Iraq Economic News and Points to Ponder Tuesday Evening 2-6-24
Iraq Economic News and Points to Ponder Tuesday Evening 2-6-24
Tlm724 Administrator Bondlady’s Corner
The Governor Of The Central Bank Announces The Imminent Launch Of A Mechanism For Selling The Dollar
06/02/2024 2480 views The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that the electronic payment file is a high government priority, and while he indicated a significant decrease in inflation compared to the beginning of 2023, he announced the imminent launch of a special mechanism for selling the dollar to ensure that it reaches real travelers only. Al-Alaq said,
“The Central Bank and the government give high priority to the issue of electronic payment because of its important economic repercussions and raising the level of transactions away from excessive use of cash,” noting that
“the Iraqi economy is a cash economy par excellence and the electronic payment process aims to significantly reduce the degree of economic cash cash.”. He added,
"The Prime Minister is very supportive of the process of converting to electronic payment and holds successive and continuous meetings in order to strengthen the procedures related to this issue.
We have made important progress in arranging electronic payment at the level of collection and payment in state institutions, in addition to that the Council of Ministers approved a number of important packages and decisions." Which facilitates this process and does not burden the citizen with the resulting commissions.”
Iraq Economic News and Points to Ponder Tuesday Evening 2-6-24
Tlm724 Administrator Bondlady’s Corner
The Governor Of The Central Bank Announces The Imminent Launch Of A Mechanism For Selling The Dollar
06/02/2024 2480 views The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that the electronic payment file is a high government priority, and while he indicated a significant decrease in inflation compared to the beginning of 2023, he announced the imminent launch of a special mechanism for selling the dollar to ensure that it reaches real travelers only. Al-Alaq said,
“The Central Bank and the government give high priority to the issue of electronic payment because of its important economic repercussions and raising the level of transactions away from excessive use of cash,” noting that
“the Iraqi economy is a cash economy par excellence and the electronic payment process aims to significantly reduce the degree of economic cash cash.”. He added,
"The Prime Minister is very supportive of the process of converting to electronic payment and holds successive and continuous meetings in order to strengthen the procedures related to this issue.
We have made important progress in arranging electronic payment at the level of collection and payment in state institutions, in addition to that the Council of Ministers approved a number of important packages and decisions." Which facilitates this process and does not burden the citizen with the resulting commissions.”
He stated that “the Central Bank has a broad strategy in the electronic payment file and has developed the infrastructure and covers any type of electronic payment, whether by cards, via mobile phone, or other means,” indicating that “the Central Bank is also working on a strategy of financial inclusion and increasing users of financial services.”.
He continued, "There are direct decisions issued to support the use of electronic payment, including obliging government agencies to make payment and receipt through cards, and
also linking the process of renewing licenses in stores and approving them in buying and selling operations with the incentives granted, especially the government decision to bear 50%, which will make it marginal." At the same time, Al-Alaq stressed that “the Central Bank is working to complete the establishment of Riyada Bank, which will focus on supporting small projects by relying on the use of financial services away from cash dealing.”
He stated that "the indicator of the success of monetary policy in any country is controlling the general level of prices and reducing inflation," explaining that
"inflation has now decreased significantly compared to the beginning of 2023, which indicates, as the US Treasury Assistant stated a few days ago, that
the low level of inflation indicates... Foreign trade is covered by the official rate, and foreign financing operations take place smoothly, and all importers and traders can obtain and control the dollar at the official rate.”
He pointed out, "The Central Bank's adherence to the rules and principles of external transfer in accordance with the conditions and requirements it set and its insistence on implementing them is what prompted many hesitant merchants to enter the platform for selling foreign currency, especially since using it is easy and safe and it provides them with the dollar at the official rate."
Al-Alaq pointed out, “The Central Bank confirms the possibility of meeting all requests for the dollar, whether personal, commercial, or any kind, as long as they are valid and legitimate, and
this is strongly supported by the size of the foreign reserves present at the Central Bank.” He pointed out, “The Central Bank has no problem with offering or selling the dollar, and it does not place restrictions on sales operations at all.
It has never specified for the bank how much it can buy a dollar, nor has it set an upper or lower limit for a merchant, importer, or user of the dollar, or any other limit.”
This gave the impression that there was no problem in responding to demand for the dollar and that speculation was useless because the rules for this speculation were not available and incorrect.” He added,
"Some groups are still trying, from here and there, to stay away from the platform for various reasons, whether to evade taxes, customs, etc., or for the presence of illegal trade, as the drug dealer cannot transfer it through the central bank, or if it is corruption money, it cannot be transferred." Through the Central Bank.
He pointed out that "the Central Bank is in a comfortable position to respond to requests to buy the dollar and we have sufficient reserves.
On the other hand, there are some countries that do not have sufficient reserves to respond to demand, and thus they have a large difference in the price between the parallel and the official price."
Regarding providing the dollar to travelers, Al-Alaq said,
“After the experience we had in how to sell the dollar to travelers and citizens, we found many observations, including that it is difficult for the real traveler to obtain the dollar, and therefore we had a meeting in this regard, and we will finalize a new mechanism after developing its programs related to this.” The subject, according to which only the real traveler will receive the dollar.”
He stated, "One of the things that helped calm and reassure the market is the stability of the exchange rate and the central bank's provision of payment options after currencies such as the euro, the dirham, the Turkish lira, and the Indian rupee, which are expanding." https://www.nrttv.com/ar/detail3/23091
Iran Downplays The Impact Of Canceling The Operating Licenses Of Three Of Its Banks In Iraq: It Harms Baghdad
Economy Iraq Iran breaking Drains Cancellation of license 2024-02-05 Shafaq News/, Monday, Iran reduced the news that talked about stopping dealing with three of its banks in Iraq, and
while it indicated that two of those banks had their operating licenses originally canceled two years ago, one Iranian expert described the commercial situation in Iraq as “without law.” Some tribes have more power than the government.”
The Iranian Eqtisad News website said in a report translated by Shafaq News Agency, that the head of the Joint Iranian-Iraqi Chamber of Commerce, Yahya Ali Ishaq, touched on the issue of canceling Bank Melli’s license in Iraq, saying,
“In Iraq, we had three banks, namely Bank Melli, the Parsian Bank, and the Islamic Cooperative Bank.”".
The report pointed out that “Bank Melli and Parsian Bank have not had any currency transfers and transactions for two years, and therefore such news now would not affect the relations between the two sides and the currency market.”
The head of the Joint Iranian-Iraqi Chamber of Commerce, Al Ishaq, added, "As a result, this issue is not a new matter, and will not affect the financial transactions of businessmen, and there is no need to worry." Al-Ishaq concluded his speech by saying,
“It appears that the news that was published in cyberspace about the cancellation of Bank Melli’s activities in Iraq is nothing but the work of exploiters and brokers to stop the trend of decline in the exchange rate that began at the beginning of this week.”
For his part, an Iranian trade expert confirmed that “canceling the National Bank’s license has no impact on trade between the two countries,” noting that “commercial exchanges between Iran and Iraq take place in different ways.”
Muhammad Ali Nadib said in a statement to the Iranian Bazaar website and translated by Shafaq News Agency, “It cannot be said that canceling the bank’s license could have a special impact on Iran’s trade with this country.”
Pointing out that Iraq does not have a clear commercial law, Nadib said, “The government is not strong in this country and some tribes have greater authority than the government, and for this reason the commercial path of this country is different from other countries,” stressing that
“with this news, there will be no There is a change in trade with this country, and it will not happen, even if there is a problem for one of the two countries in trade, that country will be Iraq, not Iran,” he said.
The Iranian trade expert in Iraq stated that “most of Iran and Iraq’s exports are made through the Emirates,” stressing that “this news did not have a negative impact on the trade of the two countries, and exchanges between the two countries continue as before, and
therefore the exaggeration of this news came to increase the price of the dollar because this The news is baseless and has been exaggerated by beneficial people.” The Iranian expert concluded his speech by saying,
“This news has no special impact on trade or the currency market, but the price of the dollar has been affected by political tensions in the past few months,” pointing out that
“the Iranian government’s handling of the situation and reducing tensions has contributed, since the beginning of the week, to the improvement in the trend.” Towards a decline in exchange rates.
An International Consensus To Support The Iraqi Government’s Efforts To Maintain Stability And Complete Reforms
local Yesterday, Baghdad - IA The speeches of the representatives of the member states of the United Nations Security Council unanimously supported the government’s efforts to enhance the security and stability of Iraq and complete reforms in all fields, in the Council’s session on Iraq.
Britain:
Britain's representative in the UN Security Council said,
"We value the Iraqi government's reform steps in the areas of economy, security and investment, and we support Iraq's sovereignty and reject the threat to its security and stability." He continued,
"We encourage all political forces to support the government in supporting stability, and we also hope to settle the problems with Erbil."
Algeria
In turn, the representative of Algeria affirmed in his speech that, “For the first time in 10 years, the Iraqi government has succeeded in conducting local elections. We praise the government’s efforts in holding local elections in Kirkuk for the first time since 2005, and we support Iraq’s security and stability.”
Japan
Meanwhile, the representative of Japan affirmed in his speech, "We support the Iraqi government's reform efforts, welcome the holding of Iraqi local elections, and hope that the Kurdistan region will hold its overdue elections."
China
As for the Chinese representative, he stressed the necessity of supporting the Iraqi government’s vision in rationalizing human and financial resources and meeting the country’s aspirations.
Malta
The representative of Malta affirmed his country’s support for the security and stability of Iraq and the efforts of the Iraqi government to close displacement camps.
France
As for the representative of France, he affirmed his country’s support for the efforts of the Iraqi government to complete the reforms that the Iraqi people aspire to and called for the resumption of dialogue between Baghdad and Erbil to get rid of all related problems. With oil, gas and money. https://www.ina.iq/202634--.html
Damage From External Loans
Articles 02-4-2024, 08:03 Bashir Khazal The continuation of the mechanism of external borrowing from banks and international agencies for development purposes may appear, in its general context, as normal borrowing, especially those in which a very easy and reduced interest rate is agreed upon,
but what the government must pay attention to is caution against agreements with conditions imposed by donors or lenders.
Because it may cause the country’s economic policy to be drawn up in a systematic manner in the long term, and restrict the economy in a way that is not proportionate to maintaining independence in the decisions of major strategic projects, or monopolizing one party over another.
The government usually borrows development loans from international agencies, some of which are old, such as the Madrid Agency.
For reconstruction, the Japanese Agency, the British Agency, the American Development Agency, the World Bank, and the International Monetary Fund, all of which are natural borrowings, which many countries resort to in order to implement projects that cannot be postponed, and as interest and installments,
Iraq pays approximately ten trillion Iraqi dinars, which is equivalent to 7 billion dollars, which is A percentage that constitutes 12.5% of the gross domestic product, and
it may appear in the eyes of specialists that this percentage constitutes a reduced amount of debt, and indicates the recovery of the Iraqi economy,
but the danger lies in the continuation of these loans and the rise in the interest rate with the change in the security situation in the region, Article 25 of the Constitution.
