"Tidbits From TNT" Saturday 12-30-2023

TNT:

Tishwash:  Iran: Beginning to settle exports to Iraq in the riyal currency

The Governor of the Central Bank of Iran, Mohammad Reza Farzin, announced today, Saturday, the start of an export project to Iraq in the Iranian rial currency.

 The Iranian Fars News Agency, followed by Al-Eqtisad News, quoted Farzin as saying, on the sidelines of a meeting of the government and private sector council, that “the issue of settling Iranian exports via the riyal currency outside the borders has been studied by the Central Bank for several months, and that its entry into force will address the requirements of exporters to Iraq and Afghanistan.” ".

He added, "This issue is one of the demands of Mashhad's merchants for export to Afghanistan, and through the implementation of the Riyal Offshore Project (riyals outside the borders), merchants will be able to benefit from it instead of foreign currency."

The Governor of the Central Bank of Iran pointed out that “the regulations for the cross-border rial project have been formulated by the Central Bank, and in practice two banks have started this project, and soon it will be circulated to all the country’s banks  link

Tishwash:  Iraq and Iran Strengthen Cooperation on Oil Industry

The Iraqi and Iranian ministers of oil have agreed to establish committees to expand cooperation, including committees for the development of shared border fields, investment in gas and petrochemical industries, and renewable energy.

Other committees will focus on the qualification and development of refineries, joint training, and collaborative efforts in oil marketing, drilling, pipeline supply, spare parts, oil exploration, and more.

The meeting this week also saw the signing of a memorandum of cooperation in the field of training and development.

Deputy Prime Minister Haidar Al-Abadi, during his official visit to Iran, engaged with Iranian government officials and the Ministry of Oil. The delegation included officials from various Iraqi oil-related entities.   link

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CandyKisses:  Another blow to the green. Iran abandons the dollar and starts its exports through the "rial"

Baghdad Today - Follow-up

The Governor of the Central Bank of Iran, Mohammad Reza Farzin, confirmed on Saturday (December 30, 2023) the start of the project to stabilize the country's exports abroad in the national currency of the rial.

Mohammad Reza Farzin said on the sideslines of the meeting of the Council of Government and the private sector in Khorasan Razavi province (northeast), that "the issue of settling Iranian exports through the riyal currency outside the borders has been studied by the Central Bank for several months and that its entry into force will address the requirements of exporters to Iraq and Afghanistan."

He added, "This issue is one of the demands of Mashhad traders to export to Afghanistan, and through the implementation of the "Riyal F-Shore" project (riyal outside the borders), traders will be able to benefit from it instead of foreign currency."

He pointed out that "the regulations of the cross-border riyal project have been drafted by the Central Bank, and in practice two banks have started this project, and soon it will be circulated to all banks in the country."

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Tishwash:  Chambers of Commerce: Positive government steps that will attract major merchants and international companies

Today, Saturday, the Federation of Iraqi Chambers of Commerce confirmed the existence of positive government steps that will attract major international merchants, companies, and labels. While it identified the most prominent tax problems, it pointed out that “merchants’ lack of confidence” is the most important obstacle to tax reform. 

The president of the federation, Abdul Razzaq Al-Zuhairi, said, “Entering the electronic platform to pay taxes has become inevitable and will be implemented within the time frame set by the General Tax Authority, but there is a major problem represented by small merchants who now represent the majority, as they are forced to go to the parallel market,” noting that “There has been an old fear for decades between the merchant and the government.”

He pointed out that "a positive tax system has been launched, but we need to restore trust between the merchant and the government."

He added, "The majority of the Iraqi market is made up of small merchants, due to the circumstances that Iraq went through," adding, "The equation will change during the coming period, and large international companies and labels and major merchants will enter the Iraqi market, while small merchants will be shoppers."

He stated that "taxes created a kind of gap and problems for many Iraqis, including loss of files, similarity of names, taking deposits without refund, calculating the tax twice, and other problems."

He stressed that "the recent decision of Prime Minister Muhammad Shiaa Al-Sudani will change many of those problems mentioned above, but implementation needs to be strict."

He pointed out that "Iraq deals with white money with countries around the world, so the issue of the electronic platform is positive, and it is a global step."

The General Authority for Taxes announced earlier the adoption of electronic payment in a binding manner for the payment of taxes, starting from January 1 of the new year 2024, while confirming the start of implementing the self-assessment system for the first time in Iraq.

The Director of the Authority, Ali Waad, confirmed earlier that the General Tax Authority seeks to obtain proper and legal approvals for the recommendations that were presented by us during the tax reform conference held on the sixth day of this month.

He pointed out that among the most important recommendations for tax reform are:

First: stabilizing property and land values, which will reduce human intervention and reduce opportunities for corruption, which will help in implementing the comprehensive electronic system.

Second: The Authority seeks to encourage local companies to pay all taxes due related to these companies by amortizing the fines and interest they owe, provided that they pay the original tax due.

Third: The Authority is seeking to submit a proposal to amortize 50% of the fines and interest imposed on foreign companies, especially oil companies, on the condition that the original taxes due are paid as an important basic step, to follow the problem-free policy.

Fourth: The Authority seeks to solve the problem of similarity of names, this major problem that exists in the General Authority for Taxes, and it is an existing and previous problem, by canceling all the double names that were previously provided to the General Authority for Taxes, and returning them to the official authorities to complete them and adding the triple name or the first name. Mother, wife, or date of birth. 

As for the common triple names, including the name (Ali Hussein Ali), which is a very common name and greatly obstructs tax accounting operations, especially for taxpayers in Baghdad and the governorates, so the Authority proposes to return these names to the authorities that sent them to the Authority, to provide them with full information.

Fifth: The Authority is working to complete the stages of networking between the Authority’s center and the rest of the state institutions, including ministries, agencies and general directorates, and to link them electronically, by creating electronic interfaces (WebCite) to provide electronic services, especially to taxpayers. 

Sixth: The Authority seeks to cooperate with state departments to electronically connect and adopt the (barcode) system between the Authority and other government departments, as it has been applied in several departments, including all traffic directorates in Baghdad and the governorates, as well as in the company registrars’ department and in the real estate registration departments between the governorates and Baghdad.

Seventh: The authority’s management seeks geographical expansion by opening new branches to reduce the momentum occurring in some branches in the governorates, as well as increasing the tax base, in addition to increasing the number of taxpayers, and simplifying procedures for citizens, as the authority obtained the approval of the Minister of Finance, Taif Sami, to open two branches in each. From the governorates of Basra and Diwaniyah, and one branch in each of the holy governorates of Karbala and Anbar. 

Eighth: The Authority is seriously seeking to implement an electronic system, which will contribute significantly to speeding up transactions, reducing cases of corruption, and increasing state resources  link

Mot: .... Sooo Happy to Report!! ~~~  my socks still fit

Mot:  ..... Just Saying!!! Don’t be stupid

Iraq Economic News and Points to Ponder Friday Evening 12-29-23

Iraq Economic News and Points to Ponder Friday Evening 12-29-23

Tlm724 Administrator Bondlady’s Corner

Trade: One Thousand Companies From 21 Countries Will Participate In The Baghdad International Fair

Baghdad International Fair Building  Money  and business  Economy News – Baghdad  The Ministry of Commerce announced, on Friday, the completion of all preparations for the opening of the 47th session of the Baghdad International Fair, while noting that the number of participants reached 21 countries and 1,000 companies.

The Ministry’s spokesman, Muthanna Jabbar, said in a statement reported by the official news agency, “The Iraqi General Exhibitions Company has completed all preparations for the opening of the 47th session of the Baghdad International Fair, both at the level of exhibition spaces and the completion of designs and posters, to display goods and commodities for participating companies, as well as for the pavilions.” It will be according to the participating countries.”

Jabbar added, "There are aesthetic measures, such as paying attention to green spaces and open spaces, in addition to creating new health facilities, musical fountains, and interactive lighting," stressing that "all procedures, preparations, and ceremonies have been completed to receive participants and visitors."

He pointed out that "the number of participating countries reached 21 countries, while the number of participating companies is approximately 1,000 companies," considering it "a qualitative leap, when compared to the exhibitions that were held during the past years."

He stated, "The opening will be in the evening, and will witness multiple activities for visitors and visitors."

The Ministry of Commerce announced earlier the launch date of the 47th Baghdad International Fair, which will be for the period from 10-19/1/2024 on the grounds of the Baghdad International Fair.

115 views  12/29/2023 - https://economy-news.net/content.php?id=38976

A plan to use electronic payment in all government institutions in early 2024

Economy | 07:07 - 12/28/2023  Mawazine News – Baghdad  The government media team confirmed today, Thursday, a trend to use the electronic payment process in all government institutions without exception early next year 2024, while issuing a warning to holders of electronic payment cards.

