DINARRECAPS8 3/14/24 DINARRECAPS8 3/14/24

Iraq Economic News and Points to Ponder Thursday Evening 3-14-24

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Committee: We Look Forward To Coordinating With The Central Bank To Increase The Value Of The Dinar And Control The Market

Thursday 14, March 2024 Economical Number of readings: 382 Laghdad / NINA / The Parliamentary Finance Committee expressed its aspiration to coordinate with the Central Bank to increase the value of the dinar and control the market.

She told the House of Representatives Media Department in a statement that, “The Finance Committee met under the chairmanship of Atwan Al-Atwani, in the presence of its members, with the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”

At the beginning of the hosting, which was held at the committee’s headquarters, the Chairman of the Committee stressed “the importance of following up on the economic file and monetary policy, based on the supervisory side, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”

Iraq Economic News and Points to Ponder Thursday Evening 3-14-24

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Committee: We Look Forward To Coordinating With The Central Bank To Increase The Value Of The Dinar And Control The Market

The Finance Committee expressed its "aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar and control the market in order to alleviate the burdens of citizens and address the deficit."

For his part, the Governor of the Central Bank reviewed, according to the statement, "the economic and monetary aspect, pointing out" the establishment of basic rules in order to monitor the remittance process and analyze monetary operations, praising "the role played by the Finance Committee in following up the country's financial and economic movement."

The committee discussed with the Governor of the Central Bank the approved international standards, future plans to improve the status of banks, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law./End 5 https://ninanews.com/Website/News/Details?key=1112920

An Economist Identifies The "Ideal Solution" To Reduce The Dollar Difference Between The Official And The Parallel

Time: 03/14/2024 19:44:54 Read: 715 times {Economic: Al-Furat News} The economic expert, Bassem Jamil Antoine, identified today, Thursday, the “ideal solution” to reduce the dollar difference between the official and parallel ones.

Antoine told {Al-Furat News} that: “There is clear stability in the dollar exchange rates, and the difference between the parallel and official rates does not decrease easily.”

He stressed "the need to establish quick, firm and convincing measures."

Antoine stated, "Reviving the spirit of support between merchants and citizens and providing goods in the country from the public sector is the ideal solution to reduce the difference between the official and parallel prices." LINK

Central Bank Governor: Establishing Basic Rules To Monitor The Remittance Process

Time: 03/14/2024 14:01:08 Read: 2,327 times {Economic: Al-Furat News} The Governor of the Central Bank, Ali Al-Alaq, pointed out today, Thursday, the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.

The Media Department of the House of Representatives stated in a statement received by {Al-Furat News}, “The Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, met with the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”

Al-Atwani stressed, “at the beginning of the hosting session, which was held at the committee’s headquarters, the importance of following up on the economic file and monetary policy, based on the supervisory side, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”

The Finance Committee also expressed its aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar, control the market in order to alleviate the burdens of citizens, and address the deficit.

For his part, the Governor of the Central Bank reviewed the economic and monetary aspects, pointing out the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.

Al-Alaq praised "the role played by the Finance Committee in following up on the country's financial and economic movement."

The Central Bank Announces An Understanding With The US Treasury To Reconsider The Sanctions Imposed On Iraqi Banks

Economy | 07:38 - 03/14/2024 Mawazine News - Baghdad, Governor of the Central Bank, Ali Al-Alaq, announced an understanding with the US Treasury to reconsider the sanctions imposed on Iraqi banks.

Al-Alaq said in a statement received by Mawazine News, “The instability of the dollar price is due to the presence of illegal trade carried out by small traders and some speculators.”

He pointed out that "we are coordinating with the relevant authorities to implement the plan to regulate foreign trade and continue to communicate with global correspondent banks."

https://www.mawazin.net/Details.aspx?jimare=243880

Romanowski: My Country Is Committed To Iraq's Security, Stability And Sovereignty

The US Ambassador to Baghdad, Alina Romanowski, expressed her country's commitment to Iraq's security, stability and sovereignty, indicating that the US administration stood shoulder to shoulder with Iraqi partners to liberate Iraq from the scourge of ISIS.

Romanowski said in an opinion article: We want the Iraqi security forces to have the capabilities necessary to confront future threats. For this reason, since 2012, the US Congress has allocated more than $3.5 billion to build the capabilities of the Iraqi security forces.

Romanowski added, the United States also provides Iraq with vital sustained support, world-class equipment such as F-16 fighter jets and M-1 Abrams battle tanks, and professional training.

https://www.radionawa.com/all-detail.aspx?jimare=37638

Al-Alaq Reveals Meetings With The US Treasury To Reconsider Sanctions On Iraqi Banks

Economy News – Baghdad On Thursday, Central Bank Governor Ali Al-Alaq revealed meetings with the US Treasury to reconsider the sanctions on Iraqi banks, while he discussed several files with the Parliamentary Finance Committee, most notably, addressing the gap in selling the dollar between the official and parallel rates.

A statement by the media office of Representative Atwan Al-Atwani, seen by Al-Iqtisad News, stated that “the Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, hosted the Governor of the Central Bank, Ali Al-Alaq, to discuss a number of important files, most notably the procedures for addressing the large gap in selling the dollar between the official price and the parallel market.” As well as foreign trade transfers via the platform.

The meeting reviewed - according to the statement - “the file of US Treasury sanctions on local banks and the extent of their impact on monetary and financial policy and banking work in the country, and the measures taken by the Central Bank in this regard.”

The statement added, "They discussed the approved international standards and future plans to improve the reality of the banking system, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law."

Al-Atwani stressed - according to the statement - “the importance of following up on the economic file, monetary policy, the external and internal remittance system, and finding appropriate solutions to the obstacles facing the work of the Central Bank,” indicating that “the government is making a great effort to maintain the stability of the local market during the blessed month of Ramadan, especially in... Regarding the selling prices of food and other necessary commodities.”

He continued, “We look forward to continued coordination and cooperation with the Central Bank in order to increase the value of the Iraqi dinar and control the local market in order to alleviate the burden of the citizen.”

For his part, the Governor of the Central Bank emphasized “Establishing basic rules in order to monitor the process of external and internal transfers, attributing the instability of the exchange rate to the existence of illegal trade carried out by small merchants and some speculators, which is financed by withdrawing the cash dollar from the market.”

Al-Alaq stressed, “The external sanctions imposed on a large number From our local banks, efforts and plans to open relationships and lines of communication with accredited international correspondent banks have been hindered,” explaining, “The process of printing the local currency is carried out in accordance with the required financial cover and in a way that balances the foreign and local currency and prevents any financial inflation.”

Al-Alaq stated, “We are currently coordinating with the relevant authorities regarding the implementation of the plan to regulate foreign trade, and we also have ongoing meetings with the US Treasury, and it was agreed to reconsider the sanctions imposed on Iraqi banks, and that such decisions should not be issued in the future except after discussing and informing the Central Bank of Iraq.” Being responsible for monitoring its activity.” Views 52 03/14/2024 - https://economy-news.net/content.php?id=41497

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

Provoking Points to Ponder on Decisions

There is no more miserable human being than one in whom nothing is habitual but indecision. - William James

In not making the decision, you've made one. Not doing something is the same as doing it. - Ivan Bloch

There is a time when we must firmly choose the course we will follow, or the relentless drift of events will make the decision for us. - Herbert B. Prochnow

You can only predict things after they've happened. - Eugene Ionesco

It is the mark of a good action that it appears inevitable, in retrospect. - Robert Louis Stevenson

http://famousquotesandauthors.com/quotes_by_topic.html

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

DINARRECAPS8 3/14/24 DINARRECAPS8 3/14/24

Iraq Economic News and Points to Ponder Thursday Afternoon 3-14-24

Tlm724 Administrator Bondlady’s Corner

An Independent Representative Stresses The Need To Legislate The Oil And Gas Law

Information/Baghdad... Member of the Parliamentary Oil and Gas Committee, Independent Representative Nazem Al-Shibli, stressed today, Wednesday, the necessity of passing the oil and gas law. Al-Shibli told Al-Maalouma,

“The oil and gas law is the only solution to solve the outstanding problems between the federal government and the Kurdistan region, and its legislation will resolve all disputes between the two parties.”

He added, "The House of Representatives has completed all sections of the law, but the government has amendments and comments on some paragraphs of the prepared law." He pointed out “the difficulty of resolving the problems with the region without the oil and gas law,” noting that “11 amendments were made to the law.”

Iraq Economic News and Points to Ponder Thursday Afternoon 3-14-24

Tlm724 Administrator Bondlady’s Corner

An Independent Representative Stresses The Need To Legislate The Oil And Gas Law

Since the first session of the Iraqi Council of Representatives, in 2005, the draft oil and gas law has remained locked away, as disagreements prevent its approval in its final form.

After 18 years, he announced the formation of a committee to develop “a draft of the oil and gas law and present it to the government and the House of Representatives, according to what MP Firas Al-Muslimaoui revealed. The representative stressed that “there is a real will in the House of Representatives to legislate the law.

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury’s resources.”

https://almaalomah.me/news/58664/economy/نائب-مستقل-يشدد-على-ضرورة-تشريع-قانون-النفط-والغاز

The oil and gas law collides with disputes between the central and regional governments

Information/Report: There is still disagreement between Baghdad and Erbil over the oil file, which has remained an unresolved issue for more than two decades.

If the oil and gas law is passed, it will spark investments in the energy sector and enhance revenues for the public treasury.

