"Tidbits From TNT" Monday Morning 3-4-2024
TNT:
Tishwash: UrgentAl-Sudani directs to reduce official working hours (by one hour) during the holy month of Ramadan
The Prime Minister, Muhammad Shiaa Al-Sudani, directed to reduce official working hours (one hour) in all government departments during the holy month of Ramadan.
A government source said in a press statement, “Prime Minister Muhammad Shiaa Al-Sudani directed to reduce official working hours (by one hour) in all government departments during the holy month of Ramadan.” link
TNT:
Tishwash: UrgentAl-Sudani directs to reduce official working hours (by one hour) during the holy month of Ramadan
The Prime Minister, Muhammad Shiaa Al-Sudani, directed to reduce official working hours (one hour) in all government departments during the holy month of Ramadan.
A government source said in a press statement, “Prime Minister Muhammad Shiaa Al-Sudani directed to reduce official working hours (by one hour) in all government departments during the holy month of Ramadan.” link
Tishwash: Integrity: We will reveal big names accused of corruption soon
The head of the Integrity Commission, Haider Hanoun, announced that the commission will reveal major names accused of corruption in the coming days, noting that the government program has given us a great moral boost in the fight against corruption.
Hanoun said, during a meeting within the activities of the Al-Rafidain Forum, that “the government program gave us a strong motivation in the field of combating corruption,” stressing that “major breakthroughs and achievements have been achieved based on the directives of the government program.”
He pointed out, "The Commission launched a campaign (Where did you get this from?), which focused on illicit gain and the sources of funds and their legitimacy. It also directed to activate the national anti-corruption strategy with the ministries, in addition to working with the private sector and civil society organizations."
Hanoun stressed, “We achieved great achievements during the past year, achievements that the Arab and national regions could not achieve.”
He explained, “The work of the Integrity Commission is to diagnose corruption and send corruption files to the judiciary,” adding, “We have not left any case presented to the media without it being verified.”
He pointed out, "Since we assumed responsibility, we have not tolerated political pressure, and we have not responded to any political interference."
Hanoun stressed that “government support gave space to the Integrity Commission,” noting that “the Commission will reveal big names in the coming days.” link
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Tishwash: Iraq offers itself as a bridge to connect Asia with Europe and Africa via Internet transit
The Ministry of Communications announced, on Sunday, the approval of a number of transit projects linking the continent of Asia to the continents of Europe and Africa via Iraq, as it is a shortcut and safer route in the region.
The ministry’s media said, in a statement received by Shafaq News Agency, that “in order to enhance the vision and direction of the Ministry of Communications to invest in Iraq’s geographical location in international communications traffic, the Ministry’s opinion committee approved in its 139th session a new transit project linking the continent of Asia to the continent of Europe via Iraq, passing through Turkey, while Another transit project linking the continent of Asia to the continent of Africa via Iraq via Jordan was discussed and approved.
According to the statement, Minister of Communications Hiyam Al-Yasiri affirmed “the approach of the Iraqi government and the Ministry of Communications to benefit from Iraq’s strategic location and enter it on the official global map in a way that competes with communications traffic through other international corridors.”
Al-Yasiri stated that "the diversity of transit projects will enhance Iraq's ability to attract international companies to pass their buses through Iraqi territory as it is a shortcut and safer route in the region, as the Ministry worked to create a competitive environment and prepare the technical requirements necessary for the success of these projects and build confidence with international companies to attract them to adopt Iraq as a corridor." For its international communications, especially with the current security challenges that the region is going through.” link
Tishwash: Bloomberg”: Oil is approaching its fair price and may jump to $100 per barrel
Bloomberg said in a report published today, Sunday, that Brent crude prices are close to the fair value of about $85 per barrel, while any escalation of the conflict in the Middle East may push the price to above $100, according to recent estimates issued. According to Bloomberg Intelligence, which previously estimated that the average price this year would reach $80.
The agency stated in its report that this increase is the latest, as several investment banks raised their price expectations this year, the most prominent of which was Goldman Sachs, which estimates peak prices at $87 per barrel in the summer, which is $2 more than its previous estimate.
She pointed out that oil prices have been trading in a narrow range near $80 per barrel since the beginning of 2024, as inflation in supplies from the United States and other producers compensated for OPEC+ cuts, amid fears that the conflict in the Middle East may disrupt crude shipments.
At the beginning of this year, Fitch raised its forecast for the price of Brent crude to $80 per barrel from $75 in its previous forecast, compared to an expected average of $82 in 2023.
Bloomberg Intelligence said that tensions in the Middle East and a rise in the geopolitical risk premium, with Houthi militants continuing to attack ships in the Red Sea, may have begun to slowly impact oil prices after the effects of weak economic prospects and a bleak demand picture were overtaken in the past few months.
She explained that hawkish signals from the Federal Reserve, weaker demand indicators in all major regions and declining sentiment were factors that pressured the price, despite limited supplies from the Organization of the Petroleum Exporting Countries (OPEC) amid continued production cuts.
Bloomberg Intelligence also indicated that its expectations for the fair value of the oil price are based on a set of variables that include - but are not limited to - geopolitical risks, inflation expectations, refining margin, inventory and sentiment.
Concerns about recession and slowing demand in the largest oil consuming countries dominated sentiment, despite the risk of further disruption to Russian flows after sanctions imposed by the European Union. Also, "near-term expectations remain unclear, although the gradual recovery in Asian consumption could boost demand and provide support for oil prices."
It is likely that any decrease in spare production capacity - once the OPEC + alliance begins to reduce production cuts - will eventually lead to a rise in oil prices due to panic. OPEC+'s spare production capacity (including Iran) stood at about 6.4 million barrels per day in January, based on Bloomberg data. Excess production capacity is concentrated in Saudi Arabia and the United Arab Emirates, with many other OPEC+ members seeking to increase production when necessary. Saudi production remains at about 9 million barrels per day.
It is estimated that the oil alliance will continue to extend production cuts during the second quarter of 2024, after which they will be gradually and partially canceled starting from the third quarter. This view is in line with Bloomberg's expectations in an attempt to avoid surpluses and support prices. link
Mot: .... Can Ya Relate!!!! Siiggghhhhhhh!!!!
Mot: .. So True – LOL
Goldilocks' Comments and Global Economic News Sunday Evening 3-3-24
Goldilocks' Comments and Global Economic News Sunday Evening 3-3-24
Good Evening Dinar Recaps,
"India’s forex reserves experienced a notable increase, rising by $2.975 billion to reach $619.072 billion for the week ending February 23, as reported by the Reserve Bank of India (RBI). This surge follows a previous week where reserves had slightly decreased by $1.132 billion.
Major Components
1. Foreign Currency Assets:
Increased by $2.405 billion to $548.188 billion.
Foreign currency assets encompass various currencies such as the euro, pound, and yen, reflecting their valuation against the US dollar.
Goldilocks' Comments and Global Economic News Sunday Evening 3-3-24
Good Evening Dinar Recaps,
"India’s forex reserves experienced a notable increase, rising by $2.975 billion to reach $619.072 billion for the week ending February 23, as reported by the Reserve Bank of India (RBI). This surge follows a previous week where reserves had slightly decreased by $1.132 billion.
Major Components
1. Foreign Currency Assets:
Increased by $2.405 billion to $548.188 billion.
Foreign currency assets encompass various currencies such as the euro, pound, and yen, reflecting their valuation against the US dollar.
2. Gold Reserves:
Rose by $472 million to $47.848 billion during the week.
3. Special Drawing Rights (SDRs):
Witnessed an uptick of $89 million to $18.197 billion.
4. Reserve Position with the IMF:
Expanded by $9 million to $4.839 billion."
There would be absolutely no reason for India to be increasing their revenue like this unless it had something to do with the UPI or Unified Payments Interface.
The UPI powers several bank accounts in one application. This can happen with any bank globally that wants to participate in their payment transaction system through trade and more.
It is an instant payment service that operates 24/7 and 365 days a year. Their foreign currency, special drawing rights, and gold reserves continue to grow.
This enables them to service the needs of foreign currency exchanges in trade from around the world near and far. They can even enable people to do these transactions over a mobile phone application.
It's been a while back, but Iraq was one of the countries along with Vietnam and Indonesia that piloted this new International Payment System. Current Affairs
© Goldilocks
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The IMF is recognizing Iraq to be a financially inclusive banking system. This means they have become an open banking system allowing free trade agreements to be made with them near and far.
The CBI article that goes with this writing indicates that the IMF has recognized Iraq to be a compliant, safe, and trustworthy institution for trade. It is well and it's way to digitizing products for trade beyond the oil sector and on the local level.
These new monetary mechanisms will shield them from money laundering that has plagued them for so many years, and it will enable them to move forward with the full confidence of a Global Economy.
© Goldilocks
https://cbi.iq/news/view/2527
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Iraqi Customs launches automation system at Umm Qasr Port - Shafaq News
👆Watch the Water!
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"An ACH transfer is completed through a clearing house — a network of financial institutions — and is used most often for processing direct deposits or payments.
A wire transfer is typically used for high-value transactions and is completed through a bank, which makes it faster, but it does have a fee."
We are currently transitioning from Clearing House Transactions to Wire Transfer Services that can be done through a bank. Wire transfer services will make this new digital payment system much faster. In fact, the transfer of payments will be done in seconds.
As Protocol 20 expands and integrates Quantum Technologies from around the world, this shift into digital processing of money transfers will significantly increase the demand for the new digital economy. These new demands will bring in new values across the board and from country to country.
