Iraq Economic News and Points to Ponder Sunday AM 2-25-24

Iraq Economic News and Points to Ponder Sunday AM 2-25-24

Tlm724 Administrator Bondlady’s Corner

The Value Of Electronic Payment Exceeded 9 Trillion Dinars During 2023

 Economical 02/25/2024   Baghdad: Hussein Thaghb  There is a consensus from the public and private sectors on the necessity of regulating the reality of electronic collection in Iraq after the local market witnessed great interaction using electronic payment and the value of use increased remarkably in 2023 to exceed 9 trillion and 661 billion dinars through financial movements exceeding 15 million transactions.

Participants in the workshop on enhancing electronic government collection, organized by the Iraqi Private Banks Association with the support of the Prime Minister’s Office and sponsored by the Central Bank of Iraq,

described electronic payment as an important new stage that guarantees the paths of funds and makes them more transparent, but it is not without challenges that can be overcome in cooperation with the Central Bank and specialized companies.

Governor of the Central Bank of Iraq Dr. Ali Al-Alaq said:

The successes achieved in the field of electronic payment stem from the great support given by Prime Minister Muhammad Shiaa Al-Sudani to this important project.

We also value the efforts of the ministries that interacted with this project and gave it priority, pointing out that the launch of electronic collection comes as a translation of the Central Bank’s objectives in Adopting advanced technologies in electronic payment. 

Al-Alaq stressed that electronic collection contributes to strengthening government financial resources and operates in a transparent environment in light of the components provided by the Central Bank.

The project targets ministries and non-governmental institutions at the same time, and the citizen can now pay from anywhere and this is for the optimal use of cash.

Director General of Payments at the Central Bank, Adnan Asaad, indicated that the decisions of the Council of Ministers had a positive impact on activating electronic collection, especially in the second half of 2023, pointing out that the total collection from gas stations exceeded 10 billion dinars, and the number is expanding, as is the number of employee cards.

In localization services as of June 2023, it amounted to 8,653,310, and the total electronic collection through electronic payment gateways in the year 2023 exceeded 108 trillion through financial transactions exceeding one million transactions. 

Asaad pointed out that the commissions charged to citizens in electronic payments are “zero” and in the public and private sectors, and this issue requires expanding the citizen’s culture, and here is the responsibility of all concerned institutions.

Executive Director of the Association of Private Banks, Ali Tariq, said:

The workshop brought together most of the state institutions and the private sector with a large and qualitative presence that witnessed identifying all the problems facing the ministries in this important project, and working to solve them through coordination with the companies and institutions concerned.

Tariq stressed that the great cooperation shown by the team of the Central Bank of Iraq and specialized companies with the presence of the Association of Banks achieves smooth work and contains all the problems or challenges facing some institutions, pointing out the presence of financial expertise capable of mastering advanced technology and employing it in the correct manner, and that the training carried out in We have begun to see positive results in this aspect,

and we now have a developed work team in Iraq, where the Association has prepared continuous training programs for several years that enable human resources to use advanced technology.

As for the representative of the International Smart Card Company, Ghazi Al-Kanani, he pointed out that the reality of electronic payment has begun to expand significantly, and the citizen has begun to interact greatly with the electronic services that are provided, and this came after the citizen felt the positives provided by this project, pointing out that electronic payment was established with the aim of providing The best services and mechanisms that facilitated his daily life.

He stated that  electronic collection will follow the collected funds to their legal destination without tampering, and will enhance the federal budget with large revenues, pointing out that Iraq is facing a new phase that preserves the funds’ paths and takes their destination to the appropriate place.

As for Traffic Major General Adel Al-Araji, he said:

Electronic collection is a new experience and has faced several challenges due to the ramifications of revenues and the lack of educational campaigns.

 He pointed out that there are committees in the General Traffic Directorate that supervise electronic payment operations, noting that collection in the Karbala Traffic Directorate reached 100% and in Basra 60%. He emphasized the work to allocate one day each week for electronic payment, as  we have platforms that work exclusively on electronic payment.

As for the representative of the Ministry of Oil, Yasser Ammar, he confirmed that the Ministry had circulated the electronic collection experience from the first quarter of 2023.

There were challenges to completing the work, but we worked to overcome them, pointing out that  all 350 government stations operate with electronic payment.

As for the representative of the Minister of the Interior, he confirmed that the Minister of the Interior directed the adoption of electronic payment and that collection and collection be electronic from May 1, 2024, pointing out that

there are challenges that are being addressed in cooperation with the concerned authorities, and that the  Ministry believes in developing the performance of electronic payment and what rises to global performance.    https://alsabaah.iq/92335-.html

Treasury Penalties And The Bitterness Of The Lesson

Economical 02/25/2024   Yasser Al-Metwally, I completely disagree with those who portray the Treasury’s action against banks as a measure to prevent dealing in the dollar.

Rather, it is an actual punishment.

So why improve the image?

Let us examine the negative effects of the treasury’s decisions on the banking sector. The first effect is harming the banks’ reputation, and everyone knows the effects of reputational risks in disrupting banking work and the reluctance of customers to deposit or withdraw their money simply because of specific fears resulting from the chaos caused by sanctions, rumors, and some lurking speculators.

At a time when strenuous efforts were made by the banks, their associations, and even the Central Bank during the past short period to restore confidence, and banking activity began to recover and provide some banking services to the fullest extent, until the US Treasury’s decisions came against more than a third of private banks, without a doubt, causing reputational risks from new.

But it seems that confidence still remains among some of the customers in the strength, sobriety, steadfastness, and conviction in the face of these decisions that appear to be violations and are hidden for political purposes, and even

the violations highlighted were for previous periods before the instructions issued by the Treasury.

Here, the banks that were subjected to these sanctions must work steadfastly and not let these decisions weaken their role in providing banking services that contribute to enhancing confidence and deepening their bridges with customers in order to continue banking activity.

Perhaps what some banks offer is a source of admiration and unparalleled steadfastness.

I mention, for example, Al-Tafif Islamic Bank, the International Islamic Bank, and other banking activities and products that do not care about sanctions, which is the ideal response to these absurd sanctions in some of them.

The issue of canceling the currency window was decided a while ago, and we have warned in several articles not to rely on the window’s activity as it is temporary and under specific circumstances.

The process of mitigating the impact of Treasury sanctions requires the relevant authorities (the Central Bank, the Ministry of Finance) to find means of support to protect banks and support them in practicing their credit and other banking activities.

Perhaps the Deposit Insurance Company and its activation are one of the most important of these means, despite my observations on the weakness of its media and marketing role, as it

It needs to clearly show its activities.

In parallel, the Central Bank and the Association of Banks must work in all available ways to find means to cancel most of these unfair decisions against some banks due to their commitment to the required international standards.

Banks should benefit from the decision to allow dealing in currencies alternative to the dollar in foreign transfer activities, especially since BRICS is a strong competitor that is inevitably coming, and it is an opportunity that will provide Iraq and help it be accepted into the group in the future.

There is no way to get rid of the burden of the dollar except with the next alternative, and the Treasury, with its measures, is pushing to search for an alternative.   https://alsabaah.iq/92336-.html

Mazhar Saleh: Iraq Is Searching For A Globally Advanced Position In Gas Production The first 02/25/2024  Baghdad: Hoda Al-Azzawi  Iraq is focusing on seizing an advanced position in the list of the ten largest gas producing and exporting countries in the world, while possessing huge reserves that place it in 12th place in the world, but it produces less than 9 billion during an entire year, in addition to the urgent need to enter the gas sector.

Sustainable energy.

 Adviser to the Prime Minister for Economic and Financial Affairs, Mazhar Muhammad Salih, said in an interview with “Al-Sabah”:

 “Iraq is one of the countries most likely to engage in the use of renewable energies, especially solar energy, as it is one of the rare countries with increased sunrise hours.”  Saleh added,

 "Iraq needs to enter the era of renewable energy, in addition to respecting carbon zero agreements for the optimal use of natural gas," noting that"it is necessary to     diversify the sources of energy production and     use and enter into the clean energy sector and     economic development.

