DINARRECAPS8 12/21/23 DINARRECAPS8 12/21/23

Iraq Economic News and Points to Ponder Thursday Evening 12-21-23

Tlm724 Administrator Bondlady’s Corner

Saleh: The Dollar Exchange Is A Story That Not Many People Know About, And The Effects Of The Parallel Market Noise Are 10%.

Time: 12/21/2023 10:48:34 Read: 3,185 times {Economic: Al-Furat News} Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, explained that the policy of setting the exchange rate is affected by many factors, and the most important of these factors is the relationship between the Ministry of Finance and the Central Bank, noting that “the effects of exchange noise in the parallel market are 10%.”

Saleh said in a press statement, “The reality of the policy of setting the exchange rate is affected by many factors, and the most important of these factors is the relationship between the Ministry of Finance and the Central Bank. The exchange rate in Iraq is a story that many do not know about. It is essentially a contractual price between Finance and the Central Bank.”

Tlm724 Administrator Bondlady’s Corner

Saleh: The Dollar Exchange Is A Story That Not Many People Know About, And The Effects Of The Parallel Market Noise Are 10%.

He pointed out that the price is 1,320 Iraqi dinars per dollar, and this is the price approved in the budget and for all contracts and foreign transactions.

Therefore, the question is; Why should we fight "dollarization"? The Sudanese advisor wondered, and pointed out that “dollarization” did not exist in Iraq before 1982.

There was no use of foreign currency within the economy in buying and selling, contracts, transactions, etc., but the deviation of the Iraqi economy was due to the Iraq-Iran war, and the entry of the blockade later, and then The change that occurred after the year 2003 and economic openness made there two currencies, the national currency, and the currency of another country subject to a different monetary policy.

In light of this scene, Saleh saw that “holding a price system has become difficult, so one of the reasons for any country to respect its sovereignty is that there should not be two currencies within the economy, as the foreign currency is intended to be dealt with outside the economy, so it is not possible to consider the existence of a price in the dollar.”

And the price in the dinar, one of which rises and the other falls, so no monetary policy can control such a situation, which is what prompted the monetary authority to intervene in the matter.”

The Sudanese advisor continued, “There are two things: the legacy of dealing in foreign currency and keeping it, and considering it part of savings and a refuge for preserving value. This is a story that has been inherited since the eighties of the last century. It is not difficult to dismantle it overnight. Therefore, the extent of the success of monetary policy in this case remains, by financing... Foreign trade, 80% of which passes through the international compliance platform concerned with auditing transfers, is it really to finance Iraq’s foreign trade?

The Sudanese advisor pointed out, “Estimates of auction sales are around 45 billion dollars a year, and it is part of the foreign currency window. Approximately 15% is usually cash, and it is said that it is for simple travel needs, and the rest can be transferred via cards that people were not using, and which have now become possible.” “Use them, but on the condition that this process is regulated and not random.”

Regarding government measures to control the market, Saleh went on to say, “This is not propaganda, but rather that there are consultations by a high-level technical team in the Central Bank, and the American side is not arrogant, but rather they have principles that they are working on, as is the Iraqi Central Bank, and therefore There are ongoing understandings, but they take some time, and the most important thing is for the market to adapt and for banks to adapt to (Kyc), and for global compliance.” LINK

Sudanese Advisor: The Dollar Is Declining, Prices Are Stabilizing, And Expectations Are Optimistic

Economy | 04:19 - 12/21/2023 Mawazine News - Baghdad, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, commented today, Thursday, on the optimistic expectations of the International Monetary Fund regarding the growth rate in non-oil GDP in Iraq, and while he announced a decline in the annual growth rate of prices, he identified a factor that contributes to the stability of the general level. For prices.

Saleh said: “According to what was announced by the statement of the International Monetary Fund expert delegation in its recent consultations with the official Iraqi side: it is expected that the growth rate in non-oil gross domestic product will reach approximately positive 5%, and in our estimate that these optimistic expectations reflect great economic dynamism in The movement of growth of the real and service sectors outside the oil sector, as a result of the renaissance of investment in the construction sector, infrastructure, digital services and various interconnected activities, which is an increase in growth equivalent to approximately twice the growth of the population, which means it has positive effects on the prosperity of individual income because growth is linked to the level of employment and use of resources. humanity and reducing unemployment rates.

He added, "Price spikes may occur individually, but what concerns us is the stability of the general level of prices. Therefore, it is noted that the increase in growth in price rates is decreasing, as the annual growth rate of prices decreased from 7% last January to 3.7% last month." November of this year compared to November of last year.

Saleh continued, “On the other hand, the exchange rate in the unregulated market has not witnessed new rises. Rather, today it is in a gradual decline. The more regular the work of the compliance platform is and the more banks respond to the requirements of combating money laundering in a transparent manner, the more transfers will increase through the external transfer platform, which is the responsible platform.” On meeting the private sector’s foreign currency needs by 85% to finance trade.

He noted that "the needs of travelers are met through two ways: credit cards and cash dollars, and that private banks have imported cash dollars for themselves to meet the needs of their customers from their dollar accounts in amounts that have exceeded tens of millions of cash dollars in recent days, and they are continuing normally based on the regulations." issued by the Central Bank of Iraq in this regard.

He pointed out that "the commodity market has begun to be supported by a diversified commodity supply through the movement of additional government imports, especially food, medicine, building supplies and spare parts, all of which are supplied at a fixed exchange rate of 1,320 dinars per dollar, which is the factor that contributes to the stability of the general level of prices and counters market noise." Illegal and irregular exchange accounts for only 10% of foreign currency trading.”

https://www.mawazin.net/Details.aspx?jimare=239485

Al-Sudani: The Path Of Development Will Create New Opportunities That Will Enhance The Economy Of Iraq And The Region

Political | 03:09 - 12/21/2023 Baghdad - Mawazine News Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani stressed the importance of developing economic integration relations with Iran, while noting that the development road project will create new opportunities that will enhance the economy of Iraq and the region.

The Prime Minister’s Media Office said in a statement: “Prime Minister Muhammad Shiaa Al-Sudani received, today, Thursday, the Iranian Undersecretary of Foreign Affairs for Economic Affairs, Mehdi Safri,” noting that “Safri is visiting Iraq at the head of an Iranian technical delegation to discuss the participation of Iranian companies in projects.” path of development.

He added, "Safari conveyed to the Prime Minister the congratulations of the President of the Islamic Republic of Iran, Ebrahim Raisi, to the Iraqi government and people, on the occasion of the success of organizing the provincial council elections and the completion of this constitutional entitlement."

During the meeting, the Prime Minister pointed out "the importance of developing economic integration relations with Iran, and Iraq's openness to its regional neighborhood for greater communication and contribution to development projects, and confronting economic challenges, which will reflect positively on the stability of the region."

He stressed that "the vital development road project and the projects attached to it will pave the economic arena for closer cooperation and create new opportunities that enhance the economy of Iraq, and all neighboring countries and the region." https://www.mawazin.net/Details.aspx?jimare=239482

An American Official: The Repeated Attacks On American Bases Constitute A Concern For The Work Of Foreign Investors In Iraq

US Deputy Secretary of State Victoria Nuland confirmed: “The repeated targeting of American bases by outlaws constitutes another concern for the work of foreign investors in Iraq.”

Nuland said in a roundtable for reporters that the repeated targeting of American military bases, which exist with the approval of the Iraqi government, by some Which threatens the security and independence of Iraq, affects the work of foreign investors in Iraq, and constitutes another concern for us.”

She added, “We are concerned about these attacks, which are related to terrorism, and we are working with the security forces within the security agreement to preserve the security and stability of Iraq.”

Nuland stressed: “These attacks do not only threaten security, but also threaten the economy and are a motive for expelling foreign investors when stability is not achieved.” security in the country,” noting that the Iraqi government’s measures were good, and we praise them and thanked Prime Minister Muhammad Shia’ al-Sudani, and we will support Iraq and its government to maintain this security.

Regarding the election file, Nuland said, “The elections were held smoothly and safely, and we are happy about that and admire the Iraqis’ rush to elect their representatives in the provinces. This strengthens our confidence and the confidence of the international community in Iraqi democracy.”

The American official pointed out: "Holding elections in Kirkuk is very important after a long interruption, and we praise the role of the Iraqi forces in securing the electoral atmosphere."

Regarding the financial file, Noland said: “We are doing focused work with the Central Bank of Iraq to raise the level of Iraqi banks, and there is no reduction in dollar shipments sent to Iraq.”

She indicated the continuation of work with the Central Bank of Iraq within the framework of cooperation between the two countries, stressing that there is no reduction in dollar shipments sent to Iraq. https://www.radionawa.com/all-detail.aspx?jimare=36708

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Money

Wine maketh merry: but money answereth all things. Bible

If you would know the value of money, go and try to borrow some. - Benjamin Franklin

Never ask of money spent Where the spender thinks it went. Nobody was ever meant To remember or invent What he did with every cent. - Robert Frost

The almighty dollar, that great object of universal devotion throughout our land, seems to have no genuine devotees in these peculiar villages. - Washington Irving

Jesus went into the temple... overthrew the tables of the money changers, and the seats of them that sold doves. - Bible

When I had money everyone called me brother.- Polish proverb

Take care of the pence, and the pounds will take care of themselves. - William Lowndes

Ah, take the Cash, and let the Credit go, Nor heed the rumble of a distant Drum! - Omar Khayyam

When money speaks the truth is silent. - Russian proverb

Money is not required to buy one necessity of the soul. - Henry David Thoreau

Not greedy of filthy lucre. - Bible

The love of money is the root of all evil. - Bible

Famous Quotes and Authors, Famous Quotations for all Occasions

DINARRECAPS8 12/21/23 DINARRECAPS8 12/21/23

Iraqi News Highlights and Points to Ponder Thursday AM 12-21-23

"Money Transfer, Not Purchase"

Clarification from the Association of Banks to the 964 network regarding imported dollar shipments

2023-12-20 | 964 Director of the Iraqi Private Banks Association, Ali Tariq, told the 964 Network that Iraqi banks, based on the instructions of the Central Bank, were allowed to import foreign currency in various currencies, for the benefit of their customers who have incoming remittances from outside Iraq, indicating that the process makes it easier for banks to obtain cash and deliver it to its clients.