Money velocity will enhance faster trades that will allow the movement of products around the world to operate seamlessly and efficiently. Faster movement of products will create more profits and increase more opportunities for companies producing their items for sale across many sectors of the market and on an even playing field no matter their size. Tipalti
© Goldilocks
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Hong Kong Sees Surge in Crypto Exchange License Applications as Regulatory Landscape Evolves | The Currency Analytics
👆 Goldilocks pointed to this article
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Crypto Council comments on Hong Kong’s stablecoin regulation | CryptoPolitan
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Special Drawing Rights
Pacific Exchange Rate Service: Current Exchange Rates; Database
https://fx.sauder.ubc.ca/SDR.php
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UPI: Unified Payments Interface - Instant Mobile Payments | NPCI
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Bloomberg -- Eurex Clearing AG plans to start clearing repo trades for hedge funds directly by the middle of the year, a key step toward improving liquidity in a market that has been constrained over the years by tighter financial regulation.
The firm, one of the leading global clearinghouses, aims to have hedge funds up and running on their platform “by the summer,” executive board member Matthias Graulich said on the sidelines of the Derivatives Forum in Frankfurt on Thursday.
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Prominent figures in the XRP community have argued that the XRP tokens locked in escrow by Ripple have a fundamental role in turning the asset into a global reserve currency. | The Crypto Basic
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Blockchain is one step away from mainstream adoption - Blockworks
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Iraq Economic News and Points to Ponder Sunday Afternoon 3-3-24
Iraq Economic News and Points to Ponder Sunday Afternoon 3-3-24
Tlm724 Administrator Bondlady’s Corner
The International Monetary Fund Praises The Steps Of The Central Bank Of Iraq To Support The Economy
Sunday 03, March 2024 16:00 | Economical Number of readings: 291
Baghdad / NINA / The experts of the International Monetary Fund mission praised the measures taken by the Central Bank of Iraq, which contributed to maintaining the stability of the Iraqi economy and working to raise its capabilities.
The mission said in the final statement on the sidelines of the meetings held in the Jordanian capital, Amman, that “growth in the non-oil sector returned strongly in 2023, with inflation receding and growth in real non-oil GDP is estimated at 6 percent in 2023, after... It will decline in 2022.
Overall inflation declined from the high level it reached of 7.5 percent at the beginning of 2023, to 4 percent by the end of the same year, reflecting the decline in food and energy prices at the international level.
Iraq Economic News and Points to Ponder Sunday Afternoon 3-3-24
Tlm724 Administrator Bondlady’s Corner
The International Monetary Fund Praises The Steps Of The Central Bank Of Iraq To Support The Economy
Sunday 03, March 2024 16:00 | Economical Number of readings: 291
Baghdad / NINA / The experts of the International Monetary Fund mission praised the measures taken by the Central Bank of Iraq, which contributed to maintaining the stability of the Iraqi economy and working to raise its capabilities.
The mission said in the final statement on the sidelines of the meetings held in the Jordanian capital, Amman, that “growth in the non-oil sector returned strongly in 2023, with inflation receding and growth in real non-oil GDP is estimated at 6 percent in 2023, after... It will decline in 2022.
Overall inflation declined from the high level it reached of 7.5 percent at the beginning of 2023, to 4 percent by the end of the same year, reflecting the decline in food and energy prices at the international level.
The mission attributed the occurrence of these developments to “the return of trade financing operations to After some interruptions occurred following the implementation of new anti-money laundering and counter-terrorism financing controls on cross-border payments in November 2022, improved compliance with the new system and the initiatives of the Central Bank of Iraq to reduce the transaction processing time led to a recovery in financing. Trade in the second half of 2023.
This ensured that the private sector could obtain foreign currency at official rates for import and travel purposes.
The mission welcomed "the initial steps taken towards establishing the Treasury Single Account (TSA), which is a critical tool for improving cash liquidity management."
The mission praised "the efforts made by the Central Bank of Iraq aimed at getting rid of surplus liquidity."
The Central Bank increased the interest rate on monetary policy tools and raised mandatory reserve requirements, and also began issuing treasury bills with a maturity of 14 days last summer.
The Fund called for “supporting the ongoing efforts of the Central Bank by consolidating unused government deposits in an account.” The unified treasury, refraining from pro-cyclical financial policy, reducing reliance on cash financing, and improving public debt management, noting the continuation of efforts aimed at establishing an interbank market with the support of technical assistance provided by the International Monetary Fund.”
The mission welcomes the steps it has taken. The authorities in order to accelerate the pace of digitization of the economy, reduce dependence on cash and enhance financial inclusion.”/End H
https://ninanews.com/Website/News/Details?key=1110911
Staff Concluding Statement Of The 2024 IMF Article IV Mission
March 3, 2024 A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
March 3, 2024: An International Monetary Fund (IMF) mission, led by Mr. Jean-Guillaume Poulain, met with the Iraqi authorities in Amman during February 20–29 to conduct the 2024 Article IV consultation. The following statement was issued at the end of the mission:
Economic growth is projected to continue amid fiscal expansion. Meanwhile, medium-term vulnerabilities to oil price volatility have increased significantly. Reducing oil dependence and ensuring fiscal sustainability while protecting critical social and investment spending will require a significant fiscal adjustment, focused on controlling the public wage bill and increasing non-oil tax revenues.
In parallel, higher economic growth will be needed to absorb the rapidly expanding labor force, boost non-oil exports and broaden the tax base.
The authorities should therefore seek to enable private sector development, including through labor market reforms, modernization of the financial sector and restructuring of state-owned banks, pension and electricity sector reforms, and continued efforts to improve governance and reduce corruption.
Economic Outlook and Risks
Growth in the non-oil sector has rebounded strongly in 2023 while inflation receded. Supported by increases in public expenditure and solid agricultural output, real non-oil GDP is estimated to have grown by 6 percent in 2023 after stalling in 2022. Headline inflation declined from a high of 7.5 percent in January 2023 to 4 percent by year-end, reflecting lower international food and energy prices, and the impact of the February 2023 currency revaluation. The current account is expected to have recorded a surplus of 2.6 percent of GDP and international reserves increased to US$ 112 billion.
These positive developments were supported by the normalization of trade finance and the stabilization of FX market. After some initial disruptions following the introduction of new anti-money laundering and combating financing of terrorism (AML/CFT) controls on cross-border payments in November 2022, the improved compliance with the new system and the Central Bank of Iraq (CBI)’s initiatives to cut processing time led to a recovery in trade finance in the second half of 2023. This ensured private sector access to foreign exchange at the official rate for imports and travel purposes.
In the meantime, the fiscal position worsened. Although the expansionary budget was under-executed due to delayed Parliamentary approval, the fiscal balance still declined from a surplus of 10.8 percent of GDP in 2022 to a deficit of 1.3 percent in 2023, due to lower oil revenues and an increase in expenditures by 8 percentage points of GDP, of which salaries and pensions contributed 5 percentage points as the authorities started hiring in line with the budget law.
Overall growth is projected to rebound in 2024 and risks are tilted downwards amid heightened uncertainty. Non-oil growth momentum will continue in 2024. Larger declines in oil prices or extended OPEC+ cuts could weigh on fiscal and external accounts.
If regional tensions escalate, a disruption of shipping routes or damage to the oil infrastructure could result in oil production losses that could outweigh the potential positive impact of higher oil prices. In case of a deterioration in domestic security conditions, this could lead to a decline in business sentiment and suspension of investment projects.
Over the medium term, non-oil growth is projected to stabilize around 2.5 percent given existing hurdles to private sector development. Furthermore, vulnerability to oil price declines has increased as higher expenditures are projected to push the fiscal break-even oil price above $90 in 2024.
Absent new policy measures, the fiscal deficit is expected to reach 7.6 percent in 2024 and widen further thereafter as oil prices are projected to gradually decline over the medium term. As a consequence, public debt would almost double from 44 percent in 2023 to 86 percent by 2029.
Policy Priorities
An ambitious fiscal adjustment would be required to help stabilize debt in the medium term and rebuild fiscal buffers, while protecting critical capital spending. Most of the fiscal adjustment would have to come from reducing current expenditure, especially controlling the wage bill by limiting mandatory hiring and gradually introducing an attrition rule.
The authorities should also seek to increase non-oil revenues by broadening the personal income tax base and making it more progressive, reviewing the customs tariff structure, and considering new taxes on luxury items. In parallel, efforts to make revenue and customs administration more efficient should continue.
Further savings could be obtained through better targeting social support and increasing cost recovery within the electricity sector. These adjustment measures should provide room for the expansion of the targeted social safety net.
The authorities should also strengthen public financial management and limit fiscal risks. The mission welcomes initial steps towards the establishment of a Treasury Single Account (TSA), which is crucial to improve cash management. Further progress is needed and close cooperation between the CBI and Ministry of Finance will be essential.
The next steps are to define TSA design options and complete the bank account census. In future years, overall ceilings on the issuance of guarantees should be specified in the budget law and be enforced. The mission advise against the use of extrabudgetary funds and highlights potential fiscal risks associated with their use.
As a second best, it would be important to ensure the Iraq Fund for Development has appropriate governance arrangements, including governing board independence while ensuring transparency of the Fund’s activities including by publishing its investment plans in the annual budget documentation and restricting its ability to borrow.
The mission encourages the authorities to build on the CBI welcomed efforts to reduce excess liquidity. The CBI appropriately raised the policy interest rate and reserve requirements, introduced a 14-day CBI bill facility last summer, and scaled back its subsidized lending to the real estate sector.
