Iraq Economic News and Points to Ponder Wednesday Afternoon 1-3-24

Iraq Economic News and Points to Ponder Wednesday Afternoon 1-3-24

Tlm724 Administrator Bondlady’s Corner 

Dollar Traps” Are Approaching The End... Parliament Reveals Those Involved In The Fluctuations Of The Parallel Market

 Economy/Politics |Baghdad today – Baghdad  Today, Wednesday (January 3, 2024), the Parliamentary Economics Committee revealed those involved in the fluctuation of the parallel market in Iraq, while indicating that the “dollar traps” are nearing their end.

Committee member Representative Yasser Al-Husseini told “Baghdad Today” that “we are closely following the issue of fluctuations in the parallel market in Iraq, especially after the move to the electronic platform prepared by the Central Bank to regulate dollar liquidity and prevent smuggling,

but on the other hand, there are those whose reconciliation with any organization was attacked because He loses his ability to smuggle and manipulate, which prompts him to try to disrupt the markets by various means.”

He added,  "Despite the fluctuation in prices, the coming days will bring greater reassurance for merchants and all dealers in the financial market in terms of the stability of the exchange rate at good levels, especially with the central bank's oversight procedures, which we hope will increase in their aspects."

Al-Husseini pointed out that what he called dollar traps - in reference to the attempt of some to manipulate exchange rates in the parallel market - are almost over, pointing out that “there are corrupt people who live off market chaos in addition to the trade in contraband, including drugs, which also constitutes a competitor in the parallel market.”

 Stressing that "the Central Bank's measures will combat the most important liquidity threads of these people." He continued,

"The stability of the dollar exchange rate will lead to a decrease in prices in the markets, and this needs some time, indicating that the government's entry into the file of securing materials in the markets will lead to a greater wave of decline in the coming period."

Since the announcement of raising the value of the Iraqi dinar against the dollar by the Central Bank, local markets have witnessed trading at a rate other than the official rate of the dollar, with a difference that sometimes reached 30 points, which necessitated the government and the Central Bank to intervene with measures to reduce this phenomenon,

but to no avail so far, as... The dollar exchange rate remained high to more than 150 thousand dinars for every 100 dollars in the markets and exchange offices of Baghdad and the provinces.

https://baghdadtoday.news/239245-أفخاخ-الدولار-تقترب-من-النهاية.-البرلمان-يكشف-المتورطين-بتذبذب-السوق-الموازي.html

Expert: The IMF Report Was “Positive” But Included Economic Warnings

 Economical 01/03/2024   Baghdad: Haider Falih Al-Rubaie   The economic expert, Dr. Nabil Al-Marsoumi, confirmed that the indicators included in the report of the International Monetary Fund experts on Iraq, especially related to the decline in inflation rates, the tightening of the Central Bank’s procedures, and the increase in growth indicators, are all positive,

but those indicators were accompanied by “some” warnings about the significant expansion in... Public finances, the possibility of a budget deficit, as well as fears related to the decline in oil production.

Al-Marsoumi pointed out that “the report pointed to some risks facing the Iraqi economy, including the significant expansion of public finances within the framework of the three-year budget law in force,” indicating that the

IMF believes that this matter could impose large and important risks on the sustainability of the conditions of public finances and the external sector. In the medium term.

Al-Marsoumi pointed out that the other warning expressed by the Fund related to the decline in oil production after the closure of the oil pipeline linking Iraq and Turkey, and the reduction in production at the request of the OPEC+ group, stressing that the report believes that these measures will lead to a reduction in the growth of the gross domestic product in the country. The years 2023 and 2024.

The economist also explained that among the other risks mentioned by the International Monetary Fund in its report is its expectation that the public finance balance will shift from a large surplus achieved in 2022 to a budget deficit, in addition to the Fund’s experts’ expectation that the size of the fiscal deficit will expand to a greater extent in the current year. 2024, reflecting the full annual impact of budget actions.

The economist explained that the  IMF called for the necessity of

     “mobilizing more non-oil revenues,

     containing the wage bill of government employees, and

     reforming the government retirement system,”

stressing the importance of supporting these measures by moving to work on a more targeted social safety net that works to Providing better protection for vulnerable groups.

The report also recommended the need to create equal opportunities for the private sector, through reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing efforts to strengthen governance and limit the spread of corruption.

An International Monetary Fund report, issued at the end of last month, reviewed the most prominent positives achieved by Iraq at various economic and development levels, suggesting “non-oil GDP growth of 5 percent in light of the significant expansion in public finances within the framework of the effective three-year budget law.”

Pointing out that “to continue implementing the budget, strong non-oil growth should continue in the current year 2024.”

However, the Fund expressed its fear of a decline in oil production after the closure of the oil pipeline linking Iraq and Turkey, and reducing production based on the request of the OPEC + group, likely to lead to This will reduce the growth of the gross domestic product in the years 2023 and 2024.”

According to a team of International Monetary Fund experts, led by Jean-Guillaume Poulain,

“the inflation rate has declined from the peak it reached by 7 percent in January of last year, and  inflation is expected to stabilize in the coming months, thanks to the

     Central Bank of Iraq’s policy of Tighter monetary policy, the

     impact of the rise in the Iraqi dinar exchange rate,

     lower global food prices, and the

     return of trade finance operations to normal with

     improved compliance with the anti-money laundering and counter-terrorism financing framework.”

For his part, the economic affairs specialist, Ali Karim Al-Diffai, pointed out that the

economic achievements achieved by the government during the past year are very important and positive, stressing that

these achievements will be reflected positively during the current year 2024 through

     increased development rates and a

     decline in inflation, poverty and unemployment rates,

pointing out at the same time In the same way,

     government support for the private sector will enhance the economic recovery, and

     will lead to the employment of many workers and

     move the wheel of industry.

Al-Diffai also praised the decisions of the monetary authority that contributed to undermining the dollar and reducing its frightening rises, indicating that   this policy led to the stability of the prices of goods and materials in the local markets, and thus the recovery of the purchasing power of the individual and the increase in the volume of local production,

calling on government agencies to issue more decisions that This will achieve positive results at the economic level in the country, explaining that  the World Bank report mentioned many positive points that Iraq has achieved as a result of those decisions taken by the government, which are in the interest of supporting various productive sectors, agricultural, industrial, and even tourism.   https://alsabaah.iq/89799-.html

Oil: Revenues Last Month Amounted To More Than $8 Billion

Wednesday 03, January 2024 11:03 | Economical Number of readings: 568  Baghdad / NINA / The Ministry of Oil announced today, Wednesday, that revenues last month amounted to more than 8 billion dollars.

The ministry stated in a statement: “The total exports and revenues achieved for the month of December, according to preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to more than 8 billion dollars, as the total amount of exports of crude oil reached (108) million (56).” One thousand and (590) barrels, with revenues amounting to (8.316) billion dollars.”

