Iraq Economic News and Points to Ponder Monday Evening 3-25-24
Iraq Economic News and Points to Ponder Monday Evening 3-25-24
Tlm724 Administrator Bondlady’s Corner
The Decline Of The Dollar.. Parliamentary Finance Says That The Crisis Is On Its Way To Ending “Finally”
Economy |Yesterday, 21:53 | Baghdad today – Baghdad The Finance Committee in the Iraqi Parliament confirmed, today, Sunday (March 24, 2024), that the dollar exchange rates in the parallel market will continue to decline until the official price fixed by the Central Bank of Iraq is reached.
Committee member Moeen Al-Kazemi told “Baghdad Today” that “the dollar is still continuing to decline in the parallel market, and this decline will continue, even if slowly, until the official price fixed by the Central Bank of Iraq is reached,” indicating that “there is significant government control over "The market and this crisis are on their way to being resolved once and for all."
Al-Kadhimi stated,
“The visit of Prime Minister Muhammad Shia Al-Sudani to Washington is very important at the level of financial and economic files, and Al-Sudani is discussing with the American side strengthening and strengthening the Iraqi dinar, and lifting obstacles on some banks, as well as providing sufficient cash liquidity from the dollar to Iraq by "The treasury, which is why the visit is considered important and will have positive results on the economic files."
Iraq Economic News and Points to Ponder Monday Evening 3-25-24
Tlm724 Administrator Bondlady’s Corner
The Decline Of The Dollar.. Parliamentary Finance Says That The Crisis Is On Its Way To Ending “Finally”
Economy |Yesterday, 21:53 | Baghdad today – Baghdad The Finance Committee in the Iraqi Parliament confirmed, today, Sunday (March 24, 2024), that the dollar exchange rates in the parallel market will continue to decline until the official price fixed by the Central Bank of Iraq is reached.
Committee member Moeen Al-Kazemi told “Baghdad Today” that “the dollar is still continuing to decline in the parallel market, and this decline will continue, even if slowly, until the official price fixed by the Central Bank of Iraq is reached,” indicating that “there is significant government control over "The market and this crisis are on their way to being resolved once and for all."
Al-Kadhimi stated,
“The visit of Prime Minister Muhammad Shia Al-Sudani to Washington is very important at the level of financial and economic files, and Al-Sudani is discussing with the American side strengthening and strengthening the Iraqi dinar, and lifting obstacles on some banks, as well as providing sufficient cash liquidity from the dollar to Iraq by "The treasury, which is why the visit is considered important and will have positive results on the economic files."
It is hoped that Sudanese will visit Washington in mid-April to discuss several files, most notably the economic and Iraqi measures to combat money laundering and terrorist financing.
The Prime Minister's Advisor Announces The Decline In The Effects Of The Parallel Market And The Decline In Its Activity
Economy Yesterday, 15:07 Baghdad - INA - Nassar Al-Hajj The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, announced today, Sunday, the decline in the effects of the parallel market and the decline in its activity, while revealing the reasons for the decline in the dollar’s exchange rate against the dinar, and the importance of monetary policy and its imposition of a climate of stability at the general level.
Saleh said to the Iraqi News Agency (INA):
“Economic policy played a major role in imposing a climate of stability in the general level of dollar exchange rates,” indicating that
“the state of superiority of the official exchange market in financing Iraq’s foreign trade caused a decline in the effects of the parallel market and a decline in its illegal activities.” Legal".
He pointed out that "the decline in parallel market rates in favor of the official exchange rate is a tangible success in the cohesion of the country's economic policy in its three aspects:
financial, monetary and commercial," pointing out that "the work and high coordination of policies led to providing an incubator of stability embodied in relative price calm and the containment of seasonal price fluctuations." “For materials in high demand, specifically the provision of basic goods related to consumption and daily living for citizens.” He noted
"the importance of using the customs policy, which was represented by (reducing customs tariffs and diversifying imports without quantitative limits for basic and necessary goods) as part of the performance of the financial policy in providing price stability and ensuring the supply of materials, food and essential goods, and production supplies at the official exchange rate and in accordance with the requirements of the national economy."
In addition to the high stability in bank financing for foreign trade for the private sector, which began to adopt the stable official exchange rates of 1,320 dinars per dollar in a wide and more flexible manner through the regularity and stability of financing operations.
He pointed out that "the demand for foreign currency for the purposes of financing the country's foreign trade, on the part of the private sector, is today supported by large foreign currency reserves, which are the highest in the country's history, reaching nearly 111 billion dollars today." He continued,
"These high foreign currency reserves reflect the country's annual trade efficiency of more than 16 months of import at least in light of the global standard for the trade efficiency of foreign reserves, which is limited to only about three months, and that
the ability of these reserves to cover the exported currency is considered a complete coverage of foreign exchange, which is an indicator of stability." Contains any existing or anticipated adverse price fluctuations. https://www.ina.iq/205566--.html
Adviser To The Prime Minister: The Decline Of The Dollar Is An Indicator Of The Strength Of The Dinar And A Tangible Success Of Economic Policy
Time: 03/21/2024 Read: 4,381 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the strength of the dinar against the dinar after a relative decline in the exchange rate. Saleh told {Al-Furat News} agency,
“We indicate the strength of the Iraqi dinar, expressed in the decline in the parallel market rates of exchange in favor of the official exchange rate, a tangible success in the cohesion of the country’s economic policy in its three aspects: monetary, financial, and commercial, in providing a coherent climate of stability in the general level of prices.”
And containing seasonal price fluctuations for high-demand items, specifically providing basic food commodities that have low price elasticities of demand because they are necessary commodities associated with consumption and daily living.”
He noted "the importance and speed of customs procedures, which were represented by (reducing customs tariffs and diversifying imports without quantitative limits for necessary goods) as part of the performance of the financial policy in supporting price stability and ensuring the supply of food and essential goods and production supplies at the official exchange rate and in accordance with the requirements of the national economy."
The Parliamentary Finance Committee had expected the dollar price to continue to decline as the results of the measures taken by the Central Bank of Iraq to limit the rise in the foreign currency began to appear.
The dollar exchange rate a few days ago was about 1,500 or 1,490 thousand dinars to the dollar.
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Provoking Thoughts and Points to Ponder on Buying & Selling
Everyone lives by selling something - Robert Louis Stevenson
It is naught, it is naught; saith the buyer. But when he is gone his way, then he boasteth - Bible
Piracy, n: commerce without its folly-swaddles - just as God made it. - Ambrose Bierce
A study of economics usually reveals that the best time to buy anything is last year - Marty Allen
A consumer is a shopper who is sore about something - Harold Coffin
Who buys has need of two eyes But one's enough to sell the stuff - Anonymous
Bargain: something you can't use at a price you can't resist - Franklin P. Jones
Don't buy the house; buy the neighborhood - Russian proverb
http://famousquotesandauthors.com/topics/buying_and_selling_quotes.html
"Tidbits From TNT" Monday 3-25-2024
TNT:
Tishwash: The decline of the dollar reduces the burden of high prices on the Iraqi citizen
The markets of the capital, Baghdad, witnessed, on Monday morning, a decline in the exchange rates of the US dollar against the Iraqi dinar.
the details:
The exchange rate of the dollar on the Kifah and Al-Harithiya stock exchanges recorded 147,400 dinars for every 100 dollars, a decrease of 1,300 dinars from the price of yesterday, Sunday.
The selling price in banking shops in local markets in Baghdad decreased to 148,500 dinars, while the purchasing price reached 146,500 dinars for every 100 dollars.
the reasons:
No official body has announced the reason for the decline in dollar exchange rates.
TNT:
Tishwash: The decline of the dollar reduces the burden of high prices on the Iraqi citizen
The markets of the capital, Baghdad, witnessed, on Monday morning, a decline in the exchange rates of the US dollar against the Iraqi dinar.
the details:
The exchange rate of the dollar on the Kifah and Al-Harithiya stock exchanges recorded 147,400 dinars for every 100 dollars, a decrease of 1,300 dinars from the price of yesterday, Sunday.
The selling price in banking shops in local markets in Baghdad decreased to 148,500 dinars, while the purchasing price reached 146,500 dinars for every 100 dollars.
the reasons:
No official body has announced the reason for the decline in dollar exchange rates.
Some sources suggested that the decline was due to an increase in the dollar supply in the market.
Other sources indicated that the decline in global oil prices may be one of the factors that led to the decline in dollar exchange rates.
Effects:
The decline in dollar exchange rates is expected to lead to a decline in the prices of imported goods.
Declining dollar prices may encourage increased investment in Iraq.
The decline in dollar exchange rates is positive news for the Iraqi economy, but it is important that steps are taken to ensure exchange rate stability in the long term. link
CandyKisses: Al-Sudani confirms the start of financing the region according to the decision of the Federal Court
Baghdad Today - Baghdad
Prime Minister Mohamed Shia Al-Sudani confirmed on Monday (March 25, 2024) the start of financing the region in accordance with the decision of the Federal Court.
