaluating the state of the economy, whether it is shrinking or thriving, is the purchasing power in that country.

Whenever the rate of consumption rises, it indicates economic recovery for the country, and vice versa, when the level of consumption decreases, it means that the country’s economy is shrinking (tired).

In light of this economic theory, how do we evaluate the state of the Iraqi economy?

Our assessment of the state of the Iraqi economy, regardless of the economic performance, is another matter.

The reality of the distortions in the structure of the Iraqi economy puts the analyst at a loss in assessing the economic situation, and this assessment is the basis for helping the economic policy maker to take sound and correct decisions to achieve balanced growth that sustains the recovery or treats it. Shrinkage.

But the structural distortion that afflicts our national economy puts everyone in a maze of miscalculation and planning.

Therefore, the economic reform process in the country faces challenges of this kind that hinder its achievement, and I mean the economic reform that we seek.

What complicates the economic scene most and hinders successful solutions is the absence of accurate statistics and numbers, which I previously discussed in a previous article here in Al-Sabah Economics, which was titled The Deception of Economic Numbers.

It is noted that most of the announced statistics are estimated and unrealistic, giving a distorted picture.

For example, the figures for unemployment rates, the poverty rate, the size of inflation, and the lives of the Iraqi population are also estimated due to the absence of a general population census for nearly four decades.

This is the second indicator of assessing the state of the Iraqi economy..

Perhaps the closest example of the blurring of the Iraqi economic landscape is when you look at consumption rates by all standards

Whether in basic or luxury goods, and the level of accelerating development in the expansion of urban expansion, whether in housing projects, malls, and restaurants, in addition to that, surplus goods and commodities littering the streets and sidewalks and filling warehouses without planning indicate to you that there is a major economic recovery.

On the other hand, when you read and hear about poverty rates and the estimated size of unemployment, it indicates to you that the economy is tired.

The reason for this contradiction is certainly the absence of accurate and true statistics, which confuses the government in addressing the conditions of the fragile and poor classes in a way that achieves social well-being for all.

From all of this, we conclude that assessing the state of the Iraqi economy is illogical and is the reason for distorting its true picture.

This indicator hinders the government in addressing poverty and unemployment and assessing actual needs, so the losses are many, which affects the possibility of correcting the structural distortion of the economy.

There are many examples.   

There are many who appropriate shares of vulnerable classes to benefit from support decisions without entitlement.

If these losses were allocated to the deserving, it could eliminate poverty and reduce unemployment rates.

The greatest evidence is that there are cases discovered from time to time in large numbers that are not eligible for social welfare salaries, for example, and do not apply to them.

Controls for those included, and even the ration card, include many who do not deserve it, affecting the share of the poor, as many cases have been discovered and other categories are still not eligible.

The conclusion is that only the general population census can solve the problem of real numbers and significantly reduce poverty rates while the margins of standard errors in statistics remain valid and in accordance with the accuracy of the information and statistics.  https://alsabaah.iq/88722-.html

Taxes Announce The Adoption Of Electronic Payment To Pay Money Early Next Year

Economy News – Baghdad  The General Tax Authority announced, on Monday, the adoption of electronic payment in a binding manner for the payment of taxes, starting from January 1 of the new year 2024, while confirming the start of implementing the self-assessment system for the first time in Iraq.

The head of the authority, Ali Waad Allawi, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that“the tax authority seeks to complete the implementation of the automation system, with great support from the Prime Minister and the Minister of Finance, to develop the work and transform it from the paper system to the comprehensive electronic tax system.”

He added, "Achieving this goal requires the completion of electronic steps that began with the generalization of electronic payment, which is now applied in all branches of the authority in Baghdad, and has been applied by 50% in the central and southern governorates and a number of northern governorates."

He continued,  "The Tax Authority is working to implement electronic payment in all its branches in Baghdad and the governorates during the coming period, and this is the first step," pointing out,

"The second step will be to approve the self-assessment in the General Authority for Taxes." He pointed out, "Iraq was the only country that did not implement the self-assessment system until two months ago, when it was implemented in the tax authority through a comprehensive electronic system."

He stressed,  "As of January 1, 2024, taxpayers and taxpayers will be obligated to pay what they owe through the electronic payment system.

This work will reduce human intervention, rates of extortion and corruption, and speed up the completion of transactions." Views 72 12/11/2023 https://economy-news.net/content.php?id=38400

Iraq Is Ranked 81st In The World In Terms Of Per Capita Carbon Emissions

Reports  Economy News  Iraq ranked 81st in the world and eighth in the Arab world in terms of its per capita share of carbon dioxide, according to the American magazine Ceoworld.

The magazine said in a report it reviewed that the major economies are not the biggest polluters, but countries whose economies depend on fossil fuels dominate per capita carbon emissions.

The magazine classified 216 countries with the highest and lowest per capita pollutants of carbon dioxide. According to the table,  “Qatar ranked first in terms of carbon dioxide per capita, recording approximately 67.38 tons, Bahrain ranked second with 26.7 tons, and Kuwait ranked third with 25 tons per capita.”

The magazine noted that   “Trinidad and Tobago ranked fourth with 23.7 tons per capita, Ronai came fifth with 23.5 tons per capita, the United Arab Emirates came in 21.8 tons per capita, New Caledonia ranked 19.10 tons, while the Kingdom of Saudi Arabia ranked eighth with 18.07 tons.” The Sultanate of Oman ranked ninth with 17.89 tons, and Australia came in tenth place with 15.1 tons.

The magazine stated that   “Iraq ranked 81st globally and eighth in the Arab world, with 4.3 tons of carbon dioxide per capita.” The report continued,  "Burundi was the lowest country in terms of the per capita share of carbon dioxide, as the per capita share was 0.01 tons, followed by Malawi with the same percentage."   Views 55   12/09/2023 - https://economy-news.net/content.php?id=38319

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

https://www.bondladyscorner.com/

Provoking Points To Ponder From Inspirational Movie Quotes

10. You don’t need to hide yourself because you’re afraid of what others think of you. You have the choice to live your own life.

