Goldilocks' Comments and Global Economic News Late Friday Evening 1-19-24
Goldilocks' Comments and Global Economic News Late Friday Evening 1-19-24
Good Evening Dinar Recaps,
Washington, D.C. — "The Commodity Futures Trading Commission today announced it has issued an Order of Designation to IMX Health, LLC, granting it designation as a contract market (DCM). IMX Health is a limited liability company registered in Delaware and headquartered in Chicago, Illinois."
Intelligent Medicine Exchange IMX has been awarded a Securities futures contract. This will give individual and institutional market investors the ability to invest in various sectors of the healthcare ecosystem.
This means that an investor will be capable of investing in various drugs that are used in a patient's care along with new Quantum Technologies for the use of healing care.
Creating a financial exchange for the healthcare economy enables technological advances to move forward as tokenized assets in the markets.
© Goldilocks
Goldilocks' Comments and Global Economic News Late Friday Evening 1-19-24
Good Evening Dinar Recaps,
Washington, D.C. — "The Commodity Futures Trading Commission today announced it has issued an Order of Designation to IMX Health, LLC, granting it designation as a contract market (DCM). IMX Health is a limited liability company registered in Delaware and headquartered in Chicago, Illinois."
Intelligent Medicine Exchange IMX has been awarded a Securities futures contract. This will give individual and institutional market investors the ability to invest in various sectors of the healthcare ecosystem.
This means that an investor will be capable of investing in various drugs that are used in a patient's care along with new Quantum Technologies for the use of healing care.
Creating a financial exchange for the healthcare economy enables technological advances to move forward as tokenized assets in the markets.
© Goldilocks
https://www.cftc.gov/PressRoom/PressReleases/8849-24
https://www.imxhealth.com/
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Conservatives pitch last-minute border amendment on bill to avert shutdown | ABC News
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What banks are switching to digital currency?
The pilot will test how banks using digital dollar tokens in a common database can speed up payments. Participating banks include BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo.Dec 12, 2022 Baker Tilly Link
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Will banks start using cryptocurrency?
In early January, the OCC announced that national banks and federal savings associations can now use public blockchains and stablecoins to perform payment activities. This opens the door for banks to have the ability to process payments much quicker and without the need of a third-party agency.
How Cryptocurrencies May Impact the Banking Industry
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Is Bank of America changing to digital currency?
Central bank digital currencies (CBDCs) are coming, but a digital dollar is unlikely in the near term, Bank of America (BAC) said in a report on Monday. Nov 15, 2023
U.S. CBDC Is Unlikely in the Near Term: Bank of America - CoinDesk
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How many banks are using blockchain?
Thus, in a bid to adopt blockchain technology in India for providing various financial services, 15 banks, including 11 private sector, and four PSBs have formed Indian Banks' Blockchain Infrastructure Company Private Limited (IBBIC). May 25, 2023 Blockchain technology and Indian Banking Industry. - LinkedIn
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How many banks own cryptocurrency?
From 2021 to the end of 2022, at least 23 banks are known to have invested in the crypto world. These included big names like Morgan Stanley, BNY Mellon, Citigroup, and United Overseas Bank. Apr 14, 2023
.
How Many Banks are Using Cryptocurrency in 2023?
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Is Bank of America using XRP?
This partnership goes beyond 2020, as some of BofA's senior executives have been instrumental in setting up RippleNet's compliance standards for international payments. The bank plays a central role in ensuring Ripple XRP's legal and operational consistency. Ripple (XRP): Everything you Need to Know - Atato
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Will cash become obsolete?
As people move toward more electronic or digital forms of payment, it might seem like paper money is on its way toward obsolescence. But experts say that cash will always be around. Apr 21, 2023
What would happen if paper money became obsolete? - Marketplace.org
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Why are countries ditching the US dollar?
The US dollar has been the world's reserve currency for decades, but its dominance is fading. Sanctions against Russia have spurred other countries into considering backup currencies for trade. US monetary policies, the strong USD, and structural shifts in the global oil trade also contribute. Dec 27, 2023
3 reasons countries around the world want to break up with the dollar ()
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Is digital currency here to stay?
If you're interested in a career in business, fintech, accounting or a similar field, you'll need a solid understanding of what digital currencies are and the impact they continue to have on the global market. Not only is digital cash likely here to stay—but you will likely be working with it in your future career. Oct 31, 2023 Understanding Digital Currency and Its Far-Reaching Impacts | Keiser ()
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In late 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would subject nonbank fintech companies to the CFPB’s authority. The CFPB articulated that it intends the rule to “level the playing field” between banks and fintech companies by regulating digital payments, such as peer-to-peer mobile payment apps. This would add an extra layer of oversight beyond the federal and state money transmitter laws traditionally used to regulate these types of services. JD Supra Link
👆 Goldilocks pointed to this article
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It’s Time to Explore Institutional DeFi
Technology continually evolves and modernizes financial services by creating new ways of executing and recording transactions. Each step in this evolution brings new business opportunities. For example, dematerialization replaced paper certificates with digital ones in the form of electronic book entries, fostering the rise of electronic payments and trading. That, in turn, made securitization possible, which added value to previously illiquid assets such as mortgages.
Despite recent waves of digitization, trillions of dollars worth of real-world assets are recorded in a multiplicity of ledgers that remain separate from messaging networks. This means that financial intermediaries have to record transactions on siloed ledgers and then message each other to reconcile their books and finalize the settlement. The need for coordination across ledgers and networks between entities creates inefficiencies that increase costs and risks, lengthen settlement times, and in general add overhead to financial services. Oliver Wyman Forum
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Managing Sovereign Wealth Funds of other countries such as the Middle East in the US is met with great challenges, but it has profitable results for both countries in doing so.
This practice ensures secured foreign exchange practices that are expected to be a prominent venue going forward on Forex. In contrast with banks, this practice is the holding of investments in government foreign reserves inside the financial system of another country.
SWFs typically invest in a wide range of asset classes:
* equities (i.e. foreign currency)
* fixed income
* real estate
* alternative investments like private equity and infrastructure.
The purpose of this practice is to increase diversification and reduce risk on cross-border transactions between countries.
As you can see from many of the articles in this room, blockchain technology allows us to create opportunities never seen before in history. The ability to move across the borders to exchange monies is becoming something of an enigma.
At the touch of a button, things are progressing towards instant payment systems through the new digital economy allowing faster and efficient forms of trade.
Many of these blockchain technologies have been operational for some time, but the interfacing of Global economies on a Quantum Financial System will transform the way we live that most of us have never ever attempted to imagine. DLA Piper
© Goldilocks
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Chapter 16 Sovereign Wealth Funds in the New Normal in: Economics of Sovereign Wealth Funds | E-Library
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Ukraine ranks third in the ranking of bitcoin-holding countries - data from Bitcointreasuries.
The top 3 also include:
- USA - 215,000 BTC;
- China - 190,000 BTC;
- Ukraine - 46,351 BTC.
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OpenAI on Thursday announced its first partnership with a higher education institution.
Starting in February, Arizona State University will have full access to ChatGPT Enterprise and plans to use it for coursework, tutoring, research and more.
The partnership has been in the works for at least six months.
ASU plans to build a personalized AI tutor for students, allow students to create AI avatars for study help and broaden the university’s prompt engineering course. CNBC Link
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Protocol 20 Mainnet Vote Less Than 2 Weeks Away
January 30, the date of the Protocol 20 Mainnet vote, is fast approaching. Protocol 20 will mark the most transformative upgrade to the Stellar network to date. And to preserve the network's performance, security, and stability during this time, the ecosystem has agreed to a phased rollout for Soroban transactions.
Following a positive validator vote, Phase 0 begins, which is designed to allow network operators to observe the network after the upgrade, and not intended for end users to interact with applications. During Phase 0, developers are encouraged to continue utilizing Testnet.
In Phase 1, builders gain the ability to deploy contracts on Mainnet for testing. Like Phase 0, this environment is not meant for application users. As Phase 1 progresses, smart contract usability will expand based on network health and user feedback.
So, while exciting times are ahead, we suggest managing expectations throughout the community – and if you’re building on Stellar/Soroban – your user base. If you haven’t already, please upgrade all of your relevant software in preparation for Protocol 20. Stellar Link
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Mortgage broker Loan Market Vantage on why brokers are pivoting to business lending | Financial Review
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Inside Innovation Live 09 - Connecting blockchains: Overcoming fragmentation in tokenised assets | YouTube
👆 Goldilocks pointed to this article
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Mortgage Brokers Dive into Commercial Lending | Financial Review
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Iraq Economic News and Points to Ponder Friday Evening 1-19-24
Iraq Economic News and Points to Ponder Friday Evening 1-19-24
Tlm724 Administrator Bondlady’s Corner
Al-Sudani: We Will Not Hesitate To Take All Necessary Measures To Protect Our Sovereignty
Friday 19, January 2024 14:02 | Political Number of readings: 431 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that: “No party, whether external or internal, can take away the rights of the Iraqi government and its role in extending its security.”
He said in an interview with Blue Mberg Agency, published by the official agency: “Our position is clear and we will not hesitate to take all necessary measures to protect our sovereignty.”
He added: "So far, there is no problem regarding the production and export of Iraqi oil," noting that "events are continuing in this sensitive site, which constitutes more than 30% of the world's energy supplies."
Iraq Economic News and Points to Ponder Friday Evening 1-19-24
Tlm724 Administrator Bondlady’s Corner
Al-Sudani: We Will Not Hesitate To Take All Necessary Measures To Protect Our Sovereignty
Friday 19, January 2024 14:02 | Political Number of readings: 431 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that: “No party, whether external or internal, can take away the rights of the Iraqi government and its role in extending its security.”
He said in an interview with Blue Mberg Agency, published by the official agency: “Our position is clear and we will not hesitate to take all necessary measures to protect our sovereignty.”
He added: "So far, there is no problem regarding the production and export of Iraqi oil," noting that "events are continuing in this sensitive site, which constitutes more than 30% of the world's energy supplies."
The Prime Minister explained: “The current conditions are worrying for both exporters and importers,” warning that “prolonging the war in Gaza and the West Bank will lead to expanding the circle of conflict, and this is what happened.”
He continued: "We do not have a problem with the Turkish side. They have shown willingness, but there is a problem with the oil producing companies in the Kurdistan region," explaining that "the dispute between Baghdad and Erbil revolves around the problem of the cost of producing a barrel."
Al-Sudani pointed out: “Iraq is an active member of OPEC. We make decisions in OPEC through discussions and understandings, and our plan is to rely on what gas we have, whether that is associated with oil or natural gas.”
He went on to say: “We plan within 3-5 years to provide for our gas needs and reach a stage where we do not burn gas. We have allocated $4 billion for gas imports, and once we reach self-sufficiency, this amount will be allocated to other projects.” https://ninanews.com/Website/News/Details?Key=1101961
Al-Sudani In Davos: Ending The International Coalition’s Mission Is Necessary For The Security And Stability Of Iraq
Prime Minister Muhammad Shiaa Al-Sudani announced that ending the international coalition’s mission is necessary for the security and stability of Iraq, and he indicated setting a goal to reduce dependence on oil revenues from 95 percent to 80 percent.
