Iraq Economic News and Points to Ponder Tuesday Evening 1-9-24

Iraq Economic News and Points to Ponder Tuesday Evening 1-9-24

Tlm724 Administrator Bondlady’s Corner

There Is No Stability In The Exchange Rates Of The Dollar Against The Dinar

 The first 01/09/2024   Baghdad: Haider Al-Jaber  Measures to strengthen monetary sovereignty in the country by reducing dealing with the dollar and relying on the Iraqi dinar in financial transactions continue to confuse daily life in local markets, as they witness a large difference between the official and parallel prices.

Speaking to Al-Sabah, a member of the Parliamentary Economics Committee, Soran Omar, accused influential parties of being behind the manipulation of the exchange rate.

He explained that  the government did not control the exchange rate radically, and all measures to reduce it have limited impact, in light of the continued smuggling and money laundering through some banks and money exchangers, noting that the Central Bank’s measures are continuing.  https://alsabaah.iq/90128-.html

To Strengthen Monetary Sovereignty In Iraq... Chaos In Currency Markets And Accusations Of Manipulation

09/01/2024  352 views  Local markets in Iraq are witnessing a state of turmoil as a result of measures to strengthen monetary sovereignty,  as dealing in the dollar is abandoned and the Iraqi dinar is adopted in daily financial transactions,  as a large difference appears between the official and parallel prices, which raises tension in the markets.

In this context, a member of the Parliamentary Economics Committee in Iraq, Soran Omar, accused influential parties of being behind the manipulation of the exchange rate. He pointed out that the government was unable to radically control the exchange rate, and that the measures taken to reduce it are still having limited impact.

He added that the ongoing smuggling and money laundering through some banks and money changers is working to complicate the situation, noting the continuation of the Central Bank’s measures in this context.    https://www.nrttv.com/ar/detail3/21561

The Sudanese Advisor Details The Types Of Loans.. What About The Repayment Mechanism?

Economy News – Baghdad Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, revealed the types of loans granted to citizens and companies, while explaining the repayment mechanism for each loan.

 Saleh told the official agency, followed by Al-Eqtisad News, that “a loan is an amount of money borrowed by an individual or company from banks or financial institutions, in order to manage planned events financially, and thus the borrower bears a debt and must repay it with interest within a certain period of time.”.  He pointed out that "banking applications appear within the scope of granting loans.

The subject of the so-called (term loan) is a cash loan that is usually repaid in regular payments over a specific period of time.

Loans usually last between one and ten years, but they may continue for a period of time." Up to 30 years in some countries. He added, "The term loan usually includes an unfixed interest rate (also known as floating), which may add an additional balance to be repaid," noting that  

"economic life includes financial deficit units willing to invest that borrow from surplus units, who are the depositors in return." Interest paid by the borrower to finance an investment project or a specific economic activity in the fields of housing, industry, trade, agriculture, or services.

This is what is called bank credit, which is the essence of the banking process.

 Views 58     Added 01/09/2024 - https://economy-news.net/content.php?id=39267

A Dialogue Session Discussing “Electronic Payment And Its Role In The Economic Future”...These Are Its Details

 Economy News – Baghdad  The Electronic Payment Culture Platform in Iraq organized a dialogue session regarding electronic payment in the presence of many government and parliamentary figures.

 The session, which was chaired by Ali Al-Hilli - Marketing Director at Miswak Company, and speakers, witnessed the presence of

Sabah Al-Baghdadi: Vice President of the Iraq Traders Association, Representative Hussein Arab, Vice Chairman of the Parliamentary Labor and Non-Governmental Organizations Committee.

 Adnan Asaad: Director General of the Information Technology and Payments Department at the Central Bank of Iraq   Ali Tariq: Executive Director of the Iraqi Private Banks League IPBL.

Ahmed Kazem: Executive Director of Investments at the International Smart Card Company (QiKi).

The dialogue session, which was entitled “Electronic Payment and its Role in Shaping the Economic Future,” addressed the vision of the various sectors regarding electronic payment, where

the point of view of Iraqi merchants was presented by Sabah Al-Baghdadi and the most important obstacles they face regarding the use of electronic payment tools, especially the aspect of not standardizing commissions.

And the fees are in addition to the challenges that merchants faced during the previous period when using cards outside Iraq and stopping them without prior notice, stressing the  need to ensure the stability of the work of electronic payment tools so that they are a safe and stable means for adoption by the merchant segment.

Al-Baghdadi also addressed the  obstacles of merchants with regard to tracking external transfers, which is considered Its delay and the lack of clarity of the reasons for this are a reason for the merchant segment to be exposed to embarrassment,

calling on the Central Bank of Iraq to work to establish mechanisms and direct banks to enable the merchant to track his foreign transfers, similar to developed regional and global countries.

The dialogue moved to Representative Hussein Arab, Vice Chairman of the Parliamentary Work and Non-Governmental Organizations Committee, “for the purpose of discussing   legislation and laws supporting electronic payment, the  role of the Iraqi Council of Representatives in issuing legislation to regulate electronic payment and protect the users of these tools, and the  importance of the private sector in general and the   banking sector and financial institutions in particular in the success of this.”

"The important project for the country to leave cash payment."

Adnan Asaad, Director General of the Information Technology and Payments Department at the Central Bank of Iraq, explained,  "The importance of the transformation taking place in electronic payment, describing the year 2023 as the year of the great launch in the field of electronic payment, and that

the Iraqi government, represented by the Iraqi Prime Minister - Muhammad Shiaa Al-Sudani, is very interested in achieving the best achievements in The field of electronic payment, and that  follow-up is continuing by parliamentary and governmental bodies to activate electronic payment in Iraq.”

Adnan Asaad expressed his great optimism in the year 2024, as it will be the year of achieving great achievements in the field of electronic payment, stressing that

the crisis that passed through the country in mid-2023, specifically the bad use of cards and electronic payment tools, had left a negative impact,

but thanks to the measures that were taken in cooperation with... International financial institutions have addressed many problems and the electronic payment system has stabilized, indicating that

the public should know the importance of opening bank accounts and using cards linked to bank accounts more since prepaid cards are intended for limited operations and this is the practice globally, and  this was an answer to an inquiry about The issue of restricting the ceilings of prepaid cards, which occurred on the first of December of the previous year.”

Ali Al-Hilli continued the dialogue with Ali Tariq, Executive Director of the Iraqi Private Banks Association, “about the role of the private sector, especially private banks and financial institutions, to support the governmental and legislative approach to spreading electronic payment,” where Ali Tariq emphasized

“the great role of financial institutions in this aspect and the role of the Association in supporting financial institutions.” To achieve the goals of spreading the culture of electronic payment,

Mr. Ali Tariq stressed the importance of spreading the culture of electronic payment, due to its positive repercussions on the economy.

He pointed out that electronic payment indicators are growing well, and there is a high response from the public in using bank cards,

but we need greater interaction from Before retailers use POS. He noted that

"the government, the central bank, banks, and electronic payment companies have worked over the past period to develop the infrastructure of the electronic payment sector."

The dialogue session concluded with a talk by Ahmed Kazim, Executive Director of Investments at the International Smart Card Company (Ki), about

“the importance of electronic payment and the role of electronic payment companies in promoting this culture and the importance of keeping up with developments in this field to provide high-level services to the public and encourage them to use electronic payment tools,” stressing that

the company (Ki) has taken the decision to transfer investment in advertising into loyalty programs and discounts offered to the public and merchants for the purpose of encouraging the digital transformation of payments.”  Views 106     Added 01/09/2024 - https://economy-news.net/content.php?id=39259

Communications Open The Way To Civilizations And Enter Into Commercial Operation.. What Are Its Advantages?

Economy News – Baghdad  Today, Tuesday, Minister of Communications Hiyam Al-Yasiri announced the opening of the Civilizations Road project and its commercial operation, indicating that this project is the first transit project linking Iraq to neighboring countries and the outside world.

Al-Yasiri said, in a statement received by Al-Eqtisad News, “The Civilizations Road transit project, which is the largest strategic optical cable project in Iraq, has begun its commercial operation.”

The Minister stressed "the great importance of the project by providing financial revenues, as well as enhancing Iraq's distinct strategic geographic location and  achieving security and economic stability for the country  because it is linked to the stability of a large number of countries in the world."

Al-Yasiri pointed out that  “the project includes five ports: (Al-Faw, Safwan, Al-Mundhiriya, Arar, and Rabia), and the maximum capacity of the project is 12 Tera, while the capacity of the optical cable is 96 clans.” She pointed out that  “there are other transit projects and submarine cables, some of which are in the trial operation phase and others in the study and referral phase.”

The Minister stressed "developing an appropriate price policy for the project and providing technical solutions to facilitate transit passage, as well as resolving any administrative or legal obstacles in the project." Al-Yasiri pointed out that

"there is an importance for the project to become a competitor to the Suez Canal route, especially since

 many countries in Asia and the Gulf prefer to pass their freight through Iraq because it is considered a safe, land and short route compared to sea and ocean routes."

