DINARRECAPS8 12/19/23 DINARRECAPS8 12/19/23

Iraq Economic News and Points to Ponder Tuesday AM 12-19-23

Tlm724 Administrator Bondlady’s Corner

Association Of Banks: The Battle With Dollar Speculators Has Reached Its Final Round

Economy 12-15-2023, Baghdad – IA The Iraqi Private Banks Association said today, Friday, that the battle with dollar speculators has reached its final round, and

while it praised the Central Bank’s measures to regulate the movement of funds to achieve financial and bank reform, it confirmed that it will contribute to reclassifying banks, increasing their capital and raising the level of services provided. For citizens.

The economic and banking advisor to the association, Samir Al-Nusairi, told the Iraqi News Agency (INA):

“The Central Bank’s measures and efforts that have been made since the beginning of 2023 and with the support of the government have yielded results and begun to give results according to what was lanned, and the so-called parallel (black) dollar has begun to die and has been besieged.”

Iraq Economic News and Points to Ponder Tuesday AM 12-19-23

Tlm724 Administrator Bondlady’s Corner

Association Of Banks: The Battle With Dollar Speculators Has Reached Its Final Round

Economy 12-15-2023, Baghdad – IA The Iraqi Private Banks Association said today, Friday, that the battle with dollar speculators has reached its final round, and

The economic and banking advisor to the association, Samir Al-Nusairi, told the Iraqi News Agency (INA):

Speculators who deal in it to harm the national economy, and currently the battle is with them in the final round.” He added,

“This is what was stated in detailed procedures and administrative, technical and negotiating steps with the US Federal Bank and the US Department of the Treasury and the understandings related to regulating foreign trade financing by approving the opening of accounts for Iraqi banks in American, Chinese, Emirati and Turkish correspondent banks to deal directly with them for foreign transfers in the currencies of these countries, which... It includes the dollar, the euro, the Chinese yuan, the Indian rupee, the Emirati dirham, and the Turkish lira,

leaving the electronic platform in the year 2024, and importing the dollar and foreign currencies into Iraq from Iraqi bank accounts at correspondent banks or abroad. Al-Nusairi confirmed,

“Reaching agreements to open 40 accounts for Iraqi banks in correspondent banks for foreign trade,” noting that “the Central Bank’s new strategy to reform the banking sector will adopt the reclassification of banks and increase their capital to the ceiling set by the Central Bank in accordance with the specified time frames until the end of 2024,

which will lead to... Raising the capabilities of our banks to provide the best banking products and services to customers,

which will reflect positively on the movement of the economy, investment, development and the transition to comprehensive digital transformation.” He added,

“Since the beginning of the year 2023, financial policies have been reconsidered according to a new vision for banking reform that complies with the requirements of the global financial system, and

a new strategy has begun to be implemented with mechanisms based on studying and diagnosing the causes of the imbalance and determining the road map, steps, and executive procedures that have been and will be applied at the level of the central bank’s departments and banks.” And the bodies supporting banking work and government agencies related to comprehensive economic reform, as

the Central Bank had previously issued new instructions for external transfers for the year 2023 and three procedural packages to facilitate and control the circulation of foreign currency in the monetary and commercial market. Al-Nusairi continued,

“In August of this year, the Central Bank issued its important statement in which it defined its new strategy for organizing the financing of foreign trade according to new foundations that will move Iraq to the stage of regularity in the global financial system, and

in which it clarified the executive procedures to control the stability of the exchange rate, and the most prominent of its contents are:

Adopting the electronic platform exclusively for foreign remittance transactions,

controlling illicit trade through official and unofficial border crossings,

stopping trading and transactions in dollars on the black market,

preventing all websites and media television channels from publishing exchange rates on the black market due to their violation of the law, and having importers prove that all their imports were made through the platform and at the price.

The Customs Authority and the General Tax Authority implement proposals and treatments for small merchants to enter the platform in accordance with the rules, and

this is consistent with the government’s initiative to launch the national project to control prohibited imports. He continued,

“As we are in the final days of 2023, the Central Bank’s strategy for banking reform in all its axes has become clear for the coming year 2024 and the following years, and

it is an embodiment of what it specified in the road map that it clarified in cooperation with the government in accordance with what was stated in the government’s curriculum in Axis 12 (Financial and Banking Reform) Paragraph 7 thereof, which is concerned with developing and enabling banks to contribute to development and investment. He explained,

“Here we can summarize the Central Bank’s plan, which it is currently working to implement accurately, as follows:-

First - Providing a stable financial system lies in accompanying financial electronic systems.

Second: Commitment to establishing the rules of compliance, risk management, transparency, and soundness of financial operations.

Third - The transition from the cash economy to the digital economy and what is called the fourth revolution and the accompanying measures that achieved a qualitative shift in the dealings between the government and the central bank.

Fourth - Implementing the financial and banking reform plan, which is characterized by international standards that keep pace with global developments in the field of the financial digital economy.

Fifth - Working to strengthen international relations, including establishing a network of relations with foreign correspondent banks.

Sixth - Establishing Riyada Bank in line with the Prime Minister’s initiative and redirecting work on initiatives to finance small and medium enterprises according to specific standards.

Seventh: Preparing and launching a financial inclusion strategy and putting it into effect in coordination with the relevant authorities.

Eighth - Launching the national lending strategy, relying on the banks’ own financial capabilities to attract deposits and invest them in providing the best banking products to customers and contributing to development. https://www.ina.iq/199327--.html

Iraqi Minister Of Finance: Economic Recovery Is Underway Amid The Return Of Commercial Financing To Normal

Economy Iraq Minister of Finance 2023-12-18 03:04 Shafaq News/ Minister of Finance, Taif Sami Muhammad, said on Monday that economic recovery is underway in the country amid the return of commercial financing to normal.

This came during his participation, along with a delegation of advanced staff in the Ministry of Finance, and a number of representatives of ministries and the Central Bank of Iraq, in the meetings of the International Monetary Fund expert visiting mission held in the Kingdom of Jordan for the period from 14-17/12/2023.

The meeting discussed

priorities for correcting public finances through structural reforms, represented by

encouraging foreign trade payments to commercial banks and

reducing reliance on cash, in addition to

expanding the use of point-of-sale devices and electronic payments, and

accelerating the completion of the restructuring of government banks.

On the other hand, the meeting discussed the

actual expenses and revenues until September 2023, the

expected ones for the end of this year, and in addition to the

spending ceilings for the year 2024,

appointments file contained in Budget Law No. (13) of 2023,

financial reforms,

bank structuring,

customs and tax automation, the

unified treasury account, and the

comprehensive banking system. Implementing the POS electronic payment system for the purpose of maximizing revenues.

Support for funds for which allocations were made in the general budget was also discussed, in addition to

structural reforms to support private sector development,

increase job opportunities,

reforms to the retirement system, the

social protection network,

higher revenues and exports,

higher economic growth,

banking and electricity sector reforms,

strengthening governance and

reducing... From corruption

The meeting also touched on the role of the Central Bank of Iraq in tightening monetary policy appropriately with the aim of alleviating inflationary pressures by continuing to enhance liquidity management.

A statement issued by the Iraqi Ministry of Finance stated that the Central Bank has made good progress in implementing technical assistance recommendations for managing local liquidity and bridging the time gap between auctions of bank instruments to ensure continuity of liquidity absorption. Minister Taif said during the meeting that economic recovery is underway amid the return of commercial financing to normal and the large financial expansion, maintaining economic stability and the importance of coordination between monetary and financial policy and ensuring the sustainability of the need to gradually renew financial policy while maintaining spending on the necessary infrastructure and social spending needs and controlling... Wage bill and increased non-oil tax revenues.

https://shafaq.com/ar/اقتصـاد/وزير-المالية-العراقية-التعافي-الاقتصادي-جار-وسط-عودة-التمويل-التجاري-الى-طبيعته

French Report: Dollar Restrictions Confuse The Lives Of Iraqis Due To “Monetary Sovereignty”

Economy Iraq U.S. dollar Iraqi dinar Cash transfers 2023-12-17 07:02 Shafaq News/ A French report highlighted the deficit in Iraqi citizens’ withdrawals of money transferred to them from outside the country, months ago, because it was sent to them in US dollars, after the authorities imposed new restrictions that complicate the use of hard currencies, in their efforts to control a black market for the exchange rate.

