Iraq Economic News and Points to Ponder Friday Afternoon 3-1-24

Iraq Economic News and Points to Ponder Friday Afternoon 3-1-24

Tlm724 Administrator Bondlady’s Corner

Central Bank: These Are The Procedures For Registering Customers And Filling Wallets And Smart Cards

Friday 01, March 2024 10:39 | Economical Number of readings: 759  Baghdad / NINA / The Central Bank of Iraq announced a list of controls regulating customer registration procedures and filling wallets and prepaid cards, to banks and all electronic payment service providers to implement./End 5   https://ninanews.com/Website/News/Details?key=1110564

Central Bank Governor Ali Al-Alaq Calls For Making Private Sector Collections Through Electronic Payment

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed today, Friday, the presence of great interest and interaction by Prime Minister Muhammad Shiaa Al-Sudani, urging state institutions to make electronic payments, while noting that the volume of funds collected from state institutions indicates the success of the electronic collection project.

Al-Alaq said, “We are standing on an important station at the national level, which is electronic payment,” indicating that “the issue relates to economic, regulatory, supervisory, and stimulating aspects of investing resources or funds instead of being outside the banking and financial system.”

He pointed out that "electronic collection is an important pillar in activating electronic payment because of the presence of institutions, multiple services, fees and fees, and many services that can save costs, organize and control them through electronic payment methods for which the Central Bank provides the infrastructure and makes it applicable."

He added, "There is an effort at the national level that requires the combined efforts of all institutions, and there is great care, interest, and interaction from the Prime Minister, who is following up with the Central Bank and the concerned authorities to urge ministries and state institutions to interact with this major project."

He stressed that "the numbers mentioned regarding the use of electronic payment indicate that the launch was very successful, and reflect that the issue is moving in the right direction by including all state institutions concerned with collection with the application of electronic payment."

He explained that "the numbers reflected all state institutions and provided electronic collection, and the amount of funds indicates success," expressing his hope that "the scope of application will expand to include all private sectors."

He pointed out that "there is a great response from the federations and concerned private and public economic bodies to advance this large national project and its multiple episodes," stressing that "the Central Bank is working on multiple levels in order to reach important leaps."

262 views 03/01/2024 - https://economy-news.net/content.php?id=41018

Oil Prices Rise As Markets Await The OPEC+ Decision

Economy | 01/03/2024  Mawazine News - Baghdad..Oil prices rose in trading today, Friday, as markets awaited the OPEC+ group’s decision on the black gold production policy.

US crude contracts were trading at $78.56 per barrel, an increase of 0.38% from the previous settlement price.

While global Brent crude futures contracts were trading at $82.29 per barrel, an increase of 0.46% from the previous closing price, according to Bloomberg data.

Earlier, Reuters quoted informed sources that the OPEC+ group is studying the issue of extending the voluntary cuts to the second quarter of this year.https://www.mawazin.net/Details.aspx?jimare=242996

The Central Bank Reiterates Its Emphasis On Facilitating And Simplifying Banking Procedures

Thursday 29, February 2024 12:50 | Economical Number of readings: 419  Baghdad / NINA / The Central Bank of Iraq reiterated its mandate to facilitate and simplify banking procedures by taking the necessary measures to ensure this by banks, and facilitating “know your customer” procedures in accordance with the laws and instructions issued in this regard.

The Central Bank pointed out that this comes for the requirements of the public interest, and in order to enhance the performance of banks using various approved means for the purpose of attracting the public to conduct financial operations through the banking channels approved by it, and the impact of this on the growth of the Iraqi banking sector./ https://ninanews.com/Website/News/Details?key=1110406

A Movement To List Government Bonds In The Markets

 Market  Economy News – Baghdad  On Monday, the Iraqi Securities Commission explained the importance of government bonds, stressing that they  provide financial liquidity for investment projects, while indicating that there is a movement from the Central Bank to list government bonds in the markets.

 The Chairman of the Authority, Faisal Al-Haims, said in a statement reported by the official news agency and seen by Al-Iqtisad News, that  “three issues of government bonds were issued, as the first and second issues were launched, and now there is the third issue.”

He pointed out,  "There are requests from the Central Bank of Iraq to list these bonds on the market," indicating that  "those bonds are debt securities owed by the Iraqi government, in exchange for interest given to the owner of this bond." He stressed,

"This measure will provide financial liquidity for the investment projects launched by the Prime Minister and his government," suggesting that they "will be crowned with goodness and success for the Iraqis."

Government bonds are a type of debt-based investment, where you lend money to the government in exchange for an agreed interest rate.

Governments use them to raise money that can be spent on infrastructure or new projects, and investors can use them to obtain set returns that are paid at regular intervals.  335 views  02/26/2024 - https://economy-news.net/content.php?id=40882

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

Provoking Points to Ponder on Decisions 

Full maturity ... is achieved by realizing that you have choices to make.  - Angela Barron McBride

Wherever you see a successful business, someone once made a courageous decision.  - Peter Drucker

Life is just a series of trying to make up your mind.  - Timothy Fuller

Life is just an endless chain of judgements. . . . The more imperfect our judgement, the less perfect our success.  - B. C. Forbes

To know just what has do be done, then to do it, comprises the whole philosophy of practical life. - Sir William Osier

Life is like a game of cards. The hand that is dealt you represents determinism; the way you play it is free will.  - Jawaharlal Nehru

Somehow we learn who we really are and then live with that decision.  - Eleanor Roosevelt

Living is a constant process of deciding what we are going to do.  - Jose Ortega

  http://famousquotesandauthors.com/quotes_by_topic.html                                   

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

"Tidbits From TNT" Friday 3-1-2024

TNT:

Tishwash:  Biden and his deputy refuse to meet Masrour Barzani at the White House

An American website confirmed that the offices of the US President and Vice President refused to hold face-to-face meetings this week with the Prime Minister of the Iraqi Kurdistan region, Masrour Barzani.

 According to the Washington Free Beacon website, citing sources and former American officials who sought to hold these meetings, they expressed their concern that Biden and Harris would not give time to meet Barzani.

The website stated, “US Secretary of State Anthony Blinken pressured Masrour Barzani to work more closely with the Iraqi government to calm tensions.”

The website also quoted Michael Knights, an expert on Middle East affairs, close to the Kurdish leadership, residing in Erbil and a personal friend of Kurdistan Democratic Party member Hoshyar Zebari, as saying, “The White House refuses to meet with friends and partners of the United States from Kurdistan, but happily invites the Iraqi Prime Minister to the office.” Al-Baydawi,” adding, “It seems to many as if the United States cannot distinguish between friends and enemies.   link

Tishwash:  Iraq concludes its discussions with the International Monetary Fund expert mission in Amman

The Iraqi delegation, headed by Finance Minister Taif Sami, concluded today, Thursday, its discussions with the Article IV mission of International Monetary Fund experts in Amman, while the mission confirmed its continued support for the government’s reform steps.
The Ministry of Finance stated in a statement received by Mawazine News, that “during the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”

The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” ".

The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .

The mission noted “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”

The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”

According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.

It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials. link

CandyKisses:  International monetary indicates the decline in inflation rates and the stability of the foreign exchange market in Iraq

Shafaq News / The International Monetary Fund, a "remarkable decline" in inflation rates, which is reflected in the decline in food and energy prices in addition to the stability of the foreign exchange market in Iraq, according to the Ministry of Finance.

The ministry said in a statement that an Iraqi delegation headed by Finance Minister Taif Sami concluded today, Thursday, its discussions with the Article IV mission of the International Monetary Fund experts in Amman, during which the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development structure, financial sustainability and maximization of non-oil revenues were reviewed.