It stipulates that (the state shall guarantee the reform of the Iraqi economy according to modern economic foundations), and the government is supposed to implement this text by relying on the state’s internal resources.
Any external loan entails interest over time, and it may sometimes be on conditions that harm the country’s sovereignty, and there are economic and sovereign risks to Iraq as a result
The use of external borrowing policy in light of a huge budget estimated at 198 trillion Iraqi dinars, in addition to the presence of articles in the 2023 budget that included paragraphs that depend on external borrowing and from several countries to cover projects that are described as strategic.
The extent of the risk of these loans in the long term is not small, and may gradually cripple the Iraqi economy. With inevitable connections for many years,
we have experiences of countries that suffered from borrowing measures from abroad, such as Greece, in which the debt ratio increased compared to the domestic product, which caused a major financial crisis, and after a while, Greece was lent again under severe austerity conditions, until the public debt crisis increased by 175 percent. % in the year 2015, and the rest of the story of the Greek crisis is known to everyone, as well as
Brazil, which borrowed from the International Monetary Fund, and became unable to repay the debt, and the cumulative interest began to exhaust its wealth and resources to repay the loans.
There are investment opportunities, natural resources, and enormous wealth that Iraq has that spare it any need.
We are in need of loans from abroad, and it is not necessarily the urgency that calls for us to shackle the Iraqi economy with unnecessary financial loans. https://www.ina.iq/202463--.html
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Points To Ponder On Advice Quotes and Quotations
Be frank and explicit. That is the right line to take when you wish to conceal your own mind and to confuse the minds of others. - Benjamin Disraeli
We only make a dupe of the friend whose advice we ask, for we never tell him all; and it is usually what we have left unsaid that decides our conduct. - Diane de Poitiers
Advice is like snow; the softer it falls, the longer it dwells upon, and the deeper it sinks into, the mind. - Samuel Taylor Coleridge
The true secret of giving advice is, after you have honestly given it, to be perfectly indifferent whether it is taken or not and never persist in trying to set people right. - Hannah Whitall Smith
The advice of the elders to young men is very apt to be as unreal as a list of the hundred best books. - Oliver Wendell Holmes
Goldilocks' Comments and Global Economic News Tuesday Evening 2-6-24
Goldilocks' Comments and Global Economic News Tuesday Evening 2-6-24
Good Evening Dinar Recaps,
“Chinese authorities told state-owned banks to step up intervention in the currency market this week, in a push to prevent a surge in yuan volatility, according to people familiar with the matter.”
In 2023 until now, The People's Bank of China has been manipulating their currency exchange rate more than usual. As the dollar has become more unstable, their State Banks have stepped up to the plate to buy some of their assets from the markets themselves to stabilize the Yuan.
Several tools have been utilized to control their currency fluctuations as of late, and the Exchange Stabilization Fund has been called in to assess the situation and give them supportive direction. "China academic calls for US $1.4 trillion stock stabilisation fund."
As the global wars continue to expand, the volatility of all the Global Markets are beginning to create havoc in the foreign currency exchange markets. Currency interventions like these are common during wartime efforts.
Goldilocks' Comments and Global Economic News Tuesday Evening 2-6-24
Good Evening Dinar Recaps,
“Chinese authorities told state-owned banks to step up intervention in the currency market this week, in a push to prevent a surge in yuan volatility, according to people familiar with the matter.”
In 2023 until now, The People's Bank of China has been manipulating their currency exchange rate more than usual. As the dollar has become more unstable, their State Banks have stepped up to the plate to buy some of their assets from the markets themselves to stabilize the Yuan.
Several tools have been utilized to control their currency fluctuations as of late, and the Exchange Stabilization Fund has been called in to assess the situation and give them supportive direction. "China academic calls for US $1.4 trillion stock stabilisation fund."
As the global wars continue to expand, the volatility of all the Global Markets are beginning to create havoc in the foreign currency exchange markets. Currency interventions like these are common during wartime efforts.
This is why old play books no longer apply when distortions in the market begin to affect economic stability and job creation opportunities.
The BRICS Nations, of which China belongs, sets them apart through a backing of gold to support their local currencies. These efforts adds to the net worth of a country's revenue holdings.
The use of gold to stabilize currency exchange rates and demand bring in greater value in exchange processes between countries.
As Global wars continue to expand, you can expect a rise in volatility inside the Markets and Forex. Old contracts between nations may no longer hold accurate trade values going forward. Look for gold and other Exchange Stabilization Fund interventions to come into play.
© Goldilocks
CFR NCUA TheEdgeMalaysia
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There is a good reason why stablecoins were left until last to be regulated. One, you have to have tokenized assets to pay for in using them. And two, you have to provide liquidity for these digital currencies that represent paper currencies inside a country's banking system.
When you back stablecoins by a real world asset such as gold and other commodities, these real values create standardized behaviors in the marketplace the banking system can correlate with economic tools designed to grow them in their liquidity i.e. staking. (See Article Below)
Restaking is a process where you commit your cryptos to aid in the development of a blockchain network. In return, you get a reward for staking and holding this asset in the network. CryptoSlate
© Goldilocks
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Stablecoin expansion is bringing liquidity to crypto, but JPMorgan warns of challenges ahead
The stablecoin market cap is growing again, which is a good sign for crypto market liquidity, but it hasn't fully recovered and could face regulatory challenges this year, according to JPMorgan. Stablecoins expanded by $60 billion between their May 2022 peak and their October 2023 low of $122 billion.
The top came just before the collapse of the Terra network, which created the contagion that spread to other stablecoins and crypto lenders that year. But as investors anticipated the Securities and Exchange Commission's approval of spot bitcoin ETFs in the U.S., the market expanded by $9 billion between October 2023 and January 2024.
This is generally a "positive sign" for crypto, according to JPMorgan analyst Nikolaos Panigirtzoglou. "Stablecoins link the traditional financial system to the crypto ecosystem and by being the equivalent of 'cash' in the crypto ecosystem are both the 'lubricant' and major source of collateral," Panigirtzoglou said in note Thursday. Stablecoins are cryptocurrencies that have prices pegged to an underlying asset Knowledia News
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What have we been talking about this morning? 😉
© Goldilocks
Yellen urges Congress to pass stablecoin regulation in Senate Banking testimony | https://youtu.be/QoLSwJcFAwQ?feature=shared
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LIVE: Treasury Secretary Yellen testifies before the House Financial Services Committee — 2/6/24 | https://www.youtube.com/live/gZ0tziMRaK4?feature=shared
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Vietnam is pushing the US to grant it 'market economy' status.
"A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention."
A market economy would allow supply and demand to determine the value of the following criteria in their economy:
* degree of currency convertibility
* degree of salary determination by negotiation between employers and employees
* degree of freedom for foreign companies’ investment
* degree of ownership or production methods of enterprises controlled
As you can see, this change would open up a path for new exchange rates in Vietnam. Vietnam has a strong indication that these changes will be made before the next election in the US.
© Goldilocks
Taiwan News World Scientific Hickman Mills
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Stabilization funds do not necessarily have to revolve around large commodity revenue. Such national funds might instead seek to influence currency exchange rates without affecting domestic money supply. Wikipedia
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LONDON (Reuters) - A new report has called for a radical global effort this year to help vulnerable countries fend off financial meltdown and climate change, including widespread debt relief and even a China-led version of the Brady Bond plan.
The report by the Boston University Global Development Policy Center warned that 62 developing economies, including most of Africa and Oceania, are already in a full-blown debt crisis or in immediate need of restructurings.
Last year's surge in world interest rates combined with underwhelming post-pandemic economic recoveries and the costs of climate change mean a near record number of countries now spend at least 20% of their government revenues servicing their debt.
That is widely regarded as unsustainable. US News
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Venezuela: Sanctions Actions and Supporting Democracy - United States Department of State
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One of the most touted benefits of distributed ledger technology (DLT) for securities is atomic settlement. This is the blockchain equivalent of delivery versus payment (DvP) – the securities and cash are exchanged simultaneously, preventing either of the parties from being out of pocket if the other side defaults.
However, it’s also known to impose higher cash or liquidity requirements on the counterparties, eliminating the benefit. A new research paper argues that if settlement is delayed for as little as ten minutes to an hour, with netting it’s possible to achieve most of the benefits of a one or two day settlement window. Ledger Insights
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Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and the Chairman of the Financial Institutions and Monetary Policy Subcommittee, Andy Barr (KY-06), sent letters to Federal Reserve Bank of San Francisco President Mary Daly and Federal Reserve Bank of New York President John Williams regarding their banks’ ongoing relationships with opaque and unaccountable global governance organizations, including the Network for Greening the Financial System (NGFS) and Bank of International Settlements (BIS).
The lawmakers are requesting information related to the Federal Reserve (Fed) regional banks’ past work and written agreements with these organizations, which cede authority over U.S. financial regulation while putting our financial system at a competitive disadvantage. Financial Services
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Divergence is when the asset price moves in the direction opposite to what a technical indicator indicates. When a stock is diverging, it signals weaker price trends and the beginning of a reversal. The two types of divergence are: Positive: A positive divergence is a sign of higher price movement in the asset. Corporate Finance Institute Zerohedge Twitter
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👆This happened today. The markets went up, but the technical readings or actual values went down.
© Goldilocks
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More on this tomorrow. I want to see if more warning signals are flashing in the morning.
© Goldilocks
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Thank you Dinar Recaps
Iraq Economic News and Points to Ponder Tuesday Afternoon 2-6-24
Iraq Economic News and Points to Ponder Monday Afternoon 2-5-24
Tlm724 Administrator Bondlady’s Corner
The Pentagon: We Appreciate The Partnership With Baghdad And We Did Not Target The Official Iraqi Forces
The Pentagon said that the recent strikes in Iraq focused mainly on Iranian proxies and did not target official security forces.
A Pentagon spokesman said, "The Iraqi government is a partner valued by the United States, and works closely with it in combating terrorism in the region," pointing out that "the American administration communicates consistently with the Iraqis and always informs them that it reserves the right to respond to attacks against the forces deployed there."
The spokesman added that the response to the attack that targeted American forces in northeastern Jordan has not yet been completed, and his country knows that Iran provides financing, equipment and training to groups attacking American forces in the region.
He pointed out that human casualties are likely to occur in the strikes carried out on Iraq and Syria. However, the assessment is still ongoing, and there is no accurate information available about any Iranian deaths as a result of these strikes.”
Earlier yesterday, the US State Department acknowledged that the United States did not inform Iraq before carrying out the strikes on the headquarters of the Popular Mobilization Forces and the pro-Iranian factions in Akashat and Al-Qaim, west of Anbar Governorate, and that it notified the Iraqi side immediately after the implementation.
Iraq Economic News and Points to Ponder Tuesday Afternoon 2-6-24
Tlm724 Administrator Bondlady’s Corner
The Pentagon: We Appreciate The Partnership With Baghdad And We Did Not Target The Official Iraqi Forces
The Pentagon said that the recent strikes in Iraq focused mainly on Iranian proxies and did not target official security forces.