However, monetary policy pass-through has been muted, hampered by large excess liquidity and lack of market incentives in financial intermediaries, especially at state-owned banks.
The CBI’s ongoing efforts should be supported by consolidating idle government deposits in a TSA, refraining from procyclical fiscal policy, reducing the reliance on monetary finance, and improving public debt management.
In parallel, efforts to develop an interbank market with the help of IMF technical assistance should continue. The mission also welcomes the authorities’ steps to speed up the digitalization of the economy, reduce the reliance on cash and enhance financial inclusion.
Wide-ranging structural reforms are needed to foster private sector development and economic diversification. Iraq needs higher and more sustainable non-oil growth to absorb the rapidly growing labor force, increase non-oil exports and government revenue, and reduce the economy’s vulnerability to oil price shocks. Key reform priorities include:
Adopting a comprehensive employment strategy aimed at phasing-out mandatory hiring in the public sector, leveling the playing field between public and private jobs, addressing mismatches between educational curricula and the skills needed in the private sector, and strengthening labor market institutions. The strategy should also aim at reducing informality and addressing legal, social, and cultural impediments to women’s participation in the workforce.
Accelerating financial sector reform to improve access to credit. The authorities are committed to modernizing the banking sector and supporting banks’ ability to secure correspondent banking relationships and have taken steps towards consolidation of small private banks. Efforts to restructure the two largest state-owned banks should intensify, including by expediting certification of past financial statements and implementation of core banking systems, and enhancing corporate governance in line with best practices.
Implementing a comprehensive pension reform. This is urgently needed to reduce the overall projected fiscal costs of the public pension scheme, better align the benefits and rules across the public and private schemes, ensure adequacy of pensions and intergenerational equity, and increase the ratio of workers participating in the private pension scheme.
Combating corruption and improving governance, particularly by strengthening the institutional and legal frameworks needed to ensure the independence of the Integrity Commission and the Board of Supreme Audit, enhancing the publication of assets and conflicts of interests declarations for top level officials, and adopting an updated anticorruption strategy.
Further, public procurement and business regulations should also be enhanced. The authorities should also continue to strengthen the AML/CFT framework and its effectiveness, including in the banking sector, guided by the priority actions identified in the MENAFATF Mutual Evaluation that will be concluded in May 2024.
Removing other hurdles to private sector development by reforming the electricity sector to improve efficiency, cost recovery, and reliable access; simplifying procedures for business registration; and upgrading critical infrastructure.
The IMF staff team stands ready to support the authorities in their reform efforts and would like to thank them for constructive and productive discussions during this mission.
IMF Communications Department MEDIA RELATIONS
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Provoking Points to Ponder on Decisions
Continually one faces the horrible matter of making decisions. The solution ... is, as far as possible, to avoid conscious rational decisions and choices; simply to do what you find yourself doing; to float in the great current of life with as little friction as possible; to allow things to settle themselves, as indeed they do with the most infallible certainty. - Christopher Morley
When making a decision of minor importance, I have always found it advantageous to consider all the pros and cons. In vital matters, however, such as the choice of a mate or a profession, the decision should come from the unconscious, from somewhere within ourselves. In the important decisions of personal life, we should be governed, I think, by the deep inner needs of our nature. - Sigmund Freud
Pick battles big enough to matter, small enough to win. - Jonathan Kozel
Wisdom consists in being able to distinguish among dangers and make a choice of the least harmful. - Niccolo Machiavelli
I think we should follow a simple rule: if we can take the worst, take the risk. - Dr. Joyce Brothers
http://famousquotesandauthors.com/quotes_by_topic.html
http://famousquotesandauthors.com/topics/decisions_quotes.html
"Tidbits From TNT" Sunday 3-3-2024
TNT:
Tishwash: Parliament collects 150 signatures to pass the blocked laws
Although Parliament collected nearly 150 parliamentary signatures to put the stalled laws on the shelves for years, these efforts seem to clash with political consensus.
Member of the Parliamentary Integrity Committee, Hamid Al-Shablawi, told “Al-Sabah”: “It is one of the most important legislations and laws that serve the country and segments of society and the return of state funds, in addition to those that limit corruption and enhance the role of supervisory authorities, including the state funds recovery law,” indicating that “ The Financial Supervision Law is an addition to these laws, as it allows the Financial Supervision Authority a broader scope of work.”
TNT:
Tishwash: Parliament collects 150 signatures to pass the blocked laws
Although Parliament collected nearly 150 parliamentary signatures to put the stalled laws on the shelves for years, these efforts seem to clash with political consensus.
Member of the Parliamentary Integrity Committee, Hamid Al-Shablawi, told “Al-Sabah”: “It is one of the most important legislations and laws that serve the country and segments of society and the return of state funds, in addition to those that limit corruption and enhance the role of supervisory authorities, including the state funds recovery law,” indicating that “ The Financial Supervision Law is an addition to these laws, as it allows the Financial Supervision Authority a broader scope of work.”
Al-Shiblawi added, “The Council Presidency did not include important laws on the agenda, despite collecting signatures of up to 150,” expressing his hope that “the committee will take an active role in these legislations and within a broader course of oversight work.”
He explained, "Despite this, the hostilities continue at the level of ministers and general directors, and many large corruption files have been opened in the Integrity Committee pertaining to the Ministries of Electricity and Transport, the National Investment Authority, and files pertaining to the Ministries of Oil and Reconstruction and others." link
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The International Monetary Fund praises the steps of the Central Bank of Iraq to support the economy
Experts from the International Monetary Fund mission praised the measures taken by the Central Bank of Iraq, which contributed to maintaining the stability of the Iraqi economy and working to raise its capabilities.
The mission said in the final statement on the sidelines of the meetings held in the Jordanian capital, Amman, that “growth in the non-oil sector returned strongly in 2023, with inflation receding. Growth in real non-oil GDP is estimated at 6 percent in 2023.
After declining in 2022, overall inflation declined from the high level it reached at 7.5 percent at the beginning of 2023, to 4 percent by the end of the same year, reflecting the decline in food and energy prices at the international level.”
The mission attributed these developments to “the return of trade financing operations to their normal course and the stability of the foreign exchange market.
After some interruptions occurred following the implementation of the new anti-money laundering and counter-terrorist financing controls on cross-border payments in November 2022, improved compliance with the new system, The Central Bank of Iraq’s initiatives to reduce transaction processing times have led to a recovery in trade financing in the second half of 2023. This has ensured that the private sector can obtain foreign currency at official rates for import and travel purposes.”
The mission welcomed "the initial steps taken towards establishing the Treasury Single Account (TSA), which is considered a critical tool for improving cash liquidity management."
The mission praised the efforts made by the Central Bank of Iraq aimed at getting rid of excess liquidity. The Central Bank increased the interest rate on monetary policy tools and raised mandatory reserve requirements, and also began issuing treasury bills with a maturity of 14 days last summer.
The Fund called for Supporting existing efforts by the Central Bank by consolidating unused government deposits in the unified treasury account, refraining from pro-cyclical financial policy, reducing reliance on monetary financing, and improving public debt management, noting the continuation of efforts aimed at establishing an interbank market with support. "From the technical assistance provided by the International Monetary Fund.
The mission also welcomes the steps taken by the authorities to accelerate the pace of digitalization of the economy, reduce dependence on cash and enhance financial inclusion."
Central Bank of Iraq
Information Office
3 March 2024 link
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Tishwash: Washington is deceiving... Iraq is moving internationally to expel its forces, and America is stalling again
Efforts to remove American combat forces from Iraq collide with America's plan, through which it seeks to circumvent all meetings, statements and joint committees by imposing the agreement on a timetable extending for another five years, amid popular and political calls demanding the immediate exit of Washington's combat forces.
As for the Iraqi government, it is counting on international pressure through global meetings and forums, the most recent of which is the Turkish Antalya Forum, in which Iraq discussed the necessity of completely removing foreign forces from Iraqi territory during the coming period, after the number of violations and indirect occupation constituted by the presence of these forces.
*Procrastination and procrastination
Speaking about this file, the State of Law Coalition describes America's efforts to set a 5-year timetable for the file of removing its forces from the country as procrastination and procrastination, while stressing that negotiations are not useful with Washington's malicious policies.
Coalition member Ibrahim Al-Sakini said in an interview with the Maalouma Agency, “The diplomacy that Iraq pursued during the previous years led to the presence of thousands of American combat forces in the country,” noting that “talking about the exit of American forces Within five years is a joke on the chin.” .
He continues, “One of the escalatory steps to prove the seriousness of the negotiation is closing the American embassy or the military barracks located in Baghdad,” pointing out that “Washington is exercising various types of blackmail against Iraq through the dollar issue, in order to continue its combat forces in the country."
He added, "Washington is putting pressure on the country by seizing the money from the sale of oil in the Federal Bank in order to give up these national issues," noting that "America's effort to set a timetable extending to 5 years regarding the issue of removing American forces from the country is public procrastination and procrastination.”
*Negotiating committees
In addition, Member of Parliament Thaer al-Jubouri believes that forming joint committees with the United States of America will not achieve all goals, while he stressed that pressure through international meetings to remove American forces is important at this stage.
Al-Jubouri said in an interview with the Maalouma Agency, “The support of some internal forces for the presence of American combat forces inside Iraq has weakened the position of other political forces towards expelling the occupation,” noting that “Washington is working to weaken Iraq’s combat capabilities in order to show weak protection for the country.”
He continues, “The pretext of training and consultation is unrealistic compared to the large military presence inside Iraqi territory,” pointing out that “the scenario of negotiation and international pressure to remove Washington’s forces from the country requires greater and deeper efforts.”