This is a measure considered paradoxical in a country rich in oil, which has huge hard currency reserves exceeding one hundred billion.

According to a report published by Agence France-Presse, and seen by Shafaq News Agency,

the emergence of a parallel exchange market, and the authorities’ imposition of restrictions within the framework of strengthening banking supervision in compliance with international rules imposed by Washington, have complicated the daily lives of residents.

The official exchange rate is 1,320 dinars to one dollar,

but among money changers, the price of one dollar is equal to 1,500 dinars and may reach 1,600.

Currency exchange offices have become very cautious with customers, after the arrest of dozens of money changers accused of manipulating prices, according to the report.

The Central Bank of Iraq announced in a previous statement that it had decided, as of January, “to limit all commercial and other transactions to the Iraqi dinar instead of the dollar.” in the country.

"Monetary Sovereignty"

While the dollar can be withdrawn in cash from previously existing deposits in hard currency naturally, starting in 2024, it will become necessary to withdraw every money transfer from abroad in dinars exclusively, and according to the official exchange rate.

The Prime Minister’s Advisor for Financial Affairs, Mazhar Saleh, confirms that “this is the rule that is part of monetary sovereignty, but there are exceptions,” which especially include embassies.

He adds: “We are strengthening what is called monetary sovereignty...it is not possible to deal with two currencies within the national economy.”

However, these restrictions raise controversy and hinder the daily life of Iraqis, according to Agence France-Presse.

Direct transfers outside banks have become impossible in dollars, and are limited to dinars at the official rate.

The banking sector in Iraq has also adopted an electronic platform, the aim of which is to monitor the uses of the dollar and tighten control over a thriving informal economy, while tax evasion attracts some importers and traders.

The Prime Minister, Muhammad Shiaa Al-Sudani, acknowledged that with the new measures, the cash supply in hard currency available in the market decreased from “200 to 300 million dollars.” per day to “30, 40 and 50 million dollars.”

Last September, Al-Sudani said that merchants who deal with Iran are forced to turn to the parallel market to obtain currency, given that Iran is a country “that has sanctions and is not allowed to conduct financial transfers.”

At the same time, he confirmed that the central banks in Iraq and Iran are discussing a “mechanism” In order to “regulate trade”, it would “break the back of the parallel market”.

"Suspicious trade"

Late last November, the government announced facilities to encourage importers of cigarettes, cars, gold, and mobile phones to obtain foreign currency through official channels.

As for bilateral exchanges, the authorities encourage banks and importers to use currencies other than the dollar, such as the euro, the UAE dirham, or the Chinese yuan.

The Prime Minister’s advisor, Mazhar Salih, defended the banking restrictions aimed at “verifying these transfers,” with the aim of reassuring “the international financial community, and also for reasons related to Iraqi society: Do these transfers actually go to finance Iraq’s trade?”

Saleh added: “What is happening has nothing to do with the strength of the Iraqi economy. Iraq today is at the highest levels of foreign reserves in its financial history.” Rather, “structural changes have occurred in issues of dealing with foreign currency.”

He also mentioned that min order to protect the country with a population of 43 million people from inflation, importers have access to the dollar and buy it at the official rate, which is more beneficial.

This concerns especially foodstuffs, medicines and building materials.

Saleh believes that this “creates an atmosphere of stability, which is contrary to the parallel market.”

https://shafaq.com/ar/اقتصـاد/تقرير-فرنسي-قيود-الدولار-تربك-حياة-العراقيين-بسبب-السيادة-النقدية

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Money

Money is the wise man's religion. - Euripides

Money, it turned out, was exactly like sex; you thought of nothing else if you didn't have it and thought of other things if you did. - James Baldwin

A feast is made for laughter, and wine maketh merry: but money answereth all things. - Bible

Neither a borrower nor a lender be for loan oft loses both itself and friend, and borrowing dulls the edge of husbandry. - William Shakespeare

Never invest your money in anything that eats or needs repairing. - Billy Rose

Money is always there but the pockets change; it is not in the same pockets after a change, and that is all there is to say about money. - Gertrude Stein

Men are more often bribed by their loyalties and ambitions than by money. Robert H. Jackson

Money dignifies what is frivolous if unpaid for. - Virginia Woolf

How do you make a million? You start with $900,000. - Stephen Lewis

When you have told anyone you have left him a legacy, the only decent thing to do is to die at once.- Samuel Butler

He that maketh haste to be rich shall not be innocent. - Bible

Money is good for bribing yourself through the inconveniences of life.- Gottfried Reinhardt

There's nothing an economist should fear so much as applause. - Herbert Marshall

You can't force anyone to love you or to lend you money. - Jewish proverb

With money in your pocket, you are wise, and you are handsome, and you sing well too.w4- Jewish proverb

If the rich could hire other people to die for them, the poor would make a wonderful living.- Jewish proverb

The farmer's way of saving money: to be owed by someone he trusted. - Hugh MacLennan

Gentlemen prefer bonds. - Andrew Mellon

When you want really big money, you usually find yourself talking to people who didn't go to Eton.- Anonymous

A good mind possesses a kingdom: a great fortune is a great slavery. - Seneca

Famous Quotes and Authors, Famous Quotations for all Occasions

Dinar Recaps 20 12/19/23 Dinar Recaps 20 12/19/23

"Tidbits From TNT" Tuesday 12-19-2023

TNT:

CandyKisses: Al-Taie: The electoral process went smoothly despite attempts to obstruct it

Information / Baghdad...

Security expert Aqeel Al-Taie confirmed the failure of the attempt to abort the election process through the actions of some, indicating that the flexibility of the security plan contributed to raising the percentages of participants.

Al-Taie told Al-Maalouma that "the security plan and procedures were flexible and uncomplicated, as well as the absence of any cuts, with the availability of movement, airports and citizens' wheels."

He added that "security cordon was present near polling stations, after patrols and tight protections were deployed before the elections for polling stations."

He pointed out that "some areas of Baghdad witnessed abuses on voters by insulting, slander and obscene speech, as well as there are sound canisters thrown towards them, in addition to monitoring violations of some people promoting in exchange for money for a certain political bloc near some polling stations, but these events did not affect the general security measures and the progress of the process." Finished 25n

TNT:

CandyKisses: Al-Taie: The electoral process went smoothly despite attempts to obstruct it

Information / Baghdad...

Al-Taie told Al-Maalouma that "the security plan and procedures were flexible and uncomplicated, as well as the absence of any cuts, with the availability of movement, airports and citizens' wheels."

He added that "security cordon was present near polling stations, after patrols and tight protections were deployed before the elections for polling stations."

CandyKisses: Parliamentary Economic: The current world budget surplus will reduce the deficit in next year's budget

Information / Baghdad.

A member of the Parliamentary Economy and Trade Committee, Yasser Al-Husseini, confirmed on Monday the contribution of the 2023 budget surplus to bridge the deficit in the 2024-2025 budget.

Al-Husseini said in an interview with the Information Agency that "the government until this moment has not funded the 2023 projects, and therefore there will be financial accumulations to fill the deficit in next year's budget."

He added that "the deficit in the budget this year, amounting to 64 trillion, will be filled from the surplus from next year," noting that the amounts and allocations set for projects have not yet been disbursed and therefore there will be a financial surplus that can be used in the coming budgets.

Parliament passed the budget six months ago after a difficult labor due to political controversy that caused disruption to the country's economic interests.