The Prime Minister's Media Office said in a statement received by "Baghdad Today" that "the Sudanese received members of the House of Representatives from the Patriotic Union of Kurdistan parliamentary bloc, in the presence of the Ministers of Environment and Justice, and during the meeting , they discussed the general situation throughout the country, and the government's measures aimed at developing the economy sector, and its efforts to improve services and ensure a decent living for citizens throughout Iraq, according to the priorities included in the government program in this aspect. "
He added that "the meeting witnessed the affirmation of the need for the integration of the relationship between the executive and legislative authorities, and the importance of continuous coordination in order to legislate laws that support the work of the government and address the obstacles facing the implementation of projects, programs and plans in various sectors."
Al-Sudani pointed out, according to the statement, "the start of financing the region in accordance with the decision of the Federal Court in this regard, and the follow-up of procedures between the Federal Ministry of Finance and the Ministry of Finance in the Kurdistan Regional Government of Iraq, with regard to the localization of the salaries of the region's employees in order to continue paying them."
He continued, "It was also stressed to continue dialogues between the federal government and the Kurdistan Regional Government of Iraq on common files, and that the treatments be in accordance with what is stipulated in the constitution, and that the interest of citizens and their demands are at the forefront of the targets, and make all efforts to enhance internal stability, and push the wheel of economic and social development forward."
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Tishwash: Oil: Foreign companies wishing to work in Iraq must respect the country’s sovereignty, laws, and judicial decisions
The Ministry of Oil announced: “The most important reason for stopping the export of oil through the Turkish pipeline currently is the refusal of foreign companies operating in the Kurdistan region to officially hand over their production to the regional government,” stressing: “Foreign companies wishing to work in Iraq must respect the country’s sovereignty.” And its laws and judicial decisions, and adapt their conditions accordingly instead of interfering in sovereign affairs related to Iraq’s foreign policy.”
The ministry said in a statement in response to the statement of the Kurdistan Oil Industry Association (APIKOR): “The cessation of oil exports through the Iraqi-Turkish pipeline in March 2023 was... Because of a Turkish decision that resulted from the issuance of an international arbitration decision by the Paris Chamber of Commerce in favor of Iraq. Export did not stop - not for a single day - as a result of an Iraqi federal decision.
After more than six months and important negotiations led by this ministry with the Turkish side, the two parties reached a restart. The pipeline and the treatment of the technical problems that resulted from its closure, in the shortest possible time. The federal government is the most affected by the cessation of exports for reasons related to the sovereign oil policy and others.”
She added: “One of the most important reasons for the current cessation of exports is the refusal of foreign companies operating in the Kurdistan region of Iraq.” About officially handing over its production to the regional government to be exported in accordance with the federal general budget law in force, and this includes companies joining the association mentioned above. It is possible to resume exports in a short period if these companies deliver the oil produced from the fields located in the region in accordance with the law,”
Noting that: “The federal government and the ministry have previously made diligent efforts to overcome all obstacles to resume exports, as is evident from the content of a large number From books, official correspondence, meetings and relevant decisions over a whole year.”
She explained: “The alleged contracts between the oil companies operating in the region and the Ministry of Natural Resources in the region were not approved by the federal government nor the Federal Ministry of Oil at all, because they lack a sound constitutional and legal basis.” . This has been the position of successive federal governments and the Ministry of Oil for more than a decade. It is consistent with the decision of the Federal Supreme Court No. (59/Federal/2012 and Consolidated No. 110/Federal/2019) on 2/15/2022. There is no longer room for discussion after the Federal Court issued its final decision that is binding on all authorities, other than adherence to the decision.”
She continued that she had previously requested from the Kurdistan Regional Government and the oil companies operating in it complete copies of all the contracts mentioned above for the purpose of studying them and arriving at new contracts in accordance with the Constitution and the law. The best policies followed by this ministry are with major international companies, but the required contracts have not yet been delivered. So how can this ministry be asked to abide by contracts that it has not seen and does not recognize, and which are in principle contrary to clear and binding judicial decisions?
The Ministry of Oil explained: “The Iraqi government has previously received, at the highest levels, representatives of oil companies operating in the region as a gesture of good faith with the aim of finding acceptable legal solutions. The Ministry has also previously invited those companies to negotiating meetings for the purpose of finding fair solutions, and has initiated judicial procedures.” The ongoing attacks against the aforementioned companies for the purpose of giving space for consensual solutions, but the companies’ position remained without flexibility or change.”
The Ministry concluded by saying: “The aforementioned association statement included blatant interference in internal and external Iraqi sovereign affairs that have nothing to do with the work of companies, and that this records an additional violation against the aforementioned association and the companies it represents, and is not consistent with the principles of good faith and the principles of foreign investment work,”
Stressing that Under the guidance of the government, it is committed to making all possible efforts to resolve the differences and resume exports through the Iraqi-Turkish pipeline in a manner consistent with the constitution and the law. Foreign companies wishing to work in Iraq must respect the country’s sovereignty, laws, and judicial decisions, and adapt their conditions accordingly, instead of interfering in sovereign affairs related to Iraq’s foreign policy.” link
Mot: ... UH OH!!!!
Mot: ........ Be Sure and Plan Ahead... Get Ur Yearly supply!!!
MilitiaMan: IQD Update - Iraqi Dinar - Al-Sudani - Faud Hussein - Taif Sami - Iraq's Executive Ministry Team
IQD Update - Iraqi Dinar - Al-Sudani - Faud Hussein - Taif Sami - Iraq's Executive Ministry Team
MilitiaMan and Crew: 3-24-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
IQD Update - Iraqi Dinar - Al-Sudani - Faud Hussein - Taif Sami - Iraq's Executive Ministry Team
MilitiaMan and Crew: 3-24-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Economic News and Points to Ponder Sunday Evening 3-23-24
Iraq Economic News and Points to Ponder Sunday Evening 3-23-24
Tlm724 Administrator Bondlady’s Corner
Central Bank: Relentless Efforts To Support Prices And Reduce The Dollar Selling Gap
The first 03/24/2024 Baghdad: Rula Watheq seeks to provide support to achieve stability in the general level of prices and reduce the gap between the official dollar exchange rate and the parallel market, while indicating that weak financing has led to the difficulty of citizens obtaining loans through the housing initiative.
The bank’s deputy governor, Dr. Ammar Hamad Khalaf, told “Al-Sabah”: The bank continues to provide dollars to banks and individuals at an amount of $3,000 per traveler during one month, indicating that there are other channels for citizens who need foreign currency, by providing electronic payment cards, which are available.
Any citizen can obtain them if the appropriate conditions are met, and therefore these cards can be used for travel or any service from abroad at the official exchange rate.
Iraq Economic News and Points to Ponder Sunday Evening 3-23-24
Tlm724 Administrator Bondlady’s Corner
Central Bank: Relentless Efforts To Support Prices And Reduce The Dollar Selling Gap
The first 03/24/2024 Baghdad: Rula Watheq seeks to provide support to achieve stability in the general level of prices and reduce the gap between the official dollar exchange rate and the parallel market, while indicating that weak financing has led to the difficulty of citizens obtaining loans through the housing initiative.
The bank’s deputy governor, Dr. Ammar Hamad Khalaf, told “Al-Sabah”: The bank continues to provide dollars to banks and individuals at an amount of $3,000 per traveler during one month, indicating that there are other channels for citizens who need foreign currency, by providing electronic payment cards, which are available.
Any citizen can obtain them if the appropriate conditions are met, and therefore these cards can be used for travel or any service from abroad at the official exchange rate.
He explained that Iraq has large reserves exceeding 100 billion dollars and the ability to provide foreign currency to any beneficiary within the country, whether a citizen or a company, and all of these are sources of power possessed by the Central Bank, adding that the gap occurring in the market at the present time is due to the exchange rate of speculators and the request to finance illegal transactions.
Khalaf explained that the dollar is available at the official exchange rate for official transactions, to a very large extent, and with tools through external financing or electronic payment tools provided by the Central Bank, stressing that reducing the Central Bank’s initiative for housing loans has led to the difficulty of citizens obtaining them.
He pointed out that the Central Bank had previously reduced the amounts for its housing initiative in accordance with its policy because it controls the monetary supply, as it is an initiative for a specific period and not continuous, adding that it is the duty of banks to mobilize individuals’ savings and provide financing for them to purchase housing units or other needs of citizens.
Khalaf noted the need to focus on banks that play their role as financial intermediaries between savers and borrowers, noting that there is difficulty in obtaining initiative funds from citizens due to the large demand on their part to purchase housing units as a result of the shortage in them, offset by limited allocations in this area. https://alsabaah.iq/93923-.html
Iraq And Kuwait Are Discussing Enhancing Trade Exchange And Encouraging Investment
Economy | 03/24/2024 Mawazine News – Baghdad The Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, and the Kuwaiti Ambassador to Iraq, Tariq Abdullah Al-Faraj, discussed today, Sunday, mechanisms for enhancing trade exchange and encouraging investment between the two countries.