Lieutenant General Haider Majeed said, “Two days ago, the General Secretariat of the Council of Ministers issued circulars to official authorities, citizens, and employees who hold Qi, Master, and Visa cards (cards used in the electronic payment process), stressing the necessity and importance of being careful not to trade them or shop with them from anyone.” Unknown and unreliable sites or stores, and also do not hand over these cards to unknown persons or hand over their secret numbers in order to protect their money.”

Majeed added, "There is a government trend, early next year, 2024, towards using the electronic payment process in all government institutions without exception, in accordance with the decisions of the Council of Ministers issued and the directives of Prime Minister Muhammad Shiaa Al-Sudani."

He stressed, "The main relevant authorities in the Ministry of Finance and the Central Bank, as well as banks, are working to urge citizens and institutions to automate the electronic payment process in coordination with officially approved electronic payment companies so that it will be a new cultural phenomenon used for the first time in Iraq in years." https://www.mawazin.net/Details.aspx?jimare=239670

Oil Ends The Year With The Largest Annual Decline Since 2020

Time: 12/29/2023 08:38:20 Read: 1,456 times  {Economic: Al-Furat News} Oil is heading towards its largest annual decline since 2020, with the war and OPEC+ production cuts failing to raise prices, and traders worry that global crude supplies may still outpace demand in the coming quarters.

Brent crude oil has consolidated above $77 per barrel, and is on track to incur weekly, monthly and quarterly losses, while West Texas Intermediate crude oil is trading near $72 per barrel.

Brent has fallen by about 10% this year, while the US index has fallen by approximately the same amount. The broader Bloomberg Commodity Index fell by a similar margin.

Crude oil is wrapping up a turbulent year, with prices affected by the outbreak of war between Israel and Hamas, as well as speculation that the Federal Reserve is done raising interest rates as inflation declines. However, despite repeated supply cuts from the Organization of the Petroleum Exporting Countries and its allies, rising production from non-OPEC countries, coupled with concerns about slowing demand growth, combined to push crude oil futures lower.   LINK

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

https://www.bondladyscorner.com/  

Provoking Points To Ponder on Forgiveness:

How we remember, what we remember, and why we remember form the most personal map of our individuality.  - Christina Baldwin

Reconciliation is more beautiful than victory.  - Violeta Barrios de Chamorro

The stupid neither forgive nor forget; the naive forgive and forget; the wise forgive, but do not forget. - Thomas Szasz

Forgetting is the cost of living cheerfully. - Zoe Akins

Forgiveness is the key to action and freedom.  - Hannah Arendt

"I can forgive, but I cannot forget" is only another way of saying, "I will not forgive." Forgiveness ought to be like a canceled note-torn in two and burned up so that it never can be shown against one. - Henry Ward Beecher

Life appears to me too short to be spent in nursing animosity or registering wrong. - Charlotte Bronte

Anger repressed can poison a relationship as surely as the crudest words. - Dr. Joyce Brothers

Forgiveness means letting go of the past. - Gerald Jampolsky

I know now that patriotism is not enough; I must have no hatred and bitterness toward anyone. - Edith Cavell

Stretch out your hand! Let no human soul wait for a benediction. - Marie Corelli

Nobody ever forgets where he buried a hatchet. - Kin Hubbard

Anger as soon as fed is dead, 'tis starving makes it fat. - Emily Dickinson

Once a woman has forgiven a man, she must not reheat his sins for breakfast. - Marlene Dietrich

There's no point in burying a hatchet if you're going to put up a marker on the site. - Sydney J. Harris

As long as you don't forgive, who and whatever it is will occupy a rent-free space in your mind. - Isabelle Holland

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Goldilocks' Comments and Global Economic News Friday Evening 12-29-23

Goldilocks' Comments and Global Economic News Friday Evening 12-29-23

Good Evening Dinar Recaps,

"Since 1979, the Federal Emergency Management Agency (FEMA) has been the Federal Government's lead agency in responding to and recover- ing from many of the Nation's greatest moments of crisis."

India is proposing New Foreign Exchange Rules. Stakeholders have been invited to share their comments regarding FEMA involvement on the draft Licensing Framework for APs. These comments will be accepted until January 31st, 2024.

APs stands for authorized persons to oversee the new functions and standards of their Foreign Currency Exchange Department.

The purpose of these actions will be to carry out the implementation of operational efficiency in their delivery of foreign currency exchanges going forward. This will cover all areas of an economy where exchanges take place such as airports and tourist exchange centers.

As you can see, a lot of management takes place behind the scenes of even the Banking and Market systems. Although it doesn't seem fast enough, we are moving forward.

Many people hold currencies the RBI will be moving through their system under their new digital asset-based trading payment system called the UPI.

The Unified Payments Interface (UPI) will be involved with moving the Iraqi Dinar, Indonesian Rupiah, Vietnamese Dong, US Dollar, Indian Rupee, and other currencies. These currencies used to utilize the US Dollar in trade, and now, they are beginning to use their own local currencies. Each will be given a watchful set of eyes to make sure foreign currency exchanges begin the process of new money flow efficiently and safely on a Global scale.

© Goldilocks
Arabian Business Link
Money Control Link
FEMA Link

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Folks, this transition is a big deal, and it involves more than just you and I receiving money.

A lot of time and effort has gone into making this Global monetary transition as easy and safe as possible.

2024 is the projected year for this transition. It will not be done in a single day. We will stay informed as to what the banking system is doing behind the scenes and report our findings as soon as we can.

This is why I've been working with Salty and her Seeds of Wisdom team on putting information on her website in case we have trouble with social media sites.

© Goldilocks
https://www.seedsofwisdomteam.com/

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Press release: Basel Committee consults on targeted adjustments to tighten its standard on banks' exposures to crypto assets  https://www.bis.org/press/p231214.htm

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December brings flurry of Treasury activity against virtual currency services   DLA Piper Link

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"Bitcoin bulls and bears prepare for end-of-year $10B BTC options expiry – Nusrat Computer"

"Bitcoin’s (BTC) market is preparing for a $10.1 billion options expiry, a significant event set to occur on Dec. 29 at 8:00 am ET. The latest data indicates that call (buy) options hold a clear advantage, but bears could significantly limit their losses by pushing Bitcoin’s price below $42,000." Nusrat Computer Link

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Fifth of Global Oil Trade Used Non-Dollar Currencies in 2023   OilPrice Link  

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BRICS: 130 Nations Move Toward CBDC, US Dollar at Risk

https://cryptorank.io/news/feed/cc19e-brics-130-nations-move-toward-cbdc-us-dollar-at-risk

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BRICS revolution: UAE and China announce mega trade shift using local currencies
https://www.cryptopolitan.com/uae-and-china-to-settle-trade-in-yuan/

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Pix (Brazil), UPI (India), and FedNow (US) are all payment infrastructures designed to interconnect various financial institutions within the countries in which they operate, facilitating the capability for instant 24/7/365 payments between these institutions.

https://paymentscmi.com › insights
Comparing RTP systems: Pix, UPI, and FedNow

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Bob Kudla – There Is One Chart That Explains Where We Are Headed, Market Correction

X22 Report Link

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2024 will go down in history as the year Market Corrections took place across the globe.

© Goldilocks

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SILVER ALERT! COMEX Silver Exchange is DYING as Physical Silver DISAPPEARS! Lowest 1st Day EVER! (Bix Weir)

The 2024 COMEX Silver market is starting with a Whimper and NOT a BANG! 
 
On the 1st day of notification ALL the traders in COMEX Silver combined only stood for 28 Contracts on the first delivery day in January 2024! 
 
That's like it's not even relevant but WHY is an exchange that SETS the global price for silver NOT EVEN DELIVERING PHYSICAL SILVER? 
 
Is it because THEY ARE OUT of available Physical Silver?! 
 
Time will tell but You know where you should be positioned in 2024...VERY LONG PHYSICAL SILVER!

https://www.youtube.com/watch?v=rA4bBLimgLs

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Thank you Dinar Recaps

Iraq Economic News and Points to Ponder Friday Afternoon 12-29-23

Iraq Economic News and Points to Ponder Friday Afternoon 12-29-23

Tlm724 Administrator Bondlady’s Corner

Identify Two Phenomena Behind Exchange Rate Depreciation

12/29/2023  Mawazine News - Baghdad,  member of the State of Law coalition, Saad Al-Muttalabi, on Thursday, identified two phenomena behind the decline in the exchange rate of the dollar against the Iraqi dinar, while confirming that the decline will continue until next week.

Al-Muttalabi said in a statement to Mawazine News, “The decline in the exchange rate of the US dollar against the Iraqi dinar is behind two phenomena. The first is the Central Bank’s measures to facilitate the trade exchange process by entering the platform for financial transfers, which led to a decrease in demand for the dollar from the parallel market.”

He added, "The second phenomenon is the arrival of large shipments of dollars to the Iraqi treasury from Iraqi funds located in the US Federal Bank, which contributed to saving the dollar significantly."