     It is not our abilities that show what we truly are… it is our choices. - Dumbledore, from Harry Potter and the Chamber of Secrets

11. Just keep going, you’ll make it one day.

    “Run, Forrest, run!” - from Forrest Gump

12. The least expected things happen at your least expected time in life.

    My momma always said, “Life is like a box of chocolates, you never know what you’re gonna get.” – from Forrest Gump

13. Never give up on your dream, fight your hardest for it.

    Don’t ever let somebody tell you you can’t do something, not even me. Alright? You dream, you gotta protect it. People can’t do something themselves, they wanna tell you you can’t do it. If you want something, go get it. Period. - Chris Gardner, from The Pursuit of Happyness

14. Don’t stuck in your own little world because the purpose of life is to explore and experience.

    “To see the world, things dangerous to come to, to see behind walls, to draw closer, to find each other and to feel. That is the purpose of life.” - from The Secret Life of Walter Mitty

Ben Stiller in a still from The Secret Life of Walter Mitty

15. Stop trying to please everyone because it’s impossible. Do what makes you comfortable.

    You cannot live your life to please others. The choice must be yours. - White Queen, from Alice in Wonderland 

Continued ……….  More to come in next news post

"Tidbits From TNT" Thursday 12-14-2023

TNT:

Tishwash:  Dubai is hosting a meeting of delegations from the Iraqi Central Bank, the Federal Reserve, and the US Treasury

Today, Thursday (December 14, 2023), the Central Bank of Iraq announced the end of its meetings with the delegation of the Federal Reserve and the US Department of the Treasury in Dubai.

The bank's media office stated in a statement received by "Baghdad Al-Youm", that "the delegation of the Central Bank of Iraq concluded its meetings with the delegation of the US Federal Reserve and the US Treasury Department in Dubai."

He added, "Representatives of the US Federal Reserve and the US Treasury appreciated the efforts made by the Central Bank of Iraq during the year 2023 to achieve compliance with the Iraqi banking system."

He pointed out that "the meetings resulted in a number of agreements related to supporting the policies of the Central Bank of Iraq in its orientation to support Iraqi banks in establishing relationships with correspondent banks and the gradual transition of operations to enhance the advance balance of the accounts of these banks, and this is consistent with what the Central Bank of Iraq previously announced in its plan to gradually reduce From relying on the electronic platform to ending its work within the next year and limiting it to recording financial transfers for the purposes of control, auditing and analysis.”

According to the statement, the Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed that “the Central Bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices,” while the statement explained that “it was agreed and approved by the above authorities to meet the requests of the Central Bank of Iraq for cash shipments for the year 2024".

He pointed out that "the meetings witnessed a number of understandings that aim to build the capabilities of Iraqi banks and enhance their compliance with international standards."  link

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CandyKisses:  IMF selects Saudi Arabia to chair monetary affairs committee

Baghdad Today – Follow-up

Today, Thursday (December 14, 2023), the International Monetary Fund (IMF) announced the selection of the Kingdom of Saudi Arabia to chair the International Monetary and Finance Committee, noting that Saudi Finance Minister Mohammed Al-Jadaan will be Chairman of the Committee .

The Committee is working to provide support to the IMF Board of Governors in the area of oversight of the global monetary and financial system, including measures to address events that may cause disruptions to the system.

The Saudi Press Agency quoted Saudi Finance Minister Mohammed Al-Jadaan as saying that "the selection of Saudi Arabia to chair the International Monetary and Financial Committee for the period 2024-2027 reflects confidence in its leadership position globally and regionally and its pivotal role in strengthening "multilateral international action."

The International Monetary and Financial Committee discusses issues related to promoting the growth and stability of the global economy, ensuring global financial stability, and a key platform for providing strategic direction for the work and policies of the IMF.

The 24-member committee is composed of finance ministers and central bank governors and bases its work and decision-making mechanism on consensus, including the selection of its chairman, and meets twice a year, as well as meetings of the International Monetary Fund and the World Bank Group.

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Tishwash:  Iraq announces the arrest of those involved in the attack on the American embassy in central Baghdad

Special Forces Major General Yahya Rasul Abdullah, spokesman for the Commander-in-Chief of the Armed Forces, announced on Thursday the arrest of some of those involved in the missile attack that targeted the American embassy and the Iraqi National Security Service building in the center of the capital, Baghdad, indicating that some of them are connected to the security services.

Major General Abdullah said in a statement today that the attack that occurred on December 7, 2023, which targeted the Embassy of the United States of America, the headquarters of the National Security Service, and some government buildings, is an attack on the security and sovereignty of Iraq.

He stressed that such attacks cannot be tolerated or tolerated. Because of the serious threat it represents to the country’s security and stability, the damage it causes to Iraq’s reputation and dignity, and the questioning of its credibility as a sovereign state capable of fulfilling its international obligations and ensuring the safety of its citizens and residents, especially diplomatic missions.

Major General Abdullah also confirmed that the security services began investigating the incident to find the perpetrators and bring them to justice, under the direct guidance of the Commander-in-Chief of the Armed Forces, Prime Minister Muhammad Shiaa Al-Sudani.

He added, "Our security services, after extensive technical and intelligence efforts, were able to identify the perpetrators, as preliminary information showed that some of them, unfortunately, are connected to some security services, and after the judicial authorities issued investigation and arrest orders against them," pointing out that "the security services... The security forces arrested a number of them, and search and investigation efforts are still continuing to reach everyone who contributed to this attack. The hand of justice will reach them so that they may appear before the competent courts and receive their just punishment in accordance with the law.

The military spokesman for Al-Sudani noted that “the competent authorities had previously succeeded in finding those who helped the perpetrators and provided them with logistical support to reach the implementation area and evacuate them from it, and they were detained in order to take legal measures against them.”