 Today, we need to produce twice the current energy."". In the face of the increasing need for energy, Saleh pointed out that “the economic reform plan is moving towards diversifying the Iraqi economy.

Economic diversification   begins with the oil sector by   shifting from absolute rentierism to relative rentierism.

Instead of importing oil derivatives worth more than $5 billion, it can be compensated by switching from importing “To a source of petroleum products, which allows Iraq to  maximize the value of national income and  create diversity important for sustainable development.” https://alsabaah.iq/92366-.html

Hello, World!

Minister Of Oil: Economic Motives Are Behind The Withdrawal Of Some Companies, And We Will Stop Importing Gasoline This Year

Economy    Baghdad – IA  Today, Saturday, Oil Minister Hayan Abdul Ghani revealed a plan to increase oil production in the southern fields, while stressing that the withdrawal of some investment companies has economic motives.

Abdul-Ghani said in his speech during the (Sixth Baghdad Dialogue Conference / Regional Communication), which was attended by the Iraqi News Agency (INA):

“The Ministry of Oil has developed an ambitious plan to increase production, but  Iraq is a major part of OPEC, and is committed to the organization’s production ceilings, and

Iraq’s share reached Four million and (600,000) barrels per day, and there was a reduction two years ago and production became four million and (400,000) barrels per day.

 There are two voluntary reductions, and Iraq implemented them, and production reached (4) million barrels per day,” pointing out that “the goal of that is to maintain stability.” Prices and achieving a balance between supply and demand. 

 "Most oil fields are managed by international companies, and there are ambitious plans to increase production in the Rumaila field in Basra Governorate, which is the largest field, where production currently reaches one million and 300 thousand barrels per day, and production will reach one million and 800 thousand barrels, in addition to developing the Zubair and Western fields."

 Qurna and West Qurna 2,” noting that “development plans and increased production will be consistent with global requirements for crude oil and without flooding the market with surplus oil.”

 The Minister of Oil continued, "OPEC has a plan to increase crude oil production to 16 percent in the coming years," explaining that "the organization's production currently amounts to about 100 million barrels, and production will reach 116 million barrels per day, according to the market's need."

 He stressed that "Iraq has made plans to use clean energy, especially in the field of gas, and plans have been drawn up to invest in gas, and contracts have been signed in this regard and to stop burning gas," noting that "Iraq has launched two licensing rounds in the field of gas, targeting more than 33 fields in order to increase gas and transform Iraq."

From an importing country to a producing country, Iraq is likely to be a gas exporter.” He stated that "gas investment will be in exploratory patches in Nineveh, Anbar, Diwaniyah and Muthanna because they contain large quantities of gas."

Regarding oil refineries, the Minister of Oil indicated that “the oil products produced by the Karbala refinery are all environmentally friendly,” noting that “the ministry opened a refining unit in the Basra refineries, as well as the opening of the Baiji refinery,” stressing that  “the ministry proposed investment refineries in many From the governorates, there are companies that have expressed a desire to invest in these refineries, and the offers will be discussed by the ministry.”

He stressed that  "the Ministry of Oil is keen to transform Iraq from an importer to an exporter in the field of petroleum products, especially gas oil and kerosene.

The Ministry was able to stop many petroleum products, and the import of gasoline was reduced from 16 thousand cubic meters per day to 6 or 7 thousand cubic meters and within In the coming months, these quantities will be reduced and imports will be stopped in the second half of this year.”

Abdul-Ghani explained,   “Foreign companies are still operating freely in Iraq and are expanding and growing, whether in oil or gas investment.

As for the companies that withdrew, they withdrew of their own volition and for purely economic motives, especially ExxonMobil.

This company was informed not to agree to the withdrawal, but it insisted.” To withdraw due to the creation of investment opportunities in Africa.” He continued,

"These companies aim to achieve profits and are looking for profitable opportunities wherever they are.

As for foreign companies, especially European ones, they have a desire to invest in gas fields in Iraq."

 https://www.ina.iq/203752--.html

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

Provoking Points To Ponder on Money

Definition of the upper crust: A bunch of crumbs held together by dough. - Anonymous

Money can't buy happiness, but it will certainly get you a better class of memories. - Ronald Reagan

The man who invented slow-motion movies got his idea while watching a Scotsman reach for a check in a restaurant.  - Anonymous

When asked to borrow money: "I'll see what my lawyer says. . . . And if he says yes, I'll get another lawyer."  - W. C. Fields

Money won't buy happiness, but it will pay the salaries of a large research staff to study the problem.- Bill Vaughan

By the time a man is rich enough to sleep late, he's too old to enjoy it.  - Anonymous

Money can't buy you happiness, but it does bring you a more pleasant form of misery. - Spike Milligan

Another good thing about being poor is that when you are seventy your children will not have you declared legally insane in order to gain control of your estate.  - Woody Allen

Money makes the man.  - Aristodemus

A fool and his money are soon parted.  - George Buchanan

Penny wise, pound foolish.   - Henry Burton

Famous Quotes and Authors, Famous Quotations for all Occasions

Goldilocks' Comments and Global Economic News Saturday Evening 2-24-24

Goldilocks' Comments and Global Economic News Saturday Evening 2-24-24

Good Evening Dinar Recaps,

Meet the new HIPAA requirement...

"Requirement 4.2 of PCI DSS mandates that the Primary Account Number (PAN) must be protected with strong cryptography during transmission. This directly aligns with ISO 27001:2022's control A. 8.24, which calls for the use of cryptography to protect information."

Patient confidentiality is a must in the healthcare setting. As you can see, exchange of information on the new Quantum Financial System that includes hospital settings and such are a must.

The new version of PCI DSS (4.0) will be mandatory from March 31, 2024. It will introduce more requirements needed to secure patient information during the transfer of a diagnosis and payments from various medical settings.

Securing autonomy between a patient and doctor is of prime importance in healthcare ethics. I sat on several ethics committees in my work inside the healthcare setting for years, and it is difficult enough to get patients to open up to doctors what's really going on with them.

This is why autonomy and security information in the healthcare setting is the number one ethical priority for those who work in healthcare.   It looks like hospitals and other healthcare settings are working to secure their payment system on the QFS.   Texas Health Law   Isms     Vanta

© Goldilocks

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On March the 6th, 2024, the CFTC is having a follow-up meeting with the Global Markets Advisory Committee.

The GMAC is a subcommittee that represents the Digital Market Financial System. This meeting is expected to be a time for them to discuss recommendations on their findings so far and move forward with the Digital Financial System.

The purpose of this meeting is to "enhance the resiliency and efficiency of global markets, including increased liquidity in U.S. Treasury markets and the upcoming transition to T+1 securities settlement."

My understanding is that instant settlements are already being worked on. It is also my understanding from conversations with developers that the move from T+1 settlements to T+0 will not take long.

As they are stating in this next meeting, they're going to discuss liquidity in the US Treasury Markets. More and more millionaires and billionaires are retrieving their funds from the stock market and moving into digital economy assets.

This move encompasses assets tokenized and supported by gold. It provides investment opportunities many of these whales are looking for to move their money.

We are witnessing a ground-floor opportunity for those who decide to participate inside the new digital economy. Traders pray for such opportunities as this we are witnessing.

As we move into legislative regulations for protocols inside the crypto economy, stablecoins to pay for these tokenized assets will be coming into focus.   CFTC

© Goldilocks

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Zoniqx partners with Ripple to revolutionize asset tokenization on the XRP Ledger.

Integration leverages XRPL's blockchain infrastructure for enhanced efficiency and accessibility.

The collaboration marks a milestone in setting new standards for digital asset management. CoinGape

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Billionaires Dumping Stocks, Economist Knows Why - Safe Retirement Strategies
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February 20 was a momentous day for the Stellar (XLM) ecosystem, marking a shift from its exclusive role as a payment protocol to a platform capable of hosting Decentralized Applications (DApps).