The Prime Minister said, during a dialogue session within the work of the Davos Economic Forum held in Switzerland, that the Iraqi people emerged victorious over the adversities that faced the country over the past years, stressing that the discourse of the political forces today is national and there is competition in providing services to citizens.
He added that the energy sector has not invested in an adequate manner. It is true, and the government has turned to important strategic projects, including the development road and the petrochemical sector, to diversify sources of income. He pointed out that one of the challenges facing Iraq is not conveying an accurate picture of the situation.
He continued: We have appreciation and respect for the international position and its standing with us against ISIS, stressing that “the readiness The armed forces are a stabilizing factor for the situation in Iraq, and for this reason we have begun to implement the government’s commitment to arrange a dialogue regarding the end of the international coalition’s mission in the country.
He stressed, saying: “After the attacks on the Iraqi headquarters, we will enter into dialogue to arrange a schedule for the end of the international coalition’s missions in Iraq,” adding:
“This is an official popular demand and we are serious about this matter, and the end of the international coalition’s missions is a necessity for the security and stability of Iraq and the continuation of good relations between Iraq and the coalition countries.” https://www.radionawa.com/all-detail.aspx?jimare=37061
Sudanese: We Are Proceeding With Financial And Banking Reform Steps
Posted On 01-19-2024 By Sotaliraq 01/18/2024 Prime Minister Muhammad Shiaa Al-Sudani said that Iraq is proceeding with financial and banking reform steps, while the World Bank announced its support for the government’s measures in the field of modernizing and developing the banking sector, especially with regard to implementing the electronic payment system.
On the sidelines of his participation in the Davos Economic Forum, Al-Sudani met with the President of the World Bank Group, Ajay Banga, and discussed with him the cooperation relations between Iraq and the World Bank, in various economic fields, which contribute to supporting the government’s efforts and strategic plans towards more investment and development opportunities in Iraq.
The meeting also witnessed, according to a statement by the Prime Minister’s Office, a review of the measures and steps taken by the government and the Central Bank of Iraq, in terms of financial and banking reform. The projects financed by the International Finance Corporation (IFC) were also discussed, most notably the project to rehabilitate and develop Baghdad International Airport.
Al-Sudani pointed out “the importance of World Bank reports reflecting, realistically, the new government’s policies that were implemented in the economic and banking sectors and supporting the private sector, which aim to diversify the economy, increase its growth, and achieve financial stability, in light of the challenges facing the region and the world.”
For his part, Banga praised the government's measures in the field of modernizing and developing the banking sector, stressing his support for those measures, especially with regard to the implementation of the electronic payment system.
The Prime Minister also met in Davos with Khaled Hoballah, the regional CEO of JP Morgan for the Middle East and North Africa.
The meeting witnessed the discussion of prospects for cooperation in the financial fields, and opening accounts for Iraqi banks, as well as the possibility of the bank participating in the government’s efforts to adopt electronic payment applications in the Iraqi markets.
They also discussed coordinating technical efforts between the Central Bank of Iraq and J.P. Morgan in establishing Ideas related to trading central bank digital currencies.
Al-Sudani pointed to “Iraq’s aspiration towards the bank’s cooperation with the Iraq Fund for Development, and the financing it targets to finance private sector projects in Iraq,” stressing that “Iraq is proceeding with financial and banking reform steps, in a way that helps develop this vital sector.”
For his part, Hoballah expressed JPMorgan’s readiness to enhance cooperation with Iraq as a government, with the Central Bank of Iraq, and the Iraqi banking sector, confirming the bank’s intention, as a first stage, to open accounts for three private Iraqi banks.
The Prime Minister, Muhammad Shiaa Al-Sudani, met in Davos with the Secretary-General of the North Atlantic Treaty Organization (NATO), Jens Stoltenberg, and during the meeting, they discussed the prospects for cooperation between Iraq and the alliance and ways to strengthen the partnership in the security field, exchange information, track terrorist networks, and reveal their sources of funding.
The meeting also touched on the file of ending the presence of the international coalition forces in Iraq, which the government included in its ministerial curriculum, after the development achieved by the Iraqi forces in terms of preparation and full readiness, and the importance of agreeing on executive steps to arrange the end of its mission through bilateral dialogues, ensuring a smooth transition of its duties. .
The Prime Minister appreciated “the efforts of the NATO countries and their support for Iraq, through military operations in the war against ISIS terrorist gangs, and in the field of providing advice and training to the Iraqi security forces.”
Al-Sudani added, “Iraq does not mind cooperating with the countries of the international coalition in the field of armament, training, and equipment, within the framework of bilateral relations that bring together Iraq and the countries of this coalition.” LINK
The Central Bank Of Iraq Plans To Cancel The “Electronic Platform” For External Transfers
Friday 19, January 2024 11:52 | Economical Number of readings: 550 Baghdad / NINA / The Central Bank of Iraq revealed plans to cancel the “electronic platform” for external transfers at the end of the current year 2024, as it issued a list of new directives to banks licensed to regulate transfers./End 5 https://ninanews.com/Website/News/Details?key=1101936
Oil Prices Rise And Brent Is Approaching $80
Friday 19, January 2024 08:48 | Economical Number of readings: 570 Baghdad / NINA / Oil prices rose at settlement, with the International Energy Agency’s expectations matching with OPEC regarding strong growth in global demand for oil.
Brent crude futures rose $1.22, equivalent to 1.6%, recording $79.10 per barrel upon settlement, and US West Texas Intermediate crude futures rose $1.52, or 2%, to $74.08.
The US Energy Information Administration reported a larger-than-expected decline in crude oil inventories, amounting to 2.5 million barrels in the week ending January 12.
The International Energy Agency's monthly report stated that it expects oil demand to grow by 1.24 million barrels per day in 2024, an increase of 180,000 barrels per day over its previous expectations./ End To https://ninanews.com/Website/News/Details?key=1101920
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Provoking Points To Ponder on Adversity:
From their errors and mistakes, the wise and good learn wisdom for the future. - Plutarch
By becoming more unhappy, we sometimes learn how to be less so. - Madame Swetchine
Every experience, however bitter, has its lesson, and to focus one's attention on the lesson helps one overcome the bitterness. - Edward Howard Griggs
A good scare is worth more to a man than good advice. - Edgar Watson Howe
It is from the level of calamities ... that we learn impressive and useful lessons. - William Makepeace Thackeray
http://famousquotesandauthors.com/topics/adversity_quotes.html
Famous Quotes and Authors, Famous Quotations for all Occasions-
Iraq Economic News and Points to Ponder Friday AM 1-19-24
Iraq Economic News and Points to Ponder Friday AM 1-19-24
Tlm724 Administrator Bondlady’s Corner
With Documents.. The Central Bank Plans To Cancel The Platform For Selling The Dollar At The End Of This Year
Time: 01/19/2024 Read: 1,053 times {Economic: Al-Furat News} The Central Bank of Iraq is planning to gradually cancel the electronic platform for external transfers during the current year 2024, leading to its complete cancellation by the end of the year, and keeping it for audit and statistical purposes.
This comes within the framework of the Central Bank of Iraq’s endeavor to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full compliance with international standards and their requirements, according to documents issued by the bank.
Iraq Economic News and Points to Ponder Friday AM 1-19-24
Tlm724 Administrator Bondlady’s Corner
With Documents.. The Central Bank Plans To Cancel The Platform For Selling The Dollar At The End Of This Year
Time: 01/19/2024 Read: 1,053 times {Economic: Al-Furat News} The Central Bank of Iraq is planning to gradually cancel the electronic platform for external transfers {dollar} during the current year 2024, leading to its complete cancellation by the end of the year, and keeping it for audit and statistical purposes.
This comes within the framework of the Central Bank of Iraq’s endeavor to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full compliance with international standards and their requirements, according to documents issued by the bank.
According to the documents, Iraqi banks must work to be prepared and able to access and deal with correspondent banks.
According to the Central Bank, there are two types of requirements,
some of which are basic and must be provided and worked on as quickly as possible, and
some are important and
support the banks’ efforts in this field.
All banks will be required to provide the three basic requirements in order to help them open accounts with correspondent banks. As shown in the documents below.
https://vod2.alforatnews.iq/upload/2024-01/a6a8f6bad925fe4167d82a398acc0d10.jpeg
With documents.. The Central Bank plans to cancel the platform for selling the dollar at the end of this year Clip_image004 https://alforatnews.iq/news/بالوثائق-البنك-المركزي-يخطط-لإلغاء-منصة-بيع-الدولار-نهاية-العام-الجاري
Iraq Plans To Stop The Bleeding With “Financial Intelligence” And A Banking Expert Responds: It Will Not Add Anything - Urgent
Economy |01-17-2024, Baghdad today – Baghdad The expert in financial and banking affairs, Saleh Al-Banker, confirmed today, Wednesday (January 17, 2024), that the introduction of financial intelligence will not stop the bleeding of money in Iraq. The banker told "Baghdad Today",
"Iraq has 3 types of border crossings,
the most prominent of which is land, and not a small part of the latter is not controlled, especially within the borders of the Kurdistan region," pointing out that
"the introduction of financial intelligence will not add anything because the measures currently taken are sufficient." But the problem is in the application. He added,
“The defect in the mechanisms for implementing the Central Bank’s instructions regarding currency smuggling is used by forces and parties to finance themselves and their interests,” pointing out that
“smuggling methods are developing, as are the mechanisms for smuggling drugs and other contraband,” stressing that
“it is not with the creation of any institution, but rather the effort.” To enhance the concept of the actual application of all procedures.”
The banker pointed out that “many of the decisions issued regarding controlling borders and preventing currency smuggling are not implemented in reality, and
ignorance and backwardness in banking dealing mechanisms are exploited because
it constitutes a loophole by influential people in passing their agenda,” stressing that
“seriousness and follow-up are what achieve the greatest benefit in Stop the bleeding of money in Iraq.
Since the announcement of raising the value of the Iraqi dinar against the dollar by the Central Bank, local markets have witnessed trading at a rate other than the official price of the dollar, with a difference that sometimes reached 30 points,
which necessitated the government and the Central Bank to intervene with measures to limit this phenomenon, but to no avail so far, as...
The dollar exchange rate remained high to more than 150 thousand dinars for every 100 dollars in the markets and exchange offices of Baghdad and the provinces.
For The First Time...The Assets Of Iraqi Banks Record An Unprecedented Number
Economy |Baghdad Today – Baghdad Today, Thursday (January 18, 2024), an economic expert revealed an “unprecedented” rise in assets in Iraqi banks operating in the country.
Manar Al-Obaidi said in a statement received by “Baghdad Today” that
“the volume of assets of Iraqi banks operating in Iraq amounted to more than 202 trillion dinars, which is the first time that it has exceeded the barrier of 200 trillion dinars.”
He added, "The value of banks' assets increased by 8% compared to the same period of the previous year." Al-Obaidi pointed out that “the size of banks’ assets to the Iraqi GDP is around 52%, and despite this high percentage,
it is still lagging behind compared to the Middle East region, where the size of banks’ assets to the GDP reached around 80%.”