He continued by saying that "Iraq overcoming security challenges, completing the construction of its constitutional institutions and consolidating sovereignty and stability is an achievement that has passed through a path paved by the sacrifices of our people and our armed forces, in all their forms, and it is a fruit that cannot be neglected in the face of all threats," stressing that "there is no alternative to extending security." “Iraq is on the verge of a long-awaited urban and service renaissance, and such attacks only harm the interests of Iraq and its people.”  link

Mot: Poor ole ""Santa"" Has a Tough Year - This Year!!

Mot: Earl is Sooo Helpful during the Season!!!!

Iraqi News Highlights and Points to Ponder Thursday AM 12-14-23

Iraqi News Highlights and Points to Ponder Thursday AM 12-14-23

An Oil Expert Identifies The Reasons For The Decline In Basra Crude Prices: Everyone Is Ignorant Of The Mechanisms Of The Oil Market

Time: 12/14/2023 Read: 247 times  {Economic: Al-Furat News} Today, Thursday, oil expert Hamza Al-Jawahiri identified the reasons for the decline in Basra crude prices, pointing out that everyone is ignorant of the mechanisms of the oil market.

Al-Jawahri told {Al-Furat News} agency, "The decline in Basra crude prices is due to purely political reasons, through interventions from Western countries and pressure on certain oil-producing countries to silently flood the markets."

He continued: "It is not possible to know the amount or decrease in prices, and everyone is ignorant of the nature of the political agreement, and this is not one of the mechanisms of the oil market in terms of consumption."

He added, "The request for an increase is the one that has a political impact, whether it is an increase or something else, and no person can know about this matter."

This morning, the prices of Basra Heavy crude fell by $4.07 to reach $69.55, and the prices of Basra Medium crude fell by $4.07 to reach $72.10.   By Raghad Dahham   LINK

The Dollar Continues To Decline Against The Dinar In Baghdad And Erbil

2023-12-14 Shafaq News/ Dollar prices decreased today, Thursday, in Baghdad markets and in Erbil, the capital of the Kurdistan Region.

Shafaq News Agency correspondent said that dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 156,200 dinars against 100 dollars, while yesterday, Wednesday, prices were 156,700 dinars against 100 dollars.

Our correspondent indicated that selling prices in banking shops in local markets in Baghdad decreased, as the selling price reached 157,250 Iraqi dinars, while the purchasing price reached 155,250 dinars for every 100 dollars.

As for Erbil, the dollar also recorded a decrease in banking shops, the selling price was 156,100 dinars against the dollar, and the purchasing price was 156,000 dinars against 100 dollars.  LINK

The Dollar Stabilizes At An Increase In Baghdad, And Money Exchangers Sell For More Than 155 Thousand Dinars

Economy |Baghdad today - Baghdad   Today, Thursday (December 14, 2023), the price of the dollar against the dinar recorded stability despite its rise in the local markets in the capital, Baghdad.

The "Baghdad Today" correspondent said that selling prices in money exchange shops in local markets in Baghdad amounted to 157,250 Iraqi dinars for every 100 US dollars.

He pointed out that the purchase price amounted to 155,250 Iraqi dinars for every 100 US dollars. LINK

Parliamentary Budget: 2024 Will Not Stop The Disbursement Of The Tripartite Budget

December 13, 2023  Baghdad/Al-Masala Al-Hadath: The Parliamentary Finance Committee confirmed that the entry into the new year 2024 will not stop the disbursement of funds from the tripartite budget, given that it was approved for three years.

The head of the committee, Atwan Al-Atwani, said that the committee approved a tripartite government budget and there is no interruption in spending and disbursement, given that the approved budget is for (3) years to ensure the continuation of spending and contracting and the continuity of the government’s work throughout its years without faltering, as happened in the past and led to the budget being delayed for more than 6 months.

He added that with regard to the 2024 budget, the committee is communicating with the government while awaiting its schedules, and it is possible to complete the issue as soon as possible with the aim of sending it to the House of Representatives for a vote.

On June 12, the House of Representatives voted on the draft general budget law for the fiscal years (2023, 2024, 2025), after deliberations that began last Thursday.

The value of the current year’s budget amounts to 197 trillion and 828 billion dinars (about 152.2 billion dollars), with a total deficit of 64.36 trillion dinars (49 billion dollars), while the budget items for the years 2023 and 2024 have not been published.

The current year's budget estimates the price of a barrel of oil at $70, with a daily export volume of 3.5 million barrels per day, including 400,000 barrels per day from the Kurdistan region of Iraq.

Iraq is the second largest producer of crude oil in OPEC after Saudi Arabia, with an average daily production of 4.6 million barrels under normal conditions. https://almasalah.com/archives/76102

Provoking Points to Ponder From a Sioux Indian Chief

Silence was meaningful with the Lakota, and his granting a space of silence before talking was done in the practice of true politeness and regardful of the rule that ‘thought comes before speech.’…and in the midst of sorrow, sickness, death or misfortune of any kind, and in the presence of the notable and great, silence was the mark of respect…

strict observance of this tenet of good behavior was the reason, no doubt, for his being given the false characterization by the white man of being a stoic. He has been judged to be dumb, stupid, indifferent, and unfeeling.

We did not think of the great open plains, the beautiful rolling hills, the winding streams with tangled growth, as ‘wild’.

Only to the white man was nature a ‘wilderness’ and only to him was it ‘infested’ with ‘wild’ animals and ‘savage’ people. To us it was tame. Earth was bountiful and we were surrounded with the blessings of the Great Mystery.

 Kinship with all creatures of the earth, sky and water was a real and active principle. In the animal and bird world there existed a brotherly feeling that kept the Lakota safe among them. And so close did some of the Lakotas come to their feathered and furred friends that in true brotherhood they spoke a common tongue.

This concept of life and its relations was humanizing and gave to the Lakota an abiding love.

It filled his being with the joy and mystery of living; it gave him reverence for all life; it made a place for all things in the scheme of existence with equal importance to all.

It was good for the skin to touch the earth, and the old people liked to remove their moccasins and walk with bare feet on the sacred earth… the old Indian still sits upon the earth instead of propping himself up and away from its life giving forces.