Al-Jubouri continues his speech: “Boasting about diplomacy with the United States of America are points of procrastination that are focused on in order to continue its presence in the military bases,” adding that “pressure through international meetings to remove American forces is important at this stage.”
The American forces continue their field and military violations, in addition to controlling the Iraqi airspace and bombing security forces and civilians in a number of provinces, in addition to controlling armament contracts, and not allowing Iraq to develop the land, sea, and air military capabilities that it lacks as a result of American dominance over this file link
Mot: ..... I Try!! -- I Really Do!!! --- BUT~~~~
Mot: Make Good Choices
Iraqi News Highlights and Points to Ponder Sunday AM 3-3-24
Iraqi News Highlights and Points to Ponder Sunday AM 3-3-24
To Achieve Economic Stability, The International Monetary Fund Directs 4 Requests To The Iraqi Government
Arab and international Economy News – Baghdad The International Monetary Fund called on the Iraqi government to adjust public finances, increase the public sector wage bill, expand the tax base, and increase non-oil revenues to achieve economic stability.
This came in a statement issued by the Fund, on Sunday, at the conclusion of Article Four consultations with Iraqi financial and economic officials, which took place in the Jordanian capital, Amman, during the period between 20-29 last February.
The fund said: “To overcome oil price fluctuations, Iraq must achieve high economic growth to accommodate the growing workforce, enhance non-oil exports, expand the tax base and adjust the wage bill.”
He considered that the government must "strive to enable the private sector to develop and grow, carry out labor market reforms, modernize the financial sector, restructure state-owned banks, reform the retirement and electricity sectors, and reduce corruption."
Iraqi News Highlights and Points to Ponder Sunday AM 3-3-24
To Achieve Economic Stability, The International Monetary Fund Directs 4 Requests To The Iraqi Government
Arab and international Economy News – Baghdad The International Monetary Fund called on the Iraqi government to adjust public finances, increase the public sector wage bill, expand the tax base, and increase non-oil revenues to achieve economic stability.
This came in a statement issued by the Fund, on Sunday, at the conclusion of Article Four consultations with Iraqi financial and economic officials, which took place in the Jordanian capital, Amman, during the period between 20-29 last February.
The fund said: “To overcome oil price fluctuations, Iraq must achieve high economic growth to accommodate the growing workforce, enhance non-oil exports, expand the tax base and adjust the wage bill.”
He considered that the government must "strive to enable the private sector to develop and grow, carry out labor market reforms, modernize the financial sector, restructure state-owned banks, reform the retirement and electricity sectors, and reduce corruption."
Iraq is the second largest producer of crude oil in OPEC after Saudi Arabia, with an average daily production of 4.6 million barrels per day under normal conditions, and relies on crude export revenues to provide 90 percent of the state’s financial income.
The Fund added: “Growth in the non-oil sector returned strongly during 2023... Growth in real non-oil GDP is estimated at 6 percent, and overall inflation declined from the high level of 7.5 percent in January 2023, to 4 percent by the end of the same year.” ".
He continued: "The decline in inflation is due to the decline in food and energy prices at the international level, and the impact caused by the revaluation of the price of the Iraqi currency in February 2023."
He estimated that the improvement in oil prices in 2022 and the first months of 2023 contributed to the rise in international reserves to 112 billion dollars, from an average of 88 billion at the end of 2021. He said: “If regional tensions escalate, an interruption in shipping routes or damage to "This may lead to losses in Iraqi oil production."
Article Four of the Agreement Establishing the International Monetary Fund stipulates that bilateral discussions with member countries usually take place on an annual basis. A team of Fund experts visits the member country, collects the necessary economic and financial information, and holds discussions with official officials about economic developments and policies in that country...
03/03/2024 - https://economy-news.net/content.php?id=41056
With A Dollar Bill... Deputy: The US Treasury Is Putting Pressure On Iraq
Information / Baghdad.. Today, Sunday, the representative of the Fatah Alliance, Ola Al-Nashi, accused the US Treasury Department of obstructing the Iraqi government’s reforms in light of waving the economic card through the dollar file.
Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..
Al-Nashi told Al-Maalouma, “The economics file is more important than politics and what is happening in it, and it is the aspect that is focused on to thwart any government if it achieves successes and is able to get closer to the people.”
He added, "The government is required to take strong decisions against them in order to control the dollar crisis, noting that the American administration changed its sights towards the economic card after its failure in the soft war against Iraq."
Al-Nashi pointed out that “the rise in the dollar exchange rates in local markets is a political file to put pressure on Muhammad Shiaa Al-Sudani.”
The dollar exchange rates are witnessing a significant increase in the Iraqi markets, as the price of one dollar has reached more than 152 dinars, amid fears that this rise will continue. LINK
Parliamentary Bloc: America Prevents Iraq From Joining The Chinese Agreement
Economy Information / Baghdad.. The head of the Al-Sadiqoun parliamentary bloc, Habib Al-Halawi, confirmed today, Sunday, that America is pushing to prevent Iraq from joining the Belt and Road Initiative.
Al-Halawi said in an interview with the Maalouma Agency, “The United States of America is pushing to prevent and obstruct Iraq’s association with the Silk Road Economic Project, adding that Iraq’s association with the Chinese initiative represents a strategic opportunity to activate Iraq’s role within the Belt and Road Initiative.”
He pointed out that "America stands as an obstacle to the growth of the Iraqi economy and does not allow Chinese companies to invest in Iraq, stressing that there is a desire among the Iraqis to consolidate bilateral relations with China." LINK
Foreign Minister: Iraq May Adjust Its Financial Budget For This Matter
Economy News – Baghdad The Iraqi Foreign Minister said that his country may amend its federal budget to pay recovery and transit fees to international oil companies, in an attempt to restart an important oil pipeline a year after it was stopped.
Fouad Hussein told Bloomberg News, “Talks are ongoing between oil companies, the Iraqi government in Baghdad, and the semi-autonomous Kurdistan Regional Government to resume crude oil exports through Turkey. The pipeline closure has blocked about half a million barrels of crude oil from global markets.”
Turkey stopped flows through the pipeline - which transports oil from the Kurdish region in Iraq to the Turkish port of Ceyhan - in March 2023 after an arbitration court ordered it to pay about $1.5 billion in compensation to Iraq for transporting oil without Baghdad’s approval.
Long-standing dispute
The arbitration decision was the culmination of a long-standing dispute between Baghdad and the Iraqi Kurdistan region over the rights to collect revenues from oil sales.
Iraq is trying to resolve the dispute to strengthen relations with Turkey on issues ranging from trade to security ahead of the expected visit of President Recep Tayyip Erdogan to Baghdad on April 22. The main discussion centers on transportation and recovery fees, which the Iraqi minister says have a real cost of approximately $21 per barrel, compared to $6 in the budget.
Hussein said, on the sidelines of a diplomatic forum in the Turkish city of Antalya, “The best way is to make an adjustment in the budget, from $6 to what it is on the ground.” He added: "If we agree to amend the budget law, let us say that this will open the way for oil exports."
Iraq was exporting about 400,000 to 500,000 barrels per day from the northern fields, including the Kurdish region, through the currently suspended pipeline. The pipeline closure cost Iraq more than $7 billion in lost revenue over the past year, which Hussein described as a "huge loss."
Hussein refused to give an estimate of how long it would take to make the required amendment, which requires the support of Iraqi political parties, as well as the election of a new speaker of parliament. But he said that Baghdad and the Kurdistan Regional Government had reached an understanding regarding the resumption of exports, and that the Turkish side had no objections.
Security cooperation between Baghdad and Ankara
The interview also stated:
Turkish Foreign Minister Hakan Fidan is expected to visit Baghdad this month to hold a second round of talks on security cooperation to prevent separatists from the Kurdistan Workers’ Party from using northern Iraq as a launching point to launch attacks on Turkey, as well as on Turkish forces inside Iraq.
Iraq and Turkey are seeking to persuade the Gulf states to help finance a trade route worth $17 billion extending from the port of Al-Faw in the Iraqi province of Basra to Turkey, and then to Europe. “We cannot finance it ourselves,” Hussein said. “The current situation in the Red Sea and Bab al-Mandab also proves that we need different ways to reach Europe.”
Red Sea tensions revive the trade line linking Egypt, Jordan and Iraq.
He added: “Internal security in Iraq is very good in general, but the entire security in the region is threatened by the war in Gaza,” referring to attacks in the Red Sea, as well as US air strikes in Iraq.
In response to a question about whether the recent visit of an Iranian delegation to Iraq had led to a clear cessation of militant attacks on American forces, Hussein said: “This is apparently the case.”
