"Tidbits From TNT" Thursday 3-7-2024
TNT:
Tishwash: Parliamentary law requires consensus before legislating the oil and gas law
Today, Thursday, the head of the Parliamentary Legal Committee, Mortada Al-Saadi, stipulated consensus between the political blocs before legislating the oil and gas law.
Al-Saadi said in an interview with the Maalouma Agency, “The oil and gas law cannot pass without a political agreement,” noting, “There are many laws that need political agreement, most notably the oil and gas law.”
He added, "The law is a sensitive law that requires deep study and discussion, and cannot be passed without a political agreement." link
TNT:
Tishwash: Parliamentary law requires consensus before legislating the oil and gas law
Today, Thursday, the head of the Parliamentary Legal Committee, Mortada Al-Saadi, stipulated consensus between the political blocs before legislating the oil and gas law.
Al-Saadi said in an interview with the Maalouma Agency, “The oil and gas law cannot pass without a political agreement,” noting, “There are many laws that need political agreement, most notably the oil and gas law.”
He added, "The law is a sensitive law that requires deep study and discussion, and cannot be passed without a political agreement." link
Tishwash: Including Iraq... 5 Arab countries possess more than a thousand tons of gold reserves
The World Gold Council announced on Thursday that five Arab countries, including Iraq, own more than a thousand tons of global gold reserves.
The council said in its latest schedule for the month of March, seen by Shafaq News Agency, that “the first five countries (Saudi Arabia, Lebanon, Algeria, Iraq, and Egypt) possessed 1,47.3 tons, while the rest of the countries possessed (Libya, Kuwait, the Emirates, Jordan, Morocco, and Bahrain).” 489.5 tons.
He added, "Iraq maintained its ranking of 30th globally out of the 100 countries listed in the table with the largest gold reserves, as it has not purchased gold since May, bringing its gold possessions to 142.6 tons, which represents 8.4% of the rest of its other reserves."
The Council also pointed out that “the United States of America sits on the throne of the rest of the countries with the largest possession of gold in the world at 8,133.5 thousand tons, followed by Germany with 3,352.6 thousand tons, then Italy came with 2,451.8 thousand tons, while Bosnia and Herzegovina came at the bottom with 1.5 thousand tons.” A thousand tons.
It is noteworthy that the World Gold Council is based in the United Kingdom, and has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world. link
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Tishwash: An analytical view of the International Monetary Fund regarding the government and central bank’s actions to recover the Iraqi economy
In light of the assessment by the experts of the International Monetary Fund mission of the measures taken by the government and the Central Bank, which contributed to preserving the transition of the Iraqi economy from a state of fragility to a gradual recovery during the second half of 2023, as it became clear that “growth in the non-oil sector rose strongly in the year 2023 by 6%.” % of the gross domestic product, with inflation declining to 4% after it was 7.5% at the beginning of the year.
This comes due to the Central Bank’s measures to control the general level of prices and reduce inflation, which is the most prominent monetary policy task that has been achieved, which is the lowest inflation rates achieved for the year 2023 in regional and Arab countries. It was achieved due to the efforts made in organizing the financing of foreign trade and cooperation with the government in securing basic foodstuffs and providing... Ration card materials at subsidized prices.
The occurrence of these developments is due to the stability of the foreign exchange market and the safety and transparency of 95% of foreign transfers to traders and importers via the electronic platform and at the official rate, in addition to opening direct dealings with up to 30 foreign and Arab correspondent banks and opening dealings in the local currencies of countries with which Iraq has important trade exchanges, such as China, Turkey and the Emirates. And India.
After some interruptions 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 CBI initiatives to reduce transaction processing times led to a recovery in trade finance in the second half of 2023. .
The IMF welcomed "the initial steps taken towards establishing the Treasury Single Account (TSA), which is a critical tool for improving cash liquidity management." It is necessary to point out here the “efforts made by the Central Bank aimed at getting rid of surplus liquidity. The Central Bank increased the interest rate on monetary policy tools and raised mandatory reserve requirements. It also began issuing treasury bills with a maturity of 14 days last summer.”
Therefore, the Fund called for supporting the existing efforts of the Central Bank by consolidating unused government deposits in the unified treasury account, refraining from pro-cyclical financial policy, reducing dependence on monetary financing, and improving public debt management, and from an insightful view of the International Monetary Fund, it confirms However, the steps taken by the government and the Central Bank to accelerate the digital transformation of the economy, reduce dependence on cash and enhance financial inclusion, which supports the plans to launch a financial inclusion strategy.
Official statistics indicate that 558 government agencies deployed electronic payment tools in 2023, compared to 12 government agencies in 2022. The number of employee salary localization cards reached 8,653,000 cards, the number of issued cards was 17,822,310 cards, and the value of the use of electronic payment tools in 2023 amounted to approximately 12 million dollars through 32,842 transactions link
Mot: Mot: .. Did Ur Mum Ever Say!! ~~~~~~
Mot: . If You Were Ever a ~~~~~~
Iraqi News Highlights and Points to Ponder Thursday AM 3-7-24
Iraqi News Highlights and Points to Ponder Thursday AM 3-7-24
An Analytical View Of The International Monetary Fund Regarding The Government And Central Bank’s Actions To Recover The Iraqi Economy
An analytical view of the International Monetary Fund regarding the government and central bank’s ac 101Samir Al-Nusairi
In light of the assessment by the experts of the International Monetary Fund mission of the measures taken by the government and the Central Bank, which contributed to preserving the transition of the Iraqi economy from a state of fragility to a gradual recovery during the second half of 2023, as it became clear that “growth in the non-oil sector rose strongly in the year 2023 by 6%.” % of the gross domestic product, with inflation declining to 4% after it was 7.5% at the beginning of the year.
This comes due to the Central Bank’s measures to control the general level of prices and reduce inflation, which is the most prominent monetary policy task that has been achieved, which is the lowest inflation rates achieved for the year 2023 in regional and Arab countries. It was achieved due to the efforts made in organizing the financing of foreign trade and cooperation with the government in securing basic foodstuffs and providing... Ration card materials at subsidized prices.
Iraqi News Highlights and Points to Ponder Thursday AM 3-7-24
An Analytical View Of The International Monetary Fund Regarding The Government And Central Bank’s Actions To Recover The Iraqi Economy
Samir Al-Nusairi In light of the assessment by the experts of the International Monetary Fund mission of the measures taken by the government and the Central Bank, which contributed to preserving the transition of the Iraqi economy from a state of fragility to a gradual recovery during the second half of 2023, as it became clear that “growth in the non-oil sector rose strongly in the year 2023 by 6%.” % of the gross domestic product, with inflation declining to 4% after it was 7.5% at the beginning of the year.
This comes due to the Central Bank’s measures to control the general level of prices and reduce inflation, which is the most prominent monetary policy task that has been achieved, which is the lowest inflation rates achieved for the year 2023 in regional and Arab countries. It was achieved due to the efforts made in organizing the financing of foreign trade and cooperation with the government in securing basic foodstuffs and providing... Ration card materials at subsidized prices.
The occurrence of these developments is due to the stability of the foreign exchange market and the safety and transparency of 95% of foreign transfers to traders and importers via the electronic platform and at the official rate, in addition to opening direct dealings with up to 30 foreign and Arab correspondent banks and opening dealings in the local currencies of countries with which Iraq has important trade exchanges, such as China, Turkey and the Emirates. And India.
After some interruptions 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 CBI initiatives to reduce transaction processing times led to a recovery in trade finance in the second half of 2023. .
The IMF welcomed "the initial steps taken towards establishing the Treasury Single Account (TSA), which is a critical tool for improving cash liquidity management." It is necessary to point out here the “efforts made by the Central Bank aimed at getting rid of surplus liquidity. The Central Bank increased the interest rate on monetary policy tools and raised mandatory reserve requirements. It also began issuing treasury bills with a maturity of 14 days last summer.”
Therefore, the Fund called for supporting the existing efforts of the Central Bank by consolidating unused government deposits in the unified treasury account, refraining from pro-cyclical financial policy, reducing dependence on monetary financing, and improving public debt management, and from an insightful view of the International Monetary Fund, it confirms However, the steps taken by the government and the Central Bank to accelerate the digital transformation of the economy, reduce dependence on cash and enhance financial inclusion, which supports the plans to launch a financial inclusion strategy.
