MilitiaMan: Iraq Dinar - Radical Change in Value - 2023 - 2024 - Revaluation of Currencies

Iraq Dinar - Radical Change in Value - 2023 - 2024 - Revaluation of Currencies

MilitiaMan and Crew:  1-21-2024

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

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

.https://www.youtube.com/watch?v=YUKSCVU7KNo

Government and Central Bank meetings in Davos to shorten the time towards financial and banking reform

KTFA:

Clare:  Government and Central Bank meetings in Davos to shorten the time towards financial and banking reform

1/21/2024    Baghdad

 Samir Al-Nusairi

On the sidelines of the Davos Forum in its 54th session held in Switzerland last week, Mr. Prime Minister, his accompanying delegation, and Mr. Governor of the Central Bank continued to hold meetings, understandings, and negotiations with the World Bank, the International Monetary Fund, the President of the European Bank for Reconstruction, the American bank, J.P. Morgan, and international financial institutions, with the aim of accelerating the procedures that... It is implemented by the government in cooperation with the Central Bank towards achieving financial and banking reform.

 In implementation of what was stated in the twelve axis of the government curriculum (financial and banking), in which the government’s program for the financial and banking sector was determined and strategic policies and procedures were drawn up in paragraphs (1-7).

 To restructure the general budget, manage public money, reduce the pressure on consumer spending in favor of projects and programs for sustainable development, and pressure public debt to a minimum, and limit external borrowing to investment and service projects. The borrower will repay the loan from the project’s revenues, and establish the Iraq Fund for Development and include it in the general budget in 2023.

Controlling border crossings, reforming the tax and public sector systems, maximizing revenues for economic productive sectors other than oil, and reaching 20% ​​in budget revenues over the next 3 years.

The primary and important goal is to reform the banking and private sector in accordance with what was stated in Paragraph (7), which considers financial and banking reform to be the beginning of reform.

A successful economy, with a focus on structuring and empowering government banks, reconsidering their work, and empowering private banks to be able to truly support investment and development. In fact, the government and the Central Bank have initiated contractual and negotiating procedures with the international auditing and consulting firm Ernst & Young, under the direct supervision and follow-up of the Prime Minister, and his emphasis on the company’s global programs being applicable and different from previous experiences, in a way that ensures achieving the goal according to the time period planned for project completion. Completely.

 And the meeting with the CEO of the American bank JP Morgan on the sidelines of the Davos Forum held in Switzerland and asking him to cooperate with the Central Bank and banks to open accounts for Iraqi banks to organize financing of foreign trade and help accelerate digital transformation applications and the use of electronic payment technologies, in addition to the close follow-up of the Minister of Finance and the Governor of the Bank. Iraqi Central Bank.

With regard to banking reform, the Central Bank made great efforts to implement what was stated in the government curriculum in the face of the challenges facing the reform process, as the regulation of foreign trade financing and digital transformation in the banking sector were achieved in 2023, the near launch of a national lending strategy, and the establishment of a Riyada Bank to finance small and medium enterprises, and work continues to reduce... Fluctuation of the exchange rate of the cash dollar in the parallel market. In general, the Central Bank’s plans aim to achieve my goals:

 First - Developing and reclassifying the Iraqi banking system, enhancing citizens’ confidence in it, and providing financial solvency that enables it to meet requests quickly and when required.

2-Transforming banks to their primary function, which is lending for sustainable development.

3- Banks that do not provide loans and banking facilities that help in development lose their meaning as banks, which requires a specific stance towards them from the Central Bank.

4- Banks are the lever of development and the importance of the Ministry of Finance and the Central Bank to support banks, develop their functions, and rely on their own capabilities in dealing with reputable global correspondent banks and to be regulated in the global banking system in accordance with international standards and to obtain internationally accredited classification.

5- Withdrawing funds that are outside the banking cycle and entering them into the banking system by providing comprehensive banking products and services to customers without delay, smoothly, easily and transparently.

All of the above objectives, although the period specified for their implementation according to the government timetable ranges between (1-4) years, the strategy of the government and the Central Bank for the year 2024 will shorten the time and achieve most of the above objectives. 

There are banks that are moving towards the required development, banks that still need an additional period of time to achieve their goals, and there are troubled banks that are now making exceptional efforts from the central bank and the departments of these banks to rehabilitate them.

What concerns us here is the real functional role of banks in providing loans and banking facilities and the transition from the banking role to the developmental role. There are two important observations that must be taken into consideration with regard to providing loans and banking facilities to stimulate the economy.

First: The nature of the banks’ activities depends on the nature of the activities of the economic sectors, and that the economic activity is concentrated in foreign trade (imports), so it requires controlling imports, supporting the local product, and supporting the private industrial sector, which the government is currently working to promote with calculated executive measures and with the cooperation of all other sectors.

Second: It is necessary to provide a legal environment and extend the authority of the law in order to eliminate the phenomenon of defaulting on loans by making legislative amendments and treating private sector debts in the same manner as government sector debts as premium debts that must be repaid, which will help expand the private banking sector by granting all types of bank financing. .

 The other important thing is the transition of the government and private banking sector to a solid and developed economic sector that is committed to international regulations, rules and standards for compliance, anti-money laundering, financial reporting and risk management, and thus to truly be a lever for development.

Contributing to stimulating the economic cycle by activating and supporting financing for small and medium enterprises and large development projects, through which the building of a solid national economy and sustainable development is achieved that ultimately serves the Iraqi people and their aspirations for a better life.

This means that each government or private bank must have a plan with specific goals for the four years specified in the government curriculum and under the supervision and follow-up of the Central Bank in the areas of development of payment systems and modern banking technologies, the transition from dealing in cash to dealing with modern electronic payment methods in accordance with international standards, and the presentation of new banking products to stimulate inclusion. Financial capacity building, training and qualification of human resources, achieving the goal of investing in human capital and developing the structural structure of the banking sector.

Banks also pay attention to applying financial stability standards, which are financial safety indicators such as the capital adequacy ratio, the liquidity ratio, and the profitability ratio such as the ratio of profit and net profit to capital, the ratio of return on assets, the ratio of return on shareholders’ equity, the ratio of activity costs, financial leverage, and the ratio of investment of funds, in addition to adopting indicators to measure efficiency. the performance.    LINK

Iraq Economic News and Points to Ponder Sunday Afternoon 1-21-24

Iraq Economic News and Points to Ponder Sunday Afternoon 1-21-24

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Calls For Accelerating The Sending Of The Budget For The Purpose Of Approval

Economy |  01/21/2024  Mawazine News – Baghdad  The Parliamentary Finance Committee discussed, on Sunday, with the Minister of Finance, Taif Sami, the completion of the 2024 budget schedules before their approval.

The House of Representatives media stated in a statement received by Mawazine News, that “The Parliamentary Finance Committee met with the Minister of Finance, Taif Sami, and the issues of employee compensation were discussed.” And inspectors and added amounts for purchasing energy and implementing projects included in the government plan.”

The Finance Committee asked the Minister of Finance to “expedite the preparation of the budget schedules and send them for review and voting on them.”