A Pentagon spokesman said, "The Iraqi government is a partner valued by the United States, and works closely with it in combating terrorism in the region," pointing out that "the American administration communicates consistently with the Iraqis and always informs them that it reserves the right to respond to attacks against the forces deployed there."
The spokesman added that the response to the attack that targeted American forces in northeastern Jordan has not yet been completed, and his country knows that Iran provides financing, equipment and training to groups attacking American forces in the region.
He pointed out that human casualties are likely to occur in the strikes carried out on Iraq and Syria. However, the assessment is still ongoing, and there is no accurate information available about any Iranian deaths as a result of these strikes.”
Earlier yesterday, the US State Department acknowledged that the United States did not inform Iraq before carrying out the strikes on the headquarters of the Popular Mobilization Forces and the pro-Iranian factions in Akashat and Al-Qaim, west of Anbar Governorate, and that it notified the Iraqi side immediately after the implementation. https://www.radionawa.com/all-detail.aspx?jimare=37280
The UN Security Council Holds Its Session On The Situation In Iraq
Political | 06/02/2024 Mawazine News – Baghdad Today, Tuesday, the UN Security Council held a special session on the US attacks in Iraq and Syria.
The United Nations Mission in Iraq (UNAMI) announced earlier that the United Nations Security Council will hold a session today at 10 a.m. New York time (6:00 p.m. Baghdad time) on the situation in Iraq.
The Acting Representative of Iraq to the United Nations, Abbas Kadhim Obaid, confirmed that Iraq warned against expanding the scope of the conflict in the region, stressing that Iraq rejects any attack on its territory under false pretexts, and these attacks constitute a serious threat to Iraq’s security and sovereignty. https://www.mawazin.net/Details.aspx?jimare=241695
Plasschaert Before The UN Security Council: The Sudanese Government’s Reforms Paint A Bright Future For The Iraqis
Political | 06/02/2024 Plasschaert before the UN Security Council: The Sudanese government’s reforms paint a bright future for the Iraqis https://www.mawazin.net/Details.aspx?jimare=241696
She Concluded Her Speech By Saying, "Long Live Iraq." Plasschaert: Sending Messages Through Strikes Only Leads To Escalation Of Tensions
Tuesday 06, February 2024 19:00 | Political Number of readings: 149 Baghdad / NINA / The United Nations representative in Iraq, Jeanine Plasschaert, confirmed: “Sending messages through strikes only leads to escalation of tensions, killing or injuring people, and destroying property.”
Plasschaert said in a briefing to the UN Security Council: “Instead of resorting to the use of force, all efforts should focus on protecting Iraq from being drawn in any way into a broader conflict.”
She added: “The local elections in 2023 were held in a broadly peaceful and technically sound manner. This represented another milestone in the government’s efforts to break out of previous episodes of shortcomings, and we truly hope that the re-establishment of local governments will indicate another major step forward.”
The UN representative pointed out: “Reforms and development are necessary to open the horizons for a brighter future for all Iraqis, a future in which young people can benefit from their skills and abilities to improve their lives and their communities,” stressing that: “It is crucial that all attacks stop.”
Plasschaert continued: “We can only hope that all Iraqi politicians will continue to strive to put the country on the clearest path to success, in a way that serves the interests of all Iraqis, and the same applies to any other active party inside or outside Iraq.”
She expressed her hope that people from all over the world would one day get to know Iraq, describing Iraq as: “a country of tremendous beauty, a country of rich diversity and culture, where there are many opportunities to seize.”
She praised all Iraqi men and women for their sacrifices, strength, and deep commitment to building a prosperous, democratic, and peaceful Iraq. She concluded her speech by saying: Long live Iraq./End 9
https://ninanews.com/Website/News/Details?Key=1105144
Foreign Minister: The Government Is Interested In Providing Services And Rebuilding The Iraqi Economy
Money and business Economy News _ Baghdad Foreign Minister Fouad Hussein confirmed on Tuesday that the government is interested in providing services and rebuilding the Iraqi economy.
Hussein said during a joint press conference with Dutch Foreign Minister Hanke Bruinsloot, followed by Al-Iqtisad News, that “the government led by Prime Minister Muhammad Shiaa Al-Sudani is interested in providing services to citizens and rebuilding the Iraqi economy,” noting that “the Prime Minister will discuss during his visit to the Netherlands a number of issues.” Economic and agricultural files.
He added that he "discussed with his Dutch counterpart how to develop relations between the two countries in the economic field," noting that "Dutch companies have a position in the economic field, especially in the field of agriculture and water."
He pointed out that he "also discussed the danger of continuing violence in the region to regional and international peace, as well as attacks on Iraqi sovereignty," noting that "the Netherlands played an important role in the international coalition in fighting ISIS and helping Iraq in the war on terrorism."
Hussein stated, "The meeting stressed the necessity of supporting the Palestinian people, stopping the war on Gaza, and providing humanitarian aid to the people."
Views 103 02/06/2024 - https://economy-news.net/content.php?id=40185
Communications Signs A Joint Agreement To Pass International Capacity Through Iraq
Money and business Economy News – Baghdad Today, Tuesday, the Ministry of Communications announced the signing of a global joint cooperation agreement to pass international capacity through Iraq.
The ministry stated in a statement received by Al-Iqtisad News, "A joint cooperation agreement was signed to pass international (transit) capacities through Iraq using the Falcon sea cable connecting to FAO, under the patronage and in the presence of the Minister of Communications, Hiam Al-Yasiri."
She added, "This took place on the sidelines of the Middle East Capacity Conference held in Dubai," noting that "the agreement was signed between the General Company for Communications and Informatics and GCX."
The statement indicated, "This signing comes within the framework of the Minister's tireless efforts to strengthen Iraq's strategic position in the region and make it a safe alternative land corridor for international communications traffic reaching Europe."
Views 84 02/06/2024 - https://economy-news.net/content.php?id=40181
Economist: Discordant Voices Benefited From The Attack On Private Banks Through The Media
Economy | 06/02/2024 Mawazine News – Baghdad The economic expert, Alaa Al-Fahd, on Tuesday accused those with discordant votes of inciting the street and the media against private banks to harm the national economy.
Al-Fahd said in a televised interview followed by Mawazine News, “These parties spread rumors that there are banking problems in the private sector in Iraq and that there is chaos and fraud,” pointing out that on “the ground there is nothing tangible from these rumours.”
He added, "Private banks began working since 2023 in financial development and transformation within a transitional phase from paper to electronic phase."
Al-Fahd continued, “These parties, whether local or regional, are working to inflame the situation or spread false news to frustrate the resolve within banking institutions.”
https://www.mawazin.net/Details.aspx?jimare=241689
Central Bank Of Iraq: America Does Not Have The Evidence To Condemn Private Banks
Economy | 06/02/2024 Mawazine News – Baghdad The former Director General of the Central Bank, Mahmoud Dagher, confirmed on Tuesday that the US Federal Bank does not have any evidence regarding the involvement of Iraqi private banks in selling and smuggling the dollar.
Dagher said in an interview followed by Mawazine News, that “the ongoing war in neighboring countries has greatly affected Iraq,” pointing out that “the American administration is working within a policy of clipping its wings according to the soft war plan to strike the Iraqi economy.”
He added, "I saw all the details of the letters coming from the US Federal Reserve about restricting the work of Iraqi banks, and they all refer to suspicions without any real evidence or evidence."
He pointed out that "the sanctions on Iraqi banks are unfair, and if there is evidence regarding their dealings with parties that America calls hostile, it would have been better for Washington to hold accountable the foreign banks that dealt with the Iraqi banks that it punished."
https://www.mawazin.net/Details.aspx?jimare=241693
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Points To Ponder On Advice Quotes and Quotations
When a man comes to me for advice, I find out the kind of advice he wants, and I give it to him. - Josh Billings
It has seemed to be more necessary to have regard to the weight of words rather than to their number. - Cicero
There is little serenity comparable to the serenity of the inexperienced giving advice to the experienced. - Anonymous
The proverb warns that, "You should not bite the hand that feeds you." But maybe you should, if it prevents you from feeding yourself. - Thomas Szasz
I remember my father telling me the story of the preacher delivering an exhortation to his flock, and as he reached the climax of his exhortation, a man in the front row got up and said, 'O Lord, use me. Use me, O Lord - in an advisory capacity!' - Adlai Stevenson
The Fed Asks America To Fill In The Blanks _______
The Fed Asks America To Fill In The Blanks _______ SB
Notes From The Field By Simon Black (James Hickman) February 5, 2024
It’s interesting to see how so many mainstream voices are starting to express concern about the gargantuan size of the US national debt.
For most of the past decade, even as the debt spiraled out of control and passed $20 trillion, $25 trillion, $30 trillion, etc., hardly anyone in the media said a word about it. If anything, they would insist that the ‘debt doesn’t matter.’
That tune is finally starting to change. And the latest example came last night when 60 Minutes interviewed the Chairman of the Federal Reserve, Jerome Powell.
The US national debt now stands at more than $34 trillion. It will surpass $35 trillion by the summer and likely $36 trillion by the end of the year.
It’s growing so quickly that the interviewer asked about the debt, “Thirty years from now, it is projected to be $144 trillion. . . [I]s the national debt a danger to the economy in your view? I have the sense this worries you very much.”
The Fed Asks America To Fill In The Blanks _______
Notes From The Field By Simon Black (James Hickman) February 5, 2024
It’s interesting to see how so many mainstream voices are starting to express concern about the gargantuan size of the US national debt.
For most of the past decade, even as the debt spiraled out of control and passed $20 trillion, $25 trillion, $30 trillion, etc., hardly anyone in the media said a word about it. If anything, they would insist that the ‘debt doesn’t matter.’
That tune is finally starting to change. And the latest example came last night when 60 Minutes interviewed the Chairman of the Federal Reserve, Jerome Powell.
The US national debt now stands at more than $34 trillion. It will surpass $35 trillion by the summer and likely $36 trillion by the end of the year.
It’s growing so quickly that the interviewer asked about the debt, “Thirty years from now, it is projected to be $144 trillion. . . [I]s the national debt a danger to the economy in your view? I have the sense this worries you very much.”
The answer to almost any sentient human being, of course, is “absolutely yes.” And the Fed Chairman admitted as such. Sort of. He said:
“In the long run, the US is on an unsustainable fiscal path. . . Over the long run, of course it does [worry me very much] . . . It’s time for us to get back to putting a priority on fiscal sustainability. And sooner is better than later.”
Now a term like “the long run” is a funny thing because it can mean just about anything. To some people in finance and economics, “the long run” can mean five years. To others, fifty years.
Saying “the long run” is like asking your audience to fill in the blanks with whatever timeframe they think that means.
But this is intellectually dishonest… and it frankly makes the country worse off.
We’ve written about this extensively here at Schiff Sovereign: the US government’s own internal projections (which come from the White House and the Congressional Budget Office) forecast that the debt will increase by $20 trillion over the next decade.
And this is a true crisis in the making.
Consider that, by 2033, the government will have to spend 100% of federal tax revenue simply to pay for THREE things: Social Security, Medicare, and Interest on the Debt.