Clarification from the Association of Banks to the 964 network regarding imported dollar shipments Small

Governmental and private banks imported about $255 million within two weeks - a government source

He explained that when an Iraqi customer receives an external transfer, the transfer process is electronic and he needs to withdraw money from his account in Iraqi banks, and because the latter may not have sufficient liquidity in dollars, he resorts to withdrawing money from his accounts abroad and delivering it to his customers.

Iraqi News Highlights and Points to Ponder Thursday AM 12-21-23

"Money Transfer, Not Purchase"

Clarification from the Association of Banks to the 964 network regarding imported dollar shipments

Clarification from the Association of Banks to the 964 network regarding imported dollar shipments Small

Governmental and private banks imported about $255 million within two weeks - a government source

The Iraqi Bank plays the role of mediator in the process, as the imported funds belong to it in its accounts outside Iraq, according to Tariq, who noted that importing funds does not mean buying them, but rather transferring cash from abroad to inside for the benefit of bank customers.

Tariq confirmed that the coming period will witness operations to import money into banks, to meet customers’ demand for dollars. https://964media.com/277648/

Banks Await The Arrival Of Dollar Shipments

Iraq 12/21/2023 ukran Al-Fatlawi Iraq is awaiting dollar shipments imported by government and private banks after the recent agreements between the Central Bank and the American side. It is hoped that they will contribute to curbing and reducing exchange rates in the parallel market.

Although government sales are made at a price of 132 thousand dinars per hundred dollars, prices in the parallel market currently range between 153 thousand and 155 thousand per hundred dollars.

The head of the Association of Private Banks, Wadih Al-Handal, said: “The recent measures of the Central Bank of Iraq and the government, with regard to facilitating trade financing using new currencies, represented by the euro, the dirham, the Chinese yuan, and the Indian rupee, are a step that contributes to reducing the exchange rate of the dollar in the parallel market,”

noting that “The regulation of trade financing carried out by the government and the central bank through the entry of other goods into the platform will lead to an increase in trade financing.”

He confirmed in a statement to “Al-Sabah” that “private banks are taking great steps in expanding international relations with international banks, which facilitates the financing of Iraqi trade with countries around the world,” explaining that “the Prime Minister’s great support for the private sector is considered the beginning of reforming the Iraqi economy.” Especially since the private sector is an important partner for the government, in providing services and jobs and reducing poverty.”

For his part, economic expert Dr. Mustafa Hantoush explained to “Al-Sabah”: The Central Bank used Instructions No. 4 of 2011 regarding the import of currency by banks licensed in the country that have the right to carry out this process to enhance capital or for the purposes of addressing monetary crises.

He added that the US Federal Bank had earlier reduced the dollar payments that were delivered to the Central Bank due to money laundering and the seizure of the dollar by some countries close to Iraq, but the Central Bank agreed with the US Treasury on a successful and correct step to support local banks by establishing relationships with foreign banks.

And the gradual transition of operations to enhance the balance of its accounts, which is consistent with what the bank previously announced in its plan to gradually reduce dependence on the electronic platform until it ends its work next year.

Hantoush stated that there are banking transactions and deposits received in dollars, and related operations were carried out in dinars with the approval of the Central Bank, because the depositor requests dollars or transfers coming from abroad that are deposited in bank accounts, and there is no payment in dollars except in dinars, which requires strengthening capital, and according to this process, the Central Bank Al-Iraqi agreed with the US Treasury on a successful step in this regard.

He continued that the American side deals as a merchant, concerned with the issue of profit, by imposing a reduction in the supply of the dollar, but on the other hand, when it sees its banks and companies making a profit, it agrees to most of the procedures, and it is a theory that it follows in managing the world economically.

It is noteworthy that a government source revealed that government and private banks imported $255 million within two weeks, and that a number of other requests to import the dollar are on their way to being audited and implemented, with other amounts expected to arrive within the next few days.

In turn, Imad Al-Muhammadawi, who is interested in economic affairs, told Al-Sabah: The steps taken by the Central Bank, represented by approaching banks to finance small merchants from Turkey in the euro, are extremely important as it reduces the burden and crises of using the dollar in commercial transactions. https://alsabaah.iq/89135-.html

International Monetary Fund: We Expect Non-Oil GDP Growth In Iraq

The International Monetary Fund expected, on Wednesday, non-oil GDP growth in Iraq.

The bank said in a statement, "Inflation in Iraq has witnessed a decline and is expected to stabilize due to the policy of the Central Bank and the impact resulting from raising the exchange rate of the Iraqi dinar and improving compliance with the framework for combating money laundering and the financing of terrorism."

He continued: "We welcome the Iraqi government plans aimed at strengthening public financial management."

He added: "We welcome the steps taken by the Iraqi government towards establishing the unified treasury account."

The statement added: "We commend the progress made in strengthening the local liquidity management framework."

He stressed: "We stand ready to support the Iraqi government in its reform efforts."

https://www.iqiraq.news/economy/56248--.html#hathalyoum

International Monetary Fund Expects Growth In Non-Oil Activity In Iraq

Special Sumerian 2023-12-21 | Source: Sumerian 64 views After concluding its talks with an Iraqi delegation in the Jordanian capital, Amman, the International Monetary Fund confirms its continued support for the Iraqi authorities with regard to reform, and indicates fears of the halt of the Iraqi-Turkish pipeline and its impact on the overall output.

What do the International Fund experts expect for the Iraqi economy? Details in the report above. LINK

Decline In Iraqi Central Bank Dollar Sales

2023-12-21 Shafaq News/ The Central Bank’s sales of dollars in the currency auction decreased today, Thursday, to reach 209 million dollars.

Shafaq News Agency correspondent said, “The Central Bank sold the dollar during its auction for buying and selling the US dollar today, 209 million and 994 thousand and 098 dollars compared to yesterday, Wednesday, in which sales amounted to 215 million and 128 thousand and 512 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 rate of 1,310 dinars per dollar for external transfers, and at a rate of 1,310 dinars per dollar in cash.

Our correspondent added that most of the bank’s dollar sales went to strengthening balances abroad in the form of (remittances, credits), which amounted to 177 million 547 thousand and 98 dollars, an increase of 82%, compared to cash sales amounting to 32 million and 420 thousand dollars.

Our correspondent pointed out that the number of banks that purchased cash dollars reached 9 banks, while the number of banks that responded to requests to enhance balances abroad reached 20 banks, while the total number of exchange and brokerage companies participating in the auction was 222 companies. LINK

Decrease In Dollar Exchange Rates In Iraqi Markets Today[/Size]

Economy 2023-12-21 | 8,622 views Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Thursday, December 21, 2023.

Dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 153,250 dinars against 100 dollars, while the selling prices in banking shops in the local markets in...BaghdadIt decreased as the selling price reached 154,250 Iraqi dinars, while the purchase price reached 152,250 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.

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 are not witnessed inIraqstability despite the attempts of the government and the Central Bank to control the exchange rate in parallel markets. LINK

Provoking Points To Ponder on Family:

Happiness is having a large, loving, caring, close-knit family in another city. - George Burns

The real question isn't whether or not you love your kids, but how well you are able to demonstrate your love and caring so that your children really feel loved. - Stephanie Marston

The last step in parental love involves the release of the beloved; the willing cutting of the cord that would otherwise keep the child in a state of emotional dependence. - Lewis Mumford

So if you have a grandma, Thank the Good Lord up above, And give Grandmama hugs and kisses, For grandmothers are to love. - Lois Wyse

Oh, I love to see a man with a cigar. It reminds me of my grandfather. Morning to night, he used to sit with a great big stogie dangling from his lips. Oh, the hours we kids used to spend sitting on his lap, playing with the yellow whiskers beneath his nose. Then he'd take out his teeth with the cigar still in them and chase us around the room! We'd all laugh and laugh . . . then suddenly Grampa's mood would change, and we'd all have to run for our lives. . . . You can't buy memories like that. - Daphne Frasier

Children begin by loving their parents. After a time they judge them. Rarely, if ever, do they forgive them. - Oscar Wilde

It is my pleasure that my children are free and happy, and unrestrained by parental tyranny. Love is the chain whereby to bind a child to its parents. - Abraham Lincoln

Perfect love sometimes does not come until the first grandchild. - Welsh proverb

The reason grandparents and grandchildren get along so well is that they have a common enemy. - Sam Levenson

The whole world is my family. - Pope John XXIII

To us, family means putting your arms around each other and being there. - Barbara Bush

The happiest moments of my life have been the few which I have passed at home in the bosom of my family. - Thomas Jefferson

The family with an old person in it possesses a jewel. - Chinese saying

Babies are such a nice way to start people. - Don Herold

Each time a new baby is born there is a possibility of reprieve. Each child is a new being, a potential prophet, a new spiritual prince, a new spark of light precipitated into the outer darkness. - R. D. Laing

Bringing a child into the world is the greatest act of hope there is. - Louise Hart

Children are the world's most valuable resource and its best hope for the future. - John F. Kennedy

Famous Quotes and Authors, Famous Quotations for all Occasions

DINARRECAPS8 12/21/23 DINARRECAPS8 12/21/23

Goldilocks' Comments and Global Economic News Thursday AM 12-21-23

Goldilocks' Comments and Global Economic News Thursday AM 12-21-23

Good Morning Dinar Recaps,

First $14M cross-border e-CNY gold purchase was completed in Shanghai
👆 I will say more about this.

@ Goldilocks

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"The first-ever cross-border settlement for precious metals using the digital yuan central bank digital currency (CBDC), also known as the e-CNY, was recorded on Dec. 20."

