Iraq Economic News and Points to Ponder Saturday Evening 1-13-24

Iraq Economic News and Points to Ponder Saturday Evening 1-13-24

Tlm724 Administrator Bondlady’s Corner

Sudanese, The Government Took The Path Of Radical Reforms And Confronting The Waste Of Public Money

The Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that the government had launched its program, which includes a vision for the future of a united, strong, independent Iraq, while indicating that it had followed the path of radical reforms and aimed to confront the waste of public money.

The Prime Minister said, while attending the memorial ceremony on the occasion of the anniversary of the martyrdom of Mr. Muhammad Baqir al-Hakim, “We are determined to follow the path of reconstruction and reform and raise the standard of living and services for citizens throughout Iraq.”

He added, “The government launched its program, which includes a vision for a strong, unified Iraq’s future.” Independent, stable and prosperous, adding: We followed the path of radical reforms that address long-term needs, and we aimed to confront the waste of public money, and we kept in mind the infrastructure, in the economy, services, and financial and banking infrastructure, to move towards development and create opportunities for current and future generations.

https://www.radionawa.com/all-detail.aspx?jimare=36986

Within A Week... The Iraqi Central Bank’s Sales Exceed One Billion Dollars

Economy News – Baghdad  The Central Bank of Iraq's total sales of hard currency in US dollars during the past week recorded more than one billion dollars.

Last week, for the three days in which the auction was opened, the Central Bank sold 1 billion, 90 million, 529,470 dollars, at a daily rate of 218 million, 105 million, and 894 dollars, higher than what it recorded last week, which amounted to 634 million, 373 thousand. And $298.

The highest dollar sales were on Thursday, when sales amounted to 229 million, 063 thousand and 145 dollars, while the lowest sales were on Sunday, when sales amounted to 210 million, 253 thousand and 270 dollars.

As for foreign remittance sales during the past week, they amounted to 998 million, 93 thousand, and 470 dollars, an increase of 90% compared to cash sales, which amounted to 101 million, 690 thousand dollars.

The sales were in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,310 dinars per dollar.  Views 39   01/13/2024 - https://economy-news.net/content.php?id=39388

The Ministry Of Finance Discusses The Requirements For Implementing The Unified Treasury System

Friday 12, January 2024 21:58 | Economical Number of readings: 720 Baghdad / NINA / Today, Friday, the Minister of Finance, Taif Sami Muhammad, chaired a coordination meeting, at the Ministry’s headquarters, which included the Director General of the Accounting Department, the General Managers of the Rasheed, Al-Rafidain, Industrial, Real Estate, and Agricultural Banks, and the relevant employees therein, to discuss the requirements for implementing the unified treasury system.

The Minister stressed, Bayan Account To the Ministry, it is necessary to prepare a report and have it signed by the Council of Ministers to take the necessary measures to implement the decision and the implicit paragraphs regarding it without waiting for the first paragraph of Recommendations No. 23453, which includes that all banks, represented by the centrally funded spending units, submit the position of zero self-accounts, provided that it is signed by an account committee. The Unified Treasury.

She indicated that the Council of Ministers had been notified of the accounts while adhering to the implementation of the recommendations contained in the Cabinet’s letter without significant obstacles, and the commitment of the relevant accounting and banking department to withdraw the balances after (10) days of each month.

The Minister of Finance added that: “Preparations are being made A timetable for summoning and finding out the departments that are lagging on implementation, the necessity of re-auditing the disbursed amounts again with the statements, and directing the Rafidain and Rasheed Banks to adhere to paragraph one of the recommendations, and prepare an inventory of all accounts that includes the name of the formation and the amounts and deposit them according to the type of account.”

On the other hand, a timetable has been set with the formed subcommittees, mentioning the number of accounts of each bank and mentioning the amounts that are withdrawn from the main account and preparing a table of all self-accounts for more than 5 years in all banks and then submitting it to the Minister to make a recommendation regarding it and deposit it in the main account, and for For less than 3 years, it is necessary to prepare a complete statement of accounts to deposit them in the main account.

The statement explained: “This comes within a series of meetings held to reform the public finance sector through the implementation of the unified treasury account, which represents a qualitative shift in the management of public funds, as the project will allow the possibility of monitoring the movement and safety of funds and implementing the ministerial curriculum prepared by the ministry in order to keep pace with financial and economic progress.” https://ninanews.com/Website/News/Details?key=1100618

Oil Prices Rose By 1%... And Brent Closed At $78.29 Per Barrel

Saturday 13, January 2024 10:45 | Economical Number of readings: 358  Baghdad / NINA / Oil prices rose by 1%, yesterday, Friday, when settling with an increasing number of oil tankers diverting from the Red Sea after air and sea strikes launched by the United States and Britain on targets of the Houthi group in Yemen following the Houthis launching attacks on maritime shipping traffic.

Brent crude futures rose 88 cents, or 1.1%, to $78.29 per barrel upon settlement. The highest level during the session exceeded three dollars, with the barrel recording more than $80, the highest level this year.

US West Texas Intermediate crude rose 66 cents, or 0.9%, to $72.68, reversing gains it had achieved after touching the highest level in 2024 at $75.25.

Analysts and experts in the oil sector pointed out that despite expectations that diversion of ships would raise the cost of shipping and increase the time taken to transport oil, supplies have not yet been affected, which has wiped out some of the previous gains achieved by prices.

On a weekly basis, Brent fell 0.5%, while West Texas Intermediate fell 1.1%, with prices recording their first weekly losses this year.

The oil tanker companies Stena Bulk, Hafnia and Torm said that they had all decided to stop all ships heading to the Red Sea.

But Osama Rabie, head of the Egyptian Suez Canal Authority, said that traffic in the canal is proceeding as usual in both directions, and that there is no truth to what was reported about the cessation of navigation due to developments in the Red Sea. https://ninanews.com/Website/News/Details?key=1100671

Decrease In Iraqi Oil Sales During 2023

Energy   Iraqi oil sales declined in 2023, as an increase in federal government crude oil exports did not fully offset the loss of northern pipeline exports through Turkey.

National exports averaged 3.466 million bpd in 2023, down from 3.710 million bpd in 2022. But federal government exports rose to an average of 3.376 million bpd in 2023 compared to 3.331 million bpd in 2022.

The Oil Ministry ended the year on a high, with oil sales averaging 3.486 million barrels per day in December, the highest monthly average for federal exports in four years. With an average selling price of $77.63 per barrel, monthly oil revenues were $8.316 billion, down slightly from November when global prices were higher.

Despite the increase in the volume of federal exports, Baghdad's annual oil revenues declined in 2023 due to the decline in global prices. Iraq earned $115.657 billion in 2022, with an average selling price of $95.67 per barrel. In 2023, total oil revenues reached $97.532 billion at an average selling price of $79.02 per barrel.

Iraq depends on oil for more than 95 percent of its revenues, and the federal budget law that covers the years from 2023 to 2025 is based on the assumption of $90 billion in annual oil revenues, although this number still leaves a large deficit, as $150 billion Dollars of annual spending are theoretically permissible.