This pivotal event was the deployment of the first smart contract on the Stellar mainnet hours after the successful implementation of Protocol 20.   Times Tabloid

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The Future of Securities Tokenisation and Crypto Regulation | RegulationAsia

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Iraq Economic News and Points to Ponder Saturday Afternoon 2-24-24

Iraq Economic News and Points to Ponder Saturday Afternoon 2-24-24

Tlm724 Administrator Bondlady’s Corner

The National Security Advisor Reveals A Political Consensus That Iraq Should Be Free Of Foreign Forces

Saturday 24, February 2024 | a wish Number of readings: 375  Baghdad / NINA / National Security Advisor Qasim Al-Araji revealed a political consensus that Iraq should be free of foreign forces.

Al-Araji said during the sixth Baghdad Dialogue Conference, which was titled (Regional Communication... The Centrality of Iraq), “Our security forces have developed greatly and gained great experience in dealing with the challenges of terrorism, and the Iraqi government does not deny the gratitude of the countries that helped it confront terrorism, and NATO is still present in Iraq and is advisory and not A combat force.”

Al-Araji stated: “The Iraqi government is waiting for the results of the committees to evaluate the situation in Iraq and the status of the international coalition, and it is an internal issue determined by the Iraqi need,” stressing that “the coalition forces are not an alternative to the security forces, and they came in a certain circumstance, and today there is no need for their presence.” The government is the first concerned with the decision to end the coalition’s tasks.”

Al-Araji continued, “We have competent officers among the committees that work to evaluate the status of the international coalition.”

He stressed: “Building confidence internally, regionally, and internationally is important, and the political system has regained the confidence of the Iraqis, and Iraq does not interfere in the affairs of others, and in the same way Time asks others not to interfere in its affairs, and everyone must support the government in its speech, and there must be solidarity work among everyone, and our efforts are focused on supporting the government.” Al-

Araji pointed out: “Iraq has signed 20 security memorandums of understanding with countries during the years 2022 and 2023, from "For the sake of cooperation and exchange of experiences, the political system after 2003 was preoccupied with security issues and challenges that prevented it from performing its duties."

He stated, "Drugs are the greatest threat, not ISIS. What is said about the numbers of ISIS in Iraq is exaggerated, and the political system after 2003 inherited a heavy reality represented by the presence of armed groups on its lands."

He said, "In 2023, we concluded a security agreement with the Iranian side, and positive results were achieved within months for problems that have persisted for many years. We have a second round of meetings with Turkey, to address the situation of the Kurdistan Workers' Party, and the Prime Minister directed to expedite the treatment of this important file," noting that "the camp The Syrian terror is a time bomb, and Iraq returned 1,924 Iraqi families from this camp, including 7,556 Iraqi citizens, including 1,200 Iraqi families who returned to their original areas, and we have no social problems in this regard.”

Al-Araji called on the international community to continue withdrawing nationals from this camp, and so far only 24 countries have responded and returned their nationals out of 60 countries./ End 7

https://ninanews.com/Website/News/Details?Key=1109469

The Dollar Declines In Local Markets

Economy | 10:41 - 02/24/2024   Mawazine News – Baghdad  Today, Saturday, the exchange rates of the dollar against the dinar recorded a slight decline in the Baghdad Stock Exchange and the rest of the governorates,

and the dollar exchange rates decreased in the capital, Baghdad, to record 151,900 Iraqi dinars for 100 dollars.   Below are the dollar exchange rates in the rest of the governorates:

$100 = 152,150 Basra   $100 = 151,750 Erbil   $100 = 152,000 Kirkuk  $100 = 151,800 Sulaymaniyah    $100 = 151,800 Dohuk    $100 = 152,150 Najaf   $100 = 151,800 Mosul

https://www.mawazin.net/Details.aspx?jimare=242640

Iraqi Expectations That The World Population Will Rise To 9.5 Billion People.. What About Oil Production?

Economy News – Baghdad  The Iraqi Oil Minister, Hayan Abdul Ghani, expected today, Saturday, that the world population will rise to 9.5 billion people in the middle of the current century, indicating that this will increase OPEC’s oil production ceiling to 116 million barrels per day.

Oil Minister Hayan Abdul Ghani said, in his speech during the “Sixth Baghdad Dialogue Conference” held in the capital, and attended by the “Al-Iqtisad News” correspondent, that “the state budget depends mainly on oil imports, and there is a great responsibility that falls on the Ministry to provide the main source to sustain Iraqi state budget.

He added, "The ministry has developed an ambitious plan to increase production, but we are major parts of OPEC and one of its founders, so we are committed to production ceilings."

Abdul Ghani continued, "Iraq's production, according to its OPEC quota, amounts to 4 million (barrels per day), and this comes to maintain the stability of global market prices and achieve a balance between supply and demand."

He stated that “studies indicate that during the middle of this century, crude oil production from OPEC will increase by 16%, as the organization now produces 100 million barrels, and the ceiling will rise to 116 million barrels per day,” explaining that “the need comes within the framework of growth.” The world population will rise from 8 billion to 9.5 billion people, with an increase of one and a half billion people.”   70 views   02/24/2024 - https://economy-news.net/content.php?id=40815

Oil Prices Record Weekly Losses As Hopes For A Rate Cut Diminish

Saturday 24, February 2024 | Economical Number of readings: 418   Baghdad / NINA / Oil prices fell by approximately 3% at the end of the evening settlement yesterday, Friday, and it was recorded that the reduction in interest rates may be postponed for at least another two months.

Brent crude futures fell $2.05, 2.5%, to $81.62 per barrel upon settlement, and US West Texas Intermediate crude futures fell $2.12, 2.7%, to $76.49.

Brent fell 2% during the week, while US crude fell more than 3%. But indicators of good demand for fuel and concerns about supplies may lead to a recovery in prices in the coming days, according to Reuters.

Christopher Waller, a member of the US Central Bank's Board of Governors, said on Thursday that the central bank's decision-makers must postpone interest rate cuts for at least another two months, which may lead to a slowdown in economic growth and curb demand for oil./

https://ninanews.com/Website/News/Details?key=1109416

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

Provoking Points To Ponder  From- QUOTES BY KAHLIL GIBRAN

Work is love made visible. And if you cannot work with love but only with distaste, it is better that you should leave your work and sit at the gate of the temple and take alms of those who work with joy.

Yes, there is a Nirvanah; it is in leading your sheep to a green pasture, and in putting your child to sleep, and in writing the last line of your poem.

You give but little when you give of your possessions. It is when you give of yourself that you truly give.

Friendship is always a sweet responsibility, never an opportunity.

Doubt is a pain too lonely to know that faith is his twin brother.

You pray in your distress and in your need; would that you might also pray in the fullness of your joy and in your days of abundance.

The obvious is that which is never seen until someone expresses it simply.

Your daily life is your temple and your religion.

The biggest thing in today's sorrow is the memory of yesterday's joy

We choose our joys and sorrows long before we experience them.

Reason, ruling alone, is a force confining; and passion, unattended, is a flame that burns to its own destruction.

Much of your pain is the bitter potion by which the physician within you heals your sick self.

Your pain is the breaking of the shell that encloses your understanding

Ever has it been that love knows not its own depth until the hour of separation.

Life without love is like a tree without blossom and fruit.

The chemist who can extract from his heart's elements compassion, respect, longing, patience, regret, surprise, and forgiveness and compound them into one can create that atom which is called love.

Famous Quotes and Authors, Famous Quotations for all Occasions

"Tidbits From TNT" Saturday 2-24-2024

TNT:

Tishwash:  Al-Araji: There will be a return of gratitude to the international coalition countries that provided to Iraq

National Security Advisor Qasim Al-Araji said on Saturday that the federal government will conclude bilateral security agreements with the countries of the international coalition forces led by the United States of America as a response to what they provided to Iraq in the war against ISIS, and there will be no rift with them if they withdraw from the country. .

Al-Araji's statements came during a dialogue session on the sidelines of the sixth Baghdad International Conference, which began this morning.

Al-Araji said in his statements that drugs have become the first danger in Iraq. ISIS is present in some remote places such as mountains and caves, and the security and intelligence services have accurate information about this presence, and are targeting the organization’s leaders.

Regarding the statistics that some reports indicate that there are 5-6 thousand members of the organization in Syria and Iraq, Al-Araji said: This number is exaggerated.

He added that in 2014, we were required to bring friendly forces to help us confront ISIS, and from 2014 to 2024 our forces developed a lot and have experience in confronting organizations, and therefore the government formed from all sectors decided to re-evaluate the presence of these forces.