Two things happened today:
* The Chinese Digital Yuan gained functionality today on the Shanghai Exchange and International Trade.
* The Chinese Digital Yuan now has smart contract capabilities and new use cases that can be utilized as payments to move tokenized assets forward.
Today, we witnessed history in the making and a new challenge being put forth to the Dollar in International Trade.

Goldilocks' Comments and Global Economic News Thursday AM 12-21-23

Good Morning Dinar Recaps,

First $14M cross-border e-CNY gold purchase was completed in Shanghai
👆 I will say more about this. @ Goldilocks

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"Swap data reporting is a US obligation on swap dealers and end-users to report over-the-counter derivatives transactions to swap data repositories. Reportable derivatives include “swaps” – defined as interest rate swaps, foreign exchange swaps and forwards, index-based credit default swaps, agricultural and commodity swaps, index-based total return swaps and all options based on a rate or commodity – and “security-based swaps."

So there we have it, swap data reporting as required by the "CFTC Approves Rule to Allow UPI Use in Swaps Reporting." The UPI mechanism for trading includes countries such as a Iraq, Indonesia, Vietnam, the US, and more.

The use of the UPI in the reporting of OTC derivatives (foreign currency exchanges) in the US will start on 29 January 2024. Everything will be recorded and reported in the new system.

Amazingly, this start date is just one day before Protocol 20 is voting to move forward with the new digital economy that unites all Quantum Technologies around the world through the Stellar Network.

© Goldilocks
RegulationAsia Link
A-Team Insight Link
Risk Link
Stellar Link
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"After receiving regulatory approval in November, Japan’s Osaka Digital Exchange (ODX) plans to start trading digital securities on Christmas Day. Today it shared the launch details of its security token venue START. During the first quarter it will offer discounted fees and just a single digital security can be traded at launch."

And, so It begins.

It looks like Japan has begun the process of utilizing a Digital Platform in trading Securities in their country. The age of tokenized assets being traded on digital platforms has begun.

This announcement came just 2 hours ago, and their plans are to begin their trades on Christmas Day.

© Goldilocks
Ledgerinsights Link

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Major Shipping Firms Halt Red Sea Routes Following Houthi Attacks OilPrice Link

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Red Sea Tensions Threaten to Disrupt Diesel Market Stability OilPrice Link

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New U.S. Trade Policy Will Empower China’s Tech Takeover The National Interest Link

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The Historical Shift in International Trade Regulation: Why National Security Is Now at the Forefront of Doing Business
Corporate Compliance Insights Link

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SIX expands ETF franchise

SIX has launched Quote-on-Demand Europe (QOD Europe), an extension to its exchange traded funds (ETF) franchise. The product is the first pan-European exchange-traded request-for-quote (RFQ) platform.

ETF QOD Europe allows clients to trade ETFs listed on a number of European primary exchanges, including the London Stock Exchange, Euronext Paris and Borsa Italiana.

The product takes the number of ETFs and exchange traded products (ETPs), tradable at the SIX Swiss Exchange, from 1700 to 6000, complementing its existing multilateral open order-book.

Asset Servicing Times Link

👆 Goldilocks pointed to this article

Several digital platforms are continuing to expand as we speak into more and more services across borders replacing old traditional assets on outdated trading platforms.

@ Goldilocks

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Stellar: Understanding the Protocol 20 Upgrade

Crypto News Flash Link

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Gold: Where is it headed

https://youtu.be/fZzUfI5NtPA?feature=shared

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Stellar Network unveils Smart Contracts in phases

Crypto NewsZ Link

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Thank you Dinar Recaps -- www.DinarRecaps.com

DINARRECAPS8 12/21/23 DINARRECAPS8 12/21/23

Iraq Economic News and Points to Ponder Late Wednesday Evening 12-20-23

Tlm724 Administrator Bondlady’s Corner

The Governor Of The Central Bank Sets The Conditions For Engaging In The Digital Technical Revolution

Wednesday 20, December 2023 14:40 | Economical Number of readings: 329 Baghdad / NINA / Today, Wednesday, the Governor of the Central Bank, Ali Al-Alaq, set the conditions for engaging in the digital technical revolution. While he pointed out that purging state institutions of corruption is fundamentally linked to the use of information technology, he stressed that providing data and information at the state level maximizes state revenues.

Al-Alaq said at the annual international scientific conference held under the auspices of the Minister of Finance: “The Financial and Accounting Training Center continues its efforts to cover basic and important aspects that represent the most important framework in aspects related to economic issues, especially in public finance and monetary policy,” indicating that “we are now in the midst of the fourth revolution.” Which was called at the Davos Conference in 2016 after the first, second and third industrial revolutions.

Iraq Economic News and Points to Ponder Late Wednesday Evening 12-20-23

Tlm724 Administrator Bondlady’s Corner

The Governor Of The Central Bank Sets The Conditions For Engaging In The Digital Technical Revolution

He added, “This fourth revolution is based on the pillars produced by the third revolution, which was represented by digitization and the use of the Internet in various fields, which changed many aspects of practices at all levels,” noting that “the fourth revolution is a revolution at the individual and societal levels, and it takes on broad dimensions that change everything.”

Today, many practices and trends are heading towards another world, through ministries without papers and without visitors, digital transformation in health, education and various sectors, and the transition to artificial intelligence, robotics, smart cities and other aspects that are expanding every day.”

He stressed that “reality indicates that we are far from the fourth revolution, and in the beginnings of engagement in the third revolution due to all the circumstances that the country has gone through and is going through,” pointing out that “the third revolution is a digital, technical revolution that has dimensions in organizing various aspects, and has broad economic and social effects.” ‘

And great, we are still finding the way for this revolution to take on its technical fields in agriculture, industry, trade, environment, education, health and other aspects that require a technical dimension that can carry out the process of managing these matters and these fields and sectors in another way.”

He stated, "We are still in the simple framework of digitization, which attempts to set the rules for work frameworks in their technical form, as this description and identification of what we are is very necessary in drawing the necessary steps and procedures to take the correct path," explaining that "engaging in the technical digital revolution requires a number of... Among the conditions that must be worked on and established in our reality so that we can actually be part of these transformations, including:

First : eradicating technical illiteracy, in which we need to increase technical awareness and expand its fields, starting with education in all its stages to a higher level in our various institutions and sectors.

State institutions are making progress in engaging in this trend, as we undoubtedly have a broad government and large authorities and agencies that include many formations dealing with different fields and are crowded with human resources. Therefore, institutions must be a model and role model in using these technologies to the highest possible degree, especially since they complain There are many negative phenomena in the performance of its work, in the organization of its activities, in its efficiency, and in its outputs, and it has solutions, which are technical solutions.”

He continued, "Cleansing state institutions of corruption is largely and fundamentally linked to the use of techniques and information technology to reshape the relationship between the institution, society, and the individual, which removes many areas that are the cause of institutional confusion, performance, corruption processes, weakness, or delay in the various procedures related to what these institutions provide." Institutions,” explaining that “employing information technology in state institutions is very necessary.”

Third: It is necessary to provide the infrastructure for this transformation, especially within the framework of communications, in terms of speed, cost, and service availability at the best possible, because it is a necessary condition for the success of technological work. Fourth:

Allocating financial and human resources to stimulate innovation in this framework, which is described as not being a focus area. In general planning, this is observed in the state’s general budget and elsewhere, while what is required is for this aspect to have an exceptional focus and sufficient allocations.”

He stated that “when the government structure was reconsidered years ago, two important ministries were abolished at the time, namely the Ministry of Science and Technology and the Ministry of Environment,” explaining that “the Ministry of Environment was restored, but the abolition of the Ministry of Science and Technology contradicts the developments and desired goals of focusing on this aspect and embracing all energies.” that can work in this direction.

He continued, "The companies that operate within this framework are the most profitable in the world, and we have human resources and young energies that deserve to have a role in stimulating and developing this important aspect."

Fifth: Coordination between state institutions within an integrated framework of information and data. The outputs of each institution must be transformed into inputs for another institution to integrate data and information to benefit from them with correct planning.

He stated that "providing data and information at the state level represents the sound and correct basis for planning, organizing, and controlling the economic sectors that contribute to increasing gross domestic production and maximizing state revenues," pointing out that "the non-oil deficit exceeds 80 percent."

He stressed that "the Central Bank is the institution that most uses and benefits from modern and digital technologies," stressing "the necessity of stimulating and developing the development of these trends to regulate the work of the Central Bank."/https://ninanews.com/Website/News/Details?key=1096454

Economic Reform In The Prime Minister’s Vision And Governmental Approach

Samir Al-Nusairi Prime Minister Muhammad Shiaa Al-Sudani said last week while answering questions from attendees of the “Beston Talk” program on Rudaw TV that economic reform begins with financial and banking reform, stressing that the government’s economic vision is based on an accurate diagnosis of the obstacles and challenges of economic reform, which has not been achieved since 2003 due to... The banking and financial sector has not witnessed any real reform process for two decades because without a sound financial and banking sector it is not possible to build a sound national economy.

Therefore, the vision of the Prime Minister for comprehensive and radical economic reform comes in line with what was stated in more than 12 axes examining economic reform, the details of which were included in the government curriculum, which were emphasized and considered among the priorities that must be implemented.

What concerns us here is what is stated in the twelve axis (financial and banking reform) and paragraphs (1, 2, 3, 4, 5, 6 and 7) thereof, which clearly and accurately state that (financial and banking reform provides a real and effective basis for the advancement of the Iraqi economy and stimulating investment through restructuring and mechanizing government banks, reconsidering their work and stimulating... Private banks and empowering them to be able to support investment and development in a real way)

and that the Prime Minister’s vision focuses on the importance of the financial and banking sector so that it occupies within the financial structure of the economy a vital position in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform

and that The measures that the Central Bank is currently taking in high coordination with the support of the government to implement its new comprehensive strategy to reform, develop and classify banks according to several axes, the most prominent of which is the completion and implementation of projects for the transformation from a cash economy to a digital economy and a cashless society and the development of national payments systems by establishing the National Payment Systems Company, which will undertake the development and operation of systems.