She added that "the total quantities of crude oil exported for the month of December from the oil fields in central and southern Iraq amounted to (107) million (592) thousand and (532) barrels, while the quantities exported to Jordan amounted to (464) thousand and (58) ) barrels,”

and she continued, “The average daily quantities exported reached (3) million and (486) thousand barrels per day, while the average price of one barrel reached (76.96) dollars.”/End 9

https://ninanews.com/Website/News/Details?key=1098907

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:

I confess that altruistic and cynically selfish talk seem to me about equally unreal. With all humility, I think 'whatsoever thy hand findeth to do, do it with thy might,' infinitely more important than the vain attempt to love one's neighbour as one's self. If you want to hit a bird on the wing you must have all your will in focus, you must not be thinking about yourself, and equally, you must not be thinking about your neighbour; you must be living with your eye on that bird. Every achievement is a bird on the wing. - Oliver Wendell Holmes

Sometimes it is more important to discover what one cannot do, than what one can do. - Lin Yutang

To achieve great things, we must live as though we were never going to die. - Vauvenargues

I am easily satisfied with the very best. - Winston Churchill

The more we realize our minuteness and our impotence in the face of cosmic forces, the more astonishing becomes what human beings have achieved. - Bertrand Russell

Don't be afraid to take a big step if one is indicated. You can't cross a chasm in two small jumps. - David Lloyd George

There is nothing so useless as doing efficiently that which should not be done at all. - Peter F. Drucker

Each morning sees some task begun Each evening sees it close. Something attempted, something done, Has earned a night's repose.  - Henry Wadsworth Longfellow

The reward of a thing well done, is to have done it.  - Ralph Waldo Emerson

God will not look you over for medals, degrees or diplomas, but for scars.  - Elbert Hubbard

There are two kinds of people: those who are always well and those who are always sick. Most of the evils of the world come from the first sort and most of the achievements from the second. - Louis Dudek

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Goldilocks' Comments and Global Economic News Wednesday AM 1-3-24

Goldilocks' Comments and Global Economic News Wednesday AM 1-3-24

Good Morning Dinar Recaps,

Intel:

Today {01/02/23), Dee and I did get confirmed in a meeting with our CBI contact that the Iraqi Dinar is currently trading through electronic mechanisms.

As their currency expands into the International stage this year, they do expect to have a currency with a higher value as the year progresses.

This is a learning curve for them as well as other currencies around the world as many of them began the process of trading in their own currencies on an official level today.

We did schedule a meeting with our contact and other members of their IT Department for later this week or early next week.

© Goldilocks

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The next Gold Standard will be Digital.

© Goldilocks

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Indian rupee may rise to 81/$ by 2024 end amid robust inflow hopes: Goldman Sachs MoneyControl Link

👆 It's a process my friends.

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The President of Venezuela hopes that Venezuela will join BRICS in 2024.

Another major oil player.

He also said that BRICS is the future of humanity.

Commodities…

Read: https://x.com/goldtelegraph_/status/1742265496400207918?s=46

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SEC could inform spot Bitcoin ETF applicants of approval by Jan. 3.

Firms may be notified on Tuesday or Wednesday to prepare for a Jan. 10 launch.

https://cryptoslate.com/sec-could-inform-spot-bitcoin-etf-applicants-of-approval-by-jan-3/

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Blackrock Names JPMorgan as Authorized Participant for Spot Bitcoin ETF Despite Jamie Dimon Wanting to Ban Crypto     Bitcoin News Link

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RBI says All India Fincl Institutions now national development banks  Informist Media Link

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Goldman Sachs Exec Predict Growth For Digital Assets In 2024    News BTC Link

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Has the US Abdicated Global Digital Leadership?     CEPA Link

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UPI new rules: 5 major changes that come into effect from January 1, 2024  AsiaNetNews Link

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The US plays the Role of Top Cop, Establishing Global Crypto Standards

Regulators worldwide have been intensifying efforts to establish formal laws for digital currencies in 2023. While many regions have passed laws with potentially tough penalties, the U.S. stands out for taking some of the harshest legal actions against major players in the crypto industry.

The U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC (https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission)), Department of Justice, and Treasury’s Financial Crimes Enforcement Network (FinCEN) have actively enforced penalties and fines against crypto companies.

https://ciolook.com/the-us-plays-the-role-of-top-cop-establishing-global-crypto-standards/

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SEC may notify approved ETF issuers by early next week, ahead of January 10 launch: Reuters

"Asset managers who met their end of year deadline may be able to launch by the Jan. 10 decision deadline, according to Reuters, citing people familiar with the process. Those include the aforementioned firms, along with Valkyrie, Bitwise, WisdomTree,  Franklin Templeton, BlackRock, VanEck, and Invesco."

These are some big names in the investment field. Companies like these individually have the ability to move the markets in and of themselves. Here, we have seven of them pledging to support the new "spot Bitcoin ETF." This is an asset that will be placed in Global Markets around the world to shift our economy into the digital space.

A wave of buying is expected when this decision comes out on January 10th, 2024. Not to mention all the money these companies will place inside this one asset supporting movement upwards in the crypto space due to the acceptance of Bitcoin serving as a bridge into the new digital asset-based trading system whereby tokenized assets will become the norm.

This shift into a digital economy will bring with it a lot of liquidity from those who have been investing outside of the Financial System anticipating this move into the markets.  The Block Link

© Goldilocks

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Iraqi News Highlights and Points to Ponder Wednesday AM 1-3-24

Iraqi News Highlights and Points to Ponder Wednesday AM 1-3-24

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. Ended 25/day  LINK

wciappetta:   You have to wonder why all the fuss of containing the "market rate" bringing it in line with the CBI official rate? In the past the CBI has been able to maintain the 2% margin or at least close to it. I think the goal today is to achieve this standard again thus proving the ability of the CBI to effectively manage the Iraqi economy according to international standards before they move to the next step, or you would have to question why the extreme effort?

AML/CFT is being employed and this did create a strain on commerce as vendors became acquainted with the electronic system to process commerce and this did upset the balance in dollar access. The CBI employing its new strategy has created the expectation that the market rate for dollars is quickly falling in line with the official exchange rate.

This effort has been spearheaded by the CBI in conjunction with the Fed/US treasury by allowing other foreign currencies into the mix for trade [as was apparently done prior to 1990] in order to reduce dollar demand. I think the 2% target is desired. I think the US is requiring this target in order to move forward. My conclusion for better or worse is based on what the reports declare. In any case and IMO it won't be long to reach the goal.

"Dollar Traps" Are Coming To An End. Parliament Reveals Those Involved In The Fluctuation Of The Parallel Market - Urgent

Baghdad Today - Baghdad   Today, Wednesday (January 3, 2024), the Parliamentary Economy Committee revealed those involved in the fluctuation of the parallel market in Iraq, while indicating that the "dollar traps" are coming to an end.

