Iraqi News Highlights and Points to Ponder Monday Afternoon 1-1-24

Iraqi News Highlights and Points to Ponder Monday Afternoon 1-1-24

Iraq Is Witnessing Many Economic Events During 2023, Most Notably The Rise Of The Dollar

By video  01-01-2024 |Source: Alsumaria News  Economic events witnessed by Iraq during the year two thousand and twenty-three greatly affected the markets, especially the fluctuation of the dollar exchange rates and other fluctuations, in addition to fluctuations in the selling prices of oil, whose revenues represent ninety percent of the country’s budget.   LINK

A Slight Increase In Dollar Prices In Baghdad And Erbil By The New Year

2024-01-01 Shafaq News/ The prices of the US dollar recorded a slight increase against the Iraqi dinar, today, Monday, in the markets of Baghdad and Erbil, the capital of the Kurdistan Region.

Shafaq News Agency correspondent said that dollar prices rose with the opening of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 152,250 Iraqi dinars against 100 dollars, while yesterday, Sunday, prices were 152,150 dinars against 100 dollars.

Our correspondent indicated that the selling prices in the exchange shops in the local markets in Baghdad rose, as the selling price reached 153,250 dinars, while the purchasing price reached 151,250 dinars for every 100 dollars.

In Erbil, an increase was also recorded in banking shops, where the selling price reached 152,300 dinars against the dollar, and the purchase price reached 152,200 dinars against 100 dollars.  LINK

Within 8 Months, 80 Million Barrels Of Iraqi Oil And Its Products Were Exported To America

2024-01-01 Shafaq News/ The US Energy Information Administration announced on Monday that Iraqi exports of crude oil and its products to the United States amounted to about 80 million barrels during eight months of 2023.

The administration said in a table seen by Shafaq News Agency, that Iraq exported 79.346 million barrels of crude oil and its products to America from March until October

She added that Iraq's exports of oil and its derivatives in October amounted to 9.116 million barrels, 727 thousand barrels lower than what they recorded in September, when they reached 9.843 million barrels.

The US Energy Information Administration stated that OPEC's exports of crude oil and its products to America during the eight months amounted to 342.472 million barrels, with Saudi Arabia having the highest rate of exports to America, reaching 1.426 million and 159 thousand barrels during the same time period.  LINK

A New Rise In Dollar Prices In Iraqi Markets.. This List

Economy  2,295 views  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Monday, January 1, 2024.

Dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 152,250 dinars for 100 dollars, while selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 153,250 Iraqi dinars, while the purchasing price reached 151,250 dinars for every 100 dollars.

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

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

Is The Government Moving To “Adjust” The Budget To Reduce The Deficit?

Politics |Today, Baghdad today – Baghdad  Economic affairs researcher Haider Al-Sheikh revealed today, Monday (January 1, 2024), a government intention to amend the budget for the three years in an attempt to control the deficit.

The Sheikh told "Baghdad Today", "There is a tendency among the government to make an amendment to the draft law on the general budget of the Iraqi state for the three years, which was approved by the House of Representatives last June."

He added, "There will also be some amendments made to some articles of the budget law, including making financial transfers and reducing unnecessary expenditures."

He pointed out that "all of this will contribute to reducing the expected fiscal deficit in 2024 to 40 trillion dinars," pointing out that "the Ministry of Finance will work to amend the draft and send it to the Council of Ministers, and after its approval in the Council, it will be sent to the House of Representatives as a legal text to amend the budget law."

The current budget is the largest in the country’s history, amounting to approximately 153 billion dollars per year, with a large financial deficit estimated at about 48 billion annually, which is the highest and more than double the deficit recorded in the last budget for the year 2021, when it reached 19.7 billion. LINK

Labor Launches A Loan Of (35) Million Dinars To More Than Eleven Thousand Beneficiaries

Economy News – Baghdad  On Sunday, the Ministry of Labor and Social Affairs confirmed the launch of the 35 million dinar loan to more than 11,000 beneficiaries.

Ministry spokesman Najm Al-Aqabi said, in a statement reported by the official news agency and seen by Al-Iqtisad News, “In implementation of the government program and according to the ministry’s plan for the year 2023, the 35 million dinar loan was launched for 11,428 thousand beneficiaries distributed across all governorates.”

He added, "The lending process came based on the amendment to the law of the Fund for Supporting Small Income-Generating Enterprises, and the process will continue, including granting 2,862 loans to the category of beneficiaries of the Social Protection Network subsidy."

He continued, "The Ministry's plan for the coming year 2024 includes 11,427 loans, while 11,428 loans will be granted for the year 2025." 170 views 12/31/2023 - https://economy-news.net/content.php?id=39043

https://media.almaalomah.me/archive/image/2023/12/31/f82cde95-5c71-44c9-9c28-6a45dd5ef0aa.jpg

The Ministry Of Transport Announces A Plan To Build 13 Ships In 2024

31 December 2023 Information / Baghdad...  On Sunday, the Ministry of Transport revealed a maritime plan for next year, as part of the “Year of Creativity” campaign launched by the Minister of Transport, Razzaq Muhaibes Al-Saadawi, at the beginning of December, which includes the quest to build 13 ships.

A statement by the Ministry’s media office, received by “Al-Ma’louma”, stated, “The General Maritime Transport Company intends to strengthen and develop the work of the marine ship fleet, by building new ships,” noting that “the plan includes building a number of ships with large tonnages that meet the country’s need to transport The ration card items and goods that we need to support other sectors in all ministries and companies operating in the country, which contributes to supporting the Iraqi economy.”

The Director General of Maritime Transport, Ahmed Jassim Al-Asadi, said, according to the statement, “The company has begun work to obtain the necessary approvals to build eight ships, six of which will be within the investment budget, two within the operational budget, and five other ships that have been contacted regarding their construction through the Japanese loan granted to Iraq.”

Al-Asadi added, “These projects were included within the Year of Innovation plan, which is directly supervised by the Minister of Transport, Razzaq Muhaibis Al-Saadawi,” stressing that “the company’s priorities in the coming year revolve around diversifying and enhancing sources of revenue, raising the efficiency of employees, completing land distribution sections, deducting profits, and increasing incentives.” .

The company's general manager praised the role of the Minister of Transport, Razzaq Muhaibas Al-Saadawi, in facilitating the company's procedures in terms of contracts and approvals, praising his continued support for expanding its commercial fleet in proportion to the size of the great progress achieved in recent years in the Iraqi maritime sector, through opening shipping lines with a number of Arab, Asian and European countries, the most important of which is the direct shipping line with China, as it contributed to increasing the number of commercial ships arriving at our national ports.”

The statement added, "The company currently owns 6 commercial ships, three of which are estimated to have a tonnage of (14) thousand tons, namely the Basra, Al-Muthanna and Al-Hadba, which operate in international waters outside Iraqi territorial waters.

They have roamed the seas and oceans to transport many diverse cargoes, in addition to two small ships: A service operating in our territorial waters to supply ships arriving at Iraqi ports with fresh water and fuel, and the Baghdad ship, with a capacity of 10,000 tons, operates between the Emirates and Iraq to transport various containers. LINK

Provoking Points To Ponder on Greatness:

The perfection preached in the Gospels never yet built up an Empire. Every man of action has a strong dose of optimism, pride, hardness and cunning. But all these things will be forgiven him, indeed they will be regarded as high qualities, if he can make of them the means to achieve great ends. - Charles de Gaulle

The banalities of a great man pass for wit.  - Alexander Chase

When you're as great as I am, it's hard to be humble.  - Muhammad Ali

No sadder proof can be given by a man of his own littleness, than disbelief in great men. - Thomas Carlyle

A tomb now suffices him for whom the whole world was not sufficient. - Alexander the Great

If my theory of relativity is proven successful, Germany will claim me as a German, and France will declare that I am a citizen of the world. Should my theory prove untrue, France will say that I am a German, and Germany will declare that I am a Jew.  - Albert Einstein

Most of the trouble in the world is caused by people wanting to be important. - T. S. Eliot

Famous Quotes and Authors, Famous Quotations for all Occasions

"Tidbits From TNT" Monday 1-1-2024

TNT:

CandyKisses:  Sudani: Our new year will be the "year of achievements" and plans turning into reality

Baghdad Today - Baghdad

Prime Minister Mohammed Shia Al-Sudani congratulated the Iraqi people on Monday (January 1, 2024) on the advent of the new year, stressing that the new year will be the "year of achievements" and turning plans into reality.