A stable national road map for the oil sector will also be developed, attracting investments in oil and gas projects and establishing a unified oil policy, allowing Iraq to effectively benefit from its hydrocarbon potential, including in the Kurdistan region.

Previous parliaments had passed laws that address specific aspects of the oil industry, including the Crude Oil Refining Investment Law No. (64) of 2007, the Anti-Smuggling of Oil and Its Derivatives Law No. (41) of 2008, and the National Oil Company Law No. (4) for the year 2018.

Those who follow attempts to pass the law will find that the real and main reason for obstructing the passage of the law is related to political differences between Baghdad and Erbil.

A member of the Oil and Gas Committee, Bassem Ngemesh, confirmed this disagreement, and believed that these disagreements stand in the way of any attempt to pass the law under the dome of Parliament and obstruct the legislation of the strategic law. In an interview with Al-Maalouma, Naghimish said,

“The law awaits understandings between Baghdad and Erbil to legislate the oil and gas law under the dome of the House of Representatives,” noting that “passing the oil and gas law in the House of Representatives needs political consensus, which is what hinders voting on it until the moment.”

He explained that "the law was transferred many times during previous parliamentary sessions and was not included in the current parliamentary laws and legislation." He pointed out, "The oil and gas law is still a matter of controversy and disagreement among political parties."

For his part, a member of the Parliamentary Oil and Gas Committee, Representative Adnan Al-Jabri, confirmed that the issue of approving the oil and gas law is still a prisoner of the disputes and the Kurdistan region’s oil export crisis. Al-Jabri told Al-Maalouma,

“The law represents the management of oil wealth in general for the country and not just for the Kurdistan region, and it will include adding articles that serve the areas near the oil fields.”

The Kurdish parties continue to obstruct the government in approving the oil and gas law, which a vote on within the corridors of Parliament has become a must, in order to end the violations and thefts carried out by the Kurdistan Regional Government in the oil smuggling file.

In addition, Firas Al-Muslimaoui, representative of the State of Law parliamentary bloc, revealed the laws planned to be legislated in Parliament in the coming period. Al-Muslimaoui said,

The priority of the Presidency of Parliament and the House of Representatives is to legislate the laws sent by the government, and in the second stage come the proposals of laws and committees.” He added, "Among the important laws that Parliament intends to legislate after its draft arrives is the oil and gas law," stressing that "there is a parliamentary and governmental will to legislate it in a way that preserves justice in the distribution of wealth."

The Oil and Gas Law in Iraq, which has been awaiting legislation in Parliament since 2005, stipulates that responsibility for managing the country’s oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject. Ended / 25 AD

https://almaalomah.me/news/58684/economy/قانون-النفط-والغاز-يصطدم-بالخلافات-بين-حكومتي-المركز-والاقلي

Experts Call For Investing Surplus Financial Revenues In Sustainable Development Projects

Economical 03/14/2024 Baghdad: Hussein Thaghb Al-Tamimi Specialists and economic experts unanimously agreed on the importance of investments witnessed in the oil and gas sector,

provided that they achieve integration with other sectors that need the surplus funds that come into the country as a result of exporting crude oil to global markets, where

the surplus financial revenues can be used in projects. Economic development that achieves sustainable development for Iraq and seriously multiplies its financial resources.

Economic expert Salwan Al-Nouri confirmed that investment in the oil and gas sector represents an important step on the path to improving economic performance, as it provides additional financial revenue that can be used in development projects in all regions of Iraq, where natural resources are available, and we can also create successful local industries from it. The surplus financial revenues received by the country.

Al-Nouri pointed out thatany new investment represents an expansion in production, an increase in financial revenue, and a decrease in foreign imports.

Here, we can have bilateral partnerships with countries around the world and regional countries to create advanced projects that have a positive impact on the national economy, pointing to the possibility of cooperation with countries from which we import.

Among them, we work investment partnerships for new projects inside Iraq, and thus the benefit is shared and long-term. He pointed out that "the international reality and the events it is witnessing have a clear impact on the global economy, requiring us to build ideal relations with most countries importing crude oil, and from here we must begin building our relations with the oil markets, especially since Iraq is looking forward to expanding its production base." And exploration.

Economic affairs expert Aqeel Karam Al Hamad stressed that the expansion of oil and gas investment is extremely important, and we must have a clear vision to benefit from global experiences in this field, pointing to the necessity of having transformational industries to benefit from the oil and gas wealth available in the country.

Al Hamad pointed out that the expansion of oil and gas investment can activate other sectors with a sustainable development impact,

which requires us to take a serious approach to developing the oil and gas industries, and investing the financial surplus in achieving sustainable development for the country that Al Bari has bestowed many blessings that can be a center. He said that the country is in dire need of expansion in economic projects, and here local and international efforts can be invested to achieve progress, and

there is no harm in seeking assistance from international planning centers that draw the features of the sustainable development that the country seeks.

He explained that "Iraq is one of the oil countries that has its weight in the international oil market, which enhances its position among countries that wish to strengthen their relations with Iraq.

The Ministry of Oil had announced an expected measure within next year's plan 2024, which will contribute to resolving the gas crisis and reducing its imports, while It confirmed the existence of government interest and direction to increase gas production.

It is noteworthy that the advisor to the Ministry of Oil, Abdul Baqi Khalaf, said that “the government and the Ministry of Oil are interested in gas projects due to their

importance in the energy industry in Iraq, and reducing emissions at the same time,” pointing out that “according to the ministry’s plans drawn up next year 2024, no less than About 700 million cubic feet of gas in the projects of the second phase of Basra, NGL, the Halfaya 300 project, and the Nasiriyah project. Khalaf explained,

“This quantity is equivalent to more than half of the gas currently released,” stressing that “this will contribute to solving the gas crisis, and it constitutes more than half of Iraq’s gas imports.”

He pointed out that the sixth round of gas projects and the government’s interest in the Mansouriya and Okaz fields reflect the state’s interest in increasing our gas production to reduce the demand gap for electricity that currently exists in the country, and thus things are moving towards increasing our gas capacity. https://alsabaah.iq/93481-.html

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

Provoking Points to Ponder on Decisions

Necessity relieves us from the embarrassment of choice. - Vauvenargues

When you have to make a choice and don't make it, that is in itself a choice. - William James

A man without decision can never be said to belong to himself; he is as a wave of the sea, or a feather in the air which every breeze blows about. - John Foster

Nothing is so exhausting as indecision, and nothing is so futile. - Bertrand Russell

Not to decide is to decide. - Harvey Cox

Decision is a sharp knife that cuts clean and straight; indecision, a dull one that hacks and tears and leaves ragged edges behind it. - Gordon Graham

http://famousquotesandauthors.com/quotes_by_topic.html

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

Dinar Recaps 20 3/14/24 Dinar Recaps 20 3/14/24

"Tidbits from TNT" Thursday 3-14-2024

TNT:

Tishwash: Central Bank Governor: Establishing basic rules to monitor the remittance process

The Governor of the Central Bank, Ali Al-Alaq, pointed out today, Thursday, the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.

The media department of the House of Representatives stated in a statement received by {Al-Furat News}, “The Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, met with the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”

TNT:

Tishwash: Central Bank Governor: Establishing basic rules to monitor the remittance process

The Governor of the Central Bank, Ali Al-Alaq, pointed out today, Thursday, the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.

For his part, the Governor of the Central Bank reviewed the economic and monetary aspects, pointing out the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.

Al-Alaq praised "the role played by the Finance Committee in following up on the country's financial and economic movement."

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

Tishwash: Parliamentary Finance: We look forward to coordinating with the Central Bank to increase the value of the dinar and control the market

The Governor of the Central Bank, Ali Al-Alaq, pointed out today, Thursday, the establishment of basic rules in order to monitor the remittance process and analyze monetary operations

The media department of the House of Representatives stated in a statement received by {Al-Furat News}, “The Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, met with the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”

The Finance Committee also expressed its aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar, control the market in order to alleviate the burdens of citizens, and address the deficit.

Al-Alaq praised "the role played by the Finance Committee in following up on the country's financial and economic movement."

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

CandyKisses: The Oil Committee talks about the latest developments in the oil and gas law legislation

Information / Baghdad...A member of the parliamentary oil and natural resources committee, Bassem Nguemish, announced on Thursday that the competent committees have resolved all technical issues related to the oil and gas law, but stressed that "there are political problems that stand in the way of passing the law.

Ngimish told Al-Maalouma that "technical matters related to the oil and gas law have been resolved, but he suffers from political problems."He stressed "the existence of a previous agreement for the State Administration Coalition to pass the law."

He explained that "the failure to compromise some positions is the main reason behind obstructing the passage of the oil and gas law."He added, "The need for this law requires everyone to overcome differences, and compromise for the sake of the people."

Tishwash: Iraqis in the midst of exchange rate fluctuations: Why do we need the dollar?

Most Iraqis have been trying for a long time to find out why the Iraqi dinar collapsed against the US dollar, while many of them wondered about Iraq’s need for this currency, which has come to control all economic transactions in the country, creating markets that control the exchange rate.

Although Iraq is moving to end the phenomenon of dollarization by preventing dealing in foreign currency in the local market, many citizens complain that their lives have been affected by the dollar and its fluctuation, wondering why it is linked to their economic life to such a large degree.

Citizen Qahtan Raad (43 years old) explains that “trade has become completely and closely linked to the dollar and its exchange rate in the local market.” He stressed, "We as consumers have been suffering for years due to fluctuations in the hard currency exchange rate in the country."

