Iraq Economic News and Points to Ponder Sunday Evening 1-7-24

Iraq Economic News and Points to Ponder Sunday Evening 1-7-24

Tlm724 Administrator Bondlady’s Corner

Central Bank Of Iran: Tehran And Moscow No Longer Need “SWIFT” In Their Dealings

    January 7 21:13  Information/Continue...Deputy Governor of the Central Bank of Iran for International Affairs, Mohsen Karimi, announced on Sunday that Iran and Russia no longer need the “SWIFT” system in transactions between them. Mohsen Karimi said in a statement to Iranian television:

 “Exporters from both countries have the possibility of exporting in their national currency,” adding:

“In this project, exporters and importers exchange their goods for riyals. As for the countries from which we import with riyals, it is possible to export to them with riyals as well.”

Karimi referred to the opening of a letter of credit between Iran and Russia, saying:

“We have linked the correspondence network between the two countries, which means that the banks of the two countries no longer need to communicate through Switzerland.  

It is possible for the exporter to submit an invoice in riyals to the Russian side and receive the money from the Russian banks.” in Iran". Karimi added:

"Iranian businessmen will be able to conduct their economic transactions with Iraq and Afghanistan in riyals during the next six months."

For his part, the Minister of Trade of the Eurasian Economic Union, Alexandrovich Slinev, explained:

“A large volume of our trade is carried out in national currencies, and 8the performance of our central banks is improving,” according to what was reported by the “Mehr” agency.   LINK

https://almaalomah.me/news/52567/economy/البنك-المركزي-الإيراني:-طهران-وموسكو-لم-تعودا-بحاجة-إلى-سويف

Iraq Surpasses Saudi Arabia In Oil Exports To America

Energy  Economy News _ Baghdad  The US Energy Information Administration announced on Sunday that Iraq's oil exports to America decreased over the past week.

The administration said in a table seen by Al-Iqtisad News, “The average US imports of crude oil during the past week from nine major countries amounted to 5.909 million barrels per day, an increase of 1.37 million barrels per day compared to the previous week, which amounted to 4.872 million barrels per day.”

She added, "Iraq's oil exports to America amounted to 239,000 barrels per day last week, down by 141,000 barrels per day from the previous week, which averaged 380,000 barrels per day."

She pointed out that "most of America's oil revenues during the past week came from Canada at an average of 3,796 million barrels per day, followed by Mexico with an average of 952 million barrels per day, and oil revenues from Brazil amounted to an average of 305 thousand barrels per day, and then Libya at an average of 171 thousand barrels per day."

According to the administration, “the amount of American imports of crude oil, from Saudi Arabia, is at a rate of 139,000 barrels per day, from Colombia, at a rate of 129,000 barrels per day, from Nigeria, at a rate of 95,000 barrels per day, and from Ecuador, at a rate of 83,000 barrels per day, while no quantity of oil was imported.” Russia".   01/07/2024 - https://economy-news.net/content.php?id=39201

Al-Sudani Chairs The Fifth Meeting Of The Supreme Committee For Reconstruction And Investment

Sunday 07, January 2024 18:07 | Economical Number of readings: 195 

Baghdad / NINA / Today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani chaired the fifth meeting of the Supreme Committee for Reconstruction and Investment, in which the topics on the agenda were discussed and decisions were taken regarding them.

A statement by the Prime Minister's Media Office explained that in order to solve the housing problem, which represents one of the priorities of the government program, it was approved to proceed with many housing projects in several governorates, in different categories that suit the segments of Iraqi society.

The meeting witnessed the approval of authorizing the Ministry of Construction, Housing and Municipalities to negotiate with the company executing the housing complex in Diwaniyah Governorate, for the purpose of terminating contractual obligations with the company and completing the completion of the project by the same company through the investment method, and presenting the results of the negotiation to the Supreme Investment Committee to take the appropriate decision.

It was also approved to Exempting the Ministry of Industry and Minerals from the declaration requirement stipulated in Council of Ministers Resolution No. (2450 of 2019), amended by Resolution (23774 of 2023), for the project to rehabilitate and develop the refined sulfur production line, which has been suspended since 2003, in the Mishraq field, for the benefit of Rafidi Iraq Trading Company. And general contracting./End   https://ninanews.com/Website/News/Details?key=1099622

Al-Mandalawi Calls On China To Enter Strongly Into The Iraqi Economic Arena

Economy News – Baghdad  Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, on Sunday, called on China to enter forcefully into the Iraqi economic arena through companies known for their sobriety and completion of projects.

Al-Mandalawi’s media office stated in a statement, seen by Al-Iqtisad News, that “Al-Mandalawi received in his office today, Sunday, the Chinese ambassador to Iraq, Cui Wei, and the economic and commercial advisor at the embassy, ​​Xu Chun, and during the meeting, they discussed bilateral relations between Baghdad and Beijing, and ways to develop them through... Increasing the volume of cooperation at various levels, while Al-Mandalawi expressed the House of Representatives’ full support for facilitating the work of reputable Chinese companies inside Iraq.”

According to the statement, Al-Mandalawi called on the Republic of China to “strongly enter the Iraqi investment and economic arena through its companies known for their sobriety and their ability to complete their vital and strategic projects with excellence and complete effectiveness,” calling for accelerating the completion of the work of these projects agreed upon between the two sides, especially the project to build (1000) schools. in the country".

Views 13   Added 01/07/2024 - 7:00 PM  https://economy-news.net/content.php?id=39219

Central Bank Sales Exceed $210 Million Today

Sunday 07, January 2024 12:03 | Economical Number of readings: 432  Baghdad / NINA / The Central Bank of Iraq announced today, Sunday, that its sales of foreign currency through the electronic window amounted to 210,253,270 dollars.

The window recorded the total amounts of transfers abroad (transfers, credits) of 188,893,270 dollars, while the total cash sale amounted to 21,360,000 dollars, and

cash sales were approved. The price was 1,305 dinars per dollar, while bond credits, international settlements for the electronic card, and external transfers were at a price of 1,310 dinars per dollar. /End 11   https://ninanews.com/Website/News/Details?key=1099571

The National Bank Of Iraq Nationalizes The Salaries Of Kurdistan Employees And Grants Them Numerous Loans And Facilities

January 7, 2024 Last updated: January 7, 2024  Independent/- The National Bank of Iraq announced joining the “My Account” initiative launched by the Kurdistan Government, and  starting to localize the salaries of the region’s employees,  stressing the provision of a safe and appropriate means of paying salaries and providing them with broad loans and financial facilities.

The bank said that its selection as one of the banks participating in the “My Account” initiative reflects the great confidence that the Kurdistan government places in the bank, thanks to  its provision of high-quality banking services, its ability to comprehensively and deeply understand the needs of its individual and corporate clients, and  its continuous endeavor to provide them with an unparalleled banking experience with its work.

Working hard to achieve sustainable development in the country by enhancing financial inclusion and supporting government directions in the digital transformation journey. He explained,

 “The National Bank of Iraq is working within this initiative to cover the needs of government employees in the region by providing various services that include;

Loan services,  savings account services, and the  Zanakin account, in addition to using the  banking application with all its features and enjoying the discount programs offered by the bank.”