It is noteworthy that the companies that passed through the Path of Civilizations project are T_HEIX, GCX and other companies that are on their way to operation, namely VODAFONE and TURK CELL.

Views 107   01/09/2024 - https://economy-news.net/content.php?id=39262

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Adversity:

"The world is a wheel always turning," philosophized Mrs. Pelz. "Those who were high go down low, and those who've been low go up higher."- Anzia Yezierska

Life begins on the other side of despair.- Jean-Paul Sartre

It constantly happens that the Lord permits a soul to fall so that it may grow humbler.- Teresa of Avila

In order to change, we must be sick and tired of being sick and tired.- Anonymous

I have been in sorrow's kitchen and licked out all the pots. Then I have stood on the peaky mountain wrapped in rainbows, with a harp and sword in my hands.- Zora Neale Hurston 

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Iraqi Dinar Today Video Updates Tuesday AM 1-9-24

Iraqi Dinar Today Video Updates Tuesday AM 1-9-24

This Is Massive Update About IQD Today 2023 3:45

CBI Announced New Rate Of Iraqi Dinar Today 2024 2:27

Iraqi Dinar Excited News For IQD Investor's 2023 2:38

This Is Massive Update About IQD Today 2023 3:45

https://www.youtube.com/watch?v=Z-ZP5-aL4Dc

CBI Announced New Rate Of Iraqi Dinar Today 2024 2:27

https://www.youtube.com/watch?v=u_RZKFsH3Qo

Iraqi Dinar Excited News For IQD Investor's 2023 2:38

https://www.youtube.com/watch?v=P_E_XvM7n7s

Iraqi News Highlights and Points to Ponder Tuesday AM 1-9-24

Iraqi News Highlights and Points to Ponder Tuesday AM 1-9-24

There Is No Stability In The Exchange Rates Of The Dollar Against The Dinar

Iraq  01/09/2024   Baghdad: Haider Al-Jaber  Measures to strengthen monetary sovereignty in the country by reducing dealing with the dollar and relying on the Iraqi dinar in financial transactions continue to confuse daily life in local markets, as they witness a large difference between the two prices.

Formal and parallel.

A member of the Parliamentary Economics Committee, Soran Omar, accused influential parties of being behind the manipulation of the exchange rate.

He explained that the government did not control the exchange rate radically, and all measures to reduce it have limited impact, in light of the continued smuggling and money laundering through some banks and money exchangers, noting that the Central Bank’s measures are continuing, but the exchange rate is still high on the black market, and the difference sometimes reaches 25 thousand dinars

About the official price.

 Omar warned that corrupt people are benefiting from the rise in the exchange rate, and some officials are behind the manipulation of the black market, calling for taking radical measures to set the price, as it affects the economy negatively, which is a very dangerous matter that portends undesirable consequences.

He pointed out that the responsible authorities accuse merchants of being behind the increase in exchange rates due to their reluctance to enter the Central Bank’s platform to buy dollars, in addition to complaints from commercial circles about obstacles and restrictions imposed by the Central Bank that complicate the issue of dealing with the platform.

On the same level, economic expert Abdul Hassan Al-Zayadi called for encouraging agriculture, industry and the private sector to get rid of the dominance of manipulation of the exchange rate, indicating the existence of a conflict between the government and speculators who have been manipulating the market for 20 years.

Al-Ziyadi explained, in an interview with Al-Sabah, that the dollar trade is an absurd trade established by the state, and it would have been better to develop agriculture, industry and local trade, stressing that this caused a huge gap, while work is being done.

To automate cash handling.

Al-Ziyadi pointed out that the government has adopted the issue and stability will return to the currency market, as the economy has been exhausted and trade has been paralyzed. He expects that the state’s measures will lead to a positive result within a year at most.

He expressed his hope that the exchange rate would stabilize at 145 dinars per dollar, criticizing the lack of support for the private sector.

He added that although a full year has passed since the launch of the international financial transfer system “SWIFT” by the Central Bank, and the strengthening of the exchange rate file with a package of measures described as reform, this did not help the dollar exchange rates stabilize in Iraq.

Edited by: Adhraa Juma   https://alsabaah.iq/90119-.html

Amnesty, Drugs, And The 2024 Budget Are The Most Prominent Laws Of The Next Legislative Term

Iraq  01/09/2024     Baghdad: Omar Abdul Latif  The Legal Committee in the House of Representatives has placed the laws on general amnesty, narcotics and psychotropic substances, and amending the 2024 budget among its work priorities during the next legislative term.

Committee member Dara Hama Sikanyani explained to Al-Sabah that the committee had previously discussed the general amnesty law and sent it to the Presidency of the House of Representatives to include it on the agenda.

He added that the law must be amended in a manner commensurate with the crimes that have occurred in society and to prevent the release of terrorists whose hands are stained with the blood of Iraqis, stressing the need to include these groups in the penal code.

Sikanyani pointed out that the committee discussed many times the law on narcotic drugs and psychotropic substances because of the importance of this law in preventing the circulation of narcotic substances, which is considered the most dangerous scourge in the country, as it causes financial losses, destroys the energy of youth, and breaks up families socially.

He stressed that the next legislative term will witness an amendment to the 2024 budget, especially the financial entitlements of the Kurdistan region, due to the difficult circumstances its citizens are suffering due to the delay.

Their salaries for more than 3 months.  https://alsabaah.iq/90118-.html

The Exchange Rates Of The Dollar Against The Iraqi Dinar Today... Recorded An Increase

Economy 01-09-2024 | 6,274 views  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Tuesday, January 9, 2024.

Dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 153,500 dinars for 100 dollars, while selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 154,500 Iraqi dinars, while purchasing prices reached 152,500 dinars for every 100 dollars.

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

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

It Was Withdrawn A Year Ago And Is Surrounded By Mystery... 9 Important Projects In The Corridors Of Parliament Awaiting Legislation

Posted On01-09-2024 By Sotaliraq  Baghdad/ Haider Hisham  More than 400 days have passed since many important laws were withdrawn from within Parliament, during the Council of Ministers session, at a time when many are wondering about the fate of these laws, and what is the reason that prevents the government from sending them back to the House of Representatives again, to vote on and approve them, but “ “An important obstacle” identified by politicians that may prevent any law from being amended or legislated.

On November 15, 2022, the Council of Ministers, headed by Muhammad Shiaa Al-Sudani, held its regular session, and during the session, the Council authorized Al-Sudani to withdraw important laws from the House of Representatives, which is what Al-Sudani actually worked on, as he worked to withdraw nine draft laws.

According to a statement from the Prime Minister’s Office, received by Al-Mada, “The Council of Ministers decided to withdraw the draft law on addressing residential abuses, the draft law on the Reconstruction Council, the withdrawal of the list of ambassadors, in addition to withdrawing the draft law amending the companies law, as well as withdrawing the law on the first amendment to the National Oil Company law.”

The decision also included the withdrawal of the Flag Service Law, and the draft law on the second amendment to the Public Roads Law, and the last law was represented by the Federal Civil Service.”

The second deputy in the Strategic Planning and Federal Service Committee, Muhammad Al-Baldawi, revealed the fate of the laws that the Council of Ministers withdrew, while noting that The “main reason” for withdrawing these laws is that some of them are likely to be passed during the new legislative term. 

Al-Baldawi said, in an interview with (Al-Mada), that “the Council of Ministers withdrew many important laws to reconsider and audit them and then re-send them,” adding: “There were many comments about them in principle to the Iraqi Council of Representatives, which prompted the government To withdraw it.”

He added, “The Council of Ministers, after withdrawing the laws, decided to hand them over to advisors, who are currently working on holding continuous meetings and meetings in order to complete them and mature them in order to advance them to the House of Representatives, even if they carry few notes, and after that it is possible to proceed inside the dome of Parliament.” “Without any political objections to it.”

The Vice Chairman of the Planning Committee explains, “The new legislative term may witness the passage of many laws in the House of Representatives.”

Important obstacle”
Political affairs researcher, Ziad Al-Arar, identified an “important obstacle” in amending and legislating laws in Iraq, while sending a message to the political forces.

Al-Arar mentioned, in an interview with (Al-Mada), that “there is a real obstacle that everyone collides with, which is (political consensus), which if it is not achieved regarding any file in Iraq, this file will not be amended, and will not see the light,” indicating that “the differences Quotas and political consensus are what manage the process of running the country in Iraq.”

He goes on to say: “Neither the Sudanese nor anyone else can amend or legislate what the government deems appropriate unless there is a political consensus because the political process was built on the basis of consensus,” pointing out that “this consensus took a new turn, so the Shiite forces now have a political consensus on A specific issue, then the Sunni forces, and the same is the case with the Kurdish forces, as there must be consensus in these houses, and then it goes into the public space.”