Official statistics indicate that 558 government agencies deployed electronic payment tools in 2023, compared to 12 government agencies in 2022. The number of employee salary localization cards reached 8,653,000 cards, the number of issued cards was 17,822,310 cards, and the value of the use of electronic payment tools in 2023 amounted to approximately 12 million dollars through 32,842 transactions. Views 76 03/07/2024 - https://economy-news.net/content.php?id=41207
Sending The 2024 Budget Schedules Is Delayed.. What About Employee Salaries?
Policy 03-07-2024 | 582 views Alsumaria News – Politics The Parliamentary Finance Committee called on the government to expedite sending the budget schedules for the current year 2024 as soon as possible so that it can study and vote on them, while confirming that the government’s financial situation is very good and there are no concerns about the status of salaries.
Member of the Finance Committee, Jamal Kujar, said that the government’s financial situation is very good and there are no obstacles to prevent the distribution of salaries or their delay, as Iraq went through difficult days such as the spread of the Corona virus and the occupation of “ISIS,” and Iraq was able to secure salaries on time, noting that there is no lack of cash liquidity, according to Al-Sabah official newspaper.
He stated that the government was supposed to present the 2024 budget schedules now so that we could vote on them and proceed with them, especially since it had stopped bonuses and promotions, and they are intended to be included in the budget because it is an increase that needs to be re-sent with amounts added to it so that the Ministry of Finance can pay it, indicating that it is correct.
The budget was approved for three continuous years with the aforementioned numbers and not by adding a single dinar to it, but the government does not have these powers, and it is true that it carries injustice that falls on the employee, but this injustice is removed by a law, which is the budget.
Koger stressed that the Finance Committee does not know when the government will send the schedules, but it is possible that this month will be crucial for the government because it needs them as well. LINK
The Head Of The Communications Commission Heads The Iraqi Delegation To The World Bank’s Global Digital Summit
March 6, 2024 Baghdad/Al-Masala Al-Hadath: The Communications and Media Commission announced that the Commission’s Chairman, Ali Al-Muayyad, will head the Iraqi delegation to the World Bank’s Global Digital Summit in Washington.
The Authority said in a statement received by Al Masalah, that the Communications and Media Authority delegation, headed by Ali Almoayyed, participated in the inaugural World Bank Global Digital Summit in the United States of America, which continues until March 7.
She added that the summit, which will be held at the World Bank building in Washington, D.C., will be attended by a number of senior officials and ministers in governments and bodies regulating the communications and information technology sector, as well as major international companies.
He stated that the summit will discuss several topics, the most important of which are addressing the digital divide in remote areas, information security, electronic governance, investment in the digitization sector, cloud computing, accelerating digital transformation, artificial intelligence, and the future of digital transformation in the world, in addition to building digital skills.
Parliamentary Law Requires Consensus Before Legislating The Oil And Gas Law
Information / Baghdad Today, Thursday, the head of the Parliamentary Legal Committee, Mortada Al-Saadi, stipulated consensus between the political blocs before legislating the oil and gas law.
Al-Saadi said in an interview with the Maalouma Agency, “The oil and gas law cannot pass without a political agreement,” noting, “There are many laws that need political agreement, most notably the oil and gas law.”
He added, "The law is a sensitive law that requires deep study and discussion, and cannot be passed without a political agreement." LINK
Al-Sudani: The Period Is Ideal For Establishing A Strategic Economic And Political Relationship With Saudi Arabia
Political | 03/06/2024 Mawazine News - Baghdad. Prime Minister Muhammad Shiaa Al-Sudani described the current period as ideal for developing relations with the Gulf states, Saudi Arabia and Turkey, indicating that relations between Iraq and Saudi Arabia are important for the stability of the region.
Al-Sudani said in an interview followed by Mawazine News: “The Arabs returned to Iraq after the 25th Gulf and turned us open to receive the Gulf.”
He added, "The period is ideal for establishing a strategic economic and political relationship with Saudi Arabia, and that Saudi Crown Prince Mohammed bin Salman is sincere and clear in his support for Iraq and its people."
He pointed out that "my visit to Turkey changed the course of relations between the two countries, and they are continuing to develop to remove any crisis between Baghdad and Ankara."
https://www.mawazin.net/Details.aspx?jimare=243348
By "95%"... An Increase In Foreign Remittances In The Iraqi Currency Auction
2024-03-07 05:10 Shafaq News/ External remittances increased in the currency auction of the Central Bank of Iraq, today, Thursday, by 95% at the expense of cash sales.
Shafaq News Agency correspondent stated that the Central Bank sold today, during its auction for buying and selling the US dollar, 205 million and 457 thousand and 750 dollars, which the bank covered at a base exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for external transfers. And at the same price in cash.
Our correspondent added that most of the bank's dollar sales went to strengthen balances abroad in the form of (transfers, credits), which amounted to 195 million 297 thousand and 750 dollars, an increase of 95%, compared to cash sales amounting to 9 million 860 thousand dollars.
Our correspondent indicated that the number of banks that purchased the cash dollar amounted to 4 banks, while the number of banks that responded to requests to enhance balances abroad reached 17 banks, while the total number of exchange and brokerage companies participating in the auction was 61 companies. LINK
Provoking Points to Ponder on Decisions
The mania of thinking renders one unfit for every activity. - Anatole France
When possible make the decisions now, even if action is in the future. A revised decision usually is better than one reached at the last moment. - William B. Given
We spend our days in deliberating, and we end them without coming to any resolve. - L'Estrange
If you think too long, you think wrong. - Jim Kaat
You decide you'll wait for your pitch. Then as the ball starts toward the plate, you think about your stance. And then you think about your swing. And then you realize that the ball that went past you for a strike was your pitch. - Bobby Murcer
The soul of dispatch is decision. - William Hazlitt
http://famousquotesandauthors.com/quotes_by_topic.html
http://famousquotesandauthors.com/topics/decisions_quotes.html
MilitiaMan: Iraqi Dinar -- IQD Dinar Update -- Reality Check -- Gold -- World Bank Digital Summit -- Accelerate
Iraqi Dinar -- IQD Dinar Update -- Reality Check -- Gold -- World Bank Digital Summit -- Accelerate
MilitiaMan and Crew: 3-6-2024
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraqi Dinar -- IQD Dinar Update -- Reality Check -- Gold -- World Bank Digital Summit -- Accelerate
MilitiaMan and Crew: 3-6-2024
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Economic News and Points to Ponder Late Wednesday Evening 3-6-24
raq Economic News and Points to Ponder Late Wednesday Evening 3-6-24
Tlm724 Administrator Bondlady’s Corner
Barzani Thanks Bush For Liberating Iraq From Saddam's Regime
Wednesday, 03-06-2024, Karar Al-Assadi 310 The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, thanked former US President, George W. Bush, for his role in “liberating Iraq” from the former regime headed by Saddam Hussein in 2003.
A statement issued by the Regional Presidency on Wednesday, and received by Noon News Agency, stated that, “As part of his visit to the United States, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, met yesterday, Tuesday, with former US President George W. Bush.”
During the meeting, according to the statement, Barzani expressed his "thanks and appreciation to President Bush for his support for the people of the Kurdistan region and Iraq, as well as the liberation of Iraq from the dictatorial regime, and his support for the democratic system in the country."
Iraq Economic News and Points to Ponder Late Wednesday Evening 3-6-24
Tlm724 Administrator Bondlady’s Corner
Barzani Thanks Bush For Liberating Iraq From Saddam's Regime
Wednesday, 03-06-2024, Karar Al-Assadi 310 The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, thanked former US President, George W. Bush, for his role in “liberating Iraq” from the former regime headed by Saddam Hussein in 2003.
A statement issued by the Regional Presidency on Wednesday, and received by Noon News Agency, stated that, “As part of his visit to the United States, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, met yesterday, Tuesday, with former US President George W. Bush.”
During the meeting, according to the statement, Barzani expressed his "thanks and appreciation to President Bush for his support for the people of the Kurdistan region and Iraq, as well as the liberation of Iraq from the dictatorial regime, and his support for the democratic system in the country."