Payments are under the supervision of the Central Bank, launching a financial inclusion strategy, working to adhere to international standards for the global financial system, focusing on regulating foreign trade financing, opening accounts for Iraqi banks with correspondent banks, controlling foreign transfers, and opening dealings in other foreign currencies in addition to the US dollar, as well as drawing up a national lending plan to be approved.

New mechanisms for organizing the granting of loans for the development of small and medium enterprises in accordance with the Prime Minister Riyada’s initiative to employ young people and qualify them to choose their projects, relying on the banks’ own financial capabilities and attracting deposits to provide liquidity and invest them in accordance with the instructions of the Central Bank.

Continuing the procedures and using monetary policy applications to control the exchange rate and reduce the gap between the official rate and the black market rate, which has begun to narrow towards reaching the targeted and balanced exchange rate.

The solidity of the banking structure has become one of the necessities of building a prosperous economy that adopts modernity and sound sustainable development systems. The development of banking habits and awareness of the importance of developing banking facilities in a way that secures the building of the national savings base and develops the financial resources necessary to build the economy have become among the priorities of decision makers.

It is necessary to fortify and strengthen local banking systems in a way that makes them capable of facing the challenges of transferring capital to and from abroad without causing money laundering or foreign exchange smuggling operations, and thus increasing the profitability of financial and banking institutions and enhancing the structure of the gross domestic product. This is what the government and the Central Bank are currently active in doing. It is, in fact, a new reformist economic vision and thought to harness all capabilities and energies in order to achieve it in the next stage. 162 views 12/20/2023 - https://economy-news.net/content.php?id=38665

Prime Minister's Advisor: The Hypothetical Budget Deficit Is Close To Disappearing

Money and business Economy News – Baghdad Advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed on Wednesday that the hypothetical budget deficit is close to disappearing, and while he pointed out that

there is a government tendency to implement major development projects by creating a financial partnership between the state and the private sector in projects for the next two years, he pointed out that the current year was characterized by balance and discipline. Financial.

Saleh said, in a statement reported by the official news agency, seen by Al-Iqtisad News, that “the federal general budget for the years 2023, 2024, and 2025 was initiated as a medium-term operational and investment financial plan and was approved in accordance with Law No. 13 of 2023, with an annual total expenditure ceiling estimated at about 199 Trillion dinars annually, with a hypothetical annual deficit of approximately 64 trillion dinars,” noting,

“The budget adopted the price of a barrel of oil at an annual average of $70 for the purposes of calculating oil revenues in the general budget.”

He added, "Oil export revenues constitute approximately 87 percent of the aforementioned budget estimates," noting that "the financial administration has begun implementing the spending updates stipulated in the law, as we mentioned, in its two parts: operational spending and investment spending, since the issuance of the budget implementation instructions that were approved weeks later." From the budget law legislation last June.”

He continued, "At the level of annual investment spending, financial planning for the three-year budget has allowed for high flexibility and efficiency in adopting strategic priority projects that will constitute a qualitative shift in the future development of our country in the coming years, specifically the manufacturing industry and investment in natural resources," stressing that

"there is no need to... Neglecting the urgent needs for the immediate implementation of service projects, which today take precedence in implementation because of their connection to the life of the citizen, such as social care expenses, the food basket, and the medicine basket, which receive the highest priority in terms of sustainability and efficiency in order to support the real income of low-income families.

He stated, “With regard to external debt, the payment of debt service dues is carried out on time and according to its payment schedules with great care by the General Accounting Departments and the Central Bank of Iraq,” pointing out that “these funds are fed from the general budget allocations that cover this spending aspect.”.

He pointed out that "Iraq's oil sales have achieved returns that exceeded the default price of a barrel of oil in the budget, amounting to $70 per barrel, as we mentioned during the fiscal year 2023," explaining that

"public finances have accumulated balances of unspent and accumulated cash surplus from the year 2022, which touched The 23 trillion dinars, which provided high financial revenues that contributed to the accelerated reconstruction campaign supervised by Prime Minister Muhammad Shiaa Al-Sudani, which made the virtual deficit close to disappearing.”

He stated that “the fiscal year 2023 will end with some balance, supported by strength in financial consolidation or discipline,” pointing out that “the country’s strategic investment projects, specifically for the years 2024 and 2025, were based, in an important part, on a financial vision based on partnership between the state and the private sector to achieve the principles of Sustainable financing for major development projects, and economic prosperity by sustaining the wheel of development itself, the basis of which is the development path and the Iraq Fund for Development.”

He stated, "The strategy of investment partnerships in manufacturing industries will target the young workforce and provide them with employment opportunities and technological knowledge."

Views 48 Added 12/20/2023 https://economy-news.net/content.php?id=38690

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Money

Definition of the upper crust: A bunch of crumbs held together by dough. - Anonymous

Money can't buy happiness, but it will certainly get you a better class of memories. - Ronald Reagan

The man who invented slow-motion movies got his idea while watching a Scotsman reach for a check in a restaurant. - Anonymous

When asked to borrow money: "I'll see what my lawyer says. . . . And if he says yes, I'll get another lawyer." - W. C. Fields

Money won't buy happiness, but it will pay the salaries of a large research staff to study the problem.- Bill Vaughan

By the time a man is rich enough to sleep late, he's too old to enjoy it. - Anonymous

Money can't buy you happiness, but it does bring you a more pleasant form of misery. - Spike Milligan

Another good thing about being poor is that when you are seventy your children will not have you declared legally insane in order to gain control of your estate. - Woody Allen

Money makes the man. - Aristodemus

A fool and his money are soon parted. - George Buchanan

Penny wise, pound foolish. - Henry Burton

Famous Quotes and Authors, Famous Quotations for all Occasions

Dinar Recaps 20 12/21/23 Dinar Recaps 20 12/21/23

"Tidbits From TNT" Thursday Morning 12-21-2023

TNT:

CandyKisses: The Iraqi Trade Bank decides to stop the work of financial transfers as of next Sunday

{Economic: Euphrates News} The Iraqi Trade Bank decided to stop the work of financial transfers as of next Sunday.

In a statement, the bank explained in a statement of which {Al-Furat News} received a copy of it, the reason for the suspension of the financial transfers: "For purposes related to the annual inventory, it was decided to suspend the work of the financial transfers starting from Sunday, 24/12/2023, noting that "the deadline for receiving financial transfer requests will be on Thursday, 21/12/2023."

"This service will resume on Wednesday, 03/01/2024," he added.

TNT:

CandyKisses: The Iraqi Trade Bank decides to stop the work of financial transfers as of next Sunday

{Economic: Euphrates News} The Iraqi Trade Bank decided to stop the work of financial transfers as of next Sunday.

"This service will resume on Wednesday, 03/01/2024," he added.

Tishwash: 5 Countries are in the process of supplying factories to Iraq

The Prime Minister's Advisor for Technical Affairs, Engineer Muhammad Al-Daraji, reported on Thursday that Iraq is in the process of agreeing with five countries to supply factories to Iraq.

Al-Daraji said in an interview followed by Al-Maalouma, that “there is a committee formed under the direction of Prime Minister Muhammad Shiaa Al-Sudani to implement a paragraph in the budget that stipulates granting the government sovereign guarantees in favor of importing production lines and agricultural equipment for the Iraqi private sector, indicating that this paragraph occurs for the first time.” .

He added, "The government is in the process of agreeing with the countries of Germany, Italy, Japan, China, and Spain, in addition to the Islamic Development Bank, to supply factories to Iraq in exchange for sovereign guarantees and to manage them by the private sector."

Al-Daraji pointed out, "This step is excellent for strengthening the Iraqi economy and changing its performance philosophy. link

**********

Tishwash: Parliamentary Services: 9 countries are preparing to enter the world of investment in Iraq

Representative Baqir Al-Saadi confirmed on Thursday that there is a desire among nine countries to enter into vital investments in Iraq.

Al-Saadi said in an interview with Al-Maalouma, “Security stability has stimulated investment activity and attracted capital in most of the country’s governorates, which increases the chances of economic recovery and the creation of vital sectors that contribute to crystallizing objective solutions to many crises, including housing.”

He added, "The Sudanese government has actually called on 9 countries, including Arab ones, to invest in 3 vital sectors, most notably housing, while providing a safe environment and a climate that contributes to attracting capital," stressing that "the investment rate during 2023 is the highest after 2003."

He pointed out that "Iraq is focusing on strategic investments, especially with the launch of large development projects, most notably the Iraqi Development Road, and achieving great completion rates in the large Al-Faw port, which will create a greater investment climate in the coming years."

Iraq is distinguished by the diversity of investment opportunities available, especially housing, agriculture, industry and other industries. link

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

Tishwash: Christmas trees start at 2000 dinars.. Even the poor celebrate

Gift shops in the Tuwayraj district of Karbala offer a “Christmas” tree and various gifts at reasonable prices, amid great demand ahead of Christmas, which has become a general occasion not limited to Christians, according to the city’s residents.

Abu Zahraa - a resident:

I love these days because they bring joy and renewed hope for the future, as they link the idea of the end with the beginning of a new year.

On the last day of the year, I gather with my brothers and sisters in the large family house, and the women make sweets and decorate the house with festive signs to spend beautiful times.

At the end of each year, I review the history of events and achievements, and I stand by my mistakes and try not to repeat them, and I set goals for the new year.

I wish everyone a happy year full of joys and delights, and may goodness spread to our people, our beloved country, and to the peoples of the entire world.

Durgham Al-Bahrani - gift seller in the women’s market:

Celebrating the birth of Jesus Christ is no longer limited to the Christian component, and in recent years families in the Hindiyah district have begun to pay attention to this occasion to celebrate, break the work routine, and look forward to a more beautiful new year than before.

Parents are keen to buy Christmas trees and decorate them, in addition to buying Santa Claus costumes, which children love so much.

Even low-income families celebrate New Year's Eve, and lovers exchange gifts.

Prices were high in previous years, and with the increase in demand and the multiplicity of origins, the price of Christmas trees decreased, ranging between 2000 - 130 thousand dinars, and we have sizes and prices that suit everyone.