In terms of loan services, the bank confirmed, “providing many credit facilities that meet the needs and aspirations of the customers of the (My Account) initiative with appropriate interest rates and easy payment terms, while  providing savings accounts and a (Zanakin) account in the bank,” noting that “this gives employees the opportunity to plan For their future and achieving their financial goals in a sustainable way, 

in addition to providing a variety of benefits, including   free access to electronic banking channels,   customers can also benefit from the banking application to manage their accounts and conduct banking transactions with ease and security, carry out transfer and payment operations, monitor the balance, and benefit from discount services and offers.

The exclusivity offered by the bank.” It should be noted that the National Bank of Iraq today   tops the list of banks operating in the Iraqi banking market, in terms of total assets that approached $2.8 billion,   supported by a growth in customer deposits of about 91%, while the   bank has a growing customer base that today has reached about 200 thousand customers who are served by With more than 1,000 employees, 27 branches and 200 ATMs.  https://mustaqila.com/المصرف-الأهلي-العراقي-يوطن-رواتب-موظف/

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Adversity:

Necessity is often the spur to genius.- Honore de Balzac

Necessity is the mother of "taking chances."- Mark Twain

Necessity makes even the timid brave.- Sallust

People wish to be settled; only as far as they are unsettled is there any hope for them.- Ralph Waldo Emerson

Difficulties are meant to rouse, not discourage. The human spirit is to grow strong by conflict.- William Ellery Channing

Adversity causes some men to break, others to break records.- William A. Ward

I think there is this about the great troubles - they teach us the art of cheerfulness; whereas the small ones cultivate the industry of discontent.- Mary Adams

Opposition inflames the enthusiast, never converts him.- J. C. F. von Schiller

The thought that we are enduring the unendurable is one of the things that keeps us going.- Molly Haskell

If you do things well, do them better. Be daring, be first, be different, be just.- Anita Roddick

http://famousquotesandauthors.com/topics/adversity_quotes.html

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Iran-Russia deal, BRICS expansion spell dollar demise

Iran-Russia deal, BRICS expansion spell dollar demise

In a recent op-ed for the Foreign Policy magazine, former White House economist Joe Sullivan warned that a BRICS currency could topple the dollar and put it in a similar position as the British pound, which slipped from international dominance in the 1800s.

Friday, 05 January 2024 – PressTV.co.uk

Iran and Russia have finalized an agreement to trade in their local currencies instead of the US dollar.

Last week, Iran and Russia announced to have finalized an agreement to trade in their local currencies instead of the US dollar. The agreement signed during a meeting between the governors of the two countries’ central banks in Russia enables banks and economic actors to use infrastructures including non-SWIFT interbank systems to deal in local currencies.

Both Iran and Russia are subject to US sanctions, which have motivated the emerging allies to craft their own path in the global economy and break away from traditional monetary systems as countries around the world shift away from the greenback.

In recent years, Russia and Iran have stepped up oil sales in alternative currencies, and found buyers in China, India and elsewhere that are happy to buy these exports often at lower prices because paying in a domestic currency rather than dollars lowers transaction costs.

Last October, Royal Bank of Canada reported that 25% of Russia’s trade with countries other than China was settled with the Chinese yuan.

The US dollar’s dominant role in the international monetary system has enabled the country to act as the world’s watchdog and use threats of exclusion from the dollar-based financial system as a political leverage against the nations which it does not see eye to eye.  

Seeing a risk that Washington could act similarly against them in the future, other governments have also moved to reduce their dependence on dollar payments.

Brazil, the United Arab Emirates and Saudi Arabia have recently taken steps laying the groundwork for trade that sidesteps the dollar.

An Indian refiner took in a shipment of Emirati oil and paid for in Indian rupees after their governments signed a deal in the summer to trade in their own currencies. Brazil and China completed their first local-currency commodity transaction in the fall, involving a shipment of Brazilian pulp.

And in November, China and Saudi Arabia reached a currency swap agreement worth around $7 billion, marking another step in the dedollarization trend.  

China imported $65 billion worth of Saudi crude oil in 2022, according to Chinese customs data. If Beijing can successfully develop a non-dollar oil trading architecture with Saudi Arabia, it will be able to withstand financial sanctions directed at China’s oil imports.

China’s leaders know that its dollar reserves, like Russia’s, can be frozen, and the holdings and transactions of Chinese firms frozen and blocked. Such moves would place extraordinary stress on China’s economy, which is more complexly intertwined with global trade than Russia’s.

Oil is at the center of the shift. A JPMorgan report in September confirmed that more and more of the oil trade is taking place with currencies other than the dollar.

Russia has been selling in Chinese yuan, Russian rubles, Emirati dirhams and Indian rupees, according to the Institute of International Finance. Iran, which mostly sells oil to China in yuan, also has stepped up exports.

Last year, Pakistan began paying for Russian oil shipments in the Chinese currency amid a dollar shortage in the South Asian country.

However, the most serious challenge to the dollar’s dominance is coming from BRICS countries, thanks to the bloc’s growing size and influence over global trade.

The group of emerging countries was formed in 2006 by Brazil, Russia, India and China, with South Africa joining in 2010. BRICS rang in 2024 by inducting five new countries including Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia.

However, more countries have submitted applications to join it and its de-dollarization mission, including as many as 16 new nations which may join BRICS in 2024.

Egypt, Ethiopia, and Saudi Arabia surround the Suez Canal, a key passage for goods to flow into international markets that gives BRICS influence over 12% of all global trade.

The group has now a combined population of about 3.5 billion people, with a combined economy worth over $28.5 trillion or about 28% of the global economy.

In August last year, Brazil’s President Luiz Inacio Lula da Silva called for the BRICS nations to create a common currency for trade and investment between each other.

BRICS is also looking to create their own internet services and not depend on American technology for news and social media.

Last summer, 10 ASEAN countries agreed to stop trading in the US dollar and use native currencies for cross-border settlements.

The bloc compromises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam which are likely on the list of applicants to join BRICS.

In a recent op-ed for the Foreign Policy magazine, former White House economist Joe Sullivan warned that a BRICS currency could topple the dollar and put it in a similar position as the British pound, which slipped from international dominance in the 1800s.

Sullivan touched on major sway of the bloc in commodities markets where Saudi Arabia, Iran, and the UAE are among the world’s top exporters of fossil fuels, while Brazil, China, and Russia are major exporters of precious metals.

Saudi Arabia, Sullivan said, owns over $100 billion in US bonds, which has helped bring BRICS’ total holdings in US Treasury over $1 trillion.

If countries ditch the dollar, the currency will circulate back to the US and lead to inflation where the prices of housing, rent, and basic daily necessities will skyrocket and become unaffordable.

The remaining countries which have not removed the dollar from their economic cycle would have to share the burden with the United States.

De-dollarization would also neutralize US sanctions against countries such as Iran and Russia and ease up commercial exchanges among them.