For him, to sit or lie upon the ground is to be able to think more deeply and to feel more keenly. He can see more clearly into the mysteries of life and come closer in kinship to other lives about him.

Continued …….. More to come in next news post

MilitiaMan: Iraq International Plan - World Bank - World Trade Organization - European Union - G7 - GLOBAL TRADE

Iraq International Plan - World Bank - World Trade Organization - European Union - G7 - GLOBAL TRADE

MilitiaMan and Crew:  12-13-2023

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=POpCZYuTI4c

Goldilocks' Comments and Global Economic News Wednesday Evening 12-13-23

Goldilocks' Comments and Global Economic News Wednesday Evening 12-13-23

Good Evening Dinar Recaps,

Today, we will hear from Jerome Powell during the Federal Open Market Committee meeting.
Many economists foresee a cautious approach in today's meeting. Most agree, there will be no rate hikes at the end of the day's meeting. Time will tell on this one of course, but it is expected that policy reviews and preparing for new directions in the coming year will be at the top of their list and on the table.

Traders are pricing in future rate cuts beginning in May of 2024. Some believe that rate cuts will begin a little bit earlier.

We are going to have a short period of time between January and May of 2024 for increased demand of currencies rising to their peak levels before interest rate decreases begin.  

This will allow the local currencies in the East that are newly beginning to be traded at the beginning of the year a chance to grow in value.

© Goldilocks
CNBC Link

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How do Interest Rates Affect Currency Exchange Rate? 

“In simplistic terms the higher the interest rate, the better return you get by owning the currency and so you are more likely to want to own that currency – the converse being true with lower rates.” This increased demand for the currency strengthens its value against other currencies.
https://www.nasdaq.com

Nasdaq Link

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DOLLAR DOMINANCE MONITOR (👇The next 4 Articles👇)

The US dollar has served as the world’s leading reserve currency since World War II. Today, the dollar represents 58 percent of the value of foreign reserve holdings worldwide. The euro, the second-most-used currency, comprises only 21 percent of foreign reserve holdings.

But in recent years, and especially since Russia’s invasion of Ukraine and the Group of Seven (G7)’s subsequent escalation in the use of financial sanctions, some countries have been signaling their intention to diversify away from dollars.

Over the past twenty-four months, the BRICS (a grouping of Brazil, Russia, India, China, and South Africa) have been actively promoting the use of national currencies in trade and transactions. During this same time, China has been expanding its alternative payment system to its trading partners and seeking to increase international usage of the renminbi.

https://www.atlanticcouncil.org/programs/geoeconomics-center/dollar-dominance-monitor/

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https://www.atlanticcouncil.org/programs/geoeconomics-center/dollar-dominance-monitor/

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Key takeaways:

The dollar’s role as the primary global reserve currency is secure in the near and medium term. The dollar continues to dominate foreign reserve holdings, trade invoicing, and currency transactions globally. All potential rivals, including the euro, have a limited ability to challenge the dollar in the immediate future.

All five BRICS members are seeking to reduce their reliance on the dollar. The group has so far been unable to make significant progress on dedollarization efforts, including the creation of a common currency. However, because of their combined share of global GDP, BRICS can pose a long-term challenge to the dollar’s hegemony.

Alternative financial plumbing may be a leading indicator that precedes any shift away from dollars. To assess the dollar’s relative strength at present, and anticipate its future status, it is critical to track the rise of competing financial settlement networks and payments architecture.

With the goal of creating a multipolar and less dollar-dominated financial system, China has accelerated its development of alternative payment systems. China’s Cross-Border Interbank Payment System (CIPS)—a renminbi settlement mechanism—has grown rapidly to include 119 direct and 1,304 indirect participants around the world. 

China has actively exchanged renminbi directly with its trading partners’ central banks to boost their renminbi reserves.

Russia is now the most active client of the People’s Bank of China. The two countries’ central banks can exchange up to $1.4 billion worth of rubles and yuan every day. 

If Beijing were to allow more free movement of renminbi in and out of the country, it would significantly enhance the international appeal of its currency. However, even without a policy change, the renminbi possesses some characteristics of a reserve currency and can continue to slowly grow its share in global payments.
https://www.atlanticcouncil.org/programs/geoeconomics-center/dollar-dominance-monitor/

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https://www.atlanticcouncil.org/programs/geoeconomics-center/dollar-dominance-monitor/

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Central Asian Economies Look To Digitize  Silk Road Briefing Link

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"First US Crypto Accounting Rules to Capture Token Highs, Lows

* Crypto to be measured at fair value under new FASB rules
* Rules go into effect in 2025 but earlier adoption allowed"

Okay, here we go. The Financial Accounting Standards Board (FASB) ON CRYPTO WILL GO INTO EFFECT THE EARLY PART OF 2025.

This does not mean that we have to wait for new values to start showing up and floating upwards to these real values that will be adopted the early part of 2025.

The FASB said in this article that crypto adoption can be done earlier.  This means that all of next year we are going to see a float in the cryptocurrency sector of the market begin rising to their real value with a culminating point at 2025.

At that point, we will see standard values or a revaluation in cryptocurrencies that will survive and thrive in the new economy.

Remember, these new tokens are being attached to our current traditional assets, and these two Market sectors will be supported by gold and other commodities.

© Goldilocks
Bloomberg Tax Link

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The Coming  Economic Transfer - The Economic Ninja

https://www.youtube.com/live/UQIQoUzxMo4?feature=shared

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They Will Create 50% Stock Market Crash to Usher in CBDCs in 2024 Warns Edward Dowd

https://youtu.be/PCyUcyUVmEA?feature=shared

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👆 Potentially, this is possible. Yet, we are going to see some sectors of the market go that far down or more throughout the year in 2024 until they reach a real value.

We are expected to be in a Bear Market for the first half of the year. And then, we are hoping for the best and a bull market to surface.