Ali Al-Khafaji - owner of a gift shop:

Demand for purchases is good and increases as we get closer to New Year. Demand is not limited to families, as many young people buy gifts. link

Mot: .... Tah Dah! ---- WELCOME!!!!

Mot: Special Gifts!!!

DINARRECAPS8 12/20/23 DINARRECAPS8 12/20/23

Goldilocks' Comments and Global Economic News Wednesday Evening 12-20-23

Good Evening Dinar Recaps,

In recent letters directed to United States lawmakers, Tether disclosed it has a Know Your Customer (KYC) program, a transaction monitoring system and a proactive approach to identifying suspicious accounts and activities.

“We have always assisted law enforcement when called upon to act, and we remain fully committed to continuing to work proactively with agencies globally. Tether has and will assist in identifying and freezing addresses subject to sanctions, engaged in illicit activity, or engaged in any form of terrorist financing."

Tether also disclosed it uses surveillance monitoring tools to continuously track client activity, and onboarded the Federal Bureau of Investigation (FBI) to its platform as part of collaboration efforts with law enforcement. Tether said:"These strategic relationships reinforce our commitment to supporting law enforcement in combating nefarious activities and contributing to the recovery of victims’ funds."

Goldilocks' Comments and Global Economic News Wednesday Evening 12-20-23

Good Evening Dinar Recaps,

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Ripple Hedera, Stellar, and Cardano (ADA) Embrace ISO 20022

The ISO 20022 is a global standard billed to replace SWIFT in the financial ecosystem.

Some cryptocurrencies including XRP, HBAR, XLM, and ADA are now compliant with the ISO 20022 standard. CryptoNewsFlash Link

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Ripple, a leading U.S.-based fintech company, increasingly focuses on CBDC projects in 2023, marking a strategic shift from its traditional retail payment solutions.

The company has been instrumental in developing government-backed digital currencies in various regions.

Ripple’s involvement in the CBDC space extends to collaborations with the Digital Euro and Digital Pound associations and a technical partnership with Mastercard’s stablecoin.

https://www.cryptopolitan.com/ripple-shifts-focus-to-cbdc-projects/

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Scheduled Maintenance: Decommission Ticker service on Tuesday, January 2nd 2024, at 4:00pm UTC (10:00am local time)

Stellar will be permanently decommissioning its Ticker service on Jan 2 2024. The service will be shut down permanently. https://dashboard.stellar.org/

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Asset Demand Systems in Macro-Finance

Real values on assets and in this case tokenized assets backed by commodities are determined in real time.

Tokenized Assets will find their use case scenario demand/values, and a certain percentage or fixed rate of gold will determine the rest.

At that time Banks and Markets will be able to synchronize their transactions.

© Goldilocks

NBER Link

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UPI & FedNow: Transforming Digital Payments in India and USA💰📱

In a world where digital transformation is reshaping every aspect of life, two payment systems — UPI in India and FedNow in the USA — stand as beacons of innovation in the financial sector. Both are redefining how money moves in two of the world’s largest economies, yet they cater to their unique market demands and regulatory landscapes. Medium Link

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BRICS in the Land of Energy Transition OilPrice Link

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Here Come the New Listings of Existing Homes, Prices Drop Further, Demand Remains at Collapsed Levels Wolf Street Link

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Price distortions are about to hit the market in January 2024.

If you follow this room, we will share how it will all be reeled in as the year goes on.

@ Goldilocks

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S&P Global Ratings Launches Stablecoin Stability Assessment - Dec 12, 2023

SPGlobal Press Link

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Brink of Financial World War 3 as it Becomes West Versus the Rest - Willem Middelkoop

https://youtu.be/0Jk7vCm4j24?feature=shared

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Thank you Dinar Recaps

DINARRECAPS8 12/20/23 DINARRECAPS8 12/20/23

Iraq Economic News and Points to Ponder Wednesday Afternoon 12-20-23

Tlm724 Administrator Bondlady’s Corner

An Economic Vision On Linking The Dinar To The US Dollar: A Weak Point For Iraq

Today 19:40 Information/private.. Today, Wednesday, the economic expert, Diaa Al-Mohsen, considered the link of the Iraqi economy to the dollar currency a “weak point” for the country, while indicating the “optimal” way to overcome this problem.

Al-Mohsen said, in an interview with the Maalouma Agency, that “pegging the local currency to the US dollar represents a state of weakness for the country’s economy, because the green currency changes depending on changes in the US economy, such as raising the interest rate by the Federal Bank, which will cause the value of the dollar to rise, and so on.”

Iraq Economic News and Points to Ponder Wednesday Afternoon 12-20-23

Tlm724 Administrator Bondlady’s Corner

An Economic Vision On Linking The Dinar To The US Dollar: A Weak Point For Iraq

He added, "Relying all purchases on the dollar could have a negative or positive impact," pointing out that "this issue can be overcome when there is a basket of currencies, that is, when the value of a particular currency is low, the government can move toward another currency." The economic expert explained, "This happens when Iraq has a sufficient balance of these currencies, which gives it smooth conversion to the euro, the Russian ruble, and the Chinese yuan."

Earlier, the head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, confirmed that 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 impact of the dollar’s liquidity and its control by about 90%. of transactions directly.

The United States of America continues to impose its influence on Iraq in many vital files, including depositing the money from the sale of Iraqi oil in the US Federal Bank, amid clear blackmail by passing many files, most notably the dollar bill, which puts great pressure on the government. End 25/R

https://almaalomah.me/news/50756/economy/رؤية-اقتصادية-حول-ربط-الدينار-بالدولار-الأمريكي:-نقطة-ضعف-لل

Follow Up On All Branches Of Exchange Companies Category (A, B).

December 20, 2023 Based on the regulations regulating the work of exchange and mediation companies in buying and selling foreign currencies No. (1) of 2022 / Article (11).

We would like to inform all exchange companies of category (A, B) that this bank seeks to protect the financial sector in Iraq and its integrity.. For more click here

https://cbi.iq/static/uploads/up/file-170305984840751.pdf

https://cbi.iq/news/view/2487

Monetary Policy Question

Economical 12/20/2023 Muhammad Sharif Abu Maysam

There is a question raised about what some media outlets are reporting these days, as the media is talking about negotiations regarding requests submitted by the Iraqi side to the US Federal Reserve to obtain payments of cash deposited in the Federal Reserve’s coffers to finance the movement of exchanges and trades in the Iraqi market or to finance foreign trade according to invoices issued Delaying its disbursement or sometimes rejecting it under conditions restricting disbursement, and

it is not clear to the citizen who reproduces these rumors the accuracy of what is being said, which requires clarification to the media by the relevant authorities to enhance public confidence in monetary policy and put an end to these rumors and what is rumored in the media. Tendency regarding the continued custody of Iraqi funds.

Everyone knows that Iraq has regained its natural role after Security Council Resolution 1959 of 2008, but under the Strategic Framework Agreement with the United States, it resorted in the years (2009 to 2013) to the method of protecting funds from commercial creditors by the American government, and because of the circumstances that the country went through.

The annual protection request was repeated, the last of which was the request recommended by the Ministerial Economic Committee on May 22, 2013.

In 2014, the reserves of the Central Bank of Iraq reached about 80 billion dollars.

At that time, the President of the United States of America, Barack Obama, decided to lift the immunity granted to the Development Fund for Iraq and private property belonging to the Iraqi government abroad, and attributed the reason to the development taking place in the Iraqi government’s capabilities to manage The consequences accompanying the debts incurred by the previous dictatorial regime.

Since then, Iraq has managed its money independently, while media data reveal to us obligations and requirements related to international agreements and treaties, suggesting that the management of the financial and monetary file is related to external wills.

What reinforces the content of these data are the statements related to Iraqi requests to the US Federal Reserve and the US Treasury to meet the request. Cash shipments for 2024.

Yes, the international financial system, in light of the war in monetary currencies, and similarly to electronic currencies in a turbulent world full of conflicts and international interests, has the advantage of the power of the powerful, which is formed by dominating modern payment tools and mechanisms based on electronic technologies,

which sometimes limit and sometimes interfere in the affairs of financial and monetary policies in countries in the context of... Its control over the global banking system, and here the banking rule that says that property rights are always creditor in nature may fall, because how can the debtor control the creditor? https://alsabaah.iq/89050-.html

Central Bank: The Non-Oil Deficit Exceeds 80% And Threatens The State’s Financial Position

Economy News – Baghdad The Governor of the Central Bank, Ali Al-Alaq, announced today, Wednesday, that the non-oil deficit in state resources exceeds 80%, considering it a number that “threatens” the state’s financial situation, while indicating that employing information technology in state institutions has become necessary.

Al-Alaq said in his speech during the Ministry of Finance conference within the Financial and Accounting Training Center, followed by Al-Iqtisad News, that “the fourth revolution of the Davos conference depends on the individual and the group, and in order for us to be close to reality with what we are, without a doubt we are far from the fourth revolution and we On the cusp of the third revolution.”

Al-Alaq added, “We are still searching for the path to digital wealth and in all fields, and we are still within the framework of simple digitization, and drawing up steps and procedures is very necessary.”

Al-Alaq continued, “Cleansing state institutions from manifestations of corruption depends on digital technology by increasing “Electronic interconnection to reduce institutional confusion.”

Al-Alaq pointed out that “employing information technology in state institutions has become necessary,” indicating that “abolishing the Ministry of Science and Technology was a measure that contradicts the possibility and development of the technological aspect, and it is an incorrect measure.” The Governor of the Central Bank stressed However, “the non-oil deficit figure exceeds 80% and threatens the state’s financial situation,” noting that “the government cannot redistribute income within existing tools.”

Al-Alaq pointed out that “in the context of stimulating electronic payment, the Central Bank of Iraq benefits most.” of modern technology,” pointing out that “despite the availability of all means of electronic payment mechanism, we are facing complementary environmental conditions, including increased demand for the dollar.”