The media office of the Acting Speaker of the House of Representatives stated in a statement received by Mawazine News: “The Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, discussed, during his meeting in his office today, the Kuwaiti Ambassador to Iraq, Tariq Abdullah Al-Faraj, the overall situation in the two countries, the latest regional developments, and a number of... Files of mutual interest.
He added, "The meeting discussed enhancing trade exchange between the two brotherly countries, establishing a free market to stimulate this sector, and stressing the need to work hard to encourage investment within sustainability standards, in addition to continuing to hold joint committee meetings and exchanging visits between officials of the two countries to resolve some outstanding issues, in addition to exchanging Security information to reduce the threat of terrorism and the spread of drugs.
He continued, "During the meeting, there was also talk about the Kuwaiti National Assembly elections scheduled to be held early next month."
Al-Mandalawi expressed his “wishes for Kuwait’s success in this important achievement, and continued progress and prosperity in various fields.” https://www.mawazin.net/Details.aspx?jimare=244474
Parliament Votes On The Draft Law On The Fourth Amendment To The Industrial Investment Law
Economy | 03/24/2024 Mawazine News – Baghdad The House of Representatives voted, today, Sunday, on the draft law on the fourth amendment to the Industrial Investment Law.
A Mawazine News correspondent said, “The House of Representatives voted on the draft law on the fourth amendment to the Industrial Investment Law for the Private and Mixed Sectors No. (20) of 1998.”
https://www.mawazin.net/Details.aspx?jimare=244480
Automation And Strong Internet...A Necessity For Reforming The Banking System
The first 03/24/2024 Baghdad: Hoda Al-Azzawi The Finance Committee of the House of Representatives is conducting a very important investigation into the existence of fraudulent deductions from retirees’ salaries by informal associations, while experts in finance and economics unanimously agree on the necessity of a rapid move towards automating banking operations and preparing their infrastructure in terms of strengthening the global network “the Internet.”
“As a necessity to reform the banking system. The Rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, in an interview with Al-Sabah, praised “the steps of the Parliamentary Finance Committee to follow up and monitor the banking system and electronic dealings,” and added, “But I believe that the issue needs other steps to prepare the infrastructure and emphasize restoring confidence.” Citizen in Iraqi banks.
He stressed that "the banking sector in general needs radical reform and restructuring of the large number of unnecessary private banks that are not doing their proper banking work," calling for "keeping the real banks that are doing their work and supporting them and providing facilities to them."
He pointed out that "the other point is the emphasis on the issue of the Internet, because electronic dealing is completely linked to the presence of a strong Internet in order for electronic dealing to take place," stressing that "the citizen - until now - does not trust putting his money in banks, and the process needs to build confidence among the citizen and those...
Then raise awareness and work to achieve or implement financial inclusion for the citizen by delivering banking services easily to him, starting with the category of employees, retirees, care salary holders, or others, and then moving to other categories.”
He stressed that "the Financial Committee's follow-up of violations and transgressions to steal retirees' funds is a very important step."
As for the expert in the field of anti-corruption, Saeed Yassin Moussa, he said in an interview with “Al-Sabah”:
“The system for paying the salaries of employees and retirees needs periodic review, and one of the best ways is to adopt automation and use smart cards to pay and settle salaries, fees, and other financial activities, including commercial ones.” Pointing out that "forgery is expected in paper processes before salaries enter the electronic system.
An example of this is what happened in Anbar, the Martyrs Foundation there, and the Retirement Authority departments in the governorates."
He explained, “The National Retirement Authority has an excellent experience in preparing the infrastructure for the retirement referral system, which begins electronically from institutions through the presence of the Authority’s teams in ministries and public institutions in preparing pension transactions for employees, with the employee referred for retirement being given a review card to complete the retirement transaction at the Retirement Authority.” the public".
Moussa stated that “in these aforementioned steps, the possibility of forgery operations is very narrow and even non-existent, but the defect lies in the transactions of the wounded and martyrs through the forgery operations that were discovered by the Integrity Commission in cooperation with the Public Retirement Service, and I deem it necessary to subject all those who They were referred to retirement from this category for review and scrutiny, knowing that forgery operations are carried out through multiple mafias with the complicity of some employees in the relevant departments and forging the signatures of other employees.”
He added, "The process of fraud on smart cards remains.
Here, it is necessary to protect the electronic system from hacking, review the banking system, and preserve the confidentiality of the retiree (private code), while subjecting the relevant associations to periodic auditing, and deterring those who attempt to seize the funds of employees and retirees in loan and advance operations." And sale in installments.
Last week, the Chairman of the Finance Committee, Atwan Al-Atwani, hosted, along with the committee members, the Director General of Rafidain Bank, Ali Karim, and the Managing Director of the International Smart Card Company, to discuss electronic transactions.
A statement from the committee indicated that “the meeting discussed the issue of dealing with (unlicensed) associations, installment sales operations, and receiving advances, and the emphasis on preventing any tampering in the sales process, verifying the information of the advance applicant, and protecting customers’ money from fraud.” https://alsabaah.iq/93927-.html
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Goldilocks' Comments and Global Economic News Sunday Evening 3-24-24
Goldilocks' Comments and Global Economic News Sunday Evening 3-24-24
Good Evening Dinar Recaps,
"The Government of the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR Government) issued around HK$6 billion worth of digital green bond offering denominated in four currencies – Hong Kong dollar, U.S. dollar, Renminbi and Euro."
This move constitutes the first multi-currency digital bond offering in the world.
A green bond is a fixed-income instrument used to raise money for climate and environmental projects.
These bonds are asset-linked and backed by the issuing entity’s balance sheet. They have the same credit rating as their issuers’ other debt obligations.
These projects go on to execute the transformative efforts of moving our economy into a new digital framework and projects designed to meet the needs of a changing world.
This multi-currency Green Bond will allow Hong Kong to be provided liquidity in a multi-currency digital framework. Crédit Agricole CIB
© Goldilocks
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Goldilocks' Comments and Global Economic News Sunday Evening 3-24-24
Good Evening Dinar Recaps,
"The Government of the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR Government) issued around HK$6 billion worth of digital green bond offering denominated in four currencies – Hong Kong dollar, U.S. dollar, Renminbi and Euro."
This move constitutes the first multi-currency digital bond offering in the world.
A green bond is a fixed-income instrument used to raise money for climate and environmental projects.
These bonds are asset-linked and backed by the issuing entity’s balance sheet. They have the same credit rating as their issuers’ other debt obligations.
These projects go on to execute the transformative efforts of moving our economy into a new digital framework and projects designed to meet the needs of a changing world.
This multi-currency Green Bond will allow Hong Kong to be provided liquidity in a multi-currency digital framework. Crédit Agricole CIB
© Goldilocks
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When foreign currency is exchanged across many Clearing House platforms, you want to make sure that your money is exchanged through the appropriate routes.
Accounts with similar IDs or similar ownership benefits utilizing this mechanism keeps the money moving to where it is supposed to go.
Now, you are seeing why so much time has been spent on beneficial ownership reforms.
On April 2, Hong Kong Exchanges and Clearing Limited will offer this new self-match prevention mechanism service for the securities market (ie Foreign Currency) will open for applications by exchange participants.
Those who utilize this service will be given more security in their trades across borders utilizing various currencies to finish the transactions. Hong Kong Exchange CME Group
© Goldilocks
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Bank mergers have been taking place for the last few years, and this trend is expected to continue as our economy shifts into a new digital environment.
The Office of the Comptroller of the Currency acting comptroller has given an official statement showing his agreement with the "FDIC’s Proposed Statement of Policy on Bank Merger Transactions."
This will allow banks to move forward with necessary compliance issues inside a Basel 3 regimen. Banks who are able to move forward will do so. Those who cannot will merge with those who can. Office of the Comptroller of the Currency
© Goldilocks
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Trading mechanisms are changing, banking reforms are taking place, and critical minerals are being secured.
This is the new world that is being digitized in front of our eyes. Tokenized assets are expected to be well above 90% complete by the end of the year on a Global scale.
Many aspects of this new digital economy are being interfaced on the new Quantum Financial System as we speak.
These changes and challenges are much needed in today's world, but it is not enough. Here is where Artificial Intelligence comes in to give us guidance.
The future of Finance requires the successful integration of AI and QFS on financial matters going forward.
New AI simulations have to be capable of meeting the challenges of our new economy through artificial structures designed to clear a path forward and synchronize them with joint efforts to see these manufactured projections come to their conclusion. The Quantum Insider
© Goldilocks
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The Fed’s Liabilities: How Far Can QT Go? What’s the Lowest Possible Level of the Balance Sheet without Blowing Stuff Up? | Wolf Street
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EU cracks down on anonymous crypto transactions, needing ownership proof to send/receive payments, aiming to fight money laundering.