The statement quoted the delegation as confirming that the Fund promised to support development programs to promote public financial management, digital transformation, banking, retirement and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure and reconstruction, indicating its intention to continue discussions and consultations during the Fund's periodic annual meetings.

The statement added that the IMF mission praised "the return of growth in the non-oil sector strongly during 2023 with a noticeable decline in inflation rates, and this reflected on the decline in food and energy prices."

According to the statement, the mission "noted the positive developments of the return of trade finance operations to their normal course and the stability of the foreign exchange market following the implementation of anti-money laundering and anti-terrorism financing controls on cross-border payments."

It is noteworthy that the IMF Article IV consultations are bilateral meetings held annually between the IMF and member states, after which a team of IMF experts meets the member country and holds formal consultations with its officials.

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

Tishwash:  The International Monetary Fund promises to support digital transformation in Iraq

Today, Thursday, the Iraqi delegation, headed by Finance Minister Taif Sami, concluded its discussions with the Article IV mission of International Monetary Fund experts in Amman.

The Ministry of Finance said in a press statement, “During the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”

The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” ".

The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .

The mission noted “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”

The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”

According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.

It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials    link

Mot: . These Two!!! --- siiggghhhhhhh 

Mot:  ... the ""Latest"" Safety tip frum Inspector ""Mot"" of Course.

Iraqi News Highlights and Points to Ponder Friday AM 3-1-24

Iraqi News Highlights and Points to Ponder Friday AM 3-1-24

American Sanctions And Regional Countries Contributed To Its Destruction.. What Is The Secret Of Disrupting Iraqi Factories?

Posted On 03-01-2024 By Sotaliraq   Industrial City in Diwaniyah Poles without wires  02-29-2024

37 thousand factories stopped working in Iraq, a number that reflects the extent of the great deterioration that the private sector is suffering from as a result of the absence of government plans to improve it after 2003, which contributed to the destruction of this sector to be added to the rest of the sectors. Which was subjected to systematic destruction, according to observers.

As for those concerned, they confirmed that the current Prime Minister, Muhammad Shiaa Al-Sudani, relies heavily on the private sector, and that large numbers of factories have been restarted over the past two years, until the currently operating factories have reached 30,000 factories, and there are serious and signs of restoring the remaining numbers that have been suspended.

Deterioration and penalties

The private sector in Iraq is witnessing a significant deterioration due to the absence of government plans to improve it, which has made it continue to decline continuously and its contribution to the national economy is very small, according to the economist, Omar Al-Halbousi.

During his speech, Al-Halbousi saw that the entry of politicians into the private sector made most of its fields monopolized and turned it into “a window to increase the wealth of a certain group of politicians, who exploited the private sector to form private institutions that are effective for money laundering as well as economic facades.”

According to Al-Halbousi, this is an indication of the American sanctions that affected the Iraqi private sector, in light of the absence of financing from private and government banks, and the monopoly of government initiatives for certain parties to the exclusion of others from the people.”

Foreign interventions also contributed to exacerbating the decline of the private sector, according to Al-Halbousi, who added: “Regional countries worked to destroy all Iraqi sectors in order for Iraq to remain a market for the sale of their goods, in light of the lack of decision-making sovereignty and the national will to advance the Iraqi economy.”

The above contributed, according to the economist, to a decline in job opportunities provided by the private sector, as well as a decline in wages despite long working hours and the burdens imposed on workers in the private sector, and in most cases workers are laid off for no apparent reason.”[/size]

The US sanctions on the banking sector also contributed to the lack of job opportunities and the decline in wages,” says Al-Halbousi.

In addition, according to Al-Halbousi, there is the abandonment of a large number of workers, so that the crisis of deterioration of the private sector and its reduced contribution to the gross domestic product continues, with a lack of job creation. Although the basis of the economic renaissance of countries is the private sector, as it is the most flexible and quickest to respond to changes, governments Successive projects from 2003 until now have contributed to the destruction of the private sector, adding to the rest of the sectors that have been subjected to systematic destruction,” according to the economic expert.

The suffering of the Iraqi worker

Iraqi workers face challenges and problems related to their legal rights and social and health security, which requires unifying efforts and redoubling work to develop concrete and real plans that address the deterioration of their conditions and the status of industry in their country.

On December 3, 2023, the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, announced that the retirement and social security law for workers in the private sector would enter into force, after the Iraqi Parliament voted on it, in May 2023, in a step that the government described as essential within the economic reforms that it promised. and to guarantee the rights of workers in this sector.

In this context, the Vice President of the Federation of Trade Unions in Iraq, Rahim Al-Ghanimi, stated that “the minimum wage for a worker is 450 thousand dinars per month, and the working time is 8 hours a day, 6 days a week.”

Al-Ghanimi explained, during his speech to the agency, that “the laws pertaining to the working class are broken, as the Iraqi worker does not receive the same rights as his peers in the Arab world, even though the Iraqi worker is distinguished by many skills.”

He stressed that “many factories, laboratories, and companies are idle, including the spinning and weaving factory in Kut and Babylon, the mixed sector, the industrial sector, and light industries. There is no local industry and even vegetables are imported, and what is currently operating are restaurants and hotels.”

Foreign labor employment offices contributed to the loss of the Iraqi worker’s job, and most of those brought to the country are not technicians and experienced, but rather their level is lower than the Iraqi worker, according to Al-Ghanimi.

Foreign labor

In a previous interview with the agency, the head of the General Federation of Trade Unions in Iraq, Star Denbos, pointed out that “there is chaos in the file of foreign workers, which is estimated at more than a million workers, and they entered the country randomly without conditions, restrictions, and supervision from the Ministry of Labor and Social Affairs, which had an impact.” “It negatively affects the percentage of unemployed people in Iraq.”

In turn, the legal expert, Ali Al-Tamimi, clarified the legality of the presence of foreign workers in Iraq by saying that “no law has been enacted specifically for foreign workers in Iraq, and the applicable law is Labor Law No. 37 of 2015 and Foreigners’ Residence Law No. 118 of 1978.”

These two laws stipulate that “the worker must obtain a work permit as a condition of presence, a passport, an entry visa, and other security conditions. The violator is usually fined an amount not exceeding $500 and then deported according to the decision of the investigating court,” according to Al-Tamimi.

During his speech, Al-Tamimi pointed out that “the presence of these workers, whose number is estimated at one million, without plans, is similar to the large number of imported cars, and has an impact on the economy, criminal security, unemployment, and the exit of money.”

He stressed the need to “legislate a special law for this that details all aspects of their presence and deportation, and information indicates that large numbers of them work without residency, and there is no solution before the judiciary other than deporting them to their countries.”[/size]

Investment obstacles

In previous statements, a member of the Parliamentary Investment and Development Committee, Hussein Al-Saabari, confirmed that investment in Iraq faces obstruction from ministries, departments and institutions in the country, including the problem of obtaining approvals from the Ministry of Industry to establish industrial factories, stressing the necessity of providing government support for projects and investments to employ the workforce and benefit from it. of money inside the country instead of going abroad.

A member of the Parliamentary Economy, Industry and Trade Committee, Soran Omar, stated that “Iraqi industry needs to grow, which requires the assistance of the Ministry of Industry by allocating a good budget for it, facilitating investment in the industry, and developing factories by providing fuel, electricity, and land for them.”

Omar added: “As well as issuing the law on partnership between the public and private sectors, which the government sent to protect the rights of both sectors in the partnership, and that the government pay attention to economic security and implement the law to protect the local product, and at the same time, control the border crossings, and punish smugglers, who have caused serious damage to the industry.” And Iraqi agriculture.”