A member of the committee, MP Yasser Al-Husseini, told "Baghdad Today", "We are closely following the file of the fluctuation of the parallel market in Iraq, especially after moving to the electronic platform prepared by the Central Bank to regulate dollar liquidity and prevent smuggling, but on the other hand, there are those who have been reconciled to beating with any organization because it loses its ability to smuggle and manipulate, which drives it to try to confuse the markets by various means."

He added, "Despite the fluctuation in prices, the coming days will bring greater reassurance to traders and all dealers in the capital market in terms of the stability of the exchange rate at good levels, especially with the control measures of the Central Bank, which we hope will increase in its axes."

Al-Husseini referred to what he called dollar traps - in reference to the attempt by some to manipulate exchange rates in the parallel market - is nearing completion, pointing out that "there are corrupt people who live on the chaos of the market in addition to the trade of contraband, including drugs, which are also a competitor in the parallel market," stressing that "the measures of the Central Bank will combat the most important liquidity threads for them."

He continued, "The stability of the dollar exchange rate will push to reduce prices in the markets and this needs some time, pointing out that, the government's entry into the file of securing materials in the markets will push to a wave of greater decline in the coming period.

Since the announcement of raising the value of the Iraqi dinar against the dollar by the Central Bank, the local markets are witnessing trading other than the official rate of the dollar with a difference of sometimes up to 30 points, which necessitated the intervention of the government and the Central Bank with measures to reduce this phenomenon, but to no avail so far, as the exchange rate of the dollar remained high to more than 150 thousand dinars per 100 dollars in the markets and banks of Baghdad and the provinces.

"Dollar traps" are coming to an end. Parliament reveals those involved in the fluctuation of the parallel market - Urgent » Baghdad News Agency Today (baghdadtoday.news)

Wciappetta:  I wonder if the effort to bring to heel the market rate stalls, will this force the CBI to make the next exchange rate adjustment to near 1000 as a dual effort; one to get ready for lower denomination introduction and two, to further prime the monetary pump in its effort to stabilize the market rate? Perhaps not their first thought but it's in the tool box.

Iran: Iraqi Restrictions On Controlling The Dollar Do Not Mean The End Of Trade Exchanges Between The Two Countries

Economy  01-03-2024 1,122 views   Al-Sumaria News – Economy  Member of the Iranian-Iraqi Chamber of Commerce, Hamid Hosseini, confirmed that the Iraqi Central Bank’s law to control the dollar and the announced restrictions do not mean the end of trade exchanges between the two countries or create problems in trade.

Hosseini said, in an interview with Tasnim News Agency, in reference to the recent measures of the Central Bank of Iraq   to deal with foreign currencies: The restrictions imposed after the adoption of this law were in no way a new or unprecedented event in the face of Iranian-Iraqi trade, as they existed from Before in many ways.

He added: Naturally, this law made it difficult to exchange dollars in the markets of this country, which will naturally affect the process of commercial and international exchanges. These restrictions are very similar to the laws on buying and selling currencies in Iran and cannot be considered a complete ban on currency exchange.

A member of the Iranian-Iraqi Chamber of Commerce pointed to the consequences of applying this law on the foreign exchange process for Iranian merchants and businessmen in Iraq. He said: Nothing new will happen after this law, especially in a country like Iraq, where such issues can be easily resolved.

Of course, perhaps export and import expenditures will rise slightly for a short period of time and the business process will face some risks, but it is unlikely that there will be a major problem in trade exchanges.

Referring to the political developments and events in the region and their impact on similar restrictions, this economic activist added: Such issues are generally related to political situations, relations and regional tensions, especially since Iraq is always under pressure from the United States  and is forced to surrender to the demands of the United States  often.

Hosseini expressed his hope that the positive trend of foreign exchange and trade between Iran and Iraq would continue, and he said: In Iraq, many people still do not want to transfer, buy and sell dollars through financial and banking networks or letters of credit and the like, and Iraqi exchange offices are still the main agent. To exchange currencies in this country.

He continued: Given the circumstances that Iraq is going through, there has always been a way to buy and sell currencies in this country, and Iran can continue its trade exchanges with this country in different ways. There is no doubt that despite the adoption of the new law in this country, the window is open for foreign exchange between Iran and Iraq, and the export process must continue in this way.

He believed that Iranian businessmen and merchants should not worry too much about the consequences of the new Central Bank of Iraq  law, because other countries such as Russia, Syria, Venezuela, and others also face similar problems, but they were able to solve them.

In conclusion, Hosseini stressed that the Iranian government and the Central Bank are taking effective steps in this regard by providing more support and solutions for export operations and currency exchange with Iraq.  LINK

Provoking Points To Ponder on Greatness:

What makes a nation great is not primarily its great men, but the stature of its innumerable mediocre ones.  - Josi Ortega y Gasset

The mind reaches great heights only by spurts. - Vauvenargues

The biggest dog has been a pup.  - Joaquin Miller

There's a pinch of the madman in every great man.  - French proverb

It is unavoidable that if we learn more about a great man's life, we shall also hear of occasions on which he has done no better than we, and has in fact come nearer to us as a human being. - Sigmund Freud

Famous Quotes and Authors, Famous Quotations for all Occasions

"Tidbits From TNT" Wednesday Morning 1-3-2024

TNT:

Tishwash:  Officially...Saudi Arabia begins its full membership in the BRICS group

Saudi television announced today, Tuesday, that the Kingdom announced the official start of its full membership in the BRICS group.
 
BRICS, which until today included Russia, Brazil, India, China and South Africa, announced during its summit in Johannesburg last August that Saudi Arabia, along with the UAE, Egypt, Iran, Argentina and Ethiopia, would join the group starting in 2024.

Saudi Foreign Minister Faisal bin Farhan said during his participation in the Johannesburg summit that ““Saudi Arabia enjoys strong friendships, trade relations and strategic partnerships with the BRICS Council countries,” adding that Saudi Arabia stresses “the importance of activating collective and multilateral action and is keen to exercise its responsibilities to sustain international cooperation.”

Russia assumed the presidency of the BRICS group this year, and Russian President Vladimir Putin said in a speech on this occasion: ““Egypt, Iran, the Emirates, Saudi Arabia, and Ethiopia have joined BRICS as new full members. ” This convincingly demonstrates the growing prestige of this group and its strengthening role in global affairs. We will take all possible steps to facilitate the harmonious integration of new participants into all forms of its activities.” link

Tishwash:  Iran Becomes A Member Of BRICS, With Hopes And Challenges

Iran officially became a member of the China-led BRICS economic organization on Monday, as it seeks to overcome the impact of US sanctions and overcome it isolation.