Raad added to (Al-Mada), “Employees’ salaries are in Iraqi dinars, while consumer goods are in US dollars, and this makes us wonder, what is the reason for the existence of this currency that eats away at the bones of Iraq year after year to control its economy?”

the beginning

Economist Duraid Shaker Al-Anazi says, “The pound sterling was the prevailing currency before World War II, and Britain was the leader and its fleet was plowing the seas. The pound sterling had an undisputed and acceptable global economic power. However, World War II, and after the trillions of losses that the world endured as a result of this war, It is a war of civilized countries, in which approximately 70 million citizens were killed, in addition to millions of homes and factories destroyed. It included the entire European continent, along with Great Britain as a Commonwealth country, and even included China and Japan. One of the distant countries that the war did not reach was the United States of America. As it was not the site of war in both the First and Second World Wars, Britain emerged as exhausted as Europe, and the Soviet Union represented an economic power, but it was not effective.

America's opportunity

Duraid added in his interview with (Al Mada), that “Europe began to move towards the Soviet Union, the most recent of which were Greece and Italy, so the US Secretary of State was forced to propose a Marshall Plan to support countries that seemed to have taken a direction to be with the Soviet Union, and they met and revived a new currency, which is the dollar, to become A prevailing currency, next to which is the pound sterling, which was prevalent for decades, and although we rely on the dollar now due to international pressures and global measurements, the pound sterling at that time was pegged with the currency of every country.

Until the time of our exit with the July 14 revolution, the Iraqi dinar was collapsing much more than the collapse of the sterling pound because it Directly linked to it, the dollar occupied first place in the world and policies began to manipulate the economy, finance, and loans.

Global organizations such as the World Bank and the International Monetary Fund were established, and these organizations relied on the dollar in the process of lending, financing, investment, and other economic names. Pointing out, “This process gave the dollar politicians in the dark basements unlimited economic power with which they relied on high rates of conspiracy operations, as the dollar did not leave a respectable paper currency, and this issue shaped foreign and internal economic policies with countries.”

Dollar float

The economist continues, “The dollar went through its biggest crisis when the dollar was floated by Johnson & Johnson, as through the dollar you could buy gold from the world’s banks.” He added, “French President Charles de Gaulle at the time requested an amount of one billion dollars by exchanging it for gold. At that time, there was an undeclared war between America and France over the leadership and leadership of NATO, so upon request there was a process of floating the dollar, and this was a devastating blow to the dollar currency, as it "It began to fluctuate and collapse significantly, in addition to the repercussions on the global economy."

Al-Enezi continues, “After this collapse, the currencies of the world, the global economy, and economic diversification began to increase, and exchange became common and through local currencies and the currencies of neighboring countries, and China and India became active at that time, which are considered the two largest productive and consuming countries, but their currencies at that time were not strong, and at the end of the eighties, the dollar began to weaken.” Its weight in the market was a result of the Soviet alliance with China and Japan, and now, with the same continuity, the euro appeared to us, fighting the dollar and reducing its value, so that the world turned towards the American currency again.

But now, the strongest confrontation in the role is the (BRICS) group, which is about to create a currency to replace the dollar, but this The group is currently meeting for the purpose of issuing this currency.” He stressed, “The dollar is a currency that must be needed for a long time because the global economy and monetary institutions have not found an alternative to it, as they control interest rates and inflation. The strangest thing is that the United States of America is the most indebted country in the world, but the economic power of the dollar still prevails until now.” .

The dollar prevails

While the economic expert, Nabil Al-Marsoumi, discussed the plan for foreign transfers using a basket of currencies and its impact on addressing the dollar crisis in Iraq, during a post on his Facebook page, which Al-Mada viewed; He said: “In the context of researching new measures to control the large discrepancy in the exchange rate of the dollar against the dinar between the official and parallel markets, the Central Bank of Iraq announced the opening of transfer channels in various currencies, including the Emirati dirham, the Turkish lira, the Indian rupee, and the euro for the purpose of facilitating and accelerating financial transactions.”

In theory, it will reduce import costs and protect exchange rates inside Iraq from the risks of fluctuation,” indicating that “there is caution that this mechanism will leave its effects on the Iraqi economy, which will face the risk of rising prices of foreign goods and commodities directly linked to the rise and fall in global dollar prices, as this decision He will face the challenges of the lack of Chinese currency and other currencies in Iraqi banks, which means that the goods that Iraq will buy from China and other countries will be calculated in their currency, but their value will be paid in dollars, because Iraqi banks do not have enough foreign currencies to settle their commercial transactions. The Central Bank has previously decided Dealing directly in trade exchanges with China in the Chinese yuan instead of the dollar.

Currency basket

Al-Marsoumi continued: “Although Iraq began diversifying its cash reserves six years ago, the dollar prevails because oil revenues are in dollars, and it only has a few of the currencies mentioned, as Iraq today is trying to restore the value of the dinar through a strategy that is now being followed by other official banks in the Middle East.” .

He explained, "This strategy includes relying on a basket of currencies, as the authorities seek to provide other foreign currencies for commercial transactions in addition to the US dollar. It is known that many countries have begun taking the same steps that the Central Bank of Iraq is taking, and others have already begun implementing them, as Saudi Arabia issued a decision that includes obtaining... On the Chinese yuan instead of the dollar in exchange for oil sold to China, while Egypt decided to replace guarantee bonds with the yuan instead of the dollar, before Israel followed suit, which also announced the use of the Chinese yuan alongside the Canadian and Australian dollars as a direct alternative to the US dollar.

He continued, "As long as oil is priced in dollars and as long as oil exports dominate Iraqi exports in light of the almost complete disappearance of non-oil exports, it becomes impossible for Iraq to liberate itself from the US dollar, as Iraq ultimately needs the dollar to obtain other currencies, and therefore Iraq's reliance on... “It will not change anything about the yuan and other currencies to finance its foreign trade with China and other countries, and it will remain captive to the dollar.”

He pointed out that "it is uncertain whether adopting a basket of currencies in commercial transactions between Iraq and certain other countries will help overcome the risks of the exchange rate problem, which means that the issue is related to controlling dollar smuggling more than other measures that will save the country's national economy." And avoid any serious financial repercussions.

It is noteworthy that the Central Bank of Iraq decided, in December of the year 2020, to adjust the exchange rate of the US dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance reached 1,450 dinars, while its selling price to banks was 1,460 dinars per dollar, while the selling price to the citizen was 1470 dinars per dollar. link

Mot: Beeeeeen A Long Winter... Shur Glads Spring acoming

Mot: Soooooooooooo Just Why is ole ""Fred"" Still Single!!??

Dinar Recaps 20 3/14/24 Dinar Recaps 20 3/14/24

MilitiaMan: Iraqi Dinar - IQD - Dinar Update - Confidence - Electronic - Cash Flow - Final Accounts - Accelerate

Iraqi Dinar - IQD - Dinar Update - Confidence - Electronic - Cash Flow - Final Accounts - Accelerate

MilitiaMan and Crew: 3-14-2024

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

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

Iraqi Dinar - IQD - Dinar Update - Confidence - Electronic - Cash Flow - Final Accounts - Accelerate

MilitiaMan and Crew: 3-14-2024

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

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

https://www.youtube.com/watch?v=fmNaODw06Cg&list=RDCMUCfkcn9JZ4UnODrZzpOLq8RA&start_radio=1

DINARRECAPS8 3/14/24 DINARRECAPS8 3/14/24

Iraqi News Highlights and Points to Ponder Thursday AM 3-14-24

Iraqi News Highlights and Points to Ponder Thursday AM 3-13-24

Parliamentary Finance: We Look Forward To Coordinating With The Central Bank To Increase The Value Of The Dinar

Information/Baghdad.. Today, Thursday, the Parliamentary Finance Committee announced its aspiration to coordinate with the Central Bank to increase the value of the dinar and control the market.

The Media Department of the House of Representatives stated in a statement received by the “Al-Ma’louma” Agency, “The Finance Committee met under the chairmanship of Atwan Al-Atwani, in the presence of its members, with the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”

Iraqi News Highlights and Points to Ponder Thursday AM 3-14-24

Parliamentary Finance: We Look Forward To Coordinating With The Central Bank To Increase The Value Of The Dinar

Information/Baghdad.. Today, Thursday, the Parliamentary Finance Committee announced its aspiration to coordinate with the Central Bank to increase the value of the dinar and control the market.

The Media Department of the House of Representatives stated in a statement received by the “Al-Ma’louma” Agency, “The Finance Committee met under the chairmanship of Atwan Al-Atwani, in the presence of its members, with the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”

The Finance Committee expressed its "aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar and control the market in order to alleviate the burdens of citizens and address the deficit."

For his part, the Governor of the Central Bank reviewed "the economic and monetary aspect, pointing out" the establishment of basic rules in order to monitor the remittance process and analyze monetary operations, praising "the role played by the Finance Committee in following up on the country's financial and economic movement." Ended/25 LINK

Calm Dominates The Currency Market Ahead Of The World's Largest Economic Data

Economy |Today Baghdad today - follow-up A state of calm prevailed in the currency market, today, Thursday (March 14, 2024), with the US dollar holding steady against its major counterparts at a time when traders are awaiting more data from the largest economy in the world in search of indicators about the direction of the Federal Reserve (the US Central Bank) policy. .