Moreover, it would lead to economic pressure on Western countries, prompting Europe to carry out trade in euro and any currencies other than the dollar, sending the greenback further into a tailspin.

https://dinarchronicles.com/2024/01/06/iran-russia-deal-and-the-expansion-of-brics-spells-demise-of-the-dollar/

Iraq Economic News and Points to Ponder Sunday Afternoon 1-7-24

Iraq Economic News and Points to Ponder Sunday Afternoon 1-7-24

Tlm724 Administrator Bondlady’s Corner

The Dollar Stabilizes In Baghdad Markets

Time: 01/07/2024 17:11:53 Read: 1,105 times  {Economic: Al-Furat News} The main stock exchange in the capital, Baghdad, was closed today, Sunday, as the dollar exchange rate stabilized against the Iraqi dinar.  Selling prices in money exchange shops in local markets in Baghdad reached 153,750 dinars for 100 dollars, while purchasing prices reached 151,750 dinars for 100 dollars.  The selling price this morning was 153,750 Iraqi dinars, while the purchase price was 151,750 dinars per 100 dollars.  LINK

The Gap Between Supply And Demand Is “Exhausting” The Iraqi Dinar... Two Paths For The Decline In Dollar Prices

Time: 01/07/2024 14:50:22 Read: 1,560 times  {Economic: Al-Furat News} Former Director of the Financial Supervision Bureau, Salah Nouri, today, Sunday, identified two paths through which he could review the exchange rate of the US dollar against the Iraqi dinar.

Nouri told {Al-Furat News} agency, “The exchange rate is determined between supply and demand,” noting that “the demand for the dollar from merchants for the purpose of import, and it is very diverse due to the disruption of industry and agriculture, while the supply comes from the Central Bank through banks, banking offices, and foreign transfers.” .

He added, "The Central Bank has taken many measures in accordance with the agreement with the US Federal Reserve to legalize foreign transfers and eliminate dollar smuggling outside the Central Bank's controls and procedures."

Nouri added, "But in all cases, a gap remains between supply and demand. Demand is met by banks with the dollar balances they possess, and this continues to fluctuate up and down."

The former director of the Financial Supervision Bureau continued, saying: “If the situation of merchants adapts to the procedures of the Central Bank, the difference between the official exchange rate and the parallel market price will be small, but some merchants complain of the complexity and slowness of the Central Bank’s procedures, which prompts them to order from the parallel market.”

He pointed out that "the exchange rate is declining as a result of the Central Bank's dealings in several currencies for import with foreign and Arab banks."

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

The Sudanese Financial Advisor Reveals New Procedures To Develop The Iraqi Banking Market

Time: 01/07/2024 Read: 1,534 times  {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, revealed today, Sunday, new procedures for government banking in financing foreign trade.

Saleh told Al-Furat News Agency: “Important decisions were recently issued by the Council of Ministers that dealt with the foundations of the process of reforming the government banking system, as an international consulting company will undertake the evaluation and financial and administrative reorganization of government banks in a way that ensures the efficiency of their operation so that they form an effective pillar in developing the market.” Iraqi banking.

He added, "This trend simultaneously achieves financial inclusion, introduces advanced financial technologies, reorganizes bank credit for economic development, and the new role of government banking in financing foreign trade for the private sector, in accordance with approved international standards."

At the same time, Saleh noted that “reconsidering bank interest costs, methods for calculating them, and alleviating their burden is among the administrative and financial reform tasks of the government of His Excellency the Prime Minister.”   LINK

Al-Rikabi: The Path Of Economic Reform Is Proceeding At A Rapid Pace And With Continuous Follow-Up By The Sudanese

Sunday 07, January 2024 | Political Number of readings: 53  Baghdad / NINA / The media advisor to the Prime Minister, Hisham Al-Rikabi, confirmed that the path of economic reform is proceeding at a rapid pace and with continuous follow-up by the Prime Minister.

He said in a tweet on the X website that the follow-up aims to raise the economic situation to advanced levels. He explained that one of the pillars of the reform process is the use of electronic card payment (Pos), and the Central Bank of Iraq indicates that there is a great response from the private sector.

https://ninanews.com/Website/News/Details?key=1099639

Al-Sudani: The Use Of Electronic Card Payment Is A Basic Pillar Of Economic Reform

Economy |  01/07/2024  Mawazine News – Baghdad  Prime Minister Muhammad Shiaa Al-Sudani confirmed that the use of electronic card payment is a fundamental pillar of economic reform.

Al-Sudani’s office stated in a statement, “Al-Sudani chaired, this Sunday morning, a meeting devoted to following up on the financial and economic transition to electronic payment, points of sale and financial trading with electronic cards (POS), in the presence of the Governor of the Central Bank, the Prime Minister’s advisors for strategic, economic and banking affairs, and the Director of General payments in the central bank.

He added, "The Prime Minister listened to a briefing on the latest procedures and executive details for the transition to payment by electronic cards, in various public and private sector institutions, and what the agencies concerned with following up and monitoring the transition and use are implementing."

Al-Sudani pointed out, during the meeting, that “the use of electronic card payment and digital payment is a basic pillar of the economic reform adopted in the government program.”

The statement continued: “The meeting also witnessed a discussion of the tariffs and commissions charged by financial and banking authorities, as Al-Sudani stressed that citizens should be spared additional financial burdens as a result of these commissions, and that the goal is to facilitate dealing and facilitate payment in all fields, while ensuring the highest levels of security.”

https://www.mawazin.net/Details.aspx?jimare=239994

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Adversity:

There are times in everyone's life when something constructive is born out of adversity ... when things seem so bad that you've got to grab your fate by the shoulders and shake it.- Anonymous

Brave men rejoice in adversity, just as brave soldiers triumph in war.- Marcus Annaeus Seneca

Some minds seem almost to create themselves, springing up under every disadvantage and working their solitary but irresistible way through a thousand obstacles.- Washington Irving

Every calamity is a spur and valuable hint.- Ralph Waldo Emerson

Treasure the memories of past misfortunes; they constitute our bank of fortitude.- Eric Hoffer

If you will call your troubles experiences, and remember that every experience develops some latent force within you, you will grow vigorous and happy, however adverse your circumstances may seem to be.- John Heywood

http://famousquotesandauthors.com/topics/adversity_quotes.html

 Famous Quotes and Authors, Famous Quotations for all Occasions-

"Tidbits From TNT" Sunday 1-7-2024

TNT:

Tishwash:  "Unprecedented"... Trade announces the opening date of the Baghdad International Fair

The Ministry of Commerce has set the opening date for the Baghdad International Fair in its new session.

The Ministry's Director General of Follow-up and Planning, Talib Hassan Nimah, said in a press statement, "Next Wednesday, the activities of the 47th Baghdad International Fair will begin with the participation of 20 countries and 800 local, Arab and foreign companies."