Baghdad's strong export numbers contrast sharply with a year of crisis in the Kurdistan region's oil sector. After exports averaged 367,000 barrels per day in the first quarter of 2023, and generated revenues of about $2.2 billion, the Kurdistan Regional Government did not sell any oil on international markets for the remainder of the year after suspending oil flows through the northern pipeline in late March to Turkey If the KRG had been able to maintain its first-quarter export volumes during the year, it would have received nearly $6.7 billion in additional oil revenues, the Iraq Oil Report estimated based on a comparison of the KRG's historical discounts with crude oil. Brent standard. the prices.

Although Ankara informed Baghdad on October 2 that the Iraq-Turkey pipeline was back in service, exports can only resume if Baghdad, Erbil and international oil companies operating in Kurdistan can reach an agreement in which the KRG guarantees budget support. International oil companies guarantee payments, and in the absence of an outlet to export their crude oil, the companies sell in the local market at prices lower than international prices.

It is possible that Iraqi export levels will decline further in the new year as Iraq moves to comply with a lower OPEC Plus quota, which will come into effect in January of this year, and Iraq’s quota will decrease from 4.220 million barrels per day to 3.997 million barrels per day, as of next March.

Quotas appear to be one of the factors that reduce Baghdad's urgency to solve the problems that prevent the north's exports from working.

Iraq exports a small amount of crude oil via tanker trucks to Jordan, averaging 10,400 bpd in 2023 compared to 6,700 bpd in 2022, when shipments were halted for three months while the two sides negotiated a new sales contract. Iraq supplies Jordan with crude oil at a preferential price that averages $66.41 per barrel in 2023 compared to $83.69 per barrel the previous year.

The Iraqi Oil Marketing Company, SOMO, began offering Qayyarah heavy crude oil on the spot market in June 2023 through the Khor Al-Zubair port. Since June, exports have averaged 23 thousand barrels per day. But the ministry did not report any loadings of Qayyarah crude oil tankers in December.

Even if Iraq were not bound by its OPEC+ obligations, it is not clear that the country could export more. Export facilities in the Gulf of Basra are operating near maximum capacity; They were never able to sustain more than 3.54 million barrels per day during a three-month period.

Below are the Iraqi Federal Government's average daily crude oil exports and total revenues, by month, as reported by the Ministry of Oil since 2011.

*These figures do not include oil sold independently by the Kurdistan Regional Government.

2023

Average daily total for 2023: 3.376 million barrels per day

Total revenues for 2023: $97.532 billion

December 2023: 3.486 million barrels per day - $8.316 billion

November 2023: 3.433 million barrels per day - $8.482 billion

October 2023: 3.534 million barrels per day - $9.594 billion

September 2023: 3.438 million barrels per day - $9.422 billion

August 2023: 3.423 million barrels per day - $8.998 billion

July 2023: 3.444 million barrels per day - $8.294 billion

June 2023: 3.335 million barrels per day - $7.115 billion

May 2023: 3.305 million barrels per day - $7.325 billion

April 2023: 3.288 million barrels per day - $7.669 billion

March 2023: 3.255 million barrels per day - $7.506 billion

February 2023: 3.18 4 million barrels per day - $7.081 billion

January 2023: 3.266 million barrels per day - $7.664 billion

2022

Average daily total for 2022: 3.311 million barrels per day

Total revenues for 2022: $115.657 billion

December 2022: 3.332 million barrels per day - $7.709 billion

November 2022: 3.329 million barrels per day - $8.231 billion

October 2022: 3.382 million barrels per day - $9.258 billion

September 2022: 3.292 million barrels per day - $8.845 billion

August 2022: 3.286 million barrels per day - $9.784 billion

July 2022: 3.303 million barrels per day - $10.608 billion

June 2022: 3.373 million barrels per day - $11.355 billion

May 2022: 3.300 million barrels per day - $11.477 billion

April 2022: 3.380 million barrels per day - $10.609 billion

March 2022: 3.245 million barrels per day - $10.913 billion

February 2022: 3. 314 million barrels per day - $8.544 billion

January 2022: 3.203 million barrels per day - $8.323 billion

Views 34 01/13/2024 - https://economy-news.net/content.php?id=39392

Dollar Prices Decrease Slightly In Baghdad And Erbil

Economy |  01/13/2024  Mawazine News - Baghdad..Dollar prices fell, on Saturday, in the markets of Baghdad and Erbil.  A source told Mawazine News that dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 153,000 Iraqi dinars against 100 dollars, while yesterday, Tuesday, prices were 153,900 dinars against 100 dollars.

He pointed out that the selling prices in the exchange shops in the local markets in Baghdad decreased, as the selling price reached 153,250 Iraqi dinars, while the purchasing price reached 152,750 dinars for every 100 dollars.

As for Erbil, a decrease was also recorded in banking shops, and the selling price reached 153,000 dinars against the dollar, and the purchase price reached 1,531,000 dinars against 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=240303

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/

Provoking Points To Ponder on Adversity:

Times of stress and difficulty are seasons of opportunity when the seeds of progress are sown.- Thomas F. Woodlock

The gem cannot be polished without friction, nor man perfected without trials.  - Confucius

As there is no worldly gain without some loss, so there is no worldly loss without some gain.... Set the allowance against the loss, and thou shalt find no loss great.  - Francis Quarles

Never complain about your troubles; they are responsible for more than half of your income.  - Robert R. Updegraff

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Goldilocks' Comments and Global Economic News Saturday Evening 1-13-24

Goldilocks' Comments and Global Economic News Saturday Evening 1-13-24

Good Evening Dinar Recaps,

For the first time in 45 years, US Treasuries have more of a downturn volatility risk potential than gold. This is why we are moving to Basel 3 compliance in our banking system.

Monetary gold now qualifies as a Tier 1 asset, and it is 100% valued for the purposes of bringing stability to the banking system.

On January the 16th, 2024 we move to the final rule stage of Basel 3 compliance in our banking system. At this time, final guidance will be given on Capital requirements held in the banking system in terms of gold and other assets to support it. The New Tier 1 Asset?  PinnacleDigest Link 

Gold will set us free.

© Goldilocks

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Bitcoin is a convertible virtual currency. This is why we witnessed gold beginning to track Bitcoin on the first day of its introduction (ETF) onto the markets.

Gold tracks currency. Be it cryptocurrency or paper currency, gold will support them as an underlying asset. In the new economy, tokenized assets are supported by gold and other commodities. This will give us a stabilizing effect capable of deflating and inflating the economy through gold.

Back to currencies and cryptocurrencies, we are about to witness more tokenized assets and ETFs come on board with the new digital asset-based trading system. Some of these new assets will be Stablecoins.

Stablecoins are representations of our paper currencies and digital values inside the new payment systems we will be utilizing. Yes, they will be tracked and supported by gold giving them a stronger value.

Gold serves as a hedge for declining currencies and issues with inflation. When Stablecoins begin to make their way into this new Digital Market, it will be important to keep our eyes on their relevance to our paper currencies.     Gold as a strategic asset -  Reuters

© Goldilocks
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The ERC-7265 token standard proposes adding a “circuit breaker” mechanism to DeFi protocols to stop the transfer of Ethereum-based tokens in the event of a hack.  CoinDesk Link

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FED LEAK: This Is a GAMECHANGER for Gold & Silver - Andy Schectman

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

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Government shutdown looms as lawmakers battle over immigration -  FOX19 Link

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New ETF Banking Announcement:

JPMorgan Active Bond ETF (JBND) is expected to begin trading in February.