The Consumer Price Index data in the United States, which was released last Tuesday, and showed a higher-than-expected rise in US inflation, reignited fears that inflation may continue, which made investors reassess the chances of the Federal Reserve cutting interest rates at its meeting in June, as was expected in the previous.

According to the London Stock Exchange Group's interest rate move probability app, markets still see a 65 percent chance of a rate cut in June, down from 71 percent earlier in the week. While the probability of reducing the interest rate in July is about 83 percent.

In light of expectations that the US Central Bank will keep interest rates unchanged at its meeting next week, the focus turns to the bank's updated economic forecasts.

Federal Reserve Chairman Jerome Powell said last week that the bank is "not far away" from gaining the confidence needed to start easing monetary policy.

Markets are awaiting US retail sales data, producer price index (factory door inflation) data, and unemployment claims scheduled to be released later Thursday, searching for further indications of an economic slowdown.

Before the data was released, the dollar index, which measures the US currency against a basket of six currencies, rose 0.1 percent to 102.85.

Against the yen, the dollar rose 0.1 percent to 147.89 yen, as it remains uncertain whether the Bank of Japan will move to abandon negative interest rates at the monetary policy meeting on March 18-19.

Sources told Reuters that the Japanese central bank will discuss ending negative interest rates next week if wage talks between major companies produce strong results.

The preliminary results of wage negotiations are scheduled to be announced tomorrow, Friday, and reports have already stated that many of the country's largest companies have fully agreed to union demands for wage increases.

The euro fell 0.05 percent to $1.0942, ahead of expected statements by a number of European Central Bank officials on Thursday.

The British pound settled at $1.2792. Data yesterday, Wednesday, showed that the British economy returned to growth in January after entering a recession in the second half of 2023.

In terms of cryptocurrencies, Bitcoin stabilized at $73,092.00 after hitting a record level of $73,678 in the previous session, and Ether fell 0.72 percent to $3,963.70. Source: Agencies LINK

The American Ambassador Publishes An Article: Why Is The Partnership With Washington Important To The Iraqis?

Posted On 03-14-2024 By Sotaliraq ]Today, Wednesday, the US Ambassador to Baghdad, Alina Romanowski, published an article in the official Al-Sabah newspaper, entitled “Why is the strategic partnership between the United States and Iraq important for the Iraqi people?”, stressing the work to build bridges between the people of the United States and Iraq that will last for many generations.

The following is the text of the article:

Ramadan Kareem. I hope this opinion piece provides some ideas to consider during this month of reflection with family and friends. With the recent launch of the work of the US-Iraqi Supreme Military Committee, US and Iraqi leaders are conducting negotiations regarding the transition of the work of the international coalition, and specifically the US military presence, which has always supported the Iraqi partners in defeating ISIS.

As Iraqis from across its diverse society watch this important transition closely, many wonder what it means for our overall strategic relationship. Some even wonder why it is important to continue our partnership at all.

I realize that not all Iraqis view our relationship the same way, and that differing opinions about your country's path is normal and even an indication of a mature democracy.

For this reason, the current moment provides a golden opportunity to reflect on the kind of long-term strategic relationship you want to build with the United States. The risks of answering this question are great, not only for US-Iraqi relations, but also for Iraq's relations with the world.

As the United States Ambassador to Iraq, I am honored to work daily with the Iraqi people and their representatives to present the United States’ position on the strategic partnership.

Within the historic 2008 US-Iraq Strategic Framework Agreement that guides our relationship, I see how much Iraq will benefit from our enduring strategic partnership, because I already see the benefits our strong relationship has brought to Iraqis. This is what I see.

We are committed to Iraq's security, stability, and sovereignty, as we stood shoulder to shoulder with Iraqi partners to liberate Iraq from the scourge of ISIS. As we mark the tenth anniversary of ISIS and the fifth anniversary of its defeat, we must be clear about the threat this group continues to pose to Iraq, from both Iraq and Syria.

We want the Iraqi Security Forces to have the capabilities necessary to confront future threats, which is why, since 2012, the US Congress has allocated more than $3.5 billion to build the capabilities of the Iraqi Security Forces.

The United States provides Iraq with vital sustained support, world-class equipment such as F-16 fighter jets and M-1 Abrams battle tanks, and professional training that enhances the capabilities of the Iraqi Security Forces to be representative of all diverse segments of Iraqi society, accountable to the sovereign Iraqi government, and capable of To defend Iraq and its role in achieving stability in the Middle East.

But we need much more than just a security relationship. We need economic, cultural, educational and people-to-people relationships that build a modern Iraq that is stable, secure, sovereign, prosperous and connected to the world.

The United States remains the largest donor and supporter of Iraq. Over the past 20 years, USAID Iraq has provided more than $11 billion in development assistance to develop local communities. This support has helped Iraqis launch hundreds of new projects, create thousands of jobs, and build 150 schools, 25 health care clinics, and 130 water facilities.

Since 2014, the United States has provided more than $3.6 billion to support vulnerable communities of displaced Iraqis and refugees and provide them with health care, medicine, safe drinking water, and better sanitation services.

And just since 2017, we've invested $157 million in Iraqi-led projects to help provide safe water to more than 12 million Iraqis.

Thousands of Iraqis benefit from our cultural and educational exchange programs. Since the start of our high school and college exchange programs 17 years ago, more than 5,000 young Iraqis have traveled to the United States and returned to do great things for Iraq.

In 2024, an additional 400 Iraqis will visit the United States through our exchange programs, including the prestigious Fulbright Program, the Iraqi Young Leaders Exchange Program, and the International Visitor Leadership Program.

In Iraq, we also provide other programs including English language instruction, teacher training, and empowerment opportunities for job seekers, startups, and climate advocates.

Our programs provide various other initiatives for women and girls to develop their skills, including obtaining certificates in the technology sector from Google and Microsoft.

Our Embassy in Baghdad and our Consulate General in Erbil issue thousands of visas annually to support the travel of Iraqis, reunite with their families, attend universities, conduct research, establish business relationships, receive medical treatment, or simply enjoy visiting the United States. Our presence makes these connections possible.

Trade between the United States and Iraq means American farmers produce food that feeds Iraqi families. American energy companies provide advanced technology to electric grids to help locate and even avoid blackouts, increase the efficiency of electric turbines while installing new generating capacity, and capture combusted natural gas for use in domestic energy production.

American pharmaceutical companies are providing high-quality vaccines to Iraqis to combat the disease, while other American companies are investing in Iraqi hospitals and clinics by supplying life-saving medical equipment and modern neonatal technology to care for the youngest Iraqis.

We have supported the Central Bank of Iraq in increasing the number of commercial correspondent banking relationships for Iraq, which is a tremendous achievement for Iraq in normalizing global trade relations and conducting its trade safely using the US dollar.

The total deposits held in Iraqi commercial banks have increased by approximately 40 percent over the past two years, which indicates increasing consumer confidence in Iraqi banking institutions as we work together to increase transparency, eradicate corruption and theft, and link the Iraqi banking sector to the competitive global economy.

It is certain that other countries are knocking on Iraq's door and announcing alternatives to what the United States and our partners are offering. But as US Ambassador to Iraq, I don't see any of them doing as much for the Iraqi people as the United States does every day. None of them can offer Iraq a true and equal partnership that links Iraq to the world and enhances Iraq's prosperity. We are working to build bridges between the people of the United States and Iraq that will last for many generations.

When I talk to young Iraqis who represent the future of change in this country, they tell me they want reliable services, better education, greater job opportunities, a better life, and more opportunities. Knowing all we can achieve together through a strong strategic partnership between the United States and Iraq, we can be a part of making their dreams a reality. LINK

Provoking Points to Ponder on Decisions

No one knows what he can to do until he tries. - Publilius Syrus

Of all paths a man could strike into, there is, at any given moment, a best path which, here and now, it were of all things wisest for him to do. To find this path, and walk in it, is the one thing needful for him. - Thomas Carlyle

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

After a battle is over people talk a lot about how decisions were methodically reached, but actually there's always a hell of a lot of groping around. - Admiral Frank Jack Fletcher

No question is ever settled until it is settled right. - Ella Wheeler Wilcox

http://famousquotesandauthors.com/quotes_by_topic.html

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

DINARRECAPS8 3/13/24 DINARRECAPS8 3/13/24

Iraqis In The Midst Of Exchange Rate Fluctuations: Why Do We Need The Dollar?

Iraqis In The Midst Of Exchange Rate Fluctuations: Why Do We Need The Dollar?

03/13/2024 Al-Mada/ Zulfiqar Yusuf

Citizen Qahtan Raad (43 years old) explains that “trade has become completely and closely linked to the dollar and its exchange rate in the local market.” He stressed, "We as consumers have been suffering for years due to fluctuations in the hard currency exchange rate in the country."

Iraqis In The Midst Of Exchange Rate Fluctuations: Why Do We Need The Dollar?

03/13/2024 Al-Mada/ Zulfiqar Yusuf

Raad added to (Al-Mada), “Employees’ salaries are in Iraqi dinars, while consumer goods are in US dollars, and this makes us wonder, what is the reason for the existence of this currency that eats away at the bones of Iraq year after year to control its economy?”

The beginning

However, World War II, and after the trillions of losses that the world endured as a result of this war, It is a war of civilized countries, in which approximately 70 million citizens were killed, in addition to millions of homes and factories destroyed. It included the entire European continent, along with Great Britain as a Commonwealth country, and even included China and Japan.

One of the distant countries that the war did not reach was the United States of America. As it was not the site of war in both the First and Second World Wars, Britain emerged as exhausted as Europe, and the Soviet Union represented an economic power, but it was not effective.