Regarding Iraq's previous request for the withdrawal of the remaining American military trainers and advisors, Hussein said that an Iraqi military committee held discussions with American officials more than a week ago and "will submit a report to the prime minister and political leaders. On the basis of its report, we will develop another plan." 03/03/2024 - https://economy-news.net/content.php?id=41053
Provoking Points to Ponder on Decisions
Once the "what" is decided, the "how" always follows. We must not make the "how" an excuse for not facing and accepting the "what." - Pearl S. Buck
In each action we must look beyond the action at our past, present and future state, and at others whom it affects, and see the relation of all those things. And then we shall be very cautious. - Blaise Pascal
One's mind has a way of making itself up in the background, and it suddenly becomes clear what one means to do. - Arthur Christopher Benson
Not all of your decisions will be correct. None of us is perfect. But if you get into the habit of making decisions, experience will develop your judgment to a point where more and more of your decisions will be right. After all, it is better to be right 51 percent of the time and get something done, than it is to get nothing done because you fear to reach a decision. - H. W. Andrews
Decide on what you think is right, and stick to it. - George Eliot
http://famousquotesandauthors.com/quotes_by_topic.html
http://famousquotesandauthors.com/topics/decisions_quotes.html
MilitiaMan: Iraq Dinar - IQD Dinar Update -CBI - Foreign Currency Trade - Iraq Dinar - Price Change Expectation
Iraq Dinar - IQD Dinar Update -CBI - Foreign Currency Trade - Iraq Dinar - Price Change Expectation
MilitiaMan and Crew: 3-2-2024
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Dinar - IQD Dinar Update -CBI - Foreign Currency Trade - Iraq Dinar - Price Change Expectation
MilitiaMan and Crew: 3-2-2024
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Goldilocks' Comments and Global Economic News Saturday Evening 3-2-24
Goldilocks' Comments and Global Economic News Saturday Evening 3-2-24
Good Evening Dinar Recaps,
"Hong Kong is currently pursuing an expansion of the digital yuan’s application. It is also approaching the second phase of its own CBDC pilot program and completing consultations for stablecoin issuance."
Do you remember a couple of months ago when we spoke of several global stablecoins that were being tested inside a sandbox with Hong Kong?
They are telling us that Hong Kong is in process of moving past the consultation process and ready to move into the implementation phase. This is the phase of regulatory development inside Global use case scenarios.
The e-HKD digital version of the Hong Kong dollar completed its first pilot testing phase in October 2023. Now, Hong Kong is telling us that they are moving into the retail sector. This will include programmable payments, offline payments, and tokenized deposits. Coin Speaker
© Goldilocks
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Goldilocks' Comments and Global Economic News Saturday Evening 3-2-24
Good Evening Dinar Recaps,
"Hong Kong is currently pursuing an expansion of the digital yuan’s application. It is also approaching the second phase of its own CBDC pilot program and completing consultations for stablecoin issuance."
Do you remember a couple of months ago when we spoke of several global stablecoins that were being tested inside a sandbox with Hong Kong?
They are telling us that Hong Kong is in process of moving past the consultation process and ready to move into the implementation phase. This is the phase of regulatory development inside Global use case scenarios.
The e-HKD digital version of the Hong Kong dollar completed its first pilot testing phase in October 2023. Now, Hong Kong is telling us that they are moving into the retail sector. This will include programmable payments, offline payments, and tokenized deposits. Coin Speaker
© Goldilocks
~~~~~~~~~~
CBI Announcement:
Shafaq News / The Iraqi Central Bank (CBI) affirmed on Saturday that it has provided five alternative currencies to the dollar for traders to use in purchasing goods from abroad, using each country's currency through the bank.
CBI’s Deputy Governor Ammar Hamad told Shafaq News Agency that "CBI has made other foreign currencies available for Iraqi traders, including the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee."
He added that "these currencies are now available to traders, aiming to facilitate foreign trade. When a trader imports goods from China, for instance, they can pay in Iraqi dinars to the Iraqi bank, which will then settle the amount with the Chinese company or factory in Chinese currency." Shafaq
👆 Goldilocks pointed to this article
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The Bank for International Settlements has set forth recommendations for Central Banks on supervision and legislative practices of Global Stablecoins.
Below is a link to a chart that you can read about these regulation recommendations. These recommendations will flow into the Central Bank's guidance for banks.
Here, we have the beginning stages of a top-to-bottom mandate of guidelines that will formulate new rules, regulations, and laws to govern Stablecoins. BIS
© Goldilocks
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Federal Register Announcement:
There is a proposed rule by the CFTC to extend a period of comments before execution of a new rule on April 22nd, 2024.
Proposed Rule: "The Commodity Futures Trading Commission (CFTC or Commission) is proposing to amend its regulations to permit a foreign board of trade (FBOT) registered with the Commission to provide direct access to its electronic trading and order matching system to an identified member or other participant located in the United States and registered with the Commission as an introducing broker (IB) for submission of customer orders to the FBOT's trading system for execution."
Foreign Board of Trade means any board of trade. This includes any exchanges or markets outside the United States. Federal Register
© Goldilocks
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“Most countries have said that settlement in national currencies is what the BRICS countries need. We are already a big BRICS family of 10 countries. Most countries supported the fact that it is necessary to build new mechanisms of settlements and shared the experience of developing digital currencies by central banks, the experience of building platforms, and participation in trials of various platforms,” Chebeskov said. Modern Diplomacy
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Moscow: The Russian Finance Ministry together with the Bank of Russia and BRICS partners will prepare a number of initiatives to improve the international monetary and financial system, which will focus in particular on the issue of creating the BRICS Bridge multisided payment platform, according to files published following the first meeting of BRICS finance ministers and central banks governors in Sao Paulo, Brazil. Times of Oman
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USDV - A Revolutionary Stablecoin Transparently Pegged To Tokenized T- Bills | Coin Telegraph
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As the name suggests, a reverse ATM, or a cash-to-card kiosk, is the opposite of a conventional cash machine. A reverse ATM is a machine into which customers deposit cash and are given a debit card with the amount they have deposited credited onto the card. The customer can then use this card to complete a transaction through the merchant’s payment gateway—either in-store or online.
Currently, consumers will most commonly see cash-to-card kiosks in venues or establishments that want to encourage their customers to use cards instead of cash for transactions in their establishments. In return for cash, kiosks dispense stored-value cards that can be used to purchase goods or services in that establishment. Unicorn Group
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Fed Chair mum on foreign nations’ evacuation of Gold from US | FX Street
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Bretton Woods 3:
Join LIDS and the Harvard International Law Journal for our Spring 2024 conference entitled “Bretton Woods 3.0? The Future of International Economic Law.”
The event will occur throughout the day of March 2, 2024 at Austin Hall on the Harvard Law School Campus.
This year’s conference features four panels and one keynote speech focusing on the changing nature of multilateral cooperation in international economic law.
Each discussion will cover key topics related to this theme, drawing on experts from the legal industry, academia, and intergovernmental organizations. Harvard Edu
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Inflation Saga Far from Over: Services Inflation in Euro Area Just as Stubborn as in the US, Makes Very Disconcerting Moves | Wolf Street
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US states are using gold & silver as money - are YOU? | YouTube
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RIPPLE XRP🚨IMF SHOCKING NEW ESDR RULES⚠️🚨XRP IS WAKING UP | YouTube
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Iraqi News Highlights and Points to Ponder Saturday Afternoon 3-2-24
Iraqi News Highlights and Points to Ponder Saturday Afternoon 3-2-24
Masrour Barzani Discusses With A US Treasury Official Reforming The Financial And Banking System In Kurdistan
SATURDAY, 02-03-2024, PM 12:46 KARAR AL-ASSADI The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, discussed with the US Treasury Undersecretary for Terrorism and Financial Intelligence, Brian Nelson, reform of the financial system and the banking sector.
The regional presidency said in a statement received by Noon News Agency, “Barzani met with the US Treasury Undersecretary for Terrorism and Financial Intelligence, Brian Nelson, and the two sides exchanged views on strengthening bilateral relations and ways to support the reforms implemented by the Kurdistan Regional Government within the framework of the ninth ministerial formation.”
The statement added, "The two sides discussed reforming the financial system and the banking sector, in addition to discussing the (My Account) project and the digital transformation of public services."
Iraqi News Highlights and Points to Ponder Saturday Afternoon 3-2-24
Masrour Barzani Discusses With A US Treasury Official Reforming The Financial And Banking System In Kurdistan
SATURDAY, 02-03-2024, PM 12:46 KARAR AL-ASSADI The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, discussed with the US Treasury Undersecretary for Terrorism and Financial Intelligence, Brian Nelson, reform of the financial system and the banking sector.
The regional presidency said in a statement received by Noon News Agency, “Barzani met with the US Treasury Undersecretary for Terrorism and Financial Intelligence, Brian Nelson, and the two sides exchanged views on strengthening bilateral relations and ways to support the reforms implemented by the Kurdistan Regional Government within the framework of the ninth ministerial formation.”
The statement added, "The two sides discussed reforming the financial system and the banking sector, in addition to discussing the (My Account) project and the digital transformation of public services."
Masrour Barzani Discusses With A US Treasury Official Reforming The Financial And Banking System In Kurdistan
2024-03-01 Shafaq News/ The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, discussed on Friday, with the US Treasury Undersecretary for Terrorism and Financial Intelligence, Brian Nelson, reform of the financial system and the banking sector.
A presidential statement received by Shafaq News Agency stated, “Barzani met with the Undersecretary of the US Treasury for Terrorism and Financial Intelligence, Brian Nelson, and the two sides exchanged views on strengthening bilateral relations and ways to support the reforms implemented by the Kurdistan Regional Government within the framework of the ninth ministerial formation.”
The statement added, "The two sides discussed reforming the financial system and the banking sector, in addition to discussing the (My Account) project and the digital transformation of public services." LINK
Foreign Minister: Iraq Will Expand Its Production Of Natural Gas
2024-03-02 Shafaq News/ Iraqi Foreign Minister Fuad Hussein confirmed on Saturday that his country’s government intends to expand its production of natural gas, and not rely on oil as the sole source of income.
Hussein said in his speech during the Antalya Diplomatic Forum held in Turkey, "We have a government that is working to revive and strengthen the agricultural sector, as well as expand natural gas production."