For her part, Taif Sami said, “Financing projects is done according to the allocations and listing requirements, and the components and violations must be modified in coordination with the Ministry of Planning, in addition to the issue of the region’s revenues.”

https://www.mawazin.net/Details.aspx?jimare=240794

Al-Maliki Stresses To The US Ambassador The Necessity Of Maintaining And Developing Friendly Relations And Cooperation

Political |  01/21/2024  Mawazine News – Baghdad  The head of the State of Law coalition, Nouri al-Maliki, stressed today, Sunday, the necessity of activating the strategic framework agreement between the two countries, as well as working to develop bilateral relations to serve the two countries.

The media office of the State of Law coalition said in a statement received by Mawazine News, “Al-Maliki received in his office the American Ambassador Elena Romanski, and during the meeting the two sides reviewed the future of bilateral relations between the two countries, as well as the escalation of tensions in the region and the repercussions of the Al-Aqsa Flood operation and Baghdad’s keenness on the need to end The Zionist aggression and the opening of humanitarian corridors to bring in aid.”

Al-Maliki stressed “the importance of strengthening friendship and cooperation relations, and continuing to sustain and develop them in a way that serves the interests of the two friendly peoples,” noting “the necessity of activating the agreements concluded between the two countries, especially the strategic framework agreement, in line with the importance of the current stage and the many crises facing the region, especially Events in occupied Palestine, Lebanon, the Red Sea, northern Syria and Iraq,” calling for “speedy action to reduce tension and end the mutual attacks that may herald the expansion of the war.”

The statement continued, "The American ambassador "renewed her country's support for the stability of Iraq, stressing the continuation of dialogues between the two countries in order to strengthen partnership projects in various important and vital sectors." https://www.mawazin.net/Details.aspx?jimare=240790

The Chairman Of The Military Industrialization Authority And The British Ambassador Discuss Attracting Local And Foreign Investments

Sunday 21, January 2024 | Economical Number of readings: 335  Baghdad / NINA / The head of the Military Industrialization Authority, Mustafa Ati Hassan, confirmed that military industrialization played a major role in supporting the country’s sovereignty through defense industries and revitalizing the Iraqi economy, through its various initiatives.

During his meeting with the British Ambassador to Iraq, Stephen Hitchen, today, Sunday, the head of the authority reviewed the mechanism of work of military manufacturing in line with the requirements of local and international rules, pointing out the need to support the government’s directions in participating with the private sector and improving the work environment in order to attract local and foreign investments.

For his part, British Ambassador Stephen Hitchen affirmed his country's support for the directions of the Iraqi government and meeting the requirements for its progress./End 5

https://ninanews.com/Website/News/Details?key=1102247

The Minister Of Finance Discusses With The Finnish Ambassador To Iraq Enhancing Economic And Investment Cooperation Opportunities Between The Two Countries

Sunday 21, January 2024 14:11 | Economical Number of readings: 371  Baghdad / NINA / The Minister of Finance, Taif Sami Muhammad, met today, Sunday, at the Ministry’s headquarters, with the Finnish Ambassador to Baghdad, Anu Saarila, and her accompanying delegation.

The Ministry of Finance stated in a statement, “The two sides reviewed aspects of cooperation and coordination between the two friendly countries in various fields, most notably the field of finance and business, in addition to discussing enhancing opportunities for economic and investment cooperation, with the possibility of benefiting from Finland’s experience in the infrastructure sectors and reconstruction efforts, especially since Iraq It is witnessing an unprecedented stage in the field of reconstruction and construction.”

The Minister affirmed "Iraq's keenness to raise the level of relations and advance them for the benefit of the two friendly countries."

For her part, Ambassador Sarila affirmed, "His country's continued support for Iraq in the next stage, and the Finnish side's aspiration to deepen joint cooperation between the two countries, expressing her country's government's readiness to strengthen cooperation frameworks with Iraq at many levels, especially in the field of finance and business."/End H

https://ninanews.com/Website/News/Details?key=1102263

Iraq's oil exports to America decrease by about 128 thousand barrels per day

Sunday 21, January 2024 | Economical Number of readings: 359  Baghdad / NINA / The US Energy Information Administration announced today, Sunday, that Iraq’s oil exports to America decreased during the past week.

The administration said in a table, “Iraq’s oil exports to America amounted to 64 thousand barrels per day last week, down by 128 thousand barrels per day from the previous week, which reached an average of 192 thousand barrels per day.”

She pointed out that “most of America’s oil revenues during the past week came from Canada, followed by Mexico and Saudi Arabia, and then Brazil.”

She explained that American imports of crude oil continued, from Colombia, Nigeria, Ecuador, and Libya, while no quantity was imported from Russia. https://ninanews.com/Website/News/Details?key=1102207

Customs Announces An Increase In Revenues Compared To 2022

Economy |  01/21/2024  Mawazine News – Baghdad  Today, Sunday, the General Authority of Customs announced an increase in revenues amounting to 28 percent compared to the year 2022.

The authority said in a statement received by Mawazine News, “The authority’s revenues achieved during the year 2023 amounted to (1,033,765,697,521) dinars, with an increase rate of (28%).” Compared to the year 2022, the border customs centers with the highest percentage increase, not the volume of revenues, were the ones where the electronic system was fully implemented.”

She added, "The percentage of increase achieved in Zurbatiya Customs Center was (208%), and the percentage of increase achieved in Al-Mundhiriya Customs Center was (170%), while the percentage of increase achieved in Mandali Customs Center was (147%). As for the customs center, The highest border level in terms of revenues is the Great Welcome Square Customs at an amount of (302,198,276,000) Iraqi dinars, an increase of 75 percent.

The authority continued, “its revenues result from the fees imposed in accordance with the law and instructions in force,” expressing its hope “to maximize its revenues during the year 2024 after completing the implementation of electronic systems in all customs centers.”

https://www.mawazin.net/Details.aspx?jimare=240783

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

Provoking Points To Ponder on Adversity:

One who was adored by all in prosperity is abhorred by all in adversity.  - Baltasar Gracian

Prosperity provideth, but adversity proveth friends.  - Queen Elizabeth I

The human race has had long experience and a fine tradition in surviving adversity. But we now face a task for which we have little experience, the task of surviving prosperity.  - Alan Gregg

Adversity reveals genius, prosperity conceals it.  - Horace

The virtue of prosperity is temperance; the virtue of adversity is fortitude.  - Francis Bacon

In the day of prosperity be joyful, but in the day of adversity consider.  - Bible 

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

"Tidbits From TNT" Sunday 1-21-2024

TNT:

Tishwash:  A new reading of ending the foreign presence.. Will the Sudanese government go through with it?

 Journalist Halim Salman suggested on Saturday that the government of Muhammad Shiaa Al-Sudani would proceed with pushing the House of Representatives to issue a law to gradually end foreign presence in the country.

Salman said in a statement  “Issuing the law (ending the foreign presence) will oblige all parties not to deviate from the circle of obedience to the Commander-in-Chief of the Armed Forces, and the Iraqi government bears full responsibility for protecting and defending all citizens at home and abroad, and does not allow any An international or local body may exercise its arbitrariness and tyranny against Iraqi sovereignty.”

He pointed out that “the Americans, according to the statements of their officials, are serious this time about responding, in the language of killing, to the parties that target their bases or headquarters in Iraq or Syria.