Al-Sudani said in a statement received by "Baghdad Today", "I extend to our honorable Iraqi people the best words of congratulations, and prayers to Almighty God to preserve him in our beloved Iraq."

He added: "We are entering a new year, in which we carry the aspirations of our people, hold hope and determination, and renew our determination to make it a year full of progress, work and giving, and to proceed with what the government has committed to in its program and its executive priorities, as a government of services, reform and achieving the requirements and needs, which meet the aspirations of citizens everywhere in this dear country."

He continued, "Our new year will be the "year of achievements," God willing, it will be the year of transforming plans into a reality of work, and harvesting the fruits of effort, in a way that meets the aspirations of our citizens Everywhere. May God protect Iraq, dear, strong and healthy."

Tishwash:  Iraq forms financial intelligence to follow up on smuggling and manipulation operations

The National Security Service revealed the creation of the Financial Intelligence Directorate to follow up on the sources of funds accompanying crimes, while announcing the dismantling of a terrorist network consisting of 14 foreigners who were planning to launch suicide attacks.

The agency’s spokesman, Arshad al-Hakim, said in an annual press conference, “The National Security Agency arrested 421 people accused of currency smuggling and price speculation, and seized more than 15 million dollars and 7 billion and 250 million dinars, including counterfeit amounts, during 2023.”

He added, "The agency created the Financial Intelligence Directorate, which is a precedent for the work of the security and intelligence services. This directorate is responsible for combating financial crimes and maintaining the financial system, as it was able to conduct a parallel financial investigation of more than 15 cases affecting financial security and refer them to the judiciary."

He explained, "The directorate's mission is to follow up on the sources of funds accompanying crimes. These funds are considered illegal and are given the status of legitimacy through money laundering."

Regarding the fight against drugs, the spokesman for the National Security Service confirmed, “Dismantling most of the major drug networks, striking transport lines, arresting 689 of the major dealers, distributors, and transporters, and seizing 179 crystal, marijuana, and hashish materials, seizing 14 million and 600 thousand narcotic pills, and 1,470 narcotic Datura plants.”

He pointed out, "An operation to plant narcotic plants in an apartment within a residential complex and a similar operation inside a house east of the capital, Baghdad, was thwarted. The accused were arrested in possession of the raw materials and seeds for the planting process."

He pointed out that "the Counter-Terrorism Cell within the Counter-Terrorism Service was able to overthrow a foreign terrorist network consisting of 14 terrorists who were recruited outside Iraq and were planning suicide and terrorist attacks, but with intelligence efforts that continued for months, they were lured and arrested before implementing their plans."  link

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CandyKisses:  Among them is Iraq. Countries around the world celebrate the New Year 2024

Baghdad Today - Follow-up

The world's population, currently numbering more than eight billion, is beginning to welcome the new year 2024 with hopes for peace, reducing the rising cost of living and resolving conflicts in the world.

New Zealanders were among the first in the world to celebrate the arrival of the New Year, with a fireworks display in Auckland and fireworks lighting up the city's cloudy sky.

Sydney welcomed 2024 with a dazzling fireworks display, which coincides with the celebration of the fiftieth anniversary of the famous Sydney Opera House.

More than a million Australians have gathered along the harbor beach, while city authorities and police have indicated that all fireworks sites are occupied, despite the unusually humid weather at this time of year.

Revelers watched the Harbor Bridge and other landmarks illuminated with fires weighing up to eight tons.

Firecrackers also lit up the skies over Hong Kong, Bangkok (Thailand) and Manila (Philippines).

The UAE entered the new year in its own way, with fireworks and drones painting paintings in its sky as part of celebrations in several areas, the largest of which will last for more than 60 minutes in the Al Wathba area in the emirate of Abu Dhabi , according to the Emirates News Agency.

Iraq also entered the new year with popular celebrations in different areas.

Mot: ...... Bingo it is!!!!! .........

Mot:  New Years Eve fireworks 2023: Sydney, Australia rings in 2024 with dazzling display |LiveNOWfrom FOX

https://www.youtube.com/watch?v=CpEcm-m-pW4&list=RDNSCpEcm-m-pW4&start_radio=1

Iraq Economic News and Points to Ponder Late Sunday Evening 12-31-23

Iraq Economic News and Points to Ponder Late Sunday Evening 12-31-23

Tlm724 Administrator Bondlady’s Corner

Al-Sudani Congratulates The Iraqi People On The Occasion Of The Year 2024 And Confirms: The New Year Will Be A Year Of Achievements

Monday 01, January 2024 00:09 | Political Number of readings: 219  Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani offered the honorable Iraqi people his warmest words of congratulations, and prayed to God Almighty to preserve them in our beloved Iraq.

He said in a congratulatory message, “We enter a new year, in which we carry the aspirations of our people, hold hope and determination, and renew our insistence that it be a year full of progress, work, and giving, and to carry on with what the government has committed to in its program and executive priorities, that it is a government of services, reform, and fulfillment of requirements and needs, which meet the aspirations of citizens in Every place in this dear country.

He added, “Our new year will be the “year of achievements,” God Almighty willing. It will be the year of transforming plans into practical reality, and reaping and harvesting the fruits of effort, in a way that meets the ambitions of Nina’s people everywhere. May God protect Iraq, dear, strong, and healthy./ End   https://ninanews.com/Website/News/Details?key=1098505

Parliamentary Resources: The Region’s “Procrastination” Obstructed The Approval Of The Oil Law

Money  and business  Economy News – Baghdad  The Oil, Gas and Natural Resources Committee in the House of Representatives attributed the delay in approving the Oil and Gas Law to the Kurdistan Region’s procrastination in implementing its obligations towards the federal government, while the Committee explained the sale of some oil companies’ shares in Iraq to two things.

Committee member Ali Al-Mashkour said, “There are outstanding points of contention between the center and the region that have caused the delay in approving the oil and gas law until now, in addition to the latter’s procrastination in implementing its obligations towards the center.”

Regarding the sale of some international oil companies of their shares in Iraq, Al-Mashkour stated that “this is due to two things: The first is to achieve its interests in other countries if a valuable opportunity is available to it, regardless of the place in which it was working. The second reason is “due to the political changes and events taking place in the country in which it was working and the conflict of interests between one country and another.” Views 76 12/31/2023 - https://economy-news.net/content.php?id=39012

Iraq Is Second Among The Countries That Export Most Oil To America 

Energy   Economy News-Follow-up  The US Energy Information Administration announced on Sunday that Iraq's oil exports to America rose significantly over the past week.

The administration said in its table, “The average US imports of crude oil during the past week from eight major countries amounted to 4.872 million barrels per day, down by 802 thousand barrels per day from the previous week, which amounted to 5.674 million barrels per day.”

She added, "Iraq's oil exports to America amounted to 380,000 barrels per day last week, an increase of 358,000 barrels per day from the previous week, which reached an average of 22,000 barrels per day."

She pointed out that "the majority of America's oil revenues during the past week came from Canada at an average of 3,428 million barrels per day, followed by Mexico with an average of 380 million barrels per day, and oil revenues from Brazil amounted to an average of 238 thousand barrels per day, and then Colombia at an average of 157 thousand barrels per day."

According to the administration, “the amount of American imports of crude oil from Ecuador is at a rate of 142 thousand barrels per day, from Nigeria at a rate of 80 thousand barrels per day, and from Saudi Arabia at a rate of 75 thousand barrels per day, while no quantity is imported from Russia or Libya.”