He noted that “the Prime Minister himself was Minister of Industry until 2018,” noting that “the current Minister of Industry was Minister of Planning in the previous government, so it is expected that Iraqi industry will grow.”

Iraq needs factories in various industrial sectors, whether in medicine, food, construction, textiles, electrical, etc., in addition to services and production, according to the head of the Federation of Iraqi Industries, Adel Akab.

Regarding the classification of the importance of the sectors, Akab stated, “Medicine and food come in first place, but in return there is a need to build more than 4 million housing units, and these require various construction materials, so it is not possible to exclude one sector over another because all of them are important to the country.”

He pointed out that “Iraq has good purchasing power, and there is a thirst for true national industry that is distinct from the imported one, and meets the citizen’s ambitions,” noting that “the government has a vision to revive the industry, and has activated decisions that were previously suspended, and we hope to fully translate its vision into reality.”

Government interest

In this aspect, the chief advisor to the Federation of Industries, Aqeel Raouf Ahmed, confirmed that “the Prime Minister is relying heavily on the private sector in establishing one million housing units during the recent meeting with him, as Iraqi products will have priority in equipping these units.”[/size]

Regarding the reality of the factories and attempts to restore the stopped ones, Ahmed explained to the agency, “There are approximately 67 thousand registered factories, and - during the past two years - 30 thousand factories were restored with those that were previously operating, but there are still 37 thousand factories that have stopped working.”

He continued: “There is seriousness to return all of them to work, as it was requested during the meeting with the Sudanese to exempt raw materials from taxes, to contribute to the restoration of factories, reduce electricity and fuel, protect the product, own land for industrialists, and exempt accumulated taxes, and all of these requests were implemented within just two days.” .

He pointed out that “the decisions have been taken, and are awaiting their implementation, but the Prime Minister confirmed his intention to implement them, and if the stopped factories are restarted, all other factories will be activated, as the factories complement the others, which will lead to employing the workforce and reducing unemployment.”

Unemployment and the labor market

On the other hand, the spokesman for the Federal Ministry of Planning, Abdul Zahra Al-Hindawi, said, “The unemployment rate in 2021 reached 16.5%, which is a higher percentage than in previous years, due to the repercussions of the Corona pandemic, including the cessation of economic activities and development activities.”

During his speech to the agency, Al-Hindawi believed that unemployment rates would decrease, in light of the measures that were taken during the past two years, 2022 and 2023, including many appointments and the resumption of work on many projects, in addition to the start of new projects, which provided thousands of job opportunities for young people, concluding his speech by saying: “ A survey is currently being conducted to determine the new ratios.” LINK

Provoking Points to Ponder on Decisions 

Full maturity ... is achieved by realizing that you have choices to make.  - Angela Barron McBride

Wherever you see a successful business, someone once made a courageous decision.  - Peter Drucker

Life is just a series of trying to make up your mind.  - Timothy Fuller

Life is just an endless chain of judgements. . . . The more imperfect our judgement, the less perfect our success.  - B. C. Forbes

To know just what has do be done, then to do it, comprises the whole philosophy of practical life. - Sir William Osier

Life is like a game of cards. The hand that is dealt you represents determinism; the way you play it is free will.  - Jawaharlal Nehru

Somehow we learn who we really are and then live with that decision.  - Eleanor Roosevelt

Living is a constant process of deciding what we are going to do.  - Jose Ortega

http://famousquotesandauthors.com/quotes_by_topic.html 

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

Top 10 weakest currencies in the world

TNT:

Cutebwoy:  Top 10 weakest currencies in the world

by Alausa-Issa Zainab    February 29, 2024

How many of the world’s strongest currencies do you know? On the flip side, here’s everything you need to know about the weakest currencies in the world. 

A currency becomes weak if a country’s exchange rate is regressing. This is as a result of internal policies, inflation and the economic situation of the country. It is possible for you not to be aware of the weakest currency in the world but I’m certain you know of the most popular which is the United States dollar. But surprisingly, the dollar is not the strongest

The value of a currency depends on the demand and supply while some are pegged – that is, the currency is valued at an agreed rate. The foreign exchange rate is an indicator of a country’s economic wealth. Through it, the economic future of a country is clearer Actually, the exchange rate is not usually stable, it fluctuates as dictated by the market. Let’s quickly talk about factors that determine foreign exchange. They are Inflation and Interest rates: 

Inflation

If the level of inflation of a country is low, the currency will definitely have higher value but if it is the other way, the value will definitely drop. Inflation is a big influence on the currency exchange rates of a country.

Interest

A shift in interest can have an impact on the currency value. If it rises, lenders will want more interest and this would attract more international investment. This would automatically lead to a rise in exchange rates.

Now, let’s go back to the essence of this article. I’ll break down the weakest currencies in the world from the least weakest.  

10. Iraqi Dinar (IQD)

Iraqi Dinar is the official currency of Iraq. Inflation has rendered the currency to one of the weakest currencies in the world. Political instability is a major contributor to the state of Iraqi Dinar. The currency is issued by the Central Bank of Iraq and its first circulation was on April 1, 1932, replacing the Indian Rupee which had been the country’s official currency since World War One. The United States one dollar equals 1,312 Iraqi Dinar.

9. Ugandan Shilling (USH)

Ugandan Shilling became weak due to Uganda policies that have had a negative impact on the economic status of the country. The East African Shilling was replaced with Ugandan Shilling in 1966. Another shilling was introduced in 1987 due to high inflation. One US dollar equals 3,938 Ugandan Shillings at the moment.

8. Paraguayan Guarani (PYG)

Paraguayan Guarani has been affected by high inflation, poverty, unemployment and corruption. Paraguay is one of the poorest countries in South America. Even though the country exports soybeans and cotton, the economic situation has overpowered its effect. Currently, one US dollar trades at 7,278 Paraguayan Guarani.

7. Guinean Franc (GNF)

Guinean Franc is the official currency of Guinea.  Political instability and corruption led the currency to its weak state. Sadly, every year, the currency devalues despite having natural resources like gold, aluminum, and diamonds. One US dollar is currently equivalent to 8,597 Guinean Franc.

6. Uzbekistani Som (UZS)

So many efforts have been employed to improve the economy of Uzbekistan but have been fruitless. The industrial output of the country has really declined which is also affecting the currency value. Important to note that Uzbekistan is still grappling with the effect of Covid-19 pandemic on the economy. As of now, one US dollar is equivalent to 12,501 Uzbekistani Som.

5. Indonesian Rupiah (IDR)

The Indonesian Rupiah has failed to improve over the years. This can be traced to decreasing foreign exchange reserves and the dependence of Indonesia on the export market. All efforts to strengthen the national currency have been abortive. One US dollar equals 15,562 Indonesian Rupiah at the moment.

4. Laotian Kip (LaK)

Laotian Kip is the official currency of Laos People’s Democratic Republic. This currency was never devalued but issued at a very low rate in 1952. The Central Bank of Lao maintains the currency, but it’s among the weakest in the world. The current exchange rate of one US dollar in Laos People’s Democratic Republic equals 20,900 Laotian Kip.

3. Sierra Leonean Leone (SLL)

The value of Leone declined drastically due to corruption and other financial scandals in Sierra Leone. Poverty is also another factor, which led to the downfall of the economy. Leone was introduced in 1964 as a replacement of the British West African pound. 20,969 Sierra Leonean Leone is side-by-side with just one US dollar at the moment.

2. Vietnamese Dong (VND)

Vietnamese Dong is the official currency of Vietnam. The economic situation in the country devalues the currency. The transitioning from a centralized economy to a market based one devalued the currency. The State Bank of Vietnam manages the currency. Vietnam’s currency exchanges at 24,639 Vietnamese Dong to one US dollar.