He stated, “The General Company for Exhibitions and Commercial Services in the Ministry is preparing to open the work of the 47th Baghdad International Fair next Wednesday, corresponding to the 10th of this month, for a period of ten days, including the exhibition, which will be under the slogan (Iraq Continues), the largest economic event that differs from previous exhibitions.” “His preparations began early in order for him to emerge in his splendid form.”

He stated that the participation of countries in the exhibition increased from 13 during 2023, to 20 for the current year, and the largest currently is the Kingdom of Saudi Arabia in terms of the number of its companies, which amounts to 140, in addition to the participation of foreign countries such as Germany, Japan, Spain, Turkey, Iran and India, in addition to Arab countries such as the Emirates, the Sultanate of Oman and Egypt.

Syria, in addition to the participation of the Czech Republic and Azerbaijan, is the first in the exhibition, limiting the number of participating local, Arab and foreign companies to 800, including 509 within the pavilions of the participating countries. 

Nimah pointed out that the exhibition will organize, during its activities, artistic and cultural folklore events that embody the civilization of Mesopotamia, which will constitute an attraction point for foreign investors, and increase the frequency of contracting companies between the Iraqi and international private sectors, in a way that is compatible with the reconstruction and construction campaigns in the country, and contributes to achieving a partnership to support the economy. Because the country has advantages for industrial and agricultural investment in various aspects. link

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

CandyKisses:  In the new year Iraq maintains its rank from global gold reserves

Shafaq News / The World Gold Council announced on Sunday that Iraq has maintained its 30th rank in the world with the largest reserve of the yellow metal.

The latest table of the Council, especially this January, seen by Shafaq News, showed that Iraq maintained its ranking of 30th globally out of 100 countries listed in the table with the largest gold reserves, with its gold hold hold to 132.7 tons, representing 7.7% of the rest of its other reserves.

The table shows that Iraq came in fourth in Arab place after Saudi Arabia, which came first in the Arab with the largest gold reserves, reaching 323.1 tons, followed by Lebanon with 286.8 tons, followed by Algeria with 173.6 tons.

He pointed out that the United States of America is on the throne of the rest of the countries with the largest gold possession in the world at 8.133.5 thousand tons, followed by Germany 3.352.6 thousand tons, and then Italy came 2.451.8 thousand tons, while Bosnia and Herzegovina ranked 99th with 1.5 thousand tons, followed by Suriname with the same amount of 1.5 thousand tons.

The Council stated that on June 27, 2022, Iraq announced the purchase of new quantities of gold by approximately (34) tons, with an increase of 35% over what it had in possession, while it was announced in May that it had purchased 2.3 tons of gold.

The British-based World Gold Council has extensive experience and deep knowledge of the factors causing market changes and its members are made up of the world's largest and most advanced gold mining companies.

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

CandyKisses:  Supported by Iraq and two African countries. OPEC oil production rises by 70,000 barrels per day

Economy News - Baghdad

OPEC's oil production has become the focus of global markets after the month of December 2023 witnessed strong events, including the announcement by 8 countries of additional voluntary production cuts along with Angola's withdrawal.

It seems that last month's production escaped the repercussions of the aforementioned events, as it received a production increase estimated at about 70,000 barrels per day, compared to the previous November, supported by additional performance from 3 countries, according to information published by the specialized energy platform.

Seven countries – Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman – announced a voluntary reduction in their production during the first quarter of this year until the end of March, while Russia adopted a reduction in crude and derivatives exports of 500,000 barrels per day during the same period.

OPEC oil production in December

OPEC countries produced up to 27.88 million barrels per day during the month of December, according to ship shipping and tracking data, quoted by Reuters in a survey conducted and announced its results on Friday, January 5, 2024.

According to the results of the survey, December production reveals an increase of 70,000 barrels per day, compared to the previous month, but OPEC's oil production during the monitored month fell by more than one million barrels per day during the same month of 2022.

The majority of the increase came from Iraq, Angola and Nigeria, with the former and the latter contributing about 60,000 barrels per day, while the latter stepped up crude exports, given that the Dangote refinery, which is important for the refining sector, has not yet begun operations.

Production rates in December are higher than the previous month (November 2023), which saw a decline for the first time since July by about 90,000 barrels per day.

Markets are awaiting the release of OPEC oil production data for January, following Angola's withdrawal from the organization and measuring the impact of the voluntary reduction of the 8 countries on production volumes and price levels.

OPEC Production Policy

Analysts believe that OPEC's oil production is affected by the organization's policy, as it pledged at its last meeting (end of November 2023) to work to ensure market stability and balance.

Although no new additional production cuts have been adopted, a number of member states have decided to introduce voluntary cuts in the first quarter of this year.

For example, Saudi Arabia extended its reduction of about one million barrels per day since July 2023, and expressed its desire to continue it until the end of March 2024. 

This comes without counting the voluntary reduction announced by Riyadh (during the period from April 2023 until the end of December 2024), which amounted to 500,000 barrels, so that the Kingdom's production during this period stabilized at 9 million barrels per day.

A dispute over the production quotas of African countries caused Angola to announce in December 2023 its withdrawal from the organization, after it was unable - along with Nigeria - to meet their goals, while the organization later issued a clarification confirming the unity and cohesion of the oil market.

* Outlook 2024

The editorial advisor of the specialized energy platform, energy economics expert, Dr. Anas Al-Hajji, said that the oil market in 2024 will witness a "difficult" year, expecting OPEC+ countries to maintain their announced reductions on production throughout the year.

He confirmed during one of the episodes of the "Energy Forgets" program on the "X" platform in December 2023, that expectations of oil prices breaking the barrier of $ 90 per barrel during the fourth quarter of last year were - contrary to the expectations of the majority of analysts - is unlikely, due to the decline in economic growth rates, especially from China, as well as OPEC's announced voluntary cuts.

Oil prices at the beginning of 2024 seem to have been in line with Hajji's vision, as they witnessed a "temporary" rise at $80 a barrel before stabilizing at $76 per barrel on the first day of the year.

Analysts polled by the specialized energy platform linked the OPEC+ alliance's approval of an additional cut to the stability of oil prices between $80 and $85 a barrel, or slightly lower.

It is noteworthy that the total voluntary reduction announced by the coalition countries, at the end of November 2023, is 2.193 million barrels per day.

Mot:  .... Sooooooooooooooo True!!!! --- boo hoo 

Mot:  ...... Finally!!! -- Gets the Car dug out!!! 

Iraq Economic News and Points to Ponder Saturday Evening 1-6-24

Iraq Economic News and Points to Ponder Saturday Evening 1-6-24

Tlm724 Administrator Bondlady’s Corner

The Dollar Rises Again Against The Dinar In The Parallel Market

Economy |06/01/2024  Dollar prices rose again in the markets of the capital, Baghdad and Erbil.

A source told Mawazine News that “dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 153,300 dinars against 100 dollars, while prices yesterday, Monday, were 1,534,750 dinars against 100 dollars.