Views 59 12/31/2023 https://economy-news.net/content.php?id=39017

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

https://www.bondladyscorner.com/

 Provoking Points To Ponder on Ability and Achievement

The difference between what we do and what we are capable of doing would suffice to solve most of the world's problems.  - Mahatma Gandhi

The measure of a master is his success in bringing all men round to his opinion 20 years later. - Ralph Waldo Emerson

The trouble with specialists is that they tend to think in grooves.  - Elaine Morgan

There are no credentials. They do not even need a medical certificate. They need not be sound either in body or mind. They only require a certificate of birth -just to prove they are first of the litter. You would not choose a Spaniel on these principles. (On aristocracy)  - David Lloyd George

Where I was born and where and how I have lived is unimportant. It is what I have done with where I have been that should be of interest.  - Georgia O'Keeffe

You commit a sin of omission if you do not utilize all the power that is within you. All men have claims on man, and to the man with special talents, this is a very special claim. It is required that a man take part in the actions and clashes of his time than the peril of being judged not to have lived at all. - Oliver Wendell Holmes

I am surprised nothing has been made of the fact that astronaut Neil Armstrong carried no sidearms when he landed on the moon.  - Justice Arthur Goldberg

'What would you call the highest happiness?' Wratislaw was asked. 'The sense of competence,' was the answer, given without hesitation.  - John Buchan 

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Iraq Economic News and Points to Ponder Sunday Afternoon 12-31-23

Iraq Economic News and Points to Ponder Sunday Afternoon 12-31-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Of Iraq Reveals The Mechanism For Delivering Incoming Remittances In The US Dollar Currency

 December 31, 2023    In implementation of the monetary policy objectives and to enable banks to meet the foreign currency needs of their customers, the Central Bank of Iraq has determined the entities covered by receiving their foreign transfers in cash in the US dollar, as of January 2, 2024, according to the following:   

         Diplomatic missions, organizations and all international agencies operating in Iraq.

         Non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers, if the foreign donor stipulates that the amounts of incoming foreign transfers be paid in dollars inside Iraq.

         Government contracts in effect in US dollars, and ongoing contracts for grants, loans, and foreign agreements.

         40% of Iraqi exporters’ incoming remittances result from their exports abroad.

     Except for what is mentioned above, banks are permitted to deliver to their customers the amounts of their transfers received from abroad in cash, from the bank’s own available resources, and according to the agreement between the bank and the customer.

     The Central Bank of Iraq confirmed that banks continue to open bank accounts for customers in foreign currencies in exchange for (interests/returns), and that

the customer has the right to withdraw deposits and interest/returns deposited in cash.

     The Central Bank of Iraq noted that banks are not allowed to automatically transfer customer funds received from outside Iraq in the US dollar currency to the dinar currency except with the customer’s approval, stressing the decisions of the Council of Ministers to prevent internal transactions in foreign currency and to strengthen confidence in the Iraqi dinar.  

Central Bank of Iraq   information Office   December 31, 2023  https://cbi.iq/news/view/2494

Center For Banking Studies Plan For The Year 2024

 December 31, 2023   :diamonds: Training programs plan for the Center for Banking Studies for the year 2024...For more, click here     https://cbi.iq/static/uploads/up/file-170402181573005.pdf

 https://cbi.iq/news/view/2493

The Central Bank Of Iraq Determines The Entities Covered By Receiving Their External Transfers In Cash In The Dollar Currency

Sunday 31, December 2023 23:43 | Economical Number of readings: 221  Baghdad / NINA / The Central Bank of Iraq has determined the entities covered by receiving its external transfers in cash in the dollar currency, starting from January 2, 2024.

He explained in a statement that the entities covered are diplomatic missions, all international organizations and agencies operating in Iraq, and non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers in the event that the foreign donor party stipulates that the amounts of incoming foreign transfers be paid in the dollar currency inside Iraq, as well as government contracts in force in the currency. The US dollar, ongoing contracts for grants, loans and foreign agreements.

He added that 40% of the remittances received by Iraqi exporters result from their exports abroad.

He continued: Banks are allowed to deliver to their customers the amounts of their remittances received from abroad in cash and from the bank’s own resources available according to the agreement between the bank and the customer.

The Central Bank confirmed that banks continue to open bank accounts for customers in foreign currencies in exchange for (interest/returns), and that the customer has the right to withdraw deposits and interest/returns deposited in cash.

He explained that banks are not allowed to automatically transfer customer funds received from outside Iraq in the dollar currency into the dinar currency except with the customer’s approval.

He stressed that the bank stresses the decisions of the Council of Ministers to prevent internal transactions in foreign currency and to enhance confidence in the Iraqi dinar./End 9

https://ninanews.com/Website/News/Details?key=1098500

On The Last Day Of The Year.. The Dollar Rises In Baghdad And Erbil With The Closure

Market  Economy News – Baghdad  The prices of the US dollar against the Iraqi dinar closed on Sunday with an increase in Baghdad and Erbil.

Dollar prices recorded an increase with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 152,450 Iraqi dinars per 100 dollars, while this morning it recorded 152,150 Iraqi dinars per 100 dollars.

Selling prices increased in banking shops in local markets in Baghdad, as the selling price reached 153,500 dinars per 100 dollars, while the purchase price reached 151,500 dinars per 100 dollars.

In Erbil, the dollar also recorded an increase, as the selling price reached 152,300 dinars per 100 dollars, and the purchase price reached 152,200 dinars per 100 dollars.

Views 74 12/31/2023 - https://economy-news.net/content.php?id=39037

The Council Of Ministers And The Central Bank Are The First Institutions In 2023 To Achieve Financial And Banking Reform

Samir Al-Nusairi  Economy News – Baghdad  Since the beginning of 2023, the new government’s measures have coincided in accordance with its governmental platform in its twenty-three axes, more than half of which was allocated to the detailed road map to address the lack of methodology and the dispersion of policies in the economic sectors and the chaos in managing the economy and to address the imbalance in the lack of coordination between the financial and monetary policies and the lack of clarity in the financial policy and these diagnoses.

The solutions were accompanied by the Central Bank reconsidering the tools and applications of monetary policy, cooperation, harmony and continuous coordination between the government and the Central Bank. Therefore, there was a unification of visions and setting of the interim goals for the year 2023 and the strategy for the coming years.

With permanent cooperation and continued support from the Prime Minister for the procedures of the Central Bank and a focus on supporting its plans in achieving the priorities that are based on achieving financial and banking reform first and thus reforming the other rings of the real economy, of which the banking sector occupies the first basic link in the economy, therefore the steps of cooperation and coordination and issuing reform decisions have yielded results.

Joint efforts to enable the economy to advance at good growth rates, confirmed by international organizations, especially the reports of the World Bank and the International Monetary Fund, and their acknowledgment that the Iraqi economy in 2023 left its fragility to a gradual recovery and achieved an inflation rate at an annual rate of 3.7%, which is the lowest comparative rate of 7% in January 2023,

which is The rate is the lowest compared to the rates of Arab and regional countries for the same period, and this is one of the goals of monetary policy by reducing inflation and maintaining the general level of prices despite the fluctuation in the exchange rate. In addition, there is an expectation to achieve growth in non-oil GDP by 5%.

Also organizing the financing of foreign trade and moving banks to build trust relations with global correspondent banks and obtaining their approval to open up to 40 accounts with our banks for the first time in years and allowing commercial and banking dealings with them directly and gradually leaving the electronic platform and introducing new foreign currencies into dealing and trading for the purposes of foreign trade.

With China, the Emirates, Turkey and India, in addition to the US dollar, which will help gradually stabilize the exchange rate in the parallel market, as well as the serious direction of the government and the central bank to move and transform from a cash economy to a digital economy and focus on developing electronic payment systems and securing the infrastructure for this by establishing a national company for payment systems and reconsidering the structure.