For his part, Bush sent his special greetings to Masoud Barzani, and also expressed his wishes for contentment and prosperity to the people of Kurdistan and all the citizens of Iraq, according to the statement. https://www.non14.net/public/164962
The Association Of Private Banks Praises The Government’s Support For Digital Transformation
March 6, 2024 Baghdad/Iraq Observer Today, Wednesday, the Iraqi Private Banks Association praised the government’s interest in digital transformation in all institutional joints, while
Huawei confirmed that it provides technology services to telecommunications and digital security companies.
The executive director of the association, Ali Tariq, told the official agency, followed by “Iraq Observer,” that “there is a government interest in digital transformation in all institutional joints, one of which is the banking and financial sector, which is one of the basics of digital transformation in services, whether governmental or provided through the private sector.”
Tariq added, “The development of the private sector and financial institutions in terms of digital transformation and the adoption of information technology will be a fundamental issue for the overall change in digital transformation in Iraq.”
He continued, "The association brought together banks and financial institutions in Iraq in cooperation with Huawei to see what is happening in the world in terms of transformations in financial services that provide modern methods of banking and financial services.
Therefore, the banking and financial sector must keep pace with these developments and adopt the latest global technology to keep pace with what exists outside Iraq.". Tariq noted that “the banking sector is one of the sectors that react quickly with regard to adopting technology because many services are provided through mobile applications, banking applications, or adopting financial and banking services remotely, and this is in the interest of the financial sector to provide an easy service to the citizen.”
He added, “We are now in the first educational phase to spread awareness to the banking sector about existing technologies, and the next phase will be a phase of cooperation to build technical infrastructure and better technical financial services.”
In turn, William Shi, General Manager of Sales for the Enterprise Business Division at Huawei Middle East and California, said:
“We have been working in Iraq for 20 years in the field of technology and we have approximately a thousand employees.” Shi added, “In Iraq, we officially entered the banking sector and provided many technological services to telecommunications and digital security companies.”
He pointed out that “we provided scholarships to five thousand university students, and the company continued to work in Iraq during the time of the Corona pandemic despite the suspension of many telecommunications companies.” https://observeriraq.net/رابطة-المصارف-الخاصة-تشيد-بدعم-الحكوم/
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Provoking Points to Ponder on Decisions
It is always thus, impaled by a state of mind which is destined not to last, that we make our irrevocable decisions. - Marcel Proust
A power greater than any human being helped make this decision. - Herbert J. Steifel
He who reflects too much will achieve little. - J. C. F. von Schiller
The opportunity is often lost by deliberating. - Publilius Syrus
The percentage of mistakes in quick decisions is no greater than in long-drawn-out vacillations, and the effect of decisiveness itself "makes things go" and creates confidence. - Anne O'Hare McCormick
Deliberation often loses a good chance. - Latin proverb
http://famousquotesandauthors.com/quotes_by_topic.html
http://famousquotesandauthors.com/topics/decisions_quotes.html
Iraq Economic News and Points to Ponder Wednesday Afternoon 3-6-24
Iraq Economic News and Points to Ponder Wednesday Afternoon 3-6-24
Tlm724 Administrator Bondlady’s Corner
During 2023.. 7 Iraqi Banks Break The Barrier Of 1 Trillion Dinars In The Amount Of Their Deposits
Economy News – Baghdad Five Iraqi banks were able to exceed the barrier of one trillion dinars in the size of their deposits in 2023, while only two Iraqi banks were able to break the barrier of 2 trillion Iraqi dinars in the size of customer deposits with the two banks.
The economist, Manar Al-Obaidi, said, “The International Development Bank and the National Bank of Iraq were able to break the barrier of 2 trillion dinars in deposits in 2023.”
As for the five banks, they are the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, the Iraqi Islamic Bank, and the Islamic South Bank, according to the economic expert.
He added, "The deposits of the five banks grew by 11.3% compared to the year 2022, bringing the total bank deposits to 9.25 trillion Iraqi dinars."
He pointed out, "Al-Janoob Islamic Bank achieved the highest percentage of growth in deposits at a rate of more than 147%, then the National Bank of Iraq, whose deposits grew in value by 90%."
Iraq Economic News and Points to Ponder Wednesday Afternoon 3-6-24
Tlm724 Administrator Bondlady’s Corner
During 2023.. 7 Iraqi Banks Break The Barrier Of 1 Trillion Dinars In The Amount Of Their Deposits
Economy News – Baghdad Five Iraqi banks were able to exceed the barrier of one trillion dinars in the size of their deposits in 2023, while only two Iraqi banks were able to break the barrier of 2 trillion Iraqi dinars in the size of customer deposits with the two banks.
The economist, Manar Al-Obaidi, said, “The International Development Bank and the National Bank of Iraq were able to break the barrier of 2 trillion dinars in deposits in 2023.”
As for the five banks, they are the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, the Iraqi Islamic Bank, and the Islamic South Bank, according to the economic expert.
He added, "The deposits of the five banks grew by 11.3% compared to the year 2022, bringing the total bank deposits to 9.25 trillion Iraqi dinars."
He pointed out, "Al-Janoob Islamic Bank achieved the highest percentage of growth in deposits at a rate of more than 147%, then the National Bank of Iraq, whose deposits grew in value by 90%."
Al-Obaidi stressed, “This growth reflects an increase in public confidence in Iraqi private banks and the ability of private sector banks to acquire part of the monetary mass issued outside the banking system, as it is noted that the volume of deposits for the five banks in 2019 did not exceed the barrier of 1.8 trillion Iraqi dinars, reaching today.” To more than 9.25 trillion dinars.
He continued: "It is expected that the five Iraqi banks will continue their control of the local market and the ability to attract deposits, whether from outside the banking system or from public sector deposits, as a result of the increased confidence in these banks and their spread in various governorates, in addition to the increase in the great competition between these banks in order to acquire the largest... Amount of deposit.
He pointed out, "The increase in the volume of deposits in the private banking sector will contribute to strengthening the wheel of economic growth by directing these banks to invest deposit funds in beneficial economic projects through which they can achieve profits to cover the interest paid on these deposits."
Al-Obaidi stated, “The total value of deposits in the private and public banking sector amounted to more than 133 trillion dinars at the end of 2023, and these five banks were able to acquire 7% of the total of these deposits, and the largest value of the deposits is still present in government banks.”
Views 163 03/06/2024 - https://economy-news.net/content.php?id=41174
Iraq Is Ranked 30th Globally...The Largest Arab And International Country With Reserves Of Resonant Yellow
Wednesday 06, March 2024 11:59 | Economical Number of readings: 396 Baghdad / NINA / The United States topped the world in gold reserves, and Saudi Arabia ranked first in the Arab world, according to data from the World Gold Council.
According to the council’s report, the United States’ gold reserves amounted to 8,133.5 tons, followed by Germany with 3,352.6 tons, then Italy with 2,451.8 tons.
In the Arab world, Saudi Arabia topped the Arab countries in terms of yellow resonant reserves, which amounted to 323.1 tons, and gold represented only 4.7% of the Kingdom’s total foreign reserves.
Lebanon came in second place with reserves estimated at about 286 tons, and gold represented 56.8% of Lebanon’s total foreign reserves, while Iraq came fourth in the Arab world and 30th globally./End 9
Sales Of The Central Bank Of Iraq Exceed 210 Million Dollars
Wednesday 06, March 2024 12:06 | Economical Number of readings: 382 Baghdad / NINA / Sales of the Central Bank of Iraq at the currency auction decreased today, Wednesday, to reach 210 million dollars.
The Central Bank said in a statement that it sold today during its auction for buying and selling the US dollar 210 million 932 thousand and 703 dollars, which the bank covered at a base exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for foreign transfers, and at a price of 1,310 dinars. For every dollar in cash.
He explained that most of the bank’s dollar sales went to strengthening balances abroad in the form of (transfers, credits), which amounted to 201 million 932 thousand and 703 dollars, higher than the cash sales amounting to 9 million dollars.
He pointed out that the banks that bought The number of cash dollars reached 5 banks, while the number of banks that responded to requests to enhance balances abroad reached 17 banks, while the total number of exchange and brokerage companies participating in the auction was 81 companies. https://ninanews.com/Website/News/Details?key=1111518
After Al-Rasheed And Al-Rafidain...The Iraqi Bank Announces The Cessation Of Deducting Installments
Economy 03/06/2024 Mawazine News – Baghdad The Trade Bank of Iraq announced today, Wednesday, the suspension of deducting loan installments for all employee borrowers for one month only.