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Iraq, UAE agree to finance trade, imports in UAE dirham    Middle East Monitor Link

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FedNow may have spurred RTP adoption     Banking Dive Link

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Imagine waking up, and the value of your currency was cut in half overnight.

This is the reality for the people of Argentina.

This is why you have some gold.

Read: https://x.com/goldtelegraph_/status/1734997469703066104?s=46

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FOMC Press Conference December 13, 2023

https://www.youtube.com/live/pwbKwGjhuhk?feature=shared

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Breaking News:
The Fed holds rates steady.

@ Goldilocks

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The Federal Reserve on Wednesday held its key interest rate steady for the third straight time and set the table for multiple cuts to come in 2024 and beyond. 3 mins ago (Posted at 2:03 pm ET)
https://www.cnbc.com › 2023/12/13

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* Keep in mind. The Federal Reserve has never in the course of history lowered interest rates unless things are going bad.

@ Goldilocks

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Can you feel it yet? Everything changes in 2024. Get on the right side of these assets... NOW

@ Goldilocks

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Freedom Fighter ©

🛎Cross Border payments connecting ASIA and (MENA - Middle East & North Africa)

🟢When you connect cross-border payment systems you have the technology to connect CURRENCIES & ASSETS❗️

🛎PAYING ATTENTION YET❓😃

European Business Magazine Link

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Warren Buffett Has Been Involved With XRP Since 2014! Never SEEN Before Evidence Has Surfaced! [WOW] https://youtu.be/_Szce1MXkkc?feature=shared

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Cop28: landmark deal to ‘transition away’ from fossil fuels agreed – as it happened   The Guardian Link

👆  Goldilocks pointed to this article

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CFTC chair says most cryptocurrencies are commodities under current laws Crypto Slate Link

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Latin America Takes the Lead as Stablecoin Global Settlements Reach $7 Trillion Crypto Potato Link

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Next year, we are looking at several countries beginning to trade in their own local currencies.

This could lead to not enough buyers for the US Treasuries. What is the end result?

The dollar will fall, and gold will rise.

© Goldilocks

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All roads lead to gold, and gold will set us free.

© Goldilocks

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Thank you Dinar Recaps -- www.DinarRecaps.com

Iraq Economic News and Points to Ponder Wednesday Afternoon 12-14-23

Iraq Economic News and Points to Ponder Wednesday Afternoon 12-14-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Decides To Establish The National Company For Electronic Payment Systems In Iraq

 December 13, 2023  The Board of Directors of the Central Bank of Iraq decided to establish the “National Company for Electronic Payment Systems in Iraq,” indicating that the company represents a qualitative development in the structure of the country’s financial infrastructure.

He stated that   the new company will assume responsibility for developing, operating and managing the national electronic payment and clearing systems with high efficiency and adding new elements to serve the electronic payment environment.

He added that  the role of the Central Bank of Iraq will revolve around organizing and supervising these systems, and that

implementation will begin and the legal, executive and operational framework for the company will be established with the participation of all interested parties, in accordance with the Bank Law and the applicable legislative frameworks.

It is noteworthy that this step coincides with the rapid growth in electronic financial services and products and the increase in the number of users in accordance with the framework of the government program to support and adopt advanced electronic payment systems.   

Central Bank of Iraq   information Office   13 - December – 2023   https://cbi.iq/news/view/2485

The Governor Of The Central Bank Visits The Branch Of The International Development Bank In Dubai

 December 13, 2023  His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, visited the branch of the International Development Bank in Dubai.

 After congratulating the bank and its management, he informed him of the progress of the procedures taken in the branch, providing full support to the bank branch, appreciating its role in strengthening economic relations between Iraq and the United Arab Emirates.   

 Central Bank of Iraq   information Office  December 13, 2023   https://cbi.iq/news/view/2484

The Governor Of The Central Bank Meets With The Chairman Of The First Abu Dhabi Bank Group

 December 13, 2023       The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Ms. Hana Al Rostamani, and

during the meeting it was agreed to launch financial transfer operations between the two countries and to finance trade and imports between Iraq and the United Arab Emirates in the UAE dirham currency through the First Abu Dhabi Bank.

Transfer operations in the UAE dirham began today, Wednesday, December 13, and the first phase of this agreement will be with five Iraqi banks, which will be gradually increased.

This step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it aims to reduce dependence on the electronic platform. For financial transfers and working in accordance with normal international practices adopted in enhancing Iraqi bank balances for the purposes of financing trade.

 The First Abu Dhabi Bank offered to contribute to financing clean energy projects in Iraq.  It is noteworthy that First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, with a credit rating of AA-, and its total assets amount to about 300 billion US dollars.   

Central Bank of Iraq     information Office     13 - December – 2023   https://cbi.iq/news/view/2483

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

https://www.bondladyscorner.com/

Provoking Points To Ponder From Inspirational Movie Quotes

6. You should love and take care of yourself because after all, it’s your own life.

    You can’t live your life for other people. You’ve got to do what’s right for you, even if it hurts some people you love. - from The Notebook

7. Everyone has a choice. You can choose your own path in life.

    We are who we choose to be. - Green Goblin, from Spider-Man

8. You deserve what you want when you’re trying your best to fight for it, no one can take that right from you.

    Don’t let anyone ever make you feel like you don’t deserve what you want. - Heath Ledger, from 10 Things I Hate About You

9. There’s no perfect time for anything, do it now or you’ll regret later.

    I don’t regret the things I’ve done, but those I did not do. - from Empire Records

10. You don’t need to hide yourself because you’re afraid of what others think of you. You have the choice to live your own life.

    It is not our abilities that show what we truly are… it is our choices. - Dumbledore, from Harry Potter and the Chamber of Secrets

Continued ……….  More to come in next news post

Iraqi News Highlights and Points to Ponder Wednesday Afternoon 12-13-23

Iraqi News Highlights and Points to Ponder Wednesday Afternoon 12-13-23

Experts: Tightening Supervision Reduces The Price Of The Parallel Dollar

Economical  12/13/2023    Baghdad: Shukran Al-Fatlawi   Specialists in the field of finance and economics stressed that reducing the price difference between the official and parallel dollars further requires tightening control over violators, in addition to the importance of adopting a unified customs system.