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

Tishwash: UK, France to Co-Chair Iraq Economic Contact Group (IECG)

France and the United Kingdom are to co-chair the Iraq Economic Contact Group (IECG) from the start of January.

In a statement, the group added that, as friends and partners of Iraq, Canada, France, Germany, Italy, Japan, the European Union, the United Kingdom, the United States, and the World Bank commit to supporting Iraq in the implementation of a comprehensive and ambitious reform agenda, paving the way to sustainable and inclusive economic development.

Statement of the Iraq Economic Contact Group of the G7, European Union and World Bank

On December 12, the Iraq Economic Contact Group (IECG) held the final meeting of 2023, co-chaired by Italy and the United States. As friends and partners of Iraq, Canada, France, Germany, Italy, Japan, the European Union, the United Kingdom, the United States, and the World Bank commit to supporting Iraq in the implementation of a comprehensive and ambitious reform agenda, paving the way to sustainable and inclusive economic development.

The IECG is eager to strengthen its engagement with the Government of Iraq (GOI) through regular dialogue at both the political and technical level. This engagement is crucial to streamline cooperation between the two sides, identify and support common goals, and support the GOI's priority reform areas. The IECG commends Prime Minister Mohammed Shiaa al-Sudani for appointing business and economics experts within his office and looks forward to collaborating with them.

The IECG was encouraged by Prime Minister Sudani's announcement of new economic reform initiatives throughout 2023 and the passing of a historic three-year budget that laid the foundation for implementation of the government's reform agenda. In October, Iraq gained membership to the European Bank of Reconstruction and Development (EBRD) - a move strongly supported by the IECG as the first step to unlocking new sources of investment and enhanced cooperation with other multilateral and bilateral financial facilities.

In the past month, the government convened conferences on Public Private Partnerships (PPPs) and tax reform, including a new bank sector reform project with Rafidain Bank. Further, the GOI recently announced the establishment of the Iraq Fund for Development (IFD) alongside the Development Road project, and the Prime Minister strengthened economic ties with regional partners. The GOI's efforts to expand the use of digital platforms for financial transactions, with electronic payment and other e-commerce mechanisms, represent important steps to minimize the informal economy and reduce opportunities for corruption.

Looking ahead to next year, the IECG welcomes further cooperation in support of Iraq's economic and financial sector development, including Prime Minister Sudani's policies to strengthen the dinar and oversee monetary policy. Clear communication of new dinar policies during the transition period will help avoid adverse effects on Iraqi households and businesses as well as on development cooperation projects and foreign investments in Iraq.

The IECG also stands ready to support Iraq's next steps to becoming an EBRD Country of Operations, its journey toward World Trade Organization accession, and its potential partnership with the European Investment Bank (EIB). EIB's expertise in road, railroad, water and sanitation investments, climate action, environmental sustainability financing as well as urban transmission initiatives will accelerate key infrastructure measures and help facilitate a green transition.

The IECG urges further attention in 2024 to address the deficit and public sector wage bill, measures that would improve fiscal resilience. Timely budget execution will be critical to the GOI's ability to sustain important infrastructure investment, particularly in expanding domestic power generation, distribution, and expansion of green energy. Long-term sustainable economic development is contingent on a dedicated response to pressing climate and environmental challenges. Sustained investment in water management and infrastructure is critical to counteract the debilitating impacts of climate change.

To accelerate private sector growth, the IECG encourages government action to identify and address the challenges faced by domestic and international business, including efforts to promote transparent and predictable regulations. In this vein, we welcome further progress on the PPP, Companies, Industrial Investment, Customs, and Arbitration laws as well as timely implementation of the recommendations from the recent PPP and tax reform conferences.

On January 1, Italy and the United States proudly hand over the IECG to incoming co-chairs France and the United Kingdom. Under their leadership, the IECG will continue to support an ambitious reform agenda, promote sustainable economic development, and stand by Iraq's side as a reliable friend and partner in 2024. link

Mot: ... Here We Is Again!!! ~~~~~ Taco Tuesday Tree

Mot: Real Estate Fact………

DINARRECAPS8 12/19/23 DINARRECAPS8 12/19/23

Iraqi News Highlights and Points to Ponder Tuesday AM 12-19-23

Morning List Of Dollar Exchange Rates In Iraqi Markets.. Recorded A Decrease

Economy | 8,160 views Al-Sumaria News – Economy Al-Sumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets for Tuesday, December 19, 2023.

Dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 154,000 dinars compared to 100 dollars. As for the selling prices in banking shops in the local markets in...Baghdad It decreased as the selling price reached 155,000 Iraqi dinars, while the purchasing price reached 153,000 dinars per 100 dollars. On February 7, the Council of Ministers announced its approval of amending the dollar exchange rate to 1,320 dinars per dollar.

Iraqi News Highlights and Points to Ponder Tuesday AM 12-19-23

Morning List Of Dollar Exchange Rates In Iraqi Markets.. Recorded A Decrease

Economy | 8,160 views Al-Sumaria News – Economy Al-Sumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets for Tuesday, December 19, 2023.

About a year ago, specifically since the Central Bank began working on the electronic platform and the international financial transfer system “Swift" (SWIFT), the dollar exchange rates were not witnessed in Iraq stability despite the attempts of the government and the Central Bank to control the exchange rate in parallel markets. LINK

French Report: Dollar Restrictions Confuse The Lives Of Iraqis Due To “Monetary Sovereignty”

Posted On12-17-2023 By Sotaliraq 2023-12-17 A French report highlighted the deficit in Iraqi citizens’ withdrawals of money transferred to them from outside the country, months ago, because it was sent to them in US dollars, after the authorities imposed new restrictions that complicate the use of hard currencies, in their attempt to control a black market for the exchange rate, in a measure considered... A paradox in a country rich in oil, which has huge hard currency reserves exceeding one hundred billion.

According to a report published by Agence France-Presse, and viewed by Shafaq News Agency, the emergence of a parallel exchange market, and the authorities’ imposition of restrictions within the framework of strengthening banking supervision in compliance with international rules imposed by Washington, have complicated the daily lives of residents.

The official exchange rate is 1,320 dinars to one dollar, but among money changers, the price of one dollar is equal to 1,500 dinars and may reach 1,600. Currency exchange offices have become very cautious with customers, after the arrest of dozens of money changers accused of manipulating prices, according to the report.

Monetary Sovereignty”

He adds: “We are strengthening what is called monetary sovereignty... It is not possible to deal with two currencies within the national economy.” However, these restrictions raise controversy and hinder the daily life of Iraqis, according to Agence France-Presse.

Direct transfers outside banks have become impossible in dollars, and are limited to dinars at the official rate. The banking sector in Iraq has also adopted an electronic platform, the aim of which is to monitor the uses of the dollar and tighten control over a thriving informal economy, while tax evasion attracts some importers and traders.

The Prime Minister, Muhammad Shiaa Al-Sudani, acknowledged that with the new measures, the cash supply in hard currency available in the market has declined from “200 to 300 million dollars” per day to “30, 40, and 50 million dollars.”

At the same time, he confirmed that the central banks of Iraq and Iran are discussing a “mechanism” to “regulate trade,” which would “split the back of the parallel market.”

“Suspicious trade”

Late last November, the government announced facilities to encourage importers of cigarettes, cars, gold, and mobile phones to obtain foreign currency through official channels.

As for bilateral exchanges, the authorities encourage banks and importers to use currencies other than the dollar, such as the euro, the UAE dirham, or the Chinese yuan.

He also mentioned that in order to protect the country with a population of 43 million people from inflation, importers have access to the dollar and buy it at the official rate, which is more beneficial.

This concerns especially foodstuffs, medicines and building materials. Saleh believes that this “creates an atmosphere of stability, which is contrary to the parallel market.” LINK

Parliamentary Oil: We Are Determined To Legislate Oil And Gas During The Current Session

Today 12:40 Information / Baghdad.. Member of the Parliamentary Oil and Gas Committee, Kazem Al-Touki, confirmed on Tuesday that there is a trend within the House of Representatives to legislate the oil and gas law, pointing out that legislating the law is very important for regulating the oil relationship.