Warnings have been sent through the media and the ambassador about (responding to the factions that are involved in attacking the American presence in the region).”

He continued, "The Iraqi government, despite its condemnation of the recent American strikes that targeted one of the leaders of the Mobilization Forces, and the Prime Minister's call to gradually end the foreign presence in Iraq, is embarrassed by the involvement of some Iraqis in drone strikes on the headquarters of the American presence."

Salman expected that “the Sudanese government will continue to push the House of Representatives to gradually issue a law to end foreign presence. This approach, if serious, will oblige all parties to adhere to and not violate and deviate from the circle of obedience to the Commander-in-Chief of the Armed Forces.” link

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CandyKisses:  Washington will allow its combat forces to leave again. The government decides and internal opponents oppose

Information/private.

After the popular, political and official statements and demands from the government for the need for the withdrawal of US combat forces from the country, Washington still dominates the Iraqi airspace with its military aircraft and combat bases, as the Iraqi side is waiting for the completion of the members of the joint committee formed by the government in order to set time limits for the removal of those forces. 

*Washington's procrastination

Talking about this file, a member of the House of Representatives, Muhammad al-Sayhoud, reveals the completion of the members of the Iraqi joint committee with the United States of America to remove foreign combat forces from the country, while he stressed that the government is waiting for the completion of the members of the American committee in order to pave the way for the removal process and the start of bilateral meetings.

Al-Sayhoud said in an interview with the agency / Information /, that "the seriousness of the government to remove Washington forces will be applied on the ground through the time periods that will be agreed upon by the parties," noting that "the Iraqi committee was formed from a government team and those with diplomatic competence."

He continued, "The government has taken a final decision to set a timetable for the removal of combat forces from the country during the coming period," adding that "members of the Iraqi joint committee with the United States of America to remove its combat forces from the country has been completed."

The member of the House of Representatives concludes, his speech: "There is no interest for Iraq from the continued presence of combat forces of Washington in military bases," noting that "the government is waiting for the completion of the members of the American committee In order to pave the way for the removal of combat forces."

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Tishwash:  Indonesia expresses its desire to invest in Iraq: trade exchange reaches $272 million

The Indonesian ambassador to Iraq, Almar A. Lewis, indicated today, Sunday, that the volume of trade exchange between the two countries has reached 271 million and 800 thousand dollars annually, and it is likely that a meeting of the Indonesian-Iraqi Friendship Committee will be held in the first quarter of this year.

Lewis said, “Indonesia has great cooperation with Iraq, especially in the food field, and it seeks to establish two factories for manufacturing Indomie noodles in the provinces of Babil and Sulaymaniyah, in addition to the desire of a private company to invest in the field of medicine, as well as street maintenance and rehabilitation companies.” And infrastructure after the agreement with the Iraqi government,” according to the official newspaper

The Indonesian ambassador added, “The volume of trade exchange between the two countries amounts to 271 million and 800 thousand dollars, and most of the balance of exchange is Indonesia’s purchase of Iraqi crude oil, while Iraq’s purchases from Indonesia are medicines, stationery, furniture, and coal,” describing the current figures as “negligible if "It was not compared to other Arab countries."

He stated that "Indonesia has programs to train Iraqis in the fields of oil and aviation, as one of the private companies provides maintenance service for one of the Iraqi airline companies, in addition to cooperation in the field of education between an Indonesian university and its counterpart in Erbil," pointing out that "the two countries have a plan to hold a meeting." The Indonesian-Iraqi Friendship Committee was held in the first quarter of this year, after being postponed for years due to the “Corona” pandemic. link

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CandyKisses:  Including Saudi Arabia. 3 countries submit offers to invest in modern irrigation technologies in Iraq

Economy News - Baghdad

The Ministry of Agriculture announced on Sunday the desire of some countries to offer partnership and investment in Iraq, especially in the field of modern irrigation techniques, while revealing contracts for the purchase of thousands of modern irrigation systems of various sizes from emergency security allocations and the operational budget.

Iyad al-Bolani, director general of the ministry's agricultural investment department, said that "investment offers have been submitted to the ministry from many countries in the field of agricultural projects, and they have not yet been decided, because investment in the agricultural sector needs time, in order to choose the right place and analyze the soil, the nature of the water, its quantities or stocks, especially since most of the new investments are in areas that depend on groundwater."

Al-Bolani explained that "the countries that applied for investment diversified their projects, including investment in strategic crops and complementary projects," stressing that "all offers are now in the process of discussion."

He added that "the directives of Prime Minister Mohammed Shia Al-Sudani, and Minister of Agriculture Abbas Al-Alawi, emphasize the trend towards the use of modern irrigation techniques," noting that "Iraq needs intensive efforts in order to move to modern technologies and keep pace with the climate challenges that have occurred worldwide."

Mot: .. Trust Me -- Has to do with that ""Marital Thingy"" !!! 

Mot: Sleep Problems

Iraqi News Highlights and Points to Ponder Sunday AM 1-21-24

Iraqi News Highlights and Points to Ponder Sunday AM 1-21-24

Specialist: There Are Iraqis Whose Profits Have Reached $5 Million Through Daily Trading

2024-01-21 01:37  Shafaq News/ Ali Linqawi, the Emirati researcher specializing in financial markets, revealed on Sunday the presence of Iraqi currency speculators on the stock market, who achieved profits amounting to $5 million, stressing that Iraq supports its currency through its local stock exchange.

In an interview with Shafaq News Agency, Naqawi attributed the large number of Arabs, including Iraqis, who trade stocks on the stock exchanges to the advertisements and publication of the profits that are gained through them, indicating that “some of them (i.e. profits) are valid and some of them are to deception and fraud, and this is many in Iraq.”

The Emirati researcher explained, “There are Iraqis living in Dubai whose profits from trading and speculation have reached $5 million, but they do not want to appear in public,” adding that “among them are those who like to appear as businessmen or real estate owners.”

He added, "Adopting the Iraqi stock market to trade in the Iraqi dinar exclusively is a step to support the Iraqi economy and its local currency."

Linqawi pointed out, “Currently, there are no indications that Arab stock exchanges will reach the international level, but it is possible for the stock exchanges (Abu Dhabi and Dubai) to arrive in the future, and this takes time.”  LINK

Davos In Iraq In The Future

Economical  01/21/2024   Yasser Al-Metwally   The Davos Forum is one of the most important opportunities aimed at creating investment partnerships between countries through their companies searching for opportunities.

Iraq is an undisputed land of opportunity due to the extent of the need to rebuild a country that possesses enormous untapped wealth.

In the year 2019, on the sidelines of the Davos Forum meetings in the capital, Amman, I wrote an article titled (Davos and Others), in which I called for Iraq to have a loud voice in this forum, based on the countries’ need for promising investment opportunities.

For this purpose, I chose the title of this article

Will Iraq host Davos in the future?

To discuss the content of this invitation, let us look to the role that Iraq played during its participation in the Davos meetings during these days in the year 2024.