He continued, "Government banks are still in control of the total assets of the banking sector, at a rate of about 85% of the total assets of banks, and despite the rise in the assets of the private banking sector,
it still does not constitute more than 15% of the total assets of banks operating in Iraq."
https://baghdadtoday.news/240463-لأول-مرة.-موجودات-البنوك-العراقية-تسجل-رقماً-غير-مسبوق.html
Electronic Payment In Iraq Is Moving Towards Stability
January 17, 2024 Last updated: January 17, 2024 Independent/- The Central Bank of Iraq revealed that it is addressing the problems facing the electronic payment system, in coordination with financial institutions, indicating at the same time that the system is moving towards stability.
Director General of the Information Technology and Payments Department at the bank, Adnan Asaad, said that the year
2023 witnessed the most important breakthrough in the field of electronic payment, and that the
Iraqi government seriously supports the efforts being made in detailing the development of electronic payment.
Asaad stressed that the crisis that befell the country due to the bad use of cards and electronic payment tools had left a negative impact,
but thanks to the measures taken in cooperation with international financial institutions, many problems have been addressed and the electronic payment system has tended to stability.
For his part, Member of Parliament Hussein Arab stressed the inevitability of activating the role of the private sector and making it a basis for the process of economic advancement, which requires the presence of advanced financial services that rise to global standards.
Arab pointed out that the world has come a long way in digital transformation, and
we must keep pace with the developments the world is witnessing in this important field.
As for the Executive Director of the Association of Private Banks in Iraq, Ali Tariq, he
stressed the continuation of efforts to enhance the culture of electronic payment, which represents a governmental and legislative direction for the next stage. Tariq pointed out that
the Association of Banks and Large Financial Institutions is working to spread the culture of electronic payment due to its awareness of the importance of digital transformation and providing quality services to all segments of society.
Ahmed Kazim, Investment Director at the International Smart Card Company,
explained the importance of digital transformation and that it should be coupled with the launch of advanced electronic payment products that maintain money paths with high transparency. Kazem stressed that
government support for the digital transformation process facilitates many operations and makes services rise to global standards in providing advanced products that suit the growing Iraqi labor market.
The founder of the (Electronic Payment Culture in Iraq) platform, Nabil Al-Najjar, stressed that Iraq cannot move away from the global financial system, especially since
it is an important axis in the global economic arena, which requires us to work to keep pace with the global developments that the world is witnessing in the financial sector, which represents the axis. Most important in the process of economic development.
Al-Najjar stressed that the country is moving in the right direction in the field of digital transformation, and
the most important thing in this axis is the citizen’s interaction with electronic services, the spread of which is expanding in an acceptable manner.
Prospects of electronic payment in Iraq
Statements by Iraqi officials indicate that the electronic payment system in Iraq is moving towards stability, and that
there are great efforts being made by the government and the private sector to enhance the culture of electronic payment and spread it among citizens.
There are several factors that support the growth of electronic payment in Iraq, including:
Government support for the process, as the Iraqi government considers electronic payment to be one of the basic pillars of digital transformation and improving financial services.
The growth of the business sector in Iraq, as the Iraqi economy is witnessing steady growth, which leads to an increase in the volume of financial transactions.
The spread of the use of smart phones in Iraq, where more than 60% of Iraqis own smart phones, which facilitates the use of electronic payment applications.
Electronic payment in Iraq is expected to witness significant growth in the coming years, as the volume of electronic transactions in Iraq is expected to reach $10 billion by 2025.
There are several challenges facing the growth of electronic payment in Iraq, including:
Weak financial culture among citizens, as many Iraqis still prefer to use cash payment.
Weak communications infrastructure in some areas in Iraq, which limits the spread of the use of the Internet and electronic applications.
The Iraqi government and the private sector are working to confront these challenges by launching awareness campaigns to enhance financial culture among citizens and improve communications infrastructure throughout the country. https://mustaqila.com/الدفع-الإلكتروني-في-العراق-يتجه-نحو-ال/
Oil: The Volume Of Fuel Sales Via Electronic Payment Has Increased To 13 Billion Per Day
Economy Baghdad - INA - Amna Al-Salami The Petroleum Products Distribution Company in the Ministry of Oil announced today, Thursday, that the volume of product sales through the electronic payment system has increased to 13 billion per day, while setting the date for the final cancellation of cash trading.
The company’s general manager, Hussein Talib, told the Iraqi News Agency (INA):
“The movement of selling petroleum products through electronic payment has risen to 13 billion dinars per day after it was ranging between 10-11 billion, whether at government and private gas stations or preparing generators.” And agents for gasoline, kerosene, gas, and mobile phones,” pointing out that
“the demand for electronic payment is increasing dramatically daily.”
He added, "Our company obligated the electronic payment gateways to nominate employees authorized by these companies to collect money from citizens through electronic payment."
He pointed out that “the directives of Prime Minister Muhammad Shiaa Al-Sudani set next June of 2024 as the date for ending cash trading and adopting the electronic payment card,” stressing that “the company has a plan to end cash trading at the end of next March, that is, in the first quarter.” From 2024.”
He explained, "Adopting electronic payment and ending cash circulation will serve citizens, ensure that fuel is sold to them at the official price, and preserve state funds from theft and manipulation."
He stated, "Iraq is very late in the issue of electronic payment, as the countries of the world preceded it for a long time in the field of technology and electronic payment.
Therefore, the Prime Minister insists on ending cash circulation and adopting the electronic payment system in 2024."
The Petroleum Products Distribution Company introduced the electronic payment service at gas stations since April 2023, and began gradually spreading the experiment to fuel filling stations in Baghdad and the governorates. https://www.ina.iq/201438--13-.html
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Provoking Points To Ponder on Adversity:
Trouble brings experience, and experience brings wisdom. - Anonymous
A woman has got to love a bad man once or twice in her life to be thankful for a good one. - Marjorie Kinnan Rawlings
Adversity has the effect of eliciting talents, which, in prosperous circumstances, would have lain dormant. - Horace
Adversity is a severe instructor. ... He that wrestles with us strengthens our nerves and sharpens our skill. Our antagonist is our helper. - Edmund Burke
Experience is a good teacher, but she sends in terrific bills. - Minna Antrim
Forget the times of your distress, but never forget what they taught you. - Herbert Gasser
You can learn little from victory. You can learn everything from defeat. - Christy Mathewson
A smooth sea never made a skillful mariner. - English proverb
When a man is pushed, tormented, defeated, he has a chance to learn something; he has been put on his wits ... he has gained facts, learned his ignorance, is cured of the insanity of conceit, has got moderation and real skill. - Ralph Waldo Emerson
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 1-19-24
Iraqi News Highlights and Points to Ponder Friday AM 1-19-24
An “Exciting” Statement By Al-Sudani: How Will Iraq Double Its Non-Oil Revenues By 200% In Just Two Years?
Politics/Economy |Today Baghdad today – Baghdad Prime Minister Muhammad Shiaa Al-Sudani revealed today, Thursday (January 18, 2024), during a discussion session at the World Economic Forum in Davos, that Iraq has set a goal in a three-year budget to reduce dependence on oil revenues from 95 percent to 80 percent.
Achieving Al-Sudani’s statement requires raising non-oil revenues by 200% within just two years, which are the remaining two years of the tripartite budget, according to a digital analysis of the economic section in the “Baghdad Al-Youm” newsroom, amid questions about how to achieve this.
As of the end of November, Iraq had achieved revenues amounting to more than 121 trillion dinars, of which oil revenues amounted to more than 112.6 trillion dinars, while non-oil revenues amounted to more than 8.5 trillion dinars, which means that the percentage of non-oil revenues constituted about 7% of the total. Revenues.
Iraqi News Highlights and Points to Ponder Friday AM 1-19-24
An “Exciting” Statement By Al-Sudani: How Will Iraq Double Its Non-Oil Revenues By 200% In Just Two Years?
Politics/Economy |Today Baghdad today – Baghdad Prime Minister Muhammad Shiaa Al-Sudani revealed today, Thursday (January 18, 2024), during a discussion session at the World Economic Forum in Davos, that Iraq has set a goal in a three-year budget to reduce dependence on oil revenues from 95 percent to 80 percent.
Achieving Al-Sudani’s statement requires raising non-oil revenues by 200% within just two years, which are the remaining two years of the tripartite budget, according to a digital analysis of the economic section in the “Baghdad Al-Youm” newsroom, amid questions about how to achieve this.
As of the end of November, Iraq had achieved revenues amounting to more than 121 trillion dinars, of which oil revenues amounted to more than 112.6 trillion dinars, while non-oil revenues amounted to more than 8.5 trillion dinars, which means that the percentage of non-oil revenues constituted about 7% of the total. Revenues.
For oil revenues to be 80% of total revenues, non-oil revenues must be more than 24 trillion dinars, which means doubling them by about 200% from their current number.
The Ministry of Finance’s accounts show that the bulk of non-oil revenues came from taxes on income and wealth, amounting to more than 4.3 trillion dinars, which raises questions about how the government will raise non-oil revenues and whether it will impose certain taxes, which will consequently reduce the percentage Reliance on oil revenues. LINK
$21 Billion Is The Size Of Iraq’s External Debt Until 2028
Posted On01-19-2024 By Sotaliraq Baghdad: Haider Falih Al-Rubaie 01/18/2024 The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, suggested that Iraq’s external debt until the year 2028 would not exceed the $21 billion barrier, stressing that the country’s creditworthiness is at a high degree of sobriety and reliability, according to which Iraq’s position is based. It is classified as stable, while he pointed out that the accumulation of debt was the result of the national economy being exposed to two shocks.
Despite the accumulation of internal and external debt, the Parliamentary Finance Committee reassured that there would be no financial deficit in the country’s budget for the current year 2024, while specialists in economic affairs expressed their fear of the continued fluctuation of oil prices, hinting at the possibility that public revenues would be affected in the event of a decline. Global black gold prices.
Saleh said: “The external debt that must be repaid until the year 2028, in my estimation, does not exceed the barrier of 21 billion dollars,” indicating that “the repayment mechanism is subject to the actual current or ongoing allocations allocated in the federal general budget on an annual basis to pay the debt dues.”
The government advisor stressed that “Iraq’s credit record, or creditworthiness, stands at a high degree of sobriety and reliability, which is why international credit rating companies have placed Iraq at rank B of the stable category throughout the last ten years, due to its high financial worthiness and commitment to paying service dues.” his debts on an ongoing basis.”
During a previous press statement, Saleh calculated the size of the country’s internal debt, while confirming that the Iraqi economy was exposed to “two shocks.”
Saleh said: “The internal public debt in Iraq is estimated at approximately 55 billion dollars,” indicating that “the accumulation of this debt came as a result of two shocks to which the country’s economy was exposed between the years 2014 - 2021.”
He added, “The first shock was financial and security, as the country was exposed to the threat of ISIS terrorist gangs, in addition to the war in which Iraq won against ISIS terrorism, which then required financing the budget deficit, due to the growing military expenditures and the sharp decline in oil prices.”
Saleh pointed out that “the second shock, which was financial-health, resulted from the Corona pandemic crisis and the decline in oil price revenues at the same time due to the sharp cycle of oil assets and the loss of a barrel of oil in both shocks of approximately 40% of its estimated revenues as revenues for the general budget,” noting that this This prompted the financial authority in Iraq to borrow from the government banking market, mostly by issuing treasury bonds or annual treasury transfers that carry an average interest of about 3%.