J.P. Morgan Asset Management today announced its intent to transfer the exchange listing the JPMorgan Active Bond ETF (NYSE: JBND) to the New York Stock Exchange (NYSE) from NYSE Arca, effective January 30, 2024.

J.P. Morgan Asset Management to Transfer JPMorgan Active Bond ETF (JBND) to NYSE from NYSE Arca    PR Newswire

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Judge Approves Settlement: Binance to Pay $1.5 Billion to CFTC, CZ to Pay $150 Million Fine   Crypto News

The Expertise Advisory Committee of the US Commodity Futures Trading Commission(CFTC) has taken a big step in addressing the challenges posed by decentralized finance (DeFi) by voting to submit a report urging the federal government and trade to prioritize understanding and regulating the sector.

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Top 10 Artificial Intelligence Technologies In 2024 | AI Tools

Artificial Intelligence is the simulation of the pretense of human intelligence processes by machines, particularly computer systems. Though the term Artificial Intelligence has been around for more than 50 years, it was 20 years before the world began to understand its massive potential. Artificial intelligence has various applications like Simulation, Natural Language Processing, Speech Recognition, and Robotics.

There has been a constant development in the Artificial Intelligence field, and the growth is aggressive. Today, Artificial Intelligence is everywhere. So, learning about Artificial Intelligence technologies will help you stay up-to-date. This Artificial Intelligence technologies blog will explore some famous technologies like Natural Language Processing, Robotic Process Automation, etc.

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Last November the BIS Innovation Hub revealed it was planning a project with the Swiss National Bank and the World Bank to tokenize promissory notes. Yesterday it provided a few details, including the project’s name, Promissa, and a target deadline of early 2025 for completing the proof of concept.

The IMF will participate as an observer.

Today promissory notes are largely paper-based, but the objective isn’t purely to digitize them. Using a distributed ledger will create a single source of truth and provide an overview for all parties. So countries that make financial commitments to the World Bank, the IMF and potentially other institutions can see all their outstanding promissory note commitments in one place. And the World Bank can also have a single view of all the promissory notes.

BIS, World Bank, Swiss National Bank to Tokenize Promissory Notes - Ledger Insights 1  

BIS, World Bank explore tokenizing promissory notes for development funds - Ledger Insights 2

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SOUND 2024 OUTLOOK FOR GLOBAL BANKING, BUT KEY DOWNSIDE RISKS LIKELY TO PERSIST - International Banker

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Creation of minerals “Super Region” could make Africa, Middle East and South Asia global leaders in energy transition | African Mining Market

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Saudi Arabia signs mining deals with four nations - Mining Technology

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#JimWillie : #Gold Is Replacing Treasuries As Store of Value NOW

https://youtube.com/shorts/Zl7lDMc0rf4?feature=shared

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Thank you Dinar Recaps

Iraq Economic News and Points to Ponder Saturday AM 1-13-24

Iraq Economic News and Points to Ponder Saturday AM 1-13-24

Tlm724 Administrator Bondlady’s Corner

Minister Of Finance: We Have A Program To Restructure Government Banks

 Economy News – Baghdad  On Friday, Finance Minister Taif Sami revealed the existence of a program to restructure government banks.

The Ministry of Finance stated in a statement, seen by Al-Iqtisad News, that  “The Minister of Finance chaired an expanded meeting with representatives of the international company   Ernst & Young, which specializes in auditing and financial consulting, in the presence of the   general directors of the Rafidain and Rasheed banks, the  Agricultural, Industrial and Real Estate Bank, and the  national and Iraqi insurance companies,  in order to   determine an action plan.” And   initiate steps to merge and organize a number of the Ministry’s institutions and  restructure them in line with the objectives of the Ministry’s financial and banking sector reform policy.”

She added,  "The meeting discussed the draft submitted by Ernst & Young relating to the  organization and restructuring of the Rafidain and Rasheed banks and the  merger of the National and Iraqi Insurance companies, and   discussed the proposed plan and implementation stages, and  determined the frameworks of the contract and  drafted them in a manner consistent with the reform and development priorities, in addition to  discussing the study submitted by the company and diagnosing the obstacles."

     Transformation, financial and legal solutions and treatments that ensure the integrity of the merger and structuring process.”

The Minister of Finance explained - according to the statement - that

 “the Ministry has a program to restructure government banks and is working on it in cooperation with the Central Bank of Iraq and relevant international organizations,” adding that

the process of merging, structuring, and introducing modern financial technologies will push towards making Iraqi banks acceptable internationally and locally to undertake the provision of services. of the government financial system and individuals simultaneously,

defining the roles of banks and subcommittees, and determining contract durations,” pointing out that

“the Ministry’s vision includes a

     comprehensive review and evaluation of the work of banks and the

    implementation of structural administrative reforms, which include

    providing a package of integrated banking services to citizens and companies and

    making them more consistent with... The national economy supports achieving sustainable economic development.

 Sami stressed "the necessity of benefiting from the expertise of reputable international companies, which can play an effective and essential role due to their expertise and consultations in charting the correct path for the projects implemented by the Ministry in accordance with its financial policy that conforms to international standards and specifications."

The statement added,   “Ernst & Young is considered one of the leading international companies, and has extensive experience and achievements in this field to regulate the work of financial institutions and has a solid professional history through its review of many central banks, commercial banks, and major companies in the region and the world.”  160 views     01/12/2024 - https://economy-news.net/content.php?id=39374

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/

Provoking Points To Ponder on Adversity:

We say: mad with joy. We should say: wise with grief.- Marguerite Yourcenar

There are some things you learn best in calm, and some in storm.- Willa Cather

Discontent is the first step in the progress of a man or a nation.- Oscar Wilde

Were there none who were discontented with what they have, the world would never reach anything better.- Florence Nightingale

Woman's discontent increases in exact proportion to her development.- Elizabeth Cady Stanton

Restlessness is discontent, and discontent is the first necessity of progress.- Thomas A. Edison

Noble discontent is the path to heaven.- Thomas W. Higginson

No pain, no palm; no thorns, no throne; no gall, no glory; no cross, no crown.- William Penn

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

"Tidbits From TNT" Saturday 1-13-2024

TNT:

CandyKisses:  Sudani and Barzani discuss resolving files and issues between the government and the region in accordance with the constitution

{Politicy: Al-Furat News} Prime Minister Mohammed Shia Al-Sudani received today, Saturday, the President of the Kurdistan Region of Iraq, Nechirvan Barzani and his accompanying delegation, while the two sides discussed mechanisms to further resolve files and issues between the government and the region in accordance with the Constitution.

The Sudanese Media Office said in a statement received by {Al-Furat News}, that "the meeting witnessed the discussion of all issues and files at the national level, the latest security and political developments in the region, and the emphasis on Iraq's firm and principled positions on the challenges facing the sustainability of stability, and the absolute concern for the sovereignty of Iraq under various circumstances."