Banking financing and preparing to launch the national lending strategy, establishing a leadership bank to finance small and medium enterprises, and reconsidering the structural, supervisory and supervisory functions of the bank’s specialized departments.

The important and basic priority that the Central Bank is working on is preparing to launch the financial inclusion strategy, as the number of accounts opened in banks has grown by 14% and has reached more than 10 million accounts. The number of credit cards issued reached more than 18 million cards.

All of these reform measures were completed under difficult and complex circumstances during 2023 and with continuous support, harmony, cooperation and support between Mr. Prime Minister Muhammad Shiaa Al-Sudani and Mr. Governor of the Central Bank Ali Mohsen Al-Alaq, which confirms the entitlement of the Council of Ministers and the Central Bank to be called the first institutions in 2023 for their leadership, supervisory and executive role. In pursuit of financial and banking reform in 2023 as a first stage in achieving successful economic reform.

145 views 12/31/2023 - https://economy-news.net/content.php?id=39023

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

https://www.bondladyscorner.com/

 Provoking Points To Ponder on Ability and Achievement

Although the world is full of suffering, it is full also of the overcoming of it.  - Helen Keller

Ambition can creep as well as soar.  - Edmund Burke

An expert is a man who has made all the mistakes, which can be made, in a very narrow field. - Niels Bohr

An expert is someone who knows some of the worst mistakes that can be made in his subject and how to avoid them.  - Werner Heisenberg

Faith moves mountains, but you have to keep pushing while you are praying.  - Mason Cooley

Men achieve a certain greatness unawares, when working to another aim. - Ralph Waldo Emerson

Nothing is too small to know, and nothing too big to attempt.  - William Van Horne

So there he is at last. Man on the moon. The poor, magnificent bungler! He can't even get to the office without undergoing the agonies of the damned, but give him a little metal, a few chemicals, some wire and 20 or 30 billion dollars and, vroom! There he is, up on a rock, a quarter of a million miles up in the sky.  - Russell Baker

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Goldilocks' Comments and Global Economic News Sunday Evening 12-31-23

Goldilocks' Comments and Global Economic News Sunday Evening 12-31-23

Good evening Dinar Recaps,

Banking Announcement of the CBI in Iraq:

In an official statement from the CBI of Iraq, customers inside Iraq can receive the dollar with the permission of investors involved in the transaction.

Otherwise, all transactions are to be done in the Iraqi Dinar going forward in order to enhance confidence in the dinar.

This official statement is the new monetary policy that has been decided to begin on January the 2nd, 2024 per the Council of Ministries.  https://cbi.iq/news/view/2494

© Goldilocks

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Some "Sunday News" Posted by CandyKisses at TNT 12-31-2023

TNT:

CandyKisses:  Announcement of the start of the cancellation of the dollar in the trading of the “Brix” group

Iran, like other BRICS members, will abolish the use of the dollar in trade, economic and financial dealings within the group, and has already begun several steps in this direction.

“Within this organization, we have many planned tasks and joint work with other BRICS members,” Iranian Deputy Foreign Minister and Chief Negotiator Ali Bagheri Kayani announced this, an interview with Novosti correspondent.

“One of the most important actions was to eliminate the use of the dollar in commercial and economic transactions and financial cooperation. Activities like this have begun in the work of the BRICS, and we hope to strengthen and grow these activities in order to implement this task as soon as possible.”

The BRICS group includes Brazil, Russia, India, China and South Africa, but more recently 23 countries have already expressed a desire to join this economic bloc.

At the last summit held in Johannesburg in August, the UAE, Saudi Arabia, Iran, Argentina, Egypt and Ethiopia were officially invited to join the BRICS as of January 1, 2024.

CandyKisses:  Iran: The return of relations with Saudi Arabia has strengthened our relations with the countries of the region

Baghdad Today - Follow-up

The spokesman for the Iranian Foreign Ministry, Nasser Kanaani, said on Sunday (December 31, 2023) that the restoration of diplomatic relations with the Kingdom of Saudi Arabia has strengthened Tehran's relations with the rest of the countries of the region.

Kanani said during a press conference in the city of Birjand, the center of Iran's southeastern Khorasan province, "Basically, the improvement and resumption of political relations between Iran and Saudi Arabia has had a positive impact on other aspects of Iran's relations with the countries of the region."

"Since the assumption of relations with Saudi Arabia, we have held several rounds of negotiations with five to six negotiations, in addition to the visit of Iranian Foreign Minister Hossein Amir-Abdollahian to Riyadh and before that the visit of his Saudi counterpart Faisal bin Farhan to Tehran," Kanani said.

"Iranian President Ebrahim Raisi's visit to Riyadh and his participation in the joint Arab-Islamic summit meeting on Palestine have strengthened the level of Iranian-Saudi relations," he said.

In March, Iran and Saudi Arabia announced the resumption of diplomatic relations, which had been severed since 2016, following negotiations hosted by China.

Iraq and Oman have made great efforts to restore relations between Tehran and Riyadh, with three rounds of negotiations held in Baghdad between Iranian and Saudi officials.

Saudi Arabia severed ties with Iran after its embassy in Tehran and consulate in the northeastern city of Mashhad were stormed after Iranian protesters burned down the kingdom's embassy after Riyadh executed Shiite cleric Nimr Baqir al-Nimr in January 2016.

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CandyKisses:  Al-Sudani directs to open the celebration square to citizens

Baghdad Today - Baghdad

Today, Saturday (December 30, 2023), Prime Minister Mohamed Shia Al-Sudani directed the opening of the celebration square to citizens on the occasion of the New Year.

The Sudanese Media Office said in a statement received by "Baghdad Today", that "Prime Minister Mohammed Shia Al-Sudani, directed the concerned authorities, to open the celebration square on the Karkh side of Baghdad to the movement of citizens, and to maintain The gates of the Green Zone open after midnight, on New Year's Eve, on Sunday - Monday of this week, on the occasion of the New Year."

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CandyKisses:  Parliamentary wealth: "procrastination" of the region obstructed the adoption of the oil law

Economy News-Baghdad

The Oil, Gas and Natural Resources Committee in the House of Representatives attributed the delay in passing the oil and gas law to the procrastination of the Kurdistan region in implementing its obligations to the federal government, while the committee justified the sale of some oil companies for their shares in Iraq to two things.

Committee member Ali al-Mashkour said that "outstanding points of contention between the center and the region have caused the delay in approving the oil and gas law so far, as well as the latter's procrastination in implementing its obligations towards the center."

Regarding the sale of some international oil companies for their shares in Iraq, Al-Mashkour indicated that "this is due to two things; the first is to achieve their interests in other countries in the event of a valuable opportunity for them, regardless of the place in which they operated," and the second reason "is due to political changes and events taking place in the country in which they were operating and conflicts of interest between one country and another."

CandyKisses:  Integrity returns one billion dinars to the Ministry of Electricity from one of its contracting companies

Economy Baghdad News

The Federal Integrity Commission announced on Sunday the return of nearly one billion dinars to the Ministry of Electricity as a result of the fundamental investigative procedures in the case of financial irregularities in one of the contracts concluded by the General Company for Rusafa Electricity Distribution (formerly) with a general trading and contracting company.

The Authority's Investigations Department said in a statement seen by "Economy News" that "an investigative committee was formed to investigate the violations contained in the contract concluded by the General Company for Rusafa Electricity Distribution (formerly) the General Company for Electricity Distribution of Baghdad currently with trading and general contracting companies, to provide maintenance, rehabilitation and collection service for shops (Karrada - Nairiyah - New Baghdad - Zafaraniyah - Madaen - Diyala Bridge Nahrawan - Al-Wahda neighborhood)."

She added that "the work of the committee resulted in the return of (977,130,000) million dinars in favor of the Ministry of Electricity, after the reluctance of the investing company to return it for a period of five years."