The advisor noted that “domestic public debt has been traded exclusively within the government financial apparatus, without intervention in the banking market except in a very limited manner. That is, domestic debt, with its tools represented by bonds and treasury transfers, is traded at a rate of 95% exclusively within the government financial apparatus.”
In the midst of this, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, expected that there would be no financial deficit in the budget for the current year 2024, indicating during a press interview followed by “Al-Sabah” that “the government will submit amendments to the table of amounts, and these amendments are in the process of being completed and sent to the Finance Committee and will be studied there and approved.” It is decided by Parliament and is on its way to implementation.”
Al-Kadhimi pointed out that “last year’s budget, 2023, did not suffer from a deficit, but the current year’s budget, 2024, will not have a financial deficit, especially since oil prices are constantly increasing.”
Contrary to the previous opinion, economic affairs specialist, Ali Al-Defafi, believes that the worsening situation in the region may lead to a delay in the arrival of oil supplies to consuming countries, and thus a decline in the financial revenues of some producing countries, expecting average oil prices to be stable between -75%. $80 for the current year.
Al-Diffai stressed the need to exploit the financial abundance achieved as a result of the increase in oil prices over the past two years, in establishing strategic projects and working to support the productive aspects that can contribute to supplementing the country’s financial budgets, especially the agricultural and industrial sectors, praising, at the same time, the government’s economic moves in Supporting the private sector, which will contribute during the coming period to reviving many local industries that could block the way for imported products. LINK
Iraq's Financial Revenues Exceed 121 Trillion Dinars In 11 Months
Posted On01-18-2024 By Sotaliraq
The Ministry of Finance revealed that the volume of Iraqi revenues in the federal budget during 11 months exceeded 121 trillion dinars, confirming that the oil contribution to the budget had risen to 93%.
Shafak Agency followed the data and tables issued by the Ministry of Finance this January, for the 11-month accounts of the last fiscal year, which showed that oil is still the main resource for Iraq’s general budget, reaching 93%, which indicates that the rentier economy is the basis of the country’s budget. the public.
The financial tables indicated that the total revenues up to the month of November of last year amounted to 121 trillion, 214 billion, 907 million, 87 thousand and 408 dinars, after excluding transfer revenues, which amounted to one trillion, 438 billion, 122 million and 744 thousand dinars, indicating that the total expenditures with advances amounted to 98 trillion 727 billion 745 million 419 thousand dinars.
According to the financial tables, oil revenues amounted to 112 trillion and 665 billion and 1 million and 402 thousand dinars, which constitute 93% of the general budget, while non-oil revenues amounted to 8 trillion and 549 billion and 504 million and 931 thousand dinars.
While the economic expert, Muhammad Al-Hassani, considered that “the decrease in oil’s contribution to the general budget is a positive factor,” adding that “the decrease was not significant and came as a result of the decrease in oil prices in global markets.”
He added that “oil prices decreased significantly, which affected Iraq’s general budget,” stressing that “oil prices are subject to global fluctuations.”
He pointed out that “the Iraqi government must take advantage of the financial abundance in the budget by developing the economic and agricultural sectors to reduce dependence on oil.”
Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed in March 2021 that the reasons for the economy remaining rentier are due to wars, the imposition of the economic blockade on Iraq during the past era, and the political conflicts we are witnessing today, which led to the dispersion of economic resources.
The Iraqi state’s continued reliance on oil as the sole source of the general budget puts Iraq at risk from the global crises that occur from time to time because oil is affected by them, which makes the country tend every time to cover the deficit through borrowing from abroad or within, and thus indicates the inability to Managing state funds effectively, and the inability to find alternative financing solutions. LINK
A parliamentary committee reveals the fate of the oil and gas law.. Will it be deported again?
Posted On 01-18-2024 By Sotaliraq 01-18-2024 The Oil, Gas and Natural Resources Committee revealed today, Thursday, the fate of the Oil and Gas Law, while suggesting that the law will be transferred to the next parliamentary session.
Committee member, Zainab Al-Moussawi, said in an interview, “There are no developments regarding the oil and gas law at the present time; The impact of the current political situation on the selection of a new speaker for the Iraqi Council of Representatives.”
She pointed out, “The repeated violations by the American forces in Iraq take up part of Parliament’s work, as it supports the government in removing its forces from the country,” adding, “It is expected that the chapters of dialogues between Baghdad and Erbil regarding the law will begin again after the selection of the Speaker of the Council.”
The oil parliamentary member explained, “If the Kurdish dispute continues over some points of the law, I expect it to go to the next parliamentary session.”
Earlier, former member of the Oil and Energy Committee, Ghaleb Muhammad Ali, confirmed on Wednesday that there were political problems and differences between Baghdad and Erbil regarding the oil and gas law.
The political analyst, Sabah Al-Ukaili, had previously seen that the Kurdistan region continues to pose obstacles to the approval of the oil and gas law, while he stressed that the adoption of the law will prevent all disputes in the oil provinces, especially the Kurdistan region.
The Kurdish parties continue to obstruct the government in approving the oil and gas law, which voting on within the corridors of Parliament has become a must, in order to end the violations and thefts carried out by the Kurdistan Regional Government in the oil smuggling file. LINK
Provoking Points To Ponder on Adversity:
Even if misfortune is only good for bringing a fool to his senses, it would still be just to deem it good for something. - Jean de la Fontaine
Never does a man know the force that is in him till some mighty affection or grief has humanized the soul. - Frederick W. Robertson
Disappointment is the nurse of wisdom. - Sir Boyle Roche
Challenges make you discover things about yourself that you never really knew. They're what make the instrument stretch, what make you go beyond the norm. - Cicely Tyson
A woman is like a tea bag: you never know her strength until you drop her in hot water. - Nancy Reagan
http://famousquotesandauthors.com/topics/adversity_quotes.html
Famous Quotes and Authors, Famous Quotations for all Occasions-
"Tidbits From TNT" Friday Morning 1-19-2024
TNT:
Tishwash: Al-Sudani returns to Baghdad after concluding his participation in the Davos Economic Forum
Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani returned to the capital, Baghdad, after concluding his participation in the 2024 Davos Economic Forum.
Al-Sudani’s office stated in a statement, a copy of which was received by NRT Arabic, that “Prime Minister Muhammad Shia’ al-Sudani returned to the capital, Baghdad, after concluding his participation in the 2024 Davos Economic Forum, in its 54th session, in Switzerland.”
He added that Al-Sudani participated in the dialogue session within the forum’s activities, which was moderated by the editor-in-chief of Moq.
(Politico) news journalist John Harris also held a series of meetings and conferences on its sidelines, which are the following:
TNT:
Tishwash: Al-Sudani returns to Baghdad after concluding his participation in the Davos Economic Forum
Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani returned to the capital, Baghdad, after concluding his participation in the 2024 Davos Economic Forum.
Al-Sudani’s office stated in a statement, a copy of which was received by NRT Arabic, that “Prime Minister Muhammad Shia’ al-Sudani returned to the capital, Baghdad, after concluding his participation in the 2024 Davos Economic Forum, in its 54th session, in Switzerland.”
He added that Al-Sudani participated in the dialogue session within the forum’s activities, which was moderated by the editor-in-chief of Moq.
(Politico) news journalist John Harris also held a series of meetings and conferences on its sidelines, which are the following:
- Meeting with French President Emmanuel Macron
- Meeting with the President of the Swiss Confederation, Viola Amherd
- Meeting with the Secretary-General of the United Nations, António Guterres
- Meeting with the Secretary General of the North Atlantic Treaty Organization (NATO)
- Meeting with the US National Security Advisor
- Meeting with the President of the World Bank Group
- Meeting with the Director General of the International Monetary Fund
- Meeting with the President of the European Commission
- Meeting with the President of the European Bank for Reconstruction and Development (EBRD)
- Meeting with the Saudi Ministers of Trade and Investment
- Meeting with a delegation from the International Finance Corporation (IFC).
- Meeting with the regional CEO of JP Morgan
- Meeting with the Secretary-General of the Organization for Digital Cooperation
- Meeting with the President of HKN Energy Oil Company
- Business meeting with 57 international companies specialized in oil, energy and other economic fields
- Interview with Bloomberg website
- Interview with the Wall Street Journal
************
Tishwash: Baghdad wants America to withdraw, but with 5 types of military support remaining.. Sudanese advisor
Sobhan Mulla Jiyad, political advisor to the Prime Minister, said that Iraq told Washington that it wants to see America’s technological, civilizational, cultural and economic face, instead of the military face that accompanied the Iraqis for 20 years, despite the need for five types of military support remaining, stressing the agreement with the US National Security Advisor on Scheduling the withdrawal of coalition forces from the country.
Mulla Jiyad mentioned, in an interview with journalist Saleh Al-Hamdani:
Regarding the position on the international coalition, we noticed during a meeting with the US National Security Advisor that the conversation was open and frank, and there was an agreement to begin the work of the joint committee that schedules the exit of the international coalition and replaces it by building bilateral economic, cultural and social relations with the countries of the coalition.
We do not want to harm the countries of the international coalition, but the framework of dealing between Iraq and one country and between them is framed by bilateral agreements between one country and another, and also with America. We are eager to see the other side of America.
During 20 years, we have only seen the military and security face of America, and this is a face that is difficult for people to bear. So let us see the second face, which is the technological, civilizational, cultural, and economic face, through bilateral agreements with it. This matter is strongly raised with the American National Security Advisor, and also raised with the Secretary-General of NATO. NATO is strong and serious, and the issue is not the result of recent attacks.
The matter was raised since the visit of the Iraqi security delegation headed by the US Secretary of Defense, and they were told that you are an international coalition established to fight ISIS in Iraq. Now let us estimate the numbers of what remains of ISIS in Iraq and Syria. They estimated them in Iraq at about 1,500 elements, while in Syria they are 10,000, so Iraq put forward He can confront these 1,500 terrorists, and we do not need combat forces, but we only need security and intelligence aid in addition to training, development, and logistical support.
From the political side, these two issues have been decided with the National Security Advisor and the Secretary-General of NATO, and the discussions will almost certainly be placed on the agenda and developed into bilateral relations. link
************
Tishwash: The Sudanese advisor speaks frankly: This is what Iraq asked of America
Sobhan Mulla Jiyad, political advisor to the Prime Minister, said that Iraq told Washington that it wants to see America’s technological, civilizational, cultural and economic face, instead of the military face that accompanied the Iraqis for 20 years, despite the need for five types of military support remaining, stressing the agreement with the US National Security Advisor on Scheduling the withdrawal of coalition forces from the country.
Jiyad added in a televised interview followed by “Earth News” that, “In the position on the international coalition, we noticed during a meeting with the American National Security Advisor that the conversation was open and frank, and there was an agreement to start the work of the joint committee that schedules the exit of the international coalition and replaces it with building bilateral economic relations.” culturally and socially with the coalition countries.”
He continued: “We do not want to harm the countries of the international coalition, but the framework of dealing between Iraq and one country and between them is framed by bilateral agreements between one country and another, and also with America. We are eager to see the other side of America.”