Sending/receiving over €10,000 in cash is illegal, targeting large untraceable transactions. Coinpedia
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Backed, a key player in the tokenization of real-world assets, has unveiled a new suite of services tailored for financial institutions looking to enter the digital asset space with security and compliance at the forefront.
The Swiss-based company is expanding its offerings to include the tokenization of private funds and products, addressing the tech-heavy focus of existing solutions by emphasizing compliance and trust.
The newly launched services include Tokenized Trackers for on-chain representation of securities or thematic baskets, Tokenized Actively Managed Certificates (AMCs) for blockchain-based investment strategies, and a comprehensive Tokenization Platform for the creation, management, and distribution of tokenized investment products. Crowdfund Insider
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UAE firm challenges China for stake in Zambian copper mine | The Cradle
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Some "Sunday News" Posted by Clare at KTFA 3-24-2024
KTFA:
Clare: Natural resources in Iraq...a huge treasure neglected by an “official decision”!
3/24/2024
Economic researcher, Ziyad Al-Hashimi, confirmed that (mismanagement of natural resources) is one of the major problems that the Iraqi economy suffers from, as unfair government decisions deprived Iraq of huge billion-dollar revenues and global market shares.
Al-Hashemi said in a blog post on the “X” platform, followed by “ Jarida ”, that “(mismanagement of Iraq’s natural resources) and unfair government decisions have deprived Iraq of huge billion-dollar revenues and global market shares, as Iraq is ranked ninth in the world in terms of size.” It has natural resources within its territory, such as oil, natural gas, phosphate, sulfur, and other minerals.
KTFA:
Clare: Natural resources in Iraq...a huge treasure neglected by an “official decision”!
3/24/2024
Economic researcher, Ziyad Al-Hashimi, confirmed that (mismanagement of natural resources) is one of the major problems that the Iraqi economy suffers from, as unfair government decisions deprived Iraq of huge billion-dollar revenues and global market shares.
Al-Hashemi said in a blog post on the “X” platform, followed by “ Jarida ”, that “(mismanagement of Iraq’s natural resources) and unfair government decisions have deprived Iraq of huge billion-dollar revenues and global market shares, as Iraq is ranked ninth in the world in terms of size.” It has natural resources within its territory, such as oil, natural gas, phosphate, sulfur, and other minerals.
He added, “Estimations indicate that the value of Iraqi natural resources reaches up to 16 trillion dollars, and this puts Iraq in a distinguished position among the countries of the world rich in natural resources, and despite these enormous wealth, there is official Iraqi negligence to invest in expanding exploration, extraction, production and export.” Many of these resources are natural, as the government’s focus is exclusively on oil.”
He explained, “For example, we find that there is deliberate neglect of the Iraqi phosphate sector (by official decision and for unknown reasons) despite Iraq’s possession of 9% of the global phosphate reserve, and phosphate exports can generate tens of billions of revenues annually for the Iraqi treasury.”
He stressed, “(Mismanagement of natural resources) is one of the major problems that the Iraqi economy suffers from, and it does not appear that there are any official Iraqi efforts to overcome the mistakes that caused billions in losses for this country and its economy, and until the Iraqi government wakes up from its slumber and begins to work diligently and effectively.” Iraq will continue to lose opportunities, shares, and money to other countries, which have greatly benefited from the absence of Iraq and its exports of natural resources from the global market. LINK
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Clare: Iraq and Kuwait are discussing enhancing trade exchange and encouraging investment
3/24/2024 Baghdad
The Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, and the Kuwaiti Ambassador to Iraq, Tariq Abdullah Al-Faraj, discussed today, Sunday, mechanisms for enhancing trade exchange and encouraging investment between the two countries.
The media office of the Acting Speaker of the House of Representatives stated in a statement received by Mawazine News: “
The Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, discussed, during his meeting in his office today, the Kuwaiti Ambassador to Iraq, Tariq Abdullah Al-Faraj, the overall situation in the two countries, the latest regional developments, and a number of... Files of mutual interest.
He added, "The meeting discussed enhancing trade exchange between the two brotherly countries, establishing a free market to stimulate this sector, and stressing the need to work hard to encourage investment within sustainability standards, in addition to continuing to hold joint committee meetings and exchanging visits between officials of the two countries to resolve some outstanding issues, in addition to exchanging Security information to reduce the threat of terrorism and the spread of drugs.
He continued, "During the meeting, there was also talk about the Kuwaiti National Assembly elections scheduled to be held early next month."
Al-Mandalawi expressed his “wishes for Kuwait’s success in this important achievement, and continued progress and prosperity in various fields.” LINK
Clare: Automation and strong internet...a necessity for reforming the banking system
3/24/2024 Baghdad: Hoda Al-Azzawi
The Finance Committee of the House of Representatives is conducting a very important investigation into the presence of fraudulent deductions from retirees’ salaries by informal associations, while experts in finance and economics unanimously agree on the necessity of a rapid move towards automating banking operations and preparing their infrastructure in terms of strengthening the global network “the Internet.” “As a necessity to reform the banking system.
The Rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, in an interview with Al-Sabah, praised “the steps of the Parliamentary Finance Committee to follow up and monitor the banking system and electronic dealings,” and added, “But I believe that the issue needs other steps to prepare the infrastructure and emphasize restoring confidence.” Citizen in Iraqi banks.
He stressed that "the banking sector in general needs radical reform and restructuring of the large number of unnecessary private banks that are not doing their proper banking work," calling for "keeping the real banks that are doing their work and supporting them and providing facilities to them."
He pointed out that "the other point is the emphasis on the issue of the Internet, because electronic dealing is completely linked to the presence of a strong Internet in order for electronic dealing to take place," stressing that "the citizen - until now - does not trust putting his money in banks, and the process needs to build confidence among the citizen and those... Then raise awareness and work to achieve or implement financial inclusion for the citizen by delivering banking services easily to him, starting with the category of employees, retirees, care salary holders, or others, and then moving to other categories.”
He stressed that "the Financial Committee's follow-up of violations and transgressions to steal retirees' funds is a very important step."
As for the expert in the field of anti-corruption, Saeed Yassin Moussa, he said in an interview with “Al-Sabah”: “The system for paying the salaries of employees and retirees needs periodic review, and one of the best ways is to adopt automation and use smart cards to pay and settle salaries, fees, and other financial activities, including commercial ones.” Pointing out that “forgery is expected in paper processes before salaries enter the electronic system, and an example of this is what happened in Anbar, the Martyrs Foundation there, and the Retirement Authority departments in the governorates.”
He explained, “The National Retirement Authority has an excellent experience in preparing the infrastructure for the retirement referral system, starting electronically from institutions through the presence of the Authority’s teams in ministries and public institutions in preparing retirement transactions for employees, with the employee referred for retirement being handed a review card to complete the retirement transaction at the Retirement Authority.” the public".
Moussa stated, “In these aforementioned steps, the possibility of forgery operations is very narrow and even non-existent, but the defect lies in the transactions of the wounded and martyrs through the forgery operations that were discovered by the Integrity Commission in cooperation with the Public Retirement Service, and I deem it necessary to subject all those who They were referred to retirement from this category for review and scrutiny, knowing that forgery operations are carried out through multiple mafias with the complicity of some employees in the relevant departments and forging the signatures of other employees.”
He added, "The process of fraud on smart cards remains. Here, it is necessary to protect the electronic system from hacking, review the banking system, and preserve the confidentiality of the retiree (the private code), while subjecting the relevant associations to periodic auditing, and deterring those who attempt to seize the funds of employees and retirees in loan and advance operations." And selling in installments.”
Last week, the Chairman of the Finance Committee, Atwan Al-Atwani, hosted, along with the committee members, the Director General of Rafidain Bank, Ali Karim, and the Managing Director of the International Smart Card Company to discuss electronic transactions.
A statement from the committee indicated that “the meeting discussed the issue of dealing with (unlicensed) associations, installment sales operations, and receiving advances, and the emphasis on preventing any tampering in the sales process, verifying the information of the advance applicant, and protecting customers’ money from fraud.” LINK
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Clare: Government spokesman: The Prime Minister will discuss 5 basic files during his visit to Washington
3/24/2024 Baghdad
On Sunday, the Iraqi government spokesman, Bassem Al-Awadi, detailed the agenda of Prime Minister Muhammad Shiaa Al-Sudani’s visit to Washington, while specifying 5 basic files that will cover the latter’s meetings with US President Joe Biden.
Al-Awadi said, in a statement reported by the official news agency, and seen by Al-Eqtisad News, that “the main topic of the visit of the Prime Minister, Muhammad Shiaa Al-Sudani, to Washington is to discuss the prospects for the future relationship after the international coalition, and then move to comprehensive relations between the two parties.” "Including the security, military and armament aspects."