During the meeting, they also discussed mechanisms to further resolve files and issues between the federal government and the regional government in accordance with the Constitution, in order to ensure that citizens in the governorates of the region are spared any harm or bear the consequences of the challenges in the administrative, financial and economic files.

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CandyKisses:  Sudani: We have embarked on the path of radical reforms that touch long-term needs

Baghdad Today - Baghdad

The Prime Minister, Mohamed Shia Al-Sudani, confirmed on Saturday (January 13, 2024) that the government has followed the path of radical reforms and aimed to confront the waste of public money.

Al-Sudani said, while attending the memorial ceremony on the occasion of the anniversary of the martyrdom of Muhammad Baqir al-Hakim: "We are determined to walk the path of reconstruction and reform and to improve the standard of living and service."

He added: "We raise high the memory of the martyrs by preserving the security and stability achieved," stressing that "the experience of the Mujahideen and martyrs has taught us the importance of solidarity on fateful issues."

"The government has launched its program, which includes a vision for the future of a united, strong and independent Iraq," he said, adding: "We have taken the path of radical reforms and aimed to confront the waste of public money."

"We have set our sights on infrastructure in the economy, services, financial and banking infrastructure."

On the war on Palestine, the Prime Minister said: "We remember with pride the martyrs of the Palestinian people who are fighting the brutal killing machine," stressing that "a nation that does not respect its martyrs will not be secure tomorrow for the steps it has gained and the progress it has achieved."

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CandyKisses:  Finance Discusses With Ernst & Young The Organization And Restructuring Of The Ministry’s Banks And Companies

Earth News/ Today, Friday, the Ministry of Finance discussed with the international auditing firm (Ernst & Young) the organization and restructuring of the ministry’s banks and companies.

A statement from the ministry, which was received by Earth News, stated, “Minister of Finance, Taif Sami Muhammad, chaired an expanded meeting with representatives of the international company Ernst & Young, which specializes in auditing and financial consulting, in the presence of the general directors of the Rafidain and Rasheed banks, the Agricultural, Industrial and Real Estate Bank, and the national and Iraqi insurance companies, in order to determine a work plan and proceed.” “With steps to merge and organize a number of the ministry’s institutions and restructure them in line with the objectives of the ministry’s financial and banking sector reform policy.”

He added, “The meeting discussed the draft submitted by Ernst & Young regarding the organization and restructuring of the Rafidain and Rasheed banks and the merger of the National and Iraqi Insurance companies, and discussed the proposed plan and implementation stages and determined the frameworks of the contract and drafted them in a manner consistent with the priorities of reform and development, as well as discussing the study submitted by the company and diagnosing Obstacles to transformation, financial and legal solutions and treatments that ensure the integrity of the merger and structuring process.”

The Minister of Finance explained that “the Ministry has a program to restructure government banks and is working on it in cooperation with the Central Bank of Iraq and the relevant international organizations,” adding that “the process of merging, structuring, and introducing modern financial technologies will push towards making Iraqi banks internationally and locally accepted and responsible for providing services to the system.” Government finance and individuals simultaneously, determining the roles of banks and subcommittees, and determining contract durations.” 

Sami added, “The Ministry’s vision includes a comprehensive review and evaluation of the work of banks, and carrying out structural administrative reforms, which include providing a package of integrated banking services to citizens and companies and making them more consistent with the national economy that supports achieving sustainable economic development.”

The Minister of Finance stressed “the necessity of benefiting from the expertise of reputable international companies, which can play an effective and essential role due to their expertise and consultations in charting the correct path for the projects implemented by the Ministry in accordance with its financial policy that conforms to international standards and specifications.”

It is worth noting that Ernst & Young is considered one of the leading international companies, possessing extensive experience and achievements in this field to regulate the work of financial institutions, and has a solid professional history through its review of many central banks, commercial banks, and major companies in the region and the world.

Mot:  .... Yeppers!!! fur Sures!!!  

Mot: . Clever Earl!! ---- ooooops!!!! 

MilitiaMan: Iraq Dinar - International Confidence - Banking Digital Transformation - Global Currencies

Iraq Dinar - International Confidence - Banking Digital Transformation - Global Currencies

MilitiaMan and Crew:  1-12-2024

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=floCDW5C2_U

Iraq Economic News and Points to Ponder Late Friday Evening 1-12-24

Iraq Economic News and Points to Ponder Late Friday Evening 1-12-24

Tlm724 Administrator Bondlady’s Corner

Abdul Wahid: Iraq Loses $21 Billion Annually Due To Currency Differences, And Parliament Will Host The Responsible Parties

Friday 12, January 2024 15:41 | Political Number of readings: 299  Baghdad / NINA / Member of the Parliamentary Integrity Committee, Sarwa Abdel Wahed, revealed today, Friday, that Iraq loses more than 21 billion dollars annually due to currency differences, stressing that Parliament will host the responsible parties to put an end to this theft.

Abdel Wahed said in a blog post on the X website. , “Iraq loses $21 billion annually due to currency differences, and this is the largest clear theft in the country’s history, at a time when the government and the central bank are unable or unwilling to control the parallel market.

She pointed out that “Iraq’s oil is sold in dollars, and the government and the central bank count every 100 dollars as 132 thousand dinars. In the currency difference for selling oil alone, Iraq loses more than 21 billion dollars, and there are similar amounts in the currency difference, and the only beneficiaries are parties, companies, and affiliated banks.” To influential figures.  She added, “Parliament, in its new legislative term, must put an end to all these public thefts.”/End 9

https://ninanews.com/Website/News/Details?key=1100559

Strategy To Enhance Confidence In The Banking Sector

Financial and banking advisor, Samir Al-Nusairi   On 6/23/2016, the Iraqi Banking Conference was held in Beirut under the title (Restoring Confidence in the Iraqi Banking Sector), in the presence of the Governor of the Central Bank at the time, Mr. Ali Mohsen Al-Alaq, and representatives of Iraqi private banks and branches of Arab banks in Iraq.

The number of all private Iraqi banks was not more than 30 banks, and they were The savings rate in the banking system was 23%, the hoarding rate among citizens was 77%, and the financial inclusion rate was 11%.

The reasons for this were attributed to the economic, financial and security challenges and shocks, the intertwining of policies, and the lack of clarity of vision in making decisions for financial reform despite all previous successive governments making efforts to do so. direction, but the desired reform was not achieved.

After 8 years, the Governor of the Central Bank announced at the regular meeting of banking leaders two days ago that the Central Bank will adopt a special strategy to enhance confidence in the banking sector, accompanied by strategies and plans that will be implemented in 2024 in the footsteps of financial and banking reform, which will be carried out with support and joint cooperation with the government and with the support of Mr. President.

The Council of Ministers, where the map of expansion in the number of banks changed and became 72 banks, and the financial inclusion rate exceeded 33.5%, and the number of bank accounts opened and operating in banks is more than 10 million accounts, and the number of credit cards issued and in force is approximately 18 million cards, and the digital transformation in the banking sector is moving in the direction Accelerating the adoption of modern banking technologies and comprehensive systems, in addition to establishing the Iraqi Deposit Insurance Company.