Al-Araji went on to say that there will be a return of the favor in the form of concluding bilateral security agreements with the countries of the international coalition, and these countries welcome this matter and there is no objection on their part.

The National Security Advisor also confirmed that the NATO coalition is in Iraq for consultation, and they are not combat forces, and international cover is there. We have not severed relations with the international coalition, and there are negotiations with them, and the Iraqi government is awaiting the results of the committees.  link

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Tishwash:  The Iraqi governorates that decided to suspend working hours next Monday

A number of Iraqi governorates decided to suspend official working hours next Monday (February 26, 2024).

The governorates of (Karbala, Muthanna, Babil, Wasit, Maysan, Basra and Dhi Qar) announced, until preparing the news, the suspension of official working hours next Monday, on the occasion of the Shaabani visit.

The holiday excluded security, service and health departments in the aforementioned governorates.  link

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CandyKisses:  A thousand cards and 250 million dinars. Qi Card counts its participation in the book fair

Economy News - Baghdad

The International Smart Card Company (K-Card) revealed on Friday the results of its participation in the Iraq International Book Fair.

The director of the awareness department in the company, Muhammad Ali Saeed, on the sidelines of his participation in one of the sessions of the Iraq International Book Fair, and attended by the correspondent of "Economy News", that "the global company for smart card (Key Card) issued during the exhibition more than a thousand electronic payment cards", noting that "the purchase movements through the cards exceeded the 1500 movements."

He added that "the value of the amounts paid through these cards ranges between 30 or 40 million dinars," noting that "the value of the amounts that visitors loaded their card with exceeded the barrier of 250 million dinars."

Ali stressed "the need for integration between citizens' electronic accounts and their bank accounts because this would facilitate many banking operations inside and outside Iraq

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CandyKisses:  Seizure of accused of bribery, manipulation and waste of 426 million dinars in Dhi Qar

Economy News - Baghdad

The Federal Integrity Commission announced on Friday the seizure of those accused of bribery and manipulation, while revealing that it had monitored waste worth more than four hundred million dinars, and the seizure of expired medical materials in Dhi Qar.

The Authority's Information and Government Communication Office said in a statement, seen by "Economy News", that "the staff of the Dhi Qar Investigation Office, which moved to the Real Estate Registration Directorate in Nasiriyah, caught one of the directorate's surveyors red-handed receiving bribes with the flagrante delicto, indicating that the seizure process was carried out in accordance with the provisions of Resolution (160 of 1983), after the accused received the bribe amount in exchange for completing a transaction in violation of the law."

The statement added that "the staff of the Commission monitored the monitoring of an accused who buys receipts for the transactions of allocating land plots and official documents (national card - housing card - civil status identity) from citizens for the purpose of allocating and selling them to other people in exchange for sums of money, in order to obtain plots of land in the names of other people, noting the arrest of the accused after a tight ambush by the staff of the Commission's investigation office."

He explained that "the Dhi Qar Reconstruction Fund caused a waste of public money as a result of the failure to take legal measures against a general contracting company to which the project to deliver electricity to a group of villages in the Dawaya district was referred to an amount of (2,335,309,000) two billion dinars, despite exceeding the contractual period for the completion of the project."

He pointed out that "the report of the External Audit Division stated that the Fund did not collect the amount of the delay fine imposed on the company under the terms of the contract, which totaled (426,193,710) million dinars."

He continued, "The field emergency team in the office noticed during an inspection tour at Nasiriyah Teaching Hospital the presence of expired diabetic examination strips," pointing out that "the hospital administration allowed the use of these chips in the examination of patients in the hospital despite that

Mot: .... Has a very !!!!!!  Happy weekend

Mot: ... hoping this brightens your day 

MilitiaMan: IRAQI DINAR - FEDERAL COURT DECISION - IQD - NUMBERS & DETAILS - 2024 BUDGET - PMs Office - Read It

IRAQI DINAR - FEDERAL COURT DECISION - IQD - NUMBERS & DETAILS - 2024 BUDGET - PMs Office - Read It

MilitiaMan and Crew:  2-24-2024

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

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

https://www.youtube.com/watch?v=Ilntcn2kfN8

Iraq Economic News and Points to Ponder Friday Evening 2-23-24

Iraq Economic News and Points to Ponder Friday Evening 2-23-24

Tlm724 Administrator Bondlady’s Corner

The Central Bank Denies That There Is A Problem With The Liquidity Of The Iraqi Dinar

Economy |  02/23/2024  Mawazine News – Baghdad   Today, Friday, Central Bank Governor Ali Al-Alaq denied the existence of a problem with the liquidity of the Iraqi dinar, while indicating the imminent launch of the new mechanism for travelers to obtain the dollar.

Al-Alaq said in a statement, “What is being raised and rumored about the existence of a problem with the liquidity of the Iraqi dinar is untrue, and that the Central Bank is continuing the process of responding to requests related to liquidity, as well as the Ministry of Finance.”

He pointed out, "The Central Bank is developing the mechanism for passengers to obtain dollars smoothly at Iraqi airports, some of which have completed the system with the presence of relevant exchange companies and banks distributing dollars."

Al-Alaq pointed out, “The new mechanism will go into effect soon, and the traveler will obtain the dollar by registering through the platform and receiving it at the airport to ensure that the dollar reaches the real traveler.”  https://www.mawazin.net/Details.aspx?jimare=242605

The Central Bank Promises To Develop A New Mechanism For Delivering Dollars At Airports

Friday 23, February 2024 | EconomicalNumber of readings: 109  Baghdad / NINA / The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the development of a new mechanism for delivering the dollar at Iraqi airports to ensure that the dollar reaches real travelers.

Al-Alaq said in a press interview, “The new mechanism includes registration through an electronic platform and receipt at the airport by the traveler, indicating that the system and the presence of the relevant exchange companies have been completed in some airports, and the mechanism will be launched very soon.”

The Governor of the Central Bank confirmed that “there is no problem with the availability of the Iraqi dinar or liquidity, and that the Central Bank has not stopped for a moment in responding to requests related to liquidity and what is related to the Ministry of Finance.”

He pointed out that “the Central Bank pays great attention to electronic payment and electronic collection, and that it cooperates with the Prime Minister, government institutions and the private sector to enhance this field,” considering that “the launch was very successful and the size of the numbers reflects this.”/ End 9   https://ninanews.com/Website/News/Details?key=1109309

Prime Minister: We Are Close To Securing The Country’s Full Needs For Derivatives No Later Than The Middle Of Next Year

 Energy   Economy News – Baghdad  Prime Minister Muhammad Shiaa Al-Sudani confirmed on Friday that he is close to securing all of the country’s needs for derivatives no later than the middle of next year.

The Prime Minister's Media Office stated, in a statement, seen by Al-Iqtisad News, that "Prime Minister Muhammad Shiaa Al-Sudani visited the Al-Shamal Refinery in Baiji, which was rehabilitated after a hiatus that lasted more than 10 years."

The Prime Minister pointed out that "many Iraqis were waiting for this important achievement after the destruction that befell the refinery," recalling "the martyrs and wounded who defended this land and liberated the refinery from the terrorist ISIS gangs, so that a new era would begin whose heroes were the engineers and workers of the Northern Refineries Company who... They took on the challenge of rebuilding this important vital refinery.”

He stressed that "many doubted the return of the refinery materials that were made in cooperation with the Kurdistan Regional Government of Iraq," noting that "with this achievement, we are close to securing the country's entire needs for derivatives, no later than the middle of next year, which will save us billions of dollars that will be invested in In other service and economic aspects, by stopping the import of petroleum derivatives, we will thus achieve the goals of reform.”

Al-Sudani stated, “This government, during its 15 months of existence, has placed the oil and gas sector at the top of its priorities, according to well-thought-out programs and plans to invest this wealth, in a way that achieves the best returns,” stressing, “continuing to prepare a plan for investment projects inside and outside Iraq, in a new policy.” We adopt it by investing oil in the petrochemical and manufacturing industries to obtain the greatest return.”