The political affairs researcher points out, “The scene has become complex, and we cannot blame the government for a specific failure to legislate and amend laws in light of political consensus.

This is a fact that we must speak publicly about so that the political forces know that the people know what is going on behind the scenes.”

At a time when many observers and followers of parliamentary affairs in Iraq consider that the current session is the least in terms of legislation and oversight, including interrogations, compared to previous sessions, there are those who defend this session in terms of the circumstances that accompanied it.

It is noteworthy that the new legislative term of the House of Representatives will begin today, Tuesday, January 9, while the Presidency of the House announced last Sunday that it will set the date for the next regular session to complete legislative and oversight duties, in addition to setting a session to elect the Speaker of Parliament.   LINK 

 Provoking Points To Ponder on Adversity:

 Problems are the cutting edge that distinguishes between success and failure. Problems ... create our courage and wisdom.- M. Scott Peck

It is often better to have a great deal of harm happen to one than a little; a great deal may rouse you to remove what a little will only accustom you to endure.- Grenville Kleiser

When things come to the worse, they generally mend.- Susanna Moodie

Things have got to be wrong in order that they may be deplored.- Whitney Griswold

Remorse begets reform.- William Cowper

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

"Tidbits From TNT" Tuesday Morning 1-9-2024

TNT:

CandyKisses:  Parliamentary Foreign Ministry calls for popular action to expel US forces from IraqInformation / Baghdad...

Information/Baghdad

A member of the Foreign Relations Committee, Karim Al-Muhammadawi, called on Tuesday for popular action, exerting pressure and targeting US forces in order to ensure their expulsion from Iraq, in response to the repeated crimes committed by these forces against the Iraqi people.

 Al-Muhammadawi said in a statement to Al-Maalouma that "the continuation of the US presence inside Iraq needs to take all measures to ensure the removal of these forces, through popular and parliamentary pressure and government decision."

He added, "All US military bases must be bombed and be in the crossfire of the Iraqi people, in response to the American disregard for the lives of Iraqis and the continuation of the series of crimes committed by these forces against the people, national symbols and security services."

He pointed out that "the bombing of bases and the exertion of pressure on US forces must be reinforced by massive demonstrations throughout Iraq, to expel these forces and ensure that they do not return to the country again." 

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

Tishwash:  Electronic payment cards... 600 million dinars sold during December

The Director General of the Petroleum Products Distribution Company, Hussein Talib, announced today, Tuesday, that the demand for electronic payment cards has increased by more than 200%, while he expects sales in January to exceed 600 million Iraqi dinars.

Hussein Talib, Director General of the Petroleum Products Distribution Company, told Rudaw Media Network that the demand for refueling via electronic payment systems has increased by more than 200%, and thus the percentage of sales in this regard has increased at gas stations, in various Iraqi governorates.

Hussein Talib explained that “last December, fuel was sold at various stations worth 400 million Iraqi dinars, which indicates an increase in supply through electronic payment systems,” expecting that “sales this month (January) will exceed 600 million Iraqi dinars.” ".

The Petroleum Products Distribution Company, affiliated with the Iraqi Ministry of Oil, previously announced that electronic payment systems will be adopted at all gas stations starting from the beginning of the year 2024.

The Petroleum Products Distribution Company stated, in a statement, on Wednesday (November 22, 2023), that “based on the directives of the Council of Ministers in its session No. 23620 of 2023, held on 10/31/2023, related to activating the electronic payment service, adopting modern automation systems, and terminating transactions.” cash,

Accordingly, and in line with government directives, the Ministry of Oil decided that the Petroleum Products Distribution Company would adopt electronic payment systems at all stations.”

The company called on citizens to cooperate with it by adopting modern mechanisms and means in the distribution sector to serve the public interest, through the acquisition of approved electronic payment cards so that everyone can refuel according to the new mechanisms, and benefit from the services provided in the distribution sector.  link

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

Tishwash:  A dialogue session discussing “electronic payment and its role in the economic future”...these are its details

The Electronic Payment Culture Platform in Iraq organized a dialogue session regarding electronic payment in the presence of many government and parliamentary figures.
 
The session, which was chaired by Ali Al-Hilli - Marketing Director at Miswak Company, and speakers, witnessed the presence of Sabah Al-Baghdadi: Vice President of the Iraq Traders Association,
Representative Hussein Arab, Vice Chairman of the Parliamentary Labor and Non-Governmental Organizations Committee.

Adnan Asaad: Director General of the Information Technology and Payments Department at the Central Bank of Iraq, Ali Tariq: Executive Director of the Iraqi Private Banks League IPBL. Ahmed Kazem: Executive Director of Investments at the International Smart Card Company (QiKi).

The dialogue session, which was entitled “Electronic Payment and its Role in Shaping the Economic Future,” addressed the vision of the various sectors regarding electronic payment, where the point of view of Iraqi merchants was presented by Sabah Al-Baghdadi and the most important obstacles they face regarding the use of electronic payment tools, especially the aspect of not standardizing commissions. And the fees are in addition to the challenges that merchants faced during the previous period when using cards outside Iraq and stopping them without prior notice, stressing the need to ensure the stability of the work of electronic payment tools so that they are a safe and stable means for adoption by the merchant segment. Al-Baghdadi also addressed the obstacles of merchants with regard to tracking external transfers, which is considered Its delay and the lack of clarity of the reasons for this are a reason for the merchant segment to be exposed to embarrassment, calling on the Central Bank of Iraq to work to establish mechanisms and direct banks to enable the merchant to track his foreign transfers similar to the developed countries, regional and global.

The dialogue moved to Representative Hussein Arab, Vice Chairman of the Parliamentary Work and Non-Governmental Organizations Committee, “for the purpose of discussing legislation and laws supporting electronic payment, the role of the Iraqi Council of Representatives in issuing legislation to regulate electronic payment and protect the users of these tools, and the importance of the private sector in general and the banking sector and financial institutions in particular in the success of this.” "The important project for the country to leave cash payment."

Adnan Asaad, Director General of the Information Technology and Payments Department at the Central Bank of Iraq, explained, "The importance of the transformation taking place in electronic payment, describing the year 2023 as the year of the great launch in the field of electronic payment, and that the Iraqi government, represented by the Iraqi Prime Minister - Muhammad Shiaa Al-Sudani, is very interested in achieving the best achievements in The field of electronic payment, and that follow-up is continuing by parliamentary and governmental bodies to activate electronic payment in Iraq.”

Adnan Asaad expressed his great optimism in the year 2024, as it will be the year of achieving great achievements in the field of electronic payment, stressing that the crisis that passed through the country in mid-2023, specifically the bad use of cards and electronic payment tools, had left a negative impact, but thanks to the measures that were taken in cooperation with... International financial institutions have addressed many problems and the electronic payment system has stabilized, indicating that the public should know the importance of opening bank accounts and using cards linked to bank accounts more since prepaid cards are intended for limited operations and this is the practice globally, and this was an answer to an inquiry about The issue of restricting the ceilings of prepaid cards, which occurred on the first of December of the previous year.”

Ali Al-Hilli continued the dialogue with Ali Tariq, Executive Director of the Iraqi Private Banks Association, “about the role of the private sector, especially private banks and financial institutions, to support the governmental and legislative approach to spreading electronic payment,” where Ali Tariq emphasized “the great role of financial institutions in this aspect and the role of the Association in supporting financial institutions.” To achieve the goals of spreading the culture of electronic payment, Mr. Ali Tariq stressed the importance of spreading the culture of electronic payment, due to its positive repercussions on the economy. He pointed out that electronic payment indicators are growing well, and there is a high response from the public in using bank cards, but we need greater interaction from Before retailers use POS.

He noted that "the government, the central bank, banks, and electronic payment companies have worked over the past period to develop the infrastructure of the electronic payment sector."

The dialogue session concluded with a talk by Ahmed Kazim, Executive Director of Investments at the International Smart Card Company (Ki), about “the importance of electronic payment and the role of electronic payment companies in promoting this culture and the importance of keeping up with developments in this field to provide high-level services to the public and encourage them to use electronic payment tools,” stressing that the company (Ki) has taken the decision to transfer investment in advertising into loyalty programs and discounts offered to the public and merchants for the purpose of encouraging the digital transformation of payments.”    link

Mot: ........ sorry - Had to Share! – LOL 

Mot: . Read it Again – K 

Iraq Economic News and Points to Ponder Monday Evening 1-8-24

Iraq Economic News and Points to Ponder Monday Evening 1-8-24

Tlm724 Administrator Bondlady’s Corner

Private Banks: The Prime Minister’s Support For The Central Bank’s Measures Enabled The Economy To Recover

Economy News – Baghdad The Iraqi Private Banks Association confirmed, on Monday, that Prime Minister Muhammad Shiaa Al-Sudani’s support for the procedures of the Central Bank of Iraq enabled the economy to advance with good growth rates.