Therefore, the deposits, which guarantee customers’ deposits at that bank, prevent it from performing its obligations towards them in accordance with the new amendment to its internal regulations. However, mistrust is still prevalent within the culture of citizens, with their reluctance to deal with banks, and we believe that the reason that led to this is the faltering banks, the methods of some banks in dealing with customers, complex routine procedures, and some banks’ circumvention of the Central Bank’s instructions, which outline mechanisms for transparent and proper dealing with citizens.

Therefore, The new strategy to enhance confidence, as explained by the Governor on 1/11/2024, will depend on the following:

First - improving the level of banking services and products provided to customers.

Second: The availability of the bank’s financial solvency and its ability to meet customers’ requests at the time of request without delay.

Third: The bank’s control and direct supervision focus on measuring the level of service provided by banks to customers.

Fourth - It provides external (international) confidence in the bank through its ability to adhere to international standards and obtain confidence from correspondent banks.

Fifth - Increase the capital of banks on the new date of February 15, 2024, which is the deadline specified for the increase.  Views 67  01/12/2024 - https://economy-news.net/content.php?id=39363

World Bank: Iraq Has Not Witnessed Significant Inflation In Food Prices

Economy |  01/12/2024  Mawazine News – Baghdad  The World Bank confirmed today, Friday, that Iraq will not witness significant inflation in food prices during 2023. A

central bank report seen by Mawazine News stated, “Inflation levels for the food sector, and according to the World Bank, it is noted that Iraq is one of the few countries Which did not witness significant inflation in food prices during 2023.”

On December 20, the International Monetary Fund announced a decrease in the inflation rate in Iraq, which is expected to stabilize due to the policy of the Central Bank of Iraq and the impact resulting from raising the exchange rate of the Iraqi dinar and improving compliance with the framework for combating money laundering and the financing of terrorism. https://www.mawazin.net/Details.aspx?jimare=240255

Bulgaria Replaces Russian Crude With Iraqi Oil

Arab and international  Economy News - follow-up   Data from the London Stock Exchange and statements from traders showed that Bulgaria replaced Russian oil imports with crude from Kazakhstan, Iraq and Tunisia in January.

Bulgaria enjoys an exemption from the ban imposed by the European Union, allowing it to continue imports of Russian oil transported by sea in 2024.

But Bulgaria imposed restrictions on exports of all refined Russian crude products this month, making it almost impossible for its only refinery to operate with Russian oil, and decided to stop all imports of Russian crude oil as of March.

Bulgaria buys oil to feed the Burgas refinery, which has a capacity of 190,000 barrels per day, and is operated by the Russian company Lukoil.

Bulgaria is the fourth largest buyer of Russian seaborne crude in 2023, purchasing more than 100,000 barrels per day.

London Stock Exchange data showed that, so far in January, the Burgas refinery will receive two shipments of 70,000 metric tons each from Kazakhstan, a shipment of 76,000 tons of Basra Light crude, a shipment of 50,000 tons of Caspian Pipeline Union blend, and 33,000 tons of oil. From Tunisia.

Views 29 01/12/2024 - https://economy-news.net/content.php?id=39365

Oil prices continue to rise, and Brent exceeds the $80 barrier

Economy | 03:08 - 01/12/2024  Mawazine News – Baghdad  Oil prices continued to rise today, Friday, and a barrel of “Brent” rose above the level of $80 in light of the escalation in the Middle East region.

Brent futures contracts rose by 3.46% to $80.09 per barrel, for the first time since last December 27, while US crude futures contracts rose by 3.64% to $74.66 per barrel, according to trading.

The rise came after the US-British attack on Yemen, and the attack raised fears of escalating tension in the Middle East, which would cause disruptions in global crude supplies.

https://www.mawazin.net/Details.aspx?jimare=240258

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/

Provoking Points To Ponder on Adversity:

Discontent and disorder were signs of energy and hope, not of despair.- C. V. Wedgwood

We say: mad with joy. We should say: wise with grief.- Marguerite Yourcenar

There are some things you learn best in calm, and some in storm.- Willa Cather

Discontent is the first step in the progress of a man or a nation.- Oscar Wilde

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Iraqi News Highlights and Points to Ponder Friday AM 1-12-24

Iraqi News Highlights and Points to Ponder Friday AM 1-12-24

The Journey Of The Dollar In Iraq To The Latest Reports And The Corridors Of Banks Increases Citizen Anxiety

January 12, 2024  Baghdad/Al-Masala Al-Hadath: The Iraqis expressed their deep concern about the turmoil in the US dollar exchange market, as the exchange rates witness continuous fluctuations around the clock, despite the attempts of the Central Bank of Iraq to control them and return to the approved official exchange rate of 132 thousand dinars for every 100 dollars.

Citizen Ali Al-Hassani said, “Exchange rate fluctuations have become a source of great concern for citizens, as they directly affect their purchasing power, especially in light of the continuous rise in the prices of goods and services.”

He added, “The government is required to take urgent measures to control the exchange rate and protect citizens from the consequences of turmoil in the financial markets.”

For his part, economic expert Yasser Al-Mutawali said, “The disturbances in the dollar exchange market are due to several reasons, most notably the continuation of the war in Ukraine, the rise in oil prices, and the decline in the value of the Iraqi dinar against the dollar.”

He added, "These factors directly affect the Iraqi economy, and lead to high inflation rates, and an increase in poverty and unemployment."

He pointed out that “the government is required to take effective economic measures to confront these challenges and protect the Iraqi economy from global turmoil.”

The economic expert stressed that “continued disturbances in the dollar exchange market will lead to destabilization of the country’s political and social stability, and will increase the already high rates of poverty, unemployment, and high prices.”

He called on the government to “take quick and urgent measures to control the exchange rate and protect citizens from the consequences of turmoil in the financial markets.”

On February 7, 2023, one hundred days after assuming the presidency of the government, Prime Minister Muhammad Shiaa Al-Sudani confirmed that “the currency window was a black spot in the banking system,” pointing to “the vote on the Central Bank’s request to adjust the exchange rate to 1,300 dinars for every one dollar.” .

The turmoil in the dollar exchange market is a worrying phenomenon that greatly affects the lives of Iraqi citizens. Constant fluctuations in prices make it difficult for citizens to determine the costs of their daily lives and plan their financial future.

Moreover, these disruptions severely undermine confidence in the financial system and pose a major challenge to the government's efforts to achieve economic stability.

The efforts of the Central Bank are evident in its attempts to address these fluctuations, as it seeks to return to the approved official exchange rate. However, it appears that these efforts still face major challenges, whether due to the effects of global economic conditions or internal challenges.

The state of instability in the dollar market is reflected in various aspects of Iraqi society’s life. Citizens live in a state of uncertainty about their financial future, and their concerns increase about the impact of these fluctuations on purchasing power and the extent of their impact on the standard of living. This concern is in addition to other economic and social challenges facing Iraqi society.

In light of this complex context, it appears that achieving stability in the dollar exchange market requires effective measures and international cooperation. This requires strengthening internal economic measures and adopting effective strategies to deal with international challenges.

The government must take the necessary measures to ensure market stability and reduce pressure on citizens, so that Iraq can achieve sustainable economic development and raise the standard of living for its citizens.