He added, "The strategic framework agreement that was signed in 2008, the armament, security and military aspects were able to be the most important, but the framework is broader, so ending the mission of the international coalition will be the first file and then moving to comprehensive relations, and there is a complete legal basis in the agreement."
He pointed out, "In 2008, the security, military, and intelligence aspects were implemented, but the move to various fields of cooperation includes investment, energy, economy, agriculture, and others, especially since the United States is a leading country in technology in all of these areas."
He pointed out that "among the files that will be discussed during the visit also are the financial file and what is related to the decisions of the US Treasury, the influence of Iraqi banks and the debts owed by Iraq, as well as the regional file and what is related to the Gaza war and Iraq's relations with neighboring countries and regional countries," stressing that " Five files will be basic and will cover the meetings in Washington.”
He stressed that "the Prime Minister does not want to go to Washington on a visit just for the sake of visiting, but rather he wants this visit to be successful and to produce realistic and effective results that will positively affect the Iraqi interior, reflect on the regional side, and develop the ABCs of the Iraqi-American relationship."
He noted that "the visit was scheduled to take place late last year, 2023, but the war on Gaza affected that, especially since the Iraqi positions are clear regarding the Gaza war, and the visit cannot take place at a time when the feelings of Iraqis and Arabs in general and the world are in solidarity and sympathize with the Palestinians, and therefore "It will lose its content."
He continued, "The American elections will begin next November, and usually American presidents, six months or more before the elections, refrain from receiving guests from abroad, and focus on the internal file, especially the elections. This year's elections in the United States of America are different from all previous elections, as nothing happened."
In its history, a former president who lost in the elections returns, with a competition and a program different from the program of the Democratic Party, meaning that the American internal event has now occupied the American arena and the world with its repercussions, and thus, in light of this crisis, President Biden singles out a date for a meeting with the Iraqi Prime Minister, and interrupts his election campaign and mocks. "Several days for Iraq and the situation there, a clear indication of respect for the Prime Minister and Iraq's political and international standing."
Regarding the seriousness of activating the strategic framework and scheduling the withdrawal of the international coalition, Al-Awadi said: “This file has been decided by the Iraqi and American parties, and the Iraqi government is 100% serious about this issue, and the Prime Minister cannot be flattering about this issue or debate it, as it relates to the future of Iraq and the sovereignty of Iraq.” The country is not manoeuvrable.
He stressed that "what the Prime Minister says is what he is working on, and he will discuss future relations after the international coalition, and the negotiations will lead to positive results and a timetable for withdrawal," stressing that "this fact cannot be doubted."
He pointed out that “Iraq has a position known to the world regarding the Gaza war, and the Prime Minister spoke about it in international, Arab and regional forums, and conveyed Iraq’s point of view and position on what is going on in Gaza,” noting that “the statement of the press secretary in the White House and the Prime Minister’s Media Office Regarding the Prime Minister’s visit to Washington, he pointed out that the regional reality in the Arab Levant region and our regional neighborhood affects Iraq.
He concluded by saying: “Iraq is a sovereign state, and the Prime Minister seeks for Iraq to play its appropriate role and position in proportion to its size in various historical, civilizational and humanitarian fields in the correct manner,” pointing out that “the American administration is working in this direction, and therefore regional issues will present at various levels.” LINK
Iraq Economic News and Points to Ponder Sunday Afternoon 3-23-24
Iraq Economic News and Points to Ponder Sunday Afternoon 3-23-24
Tlm724 Administrator Bondlady’s Corner
The Prime Minister's Advisor Announces The Decline In The Effects Of The Parallel Market And The Decline In Its Activity
Economy News – Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, announced on Sunday the decline in the effects of the parallel market and the decline in its activity, while revealing the reasons for the decline in the exchange rate of the dollar against the dinar, and the importance of monetary policy and its imposition of a climate of stability at the general level.
Saleh said, in a statement reported by the official news agency and seen by Al-Iqtisad News, that “economic policy played a major role in imposing a climate of stability in the general level of dollar exchange rates,” indicating that “the state of superiority of the official exchange market in financing Iraq’s foreign trade caused... With the decline in the effects of the parallel market and the decline in its illegal activities.”
He pointed out that "the decline in parallel market rates in favor of the official exchange rate is a tangible success in the cohesion of the country's economic policy in its three aspects: financial, monetary and commercial," pointing out that "the work and high coordination of policies led to providing an incubator of stability embodied in relative price calm and the containment of seasonal price fluctuations." “For materials in high demand, specifically the provision of basic goods related to consumption and daily living for citizens.”
Iraq Economic News and Points to Ponder Sunday Afternoon 3-23-24
Tlm724 Administrator Bondlady’s Corner
The Prime Minister's Advisor Announces The Decline In The Effects Of The Parallel Market And The Decline In Its Activity
Economy News – Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, announced on Sunday the decline in the effects of the parallel market and the decline in its activity, while revealing the reasons for the decline in the exchange rate of the dollar against the dinar, and the importance of monetary policy and its imposition of a climate of stability at the general level.
Saleh said, in a statement reported by the official news agency and seen by Al-Iqtisad News, that “economic policy played a major role in imposing a climate of stability in the general level of dollar exchange rates,” indicating that “the state of superiority of the official exchange market in financing Iraq’s foreign trade caused... With the decline in the effects of the parallel market and the decline in its illegal activities.”
He pointed out that "the decline in parallel market rates in favor of the official exchange rate is a tangible success in the cohesion of the country's economic policy in its three aspects: financial, monetary and commercial," pointing out that "the work and high coordination of policies led to providing an incubator of stability embodied in relative price calm and the containment of seasonal price fluctuations." “For materials in high demand, specifically the provision of basic goods related to consumption and daily living for citizens.”
He noted "the importance of using the customs policy, which was represented by (reducing customs tariffs and diversifying imports without quantitative limits for basic and necessary goods) as part of the performance of the financial policy in providing price stability and ensuring the supply of materials, food and essential goods, and production supplies at the official exchange rate and in accordance with the requirements of the national economy."
In addition to the high stability in bank financing for foreign trade for the private sector, which began to adopt the stable official exchange rates of 1,320 dinars per dollar in a wide and more flexible manner through the regularity and stability of financing operations.
He pointed out that "the demand for foreign currency for the purposes of financing the country's foreign trade, on the part of the private sector, is today backed by large foreign currency reserves, which are the highest in the country's history, reaching nearly 111 billion dollars today."
He continued, "These high foreign currency reserves reflect the country's annual trade efficiency of more than 16 months of import at least in light of the global standard for the commercial efficiency of foreign reserves, which is set at only about three months, and that the ability of these reserves to cover the exported currency is considered complete coverage in foreign exchange, which is an indicator of stability." Contains any existing or anticipated adverse price fluctuations.
Views 54 03/24/2024 - https://economy-news.net/content.php?id=41804
The Upcoming Meeting Between Baghdad And Washington... Hopes For Quick Solutions To Save The Banking Sector From Collapse
Samir Al-Nusairi Economy News – Baghdad The White House announced that the anticipated and important visit of Prime Minister Muhammad Shiaa Al-Sudani to the United States of America and the meeting with the American administration has been set for next April 15.
Makes it very important, in this critical and complex stage that Iraq is going through, that the agenda include meetings and negotiations with the leaders of the American administration, the Treasury Department, and the Federal Reserve, to determine the next and clear paths for bilateral economic relations between the two friendly countries, which have broad relations in all fields and the topics of the visit?
We believe that one of the important files that will be included in the discussions and negotiations, with the participation of the Central Bank and the Association of Iraqi Private Banks, is the issue of financial and banking reform, protecting the Iraqi banking sector from collapse after the issuance of sanctions and restrictions by depriving 50% of the total private banking sector from dealing in the US dollar, which is the main foreign currency for banking and commercial transactions.
In Iraq and international banking relations for a long time, they must be informed by the American administration and the Ministry of A that continuing to deal with the Iraqi banking system in this exclusionary manner and without explaining the real reasons for the sanctions, which date back to activities of previous years, and that the American officials who issued the sanctions on 28 Iraqi private banks praise the safety of transfers. Foreign Affairs for the purposes of covering private sector imports in 2023 since the implementation of the electronic platform.
This means that the government and the Central Bank are proceeding in coordination and in great cooperation with the US Treasury and the global financial system in accordance with the banking and financial reform strategy adopted by the government in the governmental curriculum and with high discipline in accordance with international standards for combating money laundering and terrorist financing.
These efforts have actually borne fruit in achieving fruitful economic results after the agreements with the American Bank, the US Federal Reserve and some reputable international banks in 2023 and their approval as correspondent banks for some of our banks, and more than 40 accounts were opened for them in these banks.
Therefore, we believe that the inputs and outputs of this important visit must convince the American side to reconsider the sanctions imposed, especially since all the sanctioned banks are currently subject to audit by K2 International, and this confirms the good faith of the banks that the reasons for the deprivation of dealing in the US dollar were not serious errors and can be overcome if they exist. With joint cooperation between the two parties.