America's opportunity

Duraid added in his interview with (Al Mada), that “Europe began to move towards the Soviet Union, the most recent of which were Greece and Italy, so the US Secretary of State was forced to propose a Marshall Plan to support countries that seemed to have taken a direction to be with the Soviet Union, and they met and revived a new currency, which is the dollar, to become A prevailing currency, next to which is the pound sterling, which was prevalent for decades,

And although we rely on the dollar now due to international pressures and global measurements, the pound sterling at that time was pegged with the currency of every country.

Pointing out, “This process gave the dollar politicians in the dark basements unlimited economic power with which they relied on high rates of conspiracy operations, as the dollar did not leave a respectable paper currency, and this issue shaped foreign and internal economic policies with countries.”

Dollar float

At that time, there was an undeclared war between America and France over the leadership and leadership of NATO, so upon request there was a process of floating the dollar, and this was a devastating blow to the dollar currency, as it "It began to fluctuate and collapse significantly, in addition to the repercussions on the global economy."

Its weight in the market was a result of the Soviet alliance with China and Japan, and now, with the same continuity, the euro appeared to us, fighting the dollar and reducing its value, so that the world turned towards the American currency again.

He stressed, “The dollar is a currency that must be needed for a long time because the global economy and monetary institutions have not found an alternative to it, as they control interest rates and inflation.

The strangest thing is that the United States of America is the most indebted country in the world, but the economic power of the dollar still prevails until now.”

The dollar prevails

“In the context of researching new measures to control the large discrepancy in the exchange rate of the dollar against the dinar between the official and parallel markets, the Central Bank of Iraq announced the opening of transfer channels in various currencies, including the Emirati dirham, the Turkish lira, the Indian rupee, and the euro for the purpose of facilitating and accelerating financial transactions.”

As this decision He will face the challenges of the lack of Chinese currency and other currencies in Iraqi banks, which means that the goods that Iraq will buy from China and other countries will be calculated in their currency, but their value will be paid in dollars, because Iraqi banks do not have enough foreign currencies to settle their commercial transactions.

The Central Bank has previously decided Dealing directly in trade exchanges with China in the Chinese yuan instead of the dollar.

Currency basket

Al-Marsoumi continued: “Although Iraq began diversifying its cash reserves six years ago, the dollar prevails because oil revenues are in dollars, and it only has a few of the currencies mentioned, as Iraq today is trying to restore the value of the dinar through a strategy that is now being followed by other official banks in the Middle East.” .

He explained, "This strategy includes relying on a basket of currencies, as the authorities seek to provide other foreign currencies for commercial transactions in addition to the US dollar. It is known that many countries have begun taking the same steps that the Central Bank of Iraq is taking, and others have already begun implementing them, as Saudi Arabia issued a decision that includes obtaining... On the Chinese yuan instead of the dollar in exchange for oil sold to China, while Egypt decided to replace guarantee bonds with the yuan instead of the dollar, before Israel followed suit, which also announced the use of the Chinese yuan alongside the Canadian and Australian dollars as a direct alternative to the US dollar.

DINARRECAPS8 3/13/24 DINARRECAPS8 3/13/24

Goldilocks' Comments and Global Economic News Wednesday Evening 3-13-24

Good Evening Dinar Recaps,

Our Consumer Price Index (CPI) came in higher yesterday than expected. This does not increase our chances of lowering interest rates early this year. The price on goods and services are still high and interest rates along with them made it even higher.

If this persists, it could lead to deflation. A slowing economy is not good for the markets, consumers, or companies.

During deflation, consumers tend to buy gold as well as investors to protect them from a slowing economy and the debasement of their country's currency.

Cryptocurrencies that have a limited number of supply tend to do well along with a backing of gold to support them.

Goldilocks' Comments and Global Economic News Wednesday Evening 3-13-24

Good Evening Dinar Recaps,

We are heading into a strong headwind economically, our tokenized assets "digital gold" will become the bridge into the new economy.

The demand for cryptos supported by gold will provide the new liquidity into the new Digital Financial System offering us the opportunity to reverse our current Financial forecast as we transition into the new digital asset-based trading system. BIS

© Goldilocks

~~~~~~~~~~

"Stablecoin sandbox launches in Hong Kong, as companies make plans for cryptocurrencies pegged to local currency"

© Goldilocks

~~~~~~~~~~

"The Hong Kong Monetary Authority launched a plan to trial stablecoins, announced in December, for companies with a ‘genuine interest’ in fiat-backed crypto."

Trial periods can last anywhere from 30 to 60 days. This marks an important event for the world to see if Stablecoins backed by gold and other commodities have the potential to move our economy into a gold standard based on digital assets and new banking protocols designed for a digital economy guided by artificial intelligence.

If this is successful, we will begin to see many Stablecoins enter into the Global Market. It will begin to create price pressures on our paper currency.

We will first see a stabilization of currency prices reverse current trends, and move or monetary system into real values. It is a strong headwind ahead of us, but the work put into this new digital global economy is about to be tested inside the real world. Reversals don't happen overnight. Patience and endurance are definitely needed at this time.

India's Unified Ledger is expected to be a part of this trial along with the Shanghai Exchange. The Chinese Rememidi will serve as a part of this testing.

The HKMA will use this sandbox testing to share ideas on supervisory expectations. It will serve as guidance on the issuance of fiat-referenced Stablecoins in Hong Kong.

As you can see, the Eastern half of our world is beginning to make its move into the new QFS. By the time this testing is complete, Global cryptocurrency regulations are expected to be finished by Europe through MICA. SCMP SCMP 2
We are in the calm before the storm.