According to economists, the widening gap between the official and parallel rates of the dollar against the dinar weakens confidence in the local currency, reduces incentives to deposit money in Iraqi banks and prompts savers to exchange the dinar for the dollar, which leads to higher prices and a decrease in the real or purchasing value of the Iraqi currency.

On Tuesday, February 7, 2023, the Council of Ministers approved a decision to adjust the dollar exchange rate to 1,300 dinars.    https://almasalah.com/archives/79126

Former Chairman Of The Energy Committee

Iraq's oil is the most resilient in the future of the world and the greatest danger is the Strait of Hormuz.. Adnan Al-Janabi

The former Chairman of the Parliamentary Energy Committee, Adnan Al-Janabi, confirmed that Iraqi oil is safe as long as the sea corridor through the Strait of Hormuz is stable, while he stressed that Iraq is the last country that will be affected by reducing global dependence on oil in the future, due to its large reserves and low production costs.

Iraq's oil is the most resilient in the future of the world and the greatest danger is the Strait of Small

A former minister warns of Al-Shahristani’s scenario: The oil law will pass provided that Al-Sudani’s opponents remain silent

Adnan Al-Janabi in an interview with journalist Haroun Rashid, followed by Network 964:

In light of everything the region is going through security-wise and militarily, the only frightening thing that could affect oil in the world, and not just in Iraq, is if any security destabilization occurs in the Arabian Gulf region, especially in the Strait of Hormuz.

Iraqi oil, within its OPEC quota, can currently guarantee exports from the southern port alone across the Gulf, even if this is not true from a strategic standpoint. It is necessary to work on adopting multiple ports lest what happened with the Turkey line be repeated, and the port most likely to be approved in this regard is the Aqaba port. Through Jordan.

Regarding future plans, Iraqi oil is one of the least depleted in the world, and it is the least expensive to extract, but this means that if we cannot keep up with reserves and export rates, there will come a time within a decade or more, when the demand for oil decreases, by moving from fuel.

From fossil fuels to alternative energy, we will face a question: Who will continue to export? The answer is clear, as whoever produces oil at the lowest costs and has large reserves will find it easier to export.

Despite the advantages and problems mentioned, Iraq must prepare and develop its production and export capabilities in preparation for the future, in addition to not stopping investment in the oil sector, so that we are ready for that moment when export restrictions are lifted and we have a production capacity of up to 6 million barrels per day.   https://964media.com/292187/

Rady: America Controls Oil Revenues And Delivers Them To Iraq By “Distillation”

Policy  Information / Baghdad...  A member of the State of Law coalition, former MP Rasul Radi, confirmed today, Friday, that the American administration controls the Iraqi funds related to oil revenues through the Federal Bank and delivers them to Iraq by “distillation,” pointing out that Washington’s decisions are not strange to Iraq and everything is expected from them.

Radi told Al-Maalouma, “All information confirms that the Iraqi economy is hostage to the US Federal Bank, which controls the most important revenues on which the Iraqi government depends, which are oil revenues.”

He added, "Everything is possible and not surprising from the American administration if it takes an economic decision that harms the interests of Iraq, especially since oil sales revenues are placed in the aforementioned bank and Iraq obtains them through (distillation) when needed."

He stated that "America has control over the Iraqi funds held by the Federal Bank, which has caused a rise in the dollar exchange rate and the occurrence of some financial harassment in the recent period." LINK

Prime Minister: The Path Of Reform Is Long, And The Government Has Begun To Lay The Groundwork For It In The Long Term

Economy News – Baghdad  Prime Minister Muhammad Shiaa Al-Sudani confirmed, on Thursday, that the path of reform is long and the government has begun to establish it in the long term.

The Prime Minister’s media office stated in a statement, seen by Al-Iqtisad News, that “Prime Minister Muhammad Shiaa Al-Sudani received the ambassadors of the Iraq Economic Contact Group (IECG), which represents the major economic countries, France, Britain, Italy, Spain, the United States, Japan, and Canada. In addition to the European Union ambassador.

During the meeting, the Prime Minister appreciated “the efforts made to support Iraq in the various past stages. He also expressed his thanks to the United States and Italy, which chaired the group, for the work and communication they provided,” stressing “continuing cooperation with the next presidency represented by the United Kingdom and France, for example.” Achieving the goals for which this group was formed.”

He reviewed, "The government's vision regarding the economic, financial, banking, and customs reforms that it has begun implementing, and its seriousness in establishing a future work approach, in addition to its efforts in implementing its commitments within the ministerial program, and the five priorities that were included in its executive program."

He touched on "the strategic projects that will be an important basis for Iraq's economic renaissance, which are the path of development and gas and renewable energy projects," noting that "the government is aware that the path of reform is long, but it has begun to establish it in the long term, which will help future governments carry out their tasks." .

For their part, representatives of the contact group expressed “great interest and optimism in government policies in the field of the economy, and pointed to past accumulations that the government has begun to address.”

The Italian ambassador praised "the government's description of achievement, and the preparation of a different budget that includes new ideas such as the Iraq Fund for Development and the provision of sovereign guarantees to the private sector."

The US Ambassador to Iraq also praised "the government's successful steps in the field of banking reforms, and its approach to reforming government banks by relying on major international companies, as well as its move towards activating the electronic payment system."

The French ambassador to Iraq praised "the government's policies in reforming border crossings and customs by adopting the ASYCUDA system and preparing a financial budget for three years."

The meeting concluded with an agreement to form a working group and an action plan for a period of 6 months, interspersed with meetings between representatives of the group’s countries, ministries and advisors to the Prime Minister concerned with following up on the work. This will be followed by holding a meeting chaired by the Prime Minister to evaluate what has been presented.

Views 45 01/11/2024 https://economy-news.net/content.php?id=39343

Provoking Points To Ponder on Adversity:

Trouble is the thing that strong men grow by. Met in the right way, it is a sure-fire means of putting iron into the victim's will and making him a tougher man to down forever after.- H. Bertram Lewis

Every time you meet a situation, though you think at the time it is an impossibility and you go through the torture of the damned, once you have met it and lived through it, you find that forever after you are freer than you were before.- Eleanor Roosevelt

I have always fought for ideas - until I learned that it isn't ideas but grief, struggle, and flashes of vision which enlighten.- Margaret Anderson

I have learned in the great University of Hard Knocks a philosophy that no woman who has had an easy life ever acquires. I have learned to live each day as it comes, and not to borrow trouble by dreading tomorrow. It is the dark menace of the future that makes cowards of us.- Dorothy Dix 

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

"Vietnam News" Posted by Henig at KTFA 1-12-2024

KTFA:

Henig:  Fruit and vegetable exports likely to reach nearly 5.6 billion USD

Vietnam’s fruit and vegetable export turnover hit a new record in reaching nearly 5.6 billion USD in 2023, exceeding the plan by 40% and increasing nearly 66% over the same period of 2022. It also leads the agriculture product group, surpassing key crops such as rice, cashew nuts, coffee, and cassava.

VNA Tuesday, December 26, 2023 07:55 

https://images.jifo.co/6513924.....469704.png    Link

Henig: Textile-garment sector logs record number of export markets

Vietnam's textile and garment products have been exported to 104 countries and territories this year – a record number, according to the Vietnam Textile and Apparel Association.