He pointed out that, “In 20 years, we have only seen the military and security face of America, and this is a face that is difficult for people to bear. So let us see the second face, which is the technological, civilizational, cultural, and economic face, through bilateral agreements with it, and this matter is strongly raised with the American National Security Advisor, and also put forward.” With the Secretary General of NATO strongly and seriously, the issue is not the result of recent attacks.”
Jiyad confirmed that “the matter was raised since the visit of the Iraqi security delegation headed by the US Secretary of Defense, and they were told that you are an international coalition established to fight ISIS in Iraq. Now let us estimate the numbers of what remains of ISIS in Iraq and Syria. They estimated them in Iraq at about 1,500 elements, while in Syria they are 10.” Thousands, so Iraq suggested that it could confront these 1,500 terrorists, and we do not need combat forces, but rather we only need security and intelligence aid in addition to training, development and logistical support.”
He pointed out that “from the political side, these two issues have been decided with the National Security Advisor and the Secretary-General of NATO, and the discussions will soon be on the agenda and developed into bilateral relations.” link
Mot: But - Who's Acounting!!!???
Mot: and Now We Have of All Things!!! - National Popcorn Day Jan 19
Goldilocks' Comments and Global Economic News Late Thursday Evening 1-18-24
Goldilocks' Comments and Global Economic News Late Thursday Evening 1-18-24
Good Evening Dinar Recaps,
Baghdad (IraqiNews.com) –
"The Iraqi Prime Minister, Mohammed Shia Al-Sudani, met on Thursday with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), who welcomed Baghdad’s accession to a non-financing program to support economic reform in Iraq."
The IMF is expected to move forward with a non-financing program in Iraq beginning next month.
An unfunded debt is a short-term Financial obligation that comes due within a year or less.
It is a short-term contract whereby two entities agree on a non-performance-based payment, and the monies received are on a limited basis.
In other words, Iraq is planning on using a limited support system from the IMF to push their Economic Reforms out in February of 2024.
© Goldilocks
Goldilocks' Comments and Global Economic News Late Thursday Evening 1-18-24
Good Evening Dinar Recaps,
Baghdad (IraqiNews.com) –
"The Iraqi Prime Minister, Mohammed Shia Al-Sudani, met on Thursday with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), who welcomed Baghdad’s accession to a non-financing program to support economic reform in Iraq."
The IMF is expected to move forward with a non-financing program in Iraq beginning next month.
An unfunded debt is a short-term Financial obligation that comes due within a year or less.
It is a short-term contract whereby two entities agree on a non-performance-based payment, and the monies received are on a limited basis.
In other words, Iraq is planning on using a limited support system from the IMF to push their Economic Reforms out in February of 2024.
© Goldilocks
Iraqi News Kink
Law Insider Link.
👆 Read closely to these words in this article...
"The Prime Minister’s Office (PMO) mentioned in a statement that meetings with the IMF will begin next month to launch the program."
No one is calling an RV just yet.
© Goldilocks
~~~~~~~~~~
BRICS Bank looks at funding local projects in local currencies and says it is a process.
https://youtu.be/0nCWOdy2CuU?feature=shared
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Goldilocks' Comments and Global Economic News Thursday Evening 1-18-24
Goldilocks' Comments and Global Economic News Thursday Evening 1-18-24
Good Evening Dinar Recaps,
After all the announcements and news of today, Goldilocks writes the following:
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 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
~~~~~~~~~~
Goldilocks' Comments and Global Economic News Thursday Evening 1-18-24
Good Evening Dinar Recaps,
After all the announcements and news of today, Goldilocks writes the following:
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 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
~~~~~~~~~~
The Treasury Bond Yield Curve is an important indicator for long-term trend signals on the markets.
Long-term Bond Yields have forced investors to look towards short-term Treasury Bonds for short-term gains since 2022 i.e. 2-year yields.
Short-term Treasury Bonds are considered safe until recently. Currently, short-term bonds are looking as though they are saturated.
This signal shows a shift in the macro environment. It tells us there is a formulation of new trends for long-term investments in gold and other commodities over the dollar and the bonds that support it.
These new market trends are shifting the dominance of the dollar in trade towards other currencies backed by real values such as gold. Seeking Alpha Link
© Goldilocks
~~~~~~~~~~
"The International Swaps and Derivatives Association is a trade organization of participants in the market for over-the-counter derivatives."
The ISDA has responded to the Securities Industry and Financial Markets Association (SIFMA) on the US Basel III ‘endgame.’
They submitted a notice of proposal on the rule-making process a warning. Their concern is that Capital requirements between the Banking system and the Markets as well as US merchants are too high. It is believed that this will hinder many of the opportunities for growth going forward.
Liquidity is the lifeblood of a financial system, and ease of movement is necessary to synchronize and capitalize on Market opportunities through the Banking System.
There is a delicate balance between companies and the government that has to be maintained in order to keep companies in the hands of the people, and not, taking over by the Government because of liquidity issues.
Between now and March the 11th, 2024, many adjustments will be made to secure company growth through these new Basel 3 Capital requirements. At that time, old liquidity will give way to a commodity-based support system. ISDA Link
© Goldilocks
~~~~~~~~~~
The role of Ripple Labs and Stellar Lumens in the cross-border ecosystem cannot be ignored as they rub shoulders with industry giants like Swift. To many XRP enthusiasts, Ripple’s future in the ecosystem cannot be questioned as it aims to dominate the industry and send the XRP price to an unimaginable height.
According to reports, this ecosystem is expected to value around $250 trillion by 2027. Several reports have lauded Ripple’s cross-border capabilities as its transactions are reported to streamline and enhance the efficiency of international financial transfers.
CryptoNewsFlash Link
Investors Observer Link
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Banking Announcement:
"Chainlink has integrated Circle’s Cross-Chain Transfer Protocol (CCTP) with its Cross-Chain Interoperability Protocol CCIP system. The project will use CCTP to handle secure USDC stablecoin transfers across different blockchains."
This will enable blockchain transfers from one stablecoin to another within one's country and across borders.
Again, stablecoins represent a country's currency, and the ability to form Cross-border International networks with these accounts will enable multi-currency accounts to be a portfolio option for customers. https://www.theblock.co/post/272827/chainlink-circle-cctp-usdc
© Goldilocks
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(Kitco News) - Although gold has started the new year on a quiet note as prices consolidate above $2,000 an ounce, one investment firm expects a sequence of new all-time highs as both gold and silver embark on a long-term bull market.
In their recently published 2024 outlook, analysts at AuAg Funds said they expect to see a 20% rally in gold prices this year, pushing the market past $2,400 an ounce.
The Sweden-based investment firm expects a shift in the Federal Reserve’s monetary policy to drive the rally in precious metals.
“We believe that central banks will shift away from rate hikes and adopt a more accommodative policy stance in 2024, which will catalyze a substantial upswing in gold prices for the foreseeable future,” the analysts said in the report. Kitco News Link
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Is Gold Becoming the World's New Reserve Currency? | Gold Investing | XTB
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Critical minerals such as copper, lithium, nickel, cobalt, and rare earth elements are essential components in many of today's rapidly growing clean energy technologies – from wind turbines and electricity networks to electric vehicles. Critical Minerals – Topics - IEA
👆 Goldilocks pointed to this article
Copper!
@ Goldilocks
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Google India Digital Services and NPCI International Payments have signed a Memorandum of Understanding (MoU) that will help expand UPI payments to countries beyond India. IndianExpress Link
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Chainlink CCIP Integrates Circle's CCTP to Support Cross-Chain USDC Transfers | PR Newswire
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Google Pay partners with NPCI to expand UPI for international payments | The Indian Express
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US Industrial Production Edges Up to Close Out Soft Year - BNN Bloomberg
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🚨RIPPLE XRP🚨QUANTUM FINANCIAL SYSTEM🚨BLACKSWAN EVENT INCOMING🚨
https://youtu.be/F5keB9rskuQ?feature=shared
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What should I do if I can't pay a medical bill?
If you still owe the bill or a part of it, here are some options: Negotiate the bill down to an amount that you can afford. Ask if the provider will accept an interest-free repayment plan. Look for help paying medical bills, prescription drugs, and other expenses.Dec 7, 2023 Consumer Financial Protection Bureau
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Subscribe to Newsletter
Thank you Dinar Recaps
Iraq Economic News and Points to Ponder Thursday Afternoon 1-18-24
Iraq Economic News and Points to Ponder Thursday Afternoon 1-18-24
Tlm724 Administrator Bondlady’s Corner
The International Monetary Fund Praises The Iraqi Steps In The Field Of The Financial And Banking System
Political | 01/18/2024 Mawazine News – Baghdad Prime Minister Muhammad Shiaa Al-Sudani confirmed, on Thursday, that the government’s plans in the field of economic and financial reform are the gateway and basis for all reforms, while the International Monetary Fund praised the Iraqi steps in the field of the financial and banking system.
A statement from the Prime Minister’s media office received by Mawazine News stated that “Al-Sudani received in Davos the Director General of the International Monetary Fund, Kristalina Georgieva, on the sidelines of his Excellency’s participation in the Davos Economic Forum held in Switzerland.” He added that “during the meeting, relations were discussed.” Financial cooperation between Iraq and the International Monetary Fund, within the framework of supporting the development path in Iraq.
Iraq Economic News and Points to Ponder Thursday Afternoon 1-18-24
Tlm724 Administrator Bondlady’s Corner
The International Monetary Fund Praises The Iraqi Steps In The Field Of The Financial And Banking System
Political | 01/18/2024 Mawazine News – Baghdad Prime Minister Muhammad Shiaa Al-Sudani confirmed, on Thursday, that the government’s plans in the field of economic and financial reform are the gateway and basis for all reforms, while the International Monetary Fund praised the Iraqi steps in the field of the financial and banking system.
A statement from the Prime Minister’s media office received by Mawazine News stated that “Al-Sudani received in Davos the Director General of the International Monetary Fund, Kristalina Georgieva, on the sidelines of his Excellency’s participation in the Davos Economic Forum held in Switzerland.” He added that “during the meeting, relations were discussed.” Financial cooperation between Iraq and the International Monetary Fund, within the framework of supporting the development path in Iraq.
Al-Sudani pointed out that “the government’s plans in the field of economic and financial reform, as a gateway and basis for all the reforms that the government plans in all vital sectors.”
Georgieva welcomed Iraq's accession to a non-financial program to support economic reforms, as meetings with the Fund begin next month to implement this program. She also praised the steps taken by the government in the field of the financial and banking system, and improving the business and investment environment, expressing her understanding of Iraq's specificity and the challenges it faces. "He faces her." https://www.mawazin.net/Details.aspx?jimare=240628
The Dollar Continues To Decline Against The Dinar On The Baghdad Stock Exchange
Time: 01/18/2024 Read: 2,249 times {Economic: Al-Furat News} The price of the dollar fell against the Iraqi dinar, today, Thursday, in Baghdad markets. The prices were as follows..
The selling price was 152,750 Iraqi dinars Purchasing prices reached 150,750 dinars per 100 dollars LINK
Revealing The Size Of Iraq's External Debt Until 2028
Time: 01/18/2024 07:46:26 Read: 2,353 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, suggested that Iraq’s external debt until the year 2028 would not exceed the $21 billion barrier, noting that “the accumulation of debt came as a result of the national economy being exposed to two shocks.”