Follow the “Information” channel On Telegram... news that does not need documentation...

Al-Touki said in an interview with the Maalouma Agency, “Parliament is waiting to send the draft oil and gas law in order to proceed with its legislation.”

He added that “the coalition of state administration is unanimous in legislating the law during the current parliamentary session as it is one of the important laws agreed upon,” noting that “there is communication between the legislative and executive authorities in order to expedite sending the law to ensure that each governorate obtains its entitlement to oil and gas.” .

The representative of the Patriotic Union of Kurdistan, Nermin Maarouf, had previously revealed the existence of a new round of negotiations between Baghdad and Erbil to resolve the outstanding differences between the two parties and reach long-term strategic agreements. LINK

Provoking Points To Ponder on Family:

A mother's love for her child is like nothing else in the world. It knows no aw, no pity, it dares all things and crushes down remorselessly all that stands in its path. - Agatha Christie

Mother love has been much maligned. An over mothered boy may go through life expecting each new woman to love him the way his mother did. Her love may make any other love seem inadequate. But an unloved boy would be even more likely to idealize love. I don't think it's possible for a mother or father to love a child too much. - Frank Pittman

Unconditional love is loving your kids for who they are, not for what they do ... it isn't something you will achieve every minute of every day. But it is the thought we must hold in our hearts every day. - Stephanie Marston

The most important thing a father can do for his children is to love their mother. - Henry Ward Beecher

Where does the family start? It starts with a young man falling in love with a girl - no superior alternative has yet been found. - Winston Churchill

Of course if you like your kids, if you love them from the moment they begin, you yourself begin all over again, in them and with them. - William Saroyan

You can see them alongside the shuffleboard courts in Florida or on the porches of the old folks' homes up north.... They are in love, they have always been in love, although sometimes they would have denied it. And because they have been in love they have survived everything that life could throw at them, even their own failures. - Ernest Havemann

In family life, love is the oil that eases friction, the cement that binds closer together, and the music that brings harmony. - Eva Burrows

Famous Quotes and Authors, Famous Quotations for all Occasions

Dinar Recaps 20 12/19/23 Dinar Recaps 20 12/19/23

MilitiaMan: Republic of Iraq - Finance Minister - Taif Sami - Return of Commercial Finance to Normal - CBI

Republic of Iraq - Finance Minister - Taif Sami - Return of Commercial Finance to Normal - CBI

MilitiaMan and Crew: 12-18-2023

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

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

Republic of Iraq - Finance Minister - Taif Sami - Return of Commercial Finance to Normal - CBI

MilitiaMan and Crew: 12-18-2023

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=9cgrR5ODA0w

DINARRECAPS8 12/18/23 DINARRECAPS8 12/18/23

Goldilocks' Comments and Global Economic News Monday Evening 12-18-23

Goldilocks' Comments and Global Economic News Monday Evening 12-18-23

Good Evening Dinar Recaps,

"The Basel Committee on Banking Supervision has issued a public consultation on proposed amendments to its standard on banks' exposures to cryptoassets." These proposed changes will flesh out the criteria needed to back stablecoins with reserve assets and require Banks to have an understanding of how these procedures work to ensure a sufficient understanding of their use.

These public comments and proposed amendments will become crypto asset standards for the next economy. The purpose of public consultation is to allow citizen input to inform policy design along with decision-making processes.

Goldilocks' Comments and Global Economic News Monday Evening 12-18-23

Good Evening Dinar Recaps,

This will be an update to a process that has already taken place and will be due on March the 28th, 2024.

© Goldilocks
https://www.bis.org/bcbs/publ/d567.htm
https://www.bis.org/press/p231214.htm

~~~~~~~~~~

BRICS has a secret world order plan - Here are all the juicy details

BRICS nations are strategically planning to undermine US dollar dominance, aiming to establish a new global financial order.

A potential BRICS currency could significantly impact key US economic sectors, including banking, trade, and tourism.

The upcoming 16th BRICS summit in 2024 is set to be a pivotal event in advancing this new financial paradigm and global economic rebalancing.

https://www.cryptopolitan.com/brics-has-a-secret-world-order-plan/

~~~~~~~~~~

Shipping, trucking, and housing markets are in decline. Several major Market sectors have been experiencing disruptions for some time.

From Covid-19 to recent wars, many markets have gone through price distortions due to inflation along with supply and demand.

On top of all of this, we are in the process of tokenizing our assets and backing this digital economy with new support levels inside the banking system with capital requirements in gold.

Never in the history of our world have we seen so much in so little time. In 2024, we are going to see several sectors of the market begin to move into real values as well as adjust to new tokenized assets backed by new gold support levels inside the bank system.

© Goldilocks

AJOT Link
Freight Waves Link
News Break Real Estate Link

~~~~~~~~~~

"Currency Manipulation and Exchange Rate Policies: Why the WTO needs to strengthen its monetary policies"

The World Trade Organization has been working on currency reform for some time. This is not new information, but new data showing up at the end of this year is.

The tokenization of assets backed by real values in gold is coming to a head in January 2024. It will begin to leave us with real values to work with in making currency valuations more sustainable and supportive to our new local currencies trading in several countries around the world.

The reason why we have monetary policies is to manage economic fluctuations and achieve price stability.

We are beginning to get some direction inside this area of the economy and moving forward with new guidelines and policies will help us to achieve new exchange rate values.

© Goldilocks
Modern Diplomacy Link
~~~~~~~~~~

Wall Street says Basel 3 ‘endgame’ will upend climate finance, Banking & Finance THE BUSINESS TIMES Link

~~~~~~~~~~

Oil Prices Rise As Tankers Avoid Red Sea

https://www.youtube.com/live/KDKESPgljh0?feature=shared

~~~~~~~~~~

"SIX Digital Exchange (SDX) offers a comprehensive blockchain-based platform for the issuing, trading, settling, and custody of digital securities. Its unique "atomic settlement" feature synchronizes trade execution, securities transfer, and payment, eliminating counterparty risks for clients."

Raiffeisen Schweiz, a leading Swiss banking group, joins the SDX. It is part of the Zurich and Basel Financial System located in Switzerland and part of the retail system.

This is the world's first fully regulated financial digital market. It is the infrastructure for digital assets transforming traditional markets.

© Goldilocks

LedgerInsights Link

~~~~~~~~~~

🚨STELLAR XLM🚨⚠️ALL XLM HOLDERS MUST KNOW THIS🚨DON'T GET DISTRACTED

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

~~~~~~~~~~

JUST IN: Grayscale CEO says Spot Bitcoin ETF approval would unlock about $30 trillion worth of advised wealth for Bitcoin.