VNA Monday, December 25, 2023 03:00  

According to the Vietnam Textile and Apparel Association, the US remained the biggest importer of Vietnamese textile and garment products with a turnover of over 11 billion USD by the end of September. It was followed by Japan, the EU, the Republic of Korea, Canada, and China.

Diversifying markets, products, customers and partners is a step towards reducing Vietnam's reliance on large markets. Markets that previously did not import products from Vietnam now do so, affirming the nation's position in the global marketplace.

According to the Association, 2023 has posed significant challenges, such as the lingering global impact of the COVID-19 pandemic and a large inventory due to decreased demand.

The total export value of the industry last year surpassed 44 billion USD, but with these difficulties, it is expected to decrease by more than 9% this year to over 40 billion USD.

VNA  LINK

Henig:  Vietnamese currency to appreciate despite forex fluctuations

Experts predict that recent fluctuations in foreign exchange rates are short-term, and the Vietnamese currency, the dong, will trend to appreciate again in the medium to long term.

Hanoi (VNA) – After a relative period of stability, the USD/VND exchange rate has increased sharply. Experts said that the surge in exchange rates will last for just a short time, but enterprises still need to take measures in anticipation of the risks.

From August 28 to 31, the USD/VND exchange rate rose sharply. At Vietcombank, the sharpest increase was recorded on August 30, when the rate hit 24,350 VND per USD while the daily reference exchange rate, set by the State Bank of Vietnam (SBV), was 23,977 VND per USD.

However, the rate gradually cooled down after the Natonal Day holiday. Vietcombank listed its selling rate on September 5 at 24,240 VND per USD, down slightly from the previous week, while the reference rate for the day was reduced by 281 VND to 23,959 VND per USD.

Despite certain declines, exchange rates are still high, over 24,000 VND per USD, up 1.4% from the end of July and 1.6% from the year’s beginning.

In August, the SBV raised the daily reference exchange rate for the greenback by a total of 0.82% from July. This was the strongest hike since the start of 2023 and also partly reflected the pressure on exchange rates in the recent past.

Ngo Dang Khoa, Director for the foreign exchange, capital market and securities services division of HSBC Vietnam, said the pressure comes from the impact of the international market. Inflationary concerns in the US have yet to ease while interest rates in the world’s biggest economy bounced back last week. The US Dollar Index, which measures changes in the greenback’s value in comparision with a basket of six key currencies (EUR, JPY, GDP, CAD, SEK, CHF), inched up 0.65% to 104.26.

Meanwhile, the contrast between the monetary policies of Vietnam and the US is also among the causes of the pressure on domestic exchange rates. The slowdown in growth curbed inflation, and the forex market’s stability during the first months of 2023 showed the priority Vietnam has given to growth promotion. This was completely different from the US, where economic statistics remain positive and the core inflation hasn’t been brought down to the target level, forcing the Federal Reserve (Fed) to keep tightening monetary policy.

Experts said that exchange rates have fluctuated strongly as the SBV lowered regulatory interest rates four consecutive times since the start of 2023. Meanwhile, the Fed and many major central banks in the world are still pursuing tightened monetary policies to contain inflation. Exchange rate differentials form a factor encouraging the holding of foreign currencies, which has subsequently fueled exchange rates in the recent past.

In addition, weaker exports have also affected sources of foreign currency revenue, keeping exchange rates high.

Khoa said recent exchange rate fluctuations are short term, and the Vietnamese dong will appreciate in the medium to long term. In the international market, the US dollar is forecast to depreciate in the last months of the year as Fed has neared the end of its tightening cycle.

Echoing the view, Tran Van Tanh, deputy head of the research and analysis division of the Yuanta Securities Vietnam Co. Ltd, said exchange rate fluctuations are manageable, and such a tense scenario as in 2022 is unlikely to happen because the SBV now has more favourable conditions than in the same period last year. The central bank also purchased over 6 billion USD to supplement the country’s foreign exchange reserves in the first half of 2023.

He perceived that the exchange rate issue will only become truly tense if Fed raises interest rates again at its September meeting and the US dollar continues gaining strength. However, insiders predicted that Fed is more likely to maintain current interest rates. VNA  LINK

"Tidbits From TNT" Friday 1-12-2024

TNT:

CandyKisses:  Gold prices rise as tensions escalate in the Middle East

Gold prices rose on Friday as fears of exacerbating the conflict in the Middle East due to international air strikes on Yemen increased, leading to a rise in the appeal of the yellow metal as a safe haven.

By 0427 GMT, spot gold was up 0.3 percent at $2,033.89 an ounce. However, it has fallen 0.6% so far this week.

Gold futures rose almost 1% to $2,038.00, according to Reuters.

The United States and Britain have launched strikes against Houthi-linked positions in Yemen, while Saudi Arabia has called for restraint in light of the strikes.

In broader financial markets, Asian stocks were cautious on Friday, as escalating conflict in the Red Sea region sent oil prices higher.

Data on Thursday showed that the U.S. rose more than expected consumer prices in December, but excluding volatile food and energy costs, the pace of price increases fell to 3.9% from 4% year-on-year.

Spot silver rose 0.4% to $22.82 an ounce, platinum gained 0.2% to $917.48, and palladium rose 0.1% to $989.29.

Tishwash:  The first parliamentary comment on the "bombing of Yemen"... 3 serious repercussions for the Middle East - urgent

Today, Friday (January 12, 2024), Representative Waad Al-Qaddu described the bombing of Yemen as another aggression that affects the security of Arab and Islamic countries .

Al-Qaddo said in an interview with “Baghdad Today” that “launching air strikes on several areas in Yemen by American aircraft and some of its allies from the West is a continuation of the scenario of aggression against Arab and Islamic countries and an implementation of the White House’s arrogance in using force against any countries that do not follow the path of the House’s interests.” the White".

He added, "There are 3 serious repercussions of the bombing of Yemen, the most prominent of which is economic, because its geographical location on sea routes constitutes 25-30% of international transport traffic, meaning that any confusion will lead to very serious consequences," pointing out that "America is leading the world into chaos from During its adventures in an attempt to control countries through brute force.

 Al-Qaddo pointed out, “The bombing of Yemen is condemned and denounced, and its repercussions will not remain within specific geographical boundaries, and the White House will pay the price for it in the end,” pointing out that “the Yemenis will not forget the American aggression and they will inevitably have a response.”

He pointed out, "Many countries' rejection of Washington's illegal interventions confirms that the world has begun to change and rejects the American policy that has created tragedies for dozens of countries in recent decades."

Fadi Al-Shammari, advisor to the Prime Minister, confirmed today, Friday (January 12, 2024), that the West has begun to expand the circle of conflict and tensions in the region .

Al-Shammari said in a blog post on the “X” platform, followed by “Baghdad Today”: “While the West is supposed to work to restore its shame with the stories of human and animal rights that were undermined by positions towards Israel’s war against Palestine and the children, women, and civilians of Gaza, it is committing another foolishness by expanding the circle of conflict and increasing Tensions in the region .”

He continued, "While (the West) calls on others to exercise restraint, reduce areas of tension, and avoid escalation ."