Al-Muttalabi expected, “The dollar will continue to decline against the dinar until next week, but it will take a while for it to reach the official price.”  https://www.mawazin.net/Details.aspx?jimare=239677

After Al-Sudani's Statements.. Is Iraq Able To Abandon The International Coalition?

Posted On12-29-2023 By Sotaliraq   The announcement by the Iraqi Prime Minister, Muhammad Shiaa al-Sudani, on Thursday, that the Iraqi government is “proceeding” towards ending the presence of the international coalition in Iraq does not deviate from a political framework, according to experts and observers who spoke to the “Al-Hurra” website.

It reveals a situation that prevents a security or military stance from being taken regarding the escalating attacks and responses between the United States of America and the Iranian-backed militias, and others linked to the “agenda with a pro-Tehran orientation.”

Al-Sudani spoke during his meeting with the Spanish Prime Minister, Pedro Sanchez.

It was followed by air strikes carried out by the US Department of Defense, the Pentagon, on 3 sites belonging to the Iraqi Hezbollah Brigades, in response to a bomb attack carried out by the militia on the Erbil Air Base, which resulted in the injury of 3 American soldiers.

He added, "The government is in the process of rearranging the relationship in light of capable Iraqi forces," stressing that it is "moving toward ending the presence of the coalition forces, which includes security advisors who support the security forces in the areas of training, advice, and intelligence cooperation."

Al-Sudani spoke of “recent attacks on Iraqi military bases and diplomatic missions,” and that the government’s official position considers them “hostile acts that harm the national interest and affect the security and stability of the country.”

He also stressed “the importance of adhering to the legal mandate granted by previous Iraqi governments for this presence, which must be within the framework of support for the security forces in the areas of training, and must not exceed the limit of carrying out military actions as they represent a violation of Iraqi sovereignty, which is unacceptable,” as he put it.

Why Now?

What Al-Sudani said is not considered new in terms of the presence of international coalition forces in Iraq, as he had previously referred to a part related to “the end of ISIS” last September, which prompted a response from the United States of America.

Three months ago, Washington confirmed that the presence of American forces in Iraq “is something agreed upon with Baghdad,” days after Sudanese made statements that ISIS “no longer poses a threat,” and that his country no longer needs the international coalition.

US State Department spokesman Matthew Miller said at the time: “Last August, we issued a joint statement with our Iraqi partners in which we stressed that we are there at their invitation, and therefore we intend to consult on a future process that includes the coalition to determine how the coalition’s military mission will develop.”

He added: “The Iraqi security forces are assuming command of ISIS’s tasks inside Iraq and have demonstrated an increasing ability to confront this threat.”

The Iraqi political researcher, Haitham Al-Hiti, considers that Al-Sudani’s talk about moving to end the presence of the international coalition in Iraq “is realistic and is the truest political statement by an official since 2003.”

He told the “Al-Hurra” website that “the political agenda of the ruling elite is in a pro-Iranian direction and not the United States of America,” which is what we currently see reflected in reality.

Loyalty to Iran is linked to several trends, the first of which is “making Iraq a permanent economic outlet for Iran, or a respiratory lung so that it is in possession,” according to Al-Hiti.

The researcher adds, “Iran is part of the Russian-Chinese global path that works to compete with American hegemony, and therefore it is trying to uproot Iraq from the latter.”

Mujahid Al-Sumaidaie, a researcher at the European Center for Counter-Terrorism and Intelligence Studies, believes that “the Iraqi government is in a difficult situation in terms of its ability to stop the bombing coming from the militias and the response from the United States.”

He told Al-Hurra website that Al-Sudani’s statements were “political” and indicated “his government’s inability to take a strong security and military stance to stop these two interventions,” referring to the bombing and the corresponding response.

Is Iraq able to give up?

After the rise of ISIS in 2014, and its control over about a third of Iraqi territory, Washington established an international coalition to support Iraqi forces and Kurdish forces in Syria.

Despite its defeat in 2017 in Iraq, the organization still claims attacks in the country from time to time, and the coalition is still active in Iraq to prevent its rise again, even though the latter announced in 2021 “the end of combat missions.”

The international coalition currently includes about 2,500 American soldiers and about 1,000 from its member states, and they are deployed in military bases under the command of Iraqi forces.

Researcher Al-Sumaidaie believes that the Iraqi government “needs a plan if it wants to expel the coalition led by American forces, and it may be for five or three years or less.”

For years, the coalition has been conducting “logistical operations, training, and bombing on ISIS sites, based on information coming from Iraq or from the intelligence services,” according to Al-Sumaidaie.

He added: “If Iraq wants to end its presence, it must prepare to fill the void, that is, deploy forces capable of providing logistical support, confronting terrorism, and bombing sites.”

He must “be able to collect information and intelligence efforts in the battle against the organization,” according to the researcher, who adds: “Otherwise, the result will be tragic, as happened in 2011 when American forces left, and terrorism spread until the country collapsed in 2013.”

What about support?

The Iraqi forces rely heavily on Iranian support, Iranian-backed militias, and the coalition, according to Rich Otzen, a senior expert at the Atlantic Council and a former American officer.

In an interview with Al-Hurra website, he believes that “the government’s demand that the coalition leave would deepen dependence on Iran and its agents.”

“Iraq may be able to contain the remnants of ISIS on this basis, but not to the same degree, and not without ceding more control to Tehran,” Otzen adds.

The American expert points out, on the other hand, that the Iraqi government relies on banking and financial support from Western to a high degree.

He continues, “If coalition forces are invited to leave, it is unclear whether other forms of support will be maintained at the same levels.”

The Haitian researcher, for his part, also refers to the same idea, and says, “The American side controls Iraqi financing. Meaning the amounts that come from American banks in exchange for oil prices.”

This part constitutes “the only obstacle that prevents Iraq from escaping the path imposed by the United States of America,” according to Al-Hiti.

However, the researcher believes that “in the long and not very distant term, there may be potential Iraqi, Chinese, Russian, and Iranian solutions to get Iraq off the path it is on.”

Baghdad may seek to end the coalition’s presence on the ground while maintaining external support (air support, logistics, etc.) stationed in neighboring countries, according to the former American officer, Autzen.

He asserts that “it is not clear that the United States will or should agree to this,” and that Al-Sudani’s statement may be “a way for Baghdad to put pressure on Erbil, as the Kurdistan Regional Government benefits more than anything else from the presence of the coalition.”  LINK

Learn About The Most Important Economic Events In Iraq For The Year 2023

Friday 29, December 2023 12:55 | Economical Number of readings: 787  Baghdad / NINA / The year 2023 witnessed economic events in Iraq that greatly affected the markets, especially the rise in the price of the dollar and other fluctuations, in addition to oil, whose revenues constitute 95% of the country’s budget.

Among the most important events:

On January 23, Prime Minister Muhammad Shiaa Al-Sudani relieved the Governor of the Central Bank, Mustafa Ghaleb Makhif, and assigned Ali Mohsen Al-Alaq to manage it.

On February 11, the Central Bank agreed with the American bank “JPMorgan” to facilitate payments through the Iraqi banking system to China with the aim of directly financing private sector imports.

On May 30, the bank announced the purchase of new quantities of gold amounting to 2.3 tons, bringing its total possession to 132.74 tons, maintaining its 30th place in the world.

On July 29, the US Treasury Department imposed sanctions on 14 Iraqi banks as part of a comprehensive campaign against the transfer of US currency from Iraq to Iran and other sanctioned countries after revealing information that the 14 banks were involved in money laundering and fraudulent transactions.

October 5, the Central Bank confirmed that the country will ban cash withdrawals and transactions in US dollars starting from January 1, 2024, in order to limit the use of the country’s hard currency reserves in financial crimes and evade US sanctions.

In October, the Central Bank of Iraq warned against dealing with unlicensed entities that issue electronic payment cards in order to avoid cases of fraud and financial fraud. On December 12, the Central Bank of Iraq directed private banks to finance small merchants’ imports from Turkey in the euro or Turkish lira. This is according to an official letter issued by him and appended with the signature of Ammar Hamad Khalaf, deputy governor of the bank.

On December 13, the Central Bank agreed with First Abu Dhabi Bank to finance trade and imports in the dirham currency.

On December 14, he agreed with an American delegation to meet the bank’s needs for cash and dollar shipments for the coming year.

Oil Sector:

On March 26, 2023, Baghdad stopped exports of crude oil from the Kurdistan Region and Kirkuk fields after it won an arbitration case against Turkey.

On April 1, the Karbala oil refinery was opened with a production capacity of 140 thousand barrels per day.

On June 18, Oil Minister Hayan Abdul-Ghani announced the launch of the sixth licensing round for 11 gas exploration blocks in Najaf, Anbar, and Nineveh governorates.

On July 10, 2023, Iraq signed a deferred agreement with the French company Total Energy with investments amounting to $27 billion through the implementation of four oil and gas projects for renewable energy.