The Prime Minister said, during a speech he delivered at the opening of the refinery, according to the statement: “We stand with reverence and respect for the martyrs and wounded who defended this land and liberated the refinery from ISIS gangs,” adding: “We visited this refinery in May 2023, to see its reality and look at the equipment.” The recovered machines came at the initiative of citizen Baran Ahmed Younis and with the cooperation of the Kurdistan Regional Government of Iraq.

He pointed out that "Iraq, with its production of more than 4 million barrels per day, is still importing oil derivatives, a policy that has been in place for decades," adding: "With this achievement, we are close to securing the country's entire needs for derivatives, no later than the middle of the year." Next, the champions may surprise us before this date.”

He stressed that "billions of dollars will be saved and allocated to other service and economic aspects by stopping the import of oil derivatives, and this is the real reform," pointing out that "the will and determination of the heroes in the Northern Refineries Company and the supporting national companies achieved this national achievement in 7 months, and it is assumed that The time limit may take 3-4 years.”

He stressed that "Iraq does not accept the impossible, and creates solutions regardless of the difficulties, and it is the strength that we are betting on to face all challenges," noting that "the government has placed the oil and gas sector at the top of its priorities, according to well-studied programs and plans that highlight the importance of investing this wealth, in a way that achieves the best possible results." Returns.”

He continued: "We went to projects implemented for the first time, such as investing in associated gas, and today international companies are working, and the national effort is in more than one site and field, to end gas burning within a time frame of 3-5 years," adding: "We are preparing the plan for investment projects inside and outside Iraq." “In a new policy we are adopting to invest oil in the petrochemical and manufacturing industries to obtain the greatest return.”

He continued his speech: “Our government is moving forward, with full confidence and determination, to provide service to the people in accordance with the government program, and with the support and assistance of members of the House of Representatives,” appreciating “the role of the Energy Committee in Parliament, and its Chairman, who had a major role in recovering the refinery’s materials.”

The Prime Minister also appreciated, according to the statement, “the important role of the members of the House of Representatives from Salah al-Din Governorate for their assistance and support in reviving this refinery,” concluding by saying: “The Baiji refinery returns to be a clear witness to the will, resolve, and persistence of the Iraqi people.   02/23/2024 - https://economy-news.net/content.php?id=40796

Oil Prices Are Declining Globally After A Decline In Demand

Economy |  02/23/2024  Mawazine News – Baghdad  Oil prices fell in Asian trading, today, Friday, as investors monitor signs of weak supplies with continued concerns about declining demand.

According to press reports, Brent crude prices witnessed a decline to about $83 per barrel after a 1.6% rise in the previous two sessions, while West Texas Intermediate crude was trading at about $78 per barrel, according to Bloomberg data analysis.

Oil spreads show signs of a stronger market, while US crude inventories expanded less than expected last week.

Although US crude inventories rose less than expected, they remain high for the fourth week in a row. Stocks in the Cushing Center in Oklahoma, which is considered a delivery point for US crude contracts, extended for the second week, but remain below seasonal averages, according to observers

https://www.mawazin.net/Details.aspx?jimare=242594

Weekly Trading Indicators For The Iraqi Stock Exchange

Thursday 22, February 2024 22:06 | Economical Number of readings: 705  Baghdad / NINA / The Iraq Stock Exchange organized five trading sessions today, Thursday, during the third week of February 2024.

A statement from the stock market stated, “During the third week of February 2024, five trading sessions took place from Sunday, 02/18/2024, to Thursday, 02/22/2024. During this week, the following indicators were achieved:

1- reached The number of shares traded during this week was more than (16) billion shares.

2- The value of shares traded this week amounted to more than (16) billion dinars.

3- The market trading index closed for the first session of the week at (910.92) points, while the At the end of the week, the index reached (917.42) points, achieving an increase of (0.71%) over its close at the beginning of the session.

4- During this week (3378) buy and sell contracts for shares of companies listed in the market were executed./End 8   https://ninanews.com/Website/News/Details?key=1109203 

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

Goldilocks' Comments and Late Global Economic News Friday Evening 2-23-24

Goldilocks' Comments and Late Global Economic News Friday Evening 2-23-24

Good Evening Dinar Recaps,

Currently, we have a lot of stocks that are doing what is called "reverse stock splits." I won't go into detail on what this is, but it is simply reducing the number of stock shares that are provided on the stock market by a company.

This gives a company the ability to manipulate their price. It makes a company look like they are doing better than they really are.  Professional traders view this as a negative move to keep their company from being delisted from the markets and sold as penny stocks.

It is an indication that this particular stock has reached a bottom, and the company is attempting to artificially raise its value through a reverse stock split.

Bottom line, the stock market just simply is not doing as well as it appears, and you do have to know what you're doing to be on it at this stage. This is one of many tricks that are being played currently on the stock market to hold its value up artificially.

For this and other reasons, we are witnessing many traders and billionaires move their money from the stock market and into digital asset-based trading.  WolfStreet

© Goldilocks

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LIVE! What The Fed. Is Planning IS WAY WORSE THAN YOU THINK... Count On It. Mannarino | YouTube
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In the house there has been disagreements on the control of payment stablecoins. | Mr. Man on X

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Follow Goldilocks' Roadmap

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Goldilocks' Comments and Global Economic News Friday Evening 2-23-24

Goldilocks' Comments and Global Economic News Friday Evening 2-23-24

Good Evening Dinar Recaps,

Hong Kong Central Bank Announcement:

"On Tuesday, the Hong Kong Monetary Authority (HKMA) released an 11-page circular outlining its guidelines for tokenization and digital asset custody for institutions authorized in the region.

The recent guidance from the Hong Kong Monetary Authority (HKMA) supplements the licensing framework introduced last year, providing crypto exchanges with a clear pathway to operate under regulation."

Hong Kong has just recently been given the green light to move forward with their crypto and stablecoin regulations.

Do you remember the pilot program they were on to standardize and move forward with the digital versions of our foreign currency in their sandbox?

It will be important for us to watch as they advance forward with their new guidelines as it will pertain to monetary shifts in prices on the Forex Market.   Crypto Times

© Goldilocks

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Global Banking Announcement:

"In a move that underscores the evolving landscape of international finance, a consortium of leading banks, including BBVA, BofA Securities, ING, Mashreq, Morgan Stanley, and Standard Chartered Bank, has embarked on a pivotal mission. Authorized by an undisclosed bank, these financial titans are set to traverse continents, with meetings scheduled across Asia, Europe, and the United States on February 20, 2024. Their objective is clear yet complex: to assess the appetite of global investors for USD-denominated Basel III compliant Tier 2 notes, a critical component in strengthening the banks' capital structure."

Global Banks are currently preparing for Tier 2 Capital note exchanges under Basel 3 guidelines. Banks are accumulating these foreign currencies to support their banking structures.

What are Tier 2 Capital notes? These notes are designated as second or supplementary layers of a bank's capital. And, they are commonly known as revaluation reserves or foreign currencies.

What makes them revaluation reserves under Basel 3 guidelines is the expectation of an increase in their value due to the backing by gold. Many of the currencies that are coming back onto the market on the local level in countries around the world are being supported by gold reserves.

Basel 3 is what makes these newly reinstated currencies have the need to be repriced on the market offering a Level Playing Field with other currencies around the world. HO1 US  Investopedia BNN Breaking

All roads lead to gold, and gold will set us free.

© Goldilocks

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Don't be surprised if Artificial Intelligence doesn't move some of our timelines going forward closer than we would have seen it done without it.

© Goldilocks

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I may leave that article above out to stand alone today for some time. For those of you who still have doubts that this is going to happen, look closely at that article until you finally get it. It's already happening, but it wasn't a push of the button was it?

It always has been, is, and will be a process. One day, we will wake up to new price changes, and it will take us all by surprise.

Your best intel going forward may very well be traders who work these markets.

You know me by now, I do not want you to get too dependent on any intel provider. Watch for yourself rate changes on the  CBI.iq

© Goldilocks

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JPMorgan Chase chief Jamie Dimon cashed in about $150 million of his stock in the bank — the first time the head of the largest US lender has sold shares since taking charge in 2005.