The department pointed out, according to the statement, that "the contract, which lasts up to five years with a profit rate of (11.6%) for the service fee and collection paid to the investing company from the amounts of energy sold, and granted a grace period of six months from the date of signing the contract; to zero the energy losses, indicating that a warning was issued to the company for its reluctance to provide services," pointing out that "the company has no experience in the field of electric power, which led to damage to public money amounting to (10,260, 480,515) billion dinars

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CandyKisses:  National Security announces the seizure of $ 15 million intended for smuggling and price speculation during 2023

Economy Baghdad News

The Iraqi National Security Agency announced the seizure of $ 15 million intended for smuggling and price speculation during 2023.

The agency's media directorate said at the annual press conference on Sunday, "the arrest of 421 defendants in the file of currency smuggling and price speculation, with the seizure of more than $ 15 million, as well as 7 billion and 250 million, including counterfeit amounts."

Regarding the drug file, the agency announced that it was able to "dismantle most of the main networks, overthrow 686 defendants accused of trade, distribution and transportation, and seize 179 kg of crystal, marijuana and hashish, 14 million and 600 thousand narcotic pills, and 1470 narcotic Datura plants."

According to the directorate, "two planting operations of narcotic plants were thwarted, the first in an apartment inside a residential complex, and the second inside a house east of the capital, Baghdad, with the arrest of the accused and the seizure of seeds."

In addition, the agency's media directorate announced, "the seizure of 286,000 tons of expired foodstuffs, smuggled medicines, wheat, fertilizers prohibited from circulation and materials prohibited from import."

She pointed out that the file of securing the provincial council elections witnessed the arrest of 122 violators who tried to influence the progress of the process and were referred to the judiciary.

According to the directorate, the service overthrew 14 foreign terrorists and suicide bombers recruited outside Iraq to plan attacks inside the country

Iraqi News Highlights and Points to Ponder Sunday Afternoon 12-31-23

Iraqi News Highlights and Points to Ponder Sunday Afternoon 12-31-23

On The Last Day Of The Year.. The Dollar Rises In Baghdad And Erbil With The Closure

Market  Economy News – Baghdad  The prices of the US dollar against the Iraqi dinar closed on Sunday with an increase in Baghdad and Erbil.  Dollar prices recorded an increase with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 152,450 Iraqi dinars per 100 dollars, while this morning it recorded 152,150 Iraqi dinars per 100 dollars.

Selling prices increased in banking shops in local markets in Baghdad, as the selling price reached 153,500 dinars per 100 dollars, while the purchase price reached 151,500 dinars per 100 dollars.

In Erbil, the dollar also recorded an increase, as the selling price reached 152,300 dinars per 100 dollars, and the purchase price reached 152,200 dinars per 100 dollars.

Views 26 12/31/2023 - https://economy-news.net/content.php?id=39037

Parliamentary Finance Reveals The Reasons For The “Fluctuation” Of Dollar Prices At The End Of The Year

Economy |Baghdad today – Baghdad   Today, Sunday (December 31, 2023), member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, revealed the reasons for the recent fluctuation in the exchange rates of the dollar against the Iraqi dinar in local markets.

Al-Kadhimi said in a statement exclusively to “Baghdad Today” that “the exchange rates of the dollar against the Iraqi dinar on the black market have their reasons, including speculators,” noting that “there are unreal prices raised by stock exchange owners on social media for the purpose of benefiting.”

The member of the Finance Committee pointed out that “part of the dollar’s ​​decline is the small withdrawal by traders coinciding with the end of the year 2023.”

He added, "The Central Bank of Iraq provides 150-200 million dollars daily at the official exchange rate of 1,320 Iraqi dinars."

Today, Sunday (December 31, 2023), the exchange rates of the dollar against the dinar recorded a slight increase in the local markets in the capital, Baghdad .

The "Baghdad Today" correspondent said, "Selling prices in money exchange shops in the local markets in the capital, Baghdad, amounted to 153,000 dinars for every 100 dollars ."

He added, "The purchase price amounted to 151,000 dinars per 100 dollars."

For more than a year, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system “SWIFT , ” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets .

The exchange rate in the parallel markets is still recording a significant increase compared to the official rate, which amounts to 1,320 dinars per dollar.  LINK

A Representative From Dhi Qar Asks: Where Did The Governorate’s Money Go?

Information/Baghdad..  Today, Sunday, the representative of Dhi Qar Governorate, Nissan Al-Zayer, asked about the fate of the money spent on the governorate over the past three years.

Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..

Al-Zayer said in an interview with Al-Maalouma, “Dhi Qar Governorate received approximately one and a half trillion after it was voted afflicted by the previous House of Representatives and it received the Reconstruction Fund.”

She pointed out that "the money did not know its destination in light of the lack of tangible change in the service, urban and even health conditions in Dhi Qar Governorate."

Al-Zayer continued, “The fund’s money was spent on projects that exist on the surface but are riddled with corruption on the inside, most of which are fragile projects.”

She pointed out that "Dhi Qar Governorate has not witnessed a financial and urban revolution since the 1970s that had to change its reality, but unfortunately it is still "dust" as she described it.

Dhi Qar Governorate suffers from many crises, lack of services, and a very poor standard of living, despite granting it huge financial budgets during the past two years and forming its own reconstruction fund.    LINK

Specialists: The Existence Of A Balanced Tax System That Achieves Economic And Social Justice

Economical  12/31/2023  Baghdad: the mainstay of the emirate  The tax system represents an important economic foundation that will achieve the principle of justice and equality among people, in addition to its role in supporting financial budgets, distributing income, and reducing corruption operations, which has called on many specialists in economic affairs to stress the importance of carrying out broad tax reforms that are compatible with...

The economic reality in the country, indicating that taxes do not currently play a major role in maximizing non-oil revenues or in redistributing income.

Iraq seeks to make a broad shift in tax work, by implementing a number of reforms that were revealed during the tax reform conference held recently in Baghdad, in which the Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that “economic reform, which was identified as a basic priority in the government program, It was not a slogan, but rather an interim goal that came from a realistic reading and inevitable result of the problems and challenges facing Iraqi society, most of which have economic roots,”

explaining that “tax reform represents an important message to local and foreign investors, companies and international organizations, regarding the government’s seriousness in restoring the business environment, and reforming Regulations and legislation, and rehabilitating institutional building, to be more attractive to investment, production and operation.”

Al-Sudani pointed out that “tax reform was present in all the meetings with businessmen and local and foreign investors, and that implementing the reform requires persistence, determination, diagnosing defects and making bold decisions,” indicating that “despite the difficulties that appear at the medium and long-term level, we will reach A stage in which the producer, consumer, and investor feel a state of acceptance and satisfaction, after justice has been achieved.

We hope that the conference’s recommendations will support legislation and infrastructure, and adopt a controlled and automated system that will eliminate extortion.”

During the conference, the Prime Minister revealed that “data from the Ministry of Planning indicate imports worth $42 billion, including machinery, goods, and products, but data from the Central Bureau of Statistics show imports worth $16 billion, which means that $26 billion was not subject to customs and tax duties.” ».

The conference came out with a number of recommendations at the time, the most prominent of which is “striving to encourage local companies to pay all the taxes owed related to these companies by extinguishing the fines and interest accrued by them, provided that they pay the original tax due, and submitting a proposal to extinguish 50% of the fines and interest accrued by foreign companies, especially companies.”

Oil Company, provided that the original taxes due are paid as an important basic step, to follow the policy of zeroing out problems, as well as seeking to solve the problem of similarity of names, which is an existing and previous problem, by canceling all the binary names that were previously provided to the General Tax Authority, and returning them to the official authorities to complete them and add The full name, mother’s or wife’s name, or date of birth.