On July 21, a memorandum of understanding was signed to supply Lebanon with fuel, oil and gas to meet its needs for oil, fuel and crude oil. On September 28, the Ministry of Oil announced

the production of high-quality octane 95 gasoline at the Karbala refinery for the first time in Iraq.

On September 29, Maysan Oil Company and a coalition of international companies celebrated the inauguration of the gas investment and processing project in the Halfaya field in Nissan Governorate, with a capacity of 300 mqmq per day (one million standard cubic feet).

On October 6, the Minister of Oil signed a memorandum of understanding to supply gas from Turkmenistan to Iraq, and on October 29, the Minister announced the operation of the Baiji refinery with a capacity of 150 thousand barrels per day.

Finance

In February 2023, the price of the US dollar against the Iraqi dinar rose on the Baghdad Stock Exchange to 170 thousand Iraqi dinars against 100 US dollars.

March 12, 2023, the Ministry of Finance announces the completion of the preparation of the draft federal budget law for the year 2023 and sending it to the Council of Ministers for the purpose of discussing it for a vote.

On June 6, the House of Representatives voted on the draft law on the tripartite federal general budget for the fiscal years 2023, 2024, and 2025. The budget included 66 articles, and is considered the largest in the country’s history, as its value amounted to approximately 153 billion dollars for each of the three years.

Agriculture

On August 22, 2023, the Ministry of Agriculture announced that water scarcity deprived the governorates of Najaf, Diwaniyah, and Muthanna from growing ambergris rice due to the lack of sufficient water. On September 5, the Kurdistan Region announced the export of one thousand tons of potatoes to the United Arab Emirates.

On October 1, the Ministries of Water Resources and Agriculture agreed to cultivate 5.5 million dunums for the upcoming winter season 2023-2024.

On November 30, the Kurdistan Region announced the export of honey to Qatar for the first time.

In the field of trade, in August 2023, the Ministry of Commerce began distributing electronic ration cards to citizens to receive food basket items and flour.

In April, the Ministry of Commerce announced that it would replace flour in the ration with bread or “samoon” from bakeries and ovens, and it would be optional for citizens, not compulsory. Areas in Baghdad would be chosen to conduct an initial experiment in, namely Al-Daoudi, Al-Mansour, and Al-Harithiya.

 On December 28, the Iraq Stock Exchange announced the trading of a stock with a financial value of about 700 billion dinars during the year 2023. Electricity : In April 2023, the Ministry of Electricity announced the completion of the electrical connection with Turkey by 100% and promised that consumption wages would be at reasonable prices.

On June 11, Iraq announced the start of work on an electrical interconnection network with the Gulf Cooperation Council countries with a capacity of 500 megawatts, and it is expected that the interconnection system will be completed in late 2024. In June, Iraq paid $2.76 billion in Iranian gas dues after obtaining American exemptions from... Sanctions imposed on Tehran.

On September 30, the Electricity Corporation announced the complete completion of the electrical connection with Jordan, and the project aims to provide Iraq with a capacity of 150 megawatts in the first phase./End5    https://ninanews.com/Website/News/Details?key=1098120

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

https://www.bondladyscorner.com/  

Provoking Points To Ponder on Carelessness:

Carelessness does more harm than a want of knowledge.  - Benjamin Franklin

The wife of a careless man is almost a widow.  - Hungarian proverb

For want of a nail the shoe was lost; for want of a shoe the horse was lost; and for want of a horse the rider was lost; being overtaken and slain by the enemy, all for want of care about a horseshoe nail. - Benjamin Franklin

 Famous Quotes and Authors, Famous Quotations for all Occasions-

"Tidbits From TNT" Friday 12-29-2023

TNT:

Tishwash:  Trade: One thousand companies from 21 countries will participate in the Baghdad International Fair

The Ministry of Commerce announced today, Friday, the completion of all preparations for the opening of the 47th session of the Baghdad International Fair, while indicating that the number of participants reached 21 countries and 1,000 companies.

Ministry spokesman, Muthanna Jabbar, told the Iraqi News Agency (INA): “The General Company for Iraqi Exhibitions has completed all preparations for the opening of the 47th session of the Baghdad International Fair, both at the level of exhibition spaces and the completion of designs and posters, to display goods and commodities for participating companies, as well as for the pavilions.” It will be according to the participating countries.”

Jabbar added, "There are aesthetic measures, such as paying attention to green spaces and open spaces, in addition to creating new health facilities, musical fountains, and interactive lighting," stressing that "all procedures, preparations, and ceremonies have been completed to receive participants and visitors."

He pointed out that "the number of participating countries reached 21 countries, while the number of participating companies is approximately 1,000 companies," considering it "a qualitative leap, when compared to the exhibitions that were held during the past years."
He stated, "The opening will be in the evening, and will witness multiple activities for visitors and visitors." 

The Ministry of Commerce announced earlier the launch date of the 47th Baghdad International Fair, which will be for the period from 10-19/1/2024 on the grounds of the Baghdad International Fair.  link

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CandyKisses:  Identifying two phenomena behind the exchange rate drop

Mawazine News – Baghdad

A member of the State of Law Coalition, Saad al-Muttalib, on Thursday, identified two phenomena behind the decline in the exchange rate of the dollar against the Iraqi dinar, while confirming the continuation of the decline until next week.

Al-Muttalib said in a statement to Mawazine News that "the decline in the exchange rate of the US dollar against the Iraqi dinar is behind two phenomena, the first is the measures of the Central Bank to facilitate the process of trade exchange by entering the platform for financial transfers, which led to a decrease in demand for the dollar from the parallel market."

"The second phenomenon is the arrival of large shipments of dollars to the Iraqi treasury from Iraq's funds in the US Federal Bank, which contributed to saving the dollar significantly," he added.

He predicted, "The decline of the dollar against the dinar will continue until next week, but it will take a while to reach the official rate."

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CandyKisses:  Amiri calls for scheduling the removal of US forces from Iraq

Information / Baghdad...

The head of the Nabni Alliance, Hadi al-Amiri, on Thursday, called on the federal government to set a timetable for the removal of US forces from Iraq.

Amiri said at a conference held in Diyala province and continued by the "information", that "the Americans prevent Iraq even from repairing helicopters and there is no reason for the continued stay of their forces in the country," adding that "the defeated, terrified and agents are the only ones who say we need American forces."

He added that "the American aggression is still repeated, so we demand and the government to set a clear timetable for the exit of US forces until Iraq stabilizes and to preserve the blood of our sons, especially the brave sons of the resistance," stressing : "We will not allow the survival of these forces."

"The security services in their various formations are capable of preserving Iraq's security from all evil people, and the Popular Mobilization Forces are the guarantee of the unity, sovereignty and dignity of the country now and in the future," the head of the Nabna Alliance said. 

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Tishwash:  The “militarization” of the American embassy threatens the security of Iraq.. Parliament lists 5 “justifications” for removing foreign forces - Urgent

 A member of the Parliamentary Security and Defense Committee, Ali Nima Al-Bandawi, confirmed today, Friday (December 29, 2023), that the militarization of the American embassy threatens the security of Iraq .

Al-Bandawi said in an interview with “Baghdad Today” that “it is not possible to accept the application of the principle of militarization of embassies in Baghdad,” indicating that “what is happening in the American embassy in terms of militarization threatens the security of the country, especially since it includes thousands of soldiers in the Green Zone and possesses weapons and anti-aircraft guns.” It terrifies the people from time to time.”

He continued, "We hope that the embassy will take into account common interests, including Iraq, and not turn it into a military base," stressing that "the repeated targeting of the Popular Mobilization Forces headquarters is intentional and condemned."

Al-Bindawi pointed out, “There are five main reasons for demanding the removal of American forces from the country, the most prominent of which is that they are not needed, and that they represent a threat to security by targeting government security forces from time to time, which leads to martyrs and wounded.”

A member of the Parliamentary Security Committee pointed out, “Iraq no longer even needs forces that are classified as advisory or for the purpose of assistance, in light of the presence of government forces of various types capable of warding off any dangers and defending the security and stability of the country   link

Mot:  ........ and Here We Is!!!!  Happy Friday

Mot:  . Yeppers! - I Just Love Sking !!!! 

Iraqi News Highlights and Points to Ponder Friday AM 12-29-23

Iraqi News Highlights and Points to Ponder Friday AM 12-29-23

The Government Media Team Issues A Warning To Holders Of Electronic Payment Cards

Posted On 12-29-2023 By Sotaliraq  Today, Thursday, the government media team confirmed a trend to use the electronic payment process in all government institutions without exception at the beginning of next year 2024, while issuing a warning to holders of electronic payment cards.

Lt. Gen. spokesman Haider Majeed told the official agency, “Two days ago, the General Secretariat of the Council of Ministers issued circulars to official agencies, citizens, and employees who hold Qi, Master, and Visa cards (cards used in the electronic payment process), stressing the necessity and importance of being careful not to trade or use them.” Buy them from unknown and unreliable sites or stores, and also do not hand over these cards to unknown people or hand over their secret numbers in order to protect their money.”