We notice through the activities undertaken by the government delegation headed by the Prime Minister, and I mean exclusively related to the economy and its financial and investment aspects, which we capture through various media outlets, that they reflect the extent of the Iraqi interest and desire for the need to expand the circle of partnerships with interested countries, or let us say those searching for investment opportunities, and it appears that The government delegation's movement is solid in this important aspect and has achieved an important achievement.

But here we note some observations about the nature of this participation from the standpoint of the absence of an important element, namely the private sector.

This point of view stems from the fact that the Davos forums were not purely official, meaning that the attendance of governments was symbolic, while the private sector (large companies) took care of all the details and organization arrangements.

Therefore, it was necessary for the Iraqi delegation to include representatives of businessmen who own companies.

That is, a real private sector to know the government’s directions, the country’s need, and the countries’ needs for investment, on the basis that when international companies decide to invest in developing countries, their first requirement is to search for local partners (private sector) to help implement their projects, and here the importance of my observation about the nature of participation emerges.

Here it must be pointed out that our calls were continuing, in this same area of ​​the page, for any government delegation to perform an economic mission to include an elite group of businessmen (private sector), and we praised one initiative undertaken by the former government, which included businessmen within its delegation, bearing the title of the New Ambassadors of Iraq. We mean investment messengers (businessmen) and the search for real partners.

Given the importance of this aspect, and regardless of the absence of the private sector from this most important event, I call here today for Iraq to host the Davos meetings in the future, so that countries and their companies will be close to the land of opportunities. This mission is sponsored by the government and organized by well-known Iraqi companies, with government support, in order to reach solid understandings and partnerships that we can. Through it, lay the sound and correct foundations for rebuilding Iraq in a way that lives up to its potential, history, and future.

We will return to evaluate the performance of the Iraqi private sector, its size, and its impact on achieving construction and development in future articles.  https://alsabaah.iq/90735-.html

The Baghdad Dollar Recorded A Slight Increase.. Money Exchangers Sell For 153 Thousand

Economy |Baghdad today – Baghdad  Today, Sunday (January 21, 2024), exchange rates recorded a slight increase in the local markets in Baghdad.

The “Baghdad Today” correspondent said, “The selling prices of the dollar, in the capital, Baghdad, today reached 153,000 dinars for every 100 dollars, and the purchasing prices reached 151,000 dinars for every 100 dollars.”

Yesterday, Saturday, in the capital, Baghdad, the dollar exchange rates reached 152,200 dinars for every 100 dollars.  LINK

By 128 Thousand Barrels Per Day... A Decrease In Iraq’s Oil Exports To America

Economy |  Baghdad today - follow-up  The US Energy Information Administration announced today, Sunday (January 21, 2024), that Iraq's oil exports to America decreased during the past week.

The administration said in its table, “The average US imports of crude oil during the past week from 9 major countries amounted to 6.201 million barrels per day, an increase of 792 thousand barrels per day compared to the previous week, which amounted to 5.409 million barrels per day.”

She added, "Iraq's oil exports to America amounted to 64,000 barrels per day last week, down by 128,000 barrels per day from the previous week, which averaged 192,000 barrels per day."

She pointed out that "most of America's oil revenues during the past week came from Canada at an average of 4.188 million barrels per day, followed by Mexico with an average of 756 million barrels per day, and oil revenues from Saudi Arabia amounted to an average of 413 thousand barrels per day, and then Brazil with an average of 264 thousand barrels per day."

According to the administration, “the amount of American imports of crude oil from Colombia is at a rate of 212 thousand barrels per day, from Nigeria at a rate of 147 thousand barrels per day, from Ecuador at a rate of 150 thousand barrels per day, and from Libya at 7 thousand barrels per day, while no quantity is imported from Russia.”    Source: Agencies    LINK

35% Of Iraq's Oil Exports Went To China Alone During 2023

Economy  01-21-2024 | 219 views  Al-Sumaria News – Economy  During the year 2023, China acquired more than 35% of Iraqi oil exports during the past year 2023. This means that a third of Iraq’s revenues came thanks to China.

China's total oil imports during 2023 amounted to more than 4 billion barrels, or the equivalent of 11.28 million barrels per day, according to data reported by Reuters.

While Russia ranked first and Saudi Arabia second, Iraq came third among the countries that export most oil to China in 2023, as the total amount China imported from Iraq in 2023 reached more than 432 million barrels.

By numerical analysis, Iraqi oil constituted more than 10% of China’s total oil imports. In contrast, 35% of Iraqi oil exports went to China, out of more than 1.2 billion barrels of oil exported by Iraq in 2023, while China’s imports during 2023 amounted to Nearly 4 times what Iraq exported in its entirety during the past year.  LINK

Provoking Points To Ponder on Adversity:

Life can be real tough ... you can either learn from your problems, or keep repeating them over and over.  - Marie Osmond

Bad times have a scientific value. These are occasions a good learner would not miss.  - Ralph Waldo Emerson

Prosperity is not without many fears and distastes, and adversity is not without comforts and hopes.  - Francis Bacon

If we had no winter, the spring would not be so pleasant; if we did not sometimes taste of adversity, prosperity would not be so welcome.  - Anne Bradstreet

The good things that belong to prosperity are to be wished, but the good things that belong to adversity are to be admired.  - Marcus Annaeus Seneca 

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

KTFA Members "News and Views" Sunday 1-21-2024

KTFA:

Clare:  With the closure...the dollar price decreased

1/20/2024

The main stock exchange in the capital, Baghdad, closed today, Saturday, due to the decline in the exchange rate of the dollar against the Iraqi dinar.

Selling prices in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars for 100 dollars, while purchasing prices reached 151,250 dinars for 100 dollars.  LINK

Sir_Shawn:  IMO- CBI official rate 1310
1 USD ~ 1310 IQD = 0.000763
Drop the three zeros 
1USD ~ IQD 0.763 = 1.310 
Anyone for a mic  drop…
Question is when….

Paulette:  IMO......I don't believe .76 USD for one IQD (1.31 IQD/1USD) would be adequate for the Iraqis to want to abandon the more valuable USD......The MOP/MOI study all the way back in 2009 stated 1.14-1.18USD to 1 IQD to start for 3 years prior to reinstating the true value of 3.22USD per 1 IQD

Sir_Shawn:  Well in my opinion, you are right, so this brings up the basket of currencies and the float. The Dinar will correct itself probably instantaneous. The question is the second set of books where I believe they were using the 1.31 per Dinar. We know that all those buildings and cities were not built on 1310 Dinars. But still we wait…  IMO

Paulette:  IMO......the basket of currencies is what they intend to peg to instead of just pegging to one currency - the USD.  At least this is what the CBI and the GOI has stated in the past.  If they are pegged to just one currency, if the value (purchasing power) of that currency drops significantly, so does the value (purchasing power) of the IQD.  

If they are pegged to a basket a currencies, if one drops the others keep the IQD "propped up".  This is extremely important to Iraq as they are predominantly an import country.  This is precisely what they stated years ago and those articles are probably somewhere within the pages of the Final Article thread.  Bottom line, the pegging to a basket is to maintain the purchasing power and stability of the currency and not a singular event to increase the IQD purchasing power.