EVERYTHING else in government, including military spending, veterans’ benefits, and the electricity bill at the White House, will have to be funded with more debt… which only makes the problem worse.
This will be a fiscal black hole from which there is no escape. And it’s less than 10 years away.
We’re not being sensationalist or dramatic here; this is a simple arithmetic problem based on the government’s own projections. And frankly those projections are optimistic.
Their estimate for $20 trillion in new debt, for example, does not include any money for Social Security, which will require a multi-trillion-dollar bailout over the next decade. Their estimate also assumes there will be no war, no new pandemic, no national emergency, and no new idiotic, expensive legislation.
So, a more conservative estimate of the national debt is probably closer to $60 trillion or more by 2033. This means that interest payments on the national debt will take a greater and greater share of tax revenue.
The Congressional Budget Office forecasts admit this, stating that as the national debt increases, “the cost of financing the nation’s debt grows, [and] net outlays for interest increase substantially. . .”
The US government’s interest expense “rose by 35% last year, [and] are projected to increase by 35% again this year.”
No institution, not even the US government, can possibly expect to stay solvent when their interest expense grows by large double digits each year.
Now, it’s not like this is top secret information. The Congressional Budget Office posts this forecast on its website for the entire world to see. Surely the Fed has access to the Internet. Surely, they’ve seen these projections.
Yet the way 60 Minutes set up its question-- by referencing the debt 30 years into the future-- to how the Fed Chairman kept saying “the long run” and “sooner is better than later”, all gives people a false sense of security that the US has more time to resolve this crisis than it actually does.
This is an arithmetic problem, plain and simple. And the realistic window of opportunity to solve it is 5-7 years, at most.
The other disingenuous part about the Chairman’s comments was that, in addition to using terms like “the long run”, he encouraged “fiscal sustainability” without mentioning any specifics.
To some, “fiscal sustainability” might mean slashing welfare programs. To others, raising taxes on corporations and wealthy people.
So once again the Fed Chairman tacitly asked the audience to fill in the blanks and imagine for themselves what “fiscal sustainability” means.
This is also intellectually dishonest.
Social Security is, by far, the #1 most expensive line item in the federal budget. It dwarfs even Defense spending.
So, there is no “fiscal sustainability” at this point without making major cuts to Social Security. Nothing else-- no other budget cuts-- will matter unless there is a complete overhaul of retirement benefits and qualifications. It’s the only real lever the government has to balance the budget.
Ultimately this means defaulting on decades of promises that the US government has made to people currently in the work force.
Naturally no one wants to talk about this… including the Fed Chairman. So again, it’s left to the audience’s imagination to fill in the blanks.
Personally, I’m not holding my breath a solid majority in Congress will have the willingness and courage to cut entitlements. And frankly I presume the Inspired Idiots in charge will keep making things worse.
But the good news is that there is still a reasonable window for any independent-minded individual to take completely rational steps to reduce the consequences of what lies ahead.
And we’ll continue to talk about more of these solutions in the future.
To your freedom, James Hickman Co-Founder, Schiff Sovereign LLC
[Important Reminder: In case you missed our announcement from January 24, Sovereign Man has merged with Peter Schiff's media group. We are now called Schiff Sovereign, and our founder (Simon Black) has dropped the pen name and is now writing under his real name, James Hickman.]
https://www.schiffsovereign.com/trends/the-fed-asks-america-to-fill-in-the-blanks-_______-150091/
"Tidbits From TNT" Tuesday 2-6-2024
TNT:
Tishwash: An “intractable problem” prevents the oil and gas law from being removed from Parliament
Member of the Parliamentary Oil and Gas Committee, Ali Al-Lami, expected on Tuesday that the oil and gas law would not be approved in the current parliamentary session, indicating that the dispute over the law concerns the party responsible for managing the oil fields in Kurdistan.
Al-Lami told Shafaq News Agency, “The oil and gas law is one of the important laws, but it will not pass in the current parliamentary session, and this law will be transferred to the next parliamentary session, as it was transferred in previous sessions.”
He added, "There are many disagreements over the oil and gas law, including political disagreements and technical disagreements, and the most prominent of them is over the party that manages the oil fields in the Kurdistan Region and who exports the region's oil abroad," stressing that "this main disagreement has not been resolved and will not be resolved due to the deepening political disagreements regarding this is the law".
TNT:
Tishwash: An “intractable problem” prevents the oil and gas law from being removed from Parliament
Member of the Parliamentary Oil and Gas Committee, Ali Al-Lami, expected on Tuesday that the oil and gas law would not be approved in the current parliamentary session, indicating that the dispute over the law concerns the party responsible for managing the oil fields in Kurdistan.
Al-Lami told Shafaq News Agency, “The oil and gas law is one of the important laws, but it will not pass in the current parliamentary session, and this law will be transferred to the next parliamentary session, as it was transferred in previous sessions.”
He added, "There are many disagreements over the oil and gas law, including political disagreements and technical disagreements, and the most prominent of them is over the party that manages the oil fields in the Kurdistan Region and who exports the region's oil abroad," stressing that "this main disagreement has not been resolved and will not be resolved due to the deepening political disagreements regarding this is the law".
Al-Lami continued: “The oil and gas law cannot be separated into two laws, one of which is concerned with oil and the other with gas, given that the gas comes out of the same oil fields, and the two laws cannot be separated, as the dispute is the same without a solution.” link
Tishwash: Al-Nusairi calls on the government and the Central Bank to protect the banking system from collapse
Today, Tuesday, the economic and banking advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, called on the government and the central bank to intervene to protect the banking system from collapse, while counting the number of private banks that are not practicing their commercial activities.
Al-Nusairi said in a televised interview followed by Al-Eqtisad News, “The government and the central bank must intervene to protect the banking system from collapse due to subjective and objective political influences and tensions and the US Treasury’s continued pressure on the Iraqi economy and harming it through previous sanctions and new restrictions to prevent it from conducting its transactions in the US dollar on Despite the efforts made by the Central Bank during 2023 in cooperation with the government and international banks to regulate foreign trade financing and with the Financial Action Organization.”
He added, "International organizations confirm in their evaluation reports on Iraq that it has applied standards for combating money laundering and terrorist financing. This means that our banks are strictly committed to international standards and are trying with great efforts to comply with the global system."
Al-Nusairi explained, “The number of private banks that are no longer practicing all their banking activities has reached 32 commercial and Islamic banks, which constitute 50% of the volume of banking activity in Iraq. Therefore, this will destabilize confidence in the Iraqi banking sector locally and internationally, and thus will fail the plans for economic reform, and thus will harm our national economy.” ".
The Association's advisor, the Prime Minister, and the Governor of the Central Bank, called for "intervention, in cooperation with the Ministry of Foreign Affairs, and conducting negotiations at the highest levels with the American side to remove our banks from the cycle of sanctions, deprivation, and restrictions on banking activity and for them to return to operating in full banking and Islamic activity while rehabilitating some banks in accordance with binding international standards." link
************
CandyKisses: Deputy: America is responsible for the crises of the dollar, oil, water and electric power
Information / Baghdad.
On Tuesday, Firas al-Muslimawi, MP for the State of Law Coalition bloc, blamed the United States for causing a number of economic crises in Iraq, such as the rise in the dollar exchange rate, the oil crisis with Kurdistan and the water crisis .
Al-Muslimawi told Al-Maalouma that "Washington refuses to withdraw the Central Bank of Iraq its and is trying to impose more sanctions on private funds banks."
He described this American behavior as "besieging Iraq and strangling it economically, noting that "the United States refuses to conclude contracts with international companies in the field of energy and services."
Earlier, multiple political figures announced America's refusal to contract Iraq with the German energy company Siemens to rehabilitate the electrical system in Iraq.
************
CandyKisses: Governorates that decided to suspend official working hours on Tuesday
Baghdad Today - Baghdad
Today, Monday (February 5, 2024), local governments in 7 governorates announced the suspension of official working hours for tomorrow, Tuesday, on the occasion of the anniversary of the martyrdom of Imam Musa Al-Kazim (peace be upon him).
Earlier in the day, Karbala province announced the suspension of official working hours tomorrow, Tuesday, on the occasion of the anniversary of the martyrdom of Imam Musa Al-Kadhim (peace be upon him).
While local governments in the governorates of Diyala, Dhi Qar, Muthana, Basra, Wasit and Diwaniyah decided to suspend the official working hours for tomorrow, Tuesday, on the occasion of the rugby visit, with the exception of the service and health departments.
For his part, Prime Minister Mohammed Shia al-Sudani directed, earlier, to suspend the official working hours tomorrow, Tuesday, in Baghdad on the occasion of the anniversary of the martyrdom of Imam Al-Kazim (peace be upon him).
The General Secretariat of the Council of Ministers stated in a statement received by "Baghdad Today" that "the Prime Minister directed, during the meeting of the Council of Ministers in its fifth regular session held on 1/30/2024, to suspend the official Working hours for next Tuesday, corresponding to 6/2/2024 in ministries and government institutions in the capital, Baghdad, only, coinciding with the anniversary of the martyrdom of Imam Musa Al-Kazim (peace be upon him)."
Shiite Muslims in Iraq and across the Islamic world commemorate the anniversary of the martyrdom of Imam Musa bin Jaafar al-Kadhim (peace be upon him), the seventh Shiite imam, who died in prison in Baghdad, on the twenty-fifth of Rajab in 183 AH, which will fall tomorrow, Tuesday (February 6, 2024).
Mot: ..... MY Spirit Animal - When I hear the ""Go"" on da RV!!!
Mot: .. Sum insight in owning a Fur baby!!
MilitiaMan: Iraq is to be Enhancing the Dinar - Activating the Private Sector - Export of Iraqi Products
Iraq is to be Enhancing the Dinar - Activating the Private Sector - Export of Iraqi Products
MilitiaMan and Crew: 2-5-2024
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq is to be Enhancing the Dinar - Activating the Private Sector - Export of Iraqi Products
MilitiaMan and Crew: 2-5-2024
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraqi News Highlights and Points to Ponder Tuesday AM 2-6-24
Iraqi News Highlights and Points to Ponder Tuesday AM 2-6-24
Including The Dollar, Oil And Water.. A Representative Holds America Responsible For The Economic Crises In Iraq
Economy Deputy: America is responsible for the dollar, oil, water, and electric energy crises
Information / Baghdad.. On Tuesday, Firas Al-Muslimaoui, representative of the State of Law coalition bloc, held the United States of America responsible for causing a number of economic crises in Iraq, such as the rise in the dollar exchange rate, the oil crisis with Kurdistan, and the water crisis.
Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..
Al-Muslimaoui told Al-Maalouma, “Washington refuses to withdraw its funds from the Central Bank of Iraq and is trying to impose more sanctions on private banks.”
He described this American behavior as "besieging Iraq and strangling it economically," noting that "the United States refuses Iraq to conclude contracts with international companies in the field of energy and services."
Several political figures announced earlier that America rejected Iraq’s contract with the German energy company Siemens to rehabilitate the electrical system in Iraq.