Academic and economic researcher, Dr. Abdul Karim Al-Issawi, pointed out during his speech to “Al-Sabah” that “the Iraqi economy is characterized by completely absolute rentierism, as oil revenues dominate 96 percent of the state’s total revenues. In contrast, non-oil revenues represent the smallest portion of total revenues. It depends on taxes and fees, and therefore they are secondary and at low rates.”

Al-Issawi believes that “the dominance of oil revenues over the general budget is primarily the result of economic policies and what they included in opening the door to importing goods and services from abroad and canceling customs duties, in addition to the pluralism of the tax system in Iraq in terms of direct and indirect taxes, which is characterized by stagnation. “There is also difficulty in determining the tax base, which leads to an increase in evasion.”

Al-Issawi continued that paying taxes is a national responsibility that the taxpayer must undertake when he is subject to its controls, and the national duty requires the citizen to pay tax on the nature of the work he carries out through annual disclosure and accounting, and when a country has a balanced and comprehensive tax system, social and economic justice is achieved. By maximizing the marginal utility of income.

For his part, the specialist in economic affairs, Dr. Adnan Bahia, said in an interview with “Al-Sabah”: “Taxes are an important source of revenues for many countries in the world, especially countries that adopt the principle of market economy or capitalist systems, as tax revenue is the main financier of services and construction.”

Infrastructure and entertainment for citizens,” indicating that “the basic principle of taxes is that they are based on payment for the service that the citizen receives in exchange for the taxes he pays, so the government must be transparent in the taxes it collects and the tangible services it provides on the ground, such as Infrastructure and municipal services, the construction of streets and parks, water and electricity, or intangible services such as encouraging the national product or increasing and diversifying job opportunities, economic diversification, etc., in addition to taxes being an important source of development.

Bahia explained, “Taxes are a double-edged system. If they exceed their usual limit, they may lead to a contraction in the market and the economy later. However, if they are abolished or their imposition fails, the economy can also be severely harmed due to the dumping of goods in the markets due to the lack of taxes that balance the price of goods.” The local product and the price of the foreign product.

https://alsabaah.iq/89618-.html

Provoking Points To Ponder on Greatness:

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

Great men too often have greater faults than little men can find room for.  - Walter Savage Landor

The highest and most lofty trees have the most reason to dread the thunder. - Charles Rollin

Great and good are seldom the same man. - Thomas Fuller

Born of the sun they travelled a short while towards the sun And left the vivid air signed with their honour.  - Stephen Spender

If I am a great man, then a good many of the great men of history are frauds.  - Bonar Law

You cannot fly like an eagle with the wings of a wren.  - William Henry Hudson

Great men hallow a whole people, and lift up all who live in their time. - Sydney Smith

The greatest truths are the simplest, and so are the greatest men. - J. C. and A . W. Hare

Famous Quotes and Authors, Famous Quotations for all Occasions

"Tidbits From TNT" Sunday 12-31-2023

TNT:

Tishwash:  Iran announces the start of settling its country's exports to Iraq in its national currency, the riyal

The Governor of the Central Bank of Iran confirmed the start of a project to settle the country's exports abroad in the national currency, the riyal. On the sidelines of the meeting of the Government and Private Sector Council in Khorasan Razavi Province (northeastern Iran), Muhammad Reza Farzin explained 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 'Rial 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.” It is noteworthy that the Federal Reserve Bank, the US central bank, imposed procedures and restrictions on external financial transfers from Iraq, to ​​ensure that they do not reach Tehran.

A report issued by the International Center for Development Studies, headquartered in the British capital, London, previously warned that “the attempts of the Central Bank of Iraq to prevent the smuggling of the dollar have failed, as the price of the Iraqi dinar continues to decline against the dollar, which exacerbates the suffering of Iraqis and raises the prices of goods.” The report pointed out that "the Iraqi banking system, instead of contributing to the development of the Iraqi economy, has become a major obstacle to growth or attracting investments, in addition to becoming an essential accessory to money smuggling and money laundering networks.

There are a large number of banks that belong to figures close to politicians, parties and factions." Armed forces contribute significantly to dollar smuggling and financing foreign trade operations with neighboring countries in exchange for receiving commissions and political support.” The report estimates that two-thirds of the Central Bank of Iraq's sales in what is known as the "currency selling window", which ranges at levels of $250 million per day, did not benefit the Iraqi market over the past two decades, which led to the country losing sums of money of no less than $400 billion. The British report did not rule out that dollar smuggling operations would lead to the isolation and ban of more Iraqi banks because some of them contribute to violating international sanctions, noting that “the recent US Treasury decisions to impose a ban on a number of Iraqi banks and oblige the rest to comply with the platform for monitoring the movement of electronic funds is what... "It is only the beginning of more difficult, deeper and more painful steps."  link

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Tishwash:  Iran and Iraq discuss using the Isomer platform to finance the two countries' trade 

 Iraq and Iran have reached an agreement to finance private sector trade, by adopting a new platform called Isomer, away from using the dollar. 

The Governor of the Central Bank of Iran, Mohammad Reza Farzin, said, “The issue of settling Iranian exports via the rial 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 riyal 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.” 

Meanwhile, Prime Minister Muhammad Shia’ al-Sudani revealed that the Iranian side suggested that Iraq deal in currencies other than The dollar, including the Chinese yuan, is used in commercial transactions between the two countries, due to the Western economic sanctions that Tehran faces.  
Trade between Iraq and Iran was damaged, after the rise in the exchange rate of the dollar in the parallel market, as traders in the private sector depend on buying the dollar from the parallel market to finance their imports from Iran.  

On the other hand, an informed source revealed to Al-Iqtisad News that Iraq and Iran held discussions about financing private sector trade away from the dollar, through the Asian Clearing Union, which is headed by Iran and includes the countries of China, India, Afghanistan, Pakistan, Bangladesh, and others.  

He added that The settlement will be in the currencies of the Indian rupee or the Chinese yuan, indicating that the Iraqi merchant will pay and receive in dinars and the Iranian merchant will pay and receive in Iranian riyals.

The  Asian Clearing Union (ACU) confirmed the adoption of the currencies of the yuan, ruble and rupee and the development of an electronic platform to carry out commercial transactions between member states independently of the dollar and the "SWIFT" Association. "

In an interview with the Iranian “Jam Jam” TV channel, the Secretary General of the Asian Clearing Union (ACU), Farhad Morsali, indicated that the ACU meeting in Tehran recently adopted 12 decisions, as officials of the Indian and Pakistani central banks confirmed that these decisions are in the interest of Iran and the country’s merchants in comparison. With the rest of the members. 

Morsali stated that one of the most important decisions taken is the exchange between Iranian merchants and the rest of the member states’ merchants via the rupee currency, so that Iranian merchants can open accounts in rupees in specific banks, noting that the decision will come into effect next month. 
 
He added that Iranian merchants will be able to obtain financing in the currencies of the rupee, yuan and ruble, in addition to other national currencies of member states, and get rid of the ban on the dollar and the SWIFT platform. 

He stated that a new platform will be launched called “Esomer”, which is similar to the local “SPAM” platform for electronic financial transactions.  link

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Tishwash:  The Council of Ministers and the Central Bank are the first institutions in 2023 to achieve financial and banking reform

Samir Al-Nusair

 Since the beginning of 2023, the new government’s measures have coincided in accordance with its governmental platform in its twenty-three axes, more than half of which was allocated to the detailed road map to address the lack of methodology and the dispersion of policies in the economic sectors and the chaos in managing the economy and to address the imbalance in the lack of coordination between the financial and monetary policies and the lack of clarity in the financial policy and these diagnoses.

The solutions were accompanied by the Central Bank reconsidering the tools and applications of monetary policy, cooperation, harmony and continuous coordination between the government and the Central Bank. Therefore, there was a unification of visions and setting of the interim goals for the year 2023 and the strategy for the coming years.

With permanent cooperation and continued support from the Prime Minister for the procedures of the Central Bank and a focus on supporting its plans in achieving the priorities that are based on achieving financial and banking reform first and thus reforming the other rings of the real economy, of which the banking sector occupies the first basic link in the economy, therefore the steps of cooperation and coordination and issuing reform decisions have yielded results.