Despite the many government measures taken to control this matter, the difference is still huge, as the government sells the dollar at a price of 132 thousand per hundred dollars, while in the parallel market it ranges between 156 - 157 thousand per hundred dollars.

The economic expert, Dr. Nabil Al-Marsoumi, said To "Al-Sabah": The electronic platform needs to be closely and periodically monitored in order to fulfill the purpose for which it was prepared, because some greedy merchants buy the dollar at the set government price or the import dollar and sell it at the commercial price.

He pointed out the necessity of adopting the issue of monitoring seriously to prevent greedy merchants from exploiting citizens. Al-Marsoumi stressed the importance of having a unified customs system, one tariff, and one tax system, so that there is central control over the border crossings, and so that these procedures do not remain formal and have a limited effect in reducing the gap between the parallel and official prices.

Prime Minister Muhammad Shiaa Al-Sudani recently revealed that 26 billion dollars were not included in the tax system, which was scheduled to enter the state treasury. For his part, economic and financial expert Dr. Mustafa Hantoush told “Al-Sabah”: The tax reduction that was added to some goods And products is a very important and necessary measure.

He explained that paying with the so-called (official dollar) for some goods gives them a lot of ease and comfort during the sales process, as is the case with mobile phone devices and gold, as importers suffer from the difficulty of approval and the tax question, which constitutes a great burden during the import process. Hantoush pointed out that Reducing the tax on cigarettes from 110 percent to 30 percent.

As for medicines, many of them are imported through Kurdistan and are subject to high rates or are banned for various reasons, so the situation must be addressed. He continued that many detergents are charged 50 percent, of which about 5-15 percent is allocated to the region.

It is noteworthy that the Council of Ministers recently took several decisions, including those regulating trade and the importation of some materials and goods, which some merchants are forced to finance from the informal currency market. Foreign financing, and the negative repercussions that such financing would have on the exchange rate.

Therefore, the Council took a number of decisions and measures aimed at facilitating importers of gold goods, cars, mobile phones, and cigarettes from benefiting from the services of the foreign banking financial transfer platform, in a way that makes it easier for importers of these goods to obtain... Financing in foreign currency at the official exchange rate saves them the need to resort to purchasing foreign currency from the informal market.   Edited by: Ali Mowafaq   https://alsabaah.iq/88813-.html

Al-Bayati: The Oil And Gas Law Does Not Meet The Desires Of The Kurds

Today 11:55   Information / Baghdad... On Wednesday, former MP Jassim Al-Bayati criticized the region's policy and his position on the oil and gas law after attempts in recent years to pass it in Parliament, pointing out that the Kurds had obstructed the law in recent periods because it did not meet their desires.

Al-Bayati told Al-Maalouma, “When the political parties in the Kurdistan region talk about the oil and gas law, they are lying to themselves, as the law will not be in the region’s interest at all.”

He added, "The oil and gas law will determine the region's oil exports and imports according to legal frameworks that it will not be allowed to tamper with. Therefore, it will not be in the interest of the region that lied about the oil file."

He stated that "the Council of Ministers voted in 2007 on the oil and gas law and it was sent to Parliament, but the Kurds stood against this law and prevented it from being passed in the House of Representatives, because they did not want the rest of the oil companies in other provinces to be their partners in the oil file."   LINK

The Recession Hits The Markets Due To The High Prices Of Imported Goods And Demands To Support The Local Product

By video   2023-12-13 | 06:30  Source:   Alsumaria News   255 views  The capital's markets are experiencing recession and stagnation, and the reason is due to the variation in exchange rates. Despite all the procedures and holding speculators accountable, the citizen complains of the high prices of most imported goods.   What do financial and business experts think?   LINK

Warning And Warning... Expectations Of The Budget Falling To Less Than $10 Billion And The Iraqi Dinar Collapsing

Economy |Today   Baghdad today - Baghdad   Today, Wednesday (December 13, 2023), economic expert Nabil Al-Marsoumi commented on the COP28 call to reduce the use and production of fossil fuels, while noting that it is an “early warning” to rentier countries, most notably Iraq.

Al-Marsoumi said in a blog post followed by “Baghdad Today” that, “Regardless of how realistic the call made by the COP28 climate change negotiations aimed at reducing fossil fuel consumption and production, in a fair, orderly and equitable manner, in order to achieve carbon neutrality by 2050, This constitutes an early and severe warning to rentier states.”

He added: "Especially for countries that depend entirely on oil, led by Iraq, where oil dominates more than half of the gross domestic product, 99% of total exports, and 95% of public revenues, which is the main source of income, financing and driving economic activities in Iraq."

He pointed out that "in light of the almost complete absence of commodity activities such as agriculture and industry, and the horrific backwardness in the service and distribution sectors, if one day the world leaves oil or if oil, which is a non-renewable resource, runs out, then the results will be disastrous."

Al-Marsoumi pointed out that “oil exports will disappear, oil revenues will decrease accordingly, the size of the annual general budget will decrease to less than $10 billion, the Iraqi dinar will collapse, the real incomes of employees and fixed-income earners will decrease, unemployment and poverty will worsen, the Iraqi economy will be completely paralyzed, and the situation will be much worse than what Iraq suffered in The time of the economic blockade 1990-2003.

The economic expert stated, "Hence comes the importance of caution and hard work within the framework of a real development plan in which an important part of oil revenues is used to diversify the country's economy and activate other non-oil sectors and not make it hostage to one depleted commodity that the world plans to dispense with in the future."

A draft agreement published earlier confirmed that one of the options for the outcome of the talks was “to gradually phase out fossil fuels in accordance with the best scientific findings.”

Later, another draft was published but it was devoid of the phrase “phasing out,” instead saying that nations should “reduce the use and production of fossil fuels in a fair, orderly and equitable manner.”