In its policy of finding shelter under Chinese and Russian-dominated international organizations, Iran achieved full membership in the Shanghai Cooperation Organization in July 2022 and concurrently pursued entry into the BRICS group. Following an official invitation, Iran announced its acceptance into BRICS on August 24, 2023, with the official membership commencing on January 1, 2024.

Iran's Foreign Ministry spokesman, Nasser Kanaani, announced the news on Monday as an important achievement for Tehran, emphasizing the potential for economic potential BRICS can offer. Ehsan Khandouzi, Iran's Finance and Economic Affairs Minister, expressed hope for global engagement and for increased trade opportunities with BRICS countries, despite US sanctions.

Iranian officials, who feel the need to calm domestic anxieties about the economic crisis gripping the country since 2018, routinely tell citizens that BRICS could challenge the dominance of the US dollar, and alleviate the financial crisis brought about by the US sanctions. Despite these assertions, domestic markets know that the Chinese themselves heavily rely on the US dollar for trade. Lack of confidence in the foreign and economic policies of the government has played a major role in the 12-fold devaluation of the Iranian rial against major currencies since 2018.

In Iran’s domestic political dynamics, BRICS is presented as a mechanism and an opportunity to challenge the United States and boost trade.

Despite these perspectives, skepticism remains about the practical benefits of Iran's BRICS membership, especially concerning economic implications. Geopolitical tensions, such as Russia's invasion of Ukraine and China's strained relations with the United States, complicate BRICS' role as a counterweight to the West.

During the BRICS summit in August 2023, Iranian President Ebrahim Raisi and Chinese President Xi Jinping emphasized bilateral cooperation and opposition to “American unilateralism.” While some individuals are optimistic, Tehran observers doubt practical benefits, emphasizing the need to address relations with the US and resolve the dispute about Iran’s nuclear program for meaningful membership impact. Former UN diplomat Kourosh Ahmadi has warned against illusions about potential benefits from SCO and BRICS, suggesting such beliefs could be more harmful than not being members at all.

Challenges

Not all BRICS members may be equally enthusiastic about Iran's inclusion, and not every existing member supported Iran's decision to join. Additionally, the impact of US secondary sanctions, restricting Iran's global business activities, may not be substantially alleviated by BRICS participation, especially given the organization's alignment with China and Russia, both with their own serious economic challenges and disputes with the West.

Nevertheless, Iran's energy sector is expected to experience significant changes with BRICS membership, particularly due to its major role in gas and oil production. Joining BRICS is seen as a strategic move to enhance energy trade and collaboration, especially with China and Russia. Anticipated benefits for Iran include increased energy exports, investment in energy infrastructure, and potential relief from US sanctions through the use of national currencies in energy trading.

While Iran aims to leverage BRICS membership to weaken sanctions, boost its economy, and access broader markets, experts caution that economic gains may be limited without a nuclear deal with the West. The uncertainties about the effectiveness and cohesion of BRICS policies also raise questions about the immediate and long-term benefits of Iran's membership.

Financial Action Task Force (FATF)

The Financial Action Task Force (FATF), a global monitor on money laundering, announced on Friday that it has made no modifications to its blacklist, which includes Iran, Myanmar, and North Korea. Iranian economist Mohammad Mehdi Behkish has emphasized potential difficulties in business transactions with BRICS countries if the FATF issue is not resolved. He has also underscored that, despite additional countries joining BRICS, the economic significance of the United States to China will surpass that of all BRICS nations, emphasizing the necessity of easing financial restrictions for Iran to fully benefit from BRICS membership. 

It is claimed that Iran's membership in BRICS represents a strategic alliance with China and Russia, with opportunities for enhanced infrastructure investment and commerce. The goal to change the dynamics of the global energy market and lessen reliance on the US currency in energy-related transactions is supported by China and Russia. Higher energy exports and the possible use of national currencies as a hedge against US sanctions are anticipated benefits. However, Iran or any other country, needs revenues in hard currencies for most imports, and replacing the US dollar in energy exports does not seem to be a wise policy. 

Moreover, considering the significant trade volumes they maintain with the United States, some BRICS members would be reluctant to take on economic risks in their dealings with Iran. This complicated situation highlights the numerous difficulties and factors that go along with Iran's involvement in BRICS, calling for a systematic and careful strategy to deal with these complications. link

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Tishwash:  The Iraqi dinar is outside the list of the 15 worst-performing currencies against the dollar in 2023

The Lebanese pound was the worst-performing currency in 2023, as it fell by nearly 90% against the dollar, according to Bloomberg data.
 
As for the Argentine peso, it ranked second on the list, recording a decline of 78%, followed by the Nigerian naira, which declined by about 50% against the dollar at the end of last year.

The list below that did not witness the presence of the Iraqi dinar:

It is worth noting that dataBloombergThe official currency rates are based on central banks. link

Mot: ....... at Times -- the Drama Continues -- then Ya Wakes Up!!!

Mot: .. the Best 

Iraq Economic News and Points to Ponder Tuesday Evening 1-2-24

Iraq Economic News and Points to Ponder Tuesday Evening 1-2-24

Tlm724 Administrator Bondlady’s Corner

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

 Economy |12-31-2023, | 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." 

https://youtu.be/qZ8hR8lQ2t8  

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.

https://baghdadtoday.news/239014-المالية-النيابية-تكشف-أسباب-تذبذب-أسعار-الدولار-في-نهاية-العام.html

Advisor To The Association Of Private Banks: Serious Steps To Confront The Dollar Crisis 

December 26, 2023Last updated: December 26, 2023  Independent/- Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed that the  Iraqi government and the Central Bank are working in harmony to address the dollar crisis, and that there are serious steps that have been taken or are being taken in this direction.

Al-Nusairi said in press statements, followed by Al-Mustaqila on Tuesday, that the Central Bank began digital transformation in the banking sector since 2016, by developing electronic payment systems and electronic banks.

It also took a new strategy for economic action that includes steps to enhance local production and reduce dependence on imports. 

Al-Nusairi added that the Iraqi government worked hard to reconsider monetary policies and diagnose the defect, and that  there is great optimism for the continued decline in the price of the dollar in Iraq, as   it is expected to reach 140 (sic) dinars in the first quarter of next year. 

Al-Nusairi pointed out that

Iraq has begun to take the right steps to enter the global financial system, as

     an agreement was signed with the International Monetary Fund, the

     Baghdad Stock Exchange was established, and

     work is underway to establish a regulatory body for financial markets. Al-Nusairi explained that

there is “chaos” in foreign trade in Iraq, as unnecessary goods and services are being imported, which increases the pressure of the dollar on the Iraqi economy, and called for the necessity of organizing and controlling foreign trade.