Saleh said in a press statement that “the external debt that must be repaid until the year 2028 does not exceed, in my estimation, the $21 billion barrier,” noting that “the repayment mechanism is subject to the actual current or ongoing allocations allocated in the federal general budget on an annual basis to repay the debt dues.”
The government advisor stressed that “Iraq’s credit record, or credit worthiness, stands at a high degree of sobriety and reliability, which is why international credit rating companies have placed Iraq at rank B of the stable category throughout the last ten years, due to its high financial credit and commitment to paying service dues.” his debts on an ongoing basis.
During a previous press statement, Saleh calculated the size of the country's internal debt, while confirming that the Iraqi economy had been exposed to "two shocks."
Saleh said: “The internal public debt in Iraq is estimated at approximately 55 billion dollars,” indicating that “the accumulation of this debt came as a result of two shocks to which the country’s economy was exposed between the years 2014 - 2021.”
He added, "The first shock was financial-security, following the country's exposure to the threat of ISIS terrorist gangs, in addition to the war in which Iraq won against ISIS terrorism, which at that time required financing the budget deficit, due to the growing military expenditures and the sharp decline in oil prices."
Saleh pointed out that “the second shock, which was financial-health, resulted from the Corona pandemic crisis and the decline in oil price revenues at the same time due to the sharp cycle of oil assets and the loss of a barrel of oil in both shocks of approximately 40% of its estimated revenues as revenues for the general budget,” noting that this This prompted the financial authority in Iraq to borrow from the government banking market, mostly by issuing treasury bonds or annual treasury transfers bearing an average interest of about 3%.
The advisor noted that “the internal public debt was traded exclusively within the government financial system without the intervention of the banking market.” Except in a very limited manner, meaning that internal debt, with its tools represented by bonds and treasury transfers, is traded at a rate of 95% exclusively within government financial agencies.” LINK
Al-Rafidain Announces The Launch Of Work On The Project To Implement The System To Combat Money Laundering And Terrorist Financing
Economy News – Baghdad On Thursday, Rafidain Bank announced the launch of work on a project to implement the anti-money laundering and terrorist financing system.
A statement from the bank, seen by Al-Iqtisad News, stated that “work on the project to implement the anti-money laundering and terrorist financing system (AML) and the electronic reporting system (Go AmL) was launched based on the requirements of the Central Bank of Iraq and the Anti-Money Laundering and Counter-Terrorist Financing Office and in compliance with the recommendations of an organized group.” Financial Action (FATF).
He stressed, "The work began as of today, Thursday, and will continue until all international and local financial requirements are met," explaining that "the goal of this project is to advance banking work and shift toward digital systems in financial transactions in line with the government's steps to accelerate economic and financial reforms in the country." .
He added, "The bank has agreed with the company (Capital Bay Solutions Limited), which is contracted to implement the project, to finance the International Smart Card Company, the strategic partner of the bank," noting that "the project completion period is within 6 months and will continue until the goals and international standards for eliminating fraudulent operations are achieved." Money laundering and terrorist financing.
He added, "The project provides an increase in the effectiveness of the bank's compliance system and maintains the conduct of banking operations to be more secure and to apply the highest level of compliance standards approved by the Central Bank of Iraq."
He pointed out that "this system is an integrated software solution developed by the United Nations Office on Drugs and Crime (UNODC), to be used by Financial Intelligence Units (FIU's) (including the Office of Combating Money Laundering and Terrorist Financing) for the purpose of collecting and managing data." analysis, document management, workflow, and other statistical needs.”
It is noteworthy that this program was prepared to receive, process and analyze reports submitted by financial institutions or other entities in accordance with the requirements of local anti-money laundering laws and regulations and international standards.
Views 28 01/18/2024 - 4:33 PM https://economy-news.net/content.php?id=39582
During 2024.. The Iraqi Central Bank Plans To Cancel The “Electronic Platform” For External Transfers
Economy News – Baghdad The Central Bank of Iraq announced today, Thursday, its readiness to cancel the electronic platform for external transfers during the current year.
According to a document issued by the Central Bank, and obtained by Al-Iqtisad News, “Within the framework of the Central Bank of Iraq’s endeavor to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full compliance with international standards and requirements, it plans The Central Bank of Iraq to gradually cancel the electronic platform for external transfers during the year 2024, leading to its complete cancellation by the end of the year and maintaining it for audit and statistical purposes.
The document added: “Iraqi banks must work to be prepared and able to access and deal with correspondent banks, and there are two types of requirements, some of which are basic and must be provided and worked to accomplish as quickly as possible, and some are important and support the banks’ efforts in this field, and will be required.” All banks are required to provide the three basic requirements below in order to assist them in opening accounts with correspondent banks.
Regarding the basic requirements, she stated that “these requirements represent the minimum documents that must be provided for negotiations with correspondent banks, and they reflect the bank’s financial and credit status and level of compliance, and they are:
Bank statement for at least 3 months.
A report on the bank’s financial and credit status issued by an approved authority.
Bank compliance policy.
The Central Bank of Iraq continued: “Banks can obtain more information about other requirements required of correspondent banks by communicating with the Central Bank of Iraq.”
Views 143 01/18/2024 - https://economy-news.net/content.php?id=39574
Al-Sudani: We Are Working To Structure The Energy Sector And Redirect It Correctly
Economy | 01/18/2024 Mawazine News – Baghdad Prime Minister, Muhammad Shiaa Al-Sudani, confirmed on Thursday the work to restructure the energy sector and redirect it correctly.
The Prime Minister said, during a dialogue session within the work of the Davos Economic Forum held in Switzerland, and followed by Mawazine News, that “the Iraqi people emerged victorious over the adversities that the country has faced over the past years,” adding: “We are trying to move with steady steps in the areas of providing job opportunities.” and services."
He stressed that "the discourse of political forces today is national and there is competition in providing services to citizens," adding: "Reliance on oil revenues has weakened the economic situation of the state, and we have set a goal to reduce dependence on those revenues from 95 percent to 80 percent."
He added, "The energy sector has not been invested properly, and the government has turned to important strategic projects, including the development path and the petrochemical sector, to diversify sources of income," noting that "one of the challenges facing Iraq is not conveying a correct picture of the situation." https://www.mawazin.net/Details.aspx?jimare=240621
Oil Rises Thanks To OPEC's Expectations Of Global Demand Growth
Thursday 18, January 2024 09:04 | Economical Number of readings: 383 Baghdad / NINA / Oil prices rose, today, Thursday, with OPEC’s expectations of relatively strong growth in global demand for oil over the next two years.
Brent crude futures rose 28 cents to $78.16 per barrel, and US West Texas Intermediate crude futures rose 34 cents to $72.90.
OPEC said in a monthly report: “Global demand for oil will rise by 1.85 million barrels per day, to 106.21 million barrels per day in 2025.”
For the current year, OPEC expects demand to grow by 2.25 million barrels per day, which is similar to the forecast it issued last month. https://ninanews.com/Website/News/Details?key=1101728
US Defense: We Will Continue To Support Iraq
Political 01/18/2024 Mawazine News – Baghdad The US Department of Defense confirmed today, Thursday, that it will continue to provide support and assistance to Iraq and the Kurdistan region.
US Department of Defense spokesman Pat Ryder said, "The attacks on Erbil were not precise, and that no American headquarters in the city were targeted."
Regarding the presence of their forces in Iraq, he stressed that "we went to Iraq in 2014 at the invitation of Iraq and we will continue to provide support there."
https://www.mawazin.net/Details.aspx?jimare=240610
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Provoking Points To Ponder on Adversity:
Who hath not known ill fortune, never knew himself, or his own virtue. - David Mallett
Adversity is the trial of principle. Without it a man hardly knows whether he is honest or not. - Henry Fielding
I think the years I have spent in prison have been the most formative and important in my life because of the discipline, the sensations, but chiefly the opportunity to think clearly, to try to understand things. - Jawaharlal Nehru
We only really face up to ourselves when we are afraid. - Thomas Bernhard
Difficulties are things that show what men are. - Epictetus
http://famousquotesandauthors.com/topics/adversity_quotes.html
Famous Quotes and Authors, Famous Quotations for all Occasions-
More "Thursday News" From TNT 1-18-2024
TNT:
CandyKisses: 8 countries preparing to abandon the dollar
Economy News - Follow-up
Egyptian media reported a major shift by countries including Russia, China, India, Brazil, Iran, Indonesia, Egypt and Turkey towards abandoning the dollar.
According to Sada al-Balad, the Egyptian state is reducing dependence on the US dollar as a major currency for imports and exchanging local currencies with international trading partners, such as Russia, China, India and Turkey.
According to the latest statistics of the Chinese embassy on the volume of investments between Egypt and China, the volume of Chinese investments in Egypt increased from $ 500 million to $ 1 billion and $ 500 million, where the rate of increase exceeded 100% during the past ten years, and the volume of trade exchange between China and Egypt increased from $ 10 billion to $ 20 billion in the same period.
TNT:
CandyKisses: 8 countries preparing to abandon the dollar
Economy News - Follow-up
Egyptian media reported a major shift by countries including Russia, China, India, Brazil, Iran, Indonesia, Egypt and Turkey towards abandoning the dollar.
According to Sada al-Balad, the Egyptian state is reducing dependence on the US dollar as a major currency for imports and exchanging local currencies with international trading partners, such as Russia, China, India and Turkey.
According to the latest statistics of the Chinese embassy on the volume of investments between Egypt and China, the volume of Chinese investments in Egypt increased from $ 500 million to $ 1 billion and $ 500 million, where the rate of increase exceeded 100% during the past ten years, and the volume of trade exchange between China and Egypt increased from $ 10 billion to $ 20 billion in the same period.
In this regard, economist Ahmed Moati said that the world has alerted to the existence of a crisis because of the United States of America and because of the dollar, so it abandoned it in trade exchange between countries.
In remarks to Sada Al-Balad, Moati pointed out that there have been attempts led by Russia and China for some time to overthrow the role of the US dollar in global trade, and the reason is due to the desire of the two countries to weaken the hegemony of the United States on the world.
He continued: "In the coming period, we will see countries relying on other currencies instead of the US dollar.
He explained that what is happening from the solidarity of countries side by side is a concern for the dollar, especially if the BRICS countries agree to such bilateral agreements regarding intra-regional trade.
It is worth noting that the BRICS Group has begun to abandon the dollar in global business dealings.
There are international agreements between many countries to start trade exchange in the local currencies of those countries, as China and Brazil agreed to exchange local currencies for them instead of using the dollar, and the volume of trade exchange between the two countries is 150 billion dollars.
90 percent of trade exchange between Russia and China is conducted in rubles and yuan, amounting to more than $260 billion, in addition to agreeing with a number of their trading partners worldwide on trade exchange in the local currencies of these countries.
Russia and Iran also agreed to develop a gold-backed cryptocurrency as an alternative to the dollar, as well as another agreement between Russia and India to abandon the dollar in intra-regional trade, not to mention that the Russian ruble has become the main currency within the CIS countries.