” He pointed out that “selling prices in exchange shops in the local markets in Baghdad decreased as The selling price reached 153,250 Iraqi dinars, while the purchasing price reached 152,250 dinars per 100 dollars.  In Erbil, an increase was recorded in the exchange shops, the selling price was 153,850 dinars against the dollar, and the purchasing price was 153,750 dinars against 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=239957

Oil Prices Jump By About 2% As Tensions In The Middle East Increase

Saturday 06, January 2024 08:46 | Economical Number of readings: 355  Baghdad / NINA / Oil prices rose by more than a dollar during trading yesterday evening, Friday, with US Secretary of State Anthony Blinken preparing to visit the Middle East in an attempt to contain the raging regional tensions as the conflict intensifies between Israel and Hamas.

Brent crude futures rose $1.17, equivalent to 1.51%, to $78.76 per barrel, and US West Texas Intermediate crude futures increased $1.53, equivalent to 2.12%, to $73.72.

The two benchmark crude oils recovered almost all of the losses they incurred on Thursday, when settlement prices recorded a decline after a volatile session due to a large weekly increase in gasoline and distillate stocks.

Both crude oil standards are heading to end the first week of the year on the rise, after almost recovering their losses from last Thursday due to large increases in US gasoline and distillate stocks./ End 9   https://ninanews.com/Website/News/Details?key=1099366

More Than $600 Million In Sales From The Iraqi Central Bank In A Week

Economy  Saturday, January 6, 2024 Baghdad/National News Center  The Central Bank of Iraq's total sales of hard currency to the US dollar during the past week amounted to more than 600 million dollars.

During the past week and for the three days in which the auction was opened, the Central Bank of Iraq sold 634 million 373 thousand and 298 dollars, at a daily rate of 211 million 457 thousand and 766 dollars, lower than what it recorded last week, which amounted to 1 billion 22 million 302 thousand and 804 dollars.

The highest dollar sales were on Sunday, when sales amounted to 221 million, 451,693 dollars, while the lowest sales were on Wednesday, when sales amounted to 205 million, 298,248 dollars.

Foreign remittance sales during the past week amounted to 554 million, 161 thousand and 278 dollars, an increase of 86% compared to cash sales, which amounted to 80 million, 212 thousand and 20 dollars.

As for the sales that went in the form of cash and transfers abroad to finance foreign trade, the selling price of the amounts of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of the amounts of transfers abroad and the cash selling price reached 1,310 dinars per dollar.   https://nnciraq.com/244768/

Unprecedented"... Trade Announces The Opening Date Of The Baghdad International Fair

Time: 01/07/2024 Read: 338 times  {Economic: Al-Furat News} The Ministry of Commerce has set the opening date for the activities of the Baghdad International Fair in its new session.

The Ministry's Director General of Follow-up and Planning, Talib Hassan Nimah, said in a press statement, "Next Wednesday, the activities of the 47th Baghdad International Fair will begin with the participation of 20 countries and 800 local, Arab and foreign companies."

He stated, “The General Company for Exhibitions and Commercial Services in the Ministry is preparing to open the work of the 47th Baghdad International Fair next Wednesday, corresponding to the 10th of this month, for a period of ten days, including the exhibition, which will be under the slogan (Iraq Continues), the largest economic event that differs from previous exhibitions.” “His preparations began early in order for him to emerge in his splendid form.”

He stated that the participation of countries in the exhibition increased from 13 during 2023, to 20 for the current year, and the largest currently is the Kingdom of Saudi Arabia in terms of the number of its companies, which amounts to 140, in addition to the participation of foreign countries such as Germany, Japan, Spain, Turkey, Iran and India, in addition to Arab countries such as the Emirates, the Sultanate of Oman and Egypt. Syria,

in addition to the participation of the Czech Republic and Azerbaijan, is the first in the exhibition, limiting the number of participating local, Arab and foreign companies to 800, including 509 within the pavilions of the participating countries.

Nimah pointed out that the exhibition will organize, during its activities, artistic and cultural folklore events that embody the civilization of Mesopotamia, which will constitute an attraction point for foreign investors, and increase the frequency of contracting companies between the Iraqi and international private sectors, in a way that is compatible with the reconstruction and construction campaigns in the country, and contributes to achieving a partnership to support the economy. Because the country has advantages for industrial and agricultural investment in various aspects.    LINK

Iraq Is The Third Arab Country Spending The Most On Electronic Games In 2023

Economy News – Baghdad  Iraq ranked third as the largest Arab country spending on electronic games for the past year 2023, according to Bloomberg, today, Saturday.

The American agency stated that Saudi Arabia ranked as the highest Arab country spending on electronic games in 2023, as total consumer spending reached $1.89 billion during the previous year, an increase of 13% over the year 2022, while Egypt came second with a spending volume of $1.71 billion last year. An increase of 17% over the year 2022.

She pointed out that "Iraq ranked third for last year 2023, with total spending reaching $90 million, an increase of 11.1% over the year 2022. Algeria came in fourth place, with total expenditures for last year reaching $72 million, while the UAE ranked fifth, reaching $72 million." Total expenses are $66 million.”

According to Bloomberg, “Morocco came in sixth place with total expenditures of $47 million, Sudan came seventh with $29 million, while Kuwait came eighth with $26 million, while Qatar came in ninth place with $26 million, while Lebanon came tenth with $25 million.” .

Views 72  Added 01/06/2024 - 2:06 PM  https://economy-news.net/content.php?id=39193

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Adversity:

What we want is never simple.- Linda Pastan

For me life is a challenge. And it will be a challenge if I live to be a hundred or if I get to be a trillionaire.- Beah Richards

To be thrown upon one's own resources is to be cast into the very lap of fortune, for our faculties then undergo a development and display an energy of which they were previously unsusceptible.- Benjamin Franklin

Every failure made me more confident. Because I wanted even more to achieve things, as revenge. To show that I could.- Roman Polanski

Adversity is, to me at least, a tonic and a bracer.- Sir Walter Scott

Difficulties should act as a tonic. They should spur us to greater exertion.- B. C. Forbes 

http://famousquotesandauthors.com/topics/adversity_quotes.html

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Goldilocks' Comments and Global Economic News Saturday Evening 1-6-24

Goldilocks' Comments and Global Economic News Saturday Evening 1-6-24

Good Evening Dinar Recaps,

Europe’s Payment System’s Big Bang: Inside the ISO 20022 Migration

Rolling out a new common language for global payment data is no small feat. However, the transition is gathering momentum, with one domestic payment system after another converting to ISO 20022 (a standard for financial-information interchange between financial institutions developed by ISO, the International Organization for Standardization) over the past two years, including in countries such as Singapore.

This year, it was Europe’s turn, with all three of its payment systems—Eurosystem’s TARGET2, EBA Clearing’s EURO1 and Swift’s (or SWIFT’s, Society for Worldwide Interbank Financial Telecommunication’s) CBPR+ (cross-border payments and reporting plus)—opting to migrate in March in what the industry termed a “big bang” approach.  International Banker Link

👆  Goldilocks pointed to this article

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Introducing a new Copilot key for Windows 11 PCs

Microsoft’s new Copilot key is the first big change to Windows keyboards in 30 years / Microsoft wants 2024 to be the year of the AI PC as it lines up bigger changes to Windows.

https://youtu.be/S1R08Qx6Fvs?feature=shared

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Gold Price Forecast – Prices are Correcting into an Intermediate Low as Expected  FX Empire Link

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Why would a commodity-exporting country be happy to accept a currency that is rapidly losing value and can be easily frozen?