Majeed added, “There is a government trend, early next year, 2024, towards using the electronic payment process in all government institutions without exception, in accordance with the decisions of the Council of Ministers issued and the directives of Prime Minister Muhammad Shiaa Al-Sudani.”

He stressed, “The main relevant authorities in the Ministry of Finance and the Central Bank, as well as banks, are working to urge citizens and institutions to automate the electronic payment process in coordination with officially approved electronic payment companies, so that it will be a new cultural phenomenon used for the first time in Iraq in years.”  R.D   LINK

The Dollar Continues To Submit To The Iraqi Dinar.. The Exchange Gap Is Shrinking And The Federal Government Is Defeated Again

Information/Private..   After the stifling crisis that embarrassed the government in light of the high numbers reached by the dollar exchange rates compared to the official price, some attribute the reasons for the recovery of the dinar to the success of the Central Bank’s procedures and its recent steps in providing the currency of some countries to finance the country’s foreign trade.

On the other hand, the decline of the dollar is due to the government’s ability to contain the Federal Reserve’s decisions that contributed to the rise in the exchange rate in the previous period, amid expectations that the decline will continue after the Central Bank translates the recent decisions and measures into reality.

*The Results Of The Procedures

. Speaking about this file, a member of the House of Representatives, Suhaila Al-Sultani, explained the reasons for the decline in the dollar exchange rates after months of rise, while she confirmed that the results of the successful measures and decisions taken by the government and the Central Bank began to be translated into reality.  

Al-Sultani said in an interview with the Maalouma Agency, “The dollar exchange rates will witness a significant decline in local markets compared to the rise that parallel prices reached in the previous period,” noting that “the government’s continued taking the right steps in this file will reduce the gap between the official and parallel rates soon.” ". 

He continues, "The campaign of arrests and prosecution of currency speculators had an effective role in keeping the Iraqi dinar from collapsing," adding that "the Central Bank's decisions work to match the parallel and official dollar exchange rates."   

The member of the House of Representatives added: “Controlling the dollar file, in light of the major violations in this file, will not be instantaneous and will need a period of time in order to impose it on the local markets,” pointing out that “the results of the successful measures and decisions taken by the central bank government have begun to be translated on the ground.” reality". 

* Trade Financing:

For his part, the economic expert, Abdul Rahman Al-Mashhadani, confirms that the central bank’s agreements with some countries to finance foreign trade in the local currency contributed to the decline in the dollar exchange rates, suggesting that the exchange rates will reach 145 thousand compared to 100 US dollars. 

Al-Mashhadani said, in an interview with the Maalouma Agency, that “the agreement with the banks of the Emirates, Turkey, India, and China to finance Iraq’s foreign trade is a step in the right direction,” noting that “proceeding with these measures will reduce the gap between the official and the parallel.” 

He continues, "The measures taken by the government were practical, but the shock of the US Federal Reserve's punishment of banks prevented prices from falling in the previous period," pointing out that "the US sanctions were a painful blow to the local markets." 

He added, "One of the factors why the dollar exchange rates did not decline in the previous period was the intervention of the external factor in the dollar issue," adding that "the central bank's agreements with some countries to finance trade in the local currency contributed to the decline in the dollar exchange rates."

The dollar exchange rates in local markets witnessed a significant decline after months of rise, which created severe economic repercussions for citizens, after the exchange rates at one time reached 169 thousand for every 100 dollars. LINK

The Most Important Economic Events In Iraq For The Year 2023

Posted On 12-28-2023 By Sotaliraq  The year 2023 witnessed economic events in Iraq that greatly affected the markets, especially the rise of the dollar and other fluctuations, in addition to oil, whose revenues constitute 95% of the country’s budget.

Central Bank

January 23, 2023

Prime Minister Muhammad Shiaa Al-Sudani relieved the Governor of the Central Bank, Mustafa Ghaleb Makhif, and assigned Ali Mohsen Al-Alaq to manage it.

February 11, 2023

The bank agrees with the American “JP Morgan” bank to facilitate payments through the Iraqi banking system to China, with the aim of directly financing private sector imports.

May 30, 2023

The bank announces the purchase of new quantities of gold amounting to 2.3 tons, bringing its total possessions to 132.74 tons, maintaining its 30th place in the world.

29 July 2023

The US Treasury Department imposed sanctions on 14 Iraqi banks as part of a comprehensive campaign against the transfer of US currency from Iraq to Iran and other countries subject to sanctions after revealing information indicating that the 14 banks were involved in money laundering and fraudulent transactions.

5 October 2023

The Central Bank confirmed that the country will ban cash withdrawals and transactions in US dollars starting from January 1, 2024, in order to limit the use of the country’s hard currency reserves for financial crimes and evade US sanctions.

October 2023

[size=45]The Central Bank warns against dealing with entities that are not licensed by it and issue electronic payment cards in order to avoid cases of fraud and financial fraud.

December 12, 2023

The Central Bank of Iraq directed private banks to finance imports of small merchants from Turkey in the euro or Turkish lira, according to an official letter issued by it and appended with the signature of Ammar Hamad Khalaf, deputy governor of the bank.

December 13, 2023

The Central Bank agrees with First Abu Dhabi Bank to finance trade and imports in the UAE dirham currency.

December 14, 2023

The Central Bank agrees with an American delegation to meet the bank’s needs for cash and dollar shipments for the coming year.

Oil

26 March 2023

Baghdad stops crude oil exports from the Kurdistan Region and Kirkuk fields after winning an arbitration case against Turkey.

Before stopping it, Iraq was pumping up to 450,000 barrels per day through the pipeline, including 370,000 barrels extracted from regional oil and the remainder from federal government oil.

1 April 2023

Opening of the Karbala oil refinery with a production capacity of 140 thousand barrels per day.

June 18, 2023

Oil Minister Hayyan Abdul-Ghani announced the launch of the sixth licensing round for 11 gas exploration blocks in Najaf, Anbar, and Nineveh governorates.

10 July 2023

Iraq signed a deferred agreement with the French company “Total Energy” with investments amounting to $27 billion through the implementation of four oil and gas projects for renewable energy.

21 July 2023

Signing a memorandum of understanding to supply Lebanon with fuel, oil and gas to meet its needs for oil, fuel and crude oil.

28 September 2023

The Ministry of Oil announces the production of high-quality gasoline “Octane 95” at the Karbala refinery for the first time in Iraq.

29 September 2023

Maysan Oil Company and a coalition of international companies celebrated the launch of the gas investment and processing project in the Halfaya oil field in Maysan Governorate, with a capacity of 300 mqm per day (million standard cubic feet).

6 October 2023

The Minister of Oil signs a memorandum of understanding to supply gas from Turkmenistan to Iraq.

29 October 2023

The Minister of Oil curses the operation of the Baiji refinery with a capacity of 150 thousand barrels per day.

Finance

February 2023

The price of the US dollar against the Iraqi dinar rose on the Baghdad Stock Exchange to 170,000 Iraqi dinars against 100 US dollars.

12 March 2023

The Ministry of Finance announces the completion of the preparation of the draft federal budget law for the year 2023 and sending it to the Council of Ministers for the purpose of discussion and voting.

June 6, 2023

The House of Representatives votes on the draft law on the tripartite federal general budget for the fiscal years 2023, 2024, and 2025. The budget included 66 articles, and is considered the largest in the country’s history, as its value amounted to approximately 153 billion dollars for each of the three years.

Agriculture

22 August 2023

The Ministry of Agriculture announced that water scarcity deprived the governorates of Najaf, Diwaniyah, and Muthanna from growing ambergris rice due to the lack of sufficient water.

5 September 2023

The Kurdistan Region exports one thousand tons of potatoes to the United Arab Emirates.

1 October 2023

The Ministries of Water Resources and Agriculture agreed to cultivate 5.5 million dunums for the next winter season 2023-2024.

The Ministry of Water Resources said at the time, in a statement received by Shafaq News Agency, that it had discussed with agriculture the winter agricultural plan for the 2023-2024 season. The meeting included a presentation of the water situation in the country in terms of storage in Iraqi dams and meteorological forecasts for the coming period, and it was agreed to approve a plan:

1- Cultivation of 1.5 million dunums depending on surface water.

2- Cultivation of 4 million dunums depending on groundwater.

30 November 2023

The Kurdistan Region announces the export of honey to Qatar for the first time.[/size]

Commerce

August 2023

The Ministry of Commerce begins distributing electronic ration cards to citizens to receive food basket items and flour.

April 2023

The Ministry of Commerce will replace flour in the ration with bread or “samoon” from bakeries and ovens, and it will be optional for citizens, not compulsory. Areas in Baghdad will be chosen to conduct a preliminary experiment in, namely Al-Daoudi, Al-Mansour, and Al-Harithiya.

Iraq Stock Exchange

December 28, 2023

The stock market will trade shares with a financial value of about 700 billion dinars during the year 2023.