Iraqi News Highlights and Points to Ponder Tuesday AM 2-6-24
Including The Dollar, Oil And Water.. A Representative Holds America Responsible For The Economic Crises In Iraq
Economy Deputy: America is responsible for the dollar, oil, water, and electric energy crises
Information / Baghdad.. On Tuesday, Firas Al-Muslimaoui, representative of the State of Law coalition bloc, held the United States of America responsible for causing a number of economic crises in Iraq, such as the rise in the dollar exchange rate, the oil crisis with Kurdistan, and the water crisis.
Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..
Al-Muslimaoui told Al-Maalouma, “Washington refuses to withdraw its funds from the Central Bank of Iraq and is trying to impose more sanctions on private banks.”
He described this American behavior as "besieging Iraq and strangling it economically," noting that "the United States refuses Iraq to conclude contracts with international companies in the field of energy and services."
Several political figures announced earlier that America rejected Iraq’s contract with the German energy company Siemens to rehabilitate the electrical system in Iraq. LINK
The Insurance Bureau Begins Work On The Project To Implement The Anti-Money Laundering And Electronic Reporting System
Tuesday 06, February 2024 10:46 | Economical Number of readings: 303 Baghdad / NINA / The Ministry of Finance announced, today, Tuesday, that the Insurance Bureau has begun work on a project to implement the anti-money laundering and electronic reporting system.
The Ministry said in a statement: “In implementation of the provisions of the government program regarding the adoption of electronic systems in various government transactions, the Insurance Bureau has begun work on a project to implement the anti-money laundering and electronic reports system.”
https://ninanews.com/Website/News/Details?key=1105058
Al-Nusairi Calls On The Government And The Central Bank To Protect The Banking System From Collapse
Economy News – Baghdad Today, Tuesday, the economic and banking advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, called on the government and the central bank to intervene to protect the banking system from collapse, while counting the number of private banks that are not practicing their commercial activities.
Al-Nusairi said in a televised interview followed by Al-Eqtisad News, “The government and the central bank must intervene to protect the banking system from collapse due to subjective and objective political influences and tensions and the US Treasury’s continued pressure on the Iraqi economy and harming it through previous sanctions and new restrictions to prevent it from conducting its transactions in the US dollar on Despite the efforts made by the Central Bank during 2023 in cooperation with the government and international banks to regulate foreign trade financing and with the Financial Action Organization.”
He added, "International organizations confirm in their evaluation reports on Iraq that it has applied standards for combating money laundering and terrorist financing. This means that our banks are strictly committed to international standards and are trying with great efforts to comply with the global system."
Al-Nusairi explained, “The number of private banks that are no longer practicing all of their banking activities has reached 32 commercial and Islamic banks, which constitute 50% of the volume of banking activity in Iraq. Therefore, this will destabilize confidence in the Iraqi banking sector locally and internationally, and thus will fail the plans for economic reform, and thus will harm our national economy.” ".
The Association's advisor, the Prime Minister, and the Governor of the Central Bank called for "intervention, in cooperation with the Ministry of Foreign Affairs, and conducting negotiations at the highest levels with the American side to remove our banks from the cycle of sanctions, deprivation, and restrictions on banking activity and for them to return to operating in full banking and Islamic activity while rehabilitating some banks in accordance with binding international standards." ".
Views 25 02/06/2024 https://economy-news.net/content.php?id=40188
Finance Announces The Initiation Of A Project To Implement Anti-Money Laundering In Iraq
Money and business Economy News – Baghdad Today, Tuesday (February 6, 2024), the Ministry of Finance announced the initiation of a project to implement anti-money laundering in Iraq.
The Ministry stated in a statement received by Al-Eqtisad News that, “In implementation of the provisions of the government program regarding the adoption of electronic systems in various government transactions, the Insurance Bureau is beginning work on a project to implement the anti-money laundering and electronic reports system.”
She added, "The process was based on the requirements of the Central Bank and the Anti-Money Laundering Office, and in compliance with the recommendations of the Financial Action Organization (FATF) group, and in line with the government's steps to accelerate economic and financial reforms."
She pointed out that “the Insurance Bureau announced the linking of all public and private insurance companies to the project to implement the anti-money laundering and terrorist financing system (AML) and the electronic reports system (Go AmL).” https://economy-news.net/content.php?id=40179
Parliamentary Oil: The Oil And Gas Law Is Still A Prisoner Of Disputes And The Kurdistan Region’s Oil Export Crisis
Economy 23:43 - 2024-02-05 Monday, the Parliamentary Oil, Gas and Natural Resources Committee revealed the fate of approving the oil and gas law during the coming period, while confirming that the law is still captive to the disputes of the Kurdistan Region’s oil export crisis.
Committee member Adnan Al-Jabri said in a press interview: “The government has not yet sent the law, given the discussions, amendments and meetings it requires,” noting that “the paragraphs of the amendment to the shares of oil-producing governorates have not yet been completed.”
He continued, "The law represents the management of oil wealth in general for the country and not just the Kurdistan Region," noting that "the law will include adding materials that serve areas near the oil fields."
Al-Jabri concluded his speech: “There are important strategic decisions that will be issued if the concerned authorities move towards sending it to the House of Representatives for a vote on it,” adding that “the law is still a prisoner of the disputes and the Kurdistan region’s oil export crisis.”
https://kirkuktv.net/AR/Details/19533
An “Intractable Problem” Prevents The Oil And Gas Law From Being Removed From Parliament
2024-02-06 05:02 Shafaq News/ Member of the Parliamentary Oil and Gas Committee, Ali Al-Lami, expected on Tuesday that the oil and gas law would not be approved in the current parliamentary session, indicating that the dispute over the law concerns the party responsible for managing the oil fields in Kurdistan.
Al-Lami told Shafaq News Agency, “The oil and gas law is one of the important laws, but it will not pass in the current parliamentary session, and this law will be transferred to the next parliamentary session, as it was transferred in previous sessions.”
He added, "There are many disagreements over the oil and gas law, including political disagreements and technical disagreements, and the most prominent of them is over the party that manages the oil fields in the Kurdistan Region and who exports the region's oil abroad," stressing that "this main disagreement has not been resolved and will not be resolved due to the deepening political disagreements regarding this is the law".
Al-Lami continued: “The oil and gas law cannot be separated into two laws, one of which is concerned with oil and the other with gas, given that the gas comes out of the same oil fields, and the two laws cannot be separated, as the dispute is the same without a solution.” LINK
Corruption, Threats, And Relations With Influential People... Al-Sudani Orders An Investigation Into “Shocking” Files About The Work Of The United Nations
Posted On 02-06-2024 By Sotaliraq After shocking newspaper reports about the work of its mission and its development program in Iraq, the United Nations confirmed an expanded investigation following information about employees of the international organization, specifically the United Nations Development Programme, who sought to obtain bribes from influential Iraqis in exchange for granting them deals. Within the framework of construction projects, worth up to $1.5 billion, Iraqi Prime Minister Muhammad Shia al-Sudani also directed a separate investigation.
According to an internal United Nations document, obtained by the British newspaper The Guardian, the Director of the United Nations Development Programme, Achim Steiner, was assigned to “conduct an administrative review and evaluation of the allegations” after it was revealed that his employees were receiving bribes in exchange for helping businessmen obtain construction contracts.
The British report stated that this 6-page document was sent to donors on January 25, with the aim of reassuring Western capitals that the United Nations Development Program is capable of implementing accountability against itself through internal control mechanisms, allowing the agency Restore its credibility.
The report quoted a knowledgeable Iraqi government official as saying that Prime Minister Muhammad Shia al-Sudani had ordered the Integrity Commission to conduct a separate investigation.
According to a UNDP document, the agency had previously referred 136 cases to the Office of Audit and Investigations (OAI) in relation to the reconstruction program, the majority of which were against suppliers and not employees.
The report added that 56 were confirmed, 52 of which related to sellers who later faced penalties, while the document did not indicate further details about the other four cases, or whether any disciplinary action had been taken.
The report quoted the document as saying that the United Nations Development Program “is committed to strengthening a work culture and environment in which all UNDP employees can report violations without fear of retaliation.”
The British report indicated that more UNDP employees had made these allegations, and spoke about the “culture of fear” and impunity that they said extended across the agency’s offices in the Middle East.
The report explained that these employees accused UNDP managers who had established strong relationships with their government counterparts, of using those relationships as a weapon to protect themselves from accountability, and they practiced retaliation against employees who spoke publicly.
A person who worked in an office in the Middle East told the newspaper that “the employees tried to sound the alarm regarding the transfer of hundreds of thousands of dollars to an organization run by a government official, but their bosses “indicated very quickly that we should not interfere.”
The report continued that after the employees informed the “Audit and Investigations Office” of this case, this person was told that they had not provided sufficient documents to continue the investigation.
The report quoted this employee as saying, “The Audit and Investigations Office is not working at all and is completely dysfunctional.”
The Guardian covered a case in which it said that an employee of the United Nations program in Iraq had filed a complaint with the Complaints Officer and the Audit and Investigations Office, speaking of mismanagement and bullying by one of the supervisors, but the senior management turned against him.
The report quoted him as saying, “They told me, either I drop the complaint or the next review of my job performance will not be good and I will be let go.”
The report also quoted another employee working for the United Nations Development Programme, who indicated that the employees were threatened by a former manager after they expressed their concerns about wasteful spending.
The employee added, “They immediately said: You know where the door is, and you will not get a job if you continue stirring things up,” indicating that this manager’s close relations with government officials do not allow them to be harmed, adding that they benefit from each other financially, which is something that is done through Top management.
The report said that “the resident representative of the United Nations Development Program in Iraq, Ok Lootsma, wrote in an email to employees that the investigation conducted by the Guardian was “extremely regrettable,” and that his office “is working with the United Nations headquarters to refute these unfair allegations.” And unjust,” he called on employees to “refrain from any comment.”
The British report concluded with a UNDP spokesperson saying that the allegations that employees were threatened with retaliation for reporting wrongdoing “are completely inconsistent with the UNDP’s commitment to accountability, integrity, and openness to scrutiny.” LINK
Points To Ponder on Advice Quotes and Quotations
We give advice, but we do not inspire conduct. - La Rochefoucauld
Good counsel has no price. - Guiseppe Mazzini
Never advise anyone to go to war or to marry. - Spanish proverb
Many receive advice, only the wise profit by it. - Syrus
Admonish your friends privately, but praise them openly. - Syrus
Goldilocks' Comments and Global Economic News Monday Evening 2-5-24
Goldilocks' Comments and Global Economic News Monday Evening 2-5-24
Good Evening Dinar Recaps,
BAGHDAD, Feb 4 (Reuters) - "Iraq has banned eight local commercial banks from engaging in U.S. dollar transactions, taking action to reduce fraud, money laundering and other illegal uses of U.S. currency days after a visit by a top U.S. Treasury official."
The Iraqi Banks have been banned from accessing the Iraqi Central Bank's daily dollar auction.
The daily dollar auction has become a way of smuggling dollars for Iran, and this is expected to restrain much of those activities.