The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “since assuming responsibility, the government has implemented procedures that have developed a detailed road map to address the loss of methodology and the previous dispersion in financial policies, the chaos in managing the economy, and the imbalance that has caused This occurred as a result of a lack of coordination between fiscal and monetary policies.”

He added, "The map included diagnosing the deficiencies and developing solutions in coordination between the government and the central bank, accompanied by the bank reconsidering the tools and applications of monetary policy and focusing its plans on achieving priorities that are based on achieving financial and banking reform first."

He continued, "These steps resulted in the issuance of joint reform decisions to enable the economy to advance to good growth rates confirmed by international organizations, especially the reports of the World Bank and the International Monetary Fund, and their acknowledgment that the Iraqi economy in 2023 left fragility to a gradual recovery and achieved an inflation rate at an annual rate of 3.7%, which is lower." Comparative rate of 7%, in January 2023.

He pointed out that “this rate is the lowest compared to inflation rates in Arab and regional countries for the same period, and this is one of the goals of monetary policy by reducing inflation and maintaining the general level of prices despite the fluctuation in the exchange rate, in addition to the expectation of achieving growth in output.” Non-oil GDP by 5%.

He stressed, "The procedures also included organizing the financing of foreign trade and moving banks to build trust relations with global correspondent banks and obtaining their approval to open accounts for our banks with them and allowing commercial and banking dealings with them directly and gradually leaving the electronic platform and introducing new foreign currencies into dealing for foreign trade purposes with them." China, the Emirates, Turkey and India, in addition to the US dollar, which will help stabilize the exchange rate in the trading market.”

Al-Nusairi pointed out that “the measures were also supported by the serious approach of the government and the Central Bank to move and transform from the cash economy to the digital economy and focus on developing electronic payment systems and securing the infrastructure for that, establishing a national company for payment systems, reconsidering the structure of banking financing, and preparing to launch the national lending strategy and establishing Riyada Bank.” To finance small and medium enterprises and to reconsider the structural, regulatory and supervisory structure of the bank’s specialized departments.

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

He pointed out that "all these reform measures were completed under difficult and complex circumstances during 2023, and with continuous communication, support, harmony, cooperation and support between the Prime Minister, Muhammad Shiaa Al-Sudani, and the Governor of the Central Bank, Ali Mohsen Al-Alaq, enabled the economy to recover, which confirms the entitlement of the Council of Ministers and the Central Bank to launch... They (the two economic institutions that have the lead in 2023) deserve their leadership, supervisory and executive role in seeking to achieve economic reform for the year 2023 as a first stage.” 01/08/2024 - 6:07 PM  https://economy-news.net/content.php?id=39239

Oil Falls As OPEC Production Increases And Saudi Crude Decreases

Energy  Economy News _ Baghdad  Oil prices suffered losses of more than one percent, in early transactions on Monday, affected by sharp cuts in Saudi crude prices and an increase in OPEC production, the impact of which outweighed concerns related to the escalation of geopolitical tensions in the Middle East.

By 0330 GMT, Brent crude fell 90 cents, or 1.14 percent, to $77.86 a barrel, and West Texas Intermediate crude fell 87 cents, or 1.17 percent, to $72.95 a barrel.

The two raw materials jumped by more than two percent in the first week of 2024 after investors returned from vacation to focus on geopolitical risks in the Middle East in the wake of the Houthi attacks in Yemen on ships in the Red Sea.

A Reuters poll revealed that OPEC production increased by 70,000 barrels per day in December to 27.88 million barrels per day, which outweighed the pressures of rising prices linked to geopolitical concerns.

Increased supplies and competition from rival producers prompted Saudi Arabia on Sunday to reduce the official selling price of its Arab Light crude to Asia to the lowest level in 27 months.

Views 63 01/08/2024 - https://economy-news.net/content.php?id=39223

Central Bank Sales Exceed $217 Million Today

Monday 08, January 2024 13:50 | Economical  Number of readings: 269  Baghdad / NINA / The Central Bank of Iraq announced its total sales of foreign currency through the electronic window today, Monday.

The window recorded the total amounts of transfers abroad (remittances, credits) of $194,773,693, while the total amount of cash sales amounted to $22,700,000, and the total amount of sales amounted to $217,473,693.

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

https://ninanews.com/Website/News/Details?key=1099801

An Economic Expert Warns Against Raising The Value Of Goods By Selling Them At “Shadow Market” Prices.

 January 8 10:25  Information / Baghdad...  The economic expert, Safwan Qusay, warned on Monday that  some merchants are raising the value of goods and selling them at shadow market prices instead of selling at the official price approved by the Central Bank of Iraq. Qusay told Al-Ma’louma,  “There is a need for the Central Bank and the Ministry of Commerce to identify Iraqi merchants who import goods at official prices and assign the Economic Security Service to monitor the prices of these goods, so that they are not sold at shadow market prices.”

He added, "There is a possibility of adding an acceptable percentage in favor of merchants for the goods they import, but if they are sold at shadow market prices, the prices of the goods will rise greatly and the merchant will achieve very large profits at the expense of the final consumer."

He stated,  "Although the Ministry of Commerce provides the food and construction basket to help vulnerable classes and ensure that they are not affected by rising prices, there is a need to increase transparency through knowledge of official merchants, imported goods, and marketing centers in order to ensure that local prices do not rise above international prices." Ended 25 n

https://almaalomah.me/news/52592/economy/خبير-اقتصادي-يحذر-من-رفع-قيمة-السلع-عبر-البيع-بأسعار-سوق-الظ

The Year 2023.. The Stock Market Trades More Than 689 Billion Shares

 January 8, 2024  Last updated: January 8, 2024 The Independent/- The Iraq Stock Exchange witnessed a clear increase in stock trading during the year 2023, by 22% over the year 2022, and

the number of shares traded reached (689,622,894,451) shares with a value exceeding 680 billion dinars, “according to the annual report for 2023 issued by the market.”

The Executive Director of the Iraqi Stock Exchange, expert Taha Ahmed Abdel Salam, said:

The market organized 237 trading sessions on the shares of listed joint-stock companies, which is 0.4% higher than the number of sessions that were organized in 2022.

He pointed out that  the number of shares traded amounted to (689,622,894,451) shares, and compared to their number for the year 2022, the number of shares traded (trading volume) in 2023 achieved an increase of 22%, with a total value amounting to (671,809,958,315) dinars, an increase over the value of shares for the year 2022 by 28%. Abdel Salam pointed out that

the number of executed contracts reached (155,920) contracts, an increase of 15% over the year 2022, indicating that the ISX60 traded stock price index closed in the last session of 2023 at (893) points. Compared to the 2022 closing of (585) points, the index for 2023 increased by 52%.

He confirmed the launch of the ISX60 traded stock price index in 2015, starting from the 2/9/2015 session, which is the index of the X-Stream electronic trading system.

The electronic system calculates the ISX60 market index in each session for a sample of (60) listed joint stock companies compared to their prices for the base session of 2014, session 18. March, then the prices of the current session begin to be compared compared to the previous session, and the value of the index is considered a standard value to indicate the directional movement of the market.

He added that the year 2023 witnessed the Securities Authority amending Regulation No. 16 (insider trading), amending Regulation No. (23) of the undisclosed companies platform, and amending the Brokerage Firms Licensing Regulations No. (20), and the Authority issued a new regulation No. (21) for listing, depositing and trading company shares.

Not listed, in cooperation with the Central Bank of Iraq and the Companies Registration Department, in addition to the Iraq Stock Exchange, which requires technical procedures on the electronic systems in the market that allowed the addition of these new mechanisms.

He explained that the reasons for the increase in trading indicators for the year 2023 are the  follow-up of the disclosure of joint-stock companies by the Securities Commission with the sectoral bodies, and the     clear interest of shareholders, auditors, sectoral bodies and the Company Registration Department in auditing the results of the work and decisions of the annual joint-stock companies in the meetings of the general bodies, as well as the  commitment The majority of joint-stock companies provide the annual disclosure within its legal timing, and  a number of joint-stock companies distribute the annual dividends.

Abdul Salam continued that  among the reasons for the rise in trading indicators were the   implementation of large deals and  a change in the structure of the contributions of a number of banks, which generated interest from investment portfolios in addition to new natural investors in the stock sector, and  not stopping the trading of joint-stock companies depending on the degree of disclosure and   adopting a mechanism to change the company’s standard and classification from A regular platform to the second to the least disclosed or not disclosed, and

     success in applying the regulatory regulations and anti-money laundering rules in accordance with the mechanisms of electronic systems in an efficient manner and

     holding violators accountable in accordance with these rules, which created a stable, disciplined market and transparent trading. Abdul Salam stated that the electronic systems department in the market is working within a committee to negotiate between the Iraqi Stock Exchange and the Securities Commission to  update the central deposit system with a new version,   update the electronic trading system, and   complete a new platform for trading shares of unlisted companies ISX-OTC for trading and transferring ownership of shares and financial and stock settlements.