© Goldilocks

~~~~~~~~~~

In 2019, China began piloting its central bank digital currency, known as the e-CNY. After a slow start, uptake has accelerated rapidly, with 26 cities serving as test beds and 5.6 million merchants registered to use the currency nationwide as of last year. Its implementation has gone into overdrive in 2023.Oct 10, 2023 SCMP

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The Hong Kong Monetary Authority (HKMA) announced today (12 March) the launch of the stablecoin issuer sandbox arrangement. | HKMA 18 hours ago
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RBI in discussions with US, Hong Kong, Swift on digital bank payments | Finance News - Business Standard

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The Digital Rupee (e₹) or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC).| Wikipedia
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FDIC official urges better digital asset policy to maintain US influence | CoinTelegraph

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"From March 11 to 15, securities companies will conduct a trial of order placement and trading activities to guarantee seamless operation, simulating a normal trading day."

Vietnam's version of the QFS (Ho Chi Minh Stock Exchange) is currently on a trial run heading towards implementation. Yesterday, we saw where many of the United States companies were doing Global testing as well.

The QFS is currently in experimentation, and the knowledge we gain from these testing periods will provide insight for us to move forward.

© Goldilocks

https://vietnamnews.vn/economy/1651309/hose-starts-trial-run-of-new-krx-technology-system-on-march-4.html
Vietnam News

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US Spot Bitcoin ETFs Coming to India From Crypto Investment Platform: Report | CryptoPotato

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UE: new regulation for sanctions, focus on cryptocurrencies | Cryptonomist

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Beneath the Skin of CPI Inflation, February: Inflation Saga far from Over, Core CPI & Core Services in Ominous 6-Month Trend | Wolf Street

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Dinar Recaps 20 3/13/24 Dinar Recaps 20 3/13/24

"Tidbits From TNT" Wednesday Morning 3-13-2024

TNT:

Tishwash: Al-Sudani intends to visit Washington to lift the ban on banks prohibited from dealing in dollars

The head of the Iraqi Securities Commission, Faisal Al-Haimas, announced that three Iraqi banks were sanctioned by the US Treasury, and 25 banks were banned from dealing in dollars.

Al-Haims said in a televised interview followed by Mawazine News, “Dialogues with the American side in order to lift restrictions on Iraqi expenses began a month ago on a regular and intensive basis.”

He added, "The dialogues with the American side regarding lifting restrictions on Iraqi banks will reach their peak when Prime Minister Muhammad Shiaa Al-Sudani visits Washington to revive confidence in the Iraqi banking sector." link

TNT:

Tishwash: Al-Sudani intends to visit Washington to lift the ban on banks prohibited from dealing in dollars

Tishwash: A parliamentary committee hosts the Minister of Finance to discuss a number of files

The Parliamentary Finance Committee hosted, today, Wednesday, the Minister of Finance, Taif Sami, at the committee’s headquarters in the Iraqi Parliament.
A statement received by the committee said, “The committee held a meeting with the Minister of Finance, in order to discuss a number of topics, including the issue of automation.”

He added, “The meeting was chaired by the Chairman of the Committee, Atwan Al-Atwani, and discussed the procedures for implementing the tax and customs automation system, and a number of important files.” link

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

CandyKisses: Advisor to the Association of Banks: The Central Bank is following a firm approach to achieve banking reform

Economy News _ Baghdad

The advisor to the Association of Iraqi Private Banks, Samir Al-Nasiri, said today, Wednesday, that the Central Bank is moving with a consistent approach to implement its banking reform strategy with the cooperation and support of the Prime Minister and the government, as the management of the Central Bank of Iraq plans to gradually cancel the window of selling foreign currency during 2024, leading to its complete departure by the end of the year, and maintaining it for audit and statistical purposes, in an effort to enable Iraqi banks to establish and establish solid banking relations with the global and regional banking sector in order to achieve the sobriety of the sector. Iraqi banker and full compliance with international banking standards and requirements.

Al-Nasiri stressed in an interview with "Economy News" that Iraqi banks and banks are "prepared and able" to access and deal with foreign correspondent banks through which remittances arrive, by opening inter-bank accounts between the two parties.

Al-Nasiri praised the Central Bank's procedures and financial plans for this year, in order to regulate banking systems and secure external transfer methods in line with international banking standards.

He said that the strategy of the Central Bank of Iraq for this year is to gradually cancel the electronic platform in line with its procedures and negotiations with the US Federal Reserve and international banks to regulate foreign trade financing. These measures oblige Iraqi banks to open bank accounts in international correspondent banks after they have provided all the requirements required of them by these banks. Al-Nasiri pointed out that the number of Iraqi banks that have accounts, understandings and dealings with these banks amounted to 25 banks that opened more than 40 accounts with correspondent banks, and is expected during the next two months to join other banks to increase the number to what was planned by the management of the Central Bank.

The advisor to the Iraqi Private Banks Association concluded his speech by saying that the regulatory and reform steps that he is working on this year is to control the exchange rate of the cash dollar in the parallel market and return it to the equilibrium price in the cash circulation market.

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

Tishwash: An independent representative stresses the need to legislate the oil and gas law

Member of the Parliamentary Oil and Gas Committee, Independent Representative Nazem Al-Shibli, stressed today, Wednesday, the necessity of passing the oil and gas law.

Al-Shibli told Al-Maalouma, “The oil and gas law is the only solution to solve the outstanding problems between the federal government and the Kurdistan region, and its legislation will resolve all disputes between the two parties.”
He added, "The House of Representatives has completed all sections of the law, but the government has amendments and comments on some paragraphs of the prepared law."

He pointed out "the difficulty of resolving the problems with the region without the oil and gas law," noting that "11 amendments were made to the law."
Since the first session of the Iraqi Council of Representatives, in 2005, the draft oil and gas law has remained locked away, as disagreements prevent its approval in its final form. After 18 years , he announced the formation of a committee to develop “a draft of the oil and gas law and present it to the government and the House of Representatives, according to what MP Firas Al-Muslimaoui revealed.

The representative stressed that “there is a real will in the House of Representatives to legislate the law.

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury’s resources.” link

Mot: .. Am curious What ""Tips"" He Might Give!!!

Mot: Why!! - I Ask Why!!! - does this Reminder keep popping up!! – siigghhh

DINARRECAPS8 3/13/24 DINARRECAPS8 3/13/24

Iraqi News Highlights and Points to Ponder Wednesday AM 3-13-24

Petroleum Products Set The Date For Ending Cash Trading

Economy News – Baghdad Today, Wednesday, the Petroleum Products Distribution Company set the date for ending cash trading, while indicating that great progress has been made in the field of electronic payment

The Director General of the Petroleum Products Distribution Company, Hussein Talib, said in an interview with the official media, followed by Al-Iqtisad News, that “the Petroleum Products Distribution Company is one of the first departments that relied on electronic payment in work,” indicating that “there are a group of failures that have been addressed in this regard.” With the Central Bank through licensed portals and companies.”

He pointed out that "among the challenges the operation faced was the problem of transferring funds from the citizen's account to the accounts of the oil products distribution company," stressing that "9 gates entered operation after the problems were addressed."

Iraqi News Highlights and Points to Ponder Wednesday AM 3-13-24

Petroleum Products Set The Date For Ending Cash Trading

He added, "The electronic payment process has been launched at filling stations in Baghdad and all governorates," noting that "the company's plan at the end of the first quarter of this year includes ending the cash trading process in most areas of the Petroleum Products Distribution Company."

He continued, "The company has made great strides in the field of electronic payment, as the station agent now prepares products, as well as generator owners and the mobile agent, as well as state department vehicles, via electronic payment cards."

Views 22 03/13/2024 - https://economy-news.net/content.php?id=41439

Parliamentary Committee: Passing The Oil Law Will Solve All Problems With The Region

Political | 09:11 - 03/13/2024 Mawazine News – Baghdad The Parliamentary Oil and Gas Committee reported that the Oil and Gas Law is the only solution to all the problems of the center and the region, and that it will establish a road map for the relationship between the two parties, while it confirmed that so far the law has not come from the government to Parliament despite 11 amendments being made to it.

A member of the Oil and Gas Committee, Nazem Al-Shibli, said in an interview with the official newspaper, followed by Mawazine News, that problems are accumulating between the center and the region, and if the oil and gas law is approved, all disputes will be resolved, as it is one of the most important laws that define the rights of each of them, noting that it needs to be resolved. The state administration continues to administer an unchanged strategic plan for the Prime Minister and has fixed committees.

He explained that there are many obstacles related to the law, including the issue that every four years there is a political orientation and a new prime minister, and after that comes a new political situation and then elections, and all of these matters complicate the scene, pointing out the difficulty of resolving problems with the region without the oil and gas law, and this We made 11 amendments to the law and it never reached Parliament.

Al-Shibli stressed that although Parliament asked the government to send important laws and the government sent many projects; But it did not send this law, noting that the amendments are only with the government and reach readings, the project is withdrawn, technical committees are formed between the region and the center, and the situation remains as it is.

https://www.mawazin.net/Details.aspx?jimare=243771

Experts: Dependence On Oil Revenues Must Be Stopped

Economical 03/13/2024 Baghdad: the mainstay of the emirate Economic affairs specialists urged the government to revitalize the policy and plans to diversify the economy and move it away from unilateral dependence on oil exports. They indicated that following this policy contributes to creating job opportunities that accommodate unemployed workers, activating the private sector, and attracting foreign investment.

During the past period, Prime Minister Muhammad Shiaa Al-Sudani asked all ministries to submit monthly reports on the revenues generated by each ministry in order to study them and develop the necessary plans to raise them in order to gradually reduce dependence on oil revenues. According to the government’s plans, the financial reforms aim to liberate the economy from sole dependence on oil. And creating real job opportunities And revitalizing the private sector.

Financial Advisor Dr. Mazhar Muhammad Salih recently identified two directions for the essential features drawn up by the government curriculum in the scope of confronting the unilateralism of the economy and the almost absolute dominance of oil over the management of economic life in the country. The second direction is to spread the effective role of development funds financed by oil revenues.

Academic and economic researcher Dr. Abdul Karim Al-Issawi, speaking to Al-Sabah, believes that economic diversification contributes to attracting direct foreign and local investments, as the diversification policy plays a major role in making the non-major sectors of the economy contribute to increasing the gross domestic product by large percentages of up to 50 percent.

He continued that following this policy requires an appropriate environment through legislation and laws that facilitate the entry process for investors, and thus protect the national economy from external shocks, as this importance is particularly evident in oil-producing developing countries whose main incomes depend on oil prices in global markets according to the supply mechanism. The demand is in addition to a group of political and natural factors.