1. Iranian Rial (IRR)

The Iranian Rial has been affected by different kinds of crises. In 1979, the termination of the Islamic Revolution made foreign investors withdraw from the country; the nuclear programme and political unrest are factors that contributed to the weakness of the currency. As of now, one US dollar is equivalent to 42,055 Iranian Rial.

https://tribuneonlineng.com/top-10-weakest-currencies-in-the-world/

MilitiaMan: Iraqi Dinar -- IQD Dinar Update -- Global Support - IMF - WB- Saudi Arabia - Digitial Transformation

Iraqi Dinar -- IQD Dinar Update -- Global Support - IMF - WB- Saudi Arabia - Digitial Transformation

MilitiaMan and Crew:  2-29-2024

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=aBU2My9WyPw

Goldilocks' Comments and Global Economic News Thursday Evening 2-29-24

Goldilocks' Comments and Global Economic News Thursday Evening 2-29-24

Good Evening Dinar Recaps,

"The legislation aims to foster innovation in financial services by establishing federal regulatory sandboxes that let entrepreneurs test new products and services while ensuring consumer protections, according to the release.".  1 day ago

As we have discussed in this room before, a federal regulatory sandbox allows new innovations to be tested in a private setting and in a controlled environment.

This testing of new digital assets will gain an insight into their functionality and operability. The findings will allow them to regulate their behavior under the supervision of qualified individuals capable of assessing their future use case scenarios.

The use of this new monetary legislation regarding regulation determinations through pilot programs inside a sandbox will come in handy with our new expansions of Quantum Technologies interfacing through Protocol 20.

The ability to study and test stablecoins, tokenized assets, and send them into the market is currently moving through the House of Representatives.   House Financial Services  Pymnts

© Goldilocks

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Bitcoin Announcement:

Wall Street is telling us that the demand for Bitcoin is greater than it's supply. When demand is greater than supply, prices rise.

This will affect many other assets in the crypto currency space. As you can see, liquidity is coming into the new digital economy as it's being formed.

Prices are beginning to change because of it. Movement of money and use case scenarios are expected to grow from here in the new digital economy. The first RV.

Remember, we spoke of two RVs. When the digital economy is solidified, payment systems on the local level will begin to signal new changes are needed. This is when we will see the paper currency begin to form new price patterns.   Crypto Tips

© Goldilocks

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"Shafaq News/ The International Monetary Fund (IMF) indicated a "significant decline" in inflation rates in Iraq, which was reflected in the decline in food and energy prices and the stability of the foreign exchange market in Iraq.

According to the Ministry of Finance, an Iraqi delegation headed by Finance Minister Taif Sami concluded its discussions with the IMF's Article IV mission experts in Amman, Jordan, during which many issues were discussed, including the implementation of the economic reform program, the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and boosting non-oil revenues."

It looks like Iraq has been given permission to move forward with their economic reforms as we discussed in January this year was going to take place in February 2024 because of an announcement made during Article 4 consultation with the IMF.

This is why we are seeing the acceptance of Iraq in the WTO, and they can now join other countries in the WTO formulating new price mechanisms that will level the playing field in trade among other nations.   Shafaq News

© Goldilocks

👆 Watch the water.

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Repost👇:

Goldilocks Highlights ™ 🌱🧂, [Jan 29, 2024 at 1:35 PM]
Iraq Banking Announcement:

"The Central Bank of Iraq has decided to restore the mechanism of financing Iraq’s foreign trade, starting next March."

Look what we have here. Iraq is planning to move forward with financing their foreign trade mechanism.

March 1st, 2024 is the day they expect to begin this process. They are telling their banks that they expect to do this with all currencies.

Iraq has been working with Governmental Agencies and Technological Developers to get them to this point.

They have tested their money and in process of testing their money this month on electronic mechanisms that will help them to move forward in the new Digital asset-based Trading System.

We are on the verge of witnessing them move into a global implementation stage of their currency. Search 4 Dinar

© Goldilocks

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"Over the past year or so, the Fed has been intensely discussing inflation in “core services,” which is where inflation had shifted to in 2022, from goods inflation which had spiked into mid-2022 but then cooled dramatically. So “core services” is where it’s at. Core services is where consumers spend the majority of their money. Core services are all services except energy services. Core services inflation has been behaving badly for months, and in January, it spiked out the wazoo."

The likelihood of another rate hike was mentioned today. These core readings give the FED an indication how much inflation is taking place and how much money consumers are spending.

Inflation tends to devalue a currency. As we have talked about in this room, the likelihood of currencies creating more purchasing power normally comes with a lowering of interest rates.  Wolf Street

Let's watch their next moves.

© Goldilocks

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Ripple Announcement:

Enterprise blockchain solutions provider Ripple announced a new partnership this week with digital asset management leader Zoniqx, formerly Tassets. The strategic alliance integrates Ripple’s efficient XRP Ledger (XRPL) infrastructure with Zoniqx’s cutting-edge tokenization platforms.

The collaboration aims to simplify issuing real-world asset tokens on the high-speed XRPL blockchain, which supports both native XRP and customizable tokens.   Watcher Guru

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Morgan Stanley is deciding whether to offer spot bitcoin ETFs to customers of its large brokerage platform.

The arrival of broker-dealers like Morgan Stanley as well as large registered investment advisor (RIA) networks could bring more investment into the new products.   CoinDesk

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Ripple to unlock 1 billion XRP on March 1; What’s next? | FinBold
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Regulatory sandboxes can play an important role in fostering the innovation needed for overcoming the barriers to financial inclusion that keep poor and excluded customers marginalized from the formal financial system.

Sandboxes allow regulators to base their regulatory response to innovations on the results of live experiments. In frontier cases, this helps regulators to make faster and better informed decisions on how to appropriately regulate (and supervise) new services and providers reaching the marketplace.
CGAP

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"BlackRock bitcoin ETF trading volume surpasses $1B for second day in a row" | Blockworks

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Stablecoins Hit Highest Market Cap Since 2022 | CNN

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Iraq Economic News and Points to Ponder Thursday Afternoon 2-29-24

Iraq Economic News and Points to Ponder Thursday Afternoon 2-29-24

Tlm724 Administrator Bondlady’s Corner

The Central Bank Sends A Warning To Exchange Companies
Economy News – Baghdad  The Central Bank issued a warning to exchange companies about some people impersonating people to pressure some employees to obtain dollars for travelers.

The bank said in the directive, “We would like to inform you that individuals and networks have been detected carrying out fraudulent operations claiming that they work in this bank or that they have a certain influence on officials or employees of this bank and are trying to impersonate them to put pressure on some institutions in order to obtain the dollar for travelers or others.” Conducting money transfers or other activities.

He added, "In this regard, the Central Bank of Iraq confirms that all allegations made by these parties are false and baseless and must be reported immediately through available means, regardless of the status of the person or group, and that the bank's management and employees at all levels do not represent them, represent them, or mediate on their behalf by any person."

 Regardless of their connection to it, this bank does not bear responsibility towards those who are subjected to fraudulent and fraudulent operations, as they are essentially illegal, in addition to the caution, caution, and investigation of the validity of the allegations and documents.”
116 views 02/29/2024 - https://economy-news.net/content.php?id=40994

207 Trillion Dinars.. How Can The Assets Of The Central Bank Of Iraq Be Preserved And What Are The Risks?

Economy  02-29-2024 1,011 views   Al-Sumaria News – Economy   After the assets of the Central Bank of Iraq rose to 207 trillion Iraqi dinars, questions arose about how to preserve them and whether the political positions of the Iraqi state are related.