It is also preparing to implement the development of financial and stock settlement procedures technically and with the T+2 Clearing Bank as soon as the regulatory regulations governing this subject are launched.

 He stated that he was part of the committee of the Iraqi government agreement with the Egyptian government signed on 6/30/2023 between the Iraqi Prime Minister and the Egyptian Prime Minister, which approved the minutes of the agreement in paragraph (4) of it on the Egyptian Stock Exchange and the Iraqi Stock Exchange for joint cooperation in  exchanging information.

And  expertise for the purpose of developing the performance of non-banking financial institutions (brokerage companies) and  increasing awareness in attracting investors towards establishing new companies,  developing savings and directing them towards investing in securities, as well as

     supporting the transition to the digital economy in both countries, and  developing work mechanisms through the exchange of information and legislation. Applicable activities and activities related to securities exchange and legally permitted disclosure in both countries.

 Abdel Salam pointed out the organization of several training activities during the year 2023, the most important of which is  organizing an anti-money laundering program for reporting managers in brokerage companies in cooperation with the Anti-Money Laundering Office,  organizing the training program “qualifying new electronic trading authorized persons,” and

organizing a workshop on the electronic trading system for investors OMS & Back. Office Portfolio Management – ​​10/18/2023 with the Egyptian company EGID via an electronic circuit, as well as

organizing an electronic trading system workshop for investors on OMS & Back Office Portfolio Management – ​​10/24/2023 with the Arab company DirectFN via the Zoom application.

On the other hand, he indicated that the market pays great attention to training and hosting Iraqi university students from all Iraqi governorates, as the market has succeeded in training more than 500 students from various universities during the year 2023.

The Executive Director noted the fruitful cooperation with Arab financial markets, especially the     Egyptian Stock Exchange, the  Amman Financial Market, and the   Muscat Securities Market, in organizing programs to exchange experiences and train brokers and market workers.

And the market’s success in competing within Arab financial market indicators within the Arab Monetary Fund index and database.

https://mustaqila.com/عام-2023-سوق-الاوراق-المالية-تتداول-اكثر-م/

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Adversity:

Strong people are made by opposition, like kites that go up against the wind.- Frank Harris

Men strive for peace, but it is their enemies that give them strength, and I think if man no longer had enemies, he would have to invent them, for his strength only grows from struggle.- Louis L'Amour

You'll never find a better sparring partner than adversity.- Walt Schmidt

The English nation is never so great as in adversity.- Benjamin Disraeli 

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Iraq Economic News and Points to Ponder Monday Afternoon 1-8-24

Iraq Economic News and Points to Ponder Monday Afternoon 1-8-24

Tlm724 Administrator Bondlady’s Corner

The Sale Of Dollars To Travelers In Iraqi Banks Stopped

Economy     breaking     Iraqi banks     Sell ​​the dollar     Travelers   2024-01-06 23:04  Shafaq News/ The sale of the dollar to Iraqi citizens wishing to travel outside the country has stopped in all government and private banks, according to what an informed local source said on Sunday.

The source told Shafaq News Agency that the reason for the suspension is that most government and private banks do not have the quota allocated for distribution by the Central Bank of Iraq.

The source revealed that procedures are being followed on a timely basis to stop the dollar selling platform, likely to generate a significant rise in the dollar exchange rate in local markets.

In addition, economic expert Muhammad Al-Hassani told Shafaq News Agency that the controls and instructions placed on the electronic platform are very complex, and most often the traveler cannot obtain the dollar because the quantity runs out.

The Iraqi traveler to countries specified by the Central Bank is given an amount of $3,000, and in the case of treatment, he and the accompanying person are given $6,000 at the official rate, with the exception of Iran, Syria, and Lebanon.

The dollar exchange rates recorded, this morning, Sunday, 152,850 Iraqi dinars for every 100 dollars, in the parallel market, while the official price is 132,000 thousand dinars.

https://shafaq.com/ar/اقتصـاد/توقف-بيع-الدولار-للمسافرين-في-المصارف-العراقية

Economists: Government Measures Gradually Reduced The Dollar Exchange Rates

Investigations and reports    11-15-2023, 14:02  Baghdad - IA - Nassar Al-Hajj  With the start of announcing the package of measures to address the difference in the exchange rate, and its spread in the media, the dollar exchange rates began to gradually decline below 160 thousand dinars for every 100 dollars.

While economists praised this package, which they described as strict, limiting speculators in exchange rates, putting the wheel of dollar prices on the right track and returning them to what they were before.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed to the Iraqi News Agency (INA), that  “the country’s foreign currency reserve is the largest in Iraq’s financial history and exceeds 100 billion dollars, as  it constitutes the central reserve wallet for Iraq,” indicating that

“market demand to finance exchanges Foreign exchange for the private sector is done through those official reserves that the monetary authority displays through its platform at the official exchange rate of 1,320 dinars per dollar.  He added, "The high commercial efficiency of the country's foreign currency reserves has its highest standard indicators for a period of more than (fifteen commercial months), while the global standard is about (three months)."

 He added,  "At a time when the demand for foreign currency is financed through the Central Bank of Iraq platform and bank balances are enhanced in various foreign currencies to finance private sector foreign trade, which constitutes 85% or more of the actual need of the demand for external transfer and in accordance with governance rules and standards."

Globally,  despite this, there is a demand for the cash dollar to finance commercial operations of very specific commodities that do not exceed five commodities, and

forces from within the market are trying to purchase them from outside the official commercial mechanisms by resorting to obtaining the cash dollar from the parallel market (which is the market that does not It constitutes only 10% of the demand for foreign currency allocated for travel outside the country to finance its informal trade.

 He continued, "These are commercial actions that are not legally recognized by the financial, commercial and banking departments and are carried out for many reasons, including tax or customs evasion or evasion of inspection and quality control procedures." He pointed out that

"the economic policy in general and the monetary policy in particular have all the economic capabilities to control the noise of the parallel market,

which is represented by combating illegal commercial activities above all, as the state currently undertakes the policy of defending economic stability, especially in providing sufficient commodity supply for the goods that...

It affects the life of the citizen directly, at moderate prices, financed at an exchange rate of 1,320 dinars per dollar on a permanent basis, and in two directions.

The first: providing additional supportive food and medicine baskets, construction baskets, and high-demand spare parts, and selling them at the official stable exchange rate through the cooperation mechanism between the commercial arm of the state and the national private sector, and

the second: The monetary authority has adopted new mechanisms by providing liquid foreign currencies in addition to the dollar currency (and from a basket of various foreign currencies) to meet travel needs according to the traveler’s destination, especially for Hajj, Umrah, and tourism in its various aspects and for various neighboring and distant countries, in addition to facilitating the use of payment cards with very high flexibility.” He pointed out that

"the policy package aims to contain the noise made by foreign currency speculators in the parallel market in order to profit at the expense of economic stability," noting that "the basic trends in economic policy are currently being implemented by isolating the effects of the parallel or black market and limiting its illegal activities from stability."  The overall price system in the country.

For his part, a member of the Parliamentary Finance Committee, Mustafa Al-Garawi, said,

“The more bank accounts are strengthened and the number of outlets through which the dollar is financed increases, this will lead to the provision of a larger amount of currency and thus the pressure on it within the markets will decrease and lead to relative stability and a decrease in the exchange rate.”"

 He explained, "Government measures regarding control of ports, customs, and import procedures, as well as the Ministry of Commerce's procedures and control of imported materials, will prevent citizens' need to use the dollar and import from countries outside the window."

While the financial and economic expert, Safwan Qusay Abdel Halim, pointed out that “the Central Bank seeks to approach the Iraqi market’s need for foreign currencies, especially since many Iraqi traders deal with the Asian markets, whether Chinese or Indian, as well as with the Gulf markets through the United Arab Emirates and even The Kingdom of Saudi Arabia, as well as dealings with the European Union and Turkey.”

 He added, "The presence of a basket of foreign currencies, the Chinese yuan and the Indian rupee, will contribute to reducing the period of external financial transfers through the electronic platform, as

these selected banks will have their balances enhanced through Citibank and JP Morgan, so that there will be direct payment through the banks." Jordanian foreign currencies to correspondent banks for suppliers. He added,

"We look forward to this measure being able to encourage Iraqi merchants, whether in Baghdad and the provinces or in the Kurdistan region, to accelerate the investment of these advantages to obtain commercial licenses and deal directly and quickly through these banks to transfer money to suppliers,

thus ensuring a decline in demand for the dollar in the informal market." Gradually, it is possible that the Iraqi dinar will support such policies.”