Al-Issawi stated that the economic diversification policy also contributes to supporting the agricultural sector and achieving development, and aims to support the prices of agricultural products that are used as raw materials for some important industries such as the textile, sugar and vegetable oil industries. And the canning industry.

In turn, the Dean of the Faculty of Business Economics at Al-Nahrain University, Dr. Nagham Hussein, told Al-Sabah: The policy of economic diversification contributes to confronting fluctuations in oil prices and export earnings that affect the rate of current spending of the general budget, and thus reflects negatively on the level of gross domestic product growth.

She added that the economic diversification policy also works to develop integration and links between different sectors, calling at the same time to adopt concrete measures to support the tourism sector and increase investment in tourism projects, taking into account the fight against corruption by creating a safe environment for investment and preventing illegal acquisition of contracts. And projects investment. Edited by: Ali Mowafaq https://alsabaah.iq/93387-.html

Stability Of Exchange Rates On Local Stock Exchanges...This List

Money and business Economy News – Baghdad The dollar exchange rates stabilized on Iraqi stock exchanges during Tuesday’s trading.

The exchange rates on the Al-Kifah and Al-Harithiya stock exchanges reached 150,400 dinars for every 100 dollars, while in Basra they fell slightly to reach 150,350 dinars.

In the governorates of the Kurdistan Region, exchange rates reached 150.450 per hundred dollars.

Views 75 03/12/2024 - https://economy-news.net/content.php?id=41394

Provoking Points to Ponder on Decisions

No one knows what he can to do until he tries. - Publilius Syrus

After a battle is over people talk a lot about how decisions were methodically reached, but actually there's always a hell of a lot of groping around. - Admiral Frank Jack Fletcher

No question is ever settled until it is settled right. - Ella Wheeler Wilcox

http://famousquotesandauthors.com/quotes_by_topic.html

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

DINARRECAPS8 3/12/24 DINARRECAPS8 3/12/24

Goldilocks' Comments and Global Economic News Tuesday Evening 3-12-24

Good Evening Dinar Recaps,

"The Iraqi government is currently weighing the question of changing the currency so that the official cost of a US dollar will be 1.32 Iraqi dinars instead of 1,320 dinars. Implementing such a decision is likely to significantly increase Al Sudani’s popularity."

This decision is currently shrouded in political conflict, this is seen as a move to gain popularity by many in the region of Iraq.

Although this is going to be a reality due to many of the changes in their monetary policies, there are those who still do not want any changes to Iraq's currency.

The important thing to note in this article is that a rate is being considered. It is also needed due to more countries getting involved in their economy that will require them to raise their current Dinar rate to level the playing field in trade.

Goldilocks' Comments and Global Economic News Tuesday Evening 3-12-24

Good Evening Dinar Recaps,

If you look closer at the numbers written into this article, you will notice that the first move on the Dinar would be to drop the three zeros. It makes things very clear what they mean by such a change in their rate.

Meanwhile, Iraq has agreed to implement their economic reforms this year. They are working with the IMF in this process. https://www.jpost.com/middle-east/article-791161

© Goldilocks

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Current market trends and statistical analysis are indicating we have a growing economy with the expectation of an interest rate cut this summer.

You may be asking yourself, how is this happening? The market’s focus has pivoted away from from a focus on interest rates to a forecast earnings growth potential. If this continues, liquidity squeeze can be cut to a minimum.

This does not mean fallouts will not occur in some sectors of the market. It just simply means that our markets are adapting to new priced in behaviors expected as the year progresses.

Inflation has an effect on buying bonds inside various countries along with more demand for a country's products and interest rates. The last few years has been characterized as an adjusting of the above monetary mechanisms across all countries.

The IMF has been meeting with these countries and working on shifts in monetary policies that reflect a "Level Playing Field" in trade and opportunity for the Global Economy.

Article 4 is more than just changing a country's exchange rate. It is a change in the mechanisms and monetary policies that will help each country achieve new price actions across all sectors of their market. The World Trade Organization is still working on some of these changes.

Many of these changes are expected to formulate new price pressures in the second half of this year due to these fundamental shifts and the economic factors holding them back are falling away.

De-dollarization is only one factor that will create the much needed changes for a Global Currency Reset. It takes the coordination and involvement of all countries to create lasting change.

I have been watching the IMF work with countries for the last few years in developing their economy into network connections that will move their economy into a much higher level. Bilateral Trade Agreements have been signed throughout these past few years that will increase more demand on a country's products increasing the value of their currencies.

And now, Protocol 20 is advancing these new trade opportunities through the interfacing of networks on the digital financing system capable of making changes such as these a reality. Smart Karma CME Group Schwab

© Goldilocks

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Here's how XRP can become stablecoin, per Grok The AI chatbot launched by Elon Musk’s recently founded xAI startup believes that XRP can be turned into a stablecoin with help from Automated Market Makers AMMs; they would work as a stabilization mechanism, using USDC or another similar stablecoin.

Read more on U.Today https://u.today/xrp-can-become-stablecoin-elon-musks-ai-grok-says

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High-value, high-risk: Bribery, corruption and fraud threats to the luxury goods sector | White & Case LLP - JDSupra

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Several of these are going to show up around the world at this point. | Grayscale

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"National Development Fund Partners with World Economic Forum" National Development Fund (NDF), Riyadh is located in Saudi Arabia.

Saudi Arabia is aligning themselves with International Financial Institutions. This will enable them to get up to date information on Financial opportunities that will aid them in decision making processes.

In their pursuit of trading in local currencies, this will give them the opportunity to participate and associate themselves inside the World Economic Forum capable of helping them achieve these efforts.

Raising the National Development Fund's standing on the world stage will give Saudi Arabia the tools to join Digital Networks designed to level the playing field between the world and their desire to become equal partners on the Global Stage.

In turn, this will not only raise the value of their economies' presence in the world, but it will raise the demand for all currencies involved in the Saudi Arabia economic opportunities. SPA gov EN AS Top 1000 Funds

© Goldilocks

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Our Global Economy is still building International coalitions. Many of these will come into fruition the second half of this year, and the Global Payment Systems will begin to put price pressures on all Nations around the world through new demands placed on their currencies.

© Goldilocks

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FDIC vice chair wants regulators to hurry up on addressing tokenization. Tokenization could be a “major leap” for the monetary system. Travis Hill doesn’t want the U.S. to be left out.

The monetary system “stands at the cusp of a major leap,” the Bank of International Settlements wrote last year, in reference to the growing development of tokenization: the representation of claims digitally, on programmable platforms known as the blockchain and distributed ledger technology.
Banking Dive

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Bloomberg analysts substantially lower likelihood of spot Ethereum ETF approval in May to 30% | The Block

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"Global banks participate in large-scale blockchain pilot test"

No one can deny the fact that we are moving into a global digital economy at this point. When you have "...155 participants from 45 major organizations have settled real-world assets across 22 blockchains," you have a consensus model.

Major financial institutions such as Goldman Sachs, BNY Mellon and Cboe Global Markets completed a large-scale pilot test using blockchain technology. Yes, this included the Forex Market on the CBOE Exchange.

"Institutional investors executed over 350 simulated transactions via distributed ledger technology in areas such as tokenized assets, fund registry, digital cash, repo, securities lending and margin management on the Canton network."

The pilot test included:

* 15 asset managers
* 13 banks
* four custodians
* three exchanges
* and the Stablecoin issuer Paxos Trust.

“With the Canton Network, a digital bond and a digital payment can be composed across two separate applications into a single atomic transaction, guaranteeing simultaneous exchange without operational risk,” according to a press release from Canton. It added, “Likewise, a digital asset could be used in a collateralized financial transaction via connection to a repo or leveraged loan application.”

The Canton Network includes:

* Deloitte
* Deutsche Börse
* Microsoft
* Moody’s
* and S&P Global.

Folks, we have an operational Digital Global Monetary System. It has been tested and awaiting final touches on the digital payment system (stablecoins), messaging system, and crypto regulations to move through the legislative process.

If you have been doubting that the new Financial System is "digital," it's time to wake up. CoinTelegraph

© Goldilocks

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FDIC official urges better digital asset policy to maintain US influence | CoinTelegraph

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DINARRECAPS8 3/12/24 DINARRECAPS8 3/12/24

Iraq Economic News and Points to Ponder Tuesday Afternoon 3-12-24

Tlm724 Administrator Bondlady’s Corner

Al-Sudani Intends To Visit Washington To Lift The Ban On Banks Prohibited From Dealing In Dollars

Economy | 03/12/2024 Mawazine News – Baghdad The head of the Iraqi Securities Commission, Faisal Al-Haimas, announced that three Iraqi banks were sanctioned by the US Treasury, and 25 banks were banned from dealing in dollars.

Al-Haims said in a televised interview followed by Mawazine News, “Dialogues with the American side in order to lift restrictions on Iraqi expenses began a month ago on a regular and intensive basis.”

He added, "The dialogues with the American side regarding lifting restrictions on Iraqi banks will reach their peak when Prime Minister Muhammad Shiaa Al-Sudani visits Washington to revive confidence in the Iraqi banking sector."

In 2023.. America “Produces The Most Oil In The World” For Years, And Iraq Ranks Fifth

Energy Economy News _ Baghdad The United States of America continues to lead the world as the largest oil producer for at least the past 10 years, as it ranked first in 2023, as in previous years, while Russia came second, Saudi Arabia third, Canada fourth, and Iraq fifth.

Iraq Economic News and Points to Ponder Tuesday Afternoon 3-12-24

Tlm724 Administrator Bondlady’s Corner

Al-Sudani Intends To Visit Washington To Lift The Ban On Banks Prohibited From Dealing In Dollars

In 2023.. America “Produces The Most Oil In The World” For Years, And Iraq Ranks Fifth

The US Energy Information Administration said that the United States produced more crude oil than any other country at any time, and for the past six consecutive years, the average production of crude oil in the United States, including condensates, reached 12.9 million barrels per day in 2023, breaking The previous US and world record of 12.3 million barrels per day was set in 2019.

The administration indicated that the record for crude oil production in the United States in 2023 is unlikely to be broken by any other country in the near term because no other country has reached the production capacity of 13.0 million barrels per day.

The United States, Russia, and Saudi Arabia together accounted for 40% (32.8 million barrels per day) of global oil production in 2023, and these three countries have produced more oil than any other country since 1971.

Although the first place has changed among them over the past five decades. By comparison, the next three largest producers - Canada, Iraq and China - combined produced 13.1 million barrels per day in 2023, only slightly more than was produced in the United States alone.