The train of economic thought today starts with floating currencies and ends with money printing.

This is not sustainable and is why resets happen.  Twitter Link

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USD IQD Exchange Rate  1/5/2024 and What Deep Learning  Says #iqd

https://youtube.com/shorts/6OdU-N4Y_b4?feature=shared

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Lots of topics will be covered on different calls.

Saturday Night Live Calls Link  Freedom Fighter, Q3 Proud and Jester

Saturday Night Live Q & A Link

Q & A Rooms will be open on the day of the call for you to post questions for the host.

➡Saturday Night Live Call LINK

 ➡9 pm EDT / 8 pm CDT / 6 pm PDT

➡OPEN NOW FOR QUESTIONS

Ask your questions in the SNL Q & A Link 

➡All calls are recorded and in the Archive room Link 

➡ Calls are 2 hours long

📣Team Calls with Texas Snake and Bob Lock TBA

➡Seeds of Wisdom Team© Website 

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Morgan Stanley just downgraded the worth of the dollar. More on this tomorrow.

© Goldilocks

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Follow Goldilocks' Roadmap

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Goldilocks' Comments and Global Economic News Saturday AM 1-6-24

Goldilocks' Comments and Global Economic News Saturday AM 1-6-24

Good morning Dinar Recaps,

"In response to a surge in attacks on merchant ships, 18 significant shipping companies have opted to avoid transiting the Red Sea, as reported by the International Maritime Organization (IMO). IMO Secretary-General Arsenio Dominguez informed the UN Security Council on Wednesday that a substantial number of companies have rerouted their vessels around Africa to mitigate the impact of attacks on seafarers."

“While we continue to hope for a sustainable resolution in the near future and do all we can to contribute towards it, we do encourage customers to prepare for complications in the area to persist and for there to be significant disruption to the global network,” it added.  K News Link Port Calls Link

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The moment we see a revalued price on gold, at some level all currencies will be partially gold-backed.

© Goldilocks

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A full revaluation of the gold price to its real value will give us a fully gold-backed system.

© Goldilocks

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Bank Indonesia (BI) has confirmed plans to move ahead with exploring a central bank digital currency (CBDC) in 2024, with full-scale trials in partnership with leading commercial banks.
Coin Geek Link

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Two Banking Announcements:

* Basel Committee finds Mexico compliant with its Net Stable Funding Ratio standard and large exposures framework, and largely compliant with its Liquidity Coverage Ratio.

* Assessments find Switzerland largely compliant with the Committee's Net Stable Funding Ratio standard and large exposures framework.  https://www.bis.org/press/p231213.htm

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"Mortgage demand plummets again despite drop in interest rates"

Let me give you an idea of just how big the Mortgage Market really is: Residential Mortgage Market Size:  Residential $13.864 trillion. This is not counting Corporations and Business offices.

The Housing Market is still in the process of resetting their prices to coordinate their values with the Banking System's new Basel 3 Capital requirements being implemented on January the 16th, 2024.  

Look for new market valuations to form in the near term inside this multi-trillion-dollar business. Coordinating real-world values between the markets and the banking system is a phase of the global economic reset that is just beginning to come to a head.

© Goldilocks
FOXBusiness Link
BankingStrategist Link
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Washington, D.C. — Commissioner Christy Goldsmith Romero, sponsor of the Commodity Futures Trading Commission’s Technology Advisory Committee (TAC), today announced a detailed agenda for the TAC’s live-streamed January 8, 2024 public meeting at the CFTC’s headquarters. 

“Debate around issues of emerging technology for financial markets is enhanced by the Commission’s engagement with the broad and diverse group of technology experts who serve on the TAC, and I am grateful for their service,” said CFTC Commissioner Goldsmith Romero.

“Technology issues are critically important. Artificial intelligence can be transformative, but only if implemented responsibly, in a way that protects customers and markets from harm. Cybersecurity risks continue to be an area that keeps people up at night, and requires constant vigilance. I am also very grateful for the Subcommittee’s work to study decentralized finance, an area where greater understanding will better inform policy decisions.”   

https://www.cftc.gov/PressRoom/PressReleases/8846-24

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Follow Goldilocks' Roadmap

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Thank you Dinar Recaps

Iraq Economic News and Points to Ponder Late Friday Evening 1-5-24

Iraq Economic News and Points to Ponder Late Friday Evening 1-5-24

Tlm724 Administrator Bondlady’s Corner

The Central Bank Announces The Imminent Issuance Of Decisions To Support The Iraqi Dinar

Economy |  01/05/2024   Baghdad - Mawazine News   Today, Friday, the Central Bank of Iraq revealed anticipated measures and decisions to support the dinar and maintain its strength against other currencies, and other measures that will positively affect the exchange rate, while indicating that it has taken measures in the field of gradually ending the electronic platform.

Assistant Director General of the Investment Department at the Central Bank of Iraq, Muhammad Yunus, said, “The Central Bank will monitor and follow up on all banks and customer complaints that are received if the banks are forced to convert customer accounts to the US dollar,” stressing that “this issue is easy to follow.” It will be monitored, and banks that do not comply with this decision will be held accountable.”

He added, “This decision and the decisions that will follow it in the coming days are all in the interest of supporting the Iraqi dinar and increasing confidence in it,” noting that “what confirms the strength of the dinar and the public’s confidence in it is the continuation of the Central Bank of Iraq and its failure to fulfill any of the needs of the various sectors.” It now finances the commerce, electronic payment, travel and other sectors.”

He pointed out that "in the coming days there will be more measures in the field of meeting all the needs of the market and supporting the Iraqi dinar and maintaining its strength against other currencies," noting that "the Central Bank, as part of its new procedures, prevented banks from automatically converting customer accounts in the dollar currency to the Iraqi dinar." Without the customer’s consent, customers were allowed to open accounts in different currencies.”

He noted that “what is new in updating the procedures is that it allowed companies that have contracts with the state to receive their incoming transfers, including workers’ salaries, as well as ongoing contracts for grants and loans in accordance with the Council of Ministers,” adding: “The other point is also in this new decision, It is to allow banks to agree with their customers to bring their incoming remittances in cash to Iraq.”

He stressed that "these measures will positively affect the exchange rate in the market, will increase the supply of the dollar, and contribute to serving and supporting important sectors in the economy, including the exporting sectors and the sector of companies operating in the government field and in the field of infrastructure development and strategic projects, in addition to supporting community organizations." Al-Madani, which contributes to the humanitarian and charitable field in Iraq.

He explained, “The main goal behind this update or these instructions is to expand the largest possible segment’s access to the cash dollar by meeting its current needs for this dollar, as these instructions expanded the number of entities that benefit from the cash dollar, including civil society organizations, and these measures supported an important segment.” In the economy, they are the exporters’ sector, as it allowed them to obtain 40 percent of the remittances received as a result of their exports and receive them in cash.”