@WatcherGuru

~~~~~~~~~~

Banking Announcement:

LONDON/BEIJING (Reuters) -"The London Metal Exchange (LME) is planning to launch new metals contracts using prices from the Shanghai Futures Exchange (ShFE), three industry sources familiar with the matter said, further increasing China's influence on global metals markets."

We first had India, and now, we are witnessing the Shanghai Futures Exchange supply new contracts for the Metals Market.

The commodities sector continues to grow in new contractual offerings, this will be an opportunity for gold and other commodities to break free into real values based upon supply and demand.

© Goldilocks
Market Screener Link

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks Forum

Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

DINARRECAPS8 12/18/23 DINARRECAPS8 12/18/23

Iraq Economic News and Points to Ponder Monday Afternoon 12-18-23

Tlm724 Administrator Bondlady’s Corner

From Jordan: Minister Of Finance: Economic Recovery Is Underway Amid The Return Of Commercial Financing To Normal

Monday 18, December 2023 15:14 | Economic Number of readings: 327 Baghdad/NINA/ A delegation headed by the Minister of Finance, Taif Sami Muhammad, and including advanced staff in the Ministry of Finance and a number of representatives of the ministries and the Central Bank of Iraq, participated in the meetings of the IMF mission. International in Jordan.

The meeting discussed, according to a statement by the Ministry, the priorities for correcting public finances through structural reforms, represented by encouraging foreign trade payments and reducing dependence on cash, in addition to expanding the use of point-of-sale devices and electronic payments and accelerating the completion of the restructuring of government banks.

Iraq Economic News and Points to Ponder Monday Afternoon 12-18-23

Tlm724 Administrator Bondlady’s Corner

From Jordan: Minister Of Finance: Economic Recovery Is Underway Amid The Return Of Commercial Financing To Normal

The meeting also discussed the actual expenses and revenues until September 2023 and the expected ones for the end of this year and spending ceilings for the year 2024, in addition to the appointment file contained in Budget Law No. (13) of 2023, financial reforms, bank structuring, customs automation, taxes, the unified treasury account, the comprehensive banking system, and the application of the payment system. Electronic POS for the purpose of maximizing revenues.

Support for funds allocated to them in the general budget was discussed, in addition to structural reforms to support the development of the private sector, increase job opportunities, reforms to the retirement system and the social protection network, increased revenues and exports, increased economic growth, banking and electricity sector reforms, strengthening governance, and reducing corruption.

The meeting also highlighted the role of the Central Bank of Iraq in tightening monetary policy appropriately with the aim of alleviating inflationary pressures by continuing to enhance liquidity management, as the Central Bank has made good progress in implementing technical assistance recommendations for managing local liquidity and bridging the time gap between auctions of bank instruments to ensure continuity of liquidity absorption.

Minister Taif Sami explained during the meeting: " The economic recovery is underway amid the return of commercial financing to normal and the large financial expansion, maintaining economic stability and the importance of coordination between monetary and fiscal policy and ensuring the sustainability of the need to gradually renew fiscal policy while maintaining spending on the necessary infrastructure and social spending needs, controlling the wage bill and increasing tax revenues. Non-oil "./ End 8

https://ninanews.com/Website/News/Details?key=1096057

The Dollar Exchange Rate In Erbil Decreased To 1,530 Dinars

Market Economy News – Baghdad The exchange rate of the US dollar in Erbil Governorate fell, on Monday, to the level of 1,530 Iraqi dinars. Currency exchanges were opened in the governorate, with an exchange rate of 1,532 Iraqi dinars.

While there is no movement on the currency exchanges in the capital, Baghdad, due to the general voting process for the provincial council elections, as the dollar exchange rate outside the stock exchanges ranges at about 1,550 Iraqi dinars. Views 39 12/18/2023 - https://economy-news.net/content.php?id=38613

Iraq's Financial Revenues Exceed 106 Trillion Dinars Within 10 Months

Money and business Economy News – Baghdad The Ministry of Finance revealed, on Monday, that the volume of Iraqi revenues in the federal budget during ten months exceeded 106 trillion dinars, confirming that the oil contribution to the budget had risen to 95%, while an economic expert warned that the country would continue to rely on oil in its general budget.

This December, the Ministry of Finance issued data and tables, which NRT Arabic viewed, for ten months’ accounts for the current fiscal year, which showed that oil is still the main resource for Iraq’s general budget, reaching 95%, which indicates that the rentier economy is the basis of the country’s budget. the public.

The financial tables indicated that the total revenues until last October amounted to 106 trillion and 843 billion and 96 million and 310 thousand and 311 dinars, after excluding transfer revenues, which amounted to one trillion and 676 billion and 486 million and 640 thousand dinars, indicating that the total expenditures with advances amounted to 84 trillion. And 454 billion, 214 million and 761 thousand dinars.

According to the financial tables, oil revenues amounted to 101 trillion and 940 billion and 1 million and 380 thousand dinars, which constitute 95% of the general budget, while non-oil revenues amounted to 5 trillion and 477 billion and 559 million and 979 thousand dinars.

The Iraqi state’s continued reliance on oil as the sole source of the general budget puts Iraq at risk from the global crises that occur from time to time because oil is affected by them, which makes the country turn every time to cover the deficit through borrowing from abroad or within, and thus indicates the inability to Managing state funds effectively, and the inability to find alternative financing solutions.

Views 95 Added 12/18/2023 - https://economy-news.net/content.php?id=38606

Oil Rises With Increasing Fears Of Bab Al-Mandab Tensions

Energy Economy News – Baghdad On Monday, Brent crude futures rose 69 cents, or 0.9 percent, to $77.24 a barrel by 00:37 GMT, while US West Texas Intermediate crude rose 65 cents, or 0.9 percent, to $72.08 a barrel.

Russia said on Sunday that it would further reduce exports in December by 50,000 barrels per day or more, earlier than it had pledged, at a time when the world's two largest oil exporters are trying to support global prices.

At the beginning of the week, shipping companies, including MSC and AB Muller, two of the largest container shipping companies in the world, said that they would avoid passing through the Suez Canal as the Houthis in Yemen escalated their attacks on commercial ships in the Red Sea.

Bab al-Mandab is one of the most important routes in the world for shipments of global goods transported by sea, especially crude oil and fuel, from the Gulf to the Mediterranean via the Suez Canal or the nearby SUMED pipeline, in addition to goods heading east to Asia, including Russian oil.

Brent and West Texas Intermediate crude ended the longest series of weekly declines in half a decade with slight gains last week after the Federal Reserve (US Central Bank) meeting last week, which raised hopes for the end of successive interest rate hikes and cuts.

Views 55 Added 12/18/2023 - https://economy-news.net/content.php?id=38600

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Money

Bankruptcy is a legal proceeding in which you put your money in your pants pocket and give your coat to your creditors. - Joey Adams

There are plenty of good five-cent cigars in the country. The trouble is they cost a quarter. What the country really needs is a good five-cent nickle. - Franklin P. Adams

I don't like money actually, but it quiets my nerves. - Joe Louis

Money isn't everything - but it's a long way ahead of what comes next. - Edmund Stockdale

In the bad old days, there were three easy ways of losing money - racing being the quickest, women the pleasantest and farming the most certain. - William Pitt Amherst

We forget that money gives its value - that someone exchanged work for it. - Neal O'Hara

Money is something you got to make in case you don't die. - Max Asnas

If you would know what the Lord God thinks of money, you have only to look at those to whom he gives it. - Maurice Baring

Making money is fun, but it's pointless if you don't use the power it brings. - John Bentley

Make money and the whole world will conspire to call you a gentleman. - Mark Twain

I never been in no situation where havin' money made it any worse. - Clinton Jones

Money is the wise man's religion. - Euripides

Famous Quotes and Authors, Famous Quotations for all Occasions

Dinar Recaps 20 12/18/23 Dinar Recaps 20 12/18/23

"Tidbits From TNT" Monday 12-18-2023

TNT:

CandyKisses: French report: Dollar restrictions disrupt Iraqis' lives due to 'monetary sovereignty'

Shafaq News / French report shed, the spotlight On the deficit in the withdrawal of Iraqi citizens of their money transferred to them from abroad The country, months ago, for being sent to them in US dollars, after the authorities imposed restrictions New complicates the use of hard currencies, in its quest to adjust the black market for the exchange rate, in A paradoxical measure in an oil-rich country with huge hard currency reserves It exceeded one hundred billion.