The bank’s media expert, Aqeel Al-Shuwaili, said in a statement received by Mawazine News: “In implementation of the directives of Prime Minister Muhammad Shiaa Al-Sudani to stop deducting loan installments for all employees on the occasion of the holy month of Ramadan, we announce the suspension of deducting loan installments for all employee borrowers for one month only.”
He continued, "This came on the occasion of the advent of the holy month," noting that "the loans will be repaid after the end of the blessed month of Ramadan."
https://www.mawazin.net/Details.aspx?jimare=243331
Al-Sudani: The Period Is Ideal For Establishing A Strategic Economic And Political Relationship With Saudi Arabia
Political | 03/06/2024 Mawazine News - Baghdad. Prime Minister Muhammad Shiaa Al-Sudani described the current period as ideal for developing relations with the Gulf states, Saudi Arabia and Turkey, indicating that relations between Iraq and Saudi Arabia are important for the stability of the region.
Al-Sudani said in an interview followed by Mawazine News: “The Arabs returned to Iraq after the 25th Gulf and turned us open to receive the Gulf.”
He added, "The period is ideal for establishing a strategic economic and political relationship with Saudi Arabia, and that Saudi Crown Prince Mohammed bin Salman is sincere and clear in his support for Iraq and its people."
He pointed out that "my visit to Turkey changed the course of relations between the two countries, and they are continuing to develop to remove any crisis between Baghdad and Ankara."
https://www.mawazin.net/Details.aspx?jimare=243348
Oil Prices Rose Due To Fears Of Scarcity Of Supplies In Global Markets
Economy | 03/06/2024 Mawazine News – Baghdad Oil prices rose slightly in early Asian trading on Wednesday, as markets balanced concerns about demand growth in China, the world's largest crude importer, with indications of tight supplies in light of production cuts by major producers.
Prices also received support from the decline in the US dollar, which boosted demand for buyers paying in other currencies.
Price action
Brent crude futures rose 8 cents to $82.12 a barrel by 0333 GMT. US West Texas Intermediate crude futures increased 12 cents to $78.27 per barrel. https://www.mawazin.net/Details.aspx?jimare=243316
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Provoking Points to Ponder on Decisions
Decisions, particularly important ones, have always made me sleepy, perhaps because I know that I will have to make them by instinct, and thinking things out is only what other people tell me I should do. - Lillian Hellman
Statistics are no substitute for judgement. - Henry Clay
It is the heart always that sees before the head can see. - Thomas Carlyle
Facts are stubborn things, but statistics are more pliable. - Laurence J. Peter
A true history of human events would show that a far larger proportion of our acts are the result of sudden impulse and accident than of that reason of which we so much boast. - Peter Cooper
http://famousquotesandauthors.com/quotes_by_topic.html
http://famousquotesandauthors.com/topics/decisions_quotes.html
Goldilocks' Comments and Global Economic News Wednesday Evening 3-6-24
Goldilocks' Comments and Global Economic News Wednesday Evening 3-6-24
Good evening Dinar Recaps,
Today, the Global Markets Advisory Committee Meeting subcommittee of the CFTC is meeting to make 3 recommendations for the markets going forward:
* The first-ever digital asset taxonomy. It is designed to promote regulatory clarity and international alignment.
* Basel 3 end game proposal.
* Transition to T+1 securities settlement and Treasury ETFs.
The role of this committee is to take a look at the legislative process and make recommendations for a bill to move it forward in Congress. Although committees only have the authority to advise, their recommendations go a long way in determining the contents of what goes on a legislative bill.
These three proposals are already in process. This committee is designed to focus attention on the details of what has already been introduced to Congress. These recommendations will provide more clarity for Congress to understand and work with current legislative bills already on the table.
The Financial Stability Board will be present at this meeting along with other prominent Global Financial Advisors. A vote will be taken today to move these legislative bills forward. CFTC
© Goldilocks
~~~~~~~~~~
Goldilocks' Comments and Global Economic News Wednesday Evening 3-6-24
Good evening Dinar Recaps,
Today, the Global Markets Advisory Committee Meeting subcommittee of the CFTC is meeting to make 3 recommendations for the markets going forward:
* The first-ever digital asset taxonomy. It is designed to promote regulatory clarity and international alignment.
* Basel 3 end game proposal.
* Transition to T+1 securities settlement and Treasury ETFs.
The role of this committee is to take a look at the legislative process and make recommendations for a bill to move it forward in Congress. Although committees only have the authority to advise, their recommendations go a long way in determining the contents of what goes on a legislative bill.
These three proposals are already in process. This committee is designed to focus attention on the details of what has already been introduced to Congress. These recommendations will provide more clarity for Congress to understand and work with current legislative bills already on the table.
The Financial Stability Board will be present at this meeting along with other prominent Global Financial Advisors. A vote will be taken today to move these legislative bills forward. CFTC
© Goldilocks
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Take a look at the top listing on Citibank bank rate inside Iraq. It is important to note that the US dollar conversion rate still remains the same, but it is listed as a currency that can be exchanged with the dinar.
Scroll all the way to the far right of the dinar listing at Citibank, and you will find that one US dollar still buys 1,300 dinar.
You might want to save this page to look at currency rates inside Iraq along with cbi.iq. Credit Bank of Iraq
© Goldilocks
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Gold prices hit a record high. There’s a gold rush on Wall Street | CNN Business
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In simple terms, a unit of account is defined as a standard unit of measurement of market/economic value for an asset, goods, services, and other transactions. https://3commas.io/blog/unit-of-account
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Our Global Economy is in process of redefining and recalculating currency values. Specifically, we are undergoing pilot programs to determine regulations on the use and the amount needed to level the playing field in trade among countries.
These are measured in units of account in the banking world. Each unit of account currently has a digital value and a commodity value inside what we are currently calling a tokenized asset going forward.
These new pending prices are what many are calling a Global Currency Reset. This is why new laws have been coming into effect on our new digital economy the last two and almost a half years to solidify real values going forward.
Real values are necessary for the new Quantum Financial System to calculate with precision and speeds we have never seen before in history, and not, artificial values controlled and determined by a single country.
This is the year to determine these new values going forward that will affect our Global Economy for generations to come. Finance Magnates
© Goldilocks
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The Stellar Development Foundation (SDF) recently submitted a letter in response to a Request for Information on Financial Inclusion (RFI) issued by the U.S. Department of the Treasury (Treasury).
This response blends our work on financial access with our continued efforts to advocate for open systems. By combining these two focus areas, SDF aims to inform Treasury’s development of a national strategy for financial inclusion from a technological perspective – emphasizing that tools to further financial access and inclusion can benefit from open-source and transparent technology.
In our response, we address two key points: the importance of access when defining financial inclusion and how to leverage technology to advance financial inclusion efforts.
SDF defines access as a core tenet for the advancement of financial inclusion. Access to formal financial systems, such as bank accounts, is crucial for individuals, households, and small businesses to participate in the increasingly digital economy and unlock advanced services like savings and lending.
We propose that consumers should have access to free or low-cost products that support everyday financial transactions in today’s cashless economy. Services that leverage digital wallets and blockchain technology can address traditional barriers like minimum account balances and account fees that preclude participation in the formal economy.
As a public and freely accessible blockchain, the Stellar network provides a rich environment and set of technical tools for such everyday financial services. Stellar
👆 The Stellar Development Foundation is a Committee member of the Global Markets Advisory Committee Meeting subcommittee.
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A China-Russia geopolitical alignment was long the Kremlin’s dream
The war in Ukraine has brought the two autocratic powers much closer
The axis is emerging just as the West is preoccupied with domestic issues GIS Reports Online
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The United Arab Emirates demonstrated its commitment to financial sector innovation last week when it undertook the first cross-border transfer of its central bank digital currency (CBDC), the digital dirham.
On January 29, the chairman of the UAE Central Bank sent 50 million digital dirhams - the equivalent of approximately $13 million - from the UAE to China over mBridge, a platform that allows countries and financial institutions to experiment with using CBDCs for cross-border wholesale payments.