The importance of restoring activity and protecting the private banking system and ensuring the results of its work through the electronic platform for the year 2023, which has confirmed its safety and transparency, and I believe that not reaching quick solutions to this issue will lead to confusion in the commercial and banking market and will affect ration card supplies, which are the primary food source for a large segment of the population.
The Iraqi people, the weakening of the plans and procedures of the Central Bank and the government in financial and banking reform, the lack of control over the stability of the exchange rate of the Iraqi dinar, and the damage to the national economy, which World Bank reports confirm that the economy moved during the Sudanese government from fragility to recovery.
The continued sponsorship and support of the United States of America for Iraq as a friendly country requires it to protect the Iraqi economy and the banking sector from collapse in these difficult circumstances that Iraq, the regional countries and the world are going through. We hope that the discussions on the banking file in Washington will result in its return to practicing all its local and international banking activities.
219 views 03/24/2024 - https://economy-news.net/content.php?id=41783
Before Sudanese's Visit To Washington, The Factions Are Silent, The Framework Is Waiting, And Parliament Is Waiting For The Implementation Of Its Decision
Reports | 01:45 - 03/24/2024 Mawazine News – Baghdad The Iraqi armed factions remained silent regarding the visit of Iraqi Prime Minister Muhammad Shiaa Al-Sudani to Washington, which was scheduled for mid-April, amid doubts about the possibility of resolving the issue of ending the role of the international coalition in Iraq during the visit, while Iraqi sources confirmed that Al-Sudani stressed He stressed the priority of this file during his upcoming visit.
Yesterday, Friday, the White House announced that US President Joe Biden will meet with Sudanese at the White House, next April 15, and that they will reaffirm their commitment to the Strategic Framework Agreement, and will work to deepen their common vision for a safe, sovereign, prosperous Iraq that is fully integrated into the broader region, while Al-Sudani's office confirmed that the visit would discuss the post-international coalition phase, without further clarification.
The visit’s program did not appear to be identical, according to the two official statements regarding the international coalition file, which reinforces the factions’ doubts about Washington’s seriousness in ending the coalition’s role in Iraq, especially since American officials had previously confirmed that Baghdad did not request ending the coalition’s role.
The Iraqi government reassured those factions that the issue of ending the coalition’s presence would be among the topics of the visit, and the advisor to the Iraqi Prime Minister, Hussein Allawi, said in a press statement yesterday, Saturday, that “in addition to the data of the dialogues of the Supreme Military Committee, the expected meeting of the Iraqi Prime Minister with the President "A timetable will be determined on the basis of which the American coalition forces will withdraw."
He added, "The strategic partnership between the Iraqi government and the United States proceeds within the framework of the Strategic Framework Agreement that Parliament voted on during the past years," stressing that "Al-Sudani took a decision to end the tasks of the international coalition, and this decision made the Iraqi-American Supreme Military Committee conduct a dialogue between Iraq and representatives The international coalition countries, to set a timetable,
and these dialogues are continuing by the committee and go in the direction of assessing the threat of ISIS and the capabilities of the Iraqi armed forces, and in return, they will set a timetable based on these data on the one hand, and on the basis of the meeting between the Prime Minister and Biden.
Iraq News: Al-Kadhimi’s political advisor was sentenced to one year in prison.
The leaders of the armed factions and the “coordination framework” associated with them did not express any position, nor did they issue any comment regarding the upcoming visit, but a government official said that “they are forced to accept,” indicating that “ The factions’ silence came after Sudanese pledged to make the issue of removing American forces a priority during his visit to Washington.
The official, who refused to reveal his identity, confirmed that the delegation accompanying the Sudanese would be ministerial and specific, in reference to conditional approval from the US State Department for the delegation accompanying the president.
Al-Sudani had received a similar invitation to visit Washington in September of last year 2023, a year after the formation of his government, but it did not take place.
The visit comes at a time when Baghdad and Washington are holding joint talks to remove the international coalition forces, and the first round of bilateral dialogue held in Baghdad, on January 27, led to an agreement to form a joint military committee to review the coalition’s mission, end it, and move to bilateral security relations. The committee began its work on February 11 of last year.
The talks came due to pressure on the Sudanese government from the Iraqi armed factions allied with Iran and the political parties associated with them, as they demanded the removal of international coalition forces from Iraq, following Washington’s implementation of retaliatory strikes in Iraq that led to the assassination of prominent leaders in those factions.
https://www.mawazin.net/Details.aspx?jimare=244470
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Eight Financial Giants Pay Settlement Over Widespread Fraud and Collusion Allegations
Eight Financial Giants Pay Settlement Over Widespread Fraud and Collusion Allegations
Saturday, 23 March 2024, 22:11 PM
JPMorgan Chase, Bank of America and Six Financial Giants Pay $70,000,000 Settlement Over Allegations of ‘Widespread Fraud and Collusion’
Henry Kanapi
Eight financial giants are shelling out tens of millions of dollars to settle a decade-long whistleblower lawsuit.
JPMorgan Chase, Bank of America, Citigroup, Morgan Stanley, Fifth Third Bancorp, Barclays, Bank of Montreal (BMO) and William Blair were sued in 2014, accused of reaping millions in illicit profits by rigging interest rates on municipal bonds.
Eight Financial Giants Pay Settlement Over Widespread Fraud and Collusion Allegations
Saturday, 23 March 2024, 22:11 PM
JPMorgan Chase, Bank of America and Six Financial Giants Pay $70,000,000 Settlement Over Allegations of ‘Widespread Fraud and Collusion’
Henry Kanapi
Eight financial giants are shelling out tens of millions of dollars to settle a decade-long whistleblower lawsuit.
JPMorgan Chase, Bank of America, Citigroup, Morgan Stanley, Fifth Third Bancorp, Barclays, Bank of Montreal (BMO) and William Blair were sued in 2014, accused of reaping millions in illicit profits by rigging interest rates on municipal bonds.
The whistleblower, identified in the lawsuit as Edelweiss Fund LLC, says the firms have paid $70 million to settle the lawsuit.
Edelweiss accused the group of Wall Street firms of “widespread fraud and collusion” after the state of Illinois hired them to market municipal bonds known as variable rate demand obligations (VRDOs) at the lowest possible interest rates.
VRDOs are tax-exempt bonds issued by municipalities to get long-term financing, usually spanning 20 to 30 years.
But instead of marketing the bonds at low interest rates, the banks allegedly inflated the rates to generate millions of dollars in fees and discourage investors from converting the debt securities to cash.
With the settlement “finalized and executed,” the state of Illinois is set to collect $33.6 million while Edelweiss principal Johan Rosenberg will receive $14.4 million as a reward for bringing the lawsuit on behalf of the government. The remaining $22 million will be set aside to pay for the legal expenses incurred by Edelweiss through the years.
Says Rosenberg,
“My goal when I started scrutinizing the manner in which rates on VRDOs were reset in about 2010 was to shine a light on this market because of the benefit the public receives from the critical government projects that VRDOs fund.
In the years since the litigation began, we have uncovered much that was unknown about how this market is operated and how remarketing agents behave.”
Source: The Daily Hodl
"Tidbits From TNT" Sunday 3-24-2024
TNT:
CandyKisses: Political: The Sudanese government has the keys to removing US forces
Information/private.
Political analyst Adnan al-Saadi said on Saturday that al-Sudani's upcoming visit to America in the middle of next month, which will discuss the file of the exit of US forces, may change the equation for those forces to remain in Iraq.
Al-Saadi said in a statement, to the agency / Information /, that the Iraqi factions and political forces reject the stay of US forces and there is great popular discontent rejecting the Americans, noting that "the Iraqi forces and the Popular Mobilization are able to protect the country from any internal or external threat."
He added that, "Sudani's visit to America will discuss the file of dollar prices and I do not expect them to decline and win the file as it is the only US means of pressure on Iraq to maintain its forces."
TNT:
CandyKisses: Political: The Sudanese government has the keys to removing US forces
Information/private.
Political analyst Adnan al-Saadi said on Saturday that al-Sudani's upcoming visit to America in the middle of next month, which will discuss the file of the exit of US forces, may change the equation for those forces to remain in Iraq.
Al-Saadi said in a statement, to the agency / Information /, that the Iraqi factions and political forces reject the stay of US forces and there is great popular discontent rejecting the Americans, noting that "the Iraqi forces and the Popular Mobilization are able to protect the country from any internal or external threat."
He added that, "Sudani's visit to America will discuss the file of dollar prices and I do not expect them to decline and win the file as it is the only US means of pressure on Iraq to maintain its forces."
Al-Saadi concluded: "The Sudanese has a great force that supports him in the file of the exit of US forces, represented by the coordination framework, noting that there are" many meetings of the framework that talked about the file of the exit of US forces and developed many proposals."
It is noteworthy that the strategic framework agreement between Iraq and America can be amended and canceled as it is, according to specialists.