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CandyKisses: Iraqi PM meets 57 Businesses at meeting in Davos
Prime Minister Mohammed Shia Al-Sudani has attended a working meeting on the sidelines of the Davos Economic Forum in Switzerland, involving the heads and representatives of 57 global companies specializing in energy, oil, gas, and various economic sectors.
During the meeting, he discussed the government's plans for development and economic reform, highlighting significant progress made. He also emphasized substantial investment opportunities, industrial city projects, the Grand Faw Port project, and the Development Road project, along with integrated oil field projects.
Prime Minister Al-Sudani pointed out solar and renewable energy projects undertaken with Chinese and Emirati companies, confirming the government's broad focus on gas investment and expanding investment opportunities in this promising sector. Additionally, he mentioned housing projects that have started and others planned across all Iraqi provinces.
Highlighting the importance of banking reforms implemented by the Central Bank of Iraq, he stressed the ongoing efforts to comply with international financial and banking system standards by engaging with international banks.
In terms of reinforcing stability and security in Iraq, Prime Minister Al-Sudani emphasized that the stability of the region relies heavily on Iraq's stability. Any attempt to destabilize the internal situation in Iraq or jeopardize its security would negatively impact regional and international security in the Middle East.
The meeting was attended by the Ministers of Foreign Affairs and Oil, the Governor of the Central Bank of Iraq, and several advisers to the Prime Minister.
Iraqi PM meets 57 Businesses at meeting in Davos
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CandyKisses: IMF welcomes Iraq's accession to a program that supports economic reforms
Economy News - Baghdad
The Managing Director of the International Monetary Fund (IMF) welcomed on Thursday Iraq's accession to a non-financing program to support economic reforms, during her meeting with Prime Minister Mohamed Shia Al-Sudani to meet in Davos.
The Prime Minister's Information Office said in a statement received by "Economy News" that "Sudan met with the Managing Director of the International Monetary Fund, Kristalina Georgieva, on the sidelines of his participation in the Davos Economic Forum held in Switzerland."
During the meeting, they discussed the financial cooperation relations between Iraq and the International Monetary Fund, within the framework of supporting the development path in Iraq.
Al-Sudani pointed to "the government's plans in the field of economic and financial reform, as a gateway and basis for all reforms planned by the government in all vital sectors.
Georgieva welcomed Iraq's accession to a non-financing program to support economic reforms, as meetings with the IMF begin next month to implement this program.
She also praised "the steps taken by the government in the field of the financial and banking system, and improving the business and investment environment," expressing "understanding of the specificity of Iraq and the challenges it faces."
Fuze: The primary Economic Program for economic development of a country is Artcle 8 compliance. This article states Iraq has ascended to this mysterious program, to begin implementation next month!!!!! Not without a REER (reel effective exchange rate) you won't!!!
This is huge News!!!!
Tishwash: The Chinese government holds a special conference on the Iraqi development road
The Chinese government intends to hold a special conference on the Iraqi development road project, according to what was announced by its ambassador in Baghdad, Cui Wei.
This came during his meeting with the Minister of Transport, Razzaq Muhaibas Al-Saadawi, today in the ministry building, to discuss ways of joint cooperation between the two countries.
The minister said in a statement to the ministry’s media office, “We look forward to strengthening the partnership with China, which represents a friendly country to the government and people of Iraq. We also believe in the scientific and technological progress that Beijing possesses, and we want to benefit from Chinese experiences in various fields of transportation.”
Al-Saadawi stressed that the Ministry's doors are open to all reputable Chinese companies to benefit from investment opportunities in railway and port projects along the development path.
The statement indicated that the two sides agreed during the meeting to hold a meeting between the competent Iraqi and Chinese authorities, to prepare a precise study that includes identifying all technical aspects related to the development path.
In turn, the ambassador revealed his country's government's desire to participate in the project, after reviewing its full details and economic feasibility.
He noted that the embassy had previously sent its economic advisor to the General Company for Iraqi Railways to learn about the details of the project, as the Beijing government has a serious desire to participate in the project.
The ambassador revealed his country's government's intention to hold a special conference on the path to development, and to officially authorize the Chinese National Development and Reform Commission to communicate with the Iraqi Ministry of Transport regarding the project.
He said that Beijing's participation in the path of development will reflect positively on the Iraqi side, indicating that the People's Republic of China wants its relationship with Iraq to be more effective.
The Chinese ambassador invited the Minister of Transport to visit Beijing to enhance joint cooperation between the two countries in the fields of transport.
It is noteworthy that many Arab, regional and European countries have expressed their willingness to participate in the Iraqi development road project at the level of construction and investment, as it constitutes an important link between the continents of Asia and Europe.
The value of the development road project is estimated at $17 billion to connect the “Great Port of Al-Faw” for goods on the southern Iraqi coast to the border with Turkey by extending a railway and road network.
The development road aims to link the port of Al-Faw in southern Iraq, which is rich in oil, with Turkey, turning the country into a transit center by shortening travel time between Asia and Europe in an attempt to compete with the Suez Canal.
The Iraqi government envisions high-speed trains transporting goods and passengers at speeds of up to 300 kilometers per hour, in addition to extending lines to local industrial and energy centers, which could include oil and gas pipelines.
According to the plans, the main transportation roads will be linked to the main port of Al-Faw on the shores of the Gulf through modernizing and building more than 1.2 thousand kilometers of railways and highways linking Iraq to neighboring countries. link
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Tishwash: Iraq and South Africa discuss bilateral relations and ways to develop them, especially in the fields of economy and trade
Today, Thursday, an Iraqi delegation held a technical meeting with the Turkish side in Ankara to discuss the latest developments in the development road project.
A statement from the Ministry of Transport, received by “Earth News”, stated that the delegation reviewed before the Turkish side the details of work on the project, which is directly supervised by the Prime Minister, Engineer Muhammad Shiaa Al-Sudani, and closely followed by the Minister of Transport, Mr. Razzaq Muhaibas Al-Saadawi, stressing that the meeting discussed the latest developments. Development road, in the presence of the Italian consulting company.
The statement added that the discussions focused on strengthening cooperation between the two countries, to implement this project, and the meeting also discussed the connection point between the two countries in the Fish Khabour region, addressing the final technical comments on this topic, and enhancing technical cooperation and exchanging experiences between the two sides.
The statement continued that the attendees confirmed the continuation of technical meetings on an ongoing basis until the stage of implementation and completion, so that the year 2024 will be the year of continuous achievement, as His Excellency the Prime Minister, Engineer Muhammad Shiaa Al-Sudani, called it.
It is noteworthy that the Ministry of Transport announced that the governorates of Najaf and Dhi Qar, along with Diwaniyah and Muthanna, are nearing completion of the requirements and observations on the rail and land paths of the development road, noting that the soil investigation process has reached 1,000 km, while the initial designs have reached 600 km for the railway and 300 km for the highway. link
KTFA Members "News and Views" Thursday 1-18-2024
KTFA:
Frank26: "ATTENTION IRAQI CITIZENS... MORE OF YOUR MONETARY REFORM EDUCATION!!!"......F26
Clare: An economic expert calls for using a basket of currencies to evaluate the Iraqi dinar
1/17/2024
Economic affairs expert, Raad Tawij, called today, Wednesday, for the use of a basket of currencies, whether the euro, the Chinese yuan, or the UAE dirham, in valuing the Iraqi dinar in a way that competes with its valuation in the dollar.
Tawij said in a statement to the National Iraqi News Agency ( NINA ): “As a result of the high competitiveness of the Iraqi economy in the field of monetary and commodity use in its trade exchange with other countries, and as a result of its use of the dollar at a rate of 95% within the framework of the Iraqi electronic platform and for the most diverse monetary exchange and to prevent the monopoly of a country’s currency.”
KTFA:
Frank26: "ATTENTION IRAQI CITIZENS... MORE OF YOUR MONETARY REFORM EDUCATION!!!"......F26
Clare: An economic expert calls for using a basket of currencies to evaluate the Iraqi dinar
1/17/2024
Economic affairs expert, Raad Tawij, called today, Wednesday, for the use of a basket of currencies, whether the euro, the Chinese yuan, or the UAE dirham, in valuing the Iraqi dinar in a way that competes with its valuation in the dollar.
Tawij said in a statement to the National Iraqi News Agency ( NINA ): “As a result of the high competitiveness of the Iraqi economy in the field of monetary and commodity use in its trade exchange with other countries, and as a result of its use of the dollar at a rate of 95% within the framework of the Iraqi electronic platform and for the most diverse monetary exchange and to prevent the monopoly of a country’s currency.”
One on the platform, so a basket of currencies, whether the euro, the Chinese yuan, or the UAE dirham, must be used to value the Iraqi dinar in a way that competes with its value in the dollar.”
He stressed, "Allowing users of this basket of currencies to use the electronic platform will contribute to creating monetary balance and addressing any deficit in other currencies." LINK
Frank26: "THE WHOLE INTERNATIONAL WORLD IS AWARE OF SUDANI'S MONETARY REFORMS & THEY ALL WANT A PART OF IT!!!".........F26
International Finance Corporation: We want to expand our business in Iraq as an investment region
1/17/2024 Baghdad
The International Finance Corporation announced, on Wednesday, its desire to expand its work in Iraq as an attractive region for investment.
The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani met in Davos with a delegation from the International Finance Corporation/IFC, headed by Executive Vice President Mokhtar Diop.”
The statement added, "The meeting witnessed a review of the prospects for cooperation between Iraq and the international institution, a member of the World Bank Group, in light of the Iraqi government moving forward with economic reforms and implementing major strategic and investment projects."
Al-Sudani confirmed, according to the statement, “the government’s readiness to develop the scope of cooperation and partnership with the international institution, especially after the signing of a contract between the Civil Aviation Authority and the international institution to prepare an investment portfolio regarding the Baghdad International Airport development project to be on the same level as international airports, and compatible with international standards in a comprehensive manner.”
For its part, the International Finance Corporation delegation expressed its desire to expand its work in Iraq as an attractive region for investment, as well as to participate in the Strategic Development Road project and the major projects attached to it. LINK
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KTFA Wednesday Night CC: https://youtu.be/B4diqPc1bAg
JJimmyJJ: I’ve been thinking about these commodity futures that Frank mentioned at the end of the call last night.
Disclaimer: In my business career, I usually sold services, not manufactured goods, so I’ve never dealt with commodity futures. In addition, we don’t know what commodities were traded, the expiration dates of the contracts, if the differing amounts were for different length contracts, or even if these contracts are for imports or exports.
Or, in other words, there are too many unknown variables for this to be anything other than a thought exercise for fun. But, while we’re waiting for the announcement, we certainly have time. So, let’s have fun with this. All IMO…
A commodities futures contract is a contract between too large entities to purchase the commodity at a set price at a future date. And usually for a set amount. Frank mentioned, as an aside, exporting something from Iraq. So, let’s assume these contracts were exporting a commodity out of Iraq. As their major export is oil, let’s assume these are futures contracts for oil. Frank also said these contracts are in dinar, which means that, if our assumptions are true, Iraq is going against the petro-dollar and getting paid directly in dinar. Also, if these are oil futures, we can confidently assume that the Ministry of Oil worked very closely with the PM’s office and the CBI on these contracts, so they aren’t guessing. This has to be based on information.