The transfer forms part of the UAE’s efforts on developing a CBDC that can drive the the country’s digital transformation, and is the first in a series of pilot programs the UAE intends to run with CBDCs, with future projects to focus on establishing CBDC bridges with India, and a proof of concept for a CBDCs use in domestic retail and wholesale payments. Jointly these efforts comprise part of the UAE’s CBDC Strategy, which the Central Bank announced in March 2023. Elliptic
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Fast payments have achieved mass adoption in some jurisdictions but not in others – with adoption likely depending on the design characteristics of different fast payment systems (FPS).
Adoption of fast payments tends to be more widespread when the central bank owns the FPS, when non-banks participate and when the number of use cases and cross-border connections is greater.
These insights can help inform the design and development of FPS and other payment infrastructures.
YouTube
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Digital Ruble Announcement:
At a meeting of the Association of Banks of Russia, both the central bank governor and deputy governor gave an update on the digital ruble. Trials for the central bank digital currency (CBDC) started in August last year after the passage of legislation. It started with a dozen banks, 600 end users and 30 merchants across 11 cities. The plan is to begin to roll out the CBDC next year.Ledger Insights
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Nikki Haley gives speech addressing her future in 2024 presidential race – watch live
👆 This speech will give you insight into what is about to happen the rest of this year. It is a short speech. Please listen carefully.
She talks about the transition of our economy in October, Term limits for politicians, a smaller Government, and more...
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Take a look at the top listing on Citibank bank rate inside Iraq. It is important to note that the US dollar conversion rate still remains the same, but it is listed as a currency that can be exchanged with the dinar.
Scroll all the way to the far right of the dinar listing at Citibank, and you will find that one US dollar still buys 1,300 dinar. Credit Bank of Iraq
© Goldilocks
👆 You might want to save this page to look at currency rates inside Iraq along with CBI.iq.
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What have we learned the last few days about the Iraqi Dinar?
Yes, a rate has been on the back screen for years, but it is not tradable until it goes to the front screen for you and me.
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In simple terms, a unit of account is defined as a standard unit of measurement of market/economic value for an asset, goods, services, and other transactions.
https://3commas.io/blog/unit-of-account
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In the future, you will hold "units of account" for the currencies you hold or one single currency. Each of these units of account (currency) will be instilled with values that come from a digital asset.
Are you beginning to see how power will be given back to the people? You will literally be holding a real asset in your hand(s) going forward. You will own gold, and gold belongs to the people.
All roads lead to gold, and gold will set us free.
© Goldilocks
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UK regulations will allow stablecoins and CBDCs to coexist, says former BoE fintech lead
United Kingdom policymakers are adopting a coordinated approach to establish regulations allowing cryptocurrencies, stablecoins and CBDCs to coexist. CoinTelegraph
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BRICS to develop blockchain-based payment system to aid in de-dollarization
BRICS to develop blockchain-based payment system to aid in de-dollarization
By Jordan Finneseth Published: Mar 05, 2024 – 12:32 PM
The rising strength of the BRICS group is emerging as a serious threat to the established world order – with countries like Saudi Arabia joining the alliance in a blow to the standing of the petrodollar – and now the group is exploring the creation of their own currency using blockchain technology.
According to a report from Russian news agency TAAS, BRICS is working to create an independent payment system based on digital currencies and blockchain, a plan that Kremlin aide Yury Ushakov called a “Contingent Reserve Arrangement.”
“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain,” Ushakov said.
BRICS to develop blockchain-based payment system to aid in de-dollarization
By Jordan Finneseth Published: Mar 05, 2024 – 12:32 PM
The rising strength of the BRICS group is emerging as a serious threat to the established world order – with countries like Saudi Arabia joining the alliance in a blow to the standing of the petrodollar – and now the group is exploring the creation of their own currency using blockchain technology.
According to a report from Russian news agency TAAS, BRICS is working to create an independent payment system based on digital currencies and blockchain, a plan that Kremlin aide Yury Ushakov called a “Contingent Reserve Arrangement.”
“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain,” Ushakov said.
“The main thing is to make sure it is convenient for governments, common people, and businesses, as well as cost-effective and free of politics.”
Ushakov said the primary goal of the work being done in 2024 is to increase the role of BRICS in the international monetary and financial system. This includes a move away from a reliance on the U.S. dollar in settlements and is part of a larger de-dollarization movement taking hold around the globe.
He noted that in the 2023 Johannesburg Declaration, the leaders determined that BRICS countries needed to increase settlements in national currencies and strengthen their correspondent banking networks to secure international transactions.
“Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar,” Ushakov said.
On Feb. 28, TASS reported that Russia’s Finance Ministry, the Bank of Russia, and several BRICS partners were working to create the BRICS Bridge multisided payment platform as part of their efforts to improve the global monetary system.
“By the end of the year, the Russian Finance Ministry and the Bank of Russia together with partners within the [BRICS] association will draft a report for the leaders of the BRICS countries on improving the international monetary and financial system, which will contain a set of initiatives and recommendations,” the Finance Ministry said. “Developmental work based on the report will result in a number of practical initiatives, with the BRICS Bridge platform potentially becoming one of them.”
“The issue is about creating a multisided digital payment platform,” they added. “It will help bring the financial markets of the BRICS member states closer and increase mutual trade turnover.”
“The gradual integration of the new BRICS member states into the work of the financial tracks and strengthening of cooperation at the expert level was noted as being one of the crucial tasks for 2024,” the ministry said.
Source: Kitco
"Tidbits From TNT" Wednesday 3-6-2024
TNT:
Tishwash: During 2023.. 7 Iraqi banks break the barrier of 1 trillion dinars in the amount of their deposits
Five Iraqi banks were able to exceed the barrier of one trillion dinars in the size of their deposits in 2023, while only two Iraqi banks were able to break the barrier of 2 trillion Iraqi dinars in the size of customer deposits with the two banks.
The economist, Manar Al-Obaidi, said, “The International Development Bank and the National Bank of Iraq were able to break the barrier of 2 trillion dinars in deposits in 2023.”
As for the five banks, they are the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, the Iraqi Islamic Bank, and the Islamic South Bank, according to the economic expert.
Headded, "The deposits of the five banks grew by 11.3% compared to theyear 2022, bringing the total bank deposits to 9.25 trillion Iraqidinars."
TNT:
Tishwash: During 2023.. 7 Iraqi banks break the barrier of 1 trillion dinars in the amount of their deposits
Five Iraqi banks were able to exceed the barrier of one trillion dinars in the size of their deposits in 2023, while only two Iraqi banks were able to break the barrier of 2 trillion Iraqi dinars in the size of customer deposits with the two banks.
The economist, Manar Al-Obaidi, said, “The International Development Bank and the National Bank of Iraq were able to break the barrier of 2 trillion dinars in deposits in 2023.”
As for the five banks, they are the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, the Iraqi Islamic Bank, and the Islamic South Bank, according to the economic expert.
Headded, "The deposits of the five banks grew by 11.3% compared to theyear 2022, bringing the total bank deposits to 9.25 trillion Iraqi dinars."
He pointed out, "Al-Janoob Islamic Bank achieved the highest percentage of growth in deposits at a rate of more than 147%, then the National Bank of Iraq, whose deposits grew in value by 90%."
Al-Obaidi stressed, “This growth reflects an increase in public confidence in Iraqi private banks and the ability of private sector banks to acquire part of the monetary mass issued outside the banking system, as it is noted that the volume of deposits for the five banks in 2019 did not exceed the barrier of 1.8 trillion Iraqi dinars, reaching today.” To more than 9.25 trillion dinars.
He continued: "It is expected that the five Iraqi banks will continue their control of the local market and the ability to attract deposits, whether from outside the banking system or from public sector deposits, as a result of the increased confidence in these banks and their spread in various governorates, in addition to the increase in the great competition between these banks in order to acquire the largest... Amount of deposit.
He pointed out, "The increase in the volume of deposits in the private banking sector will contribute to strengthening the wheel of economic growth by directing these banks to invest deposit funds in beneficial economic projects through which they can achieve profits to cover the interest paid on these deposits."