Views 138 Added 12/20/2023 - https://economy-news.net/content.php?id=38671

The Center For Banking Studies Holds Its First Annual Conference

December 20, 2023 Wednesday, the Center for Banking Studies at the Central Bank of Iraq organized its first annual conference, which carried the slogan “Sovereign Sukuks as a Tool for Financing Economic Development Projects,” with local and Arab participation.

In its three sessions, the conference discussed the importance of sukuks as one of the tools for economic development and their legal aspects, as well as the practical steps for issuing sukuks, hosting the most prominent officials and experts in the Iraqi and Arab banking sector.

The conference was opened with a speech delivered by the Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad Khalaf, on behalf of His Excellency the Governor, in which

he pointed out the importance of the topic that was chosen for this conference, which coincided with the presentation of the draft Islamic Sukuk Law to the Iraqi Council of Representatives two weeks ago, reviewing the center’s role and importance. In developing workers in the Iraqi banking sector.

The participants praised the role of the Central Bank of Iraq in holding this event because of its role in expanding the areas of financing and investment in accordance with the modern Islamic formulation.

The conference concluded with a set of recommendations that emerged from the participating papers.

Central Bank of Iraq information Office 20 - December – 2023 https://cbi.iq/news/view/2489

What Is a Sukuk? Sharia-Compliant Bond-Like Financial Instruments

By Akhilesh Ganti Updated May 13, 2022 Investopedia / Ellen Lindner What Is a Sukuk?

A sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Islamic religious law commonly known as Sharia. Since the traditional Western interest-paying bond structure is not permissible, the issuer of a sukuk essentially sells an investor group a certificate, and then uses the proceeds to purchase an asset that the investor group has direct partial ownership interest in. The issuer must also make a contractual promise to buy back the bond at a future date at par value.1

https://www.investopedia.com/terms/s/sukuk.asp

The Iraqi Central Bank Addresses Banks To Finance Small Merchants From Türkiye In The Euro (Document)

https://media.almaalomah.me/archive/image/2023/12/20/bb6399d0-2600-40fb-af13-72522f8cf18a.jpg

Document.. The Iraqi Central Bank Addresses Banks To Finance Small Merchants From Türkiye With “Euro”

Economy | |Baghdad today – Baghdad Today, Wednesday (December 20, 2023), the Central Bank of Iraq addressed banks to finance small merchants from Turkey in the euro currency.

According to a document issued by the bank, obtained by “Baghdad Today”, “The Association of Iraqi Private Banks was approached to finance the imports of small merchants from Turkey using the euro.

The text of the document stated:

“Referring to the meetings that took place in Turkey in your presence for the period 11-28-30-2023, we hope to inform all banks wishing to regulate small merchants’ imports from Turkey to submit their requests to the Central Bank of Iraq (Department of Investments and Foreign Transfers).”

The Central Bank of Iraq stipulated that “these banks attach a file about one of the specialized and reputable shipping companies that has branches in Turkey and Iraq, and has an electronic registration and tracking system.” ‘

According to the document, “When the bank’s request is accepted, an agreement will be signed between the bank and the company that includes the obligations of each party, provided that the bank’s obligations include full responsibility for submitting all relevant documents from the commercial lists on the basis of which the amounts will be disbursed to Turkish exporters, bills of lading, and proof of payment.” Customs duties in Iraq on these goods shall be submitted to the Banking Control Department upon request.” According to the document,

“The Central Bank of Iraq will enhance the balance of the Iraqi bank in the euro currency in its account with its correspondent in Turkey for this purpose, provided that the shipping companies receive the import amounts from the Iraqi merchant in the Iraqi dinar currency and that payment in Turkey to the Turkish merchant is made either in the euro currency or the Turkish lira.”".

https://baghdadtoday.news/uploads/posts/2023-12/f804ae49-3b5b-4b52-8951-6fef1e2544f5.jpg

https://baghdadtoday.news/238171-وثيقة.-المركزي-العراقي-يخاطب-المصارف-بتمويل-صغار-التجار-من-تركيا-بـاليورو.html

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Money

We were awfully poor. But we had a lot of things that money can't buy . . like unpaid bills.- Anonymous

"Mommy, we're not going to be poor again, are we?" "Not as long as you have that rare blood type." - Brett Butler

It doesn't matter if you're rich or poor, as long as you've got money. - Joe E. Lewis

When I was young, I thought money was the most important thing in life. Now that I'm old - I know it is.- Oscar Wilde

I'd like to live like a poor man - only with lots of money. - Pablo Picasso

All progress is based upon a universal innate desire on the part of every organism to live beyond its income. - Samuel Butler

To make money, buy some good stock, hold it until it goes up, and then sell it. If it doesn't go up, don't buy it. - Will Rogers

What some people mistake for the high cost of living is really the cost of living high.- Doug Larson

The wretchedness of being rich is that you live with rich people. - Logan Pearsall Smith

Famous Quotes and Authors, Famous Quotations for all Occasions

DINARRECAPS8 12/20/23 DINARRECAPS8 12/20/23

Iraqi News Highlights and Points to Ponder Wednesday AM 12-20-23

The International Monetary Fund Issues A Report On Iraq's Economic Policy

Money and business The International Monetary Fund issued a report on Iraq's economic policy, expecting Iraq's non-oil gross domestic product to grow by 5%.

An International Monetary Fund statement seen by Al-Iqtisad News stated, “A team of International Monetary Fund experts, led by Jean-Guillaume Poulain, met with representatives of the Iraqi authorities in Amman, Jordan, during the period 12-17 of this December, with the aim of discussing The latest developments, developments and prospects, in addition to discussing plans related to policies in the coming period.”

Bolan said, according to the statement, “The non-oil gross domestic product is expected to grow by 5 percent in 2023 in light of the significant expansion in public finances within the framework of the effective three-year budget law,” noting that “continuing implementation of the budget should help in continuing Strong non-oil growth in 2024.

Iraqi News Highlights and Points to Ponder Wednesday AM 12-20-23

The International Monetary Fund Issues A Report On Iraq's Economic Policy

Money and business The International Monetary Fund issued a report on Iraq's economic policy, expecting Iraq's non-oil gross domestic product to grow by 5%.

However, the decline in oil production after the closure of the oil pipeline linking Iraq and Turkey, and the reduction in production at the request of the OPEC+ group, will work together to reduce the growth of the gross domestic product in the years 2023 and 2024.”

He added, "The inflation rate has declined from its peak by 7 percent in January of this year, and inflation is expected to stabilize during the coming months, thanks to the Central Bank of Iraq adopting a more stringent monetary policy, and the impact resulting from raising the exchange rate.

" The Iraqi dinar, the decline in global food prices, and the return of trade financing operations to normal with improved compliance with the anti-money laundering and terrorist financing framework.”

He continued: “The adoption of the budget setting method over a period of three years in June 2023 constituted a shift in the practice used for setting budgets in Iraq, with the aim of improving the level of financial planning and the continuity of implementing important development projects in the medium term,” stressing that “despite the delay Starting to implement the budget this year, the public finance balance is expected to transform from a large surplus achieved in 2022 to a budget deficit in 2023.”

He stated, “Experts expect the size of the government’s fiscal deficit to expand further in the year 2024, reflecting the full annual impact of budget measures.

Also, the significant expansion in public finances, including a fundamental increase in the numbers of members of the public sector and retirement, creates permanent requirements for Public spending that will put pressure on public finances in the medium term.”

He went on to say: “Ensuring the sustainability of public finances, in the context of the uncertain outlook for oil prices, requires a gradual tightening of the fiscal policy stance, while at the same time working to ensure the protection of critical needs for infrastructure and social spending.

This will require "Also mobilizing more non-oil revenues, containing the wage bill for government employees, and reforming the government retirement system. These measures must be supported by a move to a more targeted social safety net that works to provide better protection for vulnerable groups."

He explained, "The mission welcomed the government plans aimed at strengthening public financial management, including welcoming the steps taken by the government towards establishing the unified treasury account.

In this context, the mission reiterated the importance of adhering to the framework for managing government guarantees," pointing out that "the Central Bank The Iraqi government has tightened its monetary policy appropriately, and this tightening includes increasing the interest rate on monetary policy tools and raising the mandatory reserve requirements.

The mission welcomed the progress made in strengthening the domestic liquidity management framework, and encouraged the continuation of efforts made to get rid of excess liquidity and develop the inter-bank trading market. banks with the aim of enhancing the transmission of the impact of monetary policy.”

He went on to say: “Structural reforms aimed at stimulating economic diversification and creating job opportunities led by the private sector remain a pivotal factor in achieving sustainable and inclusive growth.” Priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing efforts aimed at strengthening governance and reducing the spread of corruption.” He

stressed that “the Fund’s team of experts stands ready Readiness to support the Iraqi authorities in their reform efforts, and would like to thank them for the frank and fruitful discussions during the mission.”

Views 45 12/20/2023 - https://economy-news.net/content.php?id=38653

Document.. The Iraqi Central Bank Addresses Banks To Finance Small Merchants From Türkiye With “Euro”

Economy | Baghdad today – Baghdad Today, Wednesday (December 20, 2023), the Central Bank of Iraq addressed banks to finance small merchants from Turkey in the euro currency.

The text of the document stated: “Referring to the meetings that took place in Turkey in your presence for the period 11-28-30-2023, we hope to inform all banks wishing to regulate small merchants’ imports from Turkey to submit their requests to the Central Bank of Iraq (Department of Investments and Foreign Transfers).”