This is part of the economic and financial reforms Iraq is going through to meet International Banking Standards and achieve International connectivity.
As you can see, Iraq has begun implementing some of their economic reforms as promised. Reuters
© Goldilocks
~~~~~~~~~~
Goldilocks' Comments and Global Economic News Monday Evening 2-5-24
Good Evening Dinar Recaps,
BAGHDAD, Feb 4 (Reuters) - "Iraq has banned eight local commercial banks from engaging in U.S. dollar transactions, taking action to reduce fraud, money laundering and other illegal uses of U.S. currency days after a visit by a top U.S. Treasury official."
The Iraqi Banks have been banned from accessing the Iraqi Central Bank's daily dollar auction.
The daily dollar auction has become a way of smuggling dollars for Iran, and this is expected to restrain much of those activities.
This is part of the economic and financial reforms Iraq is going through to meet International Banking Standards and achieve International connectivity.
As you can see, Iraq has begun implementing some of their economic reforms as promised. Reuters
© Goldilocks
~~~~~~~~~~
"A casual search through digests and the reading of case head- notes may leave the searcher with the vague impression that the outbreak of war has some peculiar effect upon contracts, not to be accounted for by any of the well established principles of contract law.
Thus, it is frequently said that war suspends contracts and that the cessation of war revives the same.
On the other hand, it is stated elsewhere in no less positive terms that war dissolves and abrogates all contracts between subjects of belligerent nations.
An attempt will here be made to show that cases arising upon contracts affected by war may in fact be classified by an application of the broad principles of the common law relating to contracts."
We have said in this room a few times before that history has shown us that exchange rates change during wartime or soon after.
Price distortions create contract breaches between nations and even the people within the banking system. These distortions make it difficult for obligations to be met between all parties.
As we continue to involve ourselves in wars, the likelihood of more distortions will create a need to revalue assets and their real values when this is done.
This is a day by day situation, and changes can come at a moment's notice. It is important that we stay alert going forward for these changes. https://www.jstor.org/stable/1111481
© Goldilocks
~~~~~~~~~~
When we begin to move from quantitative tightening to quantitative easing through lower interest rates, this will begin to give room for technological advancement and an increase in gold prices.
This is the move we need to see to increase the value of our new tokenized assets coming onto the market. It will be our signal for increasing the value of our new digital asset based trading system.
Here, lending restrictions will lessen giving way to collateralized lending services whereby an digital asset growth economy will open a path forward into the new economy. Forbes
© Goldilocks
~~~~~~~~~~
As we discussed a few weeks back, Hong Kong was in the process of testing several digital currencies around the world in their sandbox.
A sandbox is a place where assets can be piloted, tested, and see how they will react with each other. We talked about how this would lead to regulation going forward on the stablecoins that were in this sandbox.
Below is an article for your perusal. It states how oversight and regulation is needed for their digital OTC or over the counter assets going forward. This is an indication that they are beginning to move forward with stablecoins that represent a country's currency.
© Goldilocks
The Currency Analytics
~~~~~~~~
Digital Assets Association Launches: Building a Bridge Between Traditional Finance and RWA Tokenization | Crypto-Reporter
~~~~~~~~~~
While Powell said the Fed tries not to comment on fiscal policy, which is determined by Congress and the White House, he did comment on the debt. "The U.S. federal government's on an unsustainable fiscal path," he said. "And that just means that the debt is growing faster than the economy. So, it is unsustainable." | CBS News
~~~~~~~~~~
Feb 4 SDF Protocol20 update: Post 1 of 2
Most of you know by now the P20 vote was delayed until Feb20 due to a "refundable fee bump bug" that was discovered just a few days before the intended public vote. But what yall probably don't know -- and what SDF wont say -- and what all those non-white hat Stellar devs & crypto journalists don't understand -- is the WHY behind the WHY of this delay
Issue:
Wallet sending transaction should get a certain fee refunded when a certain action takes place, but instead of the SENDER getting the refund, the RECEIVER is getting the refund
SDF's Initial Public narrative (to start the discussion):
It's not a big deal, and we don't think it will impact that many, but it could potentially impact everyone, but who knows it probably won't, and even if it does the resulting unintended lack of returned fees are not so significant, it's more of a nuisance than anything, but we don't want negative press because people are soooo complainy these days, so let's delay the vote and make things nice and clean.
Happy happy, no one can blame us for anything!
NON-QSFS Stellar dev discourse on Discord + Articles:
I think we should proceed with the vote, as you said it's not a big deal, so why delay? We will do what we can to mitigate the bug on our end for our app programming too. But the fees are so nominal it just doesn't matter at the end of the day if it's not fixed, but it would be nice if you eventually fixed it. kthxbai
Tomer Weller, KanayeNet, MonsieurNicolas forced to guide the direction:
nonono, I think it could really potentially impact more people than we thought because even wallets that are NOT "OFFICIALLY" supporting Soroban can still be affected 🤣🤣🤣 but really there is no worry if everyone decides to "DO THE RIGHT THING" AND NO ONE DECIDES TO EXPLOIT THIS to INTENTIONALLY DRAIN sender wallets
Justin Rice ninjas his way in:
ok at first I will just present the bug to the community and ask for your opinion while I stay totally neutral on this topic, next I will pretend that your opinions influenced our decision to delay, and finally I will pretend to be shocked the delay really happened since it was a nail-biter (even though I was already busy prepping to group call to discuss this AND writing another SDF blog post officially announcing said delay). oh BTW, thanks for the engagement and for working together to reach this consensus 😊
📱 QSI Channel
📱 Stellar & QFS Training App
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Feb 4 SDF Protocol20 update: Post 2 of 2
Declas:
White Hats in charge behind the scenes carefully guided the convo in this direction using puppets like OrbitLens (remember: WHH March 2023 😂😂😂 relisten to WHH interview #1 @ min 17-19 "we have an informant"💥🔨 -- and undoubtedly more puppets by now too).
This is CRITICAL TO UNDERSTAND FOR PSYOPS BECAUSE THIS SAME STRATEGY IS BEING USED ON THE ENTIRE WORLD VIA MEDIA AND SOCIAL MEDIA.
Recall how white hats now control Mockingbird Media (yes even especially FakeNewsMedia) so they decide which stories break and use it to guide public discourse to slowly awaken people to the past monstrosities and current ridiculousness of how fake everything is for the Awakening process
Now that you understand how hilarious this entire bug delay narrative is, let's go back and re-analyze with a clear mind and break down how the psyops works and what their end goal is:
- Account Abstraction + Targeted Wallets drained of funds = is ______ 🍑🍑🍑🍑🍑🍑🍑🍑🍑
😅 didn't I keep repeating in 2023 that prettier.js is one of my absolute favorite sneaky ninjas in this game?? reread 🍑🍑🍑🍑🍑🍑🍑🍑🍑
📱 QSI Channel
📱 Stellar & QFS Training App
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Thanks for explaining this to us QSI. You are very appreciated. Thanks for all you are doing to move our digital economy forward with love and light.
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FINRA Continues Focus on Crypto Asset Securities | Blockchain Legal Resource
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An ancient trade route whose time has come once more – Aze.Media
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House reps press CFPB to reopen comments on larger participant rule | News | Dodd Frank Update
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Freedom Fighter ©
🇮 IRAQI northern port -Umm Qasr has received the largest & newest ship (MSC Berangere) built in 2023 carrying 2,659 containers has entered Iraq's ports for the first time! https://en.964media.com/11516/
🚢WATCHING THE WATER
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BRICS nations to drag US back into the gold standard? Feat. Ron Branstetter | ZeroHedge
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Germany’s Largest DZ Bank To Pilot Bitcoin Trading After Crypto Custody Services | CoinGape
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STELLAR XLM🚨HUGE DELAY, BUT DON'T WORRY🚨WHY XLM CAN MAKE YOU RICH | https://youtu.be/VxiU2liTbtM?feature=shared
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Iraq Economic News and Points to Ponder Monday Afternoon 2-5-24
Iraq Economic News and Points to Ponder Monday Afternoon 2-5-24
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance For Al-Furat News: No Amendments Can Be Made To The 2024 Budget
Time: 02/05/2024 17:53:40 Read: 91 times {Local: Al-Furat News} The Parliamentary Finance Committee announced today, Monday, that it is not possible to make any amendments to the draft federal budget for the year 2024.
The head of the committee, Thamer Dhabian, explained {to Al-Furat News} that: “No amendments can be made to the draft budget law for the year 2024, and the budget was approved for three years, so the budget items cannot be amended.”
Thebian pointed out, “It is possible to make amendments to the schedules, but the budget items were approved for three years and their items cannot be tampered with.”
A member of the Parliamentary Finance Committee, Moin Al-Kazemi, confirmed via {Al-Furat News} that there is a clause in the budget that obliges the government to submit a schedule of adjustments to the numbers, and that the government is preparing these amendments, which will include {crude oil production costs, an increase in immunization card allocations, and an increase in the number of those covered by protection social security, as well as an increase in allocations for the purchase of wheat and milkshakes crops, and other matters and decisions issued by the Council of Ministers that require funding, which will be included in a financial schedule.
Iraq Economic News and Points to Ponder Monday Afternoon 2-5-24
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance For Al-Furat News: No Amendments Can Be Made To The 2024 Budget
Time: 02/05/2024 17:53:40 Read: 91 times {Local: Al-Furat News} The Parliamentary Finance Committee announced today, Monday, that it is not possible to make any amendments to the draft federal budget for the year 2024.
The head of the committee, Thamer Dhabian, explained {to Al-Furat News} that: “No amendments can be made to the draft budget law for the year 2024, and the budget was approved for three years, so the budget items cannot be amended.”
Thebian pointed out, “It is possible to make amendments to the schedules, but the budget items were approved for three years and their items cannot be tampered with.”
A member of the Parliamentary Finance Committee, Moin Al-Kazemi, confirmed via {Al-Furat News} that there is a clause in the budget that obliges the government to submit a schedule of adjustments to the numbers, and that the government is preparing these amendments, which will include {crude oil production costs, an increase in immunization card allocations, and an increase in the number of those covered by protection social security, as well as an increase in allocations for the purchase of wheat and milkshakes crops, and other matters and decisions issued by the Council of Ministers that require funding, which will be included in a financial schedule.
According to Al-Kadhimi, in general, the upper ceiling of the budget will remain {199} trillion dinars, and these amendments will be referred to the House of Representatives and studied by the Parliamentary Finance Committee and then approved under the dome of Parliament without being touched upon by the {78} items present within the tripartite budget. LINK
A Slight Decrease...The Dollar Exchange Rates On The Baghdad Stock Exchange
Time: 02/05/2024 10:37:49 Read: 1,157 times {Economic: Al-Furat News} The prices of the US dollar fell slightly against the Iraqi dinar, today, Monday, in Baghdad markets. The prices were as follows..