According to a report published by the agency "France" Press", and seen by Shafaq News Agency, the emergence of a parallel exchange market, and the imposition of the authorities Restrictions in the context of strengthening banking supervision in compliance with international rules imposed by Washington, causing a complication of the daily life of the population.

TNT:

CandyKisses: French report: Dollar restrictions disrupt Iraqis' lives due to 'monetary sovereignty'

The official exchange rate is 1320 dinars For one dollar, but at money changers, the price of one dollar is equal to 1500 dinars and up to 1600, and currency exchange offices are dealing very cautiously with customers, after Dozens of money changers accused of price manipulation have been arrested, according to the report.

The Central Bank of Iraq announced in a statement Earlier, he decided as of January to "limit all commercial and other transactions in Iraqi dinars instead of dollars" inside the country.

Tishwash: Parliamentary Economy: 350 million tons of Iraq’s sulfur reserves

The Committee on Economy, Industry and Trade in the House of Representatives revealed that Iraq possesses a strategic reserve of sulfur estimated at 350 million tons.

The committee’s rapporteur, Yasser Al-Husseini, said in an interview with “Al-Sabah”: “Al-Iqtisad News” followed him, saying that Iraq has a strategic reserve of raw materials that are not available in other countries, such as sulfur, phosphate, and silica, and it is almost the first to have them, noting that these minerals can be benefited from to be the country’s second resource after oil, by investing them in a real way with solid companies. And specialized in this matter.

He pointed out that government resources must be in purely national hands, and therefore the contracts in the Ministry of Industry and the Border Ports Authority, which are an important resource for the country, must be reviewed, indicating that investment projects were limiting the state’s resources and not enhancing them in a real way.

Al-Husseini stressed that the government must pay attention to the issue of migration from the countryside to the city and pay attention to the agricultural sector by benefiting from every drop of water from the time it enters Iraq until it reaches the root, warning of a demographic change that will cost the government more than the amounts it currently provides to care for the reality of the villages and countryside, explaining Supporting agriculture will cast a shadow over the stability of the local market and reduce imports in hard currency from countries, in addition to reducing unemployment. link

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

Tishwash: Iraq's financial revenues exceed 106 trillion dinars within 10 months, and an expert comments

The Ministry of Finance revealed, on Monday, that the size of Iraqi revenues in the budget In ten months, the Federal Reserve exceeded 106 trillion dinars, confirming the high contribution of oil in the budget to 95%, while an economist warned that the country would continue to rely on... Oil in its general budget.

She continued Shafaq News Agency Data and tables issued by the Ministry of Finance in December This December, the ten-month accounts for the current fiscal year showed that oil... It still represents the main resource for Iraq's general budget, reaching 95%, which indicates that The rentier economy is the basis of the country's general budget.

She pointed out Financial tables indicate that total revenues up to last October amounted to 106 trillion and 843 billion and 96 million and 310 thousand and 311 dinars, after excluding Transfer revenues amounting to 1 trillion 676 billion 486 million 640 thousand dinars, indicating that the total expenditures with advances amounted to 84 trillion and 454 billion and 214 One million and 761 thousand dinars.

And according to Financial tables: Oil revenues amounted to 101 trillion and 940 billion and 1 million and 380 One thousand dinars, which constitutes 95% of the general budget, while revenues amounted to nothing Oil 5 trillion 477 billion 559 One million and 979 thousand dinars.

In turn, In an interview with Shafaq News Agency, economic expert Muhammad Al-Hassani warned of “the continuation of... Iraq relies on oil as its sole source His general budget,” considering that “oil prices are subject to fluctuations “global”.

He pointed out Until “oil prices fell from $90 to $70 per barrel, and thus “It affected Iraq’s general budget.”

He added "Iraq was unable to develop other economic sectors despite the savings “Financial,” noting that “these savings were used for expenditures Operational without investment.

And it was Adviser to the Prime Minister on Finance, Mazhar Mohamed Saleh, confirmed in March 2021 In an interview with Shafaq News Agency, the reasons for the economy remaining rentier are due to wars The economic blockade imposed on Iraq during the past era and what we are witnessing today Political conflicts led to the dispersion of economic resources.

And longer The Iraqi state's continued reliance on oil as the sole source of the general budget makes Iraq is in danger from the global crises that occur from time to time because oil is affected by them. Which makes the country turn every time to cover the deficit by borrowing from abroad or inside Thus, it indicates the inability to manage state funds effectively, and the inability to find... Alternative financing solutions. link

Mot: . Guess What!!!!

Mot: What to my wandering eyes should appear?

DINARRECAPS8 12/18/23 DINARRECAPS8 12/18/23

Iraqi News Highlights and Points to Ponder Monday AM 12-18-23

French Report: Dollar Restrictions Confuse The Lives Of Iraqis Due To “Monetary Sovereignty”

Iraqi News Highlights and Points to Ponder Monday AM 12-18-23

French Report: Dollar Restrictions Confuse The Lives Of Iraqis Due To “Monetary Sovereignty”

Monetary Sovereignty”

At the same time, he confirmed that the central banks of Iraq and Iran are discussing a “mechanism” to “regulate trade,” which would “split the back of the parallel market.”

“Suspicious trade”

Late last November, the government announced facilities to encourage importers of cigarettes, cars, gold, and mobile phones to obtain foreign currency through official channels.

As for bilateral exchanges, the authorities encourage banks and importers to use currencies other than the dollar, such as the euro, the UAE dirham, or the Chinese yuan.

This concerns especially foodstuffs, medicines and building materials. Saleh believes that this “creates an atmosphere of stability, which is contrary to the parallel market.” LINK

On The Morning Of The Elections, A Noticeable Decline Occurred In The Price Of The Dollar In Baghdad

Economy | Baghdad today – Baghdad In conjunction with the opening of ballot doors for general voting in the provincial council elections, the prices of the dollar against the dinar recorded a noticeable decline today, Monday (December 18, 2023), 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 154,250 Iraqi dinars for every 100 US dollars. He pointed out that the purchase price amounted to 152,250 Iraqi dinars for every 100 US dollars. LINK

Parliamentary Economy: The Current World Budget Surplus Will Reduce Next Year’s Budget Deficit

Today Information / Baghdad.. Member of the Parliamentary Economy and Trade Committee, Yasser Al-Husseini, confirmed on Monday the contribution of the 2023 budget surplus to filling the deficit in the 2024-2025 budget.

Al-Husseini said in an interview with the Maalouma Agency, that " The government has not yet funded 2023 projects, and therefore there will be financial accumulations to cover the deficit in next year’s budget.”

He added that " The deficit in the budget this year, amounting to 64 trillion, will be filled from the surplus next year, “pointing out that the amounts and allocations made for the projects have not been spent yet, and therefore there will be a financial surplus that can be used in the upcoming budgets.”

Parliament approved the budget six months ago after a difficult struggle due to political controversy that disrupted the country's economic interests. LINK

Provoking Points To Ponder on Money

Some people's money is merited and other people's is inherited. - Ogden Nash

There is only one thing for a man to do who is married to a woman who enjoys spending money, and that is to enjoy earning it. - Edgar Watson Howe

To be clever enough to get all that money, one must be stupid enough to want it. - G. K. Chesterton

Why is there so much month left at the end of the money? - Anonymous

Money is the poor people's credit card. - Marshall McLuhan

A man is rich in proportion to the things he can afford to let alone. - Henry David Thoreau

Money is like a sixth sense, and you can't make use of the other five without it. - W. Somerset Maugham

Money swore an oath that nobody who did not love it should ever have it. - Irish proverb

I'm so happy to be rich, I'm willing to take all the consequences. - Howard Ahmanson

I haven't heard of anybody who wants to stop living on account of the cost. - Kin Hubbard

It isn't enough for you to love money - it's also necessary that money should love you. - Baron Rothschild

Philanthropist: a rich (and usually bald) old gentleman who has trained himself to grin while his conscience is picking his pocket. - Ambrose Bierce