Prime Minister Mohamed al-Sudani's visit to the White House is the first since he became prime minister.
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Tishwash: Iraq informs the World Bank of its plan to support the economy’s resources
Minister of Finance, Taif Sami Muhammad, stressed the importance of the partnership with the European Bank to support the Iraqi government’s plan to diversify the sources of the national economy.
A statement from the Ministry of Finance, a copy of which was received by the Mail, stated that “Minister Taif Sami Mohammed met with the President of the European Bank for Reconstruction and Development ( EBRD ), Odile Renaud-Basso, at the bank’s headquarters in the United Kingdom, and the Minister of Finance began her meeting with the President of the European Bank for Reconstruction and Development.” Referring to the strategic partnership between Iraq and the Bank, and discussing ways to strengthen bilateral relations to ensure the possibility of strengthening the private sector in Iraq and digitizing the banking system.
The Minister of Finance stressed “the importance of the partnership with the European Bank to support the Iraqi government’s plan to diversify the sources of the national economy,” noting that “the Iraqi government’s priorities are investing in the areas of energy and digital transformation in the financial infrastructure.”
For her part, Odell stressed “the bank’s desire to work in Iraq and contribute to supporting the private sector and renewable energy link
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CandyKisses: Kurdistan details the "secrets" of its financial differences with Baghdad. This body obstructs the agreements
Economy News - Baghdad
The Minister of Finance and Economy in the Kurdistan Region, Awat Sheikh Janab, announced that not sending salaries from 300,000 to 360,000 of the region's employees by the federal government "is tantamount to planting a time bomb and provoking division within society" by a political decision, and while he pointed out that the deep state is the one that controls the Iraqi scene, he stressed that the number of employees of the region is less numerous compared to Iraq by 16%.
Sheikh Janab said in a television interview with a group of local media that he headed the negotiating delegation of the Kurdistan Regional Government with Baghdad for a long time, noting that the delegation was insisting on treating the region's employees like the employees of Iraq, and as a result an agreement was reached last April sponsored by the President of the Kurdistan Regional Government, Masrour Barzani, and the President of the Federal Government, Muhammad Shia Al-Sudani, but the deep state in Baghdad retracted the agreement one month after its conclusion.
He explained that "the deep state is the one that governs Iraq and it is known what these parties are, while all those in the political scene are not key actors in it, but only tools to implement the policies of the deep state," noting: "In the event of a political agreement between Erbil and Baghdad, all problems will be addressed, without which we will return to square one."
He added that the region has its constitutional powers of parliament, government, election commission, oil industry and independent finance, and the constitution recognized this as well as the federal system, adding that "what is happening now by the Federal Court is contrary to the constitution, and the President of the Federal Court from Amman stated that the current constitution is inappropriate."
He pointed out that the Ministry of Finance of the region has fulfilled all its obligations and prepared the lists of employees for the month of March.
In response to a question about whether obstructing the sending of salaries is the responsibility of the Iraqi Minister of Finance, Sheikh Janab said, "Unfortunately, a bad image is conveyed about the Federal Minister of Finance, Mrs. Taif Sami, but what I know about her is that she is a professional figure and does not consider herself a politician and does not have political support, but because of the decision of the Federal Court, so she implements the decision strictly."
He attributed the cause of the main problem to an emerging political situation in the Kurdistan Region since 2014 by a decision of the federal government by linking the share of the Kurdistan Region to actual spending "with the aim of limiting the development of the region, and this constitutes an injustice against Kurdistan, followed by other unfair decisions such as reducing the region's share from 17% to 12.6%, and linking everything to the oil file, and this is like Othman's shirt to justify those decisions that contain clear and flagrant injustice."
He pointed out that sending the salaries of the employees of the Kurdistan Region is incomplete is tantamount to planting a time bomb, dividing society and throwing fire in the Kurdish house, by not sending salaries from 300,000 to 360,000 employees, stressing that accepting some decisions turns them into a fait accompli, so solving the matter requires a lot of wisdom and patience.
He went on to say that "the number of our employees in the Kurdistan Region is much less than the employees of Iraq, where we have about one million and 200 thousand employees, which is less compared to Iraq by only 16%."
He stressed that it is not possible to cover the remaining salary deficit because local revenues are insufficient, explaining that attempts are continuing to reach a solution "where we will distribute salaries as soon as the full amount arrives".
He expressed optimism that this will be achieved, noting that "things are moving towards a solution and there is a preliminary agreement with Baghdad on the salaries of military personnel, where we send lists through special codes that can be audited by the financial control."
He also referred to the PMF, saying that the budget law does not include any note about the PMF, despite the fact that their numbers are large and they do not receive their allocations from the Federal Ministry of Finance, but from the Iraqi Cabinet Office.
He stressed that delaying the salaries of the employees of the Kurdistan Region is linked to a political decision imposed on us, which can only be solved by a political decision, pointing to the impact of political interference in salaries, as each time a decision was required by the Iraqi Council of Ministers to pay the salaries of the region's employees because of the control of partisan and political influences in this matter.
He stressed that the region is the product of 100 years of struggle and should not allow everything that affects the entity of the Kurdistan Region, and that treating the region as a province and weakening the regional government means weakening all Kurdish parties, explaining that what the Federal Court practices represents interference in the work of the executive and legislative authorities.
On the oil file, the Minister of Finance of the region said: "Out of 14 oil fields, we now have only 9 operating fields, and since April 1, 2023 until now, these fields have produced 45 million barrels, of which 11.8 million barrels have been delivered to Iraq from June 25, 2023 until December 1, 2023, without Baghdad paying the cost of producing or transporting a single barrel of them, and the rest of them is 33 million barrels, and according to contracts, 45% of them go as dues to oil companies and 55% to the regional government." , indicating that the average price per barrel of oil is $ 31.
As for non-oil domestic revenues, he revealed that they amount to 300 billion dinars, of which 180 billion goes as operating expenses and petty cash ministries, and 22 to 24 million dollars of which are paid to Dana Gas for electricity production.
He also pointed to an account project in coordination with the Central Bank of Iraq and Iraqi banks, where 250,000 employees have been registered so far and the registration of all employees is scheduled to be completed until the end of this year, "and it can be used to localize the salaries of employees."
Al-Sudani had previously acknowledged that the mechanism for distributing the salaries of the region's employees was not the work of the federal government, but that interference in this matter was a violation of the constitution
Mot: the Pastor Announced ~~~~
Mot: . Helping the ""Wee Folks"" to Learn!! – LOL
Goldilocks' Comments and Global Economic News Saturday 3-23-24
Goldilocks' Comments and Global Economic News Saturday 3-23-24
Good Evening Dinar Recaps,
"On 26 February 2024, the European Council adopted a new regulation, the Instant Payments Regulation. This will make instant payments in euro fully available to consumers and businesses in the EU and in EEA countries."
While Global Digital Payment Systems are moving to T+1 settlements, Europe is pressing their banking system to move to instant settlements.
What Europe learns from being a first mover on the markets in instance settlements will help them formulate their Global CRYPTO Regulations (MICA).
Our Tokenized Assets are continuing to interface with other Digital Global Assets around the world through Protocol 20. At the same time, we are witnessing the birth of a new regulated payment system moving towards instant payments.
Europe has already confirmed that their new instant payments regulation will go into effect on April 8th, 2024, and Ripple is a part of it.
Goldilocks' Comments and Global Economic News Saturday 3-23-24
Good Evening Dinar Recaps,
"On 26 February 2024, the European Council adopted a new regulation, the Instant Payments Regulation. This will make instant payments in euro fully available to consumers and businesses in the EU and in EEA countries."
While Global Digital Payment Systems are moving to T+1 settlements, Europe is pressing their banking system to move to instant settlements.
What Europe learns from being a first mover on the markets in instance settlements will help them formulate their Global CRYPTO Regulations (MICA).
Our Tokenized Assets are continuing to interface with other Digital Global Assets around the world through Protocol 20. At the same time, we are witnessing the birth of a new regulated payment system moving towards instant payments.
Europe has already confirmed that their new instant payments regulation will go into effect on April 8th, 2024, and Ripple is a part of it.
It was stated in the article that Europe is doing this to create their own financial autonomy. In essence, this move is one that each country will begin taking as they onboard their payment systems into the QFS.
This is why being Basel 3 compliant around the world is so important in creating countries that have their own Sovereignty. Electronic Payments International
© Goldilocks
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Vietnam Sandbox Announcement:
"In the latest draft, the regulatory sandbox will be developed for three fintech solutions, including credit scoring, open application programming interface (API), and P2P lending."
We are witnessing Sandboxes popping up everywhere in several countries. The Sandboxes test cryptocurrencies and Stablecoins from around the world.