Dimon, one of the longest-serving chief executives on Wall Street, unloaded 821,778 shares of JPMorgan, according to an SEC filing Thursday.
The selloff is part of a larger plan the bank revealed in an SEC filing in October to sell 1 million of the 8.6 million shares Dimon and his family own.

NY Post

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This Housing Market is Still Frozen | Wolf Street

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Subscribe to Newsletter

Thank you Dinar Recaps

Iraq Economic News and Points to Ponder Friday Afternoon 2-23-24

Iraq Economic News and Points to Ponder Friday Afternoon 2-23-24

Tlm724 Administrator Bondlady’s Corner

Association Of Banks: Total Government Electronic Collections Amounted To More Than 418 Billion Dinars

 Economy    Yesterday, 18:34  Baghdad - INA - Wissam Al-Mulla  , today, Thursday, the Iraqi Private Banks Association announced statistics on the number of electronic payment cards and the total government collection, which  it confirmed amounted to more than 418 billion dinars, while indicating that there are 558 government agencies that have deployed electronic payment tools in their institutions.

 The Executive Director of the Iraqi Private Banks Association, Ali Tariq, said in a statement to the Iraqi News Agency (INA):

 “There is great interest and support from the Prime Minister to support the Iraqi economy through his support for the private sector,” indicating that “the launch of the electronic collection project comes as a translation of the vision and strategic objectives.” To develop the financial and banking sector in Iraq. 

He pointed out that “the number of employee cards in Emiratisation services until June 2023 amounted to (8,653,310),” noting that  “the number of cards issued (prepaid, debit, credit) until September 2023 amounted to 17,822,988.”

 He added, "There are 558 government agencies that have deployed electronic payment tools in their institutions," pointing out that "the total government electronic collection since the activation of the Council of Ministers' decision to publish electronic payment tools through 586,868 transactions amounted to 418,371,127,093 billion Iraqi dinars."".    https://www.ina.iq/203655--418-.html

Al-Sudani: Economic and banking reform is one of our most important priorities  

February 22 18:04 Information / Baghdad.  Prime Minister Muhammad Shiaa Al-Sudani confirmed on Thursday that the government has placed the issue of economic and banking reform among its most important priorities.

 Al-Sudani said in a statement received by Al-Maalouma on the sidelines of his meeting with Andrew Toure, the Regional President of Visa for Central and Eastern Europe, the Middle East and Africa, and his accompanying delegation,

“The government has placed the issue of economic and banking reform among its most important priorities, and  it seeks and welcomes cooperation in this field,” noting. To approve the electronic payment system in the Council of Ministers.

He praised, "the company's cooperation in expanding electronic payment technology and digital transformation, whether   through training workers in Iraq or by     contributing to education about the electronic payment process."

For his part, Andrew expressed “the desire to continue cooperation with the Central Bank of Iraq and all Iraqi banking sector institutions,” noting  “Visa’s interest in supporting the Iraqi government’s plans towards electronic payment and economic and banking reform, by  introducing advanced solutions and technologies to the market, as well as its   readiness to bring expertise, in addition to     employing more Iraqis in its office in Baghdad,  with the aim of reaching 500,000 acceptance points from electronic payment points of sale in Iraq.”  

https://almaalomah.me/news/56858/economy/السوداني:-الإصلاح-الاقتصادي-والمصرفي-من-أهم-أولوياتنا

Risk Management Process

 https://cbi.iq/static/uploads/news-170860002852481.jpg

February 22, 2024     :diamonds: Risk management process..For more, click here

https://cbi.iq/static/uploads/up/file-170859998090347.pdf

 https://cbi.iq/news/view/2518

A Journalist Reveals A Serious Issue Related To The Dismantling Of Industry In Iraq

 February 22, 2024 Last updated: February 22, 2024  The Independent/- Iraqi journalist Qusay Shafiq revealed a dangerous issue related to the dismantling of industry in Iraq.

 In a post on his Twitter account, Shafiq addressed the story of the modern paint factory, noting that

 the process of “blind, corrupt investment, especially the mixed sector, represents a serious problem affecting the national economy.”

 He referred to the experience of the Modern Paints Company, which was converted into an investment when the current Prime Minister, Muhammad Shiaa Al-Sudani, was Minister of Industry.

 “It is possible to understand how the situation deteriorated after it was converted into a corrupt investment!!” He explained that

 one of the main reasons for failure is the lack of investor commitment to implement the measures required to revive the company.

 Instead, the investor took advantage of the opportunity to make quick profits at the expense of the company's resources and infrastructure.

 Such as “selling the treasury and dismantling production lines,” which reflects exploitation that only serves the interests of the investor himself. He added,   “Warehouses and headquarters were rented to people with connections that raise suspicions about the existence of corrupt practices and abuse of influence.”

 He also continued,   “It failed to implement and monitor the agreement between the government and the investor, as  it did not provide sufficient mechanisms to ensure compliance with the investor’s obligations and monitor the proper use of resources.”

 The scenario to which the Modern Paints Company was subjected also appears, including the plundering, dismantling, and sale of state lands!” Shafiq concluded,

  “This case should be an important lesson for the government and concerned parties in implementing industrial and investment policies instead of mortgaging state factories and companies into the hands of corrupt investors who exploit the story of industrial development in corrupt partnership contracts with the government.”    https://mustaqila.com/اعلامي-يكشف-عن-موضوع-خطير-يتعلق-بتفكيك/

Is There Enough Time For The Sudanese Government To Get Out Of The “One-Rent” Prison?

     February 22 /Information/report..   After the major reconstruction campaign led by the Sudanese government in Baghdad and a number of Iraqi provinces,

this government began to develop a plan to multiply the country's revenues and remove it from the revenues of the single rent represented by oil.

 90 percent of Iraqi revenues depend on oil, which is the sole financier of the state treasury,  making federal budgets captive to the impact of the rise and fall of oil prices.

 The first sector with multiple revenues for the country is energy investment, especially the gas that Iraq loses from the oil extraction process.

 In this regard, the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, announced earlier the signing of “important” contracts for the investment of natural and associated gas, stressing that the  “neglect” of natural and associated gas has caused Iraq to lose many development opportunities.

He added,  "For many years, Iraq has depended on oil as a basic resource for the economy and money, and natural and associated gas were neglected, which caused us to lose many development opportunities, in addition to the environmental impacts associated with the oil industry."

He added,  "We have begun treatments to develop the oil industry and invest in neglected ones, and we have signed important contracts to invest in natural and associated gas," adding that  "the sixth round will be signed soon, which targets important areas of natural gas fields."

 He pointed out that  "investing in gas will end the waste of gas wealth that costs Iraq approximately 4 billion dollars annually," pointing out that they have placed the government's top priorities as "making room for the private sector and international companies, and providing facilities for them."

He stated that  oil "still represents a primary source of energy in the world, and has its importance in politics, economics, development, and the environment, and its importance to countries that depend on it, whether for production or consumption."

 The Iraqi Prime Minister stressed that the government “has paid attention, since its formation, to the energy file in all its details, most notably what relates to oil and natural and associated gas,” stressing

 cooperation with major companies in the field of energy, including the recent agreement with the French company Total, to achieve integration in energy investment.

 And make Iraq an active player in the gas market during the next few years.”

 He noted that  the world "is searching today for alternatives to traditional energy, and is moving towards alternative energy sources, which will be competitive with oil and gas within a few years," urging the necessity of "making plans to keep pace with global transformations toward alternative energy."

 Industry represents one of the most important sectors that provides the country with large, reliable financial resources that fill budget shortfalls.

 Economist Bassem Antoun called for attention to the industrial sector, because it could be an essential resource for any country. Antoine told Al-Maalouma,

  “The Sudanese government has begun to take good steps to revitalize the industrial sector by granting soft loans to industrialists.”

However, Antoine pointed out an important problem, which is the failure to implement laws and regulations in this regard, which contributed to the exit of a group of merchants who still stand as a barrier to prevent the implementation of these laws and legislations.