The darkest hour of any man's life is when he sits down to plan how to get money without earning it.

- Horace Greeley

The petty economies of the rich are just as amazing as the silly extravagances of the poor.

- William Feather

Money is human happiness in the abstract. - Arthur Schopenhauer

Money is the most egalitarian force in society. It confers power on whoever holds it. - Roger Starr

Famous Quotes and Authors, Famous Quotations for all Occasions

Dinar Recaps 20 12/18/23 Dinar Recaps 20 12/18/23

MilitiaMan: Iraq Dinar - Iraq Internationalism - IMF - WB -Ernst & Young - WTO - LIVE

Iraq Dinar - Iraq Internationalism - IMF - WB -Ernst & Young - WTO - LIVE

MilitiaMan and Crew: 12-17-2023

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 - Iraq Internationalism - IMF - WB -Ernst & Young - WTO - LIVE

MilitiaMan and Crew: 12-17-2023

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=2Pwv8v8WuN8

DINARRECAPS8 12/17/23 DINARRECAPS8 12/17/23

Iraq Economic News and Points to Ponder Sunday Evening 12-17-23

Tlm724 Administrator Bondlady’s Corner

Advisor To The Prime Minister: Iraq Today Has The Highest Levels Of Foreign Reserves In Its Financial History

Money and business eEconomy News – Baghdad Advisor to the Prime Minister, Mazhar Saleh, confirmed that Iraq today has the highest levels of foreign reserves in its financial history. Saleh defended the banking restrictions aimed at “verifying these transfers,” with the aim of reassuring “the international financial community and also for reasons related to Iraqi society: Do these transfers actually go to finance Iraq’s trade?”

He added, “What is happening has nothing to do with the strength of the Iraqi economy. Iraq today is at the highest levels of foreign reserves in its financial history.” Rather, “structural changes have occurred in issues of dealing with foreign currency.”

Iraq Economic News and Points to Ponder Sunday Evening 12-17-23

Tlm724 Administrator Bondlady’s Corner

Advisor To The Prime Minister: Iraq Today Has The Highest Levels Of Foreign Reserves In Its Financial History

Money and business Economy News – Baghdad Advisor to the Prime Minister, Mazhar Saleh, confirmed that Iraq today has the highest levels of foreign reserves in its financial history. Saleh defended the banking restrictions aimed at “verifying these transfers,” with the aim of reassuring “the international financial community and also for reasons related to Iraqi society: Do these transfers actually go to finance Iraq’s trade?”

Central Bank Auction Records An Increase In Foreign Remittances By 90%
Economy Sunday, December 17, 2023 3:38 PM Baghdad/National News Center The Central Bank announced today, Sunday, that foreign remittances increased by 90% during its daily auction, with total cash sales reaching 221 million, 898 thousand and 486 dollars.

The cash sales provided by the bank included under the ceiling of the basic price of 1,305 dinars to the dollar, for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars to the dollar for external transfers and cash transfers.

According to the report issued by the Central Bank, most of the sales were aimed at enhancing balances abroad in the form of transfers and credits, as these transfers reached 200 million 898 thousand and 486 dollars, indicating an increase of 90% compared to cash sales that amounted to 21 million. dollar.

The report indicated that five banks purchased cash dollars, while the number of banks that responded to requests to enhance balances abroad reached 20 banks. 43 exchange companies participated in the auction and brokered financial transactions. https://nnciraq.com/241550/

Decrease In Exchange Rates In Baghdad.. 156 Thousand For Every 100 Dollars

Time: 12/17/2023 10:22:18 Read: 2,353 times {Economic: Al-Furat News} The prices of the US dollar fell against the Iraqi dinar, today, Sunday, in the markets of the capital, Baghdad. The prices were as follows.. The selling price was 156,750 dinars, while the purchase price was 154,750 dinars per 100 dollars. LINK

Expert: The Behavioral Aspect Of Iraqi Merchants Is Similar To “Retail Trade.”

Time: 12/17/2023 19:42:41 Read: 1,625 times {Economic: Al-Furat News} The economic expert, Salah Nouri, likened the behavioral aspect of Iraqi merchants to “retail trade.”

Nouri said {to Al-Furat News} that: “Iraqi merchants raise prices on all occasions, and the reason is due to the behavioral aspect of merchants {seizing opportunities} and obtaining the highest profit.”

He added, “The behavior of retail trade in Western countries is to reduce prices and then buy more and then make a profit.” Nouri explained, “In Iraq, the buyer is exploited, and in Western countries, the buyer is attracted.” LINK

A Fruitful Week In The Footsteps Of Financial And Banking Reform

Samir Al-Nusairi The last week, ending on 12/14/2023, witnessed clear activity and efforts by the government and the Central Bank to implement the visions, drawn-up plans, and road map contained in the financial and banking reform methodology in Paragraph 7 and other relevant paragraphs of Axis 12 of the government curriculum and the new strategy that the Central Bank is working on for banking reform and financing.

Foreign trade and reconsidering lending policies in accordance with building a national lending strategy that adopts new mechanisms for bank financing and a leadership initiative to develop the capabilities of young people and provide a wide scope for them to choose their small, medium and pioneering projects in all areas of development and technology.

In addition to confirming plans for digital transformation in the financial and banking sector and the transition to a cashless society, and a clear focus on electronic payment applications in all fields, with fruitful cooperation and high coordination with the relevant government agencies and with continuous support from the Prime Minister.

Therefore, this was achieved during the past week and in light of the negotiating visits to organize financing. Foreign trade conducted by delegations from the Central Bank, the government, and banks to Turkey and the United Arab Emirates, and meetings with the US Federal Reserve Bank, the US Treasury, the Turkish Central Bank, and the concerned authorities in Turkey are as follows:

First - Directly opening accounts for our banks in Turkish lira and euros, with support from the Central Bank of Iraq, in accordance with special arrangements and understandings.

Secondly - Initiating the strengthening of our banks’ balances in UAE dirhams and agreeing with First Abu Dhabi Bank on all arrangements in a clear manner.

Third - Establishing and strengthening our banks’ relationships with foreign correspondent banks and achieving compliance of the Iraqi banking system with international banking standards. And enhancing the advance balance in our bank accounts. This will lead to a gradual reduction in reliance on the electronic platform in 2024.

Fourth: Meeting the Central Bank’s requests for foreign exchange shipments for the year 2024.

Fifth - Emphasis on the electronic link between the Central Bank, customs and tax, and the automation of the customs and tax system.

In continuation of the Central Bank’s procedures to employ the strategy of financial inclusion and electronic payment, a decision was issued by its Board of Directors to establish the National Company for Electronic Payment Systems in Iraq.

Which will organize, develop and manage the national electronic payment systems with high efficiency, and the role of the Central Bank will be regulatory and supervisory over these systems, and implementation and development of the legal and operational framework will be necessary with the participation of all relevant authorities in accordance with the Central Bank Law.

This confirms that the Central Bank and the government are working in coordination and with continuous efforts to achieve financial and banking reform, which is the beginning of successful economic reform.

The central goal is to stabilize the exchange rate and not accept the existence of another price for trading on the black market that is higher than the official price. And to eliminate speculation in the black dollar and harm to the national economy. Views 83 12/17/2023 https://economy-news.net/content.php?id=38577

The Iraqi Stock Exchange Closed Up By 1.22%

Market Economy News – Baghdad The Iraqi Stock Exchange closed, on the first day of trading this week, up by 1.22%. The session traded shares of 31 companies, with the number of shares traded reaching more than 1 billion shares, with a value of more than 1.3 billion dinars.

Shares of the Islamic Bank rose by 15%, followed by meat marketing by 13.2%, and tourism investments by 9.09%. Sumer Bank shares fell by 7.1%, followed by agricultural products by 6.3%.

Views 47 Added 12/17/2023 - https://economy-news.net/content.php?id=38585

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Money

Be the business never so painful, you may have it done for money. - Thomas Fuller

But then one is always excited by descriptions of money changing hands. It's much more fundamental than sex. - Nigel Dennis

God makes, and apparel shapes: but it's money that finishes the man. - Thomas Fuller

If a man has money, it is usually a sign too, that he knows how to take care of it; don't imagine his money is easy to get simply because he has plenty of it. - Edgar Watson Howe

Interest works night and day in fair weather and in foul. It gnaws at a man's substance with invisible teeth. - Henry Ward Beecher

Inflation is determined by money supply growth. - Roger Bootle