He added, "Iraq should not rely solely on oil in the coming years," adding, "We have very good trade relations with Turkey and Iran." LINK
Iranian Technical And Engineering Services Companies Account For Two Billion Dollars In Iraq
2024-03-02 Shafaq News/ Secretary of the Iranian Construction Companies Syndicate, Erj Claptonji, announced on Saturday that Iranian companies exporting technical and engineering services captured about two billion dollars from the Iraqi market from 2009 to 2015.
According to Iranian media, Erj Claptonji urged private sector companies to follow solid and solid plans to reach $20 billion in Iraq, especially since Turkish companies are on the cusp of investing $27 billion.
According to reports reported by ISNA News Agency, 56,500 engineering companies accredited by the Iranian Planning and Budget Organization are active in the field of the construction industry in Iran, 53,000 of which are contracting companies, and 3,500 of which are consulting engineering companies. About two million and 600 thousand people work in these companies.
According to statistics on the export performance of technical and engineering services from 1994 to 2021 provided by the Article 19 Committee of the Iranian Trade Development Organization, the approximate index of technical and engineering services exports in Iran reached about $34 billion in the form of 911 projects.
The Secretary of the Iranian Construction Companies Syndicate explained that Iraq opened its doors in 2015 to Iranian contractors, as private sector contractors won projects worth two billion dollars by entering tenders.
This indicates that if there is an active market next to Iran, Iranian companies can capture it from regional competitors through the necessary coordination. Iranian technical and engineering services export companies operate in Uzbekistan, Tajikistan, Bangladesh, Afghanistan, Pakistan, Sri Lanka, Kazakhstan, Turkmenistan, Azerbaijan, Armenia, Iraq, UAE, Oman, Yemen, Belarus, Djibouti, Kenya, Algeria, Sudan and Venezuela, but the largest volume of The activity of these companies between 2012 and 2016 was in Iraq.
Iranian companies in Iraq recorded contracts worth about four billion dollars, of which two billion dollars related to the “MBNA” company and the rest related to private sector contractors. But since 2016, when ISIS entered Iraq, the activity of Iranian companies in this country has decreased.
According to Claptonji, 38 private sector companies obtained 57 projects in Iraq during that period, including $3.1 billion in southern Iraq, $235 million in Sulaymaniyah, and about $400 million in Erbil.
This official stated that the largest activities in this sector target the Ministry of Construction, Housing and the Municipality in Iraq, with approximately $452 million. In the ranking of the best 250 contractors in the world during the year 2020, China came with 74 companies, Turkey with 44 companies, and Iran with two companies.
Referring to developments in exports of technical and engineering services to countries in the region, Claptonji said, “Iran’s most important competitor in the region is Turkey, which exported about $425 billion in technical and engineering services in the same period in which Iran exported $34 billion.”
The share of exports of technical and engineering services in Turkey's economy is about 30%, which means that Turkey has relied a large part of its economy on these exports. LINK
The Minister Of Oil Discusses With His Iranian Counterpart Joint Investment In Oil Fields
Information/Baghdad.. Today, Saturday, Deputy Prime Minister for Energy Affairs and Oil Minister Hayyan Abdul-Ghani discussed with his Iranian counterpart joint investment in oil fields.
A statement from the ministry received by Al-Maalouma stated that "the Minister of Oil met with Iranian Oil Minister Jawad Oji and discussed with him the prospects for joint cooperation between the two countries in the fields of oil and gas, infrastructure projects, and joint investment in the oil fields shared between the two countries."
The statement added that "the meeting came on the sidelines of the attendance of the Deputy Prime Minister for Energy Affairs and Minister of Oil at the seventh summit of the Gas Exporting Countries Forum in Algeria." End 25 LINK
Provoking Points to Ponder on Decisions
One must either accept some theory or else believe one's own instinct or follow the world's opinion. - Gertrude Stein
Decide which is the line of conduct that presents the fewest drawbacks and then follow it out as being the best one, because one never finds anything perfectly pure and unmixed, or exempt from danger. - Niccolo Machiavelli
A problem clearly stated is a problem half solved. - Dorothea Brande
We must make the choices that enable us to fulfill the deepest capacities of our real selves. - Thomas Merton
Choose always the way that seems the best, however rough it may be; custom will soon render it easy and agreeable. - Pythagoras
Where an opinion is general, it is usually correct. - Jane Austen
In forty hours I shall be in battle, with little information, and on the spur of the moment will have to make the most momentous decisions. But I believe that one's spirit enlarges with responsibility and that, with God's help, I shall make them, and make them right. - General George S. Patton
http://famousquotesandauthors.com/quotes_by_topic.html
http://famousquotesandauthors.com/topics/decisions_quotes.html
Iraqi News Highlights and Points to Ponder Saturday AM 3-2-24
Iraqi News Highlights and Points to Ponder Saturday AM 3-2-24
Economic: Electronic Payment Will Reduce The Demand For Foreign Currency In Iraq
Economy | 11:30 - 03/02/2024 Mawazine News – Baghdad Economic expert Khaled Al-Shammari confirmed that electronic payment will increase investment opportunities by depositing money in banks, while he indicated that the ATM card increased to one million cards during this year.
Al-Shammari said in a televised interview followed by Mawazine News, “The process of switching to electronic payment reduces the cash payment of currency and thus reduces the demand for foreign currency and increases confidence in the local currency.”
He added, "Only about 15% of Iraqis' cash is deposited in banks," noting that "the increase in bank deposits is used for investment purposes instead of disappearing among the citizen."
Iraqi News Highlights and Points to Ponder Saturday AM 3-2-24
Economic: Electronic Payment Will Reduce The Demand For Foreign Currency In Iraq
Economy | 11:30 - 03/02/2024 Mawazine News – Baghdad Economic expert Khaled Al-Shammari confirmed that electronic payment will increase investment opportunities by depositing money in banks, while he indicated that the ATM card increased to one million cards during this year.
Al-Shammari said in a televised interview followed by Mawazine News, “The process of switching to electronic payment reduces the cash payment of currency and thus reduces the demand for foreign currency and increases confidence in the local currency.”
He added, "Only about 15% of Iraqis' cash is deposited in banks," noting that "the increase in bank deposits is used for investment purposes instead of disappearing among the citizen."
Al-Shammari called for “the necessity of setting benefits for the bank deposit process for the purpose of encouraging citizens,” pointing out that “citizens fear hacking and forgery of electronic cards, so it must be directed to adding security elements such as adopting the iris fingerprint.”
He stated that "the ATM card increased to one million cards during this year, and this indicates an increase in the rates of implementation of the electronic payment system."
https://www.mawazin.net/Details.aspx?jimare=243060
The Central Bank Announces An Increase In The Size Of Its Reserves To More Than 100 Billion Dollars.. What Is The Relationship With Oil?
Economy News – Baghdad The Central Bank attributed the increase in the Iraqi dollar reserve to the stability of oil export imports, which it said was reflected in financing foreign commercial activity and supporting the dinar.
Deputy Governor of the Bank, Imad Hamad Khalaf, said in press statements followed by Al-Iqtisad News that the Central Bank of Iraq has recorded an increase in its reserves, currently exceeding 100 billion dollars.
Khalaf added, "The stability of Iraqi oil export imports contributed to increasing the cash reserve and was also reflected in financing foreign commercial activity and supporting the dinar."
Views 137 03/02/2024 - https://economy-news.net/content.php?id=41020
The Interior Confirms The Move To Address 3 Crimes Harmful To The Iraqi Economy
Posted On03-02-2024 By Sotaliraq On Friday, the Ministry of the Interior announced the continuation of its campaigns against the crimes of exchange rate speculation, currency counterfeiting, and commodity monopoly.
Director of the Relations and Media Department at the Ministry of Interior, Major General Khaled Al-Mahanna, said, “The campaigns carried out by organized crime units regarding foreign currencies and the monopoly of goods are focused on two directions. The first is arresting entities, shops, or people who violate the laws and instructions in force.”
He added, "This work aims to combat crimes that harm the Iraqi economy, for example dealing in other than the national currency and the severe damage it causes to the Iraqi national economy. The other axis relates to counterfeiting currency and monopolizing food materials and commodities that affect the economic sector."
He added, “The Ministry’s campaigns against manipulators, speculators, and monopolists continue throughout Iraq and target those who do not adhere to the rules and instructions of the Central Bank, especially in the field of monopolizing the dollar or trying to sell outside the scope of the market or dealing in foreign currency,” pointing out that “many citizens, companies, and institutions They responded to the instructions and there was more compliance and interaction with these laws that regulate the process of purchasing currency.”
He pointed out that “the Ministry seeks to have a voluntary commitment of citizens to this file in support of the national economy.” LINK
Iraq's Oil Exports Exceeded 100 Million Barrels During The Month Of January
Shafaq News/ The Ministry of Oil announced on Saturday that the total oil exports for the month of January amounted to more than 100 million barrels, according to the final statistics issued by the Iraqi Oil Marketing Company “SOMO”.
According to statistics published by the Ministry today, the amount of crude oil exports amounted to (103) million, (508) thousand, and (438) barrels.
The statistics indicated that the total quantities exported of crude oil for the month of January from the oil fields in central and southern Iraq amounted to (102) million and (25) thousand barrels, while the quantities exported from Qayyarah were (1) million and (19) thousand and (132) barrels.
According to statistics, exports to Jordan were (464) thousand and (306) barrels. LINK
Trade Confirms The Processing Of Files Within Efforts To Join The World Trade Organization
Posted On 03-02-2024 By Sotaliraq The Ministry of Commerce confirmed the government's aspiration to join the World Trade Organization, especially after the Saudi representative in the organization, Saqr Al-Muqbel, was named to manage Iraq's accession file, noting that his recent visit to Baghdad contributed to addressing a number of important files.