Selling price: 153,250 dinars
Purchase: 151,250 dinars per 100 dollars. LINK
The Minister Of Planning Issues Directives For Examining And Marking Gold
Monday 05, February 2024 12:03 | Economical Number of readings: 384 Baghdad / NINA / Today, Monday, Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, chaired a joint meeting with representatives of the Ministry of Commerce.
A statement from the ministry stated that: “During the meeting, the approved mechanisms and specifications were discussed in importing goods, merchandise, cars and gold, and working to support the national economy by adopting the necessary standards in the process of controlling imports, in accordance with the Iraqi specifications and factory conformity.”
The Minister directed that all necessary requirements be provided to open centers for examining and marking gold at Iraqi airports, and to operate 24 hours a day, seven days a week
. The General Company for Car Trading, a number of those concerned in the Ministry of Commerce, and the Director General of Quality Control. https://ninanews.com/Website/News/Details?key=1104863
Iraq And China Are Discussing Developing The Economic Partnership And Contributing To The Development Road Project
Money and business Economy News – Baghdad Today, Monday, the Prime Minister, Muhammad Shiaa Al-Sudani, discussed with the Chinese Ambassador to Iraq, Cui Wei, the development of the economic partnership and the contribution of Chinese companies to the development road project.
The Prime Minister’s Media Office stated, in a statement received by Al-Iqtisad News, that “Al-Sudani received the Ambassador of the People’s Republic of China to Iraq, Cui Wei, where the meeting witnessed discussion of the overall bilateral relations between the two countries and ways to strengthen them, and areas of developing the economic partnership and the contribution of Chinese companies to the road project.” Strategic development.
During the meeting, Al-Sudani pointed out "the importance of supporting stability and sustaining security in the region, thus stimulating its economy to grow, and working to prevent the expansion of the conflict, by stopping the aggression against Gaza."
Al-Sudani renewed his reminder of “the responsibility of the major powers and international bodies and organizations regarding the continuation of the genocidal war to which the Palestinians are subjected on their land.”
For his part, the Chinese ambassador conveyed the greetings of the "Chinese leadership to the Prime Minister," stressing "to work on everything that would advance bilateral relations and enhance partnership, peace and sustainable development."
Views 45 02/05/2024 - https://economy-news.net/content.php?id=40155
Iraq's Oil Exports To America Exceed Five Million Barrels Within A Month
Energy Economy News _ Baghdad The US Energy Information Administration announced on Monday that Iraq's oil exports to the United States amounted to more than five million barrels during the month of January.
The administration said in a table seen by Al-Iqtisad News, “Iraq exported 5.387 million barrels of crude oil to America during the month of January, with an average export of 173 thousand barrels per day, lower than the month of December 2023, when its exports amounted to 5.611 million barrels, with an average of 193 thousand barrels per day.
She added, "Iraq exported crude oil to America during the first week of last January at an average of 192 thousand barrels per day, while the average export decreased to 64 thousand barrels per day in the second week, and exported an average of 206 thousand barrels per day in the third week, and in the fourth week." The average reached 205 thousand barrels per day.
She pointed out that "Iraq ranked fifth in its exports to America during the past month after Canada, Mexico, Saudi Arabia, and Brazil, and ranked second in the Arab world after Saudi Arabia, whose exports amounted to nine million barrels," indicating that "Canada ranked first as the country that exports the most oil to America." Followed by Mexico. Views 44 02/05/2024 - https://economy-news.net/content.php?id=40152
Oil Rises As Fears Of Escalation In The Middle East Continue
Economy | 05/02/2024 Information/Baghdad.. Oil prices rose slightly in early Asian transactions on Monday after sharp declines last week, amid continued attempts to reach a ceasefire agreement in the Gaza Strip, although the United States intends to launch more attacks on groups it supports. Iran.
Brent crude futures rose 24 cents, or 0.3 percent, to $77.57 per barrel, and West Texas Intermediate crude futures increased by 11 cents, or 0.15 percent, to $72.28 per barrel.
The two contracts ended last week's transactions at a decline of about seven percent. They fell by 2 percent on Friday after stronger-than-expected US jobs data indicated that the interest rate cut may be further than expected, in addition to progress in ceasefire negotiations between Israel and the Palestinian Hamas movement. https://www.mawazin.net/Details.aspx?jimare=241611
In The Document.. Cancellation Of The License Of An Iranian Bank Branch In Iraq
02/05/2024 Read: 2,353 times {Economic: Al-Furat News} The Central Bank of Iraq decided to cancel the license of an Iranian bank branch in Iraq.
According to a letter from the bank to the Iranian bank, {Al-Furat News} received a copy of it, “and based on the decision of the board of directors of this bank No. (185) of 2023, in view of the losses incurred by the bank’s branch in Iraq, the limited activities it practices, and the inability to implement or expand the practice of banking activities.”
Consequently, there is no point in continuing to work inside Iraq, in addition to being subject to international sanctions, it was decided to cancel the branch’s license in Iraq.” LINK
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Points To Ponder On Advice Quotes and Quotations
Have more than thou showest, Speak less than thou knowest. - William Shakespeare
What you don't see with your eyes, don't invent with your tongue. - Jewish proverb
If you keep your mind sufficiently open, people will throw a lot of rubbish into it. - William A. Orton
Don't fight forces; use them. - Buckminster Fuller
Drink nothing without seeing it; sign nothing without reading it. - Spanish proverb
You must not think, sir, to catch old birds with chaff. - Cervantes
Never give advice in a crowd. - Arab proverb
Never give advice unless asked. - German proverb
Whatever advice you give, be short. - Horace
Iraqi News Highlights and Points to Ponder Monday AM 2-5-24
Iraqi News Highlights and Points to Ponder Monday AM 2-5-24
Parliamentary Finance Reveals Amendments To The Budget Schedules To Be Announced In The Middle Of This Month
Information / Baghdad.. Member of the Parliamentary Finance Committee, Representative Moeen Al-Kadhimi, announced on Monday that the current month will witness the arrival of amendments to the budget schedule for the current year to the House of Representatives.
Al-Kadhimi told Al-Maalouma, “The mini-economic council formed by the Council of Ministers is in the process of putting the final touches to amending the budget schedules for the current year, and it is likely that the amendments will reach Parliament in the middle of this month for approval.”
He added, "The government's amendments included an increase in financial allocations for the food ration, an increase in oil production costs, and an increase in social welfare allocations."
Member of the Parliamentary Finance Committee, Representative Mustafa Al-Karaawi, explained that the tripartite federal budget for the years 2023, 2024, and 2025 stipulated that the House of Representatives be provided with updated tables for the 2024 budget in order to discuss the issue of increase or decrease in financial allocations according to expected revenues and according to the fixed oil price. Ended / 25 AD.
Iraqi News Highlights and Points to Ponder Monday AM 2-5-24
Parliamentary Finance Reveals Amendments To The Budget Schedules To Be Announced In The Middle Of This Month
Information / Baghdad.. Member of the Parliamentary Finance Committee, Representative Moeen Al-Kadhimi, announced on Monday that the current month will witness the arrival of amendments to the budget schedule for the current year to the House of Representatives.
Al-Kadhimi told Al-Maalouma, “The mini-economic council formed by the Council of Ministers is in the process of putting the final touches to amending the budget schedules for the current year, and it is likely that the amendments will reach Parliament in the middle of this month for approval.”
He added, "The government's amendments included an increase in financial allocations for the food ration, an increase in oil production costs, and an increase in social welfare allocations."
Member of the Parliamentary Finance Committee, Representative Mustafa Al-Karaawi, explained that the tripartite federal budget for the years 2023, 2024, and 2025 stipulated that the House of Representatives be provided with updated tables for the 2024 budget in order to discuss the issue of increase or decrease in financial allocations according to expected revenues and according to the fixed oil price. . LINK
A Slight Decline In Dollar Prices In Baghdad And Erbil With The Opening Of The Stock Exchange
2024-02-05 Shafaq News/ The prices of the US dollar against the Iraqi dinar decreased slightly, on Monday, in the markets of Baghdad and Erbil, the capital of the Kurdistan Region.
Shafaq News Agency correspondent said that dollar prices fell with the opening of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad to record 152,200 Iraqi dinars against 100 dollars, while the prices yesterday, Sunday, were 152,300 Iraqi dinars against 100 dollars.
Our correspondent indicated that the selling prices in the exchange shops in the local markets in Baghdad stabilized, as the selling price reached 153,250 dinars, while the purchasing price reached 151,250 dinars for every 100 dollars.
As for Erbil, the dollar also recorded a decline in banking shops, where the selling price reached 151,900 dinars against 100 dollars, and the purchase price reached 151,800 dinars against 100 dollars. LINK
Iraq's Oil Exports To America Exceed Five Million Barrels Within A Month
Energy Economy News _ Baghdad The US Energy Information Administration announced on Monday that Iraq's oil exports to the United States amounted to more than five million barrels during the month of January.
The administration said in a table seen by Al-Iqtisad News, “Iraq exported 5.387 million barrels of crude oil to America during the month of January, with an average export of 173 thousand barrels per day, lower than the month of December 2023, when its exports amounted to 5.611 million barrels, with an average of 193 thousand barrels per day.
She added, "Iraq exported crude oil to America during the first week of last January at an average of 192 thousand barrels per day, while the average export decreased to 64 thousand barrels per day in the second week, and exported an average of 206 thousand barrels per day in the third week, and in the fourth week." The average reached 205 thousand barrels per day.
She pointed out that "Iraq ranked fifth in its exports to America during the past month after Canada, Mexico, Saudi Arabia, and Brazil, and ranked second in the Arab world after Saudi Arabia, whose exports amounted to nine million barrels," indicating that "Canada ranked first as the country that exports the most oil to America." Followed by Mexico. Views 34 02/05/2024 -
A List Of Dollar Prices From Erbil To Basra...Continuous Fluctuation
Money and business Economy News – Baghdad Title News publishes the dollar exchange rates on Iraqi stock exchanges during Monday’s trading.
Exchange rates recorded fluctuations, as they reached 152,400 on the Al-Kifah Stock Exchange, in the capital, Baghdad, while in Basra they rose slightly, reaching 152,650 dinars for every 100 dollars.
As for the governorates of the Kurdistan Region, dollar prices stabilized at 152 thousand dinars per hundred dollars. Views 58 02/05/2024 - https://economy-news.net/content.php?id=40158
Morning List Of Dollar Exchange Rates In Eight Governorates
Economy |Baghdad today -, Monday (February 5, 2024), the exchange rates of the dollar against the dinar recorded relative stability compared to prices yesterday evening, Sunday, in most Iraqi governorates. The Central Bank of Iraq sells the dollar at the official price (1,320 dinars per dollar) .
Here is a morning list of exchange rates for $100 against the dinar:
$100 = 152,250 Baghdad $100 = 152,300 Basra $100 = 151,950 Erbil $100 = 152,300 Kirkuk
$100 = 152,000 Sulaymaniyah $100 = 151,900 Dohuk $100 = 152,350 Najaf $100 = 152,000 Mosul
The exchange rates of the dollar against the dinar yesterday evening, Sunday (February 4, 2024) on the Al-Kifah Stock Exchange in Baghdad, reached 152,250 dinars (selling price). LINK
After The Movement To Cut Off Oil From Jordan... An Accounting Inventory: 15 Thousand Barrels Per Day For Less Than $16
Economy | Baghdad today -, Monday (February 5, 2024), economic expert Nabil Al-Marsoumi revealed the amount of oil exported to Jordan, while noting that Iraq exports 15,000 barrels daily at a price 16 dollars less than Brent crude.