The issue I still see is in order to peg to a basket of currencies, they would "officially" have to depeg from the USD.  While I have yet to see the US relinquish their receivership status over Iraq and the fact that the US is desperate to try to keep the USD propped up, I am unsure the actual mechanism of how they will be allowed to depeg and then repeg.  It seems like receivership would need lifted first for that kind of move.

The buildings and cities were built on the USD value predominantly from oil sales.  The number of IQD to the USD value seems irrelevant.  Look at Vietnam and all they have accomplished with a currency value of less than a tenth that of the IQD.  The big difference is Vietnam expanded their currency supply and Iraq has not.  Iraq clearly has full intent to RI their currency and change their currency structure to rid itself of the 3 zeros.  These articles are definitely contained in the FA thread.

If they are truly heading to a simple 3 decimal space move on their exchange rate and as you said they are heading to 1.31USD to 1 IQD, they would have to make another move first to 763.4 from 1310.  Frank has said they had planned on one more move.  As of now, a simple decimal move of 3 places would mean 1310 IQD to 1 USD would become 1.310 IQD to 1 USD or 76 cents per IQD

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Frank26:  "ATTENTION IRAQI CITIZENS... MORE OF YOUR MONETARY REFORM EDUCATION!!!"......F26

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:  "LOL.......... SORRY, YOU HAVE MUCH MORE THAN THAT."...........F26

Clare:  For the first time...the assets of Iraqi banks record an unprecedented number

1/18/2023    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."   LINK

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Frank26:  "SUDANI, MAY I ASK AT WHAT RATE?"..............F26

Clare:  Minister: Baghdad International Fair achieved many partnership contracts with Iraqi and international sectors

1/20/2023

The Minister of Commerce, Atheer Al-Ghurairi, announced on Saturday the conclusion of the activities of the 47th Baghdad International Fair after achieving “a great success” amid a huge official and public outpouring, whose activities began on the 10th until the 19th of this month of January.

In a statement today, the Minister stressed that “the course’s activities were distinguished compared to previous sessions in terms of organization, qualification, diversity and size of participation by countries and companies, as well as the achievement of many partnership contracts between Iraqi sectors and sectors of countries and companies participating in the international session.”

He pointed out that "the Baghdad International Fair is a message to the world that Iraq is coming strong as an important economic player capable of containing the largest international gatherings and interacting with them in a way that serves the aspirations of our people for a free and dignified life. In addition, the exhibition was a message from the participating countries of their desire to extend bridges of cooperation." With Iraq."

For his part, the company’s general manager, Mustafa Al-Ani, confirmed, “The conclusion of the activities of the Baghdad International Fair, bidding farewell to another year in its pioneering journey that accompanied its launch in the sixties of the last century.”

He said, “This session was distinguished by the participation of 22 countries and 850 local, Arab, and international companies, which is the highest participation compared to the sessions.” Previously, the participation of the Kingdom of Saudi Arabia was the largest.

He added, "The conclusion of this session gives other aspects to the new Iraq in its economic developments, which could give it the opportunity to enter international investments, as the exhibition witnessed commercial displays of various international and local commodities and merchandise, in addition to the projects and achievements of local and international companies from various sectors, as well as projects related to infrastructure." agricultural, industrial, technological and other sectors.”   LINK

Iraq Economic News and Points to Ponder Saturday Evening 1-20-24

Iraq Economic News and Points to Ponder Saturday Evening 1-20-24

Tlm724 Administrator Bondlady’s Corner

Al-Sudani: Iraq Today Is On The Right Path

Saturday 20, January 2024 | Political Number of readings: 271  Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that Iraq today is on the right path.  Al-Sudani said during his inauguration today of the Fine Arts Intersection Bridge, that the projects are being completed according to the timings, or even less than their timings.

He added that the bridge at the Fine Arts Intersection is simple and the ceiling of our goals and ambitions is large, indicating that this intersection came after a clear vision and promise from the government regarding the provision of services.

He explained that the projects in this area will be completed with the Sarafiya Intersection Bridge and the construction of a bridge parallel to the Sarafiya Bridge.

The Prime Minister renewed the government’s commitment to implementing all projects.

https://ninanews.com/Website/News/Details?key=1102127

Trade Announces The Conclusion Of The Baghdad Fair And Discusses Its Results

Money  and business  Economy News – Baghdad   Today, Saturday, the Ministry of Commerce announced the conclusion of the activities of the 47th Baghdad International Fair, while mentioning its advantages.

The Minister of Commerce, Atheer Al-Ghurairi, said in a statement received by Al-Iqtisad News: “The activities of the session were distinguished compared to previous sessions in terms of organization, qualification, diversity and size of participation by countries and companies, as well as the achievement of many partnership contracts between Iraqi sectors and sectors of countries and companies participating in the international session.”

He pointed out that "the Baghdad International Fair is a message to the world that Iraq is coming strong as an important economic player capable of containing the largest international gatherings and interacting with them in a way that serves the aspirations of our people for a free and dignified life. In addition, the exhibition was a message from the participating countries of their desire to extend bridges of cooperation." With Iraq."

For his part, the company’s general manager, Mustafa Al-Ani, confirmed, “The conclusion of the activities of the Baghdad International Fair, bidding farewell to another year in its pioneering journey that accompanied its launch in the sixties of the last century.” He said, “This session was distinguished by the participation of 22 countries and 850 local, Arab, and international companies, which is the highest participation compared to the sessions.” Previously, the participation of the Kingdom of Saudi Arabia was the largest.

He added, "The conclusion of this session gives other aspects to the new Iraq in its economic developments, which could give it the opportunity to enter international investments, as the exhibition witnessed commercial displays of various international and local commodities and goods in addition to the projects and achievements of local and international companies from various sectors, as well as projects related to infrastructure." agricultural, industrial, technological and other sectors.”

Views 80 01/20/2024 - https://economy-news.net/content.php?id=39630

With The Closure...The Dollar Price Decreased

Time: 01/20/2024 Read: 910 times  {Economic: Al-Furat News} The main stock exchange in the capital, Baghdad, closed today, Saturday, due to the decline in the exchange rate of the dollar against the Iraqi dinar.

Selling prices in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars for 100 dollars, while purchasing prices reached 151,250 dinars for 100 dollars.  LINK

A Slight Decline In Oil Despite Achieving Weekly Gains

Saturday 20, January 2024 | Economical Number of readings: 300  Baghdad / NINA / Oil prices fell slightly, but recorded weekly gains, as tensions in the Middle East and disruption to oil production outweighed concerns about the Chinese and global economies.

The settlement price for Brent crude futures contracts was set at a decrease of 54 cents at $78.56 per barrel, while US West Texas Intermediate crude fell by 67 cents to reach $73.41 at settlement.

Over the course of the week, Brent rose about 0.5%, while US crude rose more than 1%.

In China, slower-than-expected economic growth in the fourth quarter raised doubts about expectations that demand there will drive global oil growth in 2024.

In the Middle East, geopolitical risks supported prices during the week.

In the United States, about 30% of oil production in North Dakota, the third largest producing state in the country, remained closed due to extreme cold, the state Pipeline Authority reported on Friday.

Production fell by about 700,000 barrels per day, more than half, in the middle of the week.

The state regulator said on Friday that it could take a month for production to return to normal levels.