Al-Obaidi stated, “The total value of deposits in the private and public banking sector amounted to more than 133 trillion dinars at the end of 2023, and these five banks were able to acquire 7% of the total of these deposits, and the largest value of the deposits is still present in government banks link
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Tishwash: Governmental weevils” are a direct threat to the state: extreme wealth exposes advocates of reform
As the voices of some politicians and elites rose on the issue of reforms and directed harsh criticism at state institutions regarding the provision of services to poor citizens in order to live a decent life, they soon began to decline again, during a period in which the citizen was still suffering from the repercussions of the depletion of the country’s wealth and the chaos of laws and procedures amidst a state of extreme poverty and poor health conditions. Services, where popular voices rise to combat what some call “government weevils.”
Hope portal
Abdullah Al-Tamimi, a retired government employee, pointed out in an interview with “Baghdad Al-Youm” that “Prime Minister Muhammad Shia’ Al-Sudani’s steps in managing the state are good and have given a glimmer of hope that we will finally have a government that is aware of its duties and is not hostage to the adventures and agenda of parties and quotas.”
He added, “The crisis of the dollar, housing, water, and unemployment is the real danger in Iraq currently, and the government has put in place plans that, if implemented, will create a gateway of hope to get out of the impasse, but there are parties that do not want the matter to proceed and a strong government to be formed in Baghdad, so it is pushing to create any crises and obstruct the state’s laws, especially in Economic file.
Whales of corruption... who are they?
As for the independent politician Sadiq Ali, he believes that “some reform advocates are basically practicing a hidden role in blackmailing state institutions, and the evidence is their obscene wealth and their silence after they have achieved a specific trend after every period,” pointing out that “the application of the Where did you get this law? is what gives sufficient answers to the question.” Knowing the good from the bad.”
Ali added in an interview exclusively with “Baghdad Today” that “there are representatives accused of corruption and have cases against them who criticize the Sudanese government, and this matter raises many question marks,” wondering what is the reason for the wealth of some of them, they and their relatives? ".
He continues by saying, "Corruption is an octopus in state institutions and the Sudanese government cannot proceed with any reforms without real blows to the whales of corruption, some of whom are protected by political immunity that recognizes that they are corrupt, but at the same time they are banks that finance campaigns during election seasons."
The body of the state is dilapidated
For his part, the head of the Diyala Chambers of Commerce, Muhammad Al-Tamimi, admitted in an interview with “Baghdad Al-Youm” that “Iraq’s main problem is the penetration of the whales of corruption into all its institutions, which is more like a mite that has been eating away at the body of the state for many years, but it has become stronger in light of the marriage of money and politics.”
He added, "Corruption is much more dangerous than terrorism and is a direct cause of the suffering of 40 million Iraqis because any government measure for correction faces obstacles within government institutions because the arms of corruption are large."
He concluded by saying: How can any government employee have huge wealth and not be asked about its source?
Unannounced investigations
Earlier, a parliamentary source revealed the existence of unannounced investigations into the wealth of nine Iraqi officials in several governorates.
The source said in an interview with "Baghdad Today", "A lot of evidence was presented by representatives and figures about the file of the extreme wealth of some officials in Baghdad and the provinces, amid questions about the source of that money, especially since they are government employees."
The source, who preferred not to reveal his name, added, “Indeed, there are investigations currently underway into the file of 9 officials,” pointing out that “extreme wealth is a source of real concern that has prompted regulatory authorities to open important files in the past months in order to clarify the sources of that money, which some have tried to do.” It involves purchasing real estate and land.
He pointed out that "2024 will witness a qualitative shift in the fight against corruption, especially in the suspicious wealth of some," expecting "important decisions to be issued in the coming weeks." link
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CandyKisses: The "black dollar" is protected by influential political parties that obstruct economic reforms
Baghdad today - Baghdad
Economic expert Ahmed Al-Tamimi confirmed today, Wednesday (March 6, 2024), that the dollar crisis in Iraq is behind corruption mafias, with political protection from some influential people and entities that are trying to obstruct economic reforms.
Al-Tamimi told "Baghdad Today", "The politically protected corruption mafias were the primary beneficiaries of the dollar crisis and they worked to exacerbate this crisis for their own interests and gains. They are also currently working to obstruct any government reforms in the financial and economic sector."
He added, "These mafias have political protection from some influential people and parties, and these parties work politically to create problems so that any government efforts that want reform fail. This is why we see that the dollar crisis is still continuing and ongoing despite all government steps. The parallel market is still witnessing a significant increase." at the official price.
Exchange rates have not stabilized for nearly two years, despite many measures taken by the government to try to control it, all of which failed, due to the existence of political "protection" for the black dollar, according to observers.
A member of the Parliamentary Finance Committee, Mudar Al-Karawi, confirmed on Tuesday (March 5, 2024) that the government has achieved good success in containing Iraq's most dangerous economic files, represented in depreciating the value of the dollar prices and limiting its rise again.
Al-Karawi told Baghdad Today that "the dollar in the parallel markets has been a source of wealth for some for years and a drain on the country's resources in various ways, especially with smuggling in a way that threatens Baghdad's economy and pushes the dinar to frequent collapse, which puts pressure on the markets and plunges the country into the maze of sanctions."
He added, "The government's measures have achieved a glimmer of hope in confronting and the most dangerous economic files by reducing the value of the dollar and stopping its rise, even if in limited proportions, but it gave strength to the dinar and dealt with a good percentage of the smuggling file and seeking to end the dollarization of the file in the markets and move to electronic payment."
Al-Karawi pointed out that "all government measures face obstacles and in different ways because the dollar was and is still the resource of the deep state and some corrupt people and those who lived on crises in increasing their wealth in different ways," pointing out that "strengthening the strength of the dinar and filling smuggling gaps will hit the interests of many at home and abroad, and thus many parties will move to sabotage the joy of citizens in the presence of correct economic paths that contribute to saving the economy and pushing it to recover after lean years."
"The government's measures are moving in the right direction despite the side pressures, but they give stimulus to achieve economic growth and ensure that the file of smuggling, corruption and the depletion of hard currency are addressed in various ways," he said.
Last Sunday (March 3, 2024), Prime Minister Mohamed Shia al-Sudani stressed that depreciating the exchange rate means giving the dollar to "illegal" trade.
Al-Sudani said during his participation in the opening of the activities of the Rafidain Forum for Dialogue in Baghdad, that "the financial situation in Iraq is at its best and the collection of commercial transactions is through commercial institutions."
"We give the student, the patient, the trader, the contractor and the investor the dollar at the official rate," he said, pointing out that "the notes recorded on Iraqi banks from the US Treasury are at the time of previous governments." "
He pointed out that "economic reform was one of the most important priorities of the government program," noting that "the salaries of employees and retirees constitute the largest monetary mass in the fiscal budget."
It is noteworthy that Iraq relies on the platform of selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms to preserve the value of the Iraqi dinar, and to fight speculation in the parallel. market.
The Governor of the Central Bank of Iraq Ali Al-Alaq on February 6 that "some groups are trying to stay away from the platform for selling foreign currency to evade tax or customs or the existence of illegal trade," pointing to "the possibility of meeting all requests for the dollar," adding that "the bank has no problem in the supply or sale of dollars."
"The bank is in a comfortable position to respond to requests to buy dollars, and we have sufficient reserves and soon we will launch a mechanism that ensures that only the real traveler receives the dollar," he said.
Mot: and Yet another Awesome Govt Study - only Costing $22.5 million or so
Mot: . Ooooooh Noooooooooo!!!
Iraqi News Highlights and Points to Ponder Wednesday AM 3-6-24
Iraqi News Highlights and Points to Ponder Wednesday AM 3-6-24
Comment From Parliament On The Dollar Exchange Rate: Do Not Listen To The Losers
Economy |Baghdad today - Baghdad Today, Wednesday (March 6, 2024), the Parliamentary Finance Committee confirmed that the dollar is controlled by the relevant government agencies, calling for not taking into account the rumors of losing and corrupt parties.
Committee member Moin Al-Kazemi told “Baghdad Today” that “there are some politically losing parties and personalities who have major suspicions of corruption, working to continue spreading rumors that the government is not in control of the dollar market and the Iraqi dinar is declining, for the purpose of political influence as well as influencing the market".