 Joint efforts to enable the economy to advance at good growth rates were confirmed by international organizations, especially the reports of the World Bank and the International Monetary Fund, and their acknowledgment that the Iraqi economy in 2023 left its fragility to a gradual recovery and achieved an inflation rate at an annual rate of 3.7%, which is the lowest comparative rate of 7% in January 2023, which is The rate is the lowest compared to the rates of Arab and regional countries for the same period, and this is one of the goals of monetary policy by reducing inflation and maintaining the general level of prices despite the fluctuation in the exchange rate. In addition, there is an expectation to achieve growth in non-oil GDP by 5%.

Also organizing the financing of foreign trade and moving banks to build trust relations with global correspondent banks and obtaining their approval to open up to 40 accounts with our banks for the first time in years and allowing commercial and banking dealings with them directly and gradually leaving the electronic platform and introducing new foreign currencies into dealing and trading for the purposes of foreign trade. With China, the Emirates, Turkey and India, in addition to the US dollar, which will help gradually stabilize the exchange rate in the parallel market, as well as the serious direction of the government and the central bank to move and transform from a cash economy to a digital economy and focus on developing electronic payment systems and securing the infrastructure for this by establishing a national company for payment systems and reconsidering the structure.

Banking financing and preparing to launch the national lending strategy, establishing a leadership bank to finance small and medium enterprises, and reconsidering the structural, supervisory and supervisory functions of the bank’s specialized departments. The important and basic priority that the Central Bank is working on is preparing to launch the financial inclusion strategy, as the number of accounts opened in banks has grown by 14% and has reached more than 10 million accounts. The number of credit cards issued reached more than 18 million cards.

All of these reform measures were completed under difficult and complex circumstances during 2023 and with continuous support, harmony, cooperation and support between Mr. Prime Minister Muhammad Shiaa Al-Sudani and Mr. Governor of the Central Bank Ali Mohsen Al-Alaq, which confirms the entitlement of the Council of Ministers and the Central Bank to be called the first institutions in 2023 for their leadership, supervisory and executive role. In pursuit of financial and banking reform in 2023 as a first stage in achieving successful economic reform. link

Mot: ....... tah dah

Mot: .. siiiggghhhhhhhh !!!!!

MilitiaMan: Iraq's International Success - Budget Spending 2023 - Value Added Chains - Global Private Sector -

Iraq's International Success - Budget Spending 2023 - Value Added Chains - Global Private Sector -

MilitiaMan and Crew:  12-30-2023

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=uLVk6nN8spQ

Goldilocks' Comments and Global Economic News Saturday Evening 12-30-23

Goldilocks' Comments and Global Economic News Saturday Evening 12-30-23

Good Evening Dinar Recaps,

The articles below go into great detail about aspects of Maritime Shipping Industry routes that have been broken for some time.

Several are currently being built and rebuilt and will be stronger than ever as shipping routes from the East to the West are being reset. For example, Iraq has a new shipping port that will take away some of the pressures of some ports across the world.

We have talked about several routes these past few years that are being created to carry cargo ships filled with goods to areas of the world forging new pathways into the future and into the new digital economy.

These new passageways will create less of a bottleneck and more of an even flow in the movement of goods across the world as well as a Level Playing Field monetarily.

Look for new price pressures to form because of these changes along with exchange rates to meet the needs of our new Global Economy.

As more and more countries begin to trade with their own local currencies, new price patterns will come with new demands on them.

New contracts and payment agreements are already being signed across the world as we speak. In 2024, many of these new changes will go into effect.

Watch the water.

© Goldilocks
Chem Analyst Link
Economic Times India Link
Hellenic Shipping News Link

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Basel III endgame: 5 things to watch in 2024     American Banker Link

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Why January Could Be a Good Month for Gold     OilPrice Link

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Banking Announcement:

Based on feedback to a Jan 2023 consultation paper, Bank Indonesia has decided to proceed with a series of experiments to develop a digital rupiah.   RegulationAsia Link

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NEW YORK/LONDON, Dec 29 (Reuters) -"The dollar edges higher on Friday, but it is set to end 2023 with its first yearly loss since 2020 against the euro and a basket of currencies, on expectations the U.S. Federal Reserve will begin cutting rates next year as inflation moderates."

It is more than just this statement claimed in this article. Many countries have already begun utilizing their own local currency instead of the dollar in trade.

This trend is expected to continue in 2024 as the realignment of currencies across the board is expected to share new demands on the purchase of goods in trade by the countries who are offering them.

These new demands will create interest and money flow inside these countries utilizing their own currencies and price pressures will be forthcoming.

© Goldilocks
XM Link

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Tokenizing Real World Assets (RWAs) will unlock a new “Golden Age” in blockchain and traditional finance, according to British-Venezuelan researcher and lecturer Carlota Perez.  Tech Node Link

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IRS ‘Pay Up’ Letters Start Arriving in Millions of Mailboxes Next Week

Starting next week, the Internal Revenue Service will resume sending a “special reminder letter” to millions of Americans about their unpaid tax bills, ending a nearly two-year hiatus for the mailings during the pandemic. https://themessenger.com/business/irs-unpaid-taxes-collection-notices-resume-pandemic

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South Africa’s envoy says BRICS is set to double as Saudi Arabia, Iran, the United Arab Emirates, Ethiopia and Egypt will join on January 1

Here comes 2024

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"Iraq Stock Market Report · ISC approved the listing and trading of reconstruction bonds which was issued on 10/10/2023 by the Ministry of Finance, ..."

Reconstruction Bonds will raise Capital funds for the country of Iraq and insure liquidity for the banking system, merchants, and the people as they continue to build and grow their economy.

Reconstruction bonds are considered the Secondary Market where currency trades take place. These new listings on the Iraqi Stock Market will go to help improve the infrastructure of Iraq and strengthen its economy locally and abroad.

Iraq is rapidly becoming a self-sustaining economy capable of reaching out to the International Markets once again. Their new digitized shipping ports will bring in revenue as well as expand the use of their currency going forward.

© Goldilocks
MENA FN Link
American Legal Code Library Link

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"China to lower dollar, euro weightings in CFETS yuan basket index in 2024"

This will open up more room for the growth of the Chinese Yuan. It is an indication that the Chinese Yuan is being traded more and being given a higher weight in its value.

It is one of many economic mechanisms that are showing the need for adjustments to new values. These actions are one of many signs that a reset in currency values is on its way.

© Goldilocks
Kitco Link

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International Bank Transfers (Clearly Explained)

"In most countries, there are no legal limits on currency exchange."

"The UK, US, Canada, Australia, NZ, and the countries in the EU have no restrictions on the maximum size of an international bank-to-bank  money transfer."

So there you have it. There are no legal limits in most countries including the US for a bank-to-bank transfer of money.

This is a simple bank exchange, my friends.

© Goldilocks
https://www.keycurrency.co.uk/international-bank-transfer/
https://www.keycurrency.co.uk/large-currency-exchange/

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China and Russia test ‘hack-proof’ quantum communication link for Brics South China Morning Post Link

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US Military Launches Highly Classified Unmanned Space Plane

The U S Space Force launched a secretive plane on Thursday which has been equipped with heavier boosters that could feasibly send it further into orbit than ever before.  ZeroHedge Link

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Iraq Economic News and Points to Ponder Saturday AM 12-30-23

Iraq Economic News and Points to Ponder Saturday AM 12-30-23

Tlm724 Administrator Bondlady’s Corner

A Government Advisor Identifies The Most Prominent Features Of The Economic Reform Bill

Economy | 03:50 - 12/30/2023  Mawazine News - Baghdad,  the financial advisor to the Prime Minister, Mazhar Muhammad Salih, today, Saturday, identified the most prominent features of the draft economic reform law, while noting that the draft law is consistent with the private sector development strategy.