 In addition, a member of the Parliamentary Services Committee, MP Baqir Al-Saadi, revealed the government’s plans to revive the industrial sector. Al-Saadi told Al-Maalouma,

  “The Sudanese government has adopted a tripartite plan to revive Iraq’s largest industrial complexes in 9 governorates through investments, modernization of production lines, and creating a partnership in the supply of important materials and equipment.”

He added,  "The revival of the industry will provide thousands of job opportunities within a short period, pointing to the ability of the Iraqi markets to absorb the products, and

this is what creates a positive situation and the continuation of the project to revive important industries during the next 3 years."

For her part, the representative for Dhi Qar Governorate, Ola Al-Nashi, announced that government approvals had been obtained to reactivate and develop four vital factories in the governorate. Al-Nashi told Al-Maalouma,

 “The approvals of the Ministry of Industry and Minerals were obtained to complete the industrial city file and connect it with electricity, to pay attention to the Nasiriyah Textile Factory and the Ur Company, to develop mechanisms for marketing their products, and to restart the Chibaish dairy factory.”

Although the Sudanese government has the intention to advance the industrial sector and other sectors, such as agriculture, this matter depends on the time that will reveal in the coming days giant projects that can provide the Iraqi budget with more funds. Ended / 25 AD

https://almaalomah.me/news/56822/economy/هل-يسعف-الوقت-حكومة-السوداني-للخروج-من-سجن-الريع-الواحد

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

"Tidbits From TNT" Friday Morning 2-23-2024

TNT:

CandyKisses:  Parliamentary Finance: Funds for 2024 projects can only be released after Parliament votes on budget tables

Shafaq News / The Parliamentary Finance Committee confirmed  that it is not possible to disburse funds for new projects within the year 2024 until after Parliament votes on the current year's budget tables.

Committee member Jamal Kojar told Shafaq News Agency that "the 2023 budget continues to spend, while the 2024 budget needs tables to be voted on in the House of Representatives."

He added that "the new projects within the 2024 budget cannot be disbursed at the moment, as they need a parliamentary vote on the 2024 budget tables, and these tables have not been seen so far and have not reached us, and we hope to reach them soon."

It is noteworthy that the Iraqi Council of Representatives voted last year on a tripartite budget for the years (2023, 2024, 2025).

Tishwash:  Al-Sudani: The government has placed economic and banking reform among its most important priorities

Prime Minister Muhammad Shiaa Al-Sudani confirmed, on Thursday, that the Iraqi government has placed economic and banking reform among its most important priorities, indicating its endeavor to welcome work in this field.

The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani received, this afternoon, Thursday, Andrew Toure, the regional president of Visa for Central and Eastern Europe, the Middle East and Africa, and his accompanying delegation.”

The Prime Minister stressed, according to the statement, that “the government has placed the issue of economic and banking reform among its most important priorities, and it seeks and welcomes cooperation in this field,” pointing to the approval of the electronic payment system in the Council of Ministers, praising the company’s cooperation in expanding electronic payment technology and digital transformation, Whether through training workers in Iraq or by contributing to education for the electronic payment process.”

For his part, the regional president of Visa expressed “the desire to continue cooperation with the Central Bank of Iraq and all Iraqi banking sector institutions,” noting that “Visa’s interest in supporting the Iraqi government’s plans towards electronic payment and economic and banking reform, by offering advanced solutions and technologies.” To the market, as well as its readiness to bring expertise, in addition to employing more Iraqis in its office in Baghdad, with the aim of reaching 500,000 acceptance points from points of sale for electronic payment in Iraq   link

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

Tishwash:  Washington restricts Iraq to the control of the Federal Reserve... manipulating the country’s capabilities and dominating financial sovereignty

With the principle of tightening the screws from all sides, the United States of America continues to manipulate Iraq’s vital capabilities from time to time, and in parallel with the important events that occur in the political, security and economic arena, given the dictatorship that Washington is implementing towards the country through the Federal Bank, and the delay in sending Iraq’s export funds. Oil for the purpose of causing a liquidity crisis that hinders the work of the government, especially the crisis of delayed release of recurring employee salaries as a result of; Reducing financial releases from America despite the increase in the country’s financial balance during the recent period, amid many calls for the government’s need to move towards achieving economic sovereignty and breaking American hegemony.  

*Financial sovereignty? 

Speaking about this file, a member of the House of Representatives, Thaer al-Jubouri, accuses the United States of America of controlling Iraq’s funds through the Federal Bank, while he stressed that Washington is creating pretexts to control a number of files.  

Al-Jubouri said, in an interview with the Maalouma Agency, that “America is trying to force the country to pay the price of solidarity with the Palestinian cause and a position against the Zionist entity,” pointing out that “achieving economic independence is extremely important for the development of the Iraqi economy.”  

He continues, "One of the reasons for the crisis of the rise in the parallel exchange rate of the dollar is the interventions of the US Federal Reserve, which takes decisions and imposes sanctions," adding that "America controls the rise and fall of the dollar price through many of the schemes it follows."  

Al-Jubouri concludes his speech by saying, "Washington is always trying to influence the government's steps that seek to achieve economic and military independence for the country," accusing "the United States of America of dominating Iraq's funds through the Federal World Bank."     

*Washington conspiracy? 

In addition, the economic expert, Nasser Al-Kinani, warned today, Thursday, of a plan to seize Iraqi oil money from the US Federal Bank, while revealing details of a conspiracy against the Iraqi economy. 

Al-Kanani said in an interview with the Maalouma Agency, “The sanctions imposed on Iraqi banks contributed to a liquidity crisis for the dollar in the local markets,” noting that “there are fears of stopping the export of money from selling oil to the country.”  

He continues, "The Federal Reserve's sanctions on Iraqi banks are intended to benefit the rest of the Arab banks that partner with Washington," pointing out that "the dominance of the United States of America over the Iraqi economy still continues until now."  

Al-Kanani added, "The United States of America has issued sanctions against 26 banks so far," considering that "the process of stopping these banks is unjustified and there are no reasons to take measures against them." 

 The United States of America continues to impose its influence on Iraq in many vital files, including the authority to deposit Iraqi oil sales funds in the US Federal Bank, amid clear blackmail to pass many files, or manipulate the dollar bill, which puts great pressure on the government. link

Mot:  My Guardian Angel Was YOUNG and Energetic when I started this TNT Journey... Now Look at Him !!!!!

He Started Out Sooo Positive !!

siiiiiggggghhhhhhh -- and Now!!!!

Iraqi News Highlights and Points to Ponder Friday AM 2-23-24

Iraqi News Highlights and Points to Ponder Friday AM 2-23-24

The Outlets Seized Money In Iraqi Dinars And Dollars Whose Owners Tried To Smuggle Them Out Of The Country

Economy News – Baghdad   On Thursday, the Border Ports Authority announced the seizure of funds in Iraqi dinars and dollars whose owners attempted to smuggle them out of the country.

A statement by the authority, seen by Al-Iqtisad News, said: “The Trebil border port was able to arrest an Iraqi traveler in possession of (7) MasterCard cards at the departures checkpoint without declaring them, and after examining them with the POS device at the Civil Customs Center, it was found that the total amounts in them amounted to (52,829,000) fifty-two million eight hundred and twenty-nine thousand Iraqi dinars.”

The statement added, "The Shalamcheh border port was able to arrest an Iraqi traveler in the departure hall who did not have official documents in possession of (62) thousand US dollars. He tried to smuggle it by concealing it in a professional manner." He pointed out, "Their statements were duly recorded and they were referred, along with the seized items, to the competent judicial authorities to take legal measures against them." 276 views   02/22/2024 - https://economy-news.net/content.php?id=40782

Al-Sudani: 2025 Will Witness Stopping The Waste Of Billions After Being Satisfied With Oil Derivatives[/Size]

Economy | 11:52 - 02/23/2024  Mawazine News – Baghdad  Prime Minister Muhammad Shiaa Al-Sudani set the year 2025 as the date to stop the import of petroleum derivatives, during his inauguration of the North Refinery in Baiji. Al-  Sudani stated, in a speech during the opening ceremony, that “this achievement and the previous achievements are in order to complete the country’s needs.” Of oil derivatives, the most recent of which was the opening of the Karbala refinery and another in Basra.