Al-Kadhimi added, "The government is currently in complete control of the dollar in all its transactions, and there is real and serious work to strengthen the Iraqi dinar," stressing that "everyone is required not to take into account the rumors of losing and corrupt parties, as they do not want economic stability, to achieve their suspicious agendas."
Iraqi News Highlights and Points to Ponder Wednesday AM 3-6-24
Comment From Parliament On The Dollar Exchange Rate: Do Not Listen To The Losers
Economy |Baghdad today - Baghdad Today, Wednesday (March 6, 2024), the Parliamentary Finance Committee confirmed that the dollar is controlled by the relevant government agencies, calling for not taking into account the rumors of losing and corrupt parties.
Committee member Moin Al-Kazemi told “Baghdad Today” that “there are some politically losing parties and personalities who have major suspicions of corruption, working to continue spreading rumors that the government is not in control of the dollar market and the Iraqi dinar is declining, for the purpose of political influence as well as influencing the market".
Al-Kadhimi added, "The government is currently in complete control of the dollar in all its transactions, and there is real and serious work to strengthen the Iraqi dinar," stressing that "everyone is required not to take into account the rumors of losing and corrupt parties, as they do not want economic stability, to achieve their suspicious agendas."
The expert in economic affairs, Ahmed Al-Tamimi, confirmed earlier today, Wednesday, that the dollar crisis in Iraq is behind corruption mafias, with political protection from some influential people and parties that are trying to obstruct economic reforms.
Al-Tamimi told "Baghdad Today", "The politically protected corruption mafias were the primary beneficiaries of the dollar crisis and they worked to exacerbate this crisis for their interests and gains, and they are currently working to obstruct any government reforms in the financial and economic sector."
He added, "These mafias have political protection from some influential people and parties, and these parties work politically to create problems so that any government efforts that want reform fail. This is why we see that the dollar crisis is still continuing and ongoing despite all government steps. The parallel market is still witnessing a significant increase." at the official price.
Exchange rates have not stabilized for nearly two years, despite many measures taken by the government in an attempt to control it, all of which failed, due to the existence of political “protection” of the black dollar, according to observers. LINK
Trade: We Are Close To Joining The World Trade Organization
Economical 03/06/2024 Baghdad: Al-Sabah Undersecretary of the Minister of Commerce, Sattar Al-Jabri, said yesterday, Tuesday, that the issue of Iraq’s accession to the World Trade Organization is imminent, while he affirmed the current federal government’s efforts to achieve self-sufficiency and not depend on the importer.
Al-Jabri said that the governmental curriculum developed by the Iraqi government is based on a strategy to keep pace with the development taking place in the global economy, as the government signed bilateral international memorandums of understanding in the field of trade and economics. He stressed that "Iraq is seeking to enter the World Trade Organization and the issue is coming soon."
The Iraqi government official spoke about the issue of import and export, saying: There is no trade balance between exported and imported materials, as the monetary mass was going to other countries, and this is what the government is seeking to address. current by relying on self-sufficiency.
At the beginning of 2024, the Kingdom of Saudi Arabia announced its support for Iraq’s accession to the World Trade Organization, especially after the political obstacles that prevented it were removed. https://alsabaah.iq/92979-.html
The “Black Dollar” Is Protected By Influential Political Parties That Obstruct Economic Reforms
Politics |Baghdad today – Baghdad Economic expert Ahmed Al-Tamimi confirmed today, Wednesday (March 6, 2024), that the dollar crisis in Iraq is behind corruption mafias, with political protection from some influential people and entities that are trying to obstruct economic reforms.
Al-Tamimi told "Baghdad Today", "The politically protected corruption mafias were the primary beneficiaries of the dollar crisis and they worked to exacerbate this crisis for their own interests and gains. They are also currently working to obstruct any government reforms in the financial and economic sector."
He added, "These mafias have political protection from some influential people and parties, and these parties work politically to create problems so that any government efforts that want reform fail. This is why we see that the dollar crisis is still continuing and ongoing despite all government steps. The parallel market is still witnessing a significant increase." at the official price.
Exchange rates have not stabilized for nearly two years, despite many measures taken by the government in an attempt to control it, all of which failed, due to the existence of political “protection” for the black dollar, according to observers.
Member of the Parliamentary Finance Committee, Mudar Al-Karawi, confirmed on Tuesday (March 5, 2024) that the government has achieved good success in containing the most dangerous Iraqi economic files represented by reducing the value of dollar prices and limiting its rise again.
Al-Karawi explained to “Baghdad Today” that “the dollar in the parallel markets has for years been a source of wealth for some and a depletion of the country’s resources in various ways, especially with smuggling in a way that threatens Baghdad’s economy and pushes the dinar to collapse repeatedly, which puts pressure on the markets and pushes the country into the maze of sanctions.”
He added, "The government's measures have achieved a glimmer of hope in confronting and containing the most dangerous economic files by reducing the value of the dollar and stopping its rise, even by limited rates, but they have given strength to the dinar and dealt with a good percentage of the smuggling file and seeking to end the dollarization file in the markets and move to electronic payment."
Al-Karawi pointed out, “All the government’s measures face obstacles in different ways because the dollar was and still is the supplier to the deep state and some corrupt people and those who have lived off crises to increase their wealth in various ways,” pointing out that “strengthening the strength of the dinar and closing the smuggling loopholes will harm the interests of many at home and abroad, and thus parties will move.”
"There is a lot to sabotage citizens' joy in the existence of correct economic paths that contribute to saving the economy and pushing it to recovery after lean years."
He continued, "Government measures are moving in the right direction despite the side pressures, but they provide incentives to achieve economic growth and ensure the development of solutions to the issue of smuggling, corruption, and the depletion of hard currency in various ways."
Last Sunday (March 3, 2024), Prime Minister Muhammad Shiaa Al-Sudani confirmed that lowering the exchange rate means giving the dollar to “illegitimate” trade.
Al-Sudani said during his participation in the opening of the activities of the Al-Rafidain Dialogue Forum in Baghdad, “The financial situation in Iraq is at its best and commercial transactions are collected through commercial institutions.”
He added, "We give the student, the patient, the merchant, the contractor, and the investor the dollar at the official rate," pointing out that "the notes recorded on Iraqi banks from the US Treasury are from the time of previous governments."
He pointed out that "economic reform was one of the most important priorities of the government program," noting that "the salaries of employees and retirees constitute the largest cash block in the financial budget."
It is noteworthy that Iraq relies on the platform for selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms for preserving the value of the Iraqi dinar and combating speculative operations in the parallel market.
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on February 6 that “some groups are trying to stay away from the platform for selling foreign currency to evade taxes or customs or the presence of illegal trade,” indicating “the possibility of meeting all requests for the dollar,” adding that “the bank has no problem.” In offering or selling the dollar.
He pointed out that "the bank is in a comfortable position to respond to requests to buy dollars. We have sufficient reserves, and soon we will launch a mechanism to ensure that only real travelers get the dollar." LINK
Sudanese Reforms Are In “Danger”.. Al-Fatah Alliance Warns Of “Parties” Seeking To “Topple” Them
Politics |Baghdad today – politics The leader of the Al-Fatah Alliance, Ali Al-Zubaidi, warned today, Wednesday (March 6, 2024), that some parties are seeking to “undermine” the government’s reform steps for political purposes.
Al-Zubaidi said, in an interview with “Baghdad Today”, that “it is no secret to anyone that there are media outlets directed by political parties and external parties, and they always work on political blackmail by targeting all the government’s successes and trying to undermine any reform steps for political purposes.” And personality.”
He explained, "The successes of Sudanese and his government, especially in the file of services and the economy, will push those parties and figures who are losing politically and even popularly to escalate the attack during the next stage in order to spread and implement certain agendas, which may also have external motives."
The Parliamentary Services Bloc had previously called for supporting the efforts of the Sudanese government and providing the appropriate ground for legislation and parliamentary decisions that would contribute to the success of the government’s work and keep it away from all conflicts and political disputes.
The Parliamentary Services and Reconstruction Committee confirmed on Sunday (February 18, 2024) that the current Iraqi government is working to achieve achievements in more than one path and has achieved real and realistic achievements during the past months.
Committee member Madiha Al-Moussawi told “Baghdad Today” that “the Sudanese government has a great interest in achieving reforms and development in the economic, banking and financial sectors,” indicating that “the government has made real achievements in this file during the past months of controlling the dollar exchange rate and electronic dealings.” Cash allowance and many more.