Informed sources have confirmed that the US Ambassador in Baghdad, Alina Romanowski, with the support of a specialized team from the US Treasury Department, has exerted great and continuous pressure on the Central Bank of Iraq and the Ministry of Finance in order to adhere to international standards in the field of transferring and exchanging money with the world.

The statements of the advisor to the Iraqi Private Banks Association indicate that there are serious steps that have been taken or are being taken in Iraq to address the dollar crisis, as

the Central Bank and the government are working in harmony in this direction.

These steps include

     digital transformation in the banking sector,

     enhancing local production,

     reducing dependence on imports,

     entering the global financial system, and

     regulating foreign trade.

If Iraq succeeds in implementing these steps, it is expected that the severity of the dollar crisis in the country will decline and return to acceptable levels.

But there are still some challenges that Iraq must overcome, such as controlling foreign trade and reducing corruption.    https://mustaqila.com/مستشار-رابطة-المصارف-الخاصة-خطوات-جاد/

Iraq Will Achieve More Than 900 Billion Dinars In Port Revenues In 2023

Economy News – Baghdad  The General Company for Iraqi Ports announced, on Tuesday, that it will achieve more than 985 billion dinars during 2023.

The company's director, Farhan Al-Fartusi, said in a press conference followed by Al-Iqtisad News, "Iraqi ports achieved more than 985 billion dinars during 2023, an increase of 100% over the year 2020."

Al-Fartousi added, "This achievement was achieved due to the strong management of the ports, the determination of its staff, the projects that were developed and opened, and the prepared plans that eliminated a large part of the red tape and the fight against corruption."

Al-Fartusi pointed out that "his company will move towards electronic management, and the year 2024 will be the year of digitization in Iraq's ports," noting that "the completion rates in the five Al-Faw port projects are high and we are on the cusp of the operating stage."

Views 39 01/02/2024 - https://economy-news.net/content.php?id=39095

Oil Is Rising Again Due To The Situation In The Red Sea

Tuesday 02, January 2024 09:05 | Economical Number of readings: 430 Baghdad / NINA / Oil prices jumped by more than 1%, in early Asian trading on Tuesday due to the situation in the Red Sea.

By 0319 GMT, Brent crude rose $1.37, or 1.8%, to $78.40 per barrel.

US West Texas Intermediate crude recorded $72.79 per barrel, an increase of $1.14, or 1.6%.

Leon Li, an analyst at CMC Markets in Shanghai, said, “The price of oil may be affected by the worsening situation in the Red Sea at the weekend and the peak demand season during the Chinese New Year” in early February, noting that the expected demand during the holidays raises expectations for a price recovery in January. /End 11   https://ninanews.com/Website/News/Details?key=1098651

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:

For a man to achieve all that is demanded of him he must regard himself as greater than he is. - Goethe

He that leaveth nothing to Chance will do few things ill, but he will do very few things. - George, Lord Halifax

When spider webs unite, they can tie up a lion. - Ethiopian proverb

Everyone must row with the oars he has. - English proverb

Every calling is great when greatly pursued.  - Oliver Wendell Holmes

Any jackass can kick down a barn, but it takes a good carpenter to build one. - Sam Rayburn

God gives the nuts, but he does not crack them.  - German proverb

Let me tell you the secret that has led me to my goal. My strength lies solely in my tenacity. - Louis Pasteur

What one has to do usually can be done.  - Eleanor Roosevelt

The world is all gates, all opportunities, strings of tension waiting to be struck. - Ralph Waldo Emerson

 Famous Quotes and Authors, Famous Quotations for all

Iraq Economic News and Points to Ponder Tuesday Afternoon 1-2-24

Iraq Economic News and Points to Ponder Tuesday Afternoon 1-2-24

Tlm724 Administrator Bondlady’s Corner

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

     28 December 2023 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 measures 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.

*Results of 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 have begun 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 the local markets compared to the rise that the 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 finance

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 local currency have contributed to a 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 169,000 for every 100 dollars. Ended 25/day

https://almaalomah.me/news/51595/economy/الدولار-يواصل-الخضوع-للدينار-العراقي-فجوة-الصرف-تتقلص-والفيد

The Market “Understands Nothing” About The Reasons For The Rapid Decline In The Exchange Rate.. What Is The Story Of The “Home Dollar”?

 Economy/Localities |12-25-2023, Baghdad today – Baghdad  The parallel market for selling the dollar has witnessed a remarkable decline in recent days, especially with its decline for the first time below 150,000 dinars per 100 dollars,

amid expectations of a further decline in the coming weeks, according to the readings of some experts.

Muntadhar Ali, a money exchange owner, said in an interview with “Baghdad Today” that he “did not expect the dollar exchange rate to fall below 150 thousand dinars for every $100,” adding:

“There is ambiguity in what is happening and the market was programmed to decline without knowing the real reasons.”

He added, "The profits of speculators in the dollar market for 6 months were depleted in the recent decline," pointing out that  "prices may reach 146 thousand dinars per $100 before the end of the week if the accelerating decline continues."

As for Ali Al-Tamimi, the owner of a banking office, he pointed out in an interview with “Baghdad Al-Youm” that  “the house dollar, which is a name we give to some families that keep part of their liquidity in dollars, began selling the dollar after news of strong declines that the dollar market will witness,” pointing out that “The turnout for sales increased by almost 100%.”

 He added,  "The demand for buying the dollar is currently low with the increase in supply," pointing out that  "the dollar may fall below 140 thousand dinars per 100% during January if it remains at this pace."

He pointed out that  "the comments of economists and officials prompted a reduction in the market, in addition to the import of the dollar by some private banks, which opened larger windows to obtain the currency."

As for the member of the Parliamentary Finance Committee, Mudar Al-Karawi, he acknowledged that “the decline in the price of the dollar came due to the actions of the Central Bank and the state by providing liquidity and reducing smuggling,” pointing out that

“the decline is still far from the ambition that we hope it will reach, which is equivalent to the official price announced by the Central Bank of Iraq.”

 He added,"The state's financial policies are good and we expect that the disturbances in the parallel market have become less in terms of speculation,

but this does not mean that it may stabilize at certain limits, especially since we are in an unstable atmosphere in the Middle East that has a direct impact on the economic dimensions."

During the past few days, the dollar declined rapidly from 1,600 to 1,480 dinars per dollar, which means that it lost more than 8% of its value within 10 days.

https://baghdadtoday.news/238564-السوق-لايفهم-شيئًا-عن-اسباب-الانخفاض-المتسارع-لسعر-الصرف.-ماقصة-دولار-المنازل؟.html

They Control The Red Button.” Banking Offices Accuse The “Deep State” Of Manipulating The Dollar: Whales In Baghdad And Erbil

Economy / Special Files |12-27-2023, Baghdad today – Baghdad   The dollar exchange rates throughout Iraq witnessed a slight decline at descending levels for a week, which left impressions on the Iraqi street of the success of the government and the Central Bank’s plans to control the rise in the dollar exchange rates to 20-25 points above the official price of 132 thousand dinars for every 100 dollars.