Meanwhile, the number of oil rigs operating in the United States, an early indicator of production, fell by two to 497 this week, Baker Hughes (BKR.O) said on Friday.

This week, the International Energy Agency raised its forecast for global demand for 2024, but its forecast is less than half of OPEC’s forecast. https://ninanews.com/Website/News/Details?key=1102040

The Media Cell Spokesman Denies, Via Nina, The Arrival Of 1,500 American Soldiers To Iraq

Saturday 20, January 2024 | a wish Number of readings: 440  Baghdad / NINA / The spokesman for the Security Media Cell, Brigadier General Miqdad Miri Al-Moussawi, denied the arrival of 1,500 American soldiers to Iraq.

He said in a special statement to the National Iraqi News Agency ( NINA ): “Iraq is moving towards scheduling the withdrawal of foreign forces from Iraq,” noting: “The role of the international coalition is limited to training and advice, and this matter is in accordance with the security agreement between Iraq and the international coalition forces.” https://ninanews.com/Website/News/Details?Key=1102108

$21 Billion Is The Size Of Iraq’s External Debt Until 2028

 Economical 01/18/2024   Baghdad: Haider Falih Al-Rubaie, 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 will be placed in a stable rating. While  he pointed out that the accumulation of debt came as a 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 told “Al-Sabah”:

“The external debt that must be repaid until the year 2028 does not exceed, in my estimation, 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 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, as a result of the country being exposed 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  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, that is, 95% of internal debt, with its tools represented by bonds and treasury transfers, is traded exclusively within government financial agencies.”

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,  

to establish strategic projects and work 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.    https://alsabaah.iq/90663-.html

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

Provoking Points To Ponder on Adversity:

Pain, indolence, sterility, endless ennui have also their lesson for you.  - Ralph Waldo Emerson

Prosperity is a great teacher; adversity is a greater. Possession pampers the mind; privation trains and strengthens it.  - William Hazlitt

Wisdom comes by disillusionment.  - George Santayana

You have learned something. That always feels at first as if you had lost something.  - George Bernard Shaw

I have always grown from my problems and challenges, from the things that don't work out. That's when I've really learned.  - Carol Burnett

Those things that hurt, instruct.  - Benjamin Franklin

Pain is the root of knowledge.  - Simone Weil

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

Goldilocks' Comments and Global Economic News Saturday Evening 1-20-24

Goldilocks' Comments and Global Economic News Saturday Evening 1-20-24

Good evening Dinar Recaps,

Graham Steele, U.S. Treasury Assistant Secretary for Financial Institutions, calls for establishing crypto regulation standards to preempt potential crises.

U.S. Treasury Assistant Secretary for Financial Institutions Graham Steele emphasized establishing standards before potential crises occur. Speaking at a George Washington University Law School event, Steele highlighted the opportunity for policymakers to learn from past financial crises, like those leading to the Dodd-Frank Act and the National Bank Act.

“For crypto-assets, policymakers have a chance to act before a crisis to adopt higher standards that support responsible innovation,” Steele said.

He stressed the balance needed in legislative proposals, advocating for regulations that bolster innovation without compromising existing financial regulations. (https://twitter.com/steelewheelz) 

https://coinmarketcap.com/community/articles/65a99bdd0e7cd25ca6b0970b/

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Sergey Nazarov, Co-Founder, Chainlink, said:
“We’re excited to support the adoption of stablecoins across a variety of cross-chain use cases. I’m pleased to see that the defense-in-depth security infrastructure of CCIP, with multiple layers of decentralization, is something highly valued by developers building with USDC. It’s also exciting to see CCIP’s advanced risk management features have such a value-added role to play in how USDC can be sent in a way that complies with various key user requirements.”—

Here we go. The USDC coin was tested all last year and found to have a stable value based on use case scenarios and its support through the commodity sector.

At this time, USDC coin has been integrated and approved to be on several networks across the Digital Asset Based Trading System. The USDC coin is currently going through the SEC process to be sold as a tokenized asset in the new digital markets.

The USDC is now capable of crossing various lines of networks securely through Chainlink's Cross-Chain Interoperability Protocol CCIP. The system has its own messaging system capable of giving instructions about the transaction.     Crowd Fund Insider Link       Chain Link

© Goldilocks

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Court decisions could scale back SEC authority over crypto industry |  Fox Business

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Technology Cooperation Is Set to Radically Improve Global Trade -  Modern Diplomacy

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Protocol 20 is moving forward January 30th, 2024. It looks like all the pieces of the puzzle are put together at this point on the Stellar Network. Real-life sectors of all markets will be tested. Let the games begin.    https://youtu.be/T9lTA54TJVo?feature=shared

© Goldilocks

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What are Asset-Backed Tokens? Definition, Types & Advantages | Techopedia

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Regulator adjusts rules for digital token investment  |   Bangkok Post

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Iraqi News Highlights and Points to Ponder Saturday AM 1-20-24

Iraqi News Highlights and Points to Ponder Saturday AM 1-20-24

Sabahiya” List... The Fluctuation Of Dollar Prices On Iraqi Stock Exchanges

Money  and business  Economy News – Baghdad  We publish Al-Iqtisad News, the dollar exchange rates, in the Iraqi markets, during today’s transactions, Saturday.   The exchange rates on the Al-Kifah Stock Exchange in the capital, Baghdad, reached 152,300 dinars for every 100 dollars.

 The Basra Governorate Stock Exchange recorded a slight increase, as exchange rates reached 152.650 per 100 dollars.   In Sulaymaniyah Governorate, exchange rates reached 152,300 per 100 dollars.

Views 38 01/20/2024 - 11:31 AM  https://economy-news.net/content.php?id=39624

The Baghdad Dollar Stabilizes Near 152 Thousand... A List Of 8 Governorates With Saturday Transactions

Economy | Baghdad today - Baghdad   Today, Saturday (January 20, 2024), exchange rates recorded a slight decline in the local markets in Baghdad and the governorates.  The "Baghdad Today" correspondent said, "The dollar exchange rates today, in the capital, Baghdad, reached 152,200 dinars for every 100 dollars."

While the exchange rates in other governorates were according to the list listed below:

Basra = $100 152,200     Erbil = $100 152,000     Kirkuk = $100 152,250     Sulaymaniyah = $100 152,100

Dohuk = $100 152,000    Najaf = $100 152,250      Mosul = $100 152,000     LINK

Planning Indicates Government Measures That Contributed To The Decline And Stability Of Inflation Rates In Iraq

January 19, 2024  Baghdad/Al-Masala Al-Hadath: The Ministry of Planning confirmed, today, Friday, that the actions of the government and the Central Bank of Iraq contributed to the decline and stability of inflation indicators in Iraq.

The official spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said, “Inflation indicators have witnessed stability and decline in their rates during the last two years, as the inflation rate was (6%) in the year 2021, and decreased in the year 2022 to (5%), then in the year 2023 it was The inflation rate is 4.4, meaning less than 4 and a half percent.”

Al-Hindawi added: “In the last months of the year 2023, we recorded stability in inflation rates, as the indicators did not exceed half of 1 percent, and this is due to the stability of food prices and even their decline in some stages.”