It is noteworthy that the United States and Britain began a massive attack on several Yemeni cities at dawn on Friday, targeting sites belonging to the Houthis   link

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

CandyKisses:  Russia requests an emergency session of the Security Council following the US and British bombing of Yemen

Baghdad Today - Follow-up

On Friday morning (January 12, 2024), Russia requested an emergency session of the United Nations Security Council due to the strikes carried out by the United States and its allies in Yemen.

Russia's UN mission said on Telegram: "Russia has requested an emergency session of the UN Security Council on January 12 due to strikes carried out by the United States and Britain in Yemen."

According to Sputnik, the meeting was requested to take place at 10:00 am (18:00 Moscow time).

Earlier, the United States and Britain began launching strikes on Ansar Allah targets in the capital Sanaa and the provinces of Hodeidah, Saada and Dhamar.

For its part, the Pentagon confirmed this morning that the United States, in coordination with its partners, carried out strikes on targets of the "Ansar Allah" group (Houthis) in Yemen, and intends to soon reveal the details of the operation.

This morning, Ansar Allah announced its readiness to engage in any confrontation with the United States and Britain, considering that targeting it with any military action comes in support of Israel.

The developments came a day after Ansar Allah leader Abdul Malik al-Houthi announced that his group would continue its military operations in the Red Sea to prevent ships linked to Israel or heading to its ports from sailing to pressure Tel Aviv to lift the blockade on Gaza.

On Thursday, the UN Security Council adopted a US-Japanese draft resolution (2722), condemning attacks by Ansar Allah on ships in the Red Sea, demanding an immediate halt to them.

The Security Council resolution came a day after Ansar Allah announced that it had carried out a joint operation with a large number of ballistic missiles, naval and drones targeting a US ship that it said was providing support to Israel, considering it a "preliminary response" to the bombing by US forces, last week, of the group's boats and the killing of 10 of its members.

Meanwhile, the US Central Command announced the foiling of an attack by "Ansar Allah", which it described as "complex" with 18 drones, two anti-ship cruise missiles, and an anti-ballistic missile, towards international shipping lanes in the southern Red Sea, noting that the attack is the group's 26th since November 19.

Tensions escalated in the Red Sea after Ansar Allah announced last Sunday that 10 of its forces were killed in a US bombing that targeted three of its boats, blaming Washington for the consequences.

Mot:  Yet another Winter ""Tip"" frum ole Mot of Course!! 

Mot:  ...... Member... the Winter Months are Upon Us – sooooo

Iraq Economic News and Points to Ponder Late Thursday Evening 1-11-24

Iraq Economic News and Points to Ponder Late Thursday Evening 1-11-24

Tlm724 Administrator Bondlady’s Corner

The Prime Minister Discusses With Representatives Of Ernst & Young Its Plan To Organize And Structure The Work Of Rafidain Bank
 
Economy News – Baghdad  On Thursday, Prime Minister Muhammad Shiaa Al-Sudani discussed with representatives of Ernst & Young its plan to organize and structure the work of Rafidain Bank.

A statement issued by the Prime Minister's Media Office, seen by Al-Iqtisad News, said, "The Prime Minister chaired a meeting that included representatives of Ernst & Young for auditing and financial consulting, in the presence of the Minister of Finance, the Governor of the Central Bank of Iraq, and the Prime Minister's advisors concerned with the economic aspect."

During the meeting, according to the statement, the initial draft of the company’s plan was discussed. For the purpose of organizing and structuring the work of Rafidain Bank, within the government’s approach to reform the banking and financial sector, a number of observations were recorded on the draft plan with the aim of amending it and proceeding with its implementation.

The Prime Minister stressed the need for “the plan to be applicable and not a copy of previous experiences, and to achieve its desired goal.”

According to the statement, the Prime Minister also expressed the government’s readiness to provide all necessary facilities to accomplish transformation and restructuring, which is an essential part of the goal of the government program in the field of financial and banking reform.

Al-Sudani stressed the speed of completion, in order to make the required plan successful and achieve tangible progress within the framework of economic reform.

116 views 01/11/2024 - https://economy-news.net/content.php?id=39354

Oil Records A Qualitative Leap And Approaches $80
Economy | 03:16 - 01/11/2024  British maritime security company Ambrey said in a memorandum on Thursday that four or five gunmen boarded an oil tanker east of Sohar in the Sultanate of Oman.
Embry said the crude oil tanker flying the Marshall Islands flag was sailing in the direction of Bandar Jask, Iran.
Oil prices jumped by nearly 2 percent, at rates greater than the quiet rises they witnessed in Asian trading, as markets ignored the sudden jump in US crude inventories announced by the Energy Information Administration on Wednesday.
Market movements:
Brent crude futures rose $1.28, or 1.72 percent, to $78.10 per barrel, by 9:55 GMT, and US West Texas Intermediate crude futures rose $78.10, or 1.78 percent, to $72.64 per barrel.

https://www.mawazin.net/Details.aspx?jimare=240221

The Dollar Exchange Closes Its Doors At A New High
Local | 06:19 - 01/11/2024  Most Iraqi stock exchanges closed for parallel markets today, Thursday, with the dollar exchange rates rising by 21.4 points from the official price.

A source told Mawazine News that most of the governorate's stock exchanges closed with a noticeable increase in dollar exchange rates, as the capital, Baghdad, and its two stock exchanges, Al-Harithiya and Al-Kifah, recorded the sale of 100 dollars for 153,400 dinars.

While Basra Governorate recorded the sale of 100 dollars for 153,750 dinars, and the Najaf Governorate recorded the sale of 100 dollars for 153,500 dinars.

As for the northern governorates, sales of $100 were recorded in: Erbil 152,950, Sulaymaniyah 153,000, Mosul 153,200, Kirkuk 153,000.   https://www.mawazin.net/Details.aspx?jimare=240240

Financial Sustainability Guide
 
January 11, 2024   :diamonds: Sustainability guideline..

For more, click here     https://cbi.iq/static/uploads/up/file-17049614896312.pdf  
https://cbi.iq/news/view/2498

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/

Provoking Points To Ponder on Adversity:

Those who have suffered understand suffering and therefore extend their hand.- Patti Smith

The saints rejoiced at injuries and persecutions, because in forgiving them they had something to present to God when they prayed to Him.- Teresa of Avila

The difficulties and struggles of today are but the price we must pay for the accomplishments and victories of tomorrow.- William J. H. Boetcker

Experience may be hard but we claim its gifts because they are real, even though our feet bleed on its stones.- Mary Parker Follett

And I think that's important, to know how the water's gone over the dam before you start to describe it. It helps to have been over the dam yourself.- E. Annie Proulx

I think these difficult times have helped me to understand better than before how infinitely rich and beautiful life is in every way that so many things that one goes around worrying about are of no importance whatsoever.- Isak Dinesen

Problems are the price of progress. Don't bring me anything but trouble.- Charles F. Kettering 

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

MilitiaMan: Iraq Dinar - Investor Green Light - Live in Baghdad - Davos in Days - Internationilsm - Global Effect

Iraq Dinar - Investor Green Light - Live in Baghdad - Davos in Days - Internationilsm - Global Effect

MilitiaMan and Crew:  1-11-2024

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=ehuFFtS93ao