In light of this decline, today, Wednesday (December 27, 2023), many owners of money exchange offices accused what they called the deep state of manipulating the dollar market, while they indicated that there were no fundamentally justifiable reasons for the decline below 150,000 dinars for every 100 dollars.

Fawad Hadi, a money exchange owner, said in an interview with “Baghdad Today,” that  “the decline and rise of the dollar over the past days is linked to what we call the deep state that controls the parallel market, and they are the dollar whales in Baghdad and Erbil,” pointing out that  the decline was imaginary in order to withdraw liquidity and then raise... the price".

He added,  "There are basically no justifiable reasons for the decline below 150,000 dinars per 100 dollars, but he pushed the 'house dollar' to the banking offices to sell it for fear of a decline. That is, there was something like a psychological state, then it rose again, also for reasons that are still unclear."

Ali Al-Zubaidi, owner of a banking office, said, “We adopt a board with red buttons on it that determines the exchange rate of the dollar and the rest of the currencies in the parallel market, stressing that whoever controls these buttons is the master of the dollar in the markets.”

He added in an interview with "Baghdad Today", "The sudden decline and rise has caused a real state of anxiety in the markets and will lead to paralyzing work because we are currently facing a turbulent market and there are no answers to the reasons for the decline and rise together."

While Burhan Ali, an economic specialist, pointed out that  “the demand for buying the dollar during the end of the year holiday increases, especially with the presence of thousands of travelers outside the country, in addition to the nature of the security conditions and the imminent launch of more than 1,300 large projects in the country at the beginning of 2024, all of which are factors that pressure the withdrawal from the parallel market.”

He admitted in an interview with “Baghdad Today” that  “there is speculation taking place in the parallel market with the publication of inaccurate information that leads to raising or lowering the price of the dollar, pointing out that  lowering the price moved the solid dollar among individuals and pushed them to sell it for fear of its continued decline.”

Earlier today, Wednesday (December 27, 2023), the Parliament’s Finance Committee commented on the decline in the dollar exchange rates in the parallel market.

Committee member Jamal Kujar told Baghdad Today,

“The decline in the dollar exchange rates in the parallel market does not mean the end of the crisis.

Perhaps it is temporary, especially since prices have begun to rise again in the local market.”

He added,  "Government measures are still insufficient to solve the dollar crisis in light of the failure to find quick solutions to fill a lot of foreign financing, especially with Iran, Syria, China and others.

This is why we believe that the dollar crisis is continuing and its solution requires a long time."

https://baghdadtoday.news/238724-يتحكمون-بالزرّ-الأحمر.-مكاتب-الصيرفة-تتهم-الدولة-العميقة-بالتلاعب-بالدولار-الحيتان-في-بغداد-وأربيل.html

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:

I'm a slow walker, but I never walk back.  - Abraham Lincoln

That's one small step for a man, one giant leap for mankind.  - Neil Armstrong

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

In esse I am nothing; in posse I am everything.  - John Adams

Out of the best and most productive years of each man's life, he should carve a segment in which he puts his private career aside to serve his community and his country, and thereby serve his children, his neighbours, his fellow men, and the cause of freedom.  - David Lilienthal

Good is not good, where better is expected.  - Thomas Fuller

Never look down to test the ground before taking your next step; only he who keeps his eye fixed on the far horizon will find his right road.  - Dag Hammarskjold

We promise according to our hopes, and perform according to our fears.  - La Rochefoucauld

Practice yourself, for heaven's sake, in little things; and thence proceed to greater. - Epictetus

 Famous Quotes and Authors, Famous Quotations for all

Goldilocks' Comments and Global Economic News Tuesday AM 1-2-24

Goldilocks' Comments and Global Economic News Tuesday AM 1-2-24

Good Morning Dinar Recaps,

Do you remember those SOFR lending rates that came into effect Globally for the markets and banking system on July 1st, 2023? You know, those that are backed by gold?

The old lending system called Libor operated under uncollateralized units of account in overnight trading to provide liquidity.

SOFR is collateralized by US Treasuries bringing in a more accurate system of lending and liquidity based on real values and cannot be manipulated.

US Treasury Notes such as a US 10 Year Treasury Note pays out at new rates every six months even though it may have a 2,5, 10-year or more duration. And, it pays the face value to the holder at maturity.

Our first round of liquidity for the markets and the banking system under the SOFR lending system pays out early this week.

© Goldilocks
Investopedia Link

~~~~~~~~~~

"Oil traders around the world are gradually shifting away from using the US dollar

Recent reports say major economic powerhouses have used alternative currencies in oil trades in recent times

Most oil deals in the last year have been settled primarily in the Chinese yuan"

For these reasons, many countries are beginning to call for a market-based determination on the dollar.

A market-based determination is a careful analysis that compares prices of one asset to another.

In this case, we are looking at a comparable analysis among other countries' currencies in the use of buying and selling oil with currencies other than the dollar.

This type of price analysis will determine exchange rate changes needing to be done to coordinate reasonable values between countries.

Watch the water.

© Goldilocks
IBS News Link

Tuko Link

Finance Strategists Link

~~~~~~~~~~

This is the year of determining new valuation prices of all currencies around the world.

© Goldilocks

~~~~~~~~~~
New Year’s message from President Christine Lagarde

https://youtu.be/-NhSnQ7gwG0?feature=shared

~~~~~~~~~~

Just a reminder, Japan did an in-country test on the QFS on Christmas Day.

India and a handful of other countries are doing an International pilot test on the QFS starting today. Pilot tests usually run at least 30 days that will take us to January 30th, 2024.

On January 30th, 2024, the rest of the world will begin rolling out their connections to the QFS and utilizing the system.

Each phase along the way will have a set of countries no longer using the US dollar in trade as the World Reserve Currency.

This does not mean that all of them will make that decision, but it will level the playing field for countries around the world that want to start utilizing their own currencies.

These new demands will increase the value of all the currencies involved inside this transition creating a Global Currency Reset through new trading volumes making their way into the Global Market.

Watch the water.

© Goldilocks
Wolfstreet Link

~~~~~~~~~~

Banking Announcement:

The Banking (Capital) (Amendment) Rules 2023 (BCAR), the Banking (Disclosure) (Amendment) Rules 2023 (BDAR), the Banking (Exposure Limits) (Amendment) Rules 2023 (BELAR), and the Banking (Liquidity) (Amendment) Rules 2023 (BLAR) were gazetted today (December 29) to implement the latest capital standards and associated disclosure requirements promulgated by the Basel Committee on Banking Supervision (BCBS) under the Basel III reforms, together with other related updates for the prudential regulation of banks in Hong Kong.

https://www.info.gov.hk/gia/general/202312/29/P2023122800453.htm

~~~~~~~~~~

The gold standard was a part of the global economy for nearly half a century. The United Kingdom introduced it in 1861. Back then, countries used to secure their currency against this precious yellow metal. However, the system couldn’t work for fiat currencies for a long time due to many reasons.