The ministry’s official spokesman, Muhammad Hanoun, said, “Iraq has joined as an observer in the World Trade Organization since 2004, and until 2023 this accession faced many problems and challenges, the most recent of which is the failure to pay the dues to join the observer organization.
However, after the announcement of the government program by Prime Minister Muhammad Shia Sudanese began working again on the possibility of Iraq joining this organization, as two sessions took place and a dialogue was held with the organization by the Iraqi negotiating team headed by the Minister of Commerce, Atheer Al-Ghurairi, which included all the relevant Iraqi ministries and bodies.”
Hanoun added, “The World Trade Organization assigned the Saudi representative to the organization, Saqr Al-Muqbel, to manage Iraq’s accession file, and he came to Baghdad on an important visit and met with the Iraqi negotiating team, and many issues were addressed, the most important of which were the goods and services files, as well as the legislation that the Iraqi economic reform team in the Prime Minister’s Office would carry out.”
By addressing it within the frameworks and legislation within which the World Trade Organization operates.”
He continued, “Joining will achieve many things for Iraq, most notably that it will support the file of Iraqi goods and facilitate their entry into global markets, and secondly, the harmonization of Iraqi laws and regulations with international laws and regulations,” pointing out that “Iraq has today become a major economic player on the world level and needs to harmonize Iraqi laws with international laws.”
He stressed, “Minister of Trade Atheer Al-Ghurairi attended the third session of the World Trade Organization, which was held in the Emirate of Dubai in the United Arab Emirates, and met with the Assistant Director-General of the organization.
We believe that the meeting will achieve progress in achieving the government’s aspirations regarding accession in an accelerated manner,” praising “the Saudi efforts in overcoming many special obstacles.” With Iraq’s accession to the World Trade Organization.” LINK
Iraq Lost $11 Billion In Oil, And Federal Decisions Will Produce These Consequences
Posted On 03-02-2024 By Sotaliraq A report issued in London by the International Center for Development Studies monitored the consequences of the recent decisions of the Federal Court regarding the Kurdistan region, and shed light on external tensions, most notably Iran’s fears of developing Iraqi gas fields, and Turkey’s demands related to the economy, security, and water sharing.
The report warned that the recent decisions of the Federal Supreme Court would limit the powers of the federal Kurdistan region, harming the promising economic base it has built over the past two decades.
The Federal Supreme Court decided last week to oblige the Iraqi Kurdistan region to hand over all oil and non-oil revenues to the federal government in Baghdad, and to “obligate the localization” of the salaries of all employees of the region in federal banks, and to replace the Supreme Election Commission in the region, in addition to dividing the region. To four regions to hold the expected legislative elections for the Kurdistan Parliament, in addition to a decision that some paragraphs of the Iraqi Kurdistan Parliament Elections Law are unconstitutional.
The report explained that the Kurdistan Region's non-oil revenues in the first half of last year amounted to 80 percent of non-oil revenues, and the region has attracted a large number of investors in the field of energy, especially with regard to developing gas fields in preparation for its later export.
The Kurdistan Region's reserves are estimated at 5.67 trillion cubic meters of natural gas, which is equivalent to three percent of the total global reserves, which places the region in an advanced position within the global gas market.
Iraq plans to take advantage of its reserves to generate electricity and dispense with importing energy to fill the shortfall that the country needs, as the Federal Ministry of Oil was authorized in the middle of last year to contract with gas production companies in the Kurdistan region to operate a number of electricity stations.
Iranian fears of developing Kurdistan gas?
According to the report, the Kurdistan region’s investment of these quantities of gas in generating electricity raises Iran’s fears of Iraq’s energy independence, causing it to lose an important market that provides it with billions of dollars.
He added, “Iran views the issue of gas exports from the Kurdistan region as a real threat. Tehran was and still aspires to export gas to Europe, and it rejects the region being able to achieve that, or transforming it into an influential force in regional politics in the future.”
The report indicates the negative impact of the recent Federal Court decisions on both Baghdad and Erbil alike, as they complicate many pending issues between the two parties, such as the dues of foreign oil companies operating in the region and the cost of oil production, which threatens to disrupt work in the region’s oil fields and cause major financial losses. For the Iraqi economy in general.
In light of the cessation of the region's oil exports through Turkish ports and the inability of non-oil revenues to cover all expenses, Baghdad will have to bear a large portion of the salaries of the region's employees, which adds a new burden to the federal budget.
The report notes that since late March 2023, Iraq has lost more than $11 billion due to the cessation of the Kurdistan Region’s oil exports through Turkish ports, and despite the lengthy negotiations in both Baghdad and Ankara and the latter’s promises to return the region’s exports, nothing has happened.
The British report talks about great pressure being exerted by Ankara on Baghdad and Washington to cooperate in the files of the Kurdistan Workers’ Party and the “Syrian Democratic Forces” (SDF), which Turkey considers to be terrorist organizations.
Ankara demands that Baghdad classify the Kurdistan Workers' Party as a terrorist organization and remove it from areas that threaten its national security. It also strongly opposes the United States' arming of the SDF and its cooperation with it.
]The British report indicates Turkish support for the government of Iraqi Prime Minister Muhammad Shia al-Sudani regarding some projects that Ankara considers strategic for it, such as the “development road” linking the port of Al-Faw on the Arabian Gulf and the Turkish border towards Europe in the north, which Turkey demanded to accelerate work on, and established joint offices. In a number of Iraqi governorates to start it as soon as possible.
According to the Center’s report, the issuance of the recent Federal Court decisions coincided with the ongoing controversy in Iraq over the fate of the coalition forces, as there are major parties who do not support this idea, while a broad spectrum of the pro-Iranian coordination framework insists on it.
The federalism of Iraq is a benefit to the region’s economy.
Iraq, according to the British report, is Iran’s economic lung in light of the presence of sanctions. As for Turkey, Iraq is the fifth largest importer of its goods. Turkey and Iran also aspire to benefit from the plans of the Sudanese government aimed at making Iraq an important commercial link between... East and West, so any weakening or undermining of the federal experience in Iraq will have effects on these countries and negative consequences on their economies.
The report of the International Center for Development Studies recommends the need to think about drafting legislation that enhances the delegation of powers between Baghdad and Erbil, instead of reducing it through centralization of authority, which requires effort at the local level in the Kurdistan region itself through dialogue between all Kurdish parties, as well as developing new frameworks for cooperation.
Between all parties on the basis of trust and partnership, without imposing wills and destabilizing the political and economic stability that has been achieved, even to minor degrees. LINK
Provoking Points to Ponder on Decisions
Many of life's circumstances are created by three basic choices: the disciplines you choose to keep, the people you chose to be with, and the laws you choose to obey. - Charles Millhuff
You don't get to choose how you're going to die. Or when. You can only decide how you're going to live. Now. - Joan Baez
Look for your choices, pick the best one, then go with it. - Pat Riley
Rules of society are nothing; one's conscience is the umpire. - Madame Dudevant
No matter how lovesick a woman is, she shouldn't take the first pill that comes along. - Dr. Joyce Brothers
Form the habit of making decisions when your spirit is fresh ... to let dark moods lead is like choosing cowards to command armies. - Charles Horton Cooley
http://famousquotesandauthors.com/quotes_by_topic.html
http://famousquotesandauthors.com/topics/decisions_quotes.html
"Tidbits From TNT" Saturday Morning 3-2-2024
TNT:
Tishwash: In Washington.. Barzani meets the “godfather” of Iraqi banking supervision
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, met today, Friday (March 1, 2024), with the Under Secretary of the US Treasury for Terrorism and Financial Intelligence, Brian Nelson.
The media office of the Prime Minister of the Regional Government said in a statement, received by “Baghdad Today”, that “Barzani met with Nelson, and the two sides exchanged views on strengthening bilateral relations.”
He added, "The meeting discussed ways to support the reforms implemented by the Kurdistan Regional Government within the framework of the ninth ministerial formation, especially with regard to reforming the financial system and the banking sector, in addition to discussing the (My Account) project and the digital transformation of public services." ink
TNT:
Tishwash: In Washington.. Barzani meets the “godfather” of Iraqi banking supervision
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, met today, Friday (March 1, 2024), with the Under Secretary of the US Treasury for Terrorism and Financial Intelligence, Brian Nelson.
The media office of the Prime Minister of the Regional Government said in a statement, received by “Baghdad Today”, that “Barzani met with Nelson, and the two sides exchanged views on strengthening bilateral relations.”
He added, "The meeting discussed ways to support the reforms implemented by the Kurdistan Regional Government within the framework of the ninth ministerial formation, especially with regard to reforming the financial system and the banking sector, in addition to discussing the (My Account) project and the digital transformation of public services." ink
Tishwash: they are running this again
Iraq continues its efforts to gain membership in the World Trade Organization
The Ministry of Commerce confirmed the government's aspiration to join the World Trade Organization, especially after the Saudi representative in the organization, Saqr Al-Muqbel, was named to manage Iraq's accession file, noting that his recent visit to Baghdad contributed to addressing a number of important files.
The ministry’s official spokesman, Muhammad Hanoun, said, “Iraq has joined as an observer in the World Trade Organization since 2004, and until 2023 this accession faced many problems and challenges, the most recent of which is the failure to pay dues to join the observer organization. However, after the announcement of the government program by Prime Minister Muhammad Shia Sudanese began working again on the possibility of Iraq joining this organization, as two sessions took place and a dialogue was held with the organization by the Iraqi negotiating team headed by the Minister of Trade, Atheer Al-Ghurairi, which included all the relevant Iraqi ministries and bodies.