He pointed out that “the decision clearly specified the mechanisms for its implementation by banks, and focused on the issue of incoming transfers, as it allows some groups to receive their incoming transfers in cash,” explaining that “this decision relates to incoming transfers and not the cash sale of dollars to travelers, as cash sales to travelers will continue as This is the case now, in addition to meeting the needs of customers and companies through this decision, and thus it will reflect positively on the exchange rate in the coming days.”

He stressed that “there are no restrictions applied to banks in the field of money transfer, because there are procedures in the field of gradually ending the Central Bank of Iraq platform by supporting interests to open accounts in foreign banks abroad, and the role of the Central Bank is limited to enhancing these balances and following up on operations.” the transfer".

He concluded by saying: “There are no restrictions on money transfers in different currencies within the banking system in foreign currencies, but this decision relates to the cash dollar (cash withdrawal).”

https://www.mawazin.net/Details.aspx?jimare=239915

Issuing Third Reconstruction Bonds Worth Two Trillion Dinars

Economy | 01/05/2024   Today, Friday, the Ministry of Finance announced the issuance of third reconstruction bonds worth two trillion dinars.

The media office of the Ministry of Finance said in a statement received by Mawazine News: “The Ministry of Finance issued the third bonds under the name of reconstruction bonds in the amount of (2) trillion dinars, based on Budget Law No. 13 for the years (2023-2024-2025), for the period from 12/31/ 2024 until 1/30/2024.”

He added, "The categories offered for these bonds will be as follows: a bond in the category of 500,000, five hundred thousand Iraqi dinars, with an annual interest of 6% for a period of two years, and a bond in the category of 1,000,000 million Iraqi dinars, with an annual interest of 8% for a period of four years."

He pointed out, “Those wishing to purchase from the public must submit purchase requests through licensed banks, and we call on investors and citizens to take advantage of the offer and take the initiative to benefit from this investment opportunity, as the size of the issuance will be very limited.”

The statement concluded, "These bonds are tradable on the Iraq Stock Exchange."

https://www.mawazin.net/Details.aspx?jimare=239922

Planning: Develops A Plan To Implement The General Census And Explains Its Most Prominent Requirements

Economy News – Baghdad  On Friday, the Ministry of Planning confirmed the development of a detailed plan for the general census of population and housing, which is expected to be implemented during the current year 2024, while revealing the stages of implementation and the most prominent requirements.

Ministry spokesman Abdul Zahra Al-Hindawi said, in a statement reported by the official news agency, and seen by Al-Eqtisad News, that “the Ministry of Planning continues to prepare and complete the requirements for implementing the general census of population and housing, which it is hoped will be implemented before the end of the current year 2024, and there are a number of requirements.”

We are working to complete the basic basics that we are working to complete during the remaining months until the date set for implementing the census.”

Al-Hindawi added, “We have important stages that begin with contracting with an international consulting company, and then after that we begin importing tablets through which the census can be carried out, as we need at least 120 to 130 thousand tablets, and then after that we conduct the census.”

The trial census process in selected areas in each governorate to know or test our capabilities in the process of implementing the general census.

Then we come to another stage, which is the inventory and numbering stage, which includes the process of numbering houses, buildings, and establishments throughout Iraq, and this requires approximately two months to be completed.

He continued, "There are other requirements, including the establishment of a data processing center, including the provision of satellite images to administrative units at the governorate, district, district, and village levels, including also providing telephone coverage for all regions of Iraq, to ​​facilitate the task of direct data transfer, and other requirements," warning, “

We have developed a detailed plan with specific stages and timings, and there is cooperation with all ministries and all relevant authorities in the process of implementing the plan to ensure providing the appropriate environment for implementing the general population and housing census.”  https://economy-news.net/content.php?id=39178

Oil Prices Rise Supported By The Statements Of The US Central Bank

Friday 05, January 2024 | Economical Number of readings: 511  Baghdad / NINA / Oil prices rose today, Friday, after the minutes of the Federal Reserve (US Central Bank) meeting indicated that inflation was under control.  Brent crude futures rose 37 cents, equivalent to 0.5 percent, to $77.96 per barrel. And US West Texas Intermediate crude futures increased 50 cents, equivalent to 0.7 percent, to $72.69.

The two standard crude oils recovered almost all of their losses incurred yesterday, Thursday, when Prices at settlement recorded a decline after a volatile session due to a large weekly increase in gasoline and distillate inventories in the United States.”  https://ninanews.com/Website/News/Details?key=1099268

Sudanese announces the formation of a bilateral committee to schedule the withdrawal of international coalition forces from Iraq

Friday 05, January 2024 11:12 | PoliticalNumber of readings: 1042 

Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani announced today, Friday, the formation of a bilateral committee to schedule the withdrawal of international coalition forces from Iraq./End 5

https://ninanews.com/Website/News/Details?Key=1099283

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Adversity:

Fire tries gold, misfortune men.- Anonymous

The fiery trials through which we pass will light us down in honour or dishonour to the latest generation.- Abraham Lincoln

Thou hast shown thy people hard things: thou hast made us to drink the wine of astonishment.- Bible

A wounded deer leaps the highest.- Emily Dickinson

The difficulties which I meet with in order to realize my existence are precisely what awaken and mobilize my activities, my capacities.- Jose Ortega y Gasset

Whenever there is chaos, it creates wonderful thinking. I consider chaos a gift.- Septima Poinsette Clark

I have always been pushed by the negative.... The apparent failure of a play sends me back to my typewriter that very night, before the reviews are out. I am more compelled to get back to work than if I had a success.- Tennessee Williams

http://famousquotesandauthors.com/topics/adversity_quotes.html

 Famous Quotes and Authors, Famous Quotations for all Occasions-

"Tidbits From TNT" Saturday 1-6-2024

TNT:

CandyKisses:  Absolute parliamentary support for Sudan's steps to end the US presence

Information / Baghdad.

The Sadiqoun parliamentary bloc announced on Saturday its full support for Prime Minister Mohamed Shia al-Sudani's steps to end the foreign presence in the country and achieve national autonomy. 

MP Rafiq Hashem told Al-Maalouma that "the removal of foreign forces, led by the Americans, from Iraq is the best response to the US terrorist attacks against the headquarters of the Popular Mobilization."

He added that "the US foreign presence has become a threat to the security of Iraq," noting that "the stay of these forces for a longer period is an obstacle to national autonomy."

He stressed that "the steps of the Prime Minister to end the foreign presence and achieve full national autonomy is a step in the right direction," noting that "the Iraqi people do not want these forces to remain under any title."

Most Iraqi political forces have issued their support to the prime minister on steps to remove US forces from Iraq after a series of attacks against Iraqi security forces. 