But now, the gold standard seems to be coming back with cryptocurrencies. That’s right, a large number of cryptocurrencies are now being underpinned by gold. Again, there are many reasons leading to this event. From the investors’ perspective, it’s important to gain a complete understanding of it. So let’s delve deeper and see what’s giving a push to these crypto variants.

https://www.thecoinrepublic.com/2023/12/31/understanding-gold-backed-cryptocurrency-its-role-in-trading/

~~~~~~~~~~

BRICS Announcement:

The BRICS memberships of Saudi Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia officially took effect on Monday.

The countries were invited to join the group in August 2023 after the 15th BRICS Summit in Johannesburg, South Africa.  The Standard Link

~~~~~~~~~~

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"Tidbits From TNT" Tuesday 1-2-2024

TNT:

CandyKisses:  Amiri: This year, we look forward to emptying Iraq of foreign forces

Information / Baghdad...

The head of the Nabnani Alliance, Hadi al-Amiri, on Monday expressed his aspiration in 2024 to remove foreign forces from the country.

Al-Amiri said in a statement, received by Al-Maalouma: "On the occasion of the New Year, we extend our sincere congratulations and the most beautiful blessings to the followers of the Christian religion in the whole world and in Iraq in particular, And to all our beloved people."

He added that "we look forward to a dear and capable Iraq, fully sovereign, free from any manifestation of occupation, in which security and peace prevail, and that we celebrate good and harmony.

CandyKisses:  Iraq bids farewell to ExxonMobil and transfers Qurna 1 field to Chinese company

Economy News-Baghdad

 On Tuesday morning, Iraq bid farewell to ExxonMobil, the main operator of the West Qurna/1 field, while China's Petrojaina took over the work duties.

The Ministry of Oil said, in a statement received by "Economy News", that "under the auspices of Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayyan Abdul Ghani, the Basra Oil Company organized a celebration, receiving and handing over the tasks of managing the main operator of the West Qurna / 1 field."

She added: "During the ceremony, which was attended by Undersecretary for Extraction Affairs Bassem Mohammed Khudair, the management of the main operator of the field was handed over to the Chinese company Petrogenea, which replaced ExxonMobil under a settlement agreement for its stake in the field."

The statement pointed out that "the Basra Oil Company has become a major partner in the management of the field by 22.7%, along with companies (Petrojayna of China, Pertamina of Indonesia, Yutoshu of Japan, in addition to the government partner Oil Exploration Company)."

It is noteworthy that the current production capacity of the field is more than 500,000 barrels per day, and both the South Gas Company and Basra Gas are investing the associated gas for the field.

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

CandyKisses:  Iraq is fifth among the largest Arab countries in gas reserves

Shafaq News / Oil & Gas magazine reported that Iraq ranked fifth in the list of Arab countries with the largest reserves of natural gas in 2023, while the State of Qatar was in the lead.

The magazine prepared an annual report of the 10 most Arab countries with gas reserves last year.

According to the report, Qatar ranked first among those countries with more than 842 trillion cubic feet, while Saudi Arabia came with more than 335 trillion cubic feet, and the third place was the UAE with more than 289 trillion cubic feet.

Algeria came fourth with reserves of 159 trillion cubic feet, and Iraq ranked fifth on the list at more than 131 trillion cubic feet last year.

Kuwait ranked sixth with 63 trillion cubic feet, followed by Egypt with 63 trillion cubic feet of natural gas reserves.

Libya ranked eighth with more than 53 trillion cubic feet, and Oman came ninth with reserves exceeding 22 trillion cubic feet.

The right ranked the top ten countries with gas reserves of more than 16 trillion cubic feet, according to the magazine's report.

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

CandyKisses:  Integrity: The Prime Minister and the Supreme Judiciary are the first to disclose the financial disclosure for the year 2024

Baghdad today -  

Integrity: The Prime Minister and the Supreme Judiciary are the first to disclose the financial disclosure for the year 2024

Judge (Haider Hanoun) is the first to disclose financial disclosure from the heads of independent bodies

 The Federal Integrity Commission revealed that the Prime Minister and the President of the Supreme Judicial Council disclosed their financial assets for the year 2024.

 The Media and Government Communication Office at the Authority reported that the Prevention Department received the two financial disclosure forms for the current year for the Prime Minister, Mr. (Muhammad Shia Al-Sudani), and the President of the Supreme Judicial Council, Judge (Dr. Faiq Zaidan), to be the first officials to disclose their financial disclosures from the heads of the three authorities.

The office noted the disclosure of the Chairman of the Federal Integrity Commission, Judge (Haider Hanoun) and the owners applying therein of their financial disclosures for the current year, and the submission of their forms, so that the Chairman of the Commission is the first to disclose the financial disclosure from the heads of independent bodies.

 He added that the Commission urged those covered to expedite filling out the financial disclosure form, and to abide by the timings stipulated in the articles of the Authority's law in force, pointing out that obliging officials to disclose their financial disclosures, and their external activities, Investments, assets, grants or large benefits that may lead to conflict of interest, contribute to strengthening the confidence of the Iraqi people in the government and state institutions.

MotL .. aaaaaahhhhh - Magic of dreaming……

Mot:  ..... guys!! -- ole Tips fer da New Year! - from ole Mot of course!!

Iraq Economic News and Points to Ponder Late Monday Evening 1-1-24

Iraq Economic News and Points to Ponder Late Monday Evening 1-1-24

Tlm724 Administrator Bondlady’s Corner

Sources: American Pressure On The Central Bank And Finance Is Pushing The Dollar Towards Decline

 December 26, 2023 Last updated: December 26, 2023   Al-Independent/- Informed sources confirmed that the US Ambassador in Baghdad, Alina Romanowski, with the support of a specialized team from the US Treasury Department, exerted significant and continuous pressure on the Central Bank of Iraq and the Ministry of Finance in order to adhere to international standards in the field of transferring and exchanging money with the world.

Three sources familiar with Iraqi political and economic affairs, on condition that their names not be mentioned, explained to Al-Mustaqla that these

pressures came within the framework of the United States’ efforts to

     enhance financial and economic stability in Iraq, and to

     stand up to money laundering operations, terrorist financing, and

     dollar smuggling to parties classified by the international community as Supportive of terrorism.

The sources stressed that  American pressure on the Central Bank of Iraq and the Ministry of Finance included the formation of a supreme national committee to combat money laundering and terrorist financing, to include representatives of the government, the private sector, and civil society institutions.