While this change in phrase may be seen as small, subtle differences in UN documents can result in huge changes in states' obligations.   LINK

Provoking Points to Ponder From a Sioux Indian Chief

Quotes From a Sioux Indian Chief That Will Make You Question Everything About “Modern” Culture

Luther Standing Bear was an Oglala Lakota (Sioux) Chief who, among a few rare others such as Charles Eastman, Black Elk and Gertrude Bonnin occupied the rift between the way of life of the Indigenous people of the Great Plains before, and during, the arrival and subsequent spread of the European pioneers.

 Raised in the traditions of his people until the age of eleven, he was then educated at the Carlisle Indian Industrial Boarding School of Pennsylvania, where he learned the english language and way of life. (Though a National Historical Landmark, Carlisle remains a place of controversy in Native circles.)

Like his above mentioned contemporaries, however, his native roots were deep, leaving him in the unique position of being a conduit between cultures.

Though his movement through the white man’s world was not without “success” — he had numerous movie roles in Hollywood — his enduring legacy was the protection of the way of life of his people.

 By the time of his death he had published 4 Books and had become a leader at the forefront of the progressive movement aimed at preserving Native American heritage and sovereignty, coming to be known as a strong voice in the education of the white man as to the Native American way of life.

Here, then, are some quotes from the great Sioux Indian Chief known as Standing Bear that will be sure to disturb much of what you think you know about “modern” culture.

 Praise, flattery, exaggerated manners and fine, high-sounding words were no part of Lakota politeness. Excessive manners were put down as insincere, and the constant talker was considered rude and thoughtless. Conversation was never begun at once, or in a hurried manner.

Children were taught that true politeness was to be defined in actions rather than in words. They were never allowed to pass between the fire and the older person or a visitor, to speak while others were speaking, or to make fun of a crippled or disfigured person.

 If a child thoughtlessly tried to do so, a parent, in a quiet voice, immediately set him right.

Continued …….. More to come in next news post

"Tidbits From TNT" Wednesday 12-13-2023

TNT:

Tishwash:  Iraq and the UAE begin financial transfer, trade and import in dirhams

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hanaa Al-Rustamani.

During the meeting, according to a statement by the Central Bank, a copy of which {Al-Furat News} received, “it was agreed to launch financial transfer operations between the two countries and to finance trade and imports between Iraq and the United Arab Emirates in the UAE dirham currency through the First Abu Dhabi Bank, as transfer operations in the UAE dirham began this day, Wednesday.” December 13.”

The first phase of this agreement will be, according to the statement, “with five Iraqi banks, which will be gradually increased.”

The Central Bank of Iraq noted that "this step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it aims towards reducing reliance on the electronic platform for financial transfers and working in accordance with normal international practices adopted in strengthening the balances of Iraqi banks for the purposes of financing trade."

The First Abu Dhabi Bank offered to contribute to financing clean energy projects in Iraq.

It is noteworthy that First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, with a credit rating of AA-, and its total assets amount to about 300 billion US dollars.  link

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CandyKisses:  Iraq agrees with the UAE to launch financial transfers and trade financing between the two countries

Shafaq News / The Central Bank of Iraq announced on Wednesday its agreement with the "First Abu Dhabi" bank group in the United Arab Emirates to launch financial transfers, trade financing and imports between the two countries in the UAE dirham currency.

A statement issued by the Central Bank said that Governor Ali Mohsen Al-Alaq met in Dubai with the head of the "Abu Dhabi" Bank Group, Hanaa Al Rostamani, and during the meeting, it was agreed to launch financial transfers between the two countries and finance trade and imports between Iraq and the United Arab Emirates in the currency of the UAE dirham through the First Abu Dhabi Bank.

The statement pointed out that the transfers in the UAE dirham started today, Wednesday, December 13, explaining that the first phase of this agreement will be with five Iraqi banks to be gradually increased.

According to the statement, this step comes within the framework of enabling Iraqi banks to establish relations with solid global banks, and it is aimed at reducing reliance on the electronic platform for financial transfers and working in accordance with normal international practices adopted in strengthening the assets of Iraqi banks for trade finance purposes.

The statement noted that First Abu Dhabi Bank offered to contribute to the financing of clean energy projects in Iraq.

It is noteworthy that the "First Abu Dhabi Bank" is one of the largest and most powerful financial institutions in the world, with a credit rating -AA, and its total assets are about 300 billion US dollars.

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Tishwash:  The Governor of the Central Bank visits the branch of the International Development Bank in Dubai

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, visited the branch of the International Development Bank in Dubai.

After congratulating the bank and its management, he informed him of the progress of the procedures taken in the branch, providing full support to the bank branch, appreciating its role in strengthening economic relations between Iraq and the United Arab Emirates.

Central Bank of Iraq
Media Office,   link

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Tishwash:  Visa” cooperates with the “Exchange” and “Earthlink” companies to educate the Iraqi consumer about the advantages of digital payments

The leading global company in the field of digital payments, Visa, cooperated with the payment services provider, “Exchange,” and the largest Internet service provider, “Earthlink” (the National Internet Project), to organize an awareness campaign in the form of a training workshop to educate Iraqis about the advantages of digital payments. This initiative comes as a continuation of the ongoing awareness campaign organized by Visa for merchants and consumers in cooperation with the Central Bank of Iraq and with the support of Prime Minister Muhammad Shiaa Al-Sudani.

The workshop, which was launched on November 15, 2023 and required the personal attendance of participants, aims to train the Earthlink team/agents, who in turn will be able to educate their user base, which exceeds 2 million users. The training will cover various topics, including the use of cards in daily transactions via points of sale, e-commerce, as well as the use of cards in ATMs. In addition, participants will receive guidance on how to make informed financial decisions and the security of digital payments.

As part of the campaign, a strategic initiative to introduce a co-branded prepaid card in collaboration with Earthlink is currently being implemented. The initiative aims to provide additional benefits to Earthlink users and agents participating in the electronic payment system. To stimulate participation, Al-Tabadul and Earthlink will encourage agents and users to obtain the Al-Tabadul Visa card and facilitate their membership payments through the card.