He pointed out that “this stability and decrease in the rate of food and some other materials is the result of the policies and measures taken by the government during the past periods that contributed to providing an adequate income for the poor, in addition to improving the components of the food basket by increasing food supplies, improving their quality, and regularizing the distribution process.”

He continued: “In addition to the expansion of the social protection network greatly through the inclusion process, the number of families covered reached more than two million families, with 8 million individuals benefiting from the social protection network, in addition to the projects being implemented at the level of the capital, Baghdad, and the governorates, as they contribute to saving hundreds of thousands.”

Of job opportunities, and all of these measures help achieve a state of consumer stability and reassurance for the individual, as there is a stable income, available foodstuffs, and job opportunities.”

He pointed out, “There is another aspect and an important factor that should not be overlooked, which is that the Central Bank of Iraq actually succeeded in securing financial cover at the official price for all food imports after most of the importing merchants joined or entered the platform of the Central Bank, and transfers through the platform were also a very important factor.”

It prevented the impact of the rise in the exchange rate in the parallel market on food prices, because all food imports are covered by the official price, and thus it was an important factor in stabilizing inflation rates and indicators in Iraq.”   https://almasalah.com/archives/80055

After The 618 Billion Dinar Loan.. When Are The Salaries Of Kurdistan Employees Due?

Economy |Baghdad today – Baghdad  Today, Friday (January 19, 2024), an informed government source in the Kurdistan Regional Government revealed the date for disbursing the salaries of employees in the region.

The source said in an interview with "Baghdad Today" that "the Federal Ministry of Finance will send an amount of 618 billion dinars to the region after the launch of the salaries of employees in the Iraqi governorates, and it will most likely be the beginning of next week."

He added, "With the arrival of the amount of 618 billion dinars to the official account of the Kurdistan Regional Government and with the collection of other financial revenues generated from taxes and customs, the regional government will complete the amount of 900 billion dinars and begin disbursing salaries at the end of next week, or the beginning of the following week."

The Federal Council of Ministers decided to lend Kurdistan 618 billion dinars to pay the salaries of employees, which is the first loan after the tripartite loan that was approved last September, on the basis of which salaries for July, August and September were paid, while the salaries for the months of October, second and December of last year 2023 remained unknown. Destiny.   LINK

An American Institute Warns: The Kurdistan Region Faces The Danger Of A War Of Survival

Political | 01/20/2024   Mawazine News – Baghdad  A researcher at the Washington Institute warned that the Kurdistan region faces the risk of a “survival or extinction” war, criticizing political parties for the dispersion of their positions, with great risks looming on the horizon. 

Bilal Wahhab, a researcher at the Washington Institute, said, “Bombing Erbil is Iran’s message to the Gulf and the United States, and Iran’s strategy is to remove American forces from Erbil, but neither Tehran nor Washington wants to fight a direct war. Rather, their differences will remain within the framework of targeting the interests of the other.”

https://images.mawazin.net/root/root/images/62012024_1407246353045498000.jpg

He pointed out that "officials in the United States and Europe are clearly calling for the unity of the Kurdish position, but the political parties in the Kurdistan region are not united at a time when there are great risks facing the future of the Kurdistan region that may reach the level of a war of survival or extinction, while internal disputes in the Kurdistan region are still continuing and worsening." The size of the threat.”

In the middle of last week, the Iranian Revolutionary Guard targeted several sites in Erbil with 11 ballistic missiles and drones.    https://www.mawazin.net/Details.aspx?jimare=240702

Economic Experts: Obstructing Oil Supplies Threatens The Iraqi Government With “Inability” To Pay Expenses

Shafaq News/ Geopolitical tensions and continuing unrest in the Middle East, with the Yemeni Houthi movement continuing to attack oil tankers in the Red Sea region, threaten the Iraqi economy, which depends on oil in the process of financing public expenditures, at a time when Iraq has turned into an investment-repulsive environment despite the urgent need for it to move the wheel.

 Economic decline as a result of the escalation between the armed factions, the United States of America, and Iran inside the country, according to specialists.

The Iraqi Oil Minister, Hayyan Abdul-Ghani, confirmed yesterday, Thursday, that Iraq's oil exports were not affected by the recent attacks on ships in the Red Sea.

Abdul Ghani said in statements on the sidelines of the World Economic Forum in Davos, reported by Reuters, that about 90 percent of Iraq's oil exports go to Asia and therefore do not need to pass through the Red Sea.

The volume of Iraqi revenues in the federal budget during 11 months exceeded 121 trillion dinars, according to what the Ministry of Finance revealed the day before yesterday, Wednesday, confirming that the oil contribution to the budget had risen to 93%.

Shafaq News 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 for the budget. General countries.

The Flows Are Continuous

Iraq's oil trade balance is mainly concentrated with Asian countries, at a rate of more than 75% of the country's oil exports. Export lines to Iraq and all countries of the Gulf region, whose oil trade is linked to Asia, and at a rate of 90% of their oil exports, flow to the East and South Asia region, are still stable, according to the financial advisor. To the Iraqi Prime Minister, Mazhar Mohammed Saleh.

Saleh added in an interview with Shafaq News Agency, “These flows are matched at the same time by import flows that are also still stable until the moment, and these are commercial flows that are mostly outside the current high-risk maritime threat areas.”

He continues, "However, this does not prevent the relative impact on the fluctuation of insurance and maritime freight costs, which witnessed record highs directly and indirectly linked to the security tensions taking place in Bab al-Mandab due to the war on Gaza." 

He explains, "Note that Iraq enjoys high commercial flexibility because it is surrounded by a wide regional group with views of the diverse maritime trade communication areas with neighboring countries."

He continues, "The country's necessary stocks of foodstuffs and essential and durable goods are in an ideal and reassuring situation in our country, and the country's capabilities in financing foreign trade cover approximately 15 months of imports, which expresses the strength and efficiency of Iraq's foreign reserves, which is the basis of strategic hedging that strengthens its position." Our country is free from any potential trade risks due to the geopolitical situation and its possibilities.”

The Houthi attacks in Yemen on ships in the Red Sea forced many companies to divert sailing away from the Red Sea and pass through the Cape of Good Hope route around Africa, which increased the time and costs of trips.

The attacks launched by the Houthis, which they say are in support of the Palestinians, target a route that represents about 15 percent of global shipping traffic and serves as a vital channel between Europe and Asia.

Lack Of Dollar Revenues From Oil

Exporting oil via ships affects the Iraqi economy because it depends on oil in the process of financing the government’s public expenditures, according to the economic researcher, Ali Abdul Kadhim. He notes that if the process of transporting oil via ships becomes bad or difficult, this will negatively affect oil exports, leading to There will be a decrease in dollar revenues from oil, and this will be reflected in the general budget and its deficit will increase further.”

Abdul Kadhim points out during his talk to Shafaq News Agency, “The two countries that import Iraqi oil the most are China and India, so oil revenues will be affected, and then the Iraqi government will not be able to pay the budget expenses.”

Regarding the incident of Iran detaining a commercial ship flying the Tanzanian flag inside Iraqi waters, he explains that “these incidents affect the Iraqi economy, as this tanker was carrying oil from Basra.”

He stresses the need for "Iran to intervene to resolve this current crisis, as Iraq is the best market for its products, and that the continuation of the unrest will harm its economic sector, especially if the Iraqi private sector and merchants turn to other countries to import from."