Also, issuing new instructions to commercial banks, obligating them to follow up on money transfers and exchanges with the world, and to provide the necessary information to the competent authorities.

These pressures come at a time when US-Iraqi relations are witnessing a state of incompatibility in a number of areas, after repeated and strenuous attempts to push them towards stability.

Observers believe that these pressures may contribute to strengthening financial stability in Iraq and preventing money laundering and terrorist financing operations.

While other parties warned that these pressures may lead to restricting the movement of funds in Iraq, and increase the burdens on Iraqi financial institutions, the private sector, and individuals.

American pressures on the Central Bank of Iraq and the Ministry of Finance remain under evaluation, and  their real impact on the Iraqi economy will become clear in the near future.

https://mustaqila-com.translate.goog/مصادر-ضغوط-امريكية-على-البنك-المركزي-و/

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: 1339  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

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:

It's them that takes advantage that gets advantage in this world.  - George Eliot

Anything you're good at contributes to happiness.  - Bertrand Russell

I think knowing what you cannot do is more important than knowing what you can do. - Lucille Ball

There is endless merit in a man's knowing when to have done.  - Thomas Carlyle

It's the whole, not the detail, that matters.  - German proverb

Long is the road from conception to completion.  - Moliere

Only those who dare to fail greatly can ever achieve greatly.  - Robert F. Kennedy

Back of every achievement is a proud wife and a surprised mother-in-law.  - Brooks Hays

Noise proves nothing. Often a hen who has merely laid an egg cackles as if she had laid an asteroid. - Mark Twain

We judge ourselves by what we feel capable of doing, while others judge us by what we have already done.  - Henry Wadsworth Longfellow

Do what you can, with what you have, where you are.  - Theodore Roosevelt

About all some men accomplish in life is to send a son to Harvard.  - Edgar Watson Howe

He has half the deed done who has made a beginning.  - Horace

Give me where to stand, and I will move the earth.  - Archimedes

The only way round is through.  - Robert Frost

If a man does not keep pace with his companions, perhaps it is because he hears a different drummer. Let him step to the music which he hears, however measured or far away. - Henry David Thoreau

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Iraq Economic News and Points to Ponder Monday Evening 1-1-24

Iraq Economic News and Points to Ponder Monday Evening 1-1-24

Tlm724 Administrator Bondlady’s Corner

Expectations that the decline in dollar prices will bring benefits to the Iraqi individual

Time: 01/01/2024 Read: 1,963 times {Economic: Al-Furat News} The economic expert, Bask Jamil Antoine, expected that the decline in the dollar exchange rates would benefit the Iraqi individual.

Antoine said {to Al-Furat News} that: “The decline in the dollar exchange rates can bring benefits to the economic reality of the individual in the event that a balanced society exists.”

He stressed "the necessity of monitoring the pockets of speculators and merchants who do not reduce prices, even if the dollar exchange rate declines."

Antoine explained, "The dollar directly affects imported goods. As for goods produced locally, we do not expect their impact to be significant."

In order to reduce the price of the dollar in the local market, the Central Bank of Iraq specified, yesterday, Sunday, the entities covered by receiving their external transfers in cash in the dollar currency, starting from January 2, 2024.

This included external transfers to 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 stipulated that the amounts of incoming external transfers be paid in the dollar currency inside Iraq.

It also included government contracts in effect in the US dollar currency, and ongoing contracts for grants, loans, and foreign agreements,” noting that “40 percent of the remittances received by Iraqi exporters result from their exports abroad.”

The selling prices in the exchange shops in the local markets in Baghdad today, Monday, were 153,250 dinars, while the purchase price was 151,250 dinars for every 100 dollars.  LINK

Dollar Prices Closed Slightly Higher In Baghdad And Stable In Erbil

Market  Economy News – Baghdad  The prices of the US dollar rose against the Iraqi dinar in Baghdad, on Monday, while it stabilized in Erbil.

Dollar prices rose slightly with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 152,350 Iraqi dinars against 100 dollars, while this morning it recorded 152,250 Iraqi dinars against 100 dollars.

Selling prices in banking shops in local markets in Baghdad stabilized, as the selling price reached 153,250 dinars for 100 dollars, while the purchase price reached 151,250 dinars for 100 dollars.

In Erbil, the dollar recorded stability, as the selling price reached 152,300 dinars for every 100 dollars, and the purchasing price was 152,200 dinars for every 100 dollars.

Views 47   01/01/2024 - https://economy-news.net/content.php?id=39061

Al-Rafidain Identifies 7 Advantages Of Electronic Payment

Monday 01, January 2024 09:31 | Economical Number of readings: 584  Baghdad / NINA / Al-Rafidain Bank, today, Monday, identified 7 advantages of the electronic payment system in Iraq.

The bank stated, in a statement, that electronic payment represents:

1- The shift from dealing in manual cash to electronic cash.

2- Moving from a cash society to a cashless society and leaving cash payment to electronic card payment.

3- Collecting and collecting funds electronically.

4- Using POS devices in financial and commercial transactions.

5- Proceeding with plans for financial inclusion and digitization in banking transactions.

6- Establishing a culture of bank financial accounts instead of using direct cash.

7- Adopting an electronic card is safer than carrying cash and moving around in markets and other places./End 9    https://ninanews.com/Website/News/Details?key=1098520

Central Bank Sales Exceed $221 Million Today 

Sunday 31 December 2023 13:31 | Economical Number of readings: 484  Baghdad / NINA / The Central Bank of Iraq announced, today, Sunday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) of $201,511,693, while the total amount of cash sales amounted to $19,840,000, and the total amount of sales amounted to $221,351,693.

The cash sale price was 1,305 dinars per dollar, while the bond credits, international settlements for the electronic card, and foreign transfers were 1,310 dinars per dollar. /End 11 

https://ninanews.com/Website/News/Details?key=1098366

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 Provoking Points To Ponder on Ability and Achievement

The winds and waves are always on the side of the ablest navigators. - Edward Gibbon

How many 'coming men' has one known? Where on earth do they all go to?  - Arthur Wing Pinero

He is the best sailor who can steer within fewest points of the wind, and exact a motive power out of the greatest obstacles.  - Henry David Thoreau

They are able who think they are able.  - Virgil

The biggest things are always the easiest to do because there is no competition. - William Van Home

What we do upon some great occasion will probably depend on what we already are: and what we are will be the result of previous years of self-discipline.  - H. P. Liddon

It's pretty hard to be efficient without being obnoxious.  - Kin Hubbard

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MilitiaMan: Iraq Dinar - Dispursing Payments - Stage Set for Internationalism - Timing - Dinar Commercial

Iraq Dinar - Dispursing Payments - Stage Set for Internationalism - Timing - Dinar Commercial

MilitiaMan and Crew:  1-1-2024

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

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