According to the administration's statistics, Iraq ranked fifth in the world in terms of oil production, after America, Russia, Saudi Arabia, and Canada. - https://economy-news.net/content.php?id=41389

Oil Rises Ahead Of Reports On Crude Demand Expectations

Tuesday 12, March 2024 09:11 | Economical Number of readings: 311 Baghdad / NINA / Oil prices recorded an increase in early Asian trading, Tuesday, but price movements were limited as the market awaited monthly reports from oil agencies.

Brent crude futures for May delivery rose 30 cents to $82.51 a barrel by 0413 GMT. The US crude oil contract for April rose 22 cents, or 0.28%, to $78.15 per barrel.

Prices were mostly unchanged on Monday as concerns about oil supplies related to the fighting in the Middle East subsided./End 11 https://ninanews.com/Website/News/Details?key=1112527

Al-Rafidain Connects Border Crossing Branches To The Comprehensive Banking System

Economy | 08:25 - 03/12/2024 Mawazine News – Baghdad Rafidain Bank announced today, Tuesday, linking its branches at border crossings to the comprehensive banking system.

The bank’s media office stated in a statement received by Mawazine News: “In line with the requirements for implementing the government program and in compliance with the directives of the Minister of Finance, Taif Sami, to simplify the procedures and steps for moving from paper to electronic transactions, and with direct follow-up by the Director General of Al-Rafidain Bank, the bank announces the linking of its branches in... The border crossings (Zurbatia - Safwan - Arar - Trebil) in the comprehensive banking system.

He continued, "The importance of this step comes within a series of measures that the bank will take to support the objectives of the government program and the procedures of the Ministry of Finance and the Customs Authority in automating customs work, facilitating the work of customs brokers and traders, adopting modern methods and systems, speed and transparency, and using advanced electronic programs in accordance with international standards in updating the work strategy at the ports." border and maximizing the state's non-oil resources. https://www.mawazin.net/Details.aspx?jimare=243690

Central Bank Sales Exceed $220 Million Today

Tuesday 12, March 2024 12:04 | Economical Number of readings: 344 Baghdad / NINA / The Central Bank of Iraq announced, today, Tuesday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) of $196,144,445, while the total amount of cash sales amounted to $24,770,000, and the total amount of sales amounted to $220,914,445.

The cash sale price was set at 1,305 dinars per dollar, while bond credits, international settlements for the electronic card, and foreign transfers were set at 1,310 dinars per dollar. /End 11

https://ninanews.com/Website/News/Details?key=1112559

Stability Of Exchange Rates On Local Stock Exchanges...This List

Money and business Economy News – Baghdad The dollar exchange rates stabilized on Iraqi stock exchanges during Tuesday’s trading.

The exchange rates on the Al-Kifah and Al-Harithiya stock exchanges reached 150,400 dinars for every 100 dollars, while in Basra they fell slightly to reach 150,350 dinars.

In the governorates of the Kurdistan region, exchange rates reached 150.450 per hundred dollars.

110 views 03/12/2024 - 10:57 AM https://economy-news.net/content.php?id=41394

"Al-Eqtisad News" Publishes The Decisions Of Today's Cabinet Session

The Council Of Ministers Headed By Sudanese Economy News – Baghdad On Tuesday, the Council of Ministers took several decisions during a regular session headed by Muhammad Shiaa Al-Sudani.

The Sudanese media office said in a statement, seen by Al-Iqtisad News, that the latter “chaired, today, the eleventh regular session of the Council of Ministers, during which the general conditions in the country were discussed, and the service and economic files were reviewed, in addition to deliberating on the topics listed on the agenda.” business and take the necessary decisions thereon.”

The following are the session’s decisions as stated in the statement:

The Council of Ministers agreed to continue granting the Prime Minister the authority to grant exceptions to the instructions for implementing government contracts (2 of 2014), and the controls attached to them, according to his discretionary authority, and the decision will be implemented starting from the date of the formation of this government.

In continuation of the infrastructure projects and the results of the Prime Minister’s recent visit to Basra Governorate, the following was decided:

1- Authorizing the Governor of Basra to negotiate and sign the framework agreement with the coalition of companies implementing the seawater desalination project in the governorate; So that the consortium of companies can complete plans and designs and conduct preliminary surveys for the project, provided that this does not entail financial obligations for the governorate.

2- Presenting the results of the negotiations to the Council of Ministers to take the appropriate decision.

3- Transferring the contractual obligations for the consultancy work for the project mentioned in Paragraph 1 above, with the consultant (ILF- Consultant), from the Ministry of Construction and Housing, to Basra Governorate; So that the consulting company can complete its contractual duties regarding the project, and authorize the Governor of Basra to add the legal consulting component if required, in coordination between it and the Ministry of Planning.

As part of the government's efforts to develop the service reality of the capital, the Council of Ministers approved granting the mayor of Baghdad the authority to directly implement and divide up single work for projects to develop shops and streets, as an exception to the budget implementation instructions.

With the aim of organizing the supply of gas oil and fuel oil products to the Lebanese Republic, the Council of Ministers approved the proposals of the Ministry of Oil in this regard, as follows:

1. The Ministry of Oil shall provide the Ministry of Finance and the Central Bank of Iraq with monthly estimates of the exported quantities, in accordance with the decisions of the Council of Ministers, as revenue for the benefit of the public treasury, to settle financial dues with the Lebanese Republic.

2. Deducting production costs for the benefit of the companies of the Ministry of Oil, for the quantities in question, from the Ministry of Finance’s share of the proceeds from the sale of exported petroleum products, and informing the aforementioned Ministry of this; To carry out the settlement, by describing these costs as debts owed by the Ministry of Finance for the benefit of the oil companies, and by conducting clearing in accordance with the provisions of the Civil Law (40 of 1951) amended from the share of the state treasury.

In the field of supporting and strengthening the Iraqi market for livestock and sheep, the recommendation of the Ministerial Council for the Economy (24082 Q) was approved, which included reducing the amount of customs duties on live animals imported for slaughter or breeding purposes (calves, sheep, and cows) by (50%) of the current duties, to become ( 2%) with regard to (calves, sheep and cows) imported for slaughter purposes, and it becomes (5%) with regard to (calves, sheep and cows) imported for breeding purposes, provided that it is reviewed after one year, and this decision is implemented starting from the date of its issuance.

The Council of Ministers agreed to provide academic seats in the Police College for friendly countries, based on the principle of mutual respect and common interests, at a rate of (10) students, based on the amended Police College Law No. (37) of 2000, and the Ministry of Interior shall bear the costs of housing, food, and equipment.

In the same vein, the Council agreed to issue the first amendment to the Staff College System No. (2) of 2020, which was reviewed by the State Council, based on the provisions of the Constitution, and the provisions of the Defense University for Military Studies Law No. (4) of 2016, with the article first amended, to be: (Holding a bachelor’s degree from one of the Iraqi military colleges, or the Iraqi police college, after preparatory study, or its equivalent in recognized foreign colleges).

In order to expedite the treatment of problems related to the education sector, the Council of Ministers agreed to authorize the Opinion Authority, in the Ministry of Higher Education and Scientific Research, the authority to make exceptions from instructions related to the work of the aforementioned ministry. To address necessary and critical cases that require urgent treatment, based on the provisions of the Opinion Commission Law (9 of 2011).

In the process of supporting the House of Representatives elections for the Kurdistan Region of Iraq, the Council of Ministers agreed that the Independent High Electoral Commission would continue to disburse the region’s elections process, within the estimates of 2024, according to the details confirmed in Council of Ministers Resolution (23722) for the year 2023.

The Council of Ministers approved the draft law on the first amendment to the Notary Law No. 33 of 1998, which was reviewed by the Council of State and referred to the House of Representatives, based on the provisions of the Constitution, taking into account the observations of the Legal Department in the General Secretariat of the Council of Ministers, including the amendment of Article ( 16) of the law, to read as follows:

(First): The Arabic and Kurdish languages shall be official languages for submitting and documenting bonds

(Second): The notary public may authenticate documents written in a foreign language, after reviewing their content by an oath-sworn translator.

In the context of completing the lagging projects, the Council of Ministers decided the following:

Firstly/

1- Increasing the cost of the project (Increasing Export Capacity), to become (5,532,106,037,842) dinars.

2- Cabinet directive regarding the violation described in the Ministry of Planning’s letter dated February 28, 2024.

Second: Increasing the total cost of the project (completion of suspended canals and field facilities for an area of 21.5 thousand dunums/supporting the agricultural sector, so that the contract can be completed, to become 27,070,428.00 dinars.

Third: Increasing the total cost of the project (students’ apartments No. 3), to become (10,990,603,852) dinars.

The Council of Ministers discussed other topics on the agenda and took the following decisions:

First / Approval of the sale by the Ministry of Industry and Minerals (130) of machinery and equipment to the Ministry of Construction, Housing, Municipalities and Public Works, at an amount of 50% of the total cost, stated in the letter of the General Company for the Automotive and Equipment Manufacturing Company, dated February 19, 2024, amounting to (17,872,097,588) dinars. The team will receive the machinery and equipment ready to work, according to the request it submitted to the aforementioned company, regarding determining the specialization of each mechanism, and as an exception to the instructions for implementing government contracts (2 of 2014).

Second: Approval to reopen the Embassy of the Democratic Socialist Republic of Sri Lanka in the Republic of Iraq, based on the provisions of the Vienna Convention on Diplomatic Relations in 1961, and the provisions of the Foreign Service Law (45 of 2008), noting that Iraq has resident representation at the embassy level in the Sri Lankan capital in Colombo.

Third: Approval of the recommendation of the Ministerial Council for the Economy (24080 Q), which recommends what was confirmed by the Ministry of Finance, on January 16, 2024, and March 5, 2024, regarding contributing to the optional and general increase in the International Bank for Reconstruction and Development.

Fourth: Approving the recommendation of the Ministerial Council for Energy (24016 i) of 2024, regarding the agreement to employ associated gas to generate electric power, with the addition of authorizing the Minister of Electricity to sign a similar agreement with Siemens.

Fifth: Authorizing the head of the Iraqi Civil Aviation Authority to contract with international experts.

Sixth: Amending Cabinet Resolution (23062 of 2023), according to the following:

Merging Al-Farouk General Construction Contracting Company with Saad General Company, so that its name becomes: (Al-Farouk General Contracting Company).

Views 26 03/12/2024 https://economy-news.net/content.php?id=41421

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

Provoking Points to Ponder on Decisions

There is no more miserable human being than one in whom nothing is habitual but indecision. - William James

In not making the decision, you've made one. Not doing something is the same as doing it. - Ivan Bloch

There is a time when we must firmly choose the course we will follow, or the relentless drift of events will make the decision for us. - Herbert B. Prochnow

You can only predict things after they've happened. - Eugene Ionesco

It is the mark of a good action that it appears inevitable, in retrospect. - Robert Louis Stevenson

http://famousquotesandauthors.com/quotes_by_topic.html

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