It is a way for countries to test new Digital Currencies being processed within their new Digital Financial System. Many countries are beginning to test and form regulations for cross-border International trading among countries this year. As these new Digital Payment Systems are tested and approved, the ability to move these particular assets across borders will help in foreign trade and foreign currency exchanges. Vietnam News
© Goldilocks
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Many countries around the world are currently testing new payment systems with their own Stablecoins. Throughout the year several countries will be exchanging their Stablecoins with one another.
Remember, Stablecoins represent a country's currencies. These cryptocurrencies will be utilized in trade and cross-border payments.
Once these Stablecoins are fully regulated and given the green light to move forward. The next step will be for them to have a Credit Valuation Adjustment. Dinarland references this as a revaluation.
The Credit Valuation Adjustment is inside the derivative market, and this includes foreign currency.
Hong Kong is pointing to a January the 1st, 2025 date to begin this process of credit valuation adjustment for themselves. This does not mean that other currencies cannot go before this one or have a float leading up to this date ie Nigeria's currency. It just simply means HK has a tentative date.
© Goldilocks
Regulation Asia
CryptoPolitan
Ideas
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Massive price action distortions are beginning to form on the markets.
© Goldilocks
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Prices of Existing Homes in Germany Tank 14% so far, as ECB-Fueled Housing Bubble Turns into Housing Bust | Wolf Street
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BREAKING: The Automated Market Maker (AMM) is live now! | Twitter
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BOOOOOOOOOM!!!! Ripple partner ACI Worldwide which supports 9 percent of global SWIFT traffic has confirmed that the new Instant Payments Regulation will come into effect on 8 April 2024! Twitter
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HONG KONG—The adoption of new mediums of exchange, including retail Central Bank Digital Currency (CBDC), tokenized deposits and stablecoins, could potentially add an additional HK$160 billion of GDP for Hong Kong by 2032, according to a whitepaper released today. The whitepaper highlights some of the potential benefits for using retail CBDC in Hong Kong (i.e., e-HKD) and identifies requirements to help fully realize them. | BCG
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BlackRock unveils crypto fund first with $5 million minimum. The world's largest asset manager is extending its interest in crypto with a tokenized fund on Ethereum. | The Street
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Stablecoins have recently achieved a significant milestone, surpassing $150 billion in market capitalization, with daily trading volume reaching $122 billion. This achievement marks a notable resurgence and growth in the stablecoin sector, with implications for the broader cryptocurrency ecosystem. | News BTC
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In the rapidly evolving crypto landscape, the tokenization of real-world assets (RWAs) is emerging as the cutting-edge frontier, captivating investors and industry pioneers alike with its burgeoning potential and surging investments.
What RWA tokenization means is putting traditional assets on a blockchain. This is a way of representing ownership of an asset through a token. The assets involved could be anything from stocks, bonds, gold, and commodities to treasuries, debt, real estate, art, intellectual property, and much more. Securities
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SEC CHAIRMAN GENSLER LEADS CRYPTO OVERSIGHT PUSH WITH $2.6 BILLION BUDGET PROPOSAL | Cryptopolitan
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"Tidbits From TNT" Saturday 3-23-2024
TNT:
Tishwash: Iraq is ninth in the world in natural resource reserves.. Russia is first and America is second
Iraq was ranked among the top ten countries possessing the most valuable natural resource reserves, in terms of total estimated value for the past 3 years.
According to the Statista website, natural resources are the raw inputs used to make everything that is used, from intermediate goods to final products, and these resources are found in the ground among reserves that have not yet been extracted.
According to Statista estimates, Russia came in first place, with the value of its natural resource reserves amounting to $75 trillion. This amount includes coal, oil, natural gas, gold, timber, and rare earth minerals.
TNT:
Tishwash: Iraq is ninth in the world in natural resource reserves.. Russia is first and America is second
Iraq was ranked among the top ten countries possessing the most valuable natural resource reserves, in terms of total estimated value for the past 3 years.
According to the Statista website, natural resources are the raw inputs used to make everything that is used, from intermediate goods to final products, and these resources are found in the ground among reserves that have not yet been extracted.
According to Statista estimates, Russia came in first place, with the value of its natural resource reserves amounting to $75 trillion. This amount includes coal, oil, natural gas, gold, timber, and rare earth minerals.
The United States came second, and the estimated value of its natural resources is estimated at about 45 trillion dollars, approximately 90% of which is wood and coal.
Iraq ranked ninth, as it possesses $15.9 trillion in natural resources, and its desert terrain contains oil, natural gas, phosphate and sulfur, according to the site.
Iraq is the second largest producer of crude oil in OPEC, ranks fifth in the world in possessing proven crude oil reserves, and relies on the export of crude oil to obtain a large amount of its revenues. link
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CandyKisses: Parliament finances confirm high size of 2024 budget. What are the reasons for the delay in sending it?
Economy News - Baghdad
The Parliamentary Finance Committee confirmed on Saturday the increase in the size of the federal budget to 207 trillion dinars, explaining the reasons for the delay in the arrival of the general federal budget tables to the House of Representatives for approval.
Mueen al-Kadhimi, a member of the parliamentary finance committee, commented on the issue by saying that the delay occurred at the Prime Minister's Office or by the Office of the Advisory Committee.
Al-Kazemi explained that "the ministries of finance and planning have completed their work regarding the budget tables, as the amendments were supposed to be sent before the end of 2023."
"If the amendments are sent, the House Finance Committee will review them and then present them to the House for approval," he said.
He pointed out that "the approved budget is a tripartite budget for the years 2023, 2024 and 2025, and it is natural that amendments will be made by the government to some figures that it deems necessary," noting that "the amendments led to an increase in the size of the budget from 199 trillion dinars to 207 trillion Iraqi dinars."
Earlier in the day, the Legal Committee announced that the 2024 fiscal budget tables were imminent to reach the House of Representatives.
The Ministry of Finance announced on the thirteenth of March the completion of data related to the 2024 budget tables, the inclusion of texts and their submission to the Council of Ministers
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CandyKisses: Finance Minister Stresses The Importance Of Partnership With The European Bank To Diversify The Sources Of The Economy
Earth News / Minister of Finance Taif Sami Mohammed stressed the importance of partnership with the European Bank to support the Iraqi government's plan to diversify the sources of the national economy.
According to a statement by the Ministry of Finance received by Earth News, "Minister of Finance Taif Sami Mohammed, met with the President of the European Bank for Reconstruction and Development (EBRD) Odile Renault-Basso, at the Bank's headquarters in the United Kingdom, and the Minister of Finance began her meeting with the President of the European Bank for Reconstruction by referring to the strategic partnership between Iraq and the Bank, and discussing ways to strengthen bilateral relations to ensure the possibility of strengthening the private sector in Iraq and digitizing the banking system."
The Minister of Finance stressed "the importance of partnership with the European Bank to support the Iraqi government's plan to diversify the sources of the national economy," noting that "the priorities of the Iraqi government are investment in the fields of energy and digital transformation in financial infrastructure."
For her part, Odile stressed "the bank's desire to work in Iraq and contribute to supporting the private sector and renewable energy."
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Tishwash: Al-Abadi: Al-Sudani’s visit to Washington is in the interest of Iraq
The head of the Victory Coalition, Haider al-Abadi, stressed the importance of the visit of Prime Minister Muhammad Shia al-Sudani to Washington in the middle of next month at the invitation of US President Joe Biden.
Al-Abadi said in a {special interview} on Al-Furat satellite channel: “The Prime Minister’s visit to Washington is in the interest of Iraq,” stressing “the necessity of reorganizing the relationship with the international coalition.”
Regarding the Kurdistan Democratic Party’s announcement of its boycott of the Kurdistan Regional Parliament elections next June due to its objection to the decisions of the Federal Supreme Court, Al-Abadi said, “The party’s positions must be clear regarding the decision to boycott the elections,” stressing that “the party’s withdrawal from the elections does not hinder them in the region from a formal standpoint, but Can a Democrat abandon the regional government?
Regarding the position of presidency of the House of Representatives remaining vacant, Al-Abadi affirmed, “This obstruction is not correct,” indicating that “the dispute is confined to the Sunni political forces, and we tend toward the option of deciding the position within the House of Representatives, and it does not necessarily belong to the largest Sunni bloc.”
He added, "A large majority of representatives may vote in favor of candidate Salem Al-Issawi."
Al-Abadi said, "The United Nations Mission in Iraq (UNAMI) is not strong and is not a decision-maker, but closing UN and international missions is not a good thing, and the Iraqi government is not moving toward that. link
Mot: ... NOOO Fair!! - Adults get to Practise All Yr Long too!!!
Mot: Happy Easter everyone! ~ Volker Kraft hung 10,000 Easter eggs on his apple tree in Saalfeld, Germany
German pensioner Volker Kraft decorates an apple tree with Easter eggs in the garden of his summer house, in the eastern German town of Saalfeld on Wednesday.
Every year since 1965 Volker and his wife Christa spend up to two weeks decorating the tree with their collection of 10,000 colorful hand-painted Easter eggs in preparation for Easter celebrations.