Tishwash:  Al-Sudani pledges that the Iraqi army will be at the forefront of the world's armies

The Commander-in-Chief of the Armed Forces, Prime Minister Muhammad Shiaa Al-Sudani, pledged on Saturday that the Iraqi army would be at the forefront of the world’s armies in terms of combat level and high readiness.

Al-Sudani said in a statement on the occasion of the 103rd anniversary of the founding of the Iraqi army, “Our Iraqi army, which with its sacrifices painted great epics, and protected the land of Iraq with the blood of its people from the evils of aggressors,” adding, “If it were not for those great sacrifices, Iraq would not have enjoyed stability, security, and peace.” .

He added, "These sacrifices always push us forward, double our adherence to our democratic system, and increase our insistence and resolve to build our free and dignified state in which all Iraqis live equally, without distinction or discrimination."

Al-Sudani continued by saying, "Our pledge to you, our heroes in the Iraqi army, is to be supportive of you, to preserve your rights, and to be at the forefront of the armies, in terms of combat level and high readiness."

Today, Saturday, marks the 103rd anniversary of the founding of the first regiment in the Iraqi army on January 6, 1921. It bore the name “Musa Al-Kadhim Regiment.” It was the first nucleus in the army’s long march, and was followed by two air and naval forces, increasing its strength until it became 4 divisions. The first and third divisions were in Baghdad, the second division was in Kirkuk, and the fourth division was in Diwaniyah. link

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Tishwash:  Iranian-Iraqi negotiations to solve the problem of dealing with the dollar: No crisis in the private sector

The head of the Iran-Iraq Joint Chamber of Commerce, Yahya Al-Ishaq, stated today, Saturday (January 6, 2024), that the Iraqi government is trying to resolve the relationship between the dinar and the dollar with regard to Iran and other countries, while indicating the existence of negotiations between the two sides.

In an interview with the ILNA Labor Agency, the head of the Joint Iranian-Iraqi Chamber of Commerce considered these developments a temporary matter and not new for Iran. He explained: “What is happening today in trade relations between Iran and Iraq is not a new matter. About three months ago, the Iraqi government established rules for To regulate the relationship between the dinar and the dollar, according to which all importers of goods to Iraq are obligated to obtain their currency from the Central Bank of Iraq at the official rate, as this was previously done through exchange offices in the country.

He added: “Given the limitations faced by importers of goods from Iran in obtaining dollars in the official market, they buy dollars from the free market and exchange them through exchange offices, where the price difference is about 20%, and this may increase problems for Iranian merchants.”

Al-Ishaq confirmed that “the Iraqi government is trying to resolve the relationship between the dinar and the dollar with regard to Iran and other countries,” noting that “there are negotiations between the Central Bank of Iran and its Iraqi counterpart in this regard.”

He continued, "Iraq's problems with Turkey in this regard have recently been resolved, and with regard to Iran, it is very likely that they will be resolved as well, so that the commercial flow of Iranian merchants to Iraq will not face any problem, and these solutions will help the Iraqis achieve the desired system and consolidate the commercial flow of Iranians in "Same time." 

The head of the Joint Chamber of Commerce between Iran and Iraq denied reports about the impact of these developments on the local currency market in Iran and said: “The monetary relationship between Iran and Iraq is divided into two parts. The first includes financial exchanges for the public sector in Iran and Iraq, which includes exports of gas, electricity, and the like, and the other It is the monetary relationship between the private sector in the two countries.

He concluded by saying: “The private sector in Iran and Iraq has not faced a crisis in trade so far and has suffered few losses. Currently, the level of export flows to Iraq is almost stable, and even in the past eight months, Iran’s exports to Iraq have increased by 34% compared to In the same period last year, it reached $6 billion, and this number is expected to rise to reach $11 billion by March 20 (the beginning of the Iranian New Year     link

Mot:  .... They Say ~ where theres a will theres a way 

Mot:  .... Yes!!! -- It Was!!!........

MilitiaMan: Iraq Dinar - Global Focus - International Currency - Central Bank - Decisions

Iraq Dinar - Global Focus - International Currency - Central Bank - Decisions

MilitiaMan and Crew:  1-5-2024

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=3E3rgHUHDRs

The Banks Are Not OK

The Banks Are Not OK

By Tyler Durden Thursday, Dec 28, 2023

Authored by Michael Wilkerson via The Epoch Times,

It has been nine months since the spectacular and sudden collapse of Silicon Valley Bank.

After witnessing three of the four largest bank failures in U.S. history in 2023, the attention of the media and the markets has turned elsewhere. Banking crisis? It is as though it never happened. Having fallen by some 40 percent in March, the NASDAQ Bank Index has recovered to within 15 percent of its high from February. In the last few months, nearly all markets have gone on a bull run, including bank stocks.

Yet, and despite the relative quiet, the banking sector is not in great shape. Here are some of the reasons why.

Banks continue to lose deposits. According to data from the Federal Deposit Insurance. Corp. (FDIC), U.S. banks have now lost deposits for six consecutive quarters. While the pace has slowed from the first quarter of 2023, in which nearly $500 billion of deposits were removed from the banking system, approximately $190 billion of deposits have been withdrawn in the last two quarters. Indeed, U.S. banks have lost a net $1.1 trillion of deposits since the beginning of 2022 when interest rates began to rise.

With customer deposits growing scarce, U.S. banks are instead relying on emergency funding lines from the Federal Reserve Banks and the Federal Home Loan Bank (FHLB) system. FHLB bond capital raising, of which the proceeds are used to fund the banks, is up 89 percent year over year through November and looks set to reach $1.1 trillion for 2023. Use of the Bank Term Funding Program, the emergency line put in place by the Fed in March 2023, reached an all-time high last week at $131.3 billion.

This does not reflect normal market operations.

This is a sign that the bank funding markets aren’t operating properly, and that the regulators are stepping in to help prop up the system.

[ZH: Additionally, that bailout program from The Fed is due to end in March. What happens then?] 

The growing gap between the rate on the Federal Reserve’s nascent funding facility and what the central bank pays institutions parking reserves suggests officials will let the program expire in March, according to Wrightson ICAP.

“In justifying the generous terms of the original program, the Fed cited the ‘unusual and exigent’ market conditions facing the banking industry following last spring’s deposit runs,” Wrightson ICAP economist Lou Crandall wrote in a note to clients.

“It would be difficult to defend a renewal in today’s more normal environment.”

What happens then?]

So much for the liabilities side. But banks face challenges on the asset side as well.

Unrealized losses on investment securities, which is the same problem that got SVB into trouble a year ago, continue to rise. U.S. banks reported unrealized losses of over $684 billion in the third quarter, up 22 percent from the second quarter. Of these unrealized losses on securities, $294 billion are categorized as available for sale (AFS), as opposed to held to maturity (HTM), whereby the bank intends to hold the asset and (hopefully) recapture principle at the end of the term.

The high amount of AFS suggests that if interest rates remain “higher for longer,” then a portion of these losses will begin to realize in 2024 as they are sold by the banks. This will pressure profitability and capital levels.

To continue reading, please go to the original article here:

https://www.zerohedge.com/markets/banks-are-not-ok