Hanoun added, “The World Trade Organization assigned the Saudi representative to the organization, Saqr Al-Muqbel, to manage the file of Iraq’s accession, and he came to Baghdad on an important visit and met with the Iraqi negotiating team, and many issues were addressed, the most important of which were the files of goods and services, as well as the legislation that the Iraqi economic reform team in the Prime Minister’s Office would carry out.” By addressing it within the frameworks and legislation within which the World Trade Organization operates.”
He continued, "Joining will achieve many things for Iraq, most notably that it will support the file of Iraqi goods and facilitate their entry into global markets, and secondly, the harmonization of Iraqi laws and regulations with international laws and regulations," pointing out that "Iraq has today become a major economic player on the world level and needs to harmonize Iraqi laws with international laws." .
He stressed, “Minister of Trade Atheer Al-Ghurairi attended the third session of the World Trade Organization, which was held in the Emirate of Dubai in the UAE, and met with the Assistant Director-General of the organization. We believe that the meeting will achieve progress in achieving the government’s aspirations regarding accession in an accelerated manner,” appreciating “the Saudi efforts in overcoming many special obstacles.” Iraq's accession to the World Trade Organization. link
*************
Tishwash: Trade confirms the processing of files within efforts to join the World Trade Organization
Today, Friday, the Ministry of Commerce confirmed the government’s aspiration to join the World Trade Organization, especially after the Saudi representative in the organization, Saqr Al-Muqbel, was named to manage Iraq’s accession file, noting that his recent visit to Baghdad contributed to addressing a number of important files.
The ministry’s official spokesman, Muhammad Hanoun, told the Iraqi News Agency (INA): “Iraq joined as an observer in the World Trade Organization from 2004, and until 2023, this accession faced many problems and challenges, the most recent of which was the failure to pay dues to join the observer organization, but after the announcement Regarding the government program of Prime Minister Muhammad Shiaa Al-Sudani, work began again on the possibility of Iraq joining this organization, as two sessions took place and a dialogue was held with the organization by the Iraqi negotiating team headed by the Minister of Commerce, Atheer Al-Ghurairi, which included all the relevant Iraqi ministries and bodies.
Hanoun added, “The World Trade Organization assigned the Saudi representative to the organization, Saqr Al-Muqbel, to manage the file of Iraq’s accession, and he came to Baghdad on an important visit and met with the Iraqi negotiating team, and many issues were addressed, the most important of which were the files of goods and services, as well as the legislation that the Iraqi economic reform team in the Prime Minister’s Office would carry out.” By addressing it within the frameworks and legislation within which the World Trade Organization operates.”
He continued, "Joining will achieve many things for Iraq, most notably that it will support the file of Iraqi goods and facilitate their entry into global markets, and secondly, the harmonization of Iraqi laws and regulations with international laws and regulations," pointing out that "Iraq has today become a major economic player on the world level and needs to harmonize Iraqi laws with international laws." .
He stressed, “Minister of Trade Atheer Al-Ghurairi attended the third session of the World Trade Organization, which was held in the Emirate of Dubai in the UAE, and met with the Assistant Director-General of the organization. We believe that the meeting will achieve progress in achieving the government’s aspirations regarding accession in an accelerated manner,” appreciating “the Saudi efforts in overcoming many special obstacles.” Iraq's accession to the World Trade Organization. link
Mot: .. and Once AGAIN!!! -- We Are Here!!!
Mot: . So Far -- So Good!!!
Goldilocks' Comments and Global Economic News Friday Evening 3-1-24
Goldilocks' Comments and Global Economic News Friday Evening 3-1-24
Good Evening Dinar Recaps,
"Congress approves a short-term extension to avoid a shutdown and buy more time for final spending agreement"
This short-term extension lasts until the 22nd of March, 2024. At that time, a new fiscal budget is expected to be approved in the US.
This was supposed to be voted on last October the 1st of 2023, but many adjustments to the bill has been adjusted since that time to incorporate new needs and discarding ones no longer needed as we move into the new digital asset based trading system.
At that time, new liquidity forming the basis for our new digital economic framework projects (Protocol 20) will come into play as we incorporate new ways of living in this new world. AP News
© Goldilocks
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Goldilocks' Comments and Global Economic News Friday Evening 3-1-24
Good Evening Dinar Recaps,
"Congress approves a short-term extension to avoid a shutdown and buy more time for final spending agreement"
This short-term extension lasts until the 22nd of March, 2024. At that time, a new fiscal budget is expected to be approved in the US.
This was supposed to be voted on last October the 1st of 2023, but many adjustments to the bill has been adjusted since that time to incorporate new needs and discarding ones no longer needed as we move into the new digital asset based trading system.
At that time, new liquidity forming the basis for our new digital economic framework projects (Protocol 20) will come into play as we incorporate new ways of living in this new world. AP News
© Goldilocks
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This is where we stand on our Tokenized Treasuries.
Currently, this is where we stand on tokenizing our treasuries that represent assets of the US Treasury Securities in digital format. It is our US Treasury Securities that becomes the foundation of building our new Financial Infrastructure.
These digital tokens become tradable assets on the blockchain. This gives you an idea of where we stand in the process of building the new digital economy. Unchained Crypto
© Goldilocks
~~~~~~~~~~
"Congress approves a short-term extension to avoid a shutdown and buy more time for final spending agreement"
This short-term extension lasts until the 22nd of March, 2024. At that time, a new fiscal budget is expected to be approved in the US.
This was supposed to be voted on last October the 1st of 2023, but many adjustments to the bill has been adjusted since that time to incorporate new needs and discarding ones no longer needed as we move into the new digital asset based trading system.
At that time, new liquidity forming the basis for our new digital economic framework projects (Protocol 20) will come into play as we incorporate new ways of living in this new world. AP News
© Goldilocks
~~~~~~~~~~
Euro Bank and India UPI Announcement:
"NPCI International Payments Limited (NIPL), a subsidiary of National Payments Corporation of India (NPCI), and Eurobank SA, a Greek bank, have signed a Memorandum of Understanding (MoU) towards enhancing cross-border payments using UPI rails."
The Euro Bank and and India's UPI has a Memorandum of Understanding (MoU) between them on cross border payments utilizing the Unified Payments Interface.
"The eurobank is a financial institution that accepts deposits (https://www.investopedia.com/terms/d/deposit.asp) and makes loans (https://www.investopedia.com/terms/l/loan.asp) in foreign currencies." What makes this connection so important lies in the fact of the payment systems between them.
"As the private bank of the largest financial group in the world, Frankfurter Bankgesellschaft is both at home in Zurich and in Frankfurt am Main, rooted in both countries – Switzerland and Germany – and closely connected with city and country, culture and society at both locations."
Cross border Euro payments to and from Switzerland go through the Swiss Euro Clearing Bank in Frankfurt. This acts as the link between the two systems. These connections are of prime importance in uniting foreign markets to one of the most influx of money that moves through the world each day.
This gives us more access to foreign markets and foreign currency trades. Each day, we are witnessing various pieces of our global economy unite into what makes up the Global Markets.
These new connections make up new digital building blocks inside the new QFS. Gaps are being closed rapidly, and the need for stablecoins to purchase tokenized assets from around the world is becoming more and more important.
As Protocol 20 continues to expand uniting Quantum Technologies, look for stablecoins to become more in the forefront going forward.
© Goldilocks
CNBCTV
BIS
Swiss Banking
Swiss-Banking-Lawyers
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ABU DHABI, March 1 (Reuters) – World Trade Organization (WTO) negotiators extended talks again in Abu Dhabi on Friday as they struggled to break a political deadlock after five days of high-level negotiations.
It was far from clear whether a consensus could be reached among the WTO’s 164 members before a new deadline of 10 p.m. local time (1800 GMT). Several delegates warned that countries remained far apart as organisers announced a fifth extension.
WTO talks run deep into overtime with no breakthrough in sight - CNBC Africa CNBC Africa
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IMPORTANT UPDATE: The #WTOMC13AbuDhabi closing session has been postponed. Follow our social media channels to stay updated.
More about MC13: wto.org/mc13 WTO Twitter
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CFTC Announcement:
Washington, D.C. — The Commodity Futures Trading Commission today announced it is extending the deadline for the public comment period on a proposed rule that makes certain modifications to the CFTC’s swap data reporting rules in Parts 43 and 45 related to the reporting of swaps in the other commodity asset class and the data element appendices to Parts 43 and 45 of the CFTC’s regulations. The deadline is being extended to April 11, 2024.
The proposed rule was published in the Federal Register on December 28, 2023, with a 60-day comment period scheduled to close on February 26, 2024. [See CFTC Press Release No. 8835-23]
The Commission provided the extension in response to a request by a commenter. Comments may be submitted electronically through the CFTC Comments online process. All comments received will be posted on CFTC.gov. CFTC
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CFTC Reporting (Dodd-Frank) | Kaizen Reporting
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FEDNOW Instant Payments Announcement:
The Federal Reserve’s FedNow Service is an instant payments infrastructure that allows participating banks and credit unions to send and receive transactions within seconds on behalf of their customers — 24 hours a day, seven days a week.
This page lists participating financial institutions that are currently live on the service, as well as financial institutions serving as settlement and liquidity providers. Financial institutions that have completed testing and certification will be added to the list once they are live on the service. FRB Services
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RBI Grants Payment Aggregator License to Amazon Pay in India - Fintech Singapore
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US says falling trade with China could be positive - BBC News
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