Electricity

April 2023

Electricity announces the completion of the electrical connection with Turkey by 100% and promises that consumption fees will be at reasonable prices.

June 11, 2023

Iraq announces the launch of work on an electrical interconnection network with the Gulf Cooperation Council countries with a capacity of 500 megawatts, and the interconnection system is expected to be completed in late 2024.

June 2023

Iraq pays $2.76 billion in Iranian gas dues after obtaining US exemptions from sanctions imposed on Tehran.

30 September 2023

Electricity announces the complete completion of the electrical connection with Jordan, and the project aims to provide Iraq with a capacity of 150 megawatts in the first phase.  LINK

Provoking Points To Ponder on Greatness:

Each honest calling, each walk of life, has its own elite, its own aristocracy based on excellence of performance.  - James Bryant Conant

Only great men may have great faults.  - French proverb

The world knows nothing of its greatest men.  - Henry Taylor

Every age needs men who will redeem the time by living with a vision of things that are to be.  - Adlai Stevenson

Not a day passes over the earth, but men and women of no note do great deeds, speak great words and suffer noble sorrows.  - Charles Reade

Some are born great, some achieve greatness, and some hire public relations officers.  - Daniel J. Boorstin

Do continue to believe that with your feeling and your work you are taking part in the greatest; the more strongly you cultivate in yourself this belief, the more will reality and the world go forth from it.  - Rainer Maria Rilke

It is not the strength, but the duration, of great sentiments that makes great men.  - Friedrich Nietzsche

To do great things is difficult, but to command great things is more difficult.  - Friedrich Nietzsche

Famous Quotes and Authors, Famous Quotations for all Occasions

MilitiaMan: Iraq - UN Fast Track - Riyada - Central Bank of Iraq - Delete Zero's Exists - Iraq Dinar

Iraq - UN Fast Track - Riyada - Central Bank of Iraq - Delete Zero's Exists - Iraq Dinar

MilitiaMan and Crew:  12-28-2023

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

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

https://www.youtube.com/watch?v=AdEb0SKs2XM

Goldilocks' Comments and Global Economic News Thursday Evening 12-28-23

Goldilocks' Comments and Global Economic News Thursday Evening 12-28-23

Good evening Dinar Recaps,

Spot bitcoin ETF approval may be coming in January, experts say. 

Investors await approval for the first U.S. spot bitcoin exchange-traded fund, which would be a milestone for cryptocurrency investors.

Discussions between the Securities and Exchange Commission and asset managers with pending spot bitcoin ETF applications have advanced.

Still, bitcoin "remains an extremely volatile and speculative asset,” said Bryan Armour, director of passive strategies research for North America at Morningstar.

https://www.cnbc.com/2023/12/26/spot-bitcoin-etf-approval-may-be-coming-in-january-2024.html

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Fincen issues final beneficial ownership access rule  American Banker Link

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Stablecoins are cryptocurrencies designed to maintain a stable value, often pegged to a 1:1 relationship with a fiat currency. As a result, absent a depegging, stablecoins do not demonstrate the volatility that is associated with other cryptocurrencies.

Because of their stability, stablecoins form a bridge between traditional finance and decentralized finance capabilities by making it easier for businesses and individuals to conduct transactions and make investments.

S&P Global Ratings Stablecoin Stability Assessment is designed to provide market stakeholders with transparency into the stability of various stablecoins and specific insight into their depegging risks.

SP Global Link
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"The Financial Accounting Standards Board (FASB) has issued a new accounting standard to improve the accounting for and disclosure of certain crypto assets."

This new standard will give companies the ability to fairly account for the cryptos they hold.

These particular cryptos have been tested on the market to determine fair market values that will enable standard protocols in their net worth and use.

These news standards will provide guidelines to enable companies to assess and report the real values of the cryptos they hold.

Early adoption is encouraged at the beginning of the new fiscal year and mandatory adoption is expected on December the 15th 2024.

© Goldilocks

FASB Link  
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Stellar Crypto Releases Guide on How to Prepare for January 30, 2024 Mainnet Upgrade Vote

On December 18, Stellar upgraded and reset its testnet, followed by the release of the new protocol 20 version of Stellar Core, Horizon, Soroban RPC, and the Stellar SDK. According to Stellar, its network validators will vote on the initiation of its mainnet upgrade on January 30, 2024, 15:00 UTC.

On the assumption that this upgrade would occur, Stellar released a guide for businesses and developers on its network to follow. The guide mostly included instructions on installing the upgraded version of Stellar-related software so that it would be compatible with the new Protocol 20 versions.

The general objective of this upcoming upgrade is focused on enhancing functionality, performance, security, and stability, which will positively impact Stellar. See the mainnet roadmap for more details.

https://biz.crast.net/stellar-xlm-launches-mainnet-upgrade-plans-axie-infinity-axs-unveils-axie-parts-evolution-everlodge-eldg-disrupts-established-nft-protocol/

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Businesses and  Corporations have until January the 30th, 2024 to upgrade their computer systems to the new digital asset-based trading system (QFS) inside Protocol 20.

© Goldilocks

https://biz.crast.net/stellar-xlm-launches-mainnet-upgrade-plans-axie-infinity-axs-unveils-axie-parts-evolution-everlodge-eldg-disrupts-established-nft-protocol/

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JPMorgan is Starting to get Loud about Its Blockchain Products

J.P. Morgan, one of the world’s leading financial institutions, has recently announced that it is ramping up its efforts to promote and expand its blockchain product suite, Onyx. Onyx is a platform that leverages distributed ledger technology (DLT) to provide innovative solutions for payments, clearing and settlement, trade finance, and digital asset management.  Tekedia Link

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Introduced in House (01/09/2023) To promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States.

https://www.congress.gov › house-billText - H.R.25 - 118th Congress (2023-2024): FairTax Act of 2023 | Congress.gov 

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Will 2024 be the year tokenization takes off in private markets?    Ledger Insights Link

👆  Goldilocks pointed to this article

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Unfair foreign pricing and government subsidies distort the free flow of goods and adversely affect American business in the global marketplace. Enforcement and Compliance, within the International Trade Administration of the Department of Commerce, enforces laws and agreements to protect U.S. businesses from unfair competition within the United States, resulting from unfair pricing by foreign companies and unfair subsidies to foreign companies by their governments.

https://www.trade.gov/us-antidumping-and-countervailing-duties

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The Advisory Committee on Supply Chain Competitiveness was formed to provide the Secretary of Commerce with detailed advice on the elements of a comprehensive national freight infrastructure and freight policy to support U.S. supply chain and export competitiveness. The Committee’s work is intended to further the Administration’s export, economic, and job growth goals.

Per the charter, the Committee advises the Secretary on the necessary elements of a comprehensive, holistic national freight infrastructure, and a national freight policy designed to support U.S. export growth, foster national economic competitiveness, and improve U.S. supply chain competitiveness in the domestic and global economy.

https://www.trade.gov/advisory-committee-supply-chain-competitiveness

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IndusInd Bank launches ‘eSvarna’, India’s first Corporate Credit Card on RuPay network

Indusind Link

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The empty vault’s heavy steel door stood ajar at the end of November beside the last unclaimed silver proof coins set in piles to be sold at auction.  Inquirer Link

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Ray Dalio, who’s worth $19.1 billion dollars warns that Biden’s inflation will send America back to the 1970s. So when that happens…
 “You want things that are basically anti-money… you want gold.”
John Paulson, who’s worth $3 billion dollars said central banks have been replacing dollars with gold, and we’re just at the beginning of that trend… “Gold will go up and the dollar will go down, so you’d be better off keeping your investment reserves in gold at this point.”

Naguib Sawiris, who’s worth $3.4 billion dollars says 20 to 30% of your portfolio should be in gold for a very good reason:
 
“Let’s say inflation comes in and there is a crash in the stock market for any reason or the other, then you will be very happy you have a position in gold.”

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Mortgage Rates Dropped a Lot but Clearly Not to the Magic Level. Buyers’ Strike Continues. Issue Is Price     Wolf Street Link
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Names Connected To Epstein Ready To Be Released, [DS] Cover Up Will Bring It All Down – X22 Report - Ep. 3245

https://x22report.com/names-connected-to-epstein-ready-to-be-released-ds-cover-up-will-bring-it-all-down-ep-3245/

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Thank you Dinar Recaps

Iraq Economic News and Points to Ponder Thursday Afternoon 12-28-23

Iraq Economic News and Points to Ponder Thursday Afternoon 12-28-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Finance Directs Employees Of The Accounting And Budget Departments And The Central Bank To Work On Friday And Saturday

Thursday 28, December 2023 16:37 | Economical Number of readings: 211  Baghdad / NINA / The Minister of Finance, Taif Sami, directed the continuation of the working hours of employees of the accounting and budget departments, the Central Bank of Iraq / the Information and Computer Technology Department, and the branches of the Rafidain and Al-Rasheed banks on the next Friday and Saturday.