The assets of the Central Bank of Iraq rose to 207 trillion Iraqi dinars, according to new economic statistics seen by Al-Sumaria News.

According to the head of the Future Iraq Foundation for Economic Research and Consultation, Manar Al-Obaidi, the mechanism of formation of these assets must be known, as the first process carried out by the Central Bank of Iraq is the issuance of cash currency, which it usually sells to various government and private agencies, “if any.”

Al-Obaidi added, “The largest buyer of the exported cash currency is the Iraqi government, which needs the local monetary mass as a result of a major dilemma that it has not been able to solve for years, which is that most of the state’s revenues are in US dollars as a result of the state’s revenues being dependent on oil, while most of the state’s expenditures are in Iraqi dinars.”

Therefore, the Central Bank buys foreign currency from the Iraqi government and converts it into assets in exchange for giving the exported cash currency to the Iraqi government to spend according to the sections set in the budget, according to Al-Obaidi, who confirmed that this money is in foreign currency, and the Central Bank resells it through banks for foreign commercial transactions and to collect the dinar. From banks.

Al-Obaidi stated that if there is a surplus of foreign currency at the Central Bank, it invests it in a way that ensures, first, the absence of any kind of risk, and second, investing it in institutions that provide the greatest amount of benefits and returns.

Therefore, according to its established policy, the Central Bank cannot invest this money except in guaranteed international bodies and institutions, or it can invest it in precious and stable metals, specifically gold, since the origin of all monetary currencies is gold, according to Al-Obaidi.

The division of the bank’s assets according to their investment locations represents the strength of the central bank and therefore the strength of the issued monetary currency, according to Al-Obaidi, who revealed that it is not possible in any way to put all the money in one basket, such as buying gold, although buying gold is the safest reserve, but the fluctuation of gold prices against the dollar It may lead to not creating a significant interest from the investment, so the bank resorts to distributing its assets into gold reserves, deposits in foreign banks with very high credit ratings, deposits in foreign central banks of countries with very high credit ratings, bonds and securities, and deposits with various financial institutions.

Al-Obaidi explained, “The most dangerous section of the bank’s assets currently in terms of non-recovery are the obligations of the Ministry of Finance amounting to 44 trillion dinars. In previous years, as a result of the state’s weak revenues from oil due to its low prices and the high government expenditure bill, the Iraqi government was forced to borrow from the Central Bank of Iraq to cover its expenses, and with improvement.” Oil prices and increased government revenues.

The government has not reduced its obligations to the Central Bank, and in the event of a return to a decline in oil prices, it may be very difficult to return this money,” indicating that the rest of the other investments, such as bonds and deposits in foreign banks, are the safest and there are no major risks. economically".

Risks may result from the presence of an emergency political circumstance that causes the central banks of the countries in which these funds and deposits are located to reserve and freeze these reserves, as happened to Iraq in the nineties and also what happened to Iran and Russia, according to Al-Obaidi, and he adds that preserving the components of the central bank, which includes a large part of it. Its reserves depend on the political position of the state and the political dealings of the state before it is economic.

In response to the question that is always asked why the Central Bank of Iraq does not invest its assets in institutions outside American control, such as Chinese or Asian institutions, Al-Obaidi explained that the answer, as I mentioned, depends on the credit strength of these institutions and countries, and there are also some investments in financial institutions in Singapore, Malaysia, and China. But not all investments can be placed and withdrawn from Western banks because of their impact on Iraqi-Western relations.

Al-Obaidi said, “The problem is not how investments are distributed and the attempt to withdraw them from Western banks.

The problem is American hegemony over the world, which makes the first country economically, namely China, invest more than $800 billion in American treasury bonds and is considered the second holder of these bonds after Japan, despite... All economic conflict cannot completely abandon the dominance of the US dollar,” he added, “Whenever major and giant countries are able to get rid of American hegemony, then let us think about getting rid of this hegemony as well if it conflicts with the interests of Iraq.”

He stated, “Demanding that Iraq, which is politically, economically and security-fragile as a unit, detach itself from American hegemony and the dominance of the dollar, without a global trend to create another economic pole, is a type of economic and political suicide currently. So let us wait what the results of BRICS will be, as it is the only initiative today to find an alternative to the dollar.

Will this be able to do so?” Countries can break away from the dominance of the dollar, and then a direction and strategy can be developed for Iraq to distribute its investments among various countries. Is it really in Iraq’s interest to break away from the American dollar?

Earlier, the head of the Future Iraq Foundation for Economic Research and Consultation, Manar Al-Obaidi, revealed the assets of the Central Bank of Iraq and said, they were as follows:

* Securities and bonds 71 ​​trillion Iraqi dinars

* Debts to the Ministry of Finance 45 trillion Iraqi dinars

* Balances with external banks 26 trillion Iraqi dinars

* Balances with external central banks 24 trillion Iraqi dinars

* Loans granted within the Small and Medium Enterprises Initiative 12.6 trillion dinars

* Existing gold reserves 12 trillion dinars

* Accounts with international organizations 12 trillion Iraqi dinars

* Foreign exchange reserves in bank vaults 443 billion dinars

* Balances with banks Local 153 billion dinars

*Total assets 207 trillion Iraqi dinars.   LINK

The International Monetary Fund Promises To Support Digital Transformation In Iraq

Money  and business  Today, Thursday, the Iraqi delegation, headed by Finance Minister Taif Sami, concluded its discussions with the Article IV mission of International Monetary Fund experts in Amman.

The Ministry of Finance said in a press statement, “During the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”

The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” "

The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.”

The mission noted “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,”

 welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”

The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”

According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.

It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials.

Views 128 02/29/2024 - https://economy-news.net/content.php?id=41010

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

Provoking Points to Ponder on Decisions 

Men and women everywhere must exercise deliberate selection to live wisely. - Robert Grant

Decision and determination are the engineer and fireman of our train to opportunity and success. - Burt Lawlor

The last of the human freedoms: to choose one's attitude in any given set of circumstances, to choose one's own way.  - Viktor Frankl

Choice of attention ... is to the inner life what choice of action is to the outer. In both cases, a man is responsible for his choice and must accept the consequences, whatever they may be. - W. H. Auden

You are the one who must choose your place.  - James Lane Allen

Man does not simply exist, but always decides what his existence will be, what he will become in the next moment.  - Viktor Frankl

  http://famousquotesandauthors.com/quotes_by_topic.html                                   

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

Some "Thursday Iraq News" Posted by Clare at KTFA 2-29-2024

KTFA:

Clare:  Iraq signs a memorandum of understanding with the Japanese company Toyota

2/29/2024- Baghdad

The Minister of Electricity, Ziyad Ali Fadel, sponsored today, Thursday, the signing of a memorandum of understanding with the Japanese company Toyota. To develop the networks and capabilities of the electrical system.

A statement from the ministry, received by Mawazine News, said: “The memorandum was signed in the presence of the Japanese ambassador and stipulates that the Japanese company will finance and implement a number of special projects in the production, transportation and distribution sectors, and joint committees will be formed between the two parties to determine the list of projects proposed for implementation and their priorities.”

The statement continued, “After concluding the memorandum of understanding, the Minister of Electricity expressed his great appreciation for Japan’s role in supporting Iraq and the contribution of Japanese companies to its reconstruction operations, especially in the energy sector,” reiterating his “call on foreign companies to seize the available investment opportunities and implement various projects in the electricity sector.”   LINK

Clare:  The launch of the Erbil International Motor Show with the participation of 120 international companies (photos)

2/29/2024

Today, Thursday, the city of Erbil witnessed the opening of the ninth edition of the Erbil International Motor Show, while 120 companies participated, half of them Chinese and eight international companies, most notably Mercedes-Benz, Ford and BMW.