Frank also mentioned that there were at least two different contracts: 1 at an exchange rate of $1.68 per dinar, and another at $3.04 per dinar.
Let’s assume that some entity isn’t getting a deal at almost half the rate of another entity, so the most likely cause of this discrepancy would be differing expiration dates on the contract. Perhaps the $1.68 contract expires earlier, and the $3.04 contract expires later. That would likely mean a float changing the rate.
I sure would like to see the dates on those contracts. If all these assumptions are right (and they probably aren’t), this could show both the timetable the CBI is expecting for the float, AND that the CBI is at least looking at a rate over $3.00 per dinar.
Boys and girls, this is more a WAG than a prediction, but the expectations for this RV to finally get announced have just ramped up even more. It’s getting pretty hot in this waiting room of ours!
Holy smokes and Hallelujah!
Clare: Al-Sudani: We are facing a new Iraq economically
1/18/2024
Prime Minister Muhammad Shiaa Al-Sudani expressed, on Thursday, his optimism about the general economic situation in Iraq during the next twenty years.
This came in statements he made during the dialogue session within the work of the Davos Economic Forum held in Switzerland.
He was asked about his vision of the Iraqi economic future during the next twenty years, and he replied: Yes, Iraq will be completely different for the better.
He added that Iraq is moving at a steady pace, and I believe it benefits from the support of the people of all its components and sects, and this is the source of its strength until now,” stressing, “We build our plans and programs in the spirit of partnership, understanding and consensus among the people and through its constitutional institutions we create a new economic vision, and we are facing a new Iraq economically.” Through various activities and projects, we invest in the natural materials we have, and we invest in the heritage and civilization that we carry, enabling us to move with confidence towards a better future in a strong, united, independent, and stable Iraq.”
On a parallel level, Al-Sudani met with the Director General of the International Monetary Fund, Ms. Kristalina Georgieva, on the sidelines of his participation in the Davos Economic Forum held in Switzerland.
The Sudanese media office stated in a statement that, during the meeting, financial cooperation relations between Iraq and the International Monetary Fund were discussed, within the framework of supporting the development path in Iraq.
Al-Sudani referred to the government’s plans in the field of economic and financial reform, as a gateway and basis for all the reforms that the government plans in all vital sectors.
In turn, Georgieva welcomed Iraq's accession to a non-financing program to support economic reforms, as meetings with the Fund will begin next month to implement this program.
She also praised the steps taken by the government in the field of the financial and banking system, and improving the business and investment environment, expressing its understanding of Iraq's uniqueness and the challenges it faces. LINK
Iraq Economic News and Points to Ponder Thursday AM 1-18-24
Iraq Economic News and Points to Ponder Thursday AM 1-18-24
Tlm724 Administrator Bondlady’s Corner
Secrets Of The Disappearance Of Billions Of Money (Depositors) In The Warka Bank?!
Written by: Basil Abbas Khudair
The event is in Iraq, yes, inside our country and not in other countries.
The story is real and not inspired by Bollywood movies.
The details are that thousands of Iraqi citizens, individuals and companies, deposited their money in a well-known private bank that is officially licensed by the Central Bank of Iraq and has several branches in the provinces and abroad.
Iraq, which is the Al-Warka Bank, and their deposits in current and savings accounts in Iraqi dinars or US dollars, some of which represent all that they own in the millions or times that in the tens and hundreds, and during the period of their dealings with this bank, which lasted for years,
they did not face any problems in withdrawing or depositing or with regard to completing All credit transactions, overnight, especially in 2010, the bank branches stopped accepting withdrawal requests and said that they were facing some simple matters that would be completed within days.
Iraq Economic News and Points to Ponder Thursday AM 1-18-24
Tlm724 Administrator Bondlady’s Corner
Secrets Of The Disappearance Of Billions Of Money (Depositors) In The Warka Bank?!
Written by: Basil Abbas Khudair
The event is in Iraq, yes, inside our country and not in other countries.
The story is real and not inspired by Bollywood movies.
The details are that thousands of Iraqi citizens, individuals and companies, deposited their money in a well-known private bank that is officially licensed by the Central Bank of Iraq and has several branches in the provinces and abroad.
Iraq, which is the Al-Warka Bank, and their deposits in current and savings accounts in Iraqi dinars or US dollars, some of which represent all that they own in the millions or times that in the tens and hundreds, and during the period of their dealings with this bank, which lasted for years,
they did not face any problems in withdrawing or depositing or with regard to completing All credit transactions, overnight, especially in 2010, the bank branches stopped accepting withdrawal requests and said that they were facing some simple matters that would be completed within days.
This was without prior notice so that some depositors could withdraw the amounts they needed to put them on hand or to meet urgent requirements.
Because they are business owners and families and have obligations towards running their businesses, supporting their families, treating their patients, or other matters, and from that date until today the situation has not changed, as the situation remains as it is, and the depositors’ funds were not allowed to be withdrawn, and nothing changed except the duration of the justifications and excuses, as the excuses were speaking.
For a day or days for a solution, then it turned from a year to a year, so that 14 years had passed since this situation, and the depositors did not leave a door without knocking on it to return their money and nothing else.
Some of them resorted to grievance with the Central Bank,
some resorted to the judiciary by filing lawsuits to recover the money, and others sought help from some executive and legislative officials from Various names and positions in order to lift the injustice against them, and
others took to demonstrating and sit-in in front of the gate of the Central Bank, the administration building of the Warka Bank, and even the headquarters of the Council of Ministers to make their voices heard about the injustice that befell them and their disappeared money, and
their request was circulated in various media outlets,
but it is truly strange and unfortunate that The issue has remained unresolved for 14 years, which has made some wonder about the reasons for remaining silent about this not-so-hidden issue.
Is it reasonable for billions of funds to remain unaccounted for in a country with official authorities?
What is the secret of the power maintained by the Warka Bank, such that it remains protected without accountability for its management, cancellation of its license, liquidation, or other procedures that are subject to the logic of right and justice in the state of institutions?
How can the person responsible for the matter or the concerned party accept withholding people’s money for reasons related to the bank and not for a matter related to the depositors over these years? And if the state agencies or any party, including the bank in question, were a creditor to one of the depositors, would they accept not paying their due money for 14 years?
The questions, astonishment, and exclamation marks are many and in the hundreds, but they have not found a solution or an answer.
What matters to the depositors is at least the return of their money, even though they deserve compensation for the opportunities they lost and the harm they suffered that requires compensation for the inflation that occurred over those years.
The 14 years that have passed since the depositors cannot be described in lines or pages or even in parts of books and stories.
The heartbreak, the soul, and your money deposited in a bank that does not give you a date or find a solution for you cannot be described.
It is a heartbreak that is not emotional, but rather associated with hundreds of tragedies, sorrows, and incidents that...
I faced the depositors in its actual and real form.
A number of depositors died (they or the people closest to them died) because they did not have the cash for treatment and their money was deposited in Warka and
the bank did not allow them to withdraw or transfer all or some of it to cover the treatment expenses, and
some of the stakeholders and businesses were subjected to legal prosecution and judgments.
Because they did not pay their obligations, because their money is in Al-Warka, and
whoever issued judgments against them did not consider Al-Warka’s denial of the right of withdrawal an excuse for easing and allowing, and
some who had a dream of buying or building a house to shelter themselves and their family, their dreams evaporated and turned into nightmares after they deposited their money to collect the dinar upon the dinar. Of his strength and permissibility, but all that he had saved disappeared in Warka, and
what he had hoped for was no longer achievable after purchase and construction prices doubled.
Whoever sold his house for 100 million and deposited his money in Warka in 2010 to replace his residence, today he can no longer build less than his previous home due to the inflation that occurred.
In prices, and whoever intended to get married and saved money for his wedding and his wedding in Warka is no longer able to marry after he has reached the age of 14, and
it is not strange to find in the gatherings held by (victims of Warka) to demand their rights, young people from those present come on behalf of us and say that we are the son or grandson of the deceased.
The depositor is so-and-so who died years ago.
The children have grown up and the hopes of some of the depositors have turned from happy dreams of housing or investment to a wish to obtain land to be buried in, after those hopes have dissipated and their purchasing value has decreased greatly. It is 14 years.
Dear gentlemen and ladies, officials everywhere who They have something to do with resolving the issue and paying attention to it or adopting it from near or far. During these years, governments and parliaments changed, and you did not find a solution to return the money of the people, who are your brothers in the homeland and in citizenship, and
we did not hear anyone with an official mandate in the three authorities asking (the Warka administration) where the depositors’ money went.?
Aren't they deposits that must be guaranteed and matched by assets and under the control and supervision of the Central Bank? Whether it was lost, escaped, stolen, or wasted,
these are all questions and questions that depositors have the right to ask,
but the integrity, financial oversight and other regulatory authorities have not answered them so that they can be announced to the public and inform depositors.
Is it just, fair, and reasonable to accept a situation in which people deposit their money in a bank established in accordance with Sharia law? Legal and their deposits remain unknown throughout these years and the bank is 100% Iraqi?
Despite all that we have mentioned, the depositors and (their heirs) are still waiting for hope.
Even their demonstrations no longer find an answer that heals the wounds. All they receive are futile promises whose solutions go by for years.
In light of what is stated in these lines in brief, because it is a topic that concerns thousands of Iraqis and is not personal, the question that has been going on for 14 years remains:
What are the secrets of the disappearance of billions of depositors’ money over these years?
Who is the culprit or negligent, and Warka is not unknown, but rather exists, and
its main headquarters is known in the center of Baghdad in the city of Al-Mansour.
On December 2, 2023, he obtained the approval of the Registrar of Companies to increase his funds to 250 billion dinars, and
he says that he is awaiting the approval of the Central Bank of Iraq to resume his activity again? !
The owners of the case hope for those concerned about the matter to find an urgent solution to it without delay, as prolonging the matter increases the harm and increases the tragedies for people, and delaying its solution is unacceptable according to Sharia, custom, or law.
We implore you to God to save their conditions and their souls, as most of them have turned from well-off to “insolvent,” and some call them “poor.”
The feeling prevails among some of them that they have been transformed from right-holders into citizens (begging) for solutions, and there is hope in God, and there is also reliance on honorable people and people of conscience to restore rights after years of patience coupled with injustice!! .
https://almaalomah.me/articles/53543/أسرار-اختفاء-المليارات-من-أموال-المودعين-في-مصرف-الوركاء
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Provoking Points To Ponder on Adversity:
Adversity has ever been considered as the state in which a man most easily becomes acquainted with himself, being free from flatterers. - Samuel Johnson
In all things preserve integrity; and the consciousness of thine own uprightness will alleviate the toil of business, soften the hardness of ill-success and disappointments, and give thee an humble confidence before God, when the ingratitude of man, or the iniquity of the times may rob thee of other rewards. - Barbara Paley
He knows not his own strength who hath not met adversity. - Samuel Johnson
Adversity leads us to think properly of our state, and so is most beneficial to us. - Samuel Johnson
In the depth of winter, I finally learned that there was in me an invincible summer. - Albert Camus
http://famousquotesandauthors.com/topics/adversity_quotes.html
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