He called on "Iraqi merchants to comply with the documents required of them that are consistent with the desire of the American Federal Reserve and the electronic platform to ensure the nature of the supply and that the supplier is not subject to penalties for the high-risk system to ensure the smooth facilitation of transfers and documentary credits, in addition to providing merchants with heavy-type contracts with originators." Rasina is subject to the transfer system via documentary credits so that we can achieve financial stability.”

He continued,  "It is possible to force the local markets, in their various sectors, to submit to the official prices, and this will certainly contribute to stopping speculators engaging in irregular transactions and controlling the local markets."  In this regard, economic expert Nabil Jabbar Al-Tamimi said: “

The set of measures presented by the government and the central bank includes several courses of action, addressing the exchange rate crisis and resolving internal issues related to the inability of traders to enter the platform and facilitating procedures,” pointing out that

“the negotiations conducted by... The Central Bank with the American side in Abu Dhabi, and also concluded multiple agreements, as well as dealing in many currencies, are all positive messages sent by the government to the market, merchants, and banks to facilitate the work of dollar trading and currency exchange, and  as a result, they give messages that can reduce the exchange rate.

Therefore, these measures have had a positive impact on market fluctuations and the decline in the price. Exchange". He pointed out that  "it is possible that the dollar exchange rate will decline further until the official price is reached, especially if serious work is done to resolve this issue in cooperation with the government and the Central Bank."

In turn, economic expert Ahmed Abd Rabbo confirmed that  “the reform packages launched by the Central Bank have had positive effects on the parallel market,” noting that

“there is a need to significantly restore confidence in the banking system and for there to be consultative decisions that take consultation between the Central Bank and the banks.” Civil society and even government banks.

He pointed out that  "there must be more measures, including finding an appropriate formula for negotiation and continuing negotiations with the American side and with the Ministry of the Treasury in order for the dollar payments to arrive at the appropriate time.

We must also work to prevent smuggling operations and control the borders in order to prevent the exit of the dollar illegally." Official".   For his part, economic expert Osama Al-Tamimi said:

“The steps taken by the government and the central bank had a rapid impact on the decline in the dollar exchange rate in the past two days,”

stressing “the importance of the government taking strong legal deterrent measures in cooperation with the judicial and legislative authorities to deter those causing harm to the economy.”

National Bank and close all doors and roads to put an end to speculators who may take other methods to try to prove their presence again and benefit in a distorted way at the expense of the citizen.

Yesterday, Tuesday, a government source revealed a package of measures to address the difference in the exchange rate, while

indicating that Prime Minister Muhammad Shiaa Al-Sudani directed the activation of a committee to hold serious discussions with the US Treasury Department regarding transfers.

The government source stated to the Iraqi News Agency (INA), that “the government has taken a package of measures to address the difference in the exchange rate, including:   organizing the import process and   ensuring the entry of the largest number of merchants and importers to the foreign currency sales window  by facilitating account opening procedures, deposit operations, and other procedures related to issuing...

The identity of the importer, which would facilitate the “Know Your Customer” requirements for the category of merchants and importers,” noting that

“there are ongoing negotiations between the government and the Central Bank with the Iranian side to regulate trade between the two countries and make the best options regarding payment of dues and amounts, and discussions are taking place at a good pace.” 

He added, "Prime Minister Muhammad Shiaa Al-Sudani directed to work on a number of important projects to ensure that the poor and middle-income groups are not affected by the exchange rate difference, as the  Ministries of Commerce and Health are working to import important materials and provide them in Iraqi dinars at stable prices,

an example of which is the food basket project (Al-Sandah) at stable prices." ), the pharmaceutical basket, the construction basket, and the basket of reserve materials for the transportation sector, some of which work began some time ago.” 

He continued, "The government is now working on an (equal deal) project to exchange trade and imports with some countries, such as China and India, and in their own currencies from Iraq's main trading partners, such as India, China, and some neighboring countries," pointing out that

"the government is currently studying the establishment of a free zone to import materials, and from...

Then market it to the private sector and ensure its delivery to the consumer at competitive prices and in the Iraqi dinar.

The government is also currently studying a re-export project, and there are important discussions in this regard.”  He pointed out that "the government issued a series of measures to develop electronic payment systems and reduce dependence on cash.

It will also issue in the coming days a series of other decisions related to pricing and incentive policy for services provided through electronic payment." 

He explained, "Prime Minister Muhammad Shiaa Al-Sudani directed the activation of a joint committee between the government, the central bank, and the private sector, under the supervision of his office, to hold serious discussions with the US Treasury regarding transfers through the foreign currency sales window, and the committee has begun its meetings from now." 

He pointed out that  "the government is conducting ongoing discussions with the Central Bank of Iraq regarding a number of topics, including facilitating procedures related to Iraqi banks importing the (cash) dollar.

This process has already begun with some banks importing the dollar, and  the process will expand to include other banks, and work is also underway."

To proceed with concluding agreements to supply the currencies of some countries to be provided through banks and banking companies to meet the needs of Iraqi tourists and pilgrims going to those countries without the dollar currency.

Earlier, a government source revealed an Iraqi-American agreement to strengthen the dollar balance of 10 banks.  The source told the Iraqi News Agency (INA):

“In light of the recent meetings of the Central Bank with the American side, the number of banks whose balance can be directly strengthened in US dollars has become 10 banks, five of which are through Citi Bank , and the other 5 are through JP Morgan Bank.  He added, "The number of banks whose balances in the Chinese yuan will be strengthened through the Singapore Development Bank will become 13," explaining that  "the banks that have strengthened their accounts in Indian rupees with the Singapore Development Bank are two, and other banks will be added during the next two weeks."

https://www.ina.iq/197383--.html

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

https://www.bondladyscorner.com/

Provoking Points To Ponder on Adversity:

Remember that the Devil doesn't sleep, but seeks our ruin in a thousand different ways- Angela Merici

Down you mongrel, Death! Back into your kennel!- Edna Saint Vincent Millay

He that wrestles with us strengthens our nerves and sharpens our skills. Our antagonist is our helper.- Edmund Burke

The block of granite which was an obstacle in the path of the weak becomes a steppingstone in the path of the strong.- Thomas Carlyle

Strong people are made by opposition, like kites that go up against the wind.- Frank Harris

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Goldilocks' Comments and Global Economic News Monday Evening 1-8-24

Goldilocks' Comments and Global Economic News Monday Evening 1-8-24

Good Evening Dinar Recaps,

Banking Announcement:

"India Launches UPI Block Facility for Stock Market Trades"

Since January the 1st, 2024, India has started a UPI block trade facility allowing a pilot program to test the ability of professional investors to hold their Secondary Market (ie foreign currency is one of them) investments inside the Banking System instead of going through a Broker.

This will allow seamless trading to go on between the investor and the stock market coordinating faster transactions through the ability to hold money or foreign currency inside a banking account. This is expected to increase profitability and security for investors.

After this beta testing, it will begin to make its move into the retail investor markets. Right now, a select group of investors are being tested.  BusinessOutlookIndia Link

© Goldilocks
~~~~~~~~~~

Central banks go for gold in bold move to safeguard dollar

"In a world where economic chess is the game, central banks have made a power play, amassing a record-breaking 374.1 tons of gold in 2023."

In an age whereby local currencies are beginning to be utilized instead of the dollar, the need to support these new currencies that have not been in the game for some time is clearly evident.

With the formation of the BRICS Nations, this Gold Rush will support new currencies that have not been utilized for some time and protect the dollar from being overtaken by these new competitive currencies around the world occupying places of payment the dollar used to dominate.

We are truly living in a world whereby the one true currency is emerging onto the international stage to level the playing field. It is the new anchor for our currencies and financial systems going forward.

All roads lead to gold and gold will set us free.  Cryptopolitan Link

© Goldilocks

~~~~~~~~~~ 

Consultation on legislative proposal to implement regulatory regime for stablecoin issuers and announcement on introduction of sandbox arrangement

Stablecoins, which represent a country's currencies, is finally being tested inside the QFS. This process being tested in a sandbox or a group of financial systems will enable movement forward in our tokenized currency assets supported by gold. This will begin giving real value to our paper currencies.