Laws go where dollars please. - Portuguese proverb

Money can't buy friends, but you can get a better class of enemy. - Spike Milligan

Money is not an aphrodisiac: the desire it may kindle in a female eye is more for the cash than the carrier. - Marya Marines

Money is the fruit of evil as often as the root of it. - Henry Fielding

Money, like a queen, gives rank and beauty . - Latin proverb

Riches are for spending. - Francis Bacon

Famous Quotes and Authors, Famous Quotations for all Occasions

DINARRECAPS8 12/17/23 DINARRECAPS8 12/17/23

Iraqi News Highlights and Points to Ponder Sunday Afternoon 12-17-23

2024 Is It The Year Of Economic Rescue?

Economical 12/17/2023 Yasser Al-Metwally A few days and a page of time has turned.

A year of attempts to correct the blurry picture of our national economy ends, to be followed by a year that we hope will be a year of rescue. Economic from the structural distortions that afflict the Iraqi economy.

The axiom that we economists rely on in our readings of the economic scene is summed up (that expectations are based on indicators) occurring on the ground regarding economic phenomena, whether negative or positive.

Hence, our expectations for the year 2024 are determined based on our assessment of the indicators for the year 2023.

Iraqi News Highlights and Points to Ponder Sunday Afternoon 12-17-23

2024 Is It The Year Of Economic Rescue?

Economical 12/17/2023 Yasser Al-Metwally A few days and a page of time has turned.

Hence, our expectations for the year 2024 are determined based on our assessment of the indicators for the year 2023.

The achievement achieved during the past year (2023) falls within a realistic assessment of attempts at economic reform that is acceptable compared to the size of The challenges and problems that the economy is suffering from are a positive indicator according to this perspective.

However, the ambition is to raise the economy to an average level during this specific period in order to keep pace with global development. In any case, it is an encouraging step.

One of the indicators that makes us somewhat optimistic is that the steps of the government team in this field are beginning to become clear, although they are very slow due to the size of the problems.

The launch of a number of service projects suggests that success awaits us in this important part of With hospital, school, road and bridge projects, some of which we hope to reap the fruits of in the first quarter of 2024, and thus our prediction is sound based on this indicator.

However, we have reservations regarding measures related to expanding the benefit from these projects ( Complementary procedures) so that the planning is 100 percent sound, so we evaluated the achieved achievement at an acceptable level.

To clarify this point of view, I cite an example: road, bridge and bridge projects had to be accompanied by a decision to stop the car import chaos, in order to The achievement will be of clear economic feasibility.

Otherwise, what is the benefit of these projects with the increasing number of cars? The problem will remain. We need to reconsider our trade policy in general, especially in luxury goods.

With regard to hospitals, it is necessary to prepare, develop and expand medical competencies in proportion to the expansion of hospitals and the rate of population increase. Schools also need to reconsider the educational level of students and the level of teaching staff. Thus,The government’s orientations appear to be positive and its plans are highly ambitious.

In this case, we need a national will and legislative capabilities to support these orientations. However, what is observed and to be honest is that the routine and complexities of the legislative authority sometimes stand as a stumbling block, for political reasons, unfortunately.

We need to be aware of the necessity of keeping political differences away from attempts to save the country’s economy, because the achieved achievement is counted for everyone afterward, first and foremost.

From this standpoint, we expect that it will be There is a glimmer of hope that the year 2024 will be the year of implementation of the promising government program in this important field and the basic part that we have discussed, provided that it is supported by the legislative authority so that the picture is complete and the national will is achieved, to build a sound homeland and a healthy economy.

https://alsabaah.iq/88915-.html

The Federal Court Rejects The Lawsuit To Disburse Basra’s Accumulated Petrodollar Funds

Economy News – Baghdad The Federal Supreme Court rejected a lawsuit filed by Representative Mustafa Jabbar Sanad against the Minister of Finance, as he demanded the funds accumulated for Basra Governorate from the Petrodollar Law.

The court said that the lawsuit must be dismissed because the plaintiff’s interest condition is not met and because it does not fall within its jurisdiction.

The court indicated in the dismissal decision that “the jurisdiction of the Federal Court under Paragraph (Third) of Article (93) of the Constitution is limited to what is issued by the federal authorities and independent bodies and does not extend to ministries and other bodies. Therefore, the lawsuit must be dismissed by this body as well for lack of jurisdiction.” .

The petrodollar is the oil-producing governorate receiving a percentage of its sales, estimated at $5 for every barrel of oil produced there and $5 for every barrel of crude oil refined in its refineries.

Views 43 Added 12/17/2023 - https://economy-news.net/content.php?id=38572

The Government Is Spending 133 Trillion Dinars From The Current Year’s Budget And Revealing The Status Of Employees’ Salaries For The New Year

Economy , 12/17/2023 09:33 , Number of readings: 162 Baghdad - Iraq today: Member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in a press interview that “delaying the budget releases does not affect employees’ salaries,” indicating that “salaries have been fully secured.”

Al-Karaawi added, “About 130 trillion Iraqi dinars were spent out of the total budget amounting to 199 trillion dinars.”

A member of the Parliamentary Finance Committee pointed out that “delayed projects are among the government’s obligations, and will be proceeded with after disbursing all investment budget allocations.”

For his part, economic affairs specialist Safwan Qusay said in a press interview, “The cessation of oil exports in the Kurdistan region affected Iraqi revenues, but the rise in oil prices in recent months made up for the shortfall.”

Qusay added, “The monthly spending rate is approximately seven trillion dinars, while the budget was built on the basis of 15 trillion dinars, meaning there is an excess in spending.” The economic affairs specialist pointed out that “the money spent is 80% of the operating budget, and the financial abundance is rotated, given that the budget is for three years.”

Earlier, the Parliamentary Finance Committee confirmed that entering the new year 2024 will not stop the disbursement of funds from the tripartite budget, given that it was approved for three years, while indicating that the committee is awaiting schedules from the government related to spending for the new year. The head of the committee, Atwan Al-Atwani, said in a statement to the official agency, last week, that "

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

He added, “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 to vote on it “ LINK

The Exchange Rates Of The Dollar Against The Iraqi Dinar... Recorded A Decline, And This Is The List

Economy 2023-12-17 | 02:29 7,549 views Al-Sumaria News – Economy Al-Sumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets for Sunday, December 17, 2023.

Dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 155,750 dinars for 100 dollars, while selling prices in exchange shops in local markets in Baghdad stabilized, as the selling price reached 156,750 dinars, while purchasing prices reached 154,750 dinars for every 100 dollars.

On February 7, the Council of Ministers announced its approval of amending the dollar exchange rate to 1,320 dinars per dollar.

About a year ago, specifically since the Central Bank began operating the electronic platform and international financial transfer system ““SWIFT” (SWIFT), the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the central bank to control the exchange rate in the parallel markets. LINK

Provoking Points to Ponder From a Sioux Indian Chief

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.

Everything was possessed of personality, only differing from us in form. Knowledge was inherent in all things. The world was a library and its books were the stones, leaves, grass, brooks, and the birds and animals that shared, alike with us, the storms and blessings of earth.

We learned to do what only the student of nature learns, and that was to feel beauty. We never railed at the storms, the furious winds, and the biting frosts and snows. To do so intensified human futility, so whatever came we adjusted ourselves, by more effort and energy if necessary, but without complaint.

The old Lakota was wise. He knew that a man’s heart, away from nature, becomes hard; he knew that lack of respect for growing, living things soon led to lack of respect for humans, too. So he kept his children close to nature’s softening influence.

Civilization has been thrust upon me… and it has not added one whit to my love for truth, honesty, and generosity.

https://thunderbirdindigenousarts.com/2023/07/30/10-quotes-from-a-wise-oglala-sioux-chief/