Commenting on the matter, Laila Sarhan, Regional Director and Vice Chairman of the Board of Directors to lead the company’s business in North Africa, the Levant countries and Pakistan, said: “At Visa, we believe that strategic partnerships play a crucial role in achieving financial inclusion. Therefore, we are excited to cooperate with the two companies, the Exchange.” ' and 'Earthlink' (the National Internet Project) to empower and support the Iraqi consumer. Over the past few years, Visa has collaborated closely with the Central Bank of Iraq and key players in the sector, in line with the goals of Iraq Vision 2030 to promote financial inclusion within a diversified economy. “Our mission is to connect the world through an innovative, reliable and secure payment network, to enable individuals, businesses and economies to thrive. The electronic payment awareness campaign is another step in this direction.”

For his part, Ahmed Shaker, CEO of Al-Tabadul, said: “We realize that many users in Iraq still use cash transactions, which can be inconvenient and risky, keeping them excluded from the formal financial sector. We are pleased to cooperate today with Visa.” And 'Earthlink' to enhance awareness of digital payment options and integrate the Iraqi people into a financially inclusive environment. Our goal through the campaign is to reach more than two million Iraqis within the 'Earthlink' network (the national internet project), to support Iraq's progress in the field of strengthening the digital economy."

Visa has always embraced innovation to lead the way in building the largest, most dynamic and global open global network of technology, partnerships and people. In Iraq, Visa has led several initiatives and collaboration projects, marking an important milestone with the introduction of the country's first digital payment and multi-currency cards    link

Mot: Ya Knows! - They Says!!!

Mot: sooo All I Want for Christmas is ~~~~~~

Goldilocks' Comments and Global Economic News Tuesday Evening 12-12-23

Goldilocks' Comments and Global Economic News Tuesday Evening 12-12-23

Good evening Dinar Recaps,

HSBC is pioneering trade solutions in cross-border international trading.

Their current focus is on Bank Guarantees. This allows you to make a foreign currency exchange within minutes through a bank guarantee.  A bank guarantee secures payment security on both sides of a trade allowing you to do it quickly, even though, it may take days to completely clear inside the banking system.  Agreements between two banking entities allow this process to take place through a bank guarantee.

© Goldilocks
FF News Link
Banco Santander Link
Private Banking HSBC Link

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$2 trillion Saudi Aramco mulls partnership with Japan’s crypto group SBI

With the signing of a basic agreement for a business partnership with Saudi Aramco (SAOC), Japanese cryptocurrency financial group SBI Holdings has announced it is considering a partnership with Saudi Arabia’s state-owned oil company.

Indeed, this partnership envisions the joint development of projects such as the construction of semiconductor factories on territories of both Japan and Saudi Arabia, as well as co-investing in each other’s digital asset portfolios, according to a report published on December 11.

Specifically, the collaboration would take place in three areas – cooperation and mutual investments in the cryptocurrency field, discovery and support of Japanese crypto startups interested in expanding to Saudi Arabia, and launch of projects related to semiconductors, such as establishing factories in both countries.

As it happens, SBI has been actively pursuing initiatives in the Middle East, particularly regarding the establishment of investment funds in partnership with local partners. To this end, it also plans the introduction of ‘SBI Middle East’ in Riyadh, which would help promote Japanese crypto startups in Saudi Arabia.

https://finbold.com/2-trillion-saudi-aramco-mulls-partnership-with-japans-crypto-group-sbi/6

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"BIS gold swaps rose 47% to 100 tonnes in November"

"BIS refuses to explain its activities in the gold market, nor for whom the bank is acting. The BIS has almost certainly acted on behalf of central banks, as they are the BIS’ owners."

We are not getting much information about why this is happening. It is in fact a lot of gold swapping of course to be for no reason.

It could be for gold or currency intervention purposes. Currency interventions is definitely a possibility as we enter into the new year, or more gold could be needed to facilitate a backing for banks going forward under New Capital Requirements under Basel 3 taking place in the middle of January 2024.

Time will tell.

© Goldilocks
https://goldseek.com/article/bis-gold-swaps-rose-47-100-tonnes-november

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BREAKING NEWS IRAQ SAYS CIA SENT WARNING RE:  Safety of Troops

https://youtu.be/wbGIjrZsRMg?feature=shared

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Sharp Fed Liquidity Drain Hints at Early End for Balance Sheet Runoff   

The WealthAdvisor 

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Swift has successfully tested a global trade interoperability solution in collaboration with BNY Mellon, Deutsche Bank and four electronic bills of lading (eBL) platforms.   Swift Link
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JPMorgan Onyx Technology: Revolutionizing DEFI Blockchain
https://www.newstrail.com/jpmorgan-onyx-technology-defi-blockchain-reboot/

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Ripple Revolutionizes Cross-Border Payments with Massive XRP Upgrade to Conquer Trillion-Dollar Markets   CryptoNewsFlash Link

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JUST IN - El Salvador to issue bitcoin bonds in first quarter of 2024

READ: https://insiderpaper.com/el-salvador-to-issue-bitcoin-bonds-in-first-quarter-of-2024/

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World’s First Bitcoin Bonds Receive Regulatory Approval in El Salvador

Bitcoin (BTC) Bonds in El Salvador Swing Closer to Reality as Price Targets $45,000
Coin Desk LInk

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SEC Cybersecurity Breach Rule: What it Means for MSSPs    MSSP Alert Link

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Supply And Demand In Currency Markets  Forbes Link

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BREAKING: The U.S. budget deficit widens to $314 billion in November. Well above forecast, and up from $249 Billion the same month a year ago.
GM

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JUST IN: 🇺🇸 SEC holds a meeting with BlackRock to discuss its Spot Bitcoin ETF.   @WatcherGuru

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"Oil inventories fall by 2.3M barrels last week: API"    Investing Link

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