Pilot programs have a period of time for testing before implementation. We can now begin looking for regulation of global currencies to begin through this study and eventual final guidance for its entrance into the Global Markets.  Hong Kong Monetary Authority Link

© Goldilocks

~~~~~~~~~~

Most people on this venture do not realize what's really going on at this point. Did you know you are sitting on a gold mine?

Every currency that you hold from around the world is about to be turned into gold and it holds a value at a fixed rate.

Watch what happens this month as certain transitional events will begin the process of turning everything that has an asset value to one that is based on its worth in gold.

* January 10th spot Bitcoin ETF

* January 16th Basel 3 final rule implementation

* Protocol 20 begins the process of tokenized assets joining networks from around the world in three phases

Literally, everything is about to be worth its weight in gold.

© Goldilocks

~~~~~~~~~~

Bitcoin ETF Approval Inches Closer With Exchange Filings  WSJ Link

~~~~~~~~~~

Likelihood Of Spot XRP ETF In View Amid Grayscale’s Latest Move and Ripple’s Big Win Against SEC 

Grayscale Investments, a major U.S. digital asset management firm, has reintroduced XRP to its Digital Large Cap Fund (GDLC), hinting at potential developments related to an XRP Exchange-Traded Fund (ETF).

The digital asset investment firm shared the news on January 5 alongside news of quarterly rebalancing in various Grayscale investment products through a press release. This update highlighted adjustments in their investment portfolios.   ZY Crypto Link

~~~~~~~~~~

UK crypto exchanges embrace regulatory changes to promote responsible trading  CryptoPolitan Link

~~~~~~~~~~

JUST IN: Standard Charter Bank says Bitcoin could reach $200,000 by end of 2025 if Spot ETFs are approved.   @WatcherGuru

~~~~~~~~~~

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Thank you Dinar Recaps --  www.DinarRecaps.com

"Tidbits From TNT" Monday 1-8-2024

TNT:

CandyKisses:  Parliamentary defense calls for the liberation of Iraq's economy from the US grip

Information / Baghdad...

A member of the parliamentary security and defense committee, Waad al-Qaddo, called on Monday to liberate Iraq's economy from the US grip.

Al-Qaddo said in an interview with Al-Maalouma that "America sought directly after 2003 to impose restrictions on Iraq's economy and its funds in various ways, the most important of which is to limit the flow of oil sale funds towards the federal, from which they are transferred to the central bank in Baghdad, meaning that our financial wealth is like a hostage controlled by a distance."

He added, "The US restrictions on Iraq's funds take multiple dimensions and are used from time to time as a pressure card on governments to achieve an agenda, pointing out that "liberating our economy from the American grip is a priority that will give greater flexibility in avoiding pressure papers and prevent 5 direct risks threatening the economy, including manipulating the parallel market and creating fog about the strength of the dinar and perpetuating the corruption file created by the US administration."

He pointed out that "the economy is a dangerous American card that must be paid attention to and seek to crystallize the basket of currencies that will get Baghdad out of the dollar tunnel and its effects."

The US administration imposes a series of restrictions on the circulation of the dollar and how to deal with it in Iraq in a blatant intervention for many years."

Tishwash:  Al-Fateh: America is carrying out actions that contradict international laws inside Iraq

A member of the Al-Fatah Alliance, Ayed Al-Hilali, confirmed on Monday that the American forces violated Iraq's autonomy and continue their series of crimes against the people, as what these forces are doing is in violation of international laws, which necessitates taking deterrent measures to preserve Iraq's autonomy.

Al-Hilali told Al-Maalouma, “There is an urgent need for integration of visions between the federal government and the resistance factions so that Iraq’s position will be stronger towards the American side, especially since the American forces have violated Iraq’s autonomy and in the heart of Baghdad.”

He added, "The Iraqi state's discourse should be an integrated discourse, at a time when there is a political and popular consensus to reject American actions and the continuing violations inside Iraq."

He stated that "the violations committed by America inside Iraq are acts contrary to international laws, which necessitates taking deterrent measures after unifying the discourse between all political forces and components of the state in order to end or reduce the American military presence on Iraqi territory."   link

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

CandyKisses:  There are two files. Washington continues to press to prevent Iraqi cooperation with China

Information / Baghdad.

Hussein Ali al-Karawi, head of the organizing body of the popular movement for the Belt and Road, accused the United States of exerting pressure on Iraq to prevent it from rapprochement with all major countries.

 Al-Karawi said in an interview with the Information Agency that "the United States of America stands as an obstacle to Iraq with regard to the Silk Road and dealing or cooperating economically or militarily with China and the rest of the countries such as Germany in the electricity sector, as well as Russia in the field of arming the army to remain under its control and arrogance."

He added, "The United States of America is pushing to prevent Iraq from joining the Belt and Road Economic Initiative or in the field of arming Iraq militarily."

Al-Karawi pointed out that "the Iraqi parliament must have a position on American pressure."

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

Tishwash:  this in Kurdistan 

Thousands of protesters demanding their late salaries block the main roads in Sulaymaniyah

This morning, the demonstrations of educational staff were renewed in Sulaymaniyah Governorate, with a categorical rejection of the decision to return to work, as the demonstrators stipulated that their demands be met.

One of the demonstrators told "Baghdad Today", "The demonstrations will continue until the legitimate demands of educational personnel guaranteed by the constitution are met," stressing his rejection of "the return of work hours."

Yesterday, Sunday (January 7, 2024), the Ministry of Education in the Kurdistan Government decided to return promotions to educational staff and transfer lecturers to contracts, while conditioning this on amending the budget.

Many of the region's employees and teaching staff, especially in Sulaymaniyah Governorate, continue to demonstrate to demand the payment of their salaries, which have been delayed for many months, amid the inability of Baghdad and Erbil to solve the crisis radically, and to be satisfied with "temporary" and "patchwork" solutions, according to observers of political and economic affairs.   link   

https://www.youtube.com/watch?v=nf3EhCdqgcc&t=1s

Mot:  .... in 3......... 2 ...........

Mot:  ... Happy National Whipped Cream Day!

Iraqi News Highlights and Points to Ponder Monday AM 1-8-24

Iraqi News Highlights and Points to Ponder Monday AM 1-8-24

Parliamentary Defense Demands The Liberation Of Iraq's Economy From The American Grip

Economy  Information / Baghdad...  A member of the Parliamentary Security and Defense Committee, Waad Al-Qaddo, called on Monday for liberating Iraq’s economy from the American grip.

Al-Qaddu said in an interview with “Al-Ma’louma” that “America sought directly after 2003 to impose restrictions on Iraq’s economy and finances in various ways, the most important of which is restricting the flow of oil sales money towards the Federal Reserve and from there it is transferred to the Central Bank in Baghdad, meaning that our financial wealth is like a hostage that is controlled by the Federal Reserve.” "at a distance."

He added, "The American restrictions on Iraqi funds take multiple dimensions and are used from time to time as a pressure card on governments to achieve their agenda," pointing out that "liberating our economy from the American grip is a priority that will give greater flexibility in avoiding pressure cards and prevent 5 direct risks that threaten the economy, including manipulation of the parallel market." "It created confusion about the strength of the dinar and perpetuated the file of corruption created by the American administration."

He pointed out that "the economy is a dangerous American card that must be paid attention to and strive to crystallize a basket of currencies that will get Baghdad out of the dollar tunnel and its effects."

The American administration imposes a series of restrictions on the circulation of the dollar and how to deal with it in Iraq, in a blatant interference that has been taking place for many years.  LINK

Economist: Iraq Needs 4 Million Electronic Payment Devices, And What The Government Provided Does Not Exceed 25 Thousand Devices

The economic expert, Mustafa Hantoush, described the government’s steps to provide electronic payment devices as successful, indicating that the number is small and needs encouraging measures, especially for shop owners.

The Iraqi government had set June 1, 2023, as the date to activate the electronic payment process “because of its high level of protection and security, its shortening of time and effort, and its contribution to revitalizing the economy,” according to the directives of Prime Minister Muhammad Shiaa Al-Sudani.

The directive stated that the Iraqi Council of Ministers approved the recommendation of the Council of Ministers for the Economy to activate the electronic payment service in the public and private sectors, including obligating all centers and shops of all kinds, restaurants, pharmacies, private medical clinics, warehouses, and all wholesale and retail marketing outlets and licensed services that require payment in their favor within the limits of the Baghdad Municipality.

And the centers of governorates and districts throughout Iraq, opening bank accounts and providing point-of-sale devices for electronic payment ( POS ) to pay by bank cards to collect money and to enable those who wish to pay with cards, while maintaining cash receipts side by side, with linking the renewal of work licenses and granting vacations. Practicing the profession through the availability of these devices.

Hantoush said in a press interview seen by “Taqaddam” that “the government has succeeded in providing POS devices currently deployed, numbering 23 thousand devices,” pointing out that “the number is very small, and we need approximately 1 million devices for this service to be available in every street.” If they are provided to all shops, we will need approximately 3 to 4 million devices throughout Iraq.”

He added, “We must give licenses to new companies that work to provide devices and cards, and there must be strategies to win over shop owners, and provide them with accounts that can be converted into dollars and operations,” pointing out “the necessity of giving the citizen free service for a period of no less than six months to a year, and There should be interest on savings that remain for a specific period.”

The economic expert called for “using a pricing policy in this process,” noting that “the government has taken a significant set of measures that require more seriousness in order to spread this very important culture that serves the state.”    https://takadum-news.com/archives/198446#hathalyoum

Iraq Donates 10 Million Tons Of Fuel To The People Of Gaza

The first  01/08/2024  Cairo: Israa Khalifa  , Iraq is scheduled to deliver, today, Monday, 10 million tons of fuel to the Egyptian authorities to deliver it to the Palestinian side through the Rafah land crossing as relief aid to the people of Gaza.