Shafaq News Agency correspondent said, today, the ninth Erbil International Exhibition for cars, spare parts and accessories was opened with the participation of 120 car companies, and it specializes in spare parts and includes 200 brands.

He added that 60 companies from China and eight major international companies such as Ford and Mercedes-Benz are participating, consisting of 13 brands, and the event will continue until the 3rd of next month.

The reporter added that the exhibition opens daily from 11-7 p.m., and provides the possibility of buying and selling cars, spare parts, and registering commercial car agencies.  LINK

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Clare:  The International Monetary Fund promises to support digital transformation in Iraq

2/29/2024

Today, Thursday, the Iraqi delegation, headed by Finance Minister Taif Sami, concluded its discussions with the Article IV mission of International Monetary Fund experts in Amman.

The Ministry of Finance said in a press statement, “During the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”

The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” ".

The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .

The mission noted “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”

The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”

According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.

It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials.   LINK

Clare:  Al-Sudani: The investment environment in Iraq has become promising, welcoming and open

2/29/2024

On Thursday, Prime Minister Muhammad Shiaa Al-Sudani described Iraq’s investment environment as “promising, welcoming and open after the financial, administrative and banking reforms carried out by the government he heads.”

This came during his reception of a delegation from the Turkish company Limak, which specializes in transportation and construction projects, headed by the company’s founder Nihat Ozdemir, according to a statement issued by the Presidency of the Council of Ministers.

At the beginning of the meeting, Al-Sudani pointed out the investment and development opportunities that the company can contribute to in Iraq, especially in the areas of infrastructure and transportation projects, and what is related to the development road projects and the Grand Al-Faw Port, as well as road, bridge and industrial city projects in various governorates.

The Iraqi Prime Minister reiterated the government's welcome of companies with high technical and operational experience, explaining that the investment environment in Iraq has become a promising, welcoming and open environment, especially after the financial, administrative and banking reforms took their course, and the private sector was qualified to conclude fruitful partnerships with international companies.     LINK

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Clare:  The International Monetary Fund indicates a decline in inflation rates and the stability of the foreign exchange market in Iraq

2/29/2024

The International Monetary Fund indicated a “significant decline” in inflation rates, which was reflected in the decline in food and energy prices, in addition to the stability of the foreign exchange market in Iraq, as announced by the Ministry of Finance.

The ministry stated in a statement that an Iraqi delegation headed by Finance Minister Taif Sami concluded today, Thursday, its discussions with the Article IV mission of International Monetary Fund experts in Amman, during which the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing... Non-oil revenues.

The statement quoted the delegation as confirming that the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction, indicating its intention to continue discussions and consultations during the Fund’s periodic annual meetings.

The statement added that the Fund's mission praised "the strong return of growth in the non-oil sector during 2023, with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices."

According to the statement, the mission “noted the positive developments in the return of trade financing operations to their normal course and the stability of the foreign exchange market following the implementation of anti-money laundering and anti-terrorist financing controls on cross-border payments.”

It is noteworthy that the International Monetary Fund’s Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets with the member country and conducts formal consultations with its officials.   LINK

Iraqi News Highlights and Points to Ponder Thursday AM 2-29-24

Iraqi News Highlights and Points to Ponder Thursday AM 2-29-24

Bloomberg: Conflict And Fragility In Iraq Prevent It From Joining The World Trade Organization

Money  and business  Bloomberg revealed the reasons for Iraq's refusal to join the World Trade Organization.   The agency said in a report, “Libya, Lebanon, Sudan, and Iraq are among the countries trying to join the World Trade Organization, but due to conflict and fragility, this hinders their accession.” Views 64  02/29/2024 - https://economy-news.net/content.php?id=41007

Iraq's Losses Continue After Stopping The Region's Oil Exports Through The Port Of Ceyhan

02-29-2024 | Source: Alsumaria News   102 views  The region's oil exports through the Turkish port of Ceyhan are still halted, despite the passage of nearly a year, after the lawsuit that Iraq won in the Paris court against Turkey, which obliges Ankara to pay compensation to Baghdad, causing Iraq to incur huge losses amounting to more than ten billion dollars.

Will diplomatic discussions succeed in resolving this issue?   LINK

Finance Concludes Iraq's Discussions With The International Monetary Fund Expert Mission In Amman

Today Information / Baghdad..  Today, Thursday, the Iraqi delegation, headed by Finance Minister Taif Sami, concluded its discussions with the Article IV mission of International Monetary Fund experts in Amman, while the mission affirmed its continued support for the government’s reform steps.

The Ministry of Finance stated in a statement received by the Al-Ma’louma Agency that “during the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”

The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” ".

The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .

She pointed to “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming steps “The government has taken the initiative to establish a unified treasury account, improve cash flow management and increase the tax base, as well as review the customs tariff structure and achieve more targeting in social support and care.”

The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”

According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.

It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials. : LINK

A Parliamentary Government Approach To Improving The Oil Situation

Information / Baghdad..   The Parliamentary Oil, Gas and Natural Resources Committee revealed, on Thursday, the parliamentary government’s intention to establish new refineries and rehabilitate the old ones.

Committee member Kazem Al-Touki told Al-Maalomah, “There is joint coordination between the Ministry of Oil and the Parliamentary Oil and Gas Committee to follow up on the establishment of new refineries, indicating that the process of rehabilitating the refineries will move Iraq to the stage of self-sufficiency.”

He added, "The next stage will witness the development of lines to enhance national production capabilities and improve the quality of petroleum products."

He explained, "The Baiji refinery will contribute to achieving self-sufficiency in petroleum derivatives, stressing that the rehabilitation stages are proceeding at a high pace." LINK

Parliamentary Finance: Linking The Financing Of Ministries To The Approval Of The Budget Schedule Delays Projects

Projects  Economy News – Baghdad  On Wednesday, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, criticized linking the funding of ministries and governorates to the House of Representatives’ approval of the budget amendments schedule for each year, “which led to a delay in financing projects.”

Al-Kadhimi said in statements followed by Al-Iqtisad News, “The House of Representatives’ approval of a three-year budget was aimed at continuing funding and not delaying it as happens annually. It is unfortunate that the Ministry of Finance linked the funding of ministries and governorates to the approval of the schedule of amendments scheduled for each year.”

He added: “It would have been better for the Ministry of Finance to continue disbursing allocations to the ministries and governorates in the first section and speed up the submission of the amendment schedules,” noting that “linking funding to the budget schedules led to a delay in the work of projects in the Ministry of Health, the Ministry of Education, and other ministries.”

Al-Kadhimi pointed out that “the government and finance ministry’s direction must be to accelerate the release of allocations,” noting that “the House of Representatives is awaiting the budget schedules that were supposed to be sent before the end of last year.”

The member of the Parliamentary Finance Committee continued, “Sending the tables and approving them is linked to the government, and they relate to the variables with the numbers in the table, including, for example, increasing allocations for electric power production, increasing ration allocations or purchasing water and wheat, increasing social welfare allocations, and other issues.”

He stressed, "The government should have diagnosed it before the end of last year and sent it quickly so that the House of Representatives could approve it and continue working without delay."