The Minister of Finance explained in a statement, “This procedure aims to complete transfers for investment projects and include salary differences and associated transfers on current expenditures, in addition to completing and releasing financing by the Accounting Department and depositing it in the accounts of spending units of ministries, governorates, and entities not affiliated with a ministry, in the branches of the relevant banks, including Central Bank of Iraq. https://ninanews.com/Website/News/Details?key=1097971

Adviser To The Prime Minister: Loan Repayment Defaults Make Banks Vulnerable To Guardianship

Economy News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed on Thursday that the issue of faltering loan collection makes the bank vulnerable to the imposition of commandments by the Central Bank.

Saleh said in an interview with Al-Eqtisad News, “The global standard for defaulting on loans is a maximum of no more than 3% of the total loans or cash credits granted by banks.”

He added, "Our country has witnessed defaults in recovering loans from debtors, amounting in some banks to 28% of the total loans, which makes the bank vulnerable to guardianship due to the erosion of capital, especially banks that do not have sufficient hedges around capital in case of faltering bank credits granted."

Saleh stressed "the importance of creating an insurance or guarantee company to collect loans in a way that maintains the integrity of the banking system, the integrity of its operations, and the strength of its liquidity, and to avoid the risks resulting from loss due to default in collection, which causes poor quality of assets in relation to bank liabilities or liabilities and their dues."

He pointed out that "the cost of guaranteeing loans will be inversely proportional to the type of guarantees provided by the borrower. The stronger the guarantees, the lower the cost of insurance or the cost of the guarantee that the loan guarantee company will receive in fees for securing the loan, whether from the borrower itself, the bank granting the loan, or both together."

Views 38 12/28/2023 - https://economy-news.net/content.php?id=38968

Al-Sudani: The Iraqi Government Is Continuing To End The Presence Of The International Coalition

Prime Minister Muhammad Shiaa Al-Sudani said on Thursday that his government is continuing to end the presence of the international coalition in Iraq after the security forces took control following the military defeat of ISIS.

This came in a press conference held with his counterpart, Pedro Sanchez, who is making a first-of-its-kind visit to Baghdad.

Al-Sudani said during the conference that Spain is part of the coalition and we referred to this role in supporting Iraq’s efforts to confront ISIS, which we defeated, adding: We are in the process of rearranging the relationship, as in light of the presence of capable Iraqi forces, the Iraqi government is moving towards ending the presence of the coalition forces. The international organization, which includes security advisors who support the security forces in the areas of training, advice and intelligence cooperation.

He continued by saying: There have been recent attacks on Iraqi military bases and diplomatic missions, and we have confirmed the government’s official and political position regarding these attacks, which we believe are hostile acts that harm the national interest of Iraq and affect the security and stability of the country.

Al-Sudani went on to say: But on the other hand, we stressed the importance of adhering to the legal mandate granted by previous Iraqi governments for this presence, which must be within the framework of supporting the security forces in the areas of training and advice, and not go beyond carrying out military actions as they represent a violation of Iraqi sovereignty. This is unacceptable.

He continued by saying: The Iraqi government is aware, committed, and capable of carrying out its duties to preserve the security of diplomatic missions and the locations of security advisors.

For his part, the Spanish Prime Minister affirmed during the conference that his country continues its commitment to preserving the unity, sovereignty, security and stability of Iraq.

https://www.radionawa.com/all-detail.aspx?jimare=36800

The Central Bank Sells More Than $210 Million At Auction Today

Economy  Thursday, December 28, 2023 Baghdad/National News Center  Today, Thursday, the Central Bank’s sales amounted to more than $210 million during its auction to buy and sell the US dollar.

According to the bank, its total sales today amounted to 210 million and 533 thousand and 703 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.

According to the table, “most of the dollar sales went to strengthen balances abroad in the form of (remittances, credits) amounting to 189 million 602 thousand and 703 dollars, while the rest amounting to 20 million 931 thousand dollars went in the form of cash sales.” https://nnciraq.com/243353/

Oil Prices Ignore Two Influential Factors And Move Upward

Energy Economy News _ Baghdad  Global oil prices rose in early Asian trading on Thursday, affected by concerns about escalating tensions in the Middle East.

Brent crude futures rose 20 cents, or 0.3 percent, to $79.85 per barrel, while US West Texas Intermediate crude futures also increased 24 cents, or 0.3 percent, to $74.35 per barrel.

Prices fell by about two percent when contracts were settled yesterday, Wednesday, with the start of the return of major shipping companies to the Red Sea.

The Danish shipping company Maersk announced that it had set dates for dozens of container ships to transit through the Suez Canal and the Red Sea in the coming weeks after calling for a temporary halt to these routes earlier this month against the backdrop of attacks launched by the Yemeni Houthi group allied with Iran.  The market showed little reaction to the rise in US crude inventories last week.

Views 51   12/28/2023 - https://economy-news.net/content.php?id=38937

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

https://www.bondladyscorner.com/  

Provoking Points To Ponder on Buying and Selling

What costs nothing is worth nothing.  - Anonymous

Keep thy shop and thy shop will keep thee.  - Ben Jonson

Everyone lives by selling something.  - Robert Louis Stevenson

A fair price for oil is whatever you can get plus ten to twenty per cent.  - Anonymous

Piracy, n: commerce without its folly-swaddles - just as God made it.  - Ambrose Bierce

A study of economics usually reveals that the best time to buy anything is last year.  - Marty Allen

Famous Quotes and Authors, Famous Quotations for all Occasions-

More "Tidbits From TNT" Thursday Evening 12-28-2023

TNT:

CandyKisses:  Parliamentary Committee: The dollar exchange rate will stabilize with the broader launch of the budget

Parliamentary Committee: The dollar exchange rate will stabilize with the broader launch of the budget

Member of the Parliamentary Finance Committee, Jamal Kujar, said today, Thursday, that the decline in the exchange rates of the dollar against the Iraqi dinar is due to the citizen’s fear of the fluctuation occurring, and linked this to the budget that was stopped before the local elections, while he indicated that the government’s shift towards electronic dealing in the next year is considered a development. Positively.

Cougar confirmed, in an interview with the official newspaper, followed by NRT Arabia, that the dollar may witness a greater decline when exchanged against the Iraqi dinar, especially with the resumption of larger budget disbursements, and the government’s implementation of the electronic system, which aims to reduce financial dealings with the dollar.

He added that the current exchange rate in the market is unreal, noting that the fear of fluctuation leads to a rise and fall in prices.

Koger stressed that the real price must be determined by the criterion of need, expressing his concern about the lack of solid financial institutions that talk about import and export.

He pointed out that the government did not spend the budget during the local elections period to avoid exploiting it in electoral campaigns, calling on the government to start disbursing the budget more to achieve stability in the market and the exchange rate.

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CandyKisses:  Iraq to stop using old IDs from March 2024

Shafaq News/ The Iraqi Ministry of Interior on Wednesday announced that it will stop using old identification documents starting from March 2024.

The ministry said that the only valid identification document will be the new national ID card.

Minister of Interior Abdul Amir al-Shammari said that the ministry has set March 1, 2024 as the deadline for the implementation of the decision. He urged the concerned departments to prepare for the large numbers of people expected to apply for the national ID card.

The Iraqi government launched the national ID card project in 2015 as a replacement for the old identification documents that were used under the previous regime of Saddam Hussein.

The old documents are: the civil status card, the citizenship certificate, the residence card, and the food card.

The project aims to create a central database of all Iraqis and to issue them with unified national ID cards that will be used in all official transactions with state institutions.

The project has been delayed at times due to technical problems and a shortage of raw materials caused by delays in payment of financial dues to the company contracted with the Iraqi Ministry of Interior. However, the problems have been resolved recently and the process is now running smoothly in civil status departments, according to officials.

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CandyKisses:  Iraq, Spain issue ‘joint statement’ on developing ties and investment opportunities

Iraq and Spain on Thursday welcomed the UN Security Council resolution of December 22, 2023, which calls for the creation of conditions for a sustainable cessation of hostilities in Gaza.

The Information Office of the Prime Minister, Mohammed Shia Al-Sudani, met with the Head of the Government of Spain, Pedro Sanchez, in Baghdad, said the Prime Minister, Mohamed Chia'a Al-Sudani, met with the Prime Minister, Pedro Sánchez, in Baghdad.

"The two presidents affirmed the excellent status of bilateral relations between the Republic of Iraq and the Kingdom of Spain, based on the historical relations between the two countries and their peoples, agreed to continue working together and further deepening bilateral relations, and decided to start contacts for a new meeting of political consultations, in order to discuss matters of common interest," the statement said.