Saleh said, “The economic philosophy framed by the draft economic reform law presented on its way to legislation in the House of Representatives is based on the vision of the government’s approach to reform and reorganization of the national economy.”

He added, "The government curriculum, which was approved by the House of Representatives in October 2022, is responsible for implementing a reform vision based on the principle of partnership between the state and the private sector (in financing, investment and production), starting with investing in natural resources and manufacturing industries and ending with digital and other services, and generating... High value-added chains enhance growth factors in GDP.”

Saleh explained, "The draft economic reform law is also consistent with the principles of the (National Strategy for Private Sector Development) and the principles of the new formation of the Private Sector Council headed by Prime Minister Muhammad Shiaa Al-Sudani."

He pointed out that "the draft reform law, which is in the process of legislation, is consistent with the national strategy for developing the private sector. They are undoubtedly a realistic embodiment and a central syndrome in building the rules of the (social market) through the vision of partnership between the state and the private sector that we mentioned earlier."

He continued: “They are also two economic forces that will contribute to their cohesion by diversifying the sources of income in the national economy and dismantling it from the rentier unilateralism on whose ruins coexisted with emergency profit-making liberal capitalisms devoid of any idea of ​​building market institutions. Rather, they remained fleeting to sustainable development or even the tendency to build the foundations of the real investment desired throughout. past decades.

Saleh stressed that "Iraq is advancing the vision of partnership between the state and the social market, through the implementation of the economic reform law immediately upon its enactment, to establish coherent guarantees for a promising economic future that will leave behind the rentier phenomenon and the problems of unilateralism."

He stated that "implementing the economic reform law will achieve for our country optimal use of all available resources (material and human), and at the same time guarantee a level of prosperity that results in sustainable growth in a diversified economic climate that guarantees development."

https://www.mawazin.net/Details.aspx?jimare=239709

The Central Bank Sold More Than A Billion Dollars During The Past Week

Economy  Saturday, December 30, 2023   Baghdad/National News Center  The Central Bank of Iraq's total sales of hard currency in US dollars during the past week amounted to more than one billion dollars.

During the past week and for the five-day period during which the auction was opened, the Central Bank sold 1 billion 22 million 302 thousand and 804 dollars, at a daily rate of 204 million 460 million and 560 dollars, higher than what it recorded last week, which amounted to 674 million 21 thousand and 96 dollars.

The highest dollar sales were on Thursday, when they amounted to 210 million 430 thousand and 551 dollars, while the lowest sales were on Monday, when they reached 199 million 905 thousand and 896 dollars.

Foreign remittance sales during the past week amounted to 902 million 121 thousand and 804 dollars, an increase of 87% compared to cash sales that amounted to 120 million 181 thousand dollars.

The sales were in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,310 dinars per dollar.     https://nnciraq.com/243610/

A Slight Increase In Dollar Prices In Baghdad And Kurdistan With The Closure

Market   Economy News – Baghdad   The exchange rates of the dollar against the dinar rose slightly in Baghdad and Erbil, with the stock market closing on Saturday evening.

Dollar prices rose with the closure of the main Kifah and Harithiya stock exchanges in Baghdad, recording 152,150 dinars for every 100 dollars, and this morning it had recorded 152,050 dinars.

The selling prices in the exchange shops in the local markets in Baghdad for sale reached 153,000 dinars, and the purchase prices were 151,000 dinars for every 100 dollars.

In Erbil, the dollar also recorded an increase, as the selling price reached 152,000 dinars per 100 dollars, and the purchase price reached 151,700 dinars.

Views 34 12/30/2023 - https://economy-news.net/content.php?id=38997

Iraq Is Ranked Second On The List Of Arab Countries With The Most Oil Reserves By 2023

Energy   Economy News – Baghdad   The list of the 10 Arab countries that possess the most oil reserves during 2023 showed that Saudi Arabia, Iraq, and the UAE continue to top the list, in light of the leadership role of the Arab region in the global market.

The 2023 list did not witness any changes in the reserves of Arab countries, except for the UAE, which succeeded in increasing crude reserves of that fossil fuel, according to the Energy Research Unit.

It is noteworthy that global oil reserves rose during 2023 to 1.754 trillion barrels, compared to 1.746 trillion barrels during 2022.

*The 5 largest Arab countries in terms of reserves

During 2023, Saudi Arabia continued to occupy the throne of the list of the 10 Arab countries that possess the most oil reserves, with their stability at 267.19 billion barrels.

In second place on the list, Iraq came with oil reserves that stabilized at 145.01 billion barrels, unchanged from 2021.

With its position in third place, the UAE succeeded in increasing its oil reserves during 2023 to 113 billion barrels, compared to 111 billion barrels in 2022.

Fourth, Kuwait ranked among the top 10 Arab countries possessing oil reserves during 2023, with their stability at 101.5 billion barrels, according to what was monitored by the Energy Research Unit.

Libya came in fifth place in the Arab world, with oil reserves that stabilized during 2023 at the level of 48.36 billion barrels.

Egypt and Yemen are at the bottom of the list

In sixth place, Qatar came on the list of the 10 countries with the most oil reserves during 2023, settling at 25.24 billion barrels of crude oil.

It was followed in the ranking by Algeria, whose oil reserves stabilized during the year at 12.2 billion barrels, according to data collected by the Energy Research Unit.

The Sultanate of Oman ranked eighth on the list, with oil reserves that stabilized during 2023 at 4.9 billion barrels.

Ninthly, Egypt came with reserves amounting to 3.3 billion barrels of crude oil, followed in last place by the state of Yemen, with oil reserves that stabilized at 3 billion barrels.

It is worth noting that the reserves of Sudan and South Sudan reached 5 billion barrels by the end of 2023, but the Oil & Gas Journal did not provide separate data for each country separately.

Views 67 12/30/2023 - https://economy-news.net/content.php?id=38983

Oil Stops At $77 A Barrel

Energy  Economy News-Follow-up  Oil prices stopped at $77 per barrel in the last closing and trading during the year 2023, as the financial markets and trading holiday began in the world, and will be suspended until the end of the Christmas holiday in the new year 2024.

In the past hours, American crude markets traded at $71.55, reaching its highest level in 2023 at $95.03 on September 24, 2023, and its lowest level on April 30, 2023, at $63.64.

As for Brent crude, its highest level was on September 24, recording more than $95 per barrel, while its lowest level was on March 12, recording $73 per barrel.

Views 54 12/30/2023 - https://economy-news.net/content.php?id=38982

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Provoking Points To Ponder on Tact and Diplomacy:

Tact is the intelligence of the heart.  - Anonymous

Silence is not always tact, and it is tact that is golden, not silence.  - Samuel Butler

Diplomats are useful only in fair weather. As soon as it rains, they drown in every drop.  - Charles de Gaulle

A distinguished diplomat could hold his tongue in ten languages.  - Anonymous

Negotiation in the classic diplomatic sense assumes parties more anxious to agree than to disagree.  - Dean Acheson

Diplomacy; the art of saying 'nice doggie' till you can find a rock.  - Wynn Catlin

An ambassador is an honest man sent to lie abroad for the good of his country.  - Henry Wotton

If any pilgrim monk come from distant parts, with wish as a guest to dwell in the monastery, and will be content with the customs which he finds in the place, and does not perchance by his lavishness disturb the monastery, but is simply content with what he finds, he shall be received for as long as he desires.

If, indeed, he find fault with anything, or expose it, reasonably, and with the humility of charity, the Abbott shall discuss it prudently lest perchance God had sent him for this very thing.

But, if he have been found gossipy and contumacious in the time of his sojourn as guest, not only ought he not be joined to the body of the monastery, but also, it shall be said to him, honestly, that he must depart. If he does not go, let two stout monks, in the name of God, explain the matter to him.  - Saint Benedict

 Famous Quotes and Authors, Famous Quotations for all Occasions-