According to the document, “The Central Bank of Iraq will enhance the balance of the Iraqi bank in the euro currency in its account with its correspondent in Turkey for this purpose, provided that the shipping companies receive the import amounts from the Iraqi merchant in the Iraqi dinar currency and that payment in Turkey to the Turkish merchant is made either in the euro currency or the Turkish lira.” ".

https://baghdadtoday.news/238171-%D9%88%D8%AB%D9%8A%D9%82%D8%A9.-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A-%D9%8A%D8%AE%D8%A7%D8%B7%D8%A8-%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%B1%D9%81-%D8%A8%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%B5%D8%BA%D8%A7%D8%B1-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1-%D9%85%D9%86-%D8%AA%D8%B1%D9%83%D9%8A%D8%A7-%D8%A8%D9%80%D8%A7%D9%84%D9%8A%D9%88%D8%B1%D9%88.html

Economic Reform In The Prime Minister’s Vision And Governmental Approach

Economic reform in the Prime Minister’s vision and governmental approach 101Samir Al-Nusairi

Prime Minister Muhammad Shiaa Al-Sudani said last week while answering questions from attendees of the “Beston Talk” program on Rudaw TV that economic reform begins with financial and banking reform, stressing that the government’s economic vision is based on an accurate diagnosis of the obstacles and challenges of economic reform, which has not been achieved since 2003 due to... The banking and financial sector has not witnessed any real reform process for two decades because without a sound financial and banking sector, it is not possible to build a sound national economy.

Therefore, the vision of the Prime Minister for comprehensive and radical economic reform comes in line with what was stated in more than 12 axes that discuss economic reform, the details of which were included in the government curriculum, which were emphasized and considered among the priorities that must be implemented.

Private banks and empowering them to be able to support investment and development in a real way) and that the Prime Minister’s vision focuses on the importance of the financial and banking sector so that it occupies within the financial structure of the economy a vital position in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform

and the development of national payments systems by establishing the National Payment Systems Company, which will undertake the development and operation of systems.

This is what the government and the Central Bank are currently active in doing. It is, in fact, a new reformist economic vision and thought to harness all capabilities and energies in order to achieve it in the next stage.iews 33 12/20/2023 - https://economy-news.net/content.php?id=38665

Provoking Points To Ponder on Family:

Family love is messy, clinging, and of an annoying and repetitive pattern, like bad wallpaper.- Friedrich Nietzsche

In truth a family is what you make it. It is made strong, not by number of heads counted at the dinner table, but by the rituals you help family members create, by the memories you share, by the commitment of time, caring, and love you show to one another, and by the hopes for the future you have as individuals and as a unit. - Marge Kennedy

[A mother] discovers with great delight that one does not love one's children just because they are one's children but because of the friendship formed while raising them. - Gabriel Garcia Marquez

The Family is the Country of the heart. There is an angel in the Family who, by the mysterious influence of grace, of sweetness, and of love, renders the fulfillment of duties less wearisome, sorrows less bitter. The only pure joys unmixed with sadness. - Giuseppe Mazzini

Smile at each other, smile at your wife, smile at your husband, smile at your children, smile at each other - it doesn't matter who it is and that will help you to grow up in greater love for each other. - Mother Teresa

No man has ever lived that had enough of children's gratitude or woman's love.- William Butler Yeats

Famous Quotes and Authors, Famous Quotations for all Occasions

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

"Tidbits From TNT" Wednesday Morning 12-20-2023

TNT:

Tishwash: Al-Sudani directs that the 25th and 26th of December be an official holiday for Christians

The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, directs that the 25th and 26th of this December be an official holiday for Christian citizens, on the occasion of the glorious Christmas holidays

Prime Minister’s Media Office
December 20, 2023 link

TNT:

Tishwash: Al-Sudani directs that the 25th and 26th of December be an official holiday for Christians

The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, directs that the 25th and 26th of this December be an official holiday for Christian citizens, on the occasion of the glorious Christmas holidays

Prime Minister’s Media Office
December 20, 2023 link

Tishwash: Al-Alaq: Employing information technology in state institutions will eliminate corruption

Central Bank Governor Ali Al-Alaq said on Wednesday that purging state institutions of corruption is fundamentally linked to the use of information technology. He stressed that providing data and information at the state level maximizes state revenues.

Al-Allaq stressed in the annual international scientific conference held under the auspices of the Minister of Finance and followed by “Earth News” that purging state institutions of corruption is largely and fundamentally linked to the use of techniques and information technology to reshape the relationship between the institution, society and the individual, thus eliminating many areas that cause institutional confusion. performance, corruption operations, weakness, or delay in the various procedures related to what these institutions provide,” explaining that “employing information technology in state institutions is very necessary.”

He pointed out that “when the government structure was reconsidered years ago, two important ministries were abolished, namely the Ministry of Science and Technology and the Ministry of Environment,” explaining that “the Ministry of Environment was restored, but the abolition of the Ministry of Science and Technology contradicts the desired developments and goals in focusing on this aspect and embracing all energies that can work in this direction.”

He continued, “The companies that operate within this framework are the most profitable in the world, and we have human resources and young energies that deserve to have a role in stimulating and developing this important aspect.”

He noted that “the Central Bank is the institution that most uses and benefits from modern and digital technologies,” stressing “the necessity of stimulating and developing the development of these trends to regulate the work of the Central Bank.” link

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

Tishwash: Economic reform in the Prime Minister’s vision and governmental approach

Prime Minister Muhammad Shiaa Al-Sudani said last week while answering questions from attendees of the “Beston Talk” program on Rudaw TV that economic reform begins with financial and banking reform, stressing that the government’s economic vision is based on an accurate diagnosis of the obstacles and challenges of economic reform, which has not been achieved since 2003 due to... The banking and financial sector has not witnessed any real reform process for two decades because without a sound financial and banking sector it is not possible to build a sound national economy.

What concerns us here is what is stated in the twelve axis (financial and banking reform) and paragraphs (1, 2, 3, 4, 5, 6 and 7) thereof, which clearly and accurately state that (financial and banking reform provides a real and effective basis for the advancement of the Iraqi economy and stimulating investment through restructuring and mechanizing government banks, reconsidering their work and stimulating... Private banks and empowering them to be able to support investment and development in a real way)

And that the Prime Minister’s vision focuses on the importance of the financial and banking sector so that it occupies within the financial structure of the economy a vital position in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform and that The measures that the Central Bank is currently taking in high coordination with the support of the government to implement its new comprehensive strategy to reform, develop and classify banks according to several axes, the most prominent of which is the completion and implementation of projects for the transformation from a cash economy to a digital economy and a cashless society and the development of national payments systems by establishing the National Payment Systems Company, which will undertake the development and operation of systems.

New mechanisms for organizing the granting of loans for the development of small and medium enterprises in accordance with the Prime Minister Riyada’s initiative to employ young people and qualify them to choose their projects, relying on the banks’ own financial capabilities and attracting deposits to provide liquidity and invest them in accordance with the instructions of the Central Bank.

Directing the small and medium enterprise financing initiative towards the economic and productive sectors that have the greatest impact on contributing to development. Establishing Riyada Bank, creating a loan guarantee company, activating the work of the deposit guarantee company, and amending its internal system in a way that enhances confidence in the banking sector. Continuing the procedures and using monetary policy applications to control the exchange rate and reduce the gap between the official rate and the black market rate, which has begun to narrow towards reaching the targeted and balanced exchange rate.

Referring to the Prime Minister’s assertion that the government cannot accept that the official exchange rate be equal to the black market rate. All of this indicates that the many services provided by the banking system in developed countries have enabled these countries to achieve the progress and economic growth they have achieved. The solidity of the banking structure has become one of the necessities of building a prosperous economy that adopts modernity and sound sustainable development systems. The development of banking habits and awareness of the importance of developing banking facilities in a way that secures the building of the national savings base and develops the financial resources necessary to build the economy have become among the priorities of decision makers.

Therefore, the soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards developing and modernizing banking systems ensures achieving momentum in the world of real and financial investment, which revitalizes the financial and monetary markets, leading to attracting foreign capital in search of profit, which requires the government and the central bank to take measures. It is necessary to fortify and strengthen local banking systems in a way that makes them capable of facing the challenges of transferring capital to and from abroad without causing money laundering or foreign exchange smuggling operations, and thus increasing the profitability of financial and banking institutions and enhancing the structure of the gross domestic product.

Mot: .. careful what Ya ask for

Mot: Get her an Unforgettable Present this Year!!!

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

Goldilocks' Comments and Global Economic News Tuesday Evening 12-19-23

Goldilocks' Comments and Global Economic News Tuesday Evening 12-19-23

Good Evening Dinar Recaps,

SHANGHAI, Dec 14 (Reuters) - "The stock exchange in China's city of Shenzhen and the Abu Dhabi securities exchange agreed to promote cross-border investment and listings in the latest flurry of co-operation between institutions in countries looking to cut reliance on the West."

Depository Trust & Clearing Corporation has a new listing. Ark 21 Shares Spot Bitcoin ETF is now listed on the DTCC. It's going through the system. Now, we have the Middle East, Asian, and US economies on their way to trading commodities on their markets.