Views 97 02/28/2024 - 9:12 PM  https://economy-news.net/content.php?id=40987

The Iraqi Dinar Recovers Slightly Against The Dollar.. A List Of Prices In 12 Governorates

Economy |Baghdad today - Baghdad  Today, Thursday (February 29, 2024), the dollar exchange rates recorded a slight decline on the main stock exchanges, reaching more than 150 thousand Iraqi dinars for every 100 US dollars.    Below is a price list for 12 governorates:

$100 = 150,850 Baghdad    $100 = 151,200 Basra   $100 = 150,850 Erbil   $100 = 150,900 Sulaymaniyah

$100 = 151,000 Karbala   $100 = 151,100 Kirkuk    $100 = 151,000 Babylon  $100 = 150,800 Dohuk

$100 = 150,900 Mosul   $100 = 151,000 Najaf   $100 = 150,900 with penalty  $100 = 150,750 Zakho LINK

A Specialist Explains In Numbers The "Cash Liquidity" Crisis That Caused A Delay In The Disbursement Of Salaries

A specialist explains in numbers the "cash liquidity" crisis that caused a delay in the disbursement Whatsapp-image-2023-08-05-at-4_44_11-pm

Baghdad today – Baghdad   Today, Wednesday (February 28, 2024), financial affairs expert Nabil Jabbar Al-Tamimi revealed details of the “cash liquidity” crisis that Iraq is going through, which led to a delay in the release of employee salaries.

Al-Tamimi told "Baghdad Today", "There is a real crisis in cash liquidity, and the Iraqi Ministry of Finance brings money to pay salaries through the Central Bank of Iraq, and the bank brings this money by making transfers (selling dollars)."

He stated, “There is a limited possibility for the Central Bank of Iraq to make transfers and sell dollars due to American censorship, and the bank sells approximately (200) million dollars a day, and this process takes place in a month for approximately (22) days only, meaning it sells approximately (4) billion dollars a month.” A dollar per month compared to the exchange rate is (5) trillion Iraqi dinars per year, which is approximately (65) trillion Iraqi dinars, and this number is only the volume of sales of the Central Bank of Iraq.”

He added, "In contrast, Iraq's budget exceeds (200) trillion dinars, and for this reason there is a crisis in the issue of cash liquidity, and the delay in releasing employee salaries during the past months, but this crisis is not very severe, and it is not an economic or financial crisis, but there is a faltering in... Finance is what creates the crisis despite the financial abundance of the dollar, and this is why the Iraqi government is turning to electronic payment so that the process of printing more Iraqi currency does not take place.”

On February 25, the Ministry of Finance denied the lack of sufficient cash liquidity to secure the salaries of state employees and confirmed in a statement, “Securing the salaries of employees, the social protection network, and the salaries of retirees without delay or delay through its retained cash balances for the previous year and its oil and non-oil revenues.”   LINK

Provoking Points to Ponder on Decisions

Men and women everywhere must exercise deliberate selection to live wisely. - Robert Grant

Decision and determination are the engineer and fireman of our train to opportunity and success. - Burt Lawlor

The last of the human freedoms: to choose one's attitude in any given set of circumstances, to choose one's own way.  - Viktor Frankl

Choice of attention ... is to the inner life what choice of action is to the outer. In both cases, a man is responsible for his choice and must accept the consequences, whatever they may be. - W. H. Auden

You are the one who must choose your place.  - James Lane Allen

Man does not simply exist, but always decides what his existence will be, what he will become in the next moment.  - Viktor Frankl

 http://famousquotesandauthors.com/quotes_by_topic.html                                   

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

Iraq Economic News and Points to Ponder Thursday AM 2-29-24

Iraq Economic News and Points to Ponder Thursday AM 2-29-24

Tlm724 Administrator Bondlady’s Corner

A Specialist Explains In Numbers The "Cash Liquidity" Crisis That Caused A Delay In The Disbursement Of Salaries

 Economy |Yesterday, 19:05 |Baghdad today – Baghdad   Today, Wednesday (February 28, 2024), financial affairs expert Nabil Jabbar Al-Tamimi revealed details of the “cash liquidity” crisis that Iraq is going through, which led to a delay in the release of employee salaries.

Al-Tamimi told "Baghdad Today", "There is a real crisis in cash liquidity, and the Iraqi Ministry of Finance brings money to pay salaries through the Central Bank of Iraq, and the bank brings this money by making transfers (selling dollars)."

He stated,   “There is a limited possibility for the Central Bank of Iraq to make transfers and sell dollars due to American censorship, and  the bank sells approximately (200) million dollars a day, and  this process takes place in a month for approximately (22) days only, meaning it sells approximately (4) billion dollars a month.”  

A dollar per month compared to the exchange rate is (5) trillion Iraqi dinars  per year, which is approximately (65) trillion Iraqi dinars, and  this number is only the volume of sales of the Central Bank of Iraq.”

He added,  "In contrast, Iraq's budget exceeds (200) trillion dinars, and  for this reason there is a crisis in the issue of cash liquidity, and the delay in releasing employee salaries during the past months,  but this crisis is not very severe, and it is not an economic or financial crisis,  but there is a faltering in... Finance is what creates the crisis despite the financial abundance of the dollar, and this is why the Iraqi government is turning to electronic payment so that the process of printing more Iraqi currency does not take place.”

On February 25, the Ministry of Finance denied the lack of sufficient cash liquidity to secure the salaries of state employees and confirmed in a statement,

“Securing the salaries of employees, the social protection network, and the salaries of retirees without delay or delay through its retained cash balances for the previous year and its oil and non-oil revenues.”

 https://baghdadtoday.news/243714-مختص-يوضح-بالأرقام-ازمة-السيولة-النقدية-التي-تسببت-بتأخير-صرف-الرواتب.html

The Central Bank Announces The Start Of Establishing The National Company For Electronic Payment Systems

 Hawraa.m     Today, Wednesday, the Central Bank announced the start of establishing the National Company for Electronic Payment Systems, while confirming the increase in the  volume of deposits in the banking sector to 131 trillion dinars and the     volume of foreign reserves to 148 trillion dinars.

 Deputy Governor of the Central Bank, Ammar Khalaf, said in his speech during the opening of the eighth annual exhibition and conference for finance and banking services in Iraq, followed by (Al-Oula News):

 “Many challenges that Iraq experienced in the past year and the Central Bank faced them with high responsibility, as it was able through monetary policy tools.”

The various decisions and the right decisions will  achieve its goals set forth in its law, in addition to     achieving the general level of prices through a decrease in the inflation rate, as since the beginning of 2023 the inflation rate has reached 7.5 percent and decreased at the end of the year 2023 to 4 percent.”

He pointed out,  “activating monetary policy tools and raising the price from 4 percent to 7.5 percent, in addition to  issuing various financial tools, including bank transfers and Islamic certificates of deposit instruments,  which were considered an investment opportunity for Islamic and commercial banks operating in Iraq, in addition to   using monetary policy tools.”

 Various, including raising the mandatory reserve ratio from 15 percent to 18 percent,” indicating that  “these tools are intended to manage excess liquidity in the Iraqi economy.”

 He pointed out that  “last year witnessed clear growth in most monetary changes, including an  increase in the volume of deposits in the banking sector from 129 trillion dinars in 2022 to 131 trillion dinars in 2023, as well as an  increase in private sector deposits in the banking system from 54 trillion dinars to 55 and a half trillion dinars.”

 In addition to an   increase in the volume of credit in the banking sector from 60 trillion to 69 trillion in 2023, in addition to an   increase in credit to the private sector from 35 to 40 trillion dinars, in addition to an   increase in the volume of foreign reserves from 140 to 148 trillion dinars.”

He continued,   “The efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to expanding the use of electronic payment tools, as there was a clear rise and growth in electronic payment tools in Iraq, as the number of POS points of sale increased from 10,000 devices per year.” 2022 to more than 20 thousand machines in 2023. The number of ATM machines also increased from 2,223 machines in 2022 to about 3 thousand machines in 2023.