Investment-Repellent Environment

For his part, economic researcher, Omar Al-Halbousi, says, “The security situation that Iraq is witnessing, including an escalation between armed factions, the United States of America, and Iran inside Iraq, is negatively affecting the economy and turning it into an environment that is replete with foreign and even national capital.”

Al-Halbousi explained in an interview with Shafaq News Agency, “Attracting investment requires security stability, but this escalation leads to investors being reluctant to enter Iraq or completely refraining from investing at a time when the country is in dire need of attracting foreign investors to move the economic wheel.”

He continues, "The security escalation between the factions, America, and Iran comes in conjunction with the Baghdad International Fair, which witnessed an important international presence, and it is an intended escalation as a message to the international companies participating in the fair not to come and invest in Iraq."

He added, "Especially since the exhibition was the best among its previous sessions in terms of organization, international participation, and public attendance, but there are countries that want Iraq to remain a market for selling their goods and not move the wheel of investment in it."

He notes that "these attacks inflict great economic losses on Iraq due to the loss of current and future investment opportunities, as the process of attracting investments is complex and difficult in light of an unstable security situation, which makes Iraq lose the most important economic element that it needs." LINK

Provoking Points To Ponder on Adversity:

When I have listened to my mistakes, I have grown.  - Hugh Prather

We only think when we are confronted with a problem.  - John Dewey

Adversity comes with instruction in its hand.  - Anonymous

Mistakes are often the best teachers.  - James A. Froude 

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

 Famous Quotes and Authors, Famous Quotations for all Occasions-

"Tidbits From TNT" Saturday 1-20-2024

TNT:

Tishwash:  Trade announces the conclusion of the Baghdad Fair and discusses its results

Today, Saturday, the Ministry of Commerce announced the conclusion of the activities of the 47th Baghdad International Fair, while mentioning its advantages.

The Minister of Trade, Atheer Al-Ghurairi, said in a statement received by Al-Eqtisad News: “The activities of the session were distinguished compared to previous sessions in terms of organization, qualification, diversity and size of participation by countries and companies, as well as the achievement of many partnership contracts between Iraqi sectors and sectors of countries and companies participating in the international session.” .

He pointed out that "the Baghdad International Fair is a message to the world that Iraq is coming strong as an important economic player capable of containing the largest international gatherings and interacting with them in a way that serves the aspirations of our people for a free and dignified life. In addition, the exhibition was a message from the participating countries of their desire to extend bridges of cooperation." With Iraq.

For his part, the company’s general manager, Mustafa Al-Ani, confirmed, “The conclusion of the activities of the Baghdad International Fair, bidding farewell to another year in its pioneering journey that accompanied its launch in the sixties of the last century.” He said, “This session was distinguished by the participation of 22 countries and 850 local, Arab, and international companies, which is the highest participation compared to the sessions.” Previously, the participation of the Kingdom of Saudi Arabia was the largest.

He added, "The conclusion of this session gives other aspects to the new Iraq in its economic developments, which could give it the opportunity to enter international investments, as the exhibition witnessed commercial displays of various international and local commodities and goods in addition to the projects and achievements of local and international companies from various sectors, as well as projects related to infrastructure." agricultural, industrial, technological and other sectors.”    link

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CandyKisses:  European markets are suffering. Middle East oil supplies halved

Economy News - Follow-up

European markets are suffering from a crisis of intense competition for oil, especially from the Middle East and the Gulf, due to the halving of supplies following the crisis of crossing the Red Sea.

Traders and analysts and data of the London Stock Exchange Group revealed that the Brent crude market and some oil markets in Europe and Africa are witnessing a shortage due in part to the delay in shipments after some cargo ships avoided traveling through the Red Sea, while the disruption coincided with other factors, including interruptions in production and increased demand in China to intensify competition for crude supplies that do not need to cross the Suez Canal, and analysts say that the crisis is clearer in European markets, according to Reuters.

In a sign of supply shortages, the structure of the benchmark Brent crude futures market hit a two-month high on Friday, as tankers moved away from the Red Sea after air strikes by the United States and Britain on targets in Yemen.

Victor Katuna, senior crude oil markets analyst at Kepler, said: "Brent crude futures are the most affected by the disruptions of the Red Sea and the Suez Canal, so European refiners are the ones suffering the most in the actual markets."

Volumes of crude destined for the Middle East to Europe have fallen, and Kepler data shows the volume of crude heading to Europe from the Middle East has almost halved to about 570,000 bpd in December from 1.07 million bpd in October.

"Red Sea problems cause delays, so refiners need to cover their needs from local markets," one trader said, adding that "the market is in shortage due to the loss of Gulf supplies."

Other developments have led to shortages in Europe's supply, including a drop in Libyan supplies due to protests, the first such disruption in months, as well as a drop in Nigerian exports.

Crude supplies from Nigeria fell after the country began operating the Dangoti refinery, which captured some cargoes.

Angolan crude, which is also heading to Europe without having to pass through the Suez Canal, is seeing increased demand from China and India due to problems with Iranian and Russian crude, a trader said.

China's oil trade with Iran has been hampered by Tehran's halt to shipments and demands for higher prices, while India's imports of Russian crude have fallen due to currency challenges, although India says the decline is due to unattractive prices.

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CandyKisses:  Christine Lagarde: 3 positive trends in the global economy

Economy News Follow

European Central Bank President Christine Lagarde said she does not expect to return to the "normal" situation of the economy in 2024, despite seeing some balance in the past 12 months.

In a speech on the sidelines of the global economy in Davos, Switzerland, she described the post-pandemic period as "a strange, unusual and difficult period to analyze," and identified three trends that began to return to normal last year: consumption, trade and inflation.

The pandemic period saw spending decline and people's savings grow, while global trade was also disrupted.

In October 2022, inflation in the Eurozone reached 10.6% but declined in 2023, reaching 2.9% in December.

Lagarde said on Friday, January 19: "In 2023 we saw the beginning of equilibrium. When you look at consumption for example, all over the world... Consumption is still a driving force for growth, but the tailwinds we have benefited from are gradually fading," she said, pointing to the decline in consumption, as the labor market became somewhat less tight and consumer savings fell.

Lagarde explained that trade, meanwhile, has been disrupted by consumers' preference for buying services over goods in 2021 and 2022, "but now it's starting to improve. In October, we had global trade figures that rose for the first time in several months."

The World Trade Organization (WTO) expects trade to increase by 3.3% in 2024, according to forecasts released in October.

Lagarde also noted the significant decline in inflation in 2023. "Around the world, inflation is falling, and we saw that in November, in both headline inflation and core inflation," she said.

In December, the ECB chose to keep interest rates unchanged for the second time in a row.

Mot: .. Any of these look familiar?

Mot: Sure Wish I Could Remember that Teachers Name!!!! 

MilitiaMan: Iraq International - Central Bank of Iraq - IMF - WTO - Stability - Iraq Dinar - Restore Confidence

Iraq International - Central Bank of Iraq - IMF - WTO - Stability - Iraq Dinar - Restore Confidence

MilitiaMan and Crew:  1-19-2024

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

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

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