The accounting inventory that the economic expert explains comes in light of the political and popular uproar due to news of Jordan’s participation in the attack carried out by Washington on the sites of the Popular Mobilization Forces in western Iraq, while social media pioneers wonder about Amman’s reaction to Baghdad and “Is this how the reward for charity is?” and “is it?” Jordan is ready to sever economic relations with Iraq?
In numbers: Iraq's exports to Jordan
Al-Marsoumi said in a statement received by “Baghdad Today” that “Iraq used to export to Jordan during the time of the previous regime 100,000 barrels per day, half of it for free and the other half at preferential prices.”
The economic expert added, "In 2006 - at the time of the first Maliki government - Jordan and Iraq signed a memorandum of understanding to prepare and transport Iraqi crude oil to Jordan with 10,000 barrels per day of crude oil, rising to 15,000 barrels, to be increased in the future to 30,000 barrels at a discount of up to $18." per barrel compared to the international price (Brent crude oil price).”
He pointed out that "it was increased in 2008 to $22 per barrel instead of $18 per barrel, with the option of loading from the Iraqi (Haditha) region."
Al-Marsoumi explained, “The new memorandum that was signed between the two sides on February 2, 2019, in which Iraq exports 10,000 barrels per day to Jordan, is an exact copy of the previous memorandum, except that the price equation is two dollars less.”
The economic expert stated, “Instead of $18, it was agreed upon $16 less than the price of Brent oil (about $13 less than the average selling price of Iraqi oil in global markets) to cover the cost of transportation between Kirkuk and Zarqa, with differences in the quality of crude oil.” Kirkuk for Brent crude oil, and the quantity exported to Jordan was recently increased to 15 thousand barrels per day.”
Jordan's participation in the bombing
After the news circulated about Jordan’s participation in an attack on western Iraq, the House of Representatives witnessed a movement to cut off Iraqi oil subsidized to Jordan, as Representative Mustafa Sanad revealed, on Saturday (February 3, 2024), that signatures of members of the House of Representatives had been collected to issue a parliamentary decision obligating the Ministry of Oil to stop selling oil. Supported by Jordan.
But on the other hand, Mudar Adnan Zahran, Secretary of the Jordanian Opposition Coalition, said, citing Jordanian military sources, in a tweet followed by “Baghdad Today,” that Jordanian aircraft did not participate in the ongoing air strikes on Iranian targets in Syria, and there is no truth to the Wall Street Journal’s report on “ "Targets scheduled later for Jordanian Air Force aircraft." LINK
Points To Ponder on Advice Quotes and Quotations
'Be yourself!' is about the worst advice you can give to some people. - Tom Masson
A bull does not enjoy fame in two herds. - Rhodesian proverb
Fewer things are harder to put up with than the annoyance of a good example. - Mark Twain
The only thing to do with good advice is to pass it on. It is never of any use to oneself. - Oscar Wilde
A good scare is worth more to a man than good advice. - Edgar Watson Howe
Advice is seldom welcome; and those who want it the most always like it the least. - Lord Chesterfield
"Tidbits From TNT" Monday 2-5-2024
TNT:
Tishwash: Can Iraqi oil be sold in currencies other than the dollar?
Economic researcher, Ziad Al-Hashemi, commented on the reality of demands to sell oil in currencies other than the dollar.
Al-Hashemi said in a post on the “X” platform, followed by “Jarida”, that “there are emotional parliamentary and non-parliamentary demands demanding that the Iraqi government sell oil in currencies other than the dollar.”
Regarding the logic and realism of these demands, the economic researcher explains, “Theoretically, Iraq and other countries can sell their oil exports in any currency other than the dollar. This is a sovereign decision for the state and it has the freedom to make it, but oil is an economic and political weapon that has a direct impact on the global economy.” There is high sensitivity and caution when dealing with oil as an export commodity, as everything related to oil has international economic and even political repercussions.”
TNT:
Tishwash: Can Iraqi oil be sold in currencies other than the dollar?
Economic researcher, Ziad Al-Hashemi, commented on the reality of demands to sell oil in currencies other than the dollar.
Al-Hashemi said in a post on the “X” platform, followed by “Jarida”, that “there are emotional parliamentary and non-parliamentary demands demanding that the Iraqi government sell oil in currencies other than the dollar.”
Regarding the logic and realism of these demands, the economic researcher explains, “Theoretically, Iraq and other countries can sell their oil exports in any currency other than the dollar. This is a sovereign decision for the state and it has the freedom to make it, but oil is an economic and political weapon that has a direct impact on the global economy.” There is high sensitivity and caution when dealing with oil as an export commodity, as everything related to oil has international economic and even political repercussions.”
He added, “The global oil pricing currency is the dollar, and there is a strong interconnection between a barrel of oil and the US dollar, which after 1973 was determined by what is called the petrodollar, and any violation of this rule will incur very large losses to Iraq, which will go to exchange rate differences between the dollar and the rest of the currencies.”
Al-Hashimi stated, “The oil-producing countries sell their oil exclusively in dollars, to perpetuate their interests and strategic relations with the United States. Therefore, selling oil for anything other than the dollar is considered a kind of challenge or preparation to enter into a conflict or a state of war with the United States, and here we find that Iraq describes itself as a friend and even an ally of the United States, and its government has no desire to open a confrontation front with the Americans.”
He continued, “The dollar is used to price, buy and sell approximately 60% of the volume of global trade, and this gives countries that receive the dollar great flexibility and strength in managing their trade and imports. When oil is sold in currencies other than the dollar, Iraq will lose this important advantage.”
The economic researcher concluded by saying, “The decision to abandon the sale of oil in dollars is a huge strategic decision that carries risks and wide political and economic consequences that could negatively affect the future of Iraq for decades to come. Therefore, it does not make sense to use this decision as a means of expressing anger at the Americans or As an emotional reaction to the Fed's sanctions. link
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CandyKissses: Integrity reveals irregularities and waste of public money in investment projects worth (10) billion dinars in Dhi Qar
Economy Baghdad News
The Federal Integrity Commission revealed violations and waste of public money estimated at ten billion dinars in investment projects in Dhi Qar Governorate.
The authority stated in a statement, seen by "Economy News", that "the work team of the Commission's investigation office in Dhi Qar set the priorities of three investment licenses in the Governorate Investment Authority, after noticing that they committed violations in them," indicating that "the authority did not follow up the contracting mechanism between the investor and the beneficiaries of the housing units in a residential investment complex at a cost of (5,589,785,000) billion dinars," explaining that the Dhi Qar Oil Company committed violations in the project to establish a residential complex with (2,742,625,000) two billion dinars.
In its statement, the authority pointed to "the monitoring of waste of public money in a residential investment complex for public employees, represented by the State Real Estate Department in the province transferring the ownership of land to the municipality of Nasiriyah, which in turn granted it to an investor, contrary to the controls, which led to depriving employees of the Military Housing Directorate of allocating it as plots of land for officers and ranks, as well as depriving the state treasury of obtaining funds resulting from the sale of land."
The statement pointed out that "the Investment Authority and the municipality of Nasiriyah manipulated and transferred the license of an investment project at a cost of (2,000,000,000) two billion dinars from one investor to another under the pretext of waiving the first investor."
In its statement, the authority confirmed "the occurrence of waste of public money in the process of selling (16) residential plots of land in the municipality of Nasiriyah at auctions at prices that do not match the prevailing prices in the market, pointing out that auctions were organized in a formal manner and the auction of each piece was limited to one person, despite their previous benefit."
On the other hand, the authority said that "in the Directorate of Education in the governorate, the team noticed violations of instructions and controls in the restoration and rehabilitation of (4) schools at a cost of (486,819,000) million dinars, within the "Emergency Support for Food Security and Development" program.
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CandyKisses: In an emergency meeting.. State administration condemns US bombing and considers it a serious attack
Shafaq News / The State Administration Coalition held an emergency meeting on Sunday, at the invitation of Prime Minister Mohammed Shia Al-Sudani, and in the presence of President Abdul Latif Rashid, to follow up on the developments of "serious events" in the country, according to a statement issued by the coalition and reported to Shafaq News.
In its statement, the coalition expressed its "strong condemnation of the American aggression that targeted the sites of the Popular Mobilization on the night of February 2/3, and resulted in the martyrdom and injury of dozens of affiliates and civilians, which is a serious attack on an official Iraqi security institution, which represents a violation of Iraq's sovereignty and security, and a violation of international norms and laws governing relations between countries."
The coalition renewed its authorization to the government and its support for the dialogue it is conducting with the international coalition to end this presence with understanding and dialogue, in order to ensure the building of bilateral relations between Iraq and the countries of the international coalition, which was confirmed in the recent agreement between Iraq and the United States.
The coalition expressed its rejection of all forms of attacks against Iraqi military bases, as well as the targeting of military advisers, from the countries of the international coalition who work within specific advisory and training tasks.
The coalition stressed the support of the government in not allowing any party to drag Iraq into the arena of conflict in the region, and the supreme national interest of Iraq must be placed above any other interest, and that the responsibility of everyone is to ensure the maintenance of security and stability in the country, which was achieved through great sacrifices made by our people and our armed forces of all kinds.
Early on Saturday morning, the U.S. Army Central Command reported that its forces had launched airstrikes in Iraq and Syria targeting positions of the Islamic Revolutionary Guard Corps’s Quds Force and militia groups.
U.S. military forces hit more than 85 targets with several aircraft housing long-range bombers launched from the United States, the command said in a statement.
According to the statement, the airstrikes used more than 125 precision-guided munitions, noting that the targets included command and control headquarters, intelligence centers, missile, draves, ammunition and logistics supplies belonging to the militias and the Revolutionary Guards.
US President Joe Biden had directed military forces to strike targets in Iraq and Syria used by the Iranian Revolutionary Guards and their affiliated militias to attack US forces, he said, stressing that although the United States does not seek an escalation in the Middle East, it will inevitably respond to those who harm Americans.
White House National Security Council spokesman John Kirby confirmed Saturday that the Iraqi government had already been informed before launching the airstrikes.
In turn, the spokesman for the Iraqi government on behalf of Al-Awadi denied that there was prior coordination between Baghdad and Washington on the strikes by US forces targeting the positions of the security forces in the western province of Anbar, confirming that 16 dead and 25 wounded as a result of that "aggression."
On Saturday, the Iraqi Foreign Ministry summoned the Chargé d'affaires a.i. at the U.S. Embassy in Baghdad David Berker in protest against the bombing.
Mot: .ooooooh the Exciting Life Earl Lives!!!!
Mot: . Yeppers!! - More insight into Raising the ""Wee Folks"" from ole ""Wise Mot"" of course!