As for the number of  electronic cards of various types, it reached about 16 million cards in 2022 and 18 million cards. In the year 2023,” noting that

“last year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through the various decisions issued by the Council of Ministers and the Central Bank.”

 He explained,   “There is less use of foreign currency in daily transactions, in contrast,  there is increased reliance on the national currency for local transactions,

in addition to there being cooperation in the issue of  restructuring government banks and      developing private banking institutions to build sound and sound banking institutions.” He stressed,

 “The Central Bank of Iraq is focusing on the importance of enhancing compliance with compliance standards for all financial institutions in accordance with local and international standards,” pointing out that  “external transfer operations witnessed great discipline during the past year and a

 high response from all banks to facilitate trade financing operations and various external transfers.” Especially after the issuance of external transfer controls at the beginning of last year.”

He added,   “The Central Bank of Iraq was able  to strengthen its banking relations with a large number of Arab and foreign financial and banking institutions   to open wider areas and ensure a high flow of external transfers, especially the use of different channels for external transfers in different currencies other than the dollar or next to the US dollar.”

He pointed out,  “The Central Bank seeks to strengthen banks by increasing the capital of all banks from 250 to 400 billion dinars,” noting that

“One of the most important projects launched by the Central Bank last year and work on it is still ongoing this year is the establishment of a “bank.” “Riyadah” which will be specialized in providing financing for small and medium enterprises, as well as preparing a national strategy for bank lending due to the

     importance of the Iraqi economic depth and financial development and the

     importance of the role of financing in enhancing production and investment opportunities in Iraq,

 in addition to enhancing the role of non-banking financial institutions that support financial and banking stability in Iraq. “By strengthening the role of the Deposit Guarantee Company as well as the Loan Guarantee Company,

in addition to starting to establish the National Company for Electronic Payment Systems, which it is hoped will have a major role in regulating electronic payment operations in Iraq.”

https://www.awla.news/البنك-المركزي-يعلن-البدء-بتأسيس-الشرك/

A Movement To List Government Bonds In The Markets

 Market  Economy News – Baghdad  On Monday, the Iraqi Securities Commission explained the importance of government bonds, stressing that they provide financial liquidity for investment projects, while indicating that there is a movement from the Central Bank to list government bonds in the markets.

The Chairman of the Authority, Faisal Al-Haims, said in a statement reported by the official news agency and seen by Al-Iqtisad News, that “three issues of government bonds were issued, as the first and second issues were launched, and now there is the third issue.” He pointed out,

"There are requests from the Central Bank of Iraq to list these bonds on the market," indicating that

"those bonds are debt securities owed by the Iraqi government, in exchange for interest given to the owner of this bond."

 He stressed, "This measure will provide financial liquidity for the investment projects launched by the Prime Minister and his government," suggesting that  they "will be crowned with goodness and success for the Iraqis."

Government bonds are a type of debt-based investment, where you lend money to the government in exchange for an agreed interest rate.

Governments use them to raise money that can be spent on infrastructure or new projects, and

investors can use them to obtain set returns that are paid at regular intervals.

335 views      02/26/2024 - https://economy-news.net/content.php?id=40882

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

Provoking Points To Ponder on Criticism

Said the pot to die kettle, "Get away, blackface."- Miguel de Cervantes

Critics are the men who have failed in literature and art.- Benjamin Disraeli

What a blessed thing it is that nature, when she invented, manufactured and patented her audiors, contrived to make critics out of the chips that were left!- Oliver Wendell Holmes

Even the lion has to defend himself against flies.- German proverb

I had rather be hissed for a good verse than applauded for a bad one.- Victor Hugo

Of all the cants which are canted in this canting world - though the cant of hypocrites ihay be the worst - the cant of criticism is the most tormenting.  - Laurence Sterne

As a bankrupt thief turns thief-taker in despair, so an unsuccessful author turns critic.- Percy Bysshe Shelley

http://famousquotesandauthors.com/quotes_by_topic.html

"Tidbits From TNT" Thursday Morning 2-29-2024

TNT:

Tishwash:  Al-Sudani: The investment environment in Iraq has become promising, welcoming and open

On Thursday, Prime Minister Muhammad Shiaa Al-Sudani described Iraq’s investment environment as “promising, welcoming and open after the financial, administrative and banking reforms carried out by the government he heads.”

This came during his reception of a delegation from the Turkish company Limak, which specializes in transportation and construction projects, headed by the company’s founder Nihat Ozdemir, according to a statement issued by the Presidency of the Council of Ministers.

At the beginning of the meeting, Al-Sudani pointed out the investment and development opportunities that the company can contribute to in Iraq, especially in the areas of infrastructure and transportation projects, and what is related to the development road projects and the Grand Al-Faw Port, as well as road, bridge and industrial city projects in various governorates.

The Iraqi Prime Minister reiterated the government's welcome of companies with high technical and operational experience, explaining that the investment environment in Iraq has become a promising, welcoming and open environment, especially after the financial, administrative and banking reforms took their course, and the private sector was qualified to conclude fruitful partnerships with international companies. link

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Tishwash: A new step by the government to attract foreign investments

Deputy Prime Minister and Minister of Oil, Hayyan Abdul-Ghani Al-Sawad, revealed today, Wednesday (February 28, 2024), the government’s intention to amend the investment law to facilitate the work of companies that wish to enter Iraq.

Al-Sawad said during an interview with “Baghdad Today” that “the government is determined to amend the investment law in Iraq, in a way that ensures the process of attracting companies,” indicating that “there are some observations on the current investment law, and accordingly we proceeded to propose some amendments, and they will be studied to proceed with drafting the amendments.” necessary from the government in preparation for sending the amendments to Parliament for passage.”

The Deputy Prime Minister stated, “Investment in the refinery sector is our most important priority in the Ministry of Oil, and therefore the government seeks to develop all aspects of the country, and one of the most important ways of development is to work to find an investment law that will be attractive to companies to work in Iraq.”

According to specialists in economic affairs, the country’s investment law is one of the best laws that can attract capital and international companies, in addition to being appropriate to the economic reality.

They stressed that the advantages provided by the law were not optimally exploited to bring about broad development or reconstruction moves, and the provisions of the laws were not widely exploited except in the oil field,  pointing out that legal legislation alone is not sufficient for the inflow of investment capital into the country.  link

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Tishwash:  Barzani discusses in Washington the importance of ensuring the region’s share of the budget and protecting its security

The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, discussed in Washington, today, Wednesday (February 28, 2024), with a member of the Foreign Relations Committee in the US Senate, Senator Tammy Duckworth, the controversial issues between Baghdad and Erbil.

The regional government said in a statement received by “Baghdad Today” that Barzani “during the meeting briefly touched on the general situation in Iraq, and the importance of resolving the controversial issues between the Kurdistan region and the federal government, in a way that guarantees the region’s financial rights, secures its share of the budget, protects its security and stability, and preserves the region’s financial rights.” rights of all its components.

Senator Tammy Duckworth, according to the statement, renewed her support for the Kurdistan region, and also stressed that she will make every effort to protect the Kurdistan region and address the controversial issues between the region and the federal government.

It is noteworthy that Barzani has been continuing for days during his ongoing visit in Washington a series of meetings and meetings with officials in the American government and members of the Senate and Congress, and his discussions focus on bilateral relations between the region and the American side and discussing the outstanding issues between Kurdistan and Baghdad.   link

Mot:  ... And Today is!!!!!! 

Mot:  ... Yeppers!!!! --- WRONG Tribe I Be IN!!!