Sattar Al-Jabri, Undersecretary of the Ministry of Commerce, told Al-Sabah: Iraq is committed to providing all types of aid, whether food, medicine or fuel, to the Palestinian people who are struggling and being exposed to the most horrific crimes by the Israeli occupation on the steadfast land of Gaza.

Al-Jabri added that the aid came from the Iraqi people and the government in addition to the great role played by the holy shrines, explaining that Iraq has so far provided 8 shipments via the air bridge that arrived from Iraq to Al-Arish Airport and then to the Palestinian people via the Rafah crossing since the Gaza crisis until now.

He stressed that Iraq continues to provide humanitarian aid, including medicine, food, and other aid to the honorable people of Gaza, noting that the Egyptian government will officially receive the fuel shipment from the Iraqi side, represented by the Ministry of Commerce and the Red Crescent, which accompanies us in the delegation.

He noted that the Commercial Attaché made a great effort to complete all logistical matters regarding the ship’s entry into the Egyptian Suez Canal port.

Edited by: Abdul Rahman Ibrahim   https://alsabaah.iq/90062-.html

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Planning: The Population Of Iraq In 2023 Exceeds 43 Million People

Economy News _ Baghdad  The Ministry of Planning announced today, Monday, that the population of Iraq by the end of last year 2023 was estimated at 43 million and 324 thousand people.

The official spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said in a press statement seen by Al-Iqtisad News, “The population of Iraq was estimated at the end of last year 2023 at 43 million and 324 thousand people,” indicating that “the proportion of the population of urban areas reached 69.9%, and the proportion of the population of rural areas.” 30.1%”.

He explained that "the percentage of the population under the age of 15 years reached 41% of the total population," adding that "the percentage of the population in the age group 15-64 years reached 57%."

He continued, "The percentage of the population aged 65 years and over reached 3%," explaining that "the rate of economic activity for the population aged 15 years and over reached 40%."

He pointed out that "the percentage of economically active males reached 87%," noting that "the percentage of economically active females reached 13%."

Al-Hindawi also explained, “The inflation rate decreased to 4.4% in 2023, compared to a rate of 6.1% in 2021, and a rate of 4.9% in 2022.”

It is noteworthy that the Ministry of Planning announced, yesterday, Sunday, that it had discussed with a specialized international company the mechanisms for implementing the general population census electronically, which is scheduled to be implemented before the end of the current year 2024.

Views 44  01/08/2024 - https://economy-news.net/content.php?id=39227

Iraq Exports More Than 5 Million Barrels To America Last Month

Economy |Baghdad today - follow-up  The US Energy Information Administration announced today, Monday (January 8, 2024), that Iraq’s oil exports to America amounted to more than 5 million barrels during the month of December.

A table published by the administration showed that Iraq exported 5.611 million barrels of crude oil to America during the month of December last year, with an average of 181 thousand barrels per day, higher than the month of November, in which Iraqi oil exports to America amounted to 5.130 million barrels and an average of 171 thousand barrels per day.

He pointed out that Iraq exported crude oil to America during the first week of January at an average of 85 thousand barrels per day, while it exported an average of 22 thousand barrels per day in the second week, and exported an average of 380 thousand barrels per day in the third week, indicating that exports in the fourth week reached an average 239 thousand barrels per day.

The US Energy Information Administration stated that "Iraq came in fifth place in its exports to America during the past month after Canada, Mexico, Saudi Arabia, and Brazil. It also came in second place in the Arab world after Saudi Arabia, whose exports to America amounted to 7 million barrels, indicating that Canada came in first place." As the country that exports the most oil to America, followed by Mexico.

Source: Agencies   LINK

An Economic Center Calling For Combating Commercial Fraud In Ovens And Bakeries In Iraq

 The Iraqi Economic and Political Center issued a call to the government and security and regulatory authorities to combat commercial fraud and control the situation of ovens and bakeries in Iraq.

The center’s director, Wissam Hadmal Al-Helou, said in a statement received by Al-Mada yesterday, Sunday, that “the center recorded, through its follow-up of citizens, the presence of cases of commercial fraud, as bread and samoon are sold in some bakeries and ovens with weights of less than 90 grams per piece, not to mention that some people use Types of flour that are not suitable for consumption in terms of quality or expiration date.”

He added, “Cases of fraud do not stop at the borders of a specific region or governorate, and it is required to carry out continuous periodic inspections of bakeries and ovens to combat commercial fraud, as there is no longer an excuse or reason for some to reduce the size of bread and samoon and sell it for 6-8 pieces of samoon, for example, for a thousand dinars or 4- 5 pieces of bread for the same value, especially with the availability of government support for these ovens and bakeries.”

The statement noted that “the government sells flour and fuel to bakeries at subsidized prices and provides local and imported wheat of good quality and abundance at acceptable prices compared to its prices in neighboring countries and the world. It also provides fuel through the Iraqi Ministry of Oil at a subsidized price.”

He pointed out that “the Central Bank of Iraq also allowed merchants to buy the dollar at the official price for the purposes of supplying food supplies, which blocks the way for those who try to raise the prices of flour and other basic commodities under the pretext of the high exchange rate, as merchants who do not have illegal transactions enter the platform and buy the dollar and import.” Whatever they want without problems.”

In this context, the statement pointed out that there is a relative improvement in the quality of the food basket, and the ration card items are on the rise compared to previous years.

He called on the Ministry of Commerce and the relevant authorities in the control department of the General Grain Processing Company, which is responsible for monitoring and following up on bakeries and bakeries, to continue its periodic campaigns to monitor prices and the quality of what is produced in bakeries and ovens, as well as in commercial stores and factories, to ensure the quality of products and block those who try to... Exploiting the needs of citizens by using commercial fraud to achieve an illegal increase in profits that exhausts citizens and harms their health.” LINK

 Provoking Points To Ponder on Adversity:

A certain amount of opposition is a great help to a man; it is what he wants and must have to be good for anything. Hardship and opposition are the native soil of manhood and self-reliance.- John Neal

Difficulties, opposition, criticism - these things are meant to be overcome, and there is a special joy in facing them and in coming out on top. It is only when there is nothing but praise that life loses its charm and I begin to wonder what I should do about it.- Vijaya Lakshmi Pandit

They sicken of calm, who know the storm.- Dorothy Parker

Without the burden of afflictions it is impossible to reach the height of grace. The gift of grace increases as the struggles increase.- Saint Rose of Lima

When the going gets tough, the tough get going.- Frank Leahy

The effects of opposition are wonderful. There are men who rise refreshed on hearing of a threat, men to whom a crises, which intimidates and paralyzes the majority, comes as graceful and beloved as a bride!- Ralph Waldo Emerson

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

MilitiaMan: Iraq Central Bank - Iraq Dinar - Iraq Stock Exchange - 2024 Platform - International Private Sector

Iraq Central Bank - Iraq Dinar - Iraq Stock Exchange - 2024 Platform - International Private Sector

MilitiaMan and Crew:  1-7-2024

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

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

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Goldilocks' Comments and Global Economic News Sunday Evening 1-7-24

 Goldilocks' Comments and Global Economic News Sunday Evening 1-7-24

Good Evening Dinar Recaps,

  "Morgan Stanley cut its outlook for the US currency to ‘Neutral’ from ‘Bullish’. However, it noted that seasonality and short positioning could potentially still drive further upside, Bloomberg News reported."

We have a lot of the BRICS currency countries getting ready to trade with each other sidelining the dollar along the way. Some have already begun this process.

This will move the price of gold to make up the difference in the following use of the dollar along with inflation that will eat at its value.

It will require more gold to fill in the gaps and create more and more need to support the dollar through these new capital requirements of Basel 3 about to be implemented on January the 16th.

This will create a profound effect on all of the Global currencies that rely on the dollar in trade especially those who are trading now in their local currencies.

As this year goes on, the need to utilize the worth of gold inside these currencies around the world will make the value of gold increase. It will enable the Global currencies to hold in reserve status more gold to support their currencies rather than the US dollar.

Over time, the use of gold will determine the new values our Global currencies will have. As these currencies formulate new values inside the markets and the banking system through use-case scenarios, we will develop standard protocols capable of leveling the playing field around the world.

© Goldilocks   Live Mint Link   Euromoney Link

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What Drives the Price of Gold?  Investopedia Link

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As the year progresses, we will have a new World Reserve Status - in gold.

© Goldilocks

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Russia assumes BRICS chair,  Putin unveils agenda as five more nations join group   Times of India

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Stellar Vs Ripple - TokenPost
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Bitcoin ETFs Are Coming Fast. Crypto Investing Will Never Be The Same -  Investor's Business Daily Link

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