Goldilocks' Comments and Global Economic News Tuesday Evening 12-19-23

Good Evening Dinar Recaps,

~~~~~~~~~~

The central banks of China and Saudi Arabia have agreed on their first currency swap to foster bilateral commerce denominated in the yuan and the riyal, opening the way for more trade to flourish in local currencies.

SCMP Link

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Washington, D.C. — "The Commodity Futures Trading Commission at its open meeting on December 13 approved the following proposed rules and a DCO application."

If you have any foreign currency to swap, you are going to enjoy what you are about to read. These four rules have been accepted and approved to move forward:

"Proposed Rule: Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants

Proposed Rule: Capital and Financial Reporting Requirements for Swap Dealers and Major Swap Participants

Proposed Rule: Protection of Clearing Member Funds Held by Derivatives Clearing Organizations

Amended Application of Bitnomial Clearinghouse, LLC for Registration as a Derivatives Clearing Organization

Proposed Rule: Amendments to Swap Data Recordkeeping and Reporting Requirements"

January 2024 continues to be a month whereby many of the structural components needed to allow us to begin converting our investments are being finalized.

© Goldilocks

https://www.cftc.gov/PressRoom/PressReleases/8838-23

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"The final SEC ruling on mandatory clearing will cause a shake-up in the repo market

The market has been slow to automate, but is now moving to adapt

The Common Domain Model (CDM) holds promise for standardisation"

The Common Domain Model (CDM) is a standardized, machine-readable and machine-executable mechanism.

This mechanism is what will move the financial products through electronic trades designed to complete transactions on both sides of a trade.

The CDM is being implemented early 2024 to automate trades and clearing them through electronic measures designed to move transactions inside new Quantum Technologies.

It is move from paper and pen to automatic computations run on the QFS.

The Repo Market is a repurchase agreement that fills 1 to 2 trillion dollars worth of trades each and every day. These are short-term executions of trade often done for government securities, but many banks can often use it in making investment conversions from a centralized location or electronic mechanism that is capable of handling trades between institutions.

The Repo Market has been slow to comply to the standardization process of the QFS. Now, they have been given the green light to move forward with these new changes.

© Goldilocks

The Banker Link
ICMA Group Link
ISDA Link
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$30 Trillion Unlocked & $290 Trillion Expected Value!

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

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SA needs a universal basic income to combat unemployment

Daily Maverick Link

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Harvard law expert says ‘prescribing cash’ to low-income families improves health outcomes

Harvard Law School

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St. Paul gave $500 each month to 150 people: Here’s what happened
https://www.fox9.com/news/saint-paul-guaranteed-income-results

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JUST IN: Galaxy Digital CEO says a Spot Bitcoin ETF will be approved before January 10th.

@WatcherGuru

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The IMF just recently ended their latest consultation with Iraq. They have been given a year-long assessment of their findings and follow-up procedures regarding their new economic reforms enacted earlier this year of 2023.

At this time, they have been given the green light to do the following:

"passthrough from the exchange rate revaluation"

Let's take a closer view as to what this means. "Exchange-rate pass-through (ERPT) is a measure of how responsive international prices are to changes in exchange rates. Formally, exchange-rate pass-through is the elasticity of local-currency import prices with respect to the local-currency price of foreign currency."

Let's put this in more simple terms. Iraq is about to allow the markets to determine their new exchange rates. And, they are about to execute this new declaration beginning the first of January in 2024 in the use of Dinar currency only in International trade.

Watch the water.

© Goldilocks
IMF Link
Wikipedia Link

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

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Goldilocks on the Seeds of Wisdom Team™ Website

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Thank you Dinar Recaps-- www.DinarRecaps.com

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

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

Tlm724 Administrator Bondlady’s Corner

Oil Prices Continue To Rise Amid Fears Of Supply Disruption

Economy | 12/19/2023 Baghdad - Mawazine News Oil prices continue to rise today, with increasing concerns about supply disruptions following the escalation of geopolitical tensions in the Middle East, which affected the movement of container shipping through the Red Sea.

By 09:05 Moscow time, US crude futures rose by 0.04% to $72.50 per barrel, while global Brent crude futures rose 0.04% to $72.50 per barrel. By 0.10% to $78.03 per barrel. Yesterday upon settlement, US crude contracts rose by 1.45% to $74.61 per barrel, while Brent contracts rose By 1.85% to $77.95 per barrel.

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

Tlm724 Administrator Bondlady’s Corner

Oil Prices Continue To Rise Amid Fears Of Supply Disruption

Earlier, Evergreen announced Taiwan Shipping Corporation has decided to temporarily stop accepting Israeli goods with immediate effect, and has instructed ships to suspend navigation through the Red Sea until further notice.

Evergreen's move comes after the announcement of the largest maritime shipping company in the world, MSC. Changing the routes of its ships to avoid passing through the Red Sea due to the increase in attacks there.

Other companies had taken the same step after the attacks launched by the Ansar Allah Houthi movement, which said it was targeting ships heading to Israel, in support of the Palestinian people in Gaza. https://www.mawazin.net/Details.aspx?jimare=239402

The Price Of The Dollar Exceeds 155 Thousand Dinars With The Closure

Time: 12/19/2023 Read: 1,339 times {Economic: Al-Furat News} The main stock exchange in Baghdad closed today, Tuesday, due to the rise in the price of the dollar against the Iraqi dinar.

Selling prices in banking shops in local markets in Baghdad recorded 155,500 dinars for 100 dollars, while purchasing prices reached 153,500 dinars for 100 dollars.

The selling price this morning was 155,000 Iraqi dinars, while the purchase price was 153,000 dinars per 100 dollars. LINK

IMF Staff Concludes Staff Visit With Iraq

December 19, 2023 End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.

Economic activity is recovering, although oil production cuts are weighing on overall growth, and at the same time inflation has declined.

The large fiscal expansion in the three-year budget law poses significant risks to fiscal and external sustainability over the medium term.

Fiscal prudence and structural reforms are critical to safeguard macroeconomic stability, ensure sustainability, and achieve durable and more inclusive growth.

Washington, DC: A staff team of the International Monetary Fund (IMF) led by Jean-Guillaume Poulain met with the Iraqi authorities in Amman, Jordan during Dec 12-17 to discuss recent economic developments and outlook as well as policy plans.

At the end of the mission, Mr. Poulain issued the following statement:

“Against the background of a large fiscal expansion, non-oil GDP is expected to grow by 5 percent in 2023. Continued budget execution should help sustain strong non-oil growth in 2024. However, lower oil production, following the closure of the Iraq-Turkey pipeline and OPEC+ production cuts, will reduce overall GDP growth in 2023 and 2024.

Inflation has declined from its January peak and is projected to stabilize in the coming months—helped by the Central Bank of Iraq’s (CBI) tighter monetary policy, passthrough from the exchange rate revaluation, lower international food prices, and normalization of trade finance as compliance to the new anti-money laundering/combating the financing of terrorism (AML/CFT) [GM1] framework improved.

“The three-year budget approved in June 2023 marked a shift in Iraq’s budgeting practice, envisaged to improve fiscal planning and continue important development projects over the medium term. Despite a late start of budget implementation, the fiscal balance is expected to shift from a large surplus in 2022 to a deficit in 2023. Staff projects that the deficit would widen further in 2024 reflecting the full year impact of recent measures. The large fiscal expansion, including a substantial increase in public hiring and pensions creates permanent spending that will put pressure on public finances over the medium term.

“Ensuring fiscal sustainability, in context of uncertain outlook for oil prices, requires gradually tightening the fiscal policy stance while safeguarding critical infrastructure and social spending needs. This would require mobilizing additional non-oil revenues, containing the large government wage bill, and reforming the pension system. These measures should be supported by moving toward a more targeted social safety net that better protects the vulnerable.

“The mission welcomed the government’s plans to strengthen public financial management including steps towards the establishment of the Treasury Single Account. In this context, the mission reiterated the importance of adhering to the framework for managing government guarantees.

“The CBI has appropriately tightened its monetary policy, including by increasing its policy rate and reserve requirement. The mission welcomed the progress in strengthening the domestic liquidity management framework and encouraged continued efforts to mop up excess liquidity and develop an interbank market to strengthen monetary policy transmission.

“Structural reforms to spur private sector led economic diversification and job creation remains pivotal for sustainable and inclusive growth. Priorities include creating a level playing field for the private sector through banking and electricity sector reforms, reducing distortions in the labor market, and continuing efforts to enhance governance and reduce corruption.

“The IMF staff team stands ready to support the authorities in their reform efforts and would like to thank them for candid and productive discussions during this mission.”

https://www.imf.org/en/News/Articles/2023/12/18/pr23462-iraq-imf-staff-concludes-staff-visit?cid=em-COM-123-47669

The Ambassador Congratulates The Iraqis On The Local Elections: We Look Forward To Working With The New Leaders

Political | 12/19/2023 Mawazine News – Baghdad US Ambassador Alina Romanowski confirmed today, Tuesday, that the provincial council elections confirmed the Iraqis’ commitment to democracy.

Romanowski said in a tweet followed by Mawazine News, “We congratulate the Iraqi people and the Iraqi government for holding a safe and peaceful electoral process.”

She added, “Free and fair elections are essential for a democratic society to determine its future, and this week’s provincial council elections highlight Iraqis’ commitment to democracy, and we look forward to working with the newly elected local leaders; To strengthen the comprehensive US-Iraqi partnership throughout the country. https://www.mawazin.net/Details.aspx?jimare=239420

Japan "Largest" Creditors... The World Bank: $22 Billion In Iraq’s Foreign Debt

Economy Iraq breaking External debt 2023-12-17 Shafaq News/ Iraq’s total external debt reached 22.6 billion dollars by the end of 2022, according to World Bank data.

The bank stated in data published recently that Japan tops the list of Iraq's largest creditors with a share of 27%, followed by other countries with 19%.

The International Bank for Reconstruction and Development came in third place with 18% of the total debt, in fourth place was other entities with 21%, and in fifth place came America with 7%.

International bond holders ranked sixth with 6%, France ranked seventh with 5%, and the International Development Association ranked last with 1%.

https://shafaq.com/ar/اقتصـاد/اليابان-كبر-الدا-نين-البنك-الدولي-22-مليار-دولار-ديون-العراق-الخارجية0

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Money

When it is a question of money, everybody is of the same religion. - Voltaire

Money is like muck - not good unless it be spread. - Francis Bacon

They make money the old-fashioned way. They inherit it. - Brian Morgan

If you like easygoing, monogamous men, stay away from billionaires. - Rita Rudner

How to double your money: Fold it over once and put it back in your pocket. - Jim Dodds

When asked what he would do if he found a million dollars: "I would try to find the person that lost it, and if he was poor - I'd give it back." - Yogi Berra

Money doesn't always bring happiness. People with $10 million are no happier than people with $9 million. - Hobart Brown

Right now I have enough money to last me the rest of my life - unless I buy something. - Jackie Mason

The rich aren't like us, they pay less taxes. - Peter de Vries

A rich man is nothing but a poor man with money. - W. C. Fields

He says he's not broke, but he is trying to sell his kidney and corneas. - Wendy Morgan

There's another advantage in being poor. The doctor will cure you faster. - Jacob Braude

Famous Quotes and Authors, Famous Quotations for all Occasions