“RELATIONS BETWEEN IRAQ AND SPAIN HAVE WIDE DEVELOPMENT POTENTIAL, INCLUDING THE AREAS OF DEFENSE, SECURITY, INFRASTRUCTURE, TRANSPORT AND WATER MANAGEMENT, AND THE TWO PRESIDENTS AGREED TO CONTINUE TO DIVERSIFY BILATERAL ECONOMIC AND TRADE RELATIONS BY ENCOURAGING SPAIN’S PARTICIPATION IN THE RECONTRUCTION OF IRAQ AND MODERNION OF IT’S ECONOMY, AND ALSO AGREED TO HOLD A MEETING OF THE JOINT ECONOMIC AND TRADE COMMITTEE (JETCO) IN BAGHDAD IN 2024, IN ORDER TO FURTHER ENHANCE BILATERAL ECONOMIC RELATIONS,” THE STATEMENT CONTINUED.

“Spain is actively contributing to non-combat international efforts to develop the capabilities of the Iraqi armed forces, both within the framework of the international coalition against ISIS (Operation Inherent Resolve) or to NATO’s efforts to defeat ISIS, and to the building of modern and well-prepared Iraqi armed forces and security institutions through the NATO Mission in Iraq (NMI) that Spain took over on May 24, 2023,” he said.

He stressed that "Iraq is committed to ensuring that international forces carry out their tasks in security and peace, and stresses that these forces exist at the request of the Iraqi government and their work is beneficial to the Iraqi people and the international community."

“The two presidents highlighted Spain’s efforts within the EU, the G20 and the UN to promote effective multilateralism, solidarity, universal respect for human rights, the implementation of the Sustainable Development Goals, the empowerment of women and youth on a global scale, the promotion of peace, security and stability through dialogue, the defense of a rules-based international order, the economic support of developing countries and the fight against terrorism,” he explained.

The statement noted that "the two presidents agreed on the importance of the Baghdad Conference for Cooperation and Partnership (Baghdad Conference) as a diplomatic tool to prevent the escalation of violence in the region and as a framework to enhance regional cooperation and conflict resolution, and Spain valued the pivotal role of Iraqi efforts to facilitate the resumption of diplomatic relations between Iran and Saudi Arabia."

He added that "Iraq and Spain welcome the decision of the United Nations Security Council of 22 December 2023, which calls for the creation of conditions for a sustainable cessation of hostilities in Gaza, and jointly calls on both countries for an immediate ceasefire for humanitarian reasons, and the two presidents believe that it is necessary to provide a credible political perspective to end the conflict on the basis of UN Security Council resolutions," he added, continuing: "Iraq and Spain agreed to continue to work towards achieving a comprehensive, just and lasting peace in Ukraine in line with the principles of the UN Charter."

He added that "the two presidents agreed that the climate emergency poses a direct and existential threat to the global community and human livelihoods, which requires strong and ambitious action by all countries. They expressed their concern about the impact of drought, exacerbated by climate change and the associated serious effects on their territory. Iraq and Spain discussed possibilities to enhance their cooperation in bilateral projects related to water and sanitation. Prime Minister Mohammed Shiaa Al-Sudani announced that Iraq will join the International Drought Alliance (IDRA), an initiative launched by Spain and Senegal at the United Nations Climate Change Conference (COP27), which responds to the urgent need to provide more coordinated, cooperative and effective global action to build Drought resilience at the global, regional, national and local levels, and aims to strengthen political action to support countries, cities and communities.”

He concluded by saying that "the two presidents agreed to develop their relations in the field of higher education and Spanish language education. Moreover, with regard to the promotion of the Spanish language, Spain shared its desire to revitalize the expansion of the Cervantes Institute in Baghdad, in order to launch a teacher training program," noting that "the two presidents agreed to strengthen bilateral relations in other areas of common interest, such as cooperation in justice, anti-corruption, tourism, health, sports, historical heritage and culture."

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Iraq Economic News and Points to Ponder Thursday Afternoon 12-28-23

Iraq Economic News and Points to Ponder Thursday Afternoon 12-28-23

Tlm724 Administrator Bondlady’s Corner

The Sudanese Advisor Details The Government Measures To Curb The Dollar

Time: 12/28/2023 17:13:23 Read: 780 times   {Economic: Al-Furat News} The financial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh, on Thursday, detailed the government measures that contributed to curbing the dollar’s ​​momentum.

Saleh told {Al-Furat News} that: “Credit cards, with their high flexibility in use, have provided a direct role in providing easy payments in foreign currency for travel purposes.

He added, "The demand for foreign exchange was also met by withdrawing from citizens' dollar accounts after banks were allowed to import dollars from foreign foreign markets in cash for this purpose."

Saleh pointed to “trade regulation with neighboring Turkey to finance trade in the Turkish lira through solid banking channels,” considering all of these factors as “positive that have contained the noise of the illegal parallel exchange market.”

He continued, "In addition to the role of economic policy in enabling the state's commercial arm to provide an additional commodity supply with stable prices, by adopting four additional baskets to provide basic commodities and market support supplies financed at the official exchange rate of 1,320 dinars per dollar."

Saleh described this policy as “price defense that led to a decline in annual inflation growth to 3.7% currently, after that annual price growth was about 7% in the accounts at the beginning of the year.” LINK

The Dollar Concludes Its Last Week Of 2023 With More Than 153 Thousand Dinars In Baghdad

Time: 12/28/2023 16:42:12 Read: 429 times  {Economic: Al-Furat News} The main stock exchange in Baghdad closed today, Thursday, due to the rise in the price of the US dollar against the Iraqi dinar.

Selling prices in banking shops in local markets in Baghdad recorded 153,500 dinars for 100 dollars, while purchasing prices reached 151,500 dinars for 100 dollars.

The selling price this morning, Thursday, was 152,500 Iraqi dinars, while the purchase price was 150,500 dinars for every 100 dollars.   LINK

Iraq Market: 671.8 Billion Dinars, The Value Of Traded Shares In 2023 

Market  Economy News – Baghdad   Today, Thursday, the Iraq Stock Exchange announced the trading indicators for shares of listed joint-stock companies during the current year.

It was stated in a statement by the market, “The Iraq Stock Exchange held the last trading session on shares of Iraqi joint-stock companies on Thursday, and based on Law No. 74 of 2004, we provide disclosure of the indicators achieved during the year 2023:

1. The market organized (237) trading sessions on the shares of listed joint stock companies, corresponding to the official business days of 2023.

2. The number of companies registered in the market is (103) joint stock companies representing the following sectors:

(42) Companies in the banking sector. (2) A company in the telecommunications sector. (5) Companies in the insurance sector. (6) Companies in the financial investment sector. (11) Companies in the services sector. (20) Companies in the industrial sector. (9) Companies in the hotel and tourism sector. (Cool Companies in the agricultural sector.

3. During the year 2023, the shares of (91) listed joint stock companies were traded.

4. The number of shares traded reached (689,622,894,451) shares, an increase of (22%) over the year 2022.

5. The value of traded shares reached (671,809,958,315) dinars, an increase of (28%) over the year 2022.

6. The number of executed contracts reached (155,920) contracts, an increase of (15%) over the year 2022.

7. The ISX60 traded stock price index closed at (893) points in the last session of 2023. Compared to the December 2022 closing of (585) points, the index for 2023 increased by (52%).

8. The number of companies that held their general assembly meetings reached (72) joint stock companies.

9. The number of companies that distributed the dividends reached (20) joint-stock companies.

The first trading session will be held on Tuesday 1/2/2024 according to the official timings of the trading session.”    Views 147 12/28/2023 - https://economy-news.net/content.php?id=38963

The Iraqi Stock Exchange Closes Up By 1.56% 

Market  Economy News – Baghdad  The Iraqi Stock Exchange closed, on the last day of trading this week, up by 1.56%.

The session traded shares of 41 companies, with the number of shares traded reaching more than 1.5 billion shares, with a value of more than 3.5 billion dinars.

Shares of Sumer Commercial Bank rose by 8.3%, followed by Assyria International Bank by 7.6%, and National Bank by 5.6%.

Shares of Union Bank of Iraq fell by 3.3%, followed by Ishtar Hotels by 2.8%.

Views 51   Added 12/28/2023 - https://economy-news.net/content.php?id=38964

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

https://www.bondladyscorner.com/  

Provoking Points To Ponder on Power:

Power is the ultimate aphrodisiac.  - Henry Kissinger

Iron hand in a velvet glove.  - Charles V

Patience and gentleness is power.  - Leigh Hunt

Power will intoxicate the best hearts, as wine the strongest heads. No man is wise enough nor good enough to be trusted with unlimited power.  - Walter Colton

I have never been able to conceive how any rational being could propose happiness to himself from the exercise of power over others.  - Thomas Jefferson

Wherever I found a living creature, there I found the will to power.  - Friedrich Nietzsche

Power is ever stealing from the many to the few.  - Wendell Phillips

Unlimited power corrupts the possessor.   - William Pitt

The powers that be are ordained of God.  - Romans

He who has great power should use it lightly.  - Seneca 

Lust of power is the most flagrant of all the passions.  - Tacitus

Famous Quotes and Authors, Famous Quotations for all Occasions-