 He added, “This is today’s great achievement to achieve an important step on the way to declaring Iraq soon, God willing, after completing the rest of the projects no later than mid-2025, and God willing, the heroes will surprise us with a sooner date to announce the completion of Importing oil derivatives and transferring this huge amount of money, billions of dollars, to other aspects. This is the real reform.

 He pointed out that "reform is not a single word, it is not just a word, but rather action, planning, and a goal, and this is what we are working on."

He continued, "The other side of this achievement was achieved through national effort as well. When we announced the start of the construction of this refinery, there were those who doubted this promise and said that the reasonable time limit ranged between 3-4 years, and we used to hear this from those who claimed specialization."   https://www.mawazin.net/Details.aspx?jimare=242596

"Electronic Payment"... A Nightmare That Haunts A Segment Of Workers In Iraq

2024-02-22 Shafaq News/ With hatred and anxiety, “Al-Bozrji” Muhammad Ali (33 years old) looks at the electronic payment device that was placed next to him, due to which the amount of tips he receives has decreased, and perhaps he may also lose his job in light of the increase in citizens’ acquisition of (Visa Card) cards. In order to refuel.

The Iraqi government seeks to activate the electronic payment service, adopt modern automation systems, and end cash dealing.

Accordingly, the Petroleum Products Distribution Company, affiliated with the Iraqi Ministry of Oil, has set the end of next March as a deadline for cash transactions at government and private fuel filling stations.

The Petroleum Products Distribution Company announced, the day before yesterday, Tuesday, that it had conducted an experiment at the Al-Muthanna station to end human intervention in the processing process, as the quantity is entered into the POS machine and then the quantity is transferred from the electronic payment card.

The company's general manager, Hussein Taleb, explained in a statement, "The companies have worked to connect the fuel dispenser to the POS payment device, and thus the citizen will be able to enter quantities of fuel and pay money without the need for human intervention."

The nightmare of unemployment haunts “Bozerji”

Returning to the worker “Ali,” who has been working at a private gas station in Baghdad for 9 years, he told Shafaq News Agency, “I spend most of my time from the beginning of the day to the end standing near this box called (the cabin) to receive whoever wants to refuel, and to give me some.” Tipping for each supply, but because of electronic payment devices, tipping has begun to decrease.”

Ali, who considers electronic payment systems a threat to his livelihood, continues, “The situation does not bode well, especially for workers in private gas stations, as their owners are talking about the possibility of reducing the number of workers, which will cause an increase in unemployment in light of the lack of appointments and the lack of job opportunities in other sectors.” ".

Electronic payment features

Electronic payment is a system for making or settling payments without the need to use cash. This system has many advantages, the most important of which is eliminating corruption, fraud, and direct bribery in government institutions, ease of trading, raising cash deposit rates in banks and banks, and other benefits.

But Iraq's transition to this globally applicable system is not without fraud, whether by merchants when citizens shop, or by collecting additional amounts under the pretext of the withholding fees currently in effect, especially since society's culture of electronic payment is weak.

Therefore, it is necessary to educate society on trading in it, and to facilitate the opening of bank credits for citizens for the purpose of issuing electronic cards smoothly and without obstacles, according to what a number of experts in the Iraqi economy spoke to Shafaq News Agency.

In this context, oil expert, Kovind Sherwani, says, “The system of paying and paying bills by electronic card represents a modern method for financial transactions, and is characterized by speed of completion and accuracy in conducting transactions. It also reduces dependence on cash liquidity in transactions, which is usually susceptible to damage and therefore requires "Compensation."

Sherwani added to Shafaq News Agency, “As for dealing with cards, it reduces dependence on currency, whether paper or cash, thus reducing damage and saving the state other amounts. The payment system also represents a safe way to complete financial transactions instead of carrying large sums of money in the wallet.” It may be vulnerable to loss or theft.

But the problems that hinder the implementation of this system in Iraq, according to Sherwani, may be “the lack of familiarity of the common citizen, especially those with limited education, or those with self-employed and earning jobs, as well as the fees that are collected from every sale or purchase with these cards.”

He calls for “the commission to be low to be an incentive for the citizen to adopt the cards and not be an obstructing factor for him, because adopting the card is a preliminary step toward electronic banking without the need to visit the bank and deal paper-wise with currencies, whether withdrawing or depositing.”

He continues, “Therefore, getting used to these cards will be a paving step for the citizen who is not accustomed to checking with banks to get used to opening credits and accounts, completing commercial transactions, etc., and even salaries, as found in the smart card and Key Card, are transferred electronically to the accounts, and the employee or retiree is able to receive his salary from any A key card point or agency anywhere in Iraq.

He points out that "employees are accustomed to this system, but non-employees who are self-employed and gainful employees may find this matter new to them, but with the passage of time they will realize the benefits that electronic payment brings."

For his part, MP Kazem Jarro, a member of the Oil and Gas Committee in the Iraqi Parliament, says, “In most government and private gas stations, the worker takes an additional amount for himself, so electronic payment will end this matter.”

The representative continued to Shafaq News Agency, “Putting money in the MasterCard will transfer money from the citizen’s wallet to the state’s balance, so electronic payment has many benefits and will reduce corruption.”

Regarding the fate of workers in the stations, he confirms that “these will continue working and will not be affected. Their numbers in the sales department may be reduced to provide payment devices that carry out their tasks, and the surplus will be distributed to the departments of the Petroleum Products Distribution Company, so the payment devices will not cause unemployment, but the workers may be affected by them.” In private stations, as a result of the availability of devices that perform their role, their numbers may be reduced.”

In turn, the Vice President of the Union of Bottling Factories and Gas Services, Abbas Mahyoub, points out that “most citizens do not have a Visa card, and according to my field of work, a problem may occur in the process of selling gas, as the gas agent who roams within the cities to sell gas to citizens, finds that Most families do not have electronic payment cards.”

Mahyoub added to Shafaq News Agency, “Although the Visa card is available, there is a commission when loading and withdrawing it, so this is a loss for the user, and although the issue has many benefits, this commission may lead to an increase in prices to cover these commissions.”

On January 7, the Prime Minister, Muhammad Shiaa Al-Sudani, directed that citizens be spared additional financial burdens resulting from commissions, during a meeting devoted to following up on the financial and economic transition to electronic payment, points of sale, and financial trading with electronic cards (POS).

Al-Sudani confirmed, according to a statement issued by his media office, that the goal is to facilitate dealing and facilitate payment in all fields, while ensuring the highest levels of security.

Demands the provision of POS devices in public places

Most markets and fuel filling stations lack POS devices, despite the Council of Ministers’ directives to implement the electronic payment system in state institutions, the private sector, commercial centers, stores, markets, and other entertainment facilities.

Citizens still lack the provision of POS devices, and there are demands from the Central Bank, banks, and electronic payment companies to provide POS points of sale and make them accessible to citizens for use with electronic cards in shopping and paying instead of cash.

The Central Bank of Iraq announced, at the beginning of last June, that Cabinet Resolution No. (23044) for the year 2023 had entered into force, which was to increase the number of electronic payment devices (POS) in government institutions and the private sector to enhance the culture of electronic payment and collection, and reduce the use of paper money in Collection and commercial transactions.

It is noteworthy that the Board of Directors of the Central Bank of Iraq decided, on December 13, to establish the “National Company for Electronic Payment Systems” throughout the country, indicating that the company represents a qualitative development in the structure of the country’s financial infrastructure.

According to the Iraqi Central Bank statement, this step coincides with the rapid growth in electronic financial services and products and the rise in the number of users in accordance with the framework of the government program to support and adopt advanced electronic payment systems.

In turn, the Iraqi Private Banks Association revealed, on December 12, a growth in accounts, bank cards and electronic payment devices after the great support provided by Prime Minister Muhammad Shia al-Sudani and the Central Bank of Iraq to the banking sector, through activating electronic payment in government and private institutions and reform in Foreign trade financing mechanisms.

The association’s executive director, Ali Tariq, said in a press statement that bank accounts grew by 14%, reaching 10.02 million bank accounts by September 30, 2023, after at the end of 2022 there were more than 8.79 million accounts, which means the creation of more than 1.2 million. Account within 9 months.  LINK