Al-Moussawi added, “The government is very interested in implementing important and strategic projects related to the reality of services and urban development, in addition to providing opportunities for the unemployed by activating the private sector and strengthening investments,
in addition to creating job opportunities through government employment through deletion and creation through budgets,” stressing that “this matter Many graduates touched him, especially those with advanced degrees and top honors.”
Al-Mousawi concluded: “Government work is ongoing and continuous in various paths to achieve achievements according to what is planned in the government curriculum.”
On Thursday (February 15, 2024), Prime Minister Muhammad Shiaa Al-Sudani reviewed the government’s economic and development vision to Dutch businessmen and companies, indicating that Iraq imports goods worth 70 billion dollars annually, and from the Netherlands alone, 500 million dollars annually.
Since taking office in October 2022, Iraqi Prime Minister Muhammad Shiaa Al-Sudani has achieved a record number of policy achievements.
The “Services Government”, which he heads, has completed a set of projects, including the construction of roads, highways and hospitals, the signing of multibillion-dollar agreements to ensure independence in the field of energy, and the completion of an agreement with Tehran to trade gas for oil so that Iraqis can withstand the extreme heat in the summer when temperatures reach... The temperature reaches 50 degrees Celsius, and work with the government to approve the federal budget for three years. LINK
Provoking Points to Ponder on Decisions
Faith ... acts promptly and boldly on the occasion, on slender evidence. - John Henry Cardinal Newman
A decision is an action you must take when you have information so incomplete that the answer does not suggest itself. - Arthur Radford
She knew in her heart that to be without optimism, that core of reasonless hope in the spirit, rather than the brain, was a fatal flaw, the seed of death. - Anne Perry
When faith is supported by facts or by logic it ceases to be faith. - Edith Hamilton
How far would Moses have gone if he had taken a poll in Egypt? - Harry S. Truman
Better to be without logic than without feeling. - Charlotte Bronte
The will to be totally rational is the will to be made out of glass and steel: and to use others as if they were glass and steel. - Marge Piercy
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MilitiaMan: Iraqi Dinar - IQD Dinar Update - Internal Factors - Central Bank - Communication - Fed Reserve Bank
Iraqi Dinar - IQD Dinar Update - Internal Factors - Central Bank - Communication - Fed Reserve Bank
MilitiaMan and Crew: 3-6-2024
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraqi Dinar - IQD Dinar Update - Internal Factors - Central Bank - Communication - Fed Reserve Bank
MilitiaMan and Crew: 3-6-2024
The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Economic News and Points to Ponder Tuesday Afternoon 3-5-24
Iraq Economic News and Points to Ponder Tuesday Afternoon 3-5-24
Tlm724 Administrator Bondlady’s Corner
Economist: Implementing The Automation System Is A Devastating Blow To Money Smugglers
Economy | 03/05/2024 Mawazine News – Baghdad Economic expert Abdul Hussein Tawfiq confirmed today, Tuesday, that implementing the automation system in the banking system is a devastating blow to money smugglers and corrupt people.
Tawfiq said in an interview with Mawazine News, “Implementing the electronic “automation” system is in the interest of Iraq and will generate abundant funds for it.”
He added, "The tone of Finance Minister Taif Sami was very nervous, which indicates the presence of parties obstructing the implementation of the automation system."
He pointed out that "implementing the automation system will enable the state to limit corruption and end smuggling operations."
Iraq Economic News and Points to Ponder Tuesday Afternoon 3-5-24
Tlm724 Administrator Bondlady’s Corner
Economist: Implementing The Automation System Is A Devastating Blow To Money Smugglers
Economy | 03/05/2024 Mawazine News – Baghdad Economic expert Abdul Hussein Tawfiq confirmed today, Tuesday, that implementing the automation system in the banking system is a devastating blow to money smugglers and corrupt people.
Tawfiq said in an interview with Mawazine News, “Implementing the electronic “automation” system is in the interest of Iraq and will generate abundant funds for it.”
He added, "The tone of Finance Minister Taif Sami was very nervous, which indicates the presence of parties obstructing the implementation of the automation system."
He pointed out that "implementing the automation system will enable the state to limit corruption and end smuggling operations."
Tawfiq pointed out that “implementing the automation system is a step in the right direction by the government.”
He continued: "We hope for the best if the automation system is implemented in Iraq and it will generate a lot of money for the state treasury." https://www.mawazin.net/Details.aspx?jimare=243295
Iraq Will Export More Than 115 Million Barrels Of Crude Oil And Its Derivatives To America In 2023
Energy Economy News _ Baghdad The US Energy Information Administration announced today, Tuesday, that crude oil exports to the United States amounted to more than 115 million barrels during the past year 2023.
The administration said in a table seen by Al-Eqtisad News that Iraq exported crude oil and its products to America during the past year, amounting to about 115.263 million barrels.
She added that Iraq's exports of oil and its derivatives in December amounted to 6.922 million barrels, an increase of 1.571 million barrels from what they recorded in November, when they reached 5.351 million barrels.
The US Energy Information Administration stated that OPEC's exports of crude oil and its products to America within 12 months amounted to 489.69 million barrels, with Saudi Arabia having the highest rate of exports to America, reaching 1.476 million and 373 thousand barrels during the same time period.
Views 68 03/05/2024 - https://economy-news.net/content.php?id=41135
Sudanese Discusses Areas Of Cooperation With The International Finance Corporation Delegation
Economy | 03/05/2024 Mawazine News – Baghdad Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani stressed the importance of supporting projects associated with the Development Road Project.
The Prime Minister’s Media Office stated in a statement received by Mawazine News, that “Prime Minister Muhammad Shiaa Al-Sudani received a delegation from the International Finance Corporation (IFC), headed by the institution’s Vice President for Middle East Affairs, Hala Sheikh Ruhu.”
He explained, "The meeting witnessed a review of the areas and prospects of cooperation between Iraq and the institution, which is one of the institutions of the World Bank," stressing that "the government is continuing with economic reforms and measures to improve the investment environment, as well as implementing projects that contribute to increasing the gross domestic product and supporting non-profit sectors." Oil and empowering the private sector.
The Prime Minister called on the Corporation to open a training institute in Iraq that specializes in developing banking work, preparing economic models for projects, and supporting the Iraqi private sector’s trends in the cement and construction materials industry, with increasing demand following the progress of new city projects, as well as developing the capabilities of the General Company for Carbon Economics. Which Iraq is working to establish.
He stressed "the importance of supporting projects associated with the Development Road Project, as well as completing the discussion of plans prepared for the rehabilitation of Baghdad International Airport, which are sponsored by the Corporation."
For her part, Hala Rouho indicated, “The institution’s readiness to cooperate with Iraq in all fields, and appreciated the government’s role in expanding reforms and adopting a path that contributes to reducing carbon emissions,” pointing to “continuing work to implement plans to rehabilitate and expand Baghdad International Airport, and support sustainable development.” And promoting the growth of various economic sectors.” https://www.mawazin.net/Details.aspx?jimare=243266
After The Recent Decline... Dollar Prices Are Rising Againgr
Economy | 3/05/2024 Mawazine News – Baghdad The prices of the US dollar rose against the Iraqi dinar, today, Tuesday, in local markets.
The central Kifah and Harthiya stock exchanges recorded an exchange rate of 151,100 Iraqi dinars for 100 US dollars
, while the dollar exchange rates in banking shops and local markets reached 152,250 dinars, while the purchase price reached 150,250 dinars for every 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=243250
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Provoking Points to Ponder on Decisions
The most important fact about Spaceship Earth: an instruction book didn't come with it. - R. Buckminster Fuller
Life is the only art that we are required to practice without preparation, and without being allowed the preliminary trials, the failures and botches, that are essential for the training of a mere beginner. - Lewis Mumford
Time has told me less than I need to know. - Gwen Harwood
I learn by going where I have to go. - Theodore Roethke
Life is like playing a violin in public and learning the instrument as one goes on. - Samuel Butler
We don't have enough time to premeditate all our actions. - Vauvenargues
Every year, if not every day, we have to wager our salvation upon some prophecy based upon imperfect knowledge. - Oliver Wendell Holmes
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