Iraq Economic News and Points to Ponder Wednesday Afternoon 3-27-24
Iraq Economic News and Points to Ponder Wednesday Afternoon 3-27-24
Tlm724 Administrator Bondlady’s Corner
Welcoming Iraq's Accession To Membership In The European Bank
Economical 03/26/2024 Baghdad: Hussein Thaghab Economic and financial experts in the public and private sectors unanimously agreed on the importance of Iraq’s accession to membership in the European Bank for Reconstruction and Development, and that in all cases it represents an important step that enhances its position within the global labor market.
This accession comes at a time when the government and the Central Bank of Iraq are working to develop the Iraqi financial sector. And moving it to a better stage, commensurate with its economic weight on the global scene.
Executive Director of the Association of Iraqi Private Banks, Ali Tariq, told “Al-Sabah”:
Iraq needs such important steps that strengthen its financial position, at a time when efforts continue in full swing to develop the performance of the national financial sector, and that such partnerships will have a positive impact on National financial sector.
Iraq Economic News and Points to Ponder Wednesday Afternoon 3-27-24
Tlm724 Administrator Bondlady’s Corner
Welcoming Iraq's Accession To Membership In The European Bank
Economical 03/26/2024 Baghdad: Hussein Thaghab Economic and financial experts in the public and private sectors unanimously agreed on the importance of Iraq’s accession to membership in the European Bank for Reconstruction and Development, and that in all cases it represents an important step that enhances its position within the global labor market.
This accession comes at a time when the government and the Central Bank of Iraq are working to develop the Iraqi financial sector. And moving it to a better stage, commensurate with its economic weight on the global scene.
Executive Director of the Association of Iraqi Private Banks, Ali Tariq, told “Al-Sabah”:
Iraq needs such important steps that strengthen its financial position, at a time when efforts continue in full swing to develop the performance of the national financial sector, and that such partnerships will have a positive impact on National financial sector.
He stressed that the European Bank for Reconstruction and Development is an important financial institution, and that joining in itself is a positive step that complements the development effort that the country seeks, as everyone realizes that Iraq is an important field of work and a destination for many major international companies,
which requires us to work to keep pace with global developments in the financial sector. He pointed out that the efforts of the government and the Central Bank to develop the local financial sector are continuing and at their strongest, and such steps reinforce these trends, as they bring closer distances with important financial institutions.
The Prime Minister's Advisor for Financial Affairs, Dr. Mazhar Muhammad Salih explained the benefits of Iraq joining the European Bank for Reconstruction and Development. Saleh said to the Iraqi News Agency (INA):
“There is a positive syndrome between building the development strategy that is embodied today by the government’s philosophy of launching a development initiative with comprehensive sectoral economic ties, which is called the (Development Road) project,
which is the corridor and the strategic project that connects the countries of the European Union.” In Asia through Iraq and the Gulf sea lanes and vice versa on the one hand, and
the requirements for implementing the various stages of the development path through the role that Iraq’s membership in the European Bank for Reconstruction and Development occupies on the other hand, especially in the preferences for obtaining European technology and ensuring the role of European Union countries’ companies in implementing the path.
Development in all its aspects, whether in infrastructure, industrial production projects, and various logistical services.”
Financial and economic expert Dr. Salwan Al-Nouri described Iraq’s membership in the European Bank for Reconstruction and Development as important and strategic and puts Iraq on safe paths. ‘
He said: Iraq cannot achieve sustainable economic development without the presence of important global partnerships that accelerate the implementation of development plans, by providing supplies that effort cannot provide. Locally, at the same speed as our local effort, which is represented by advanced technology and capital.
Al-Nouri pointed out that the global effort can shorten the time and effort in the development process that Iraq seeks, as it has abundant capital and advanced equipment that can be used to serve the national economy, and this is not impossible, pointing out that such important partnerships with institutions have weight. On the global economic arena will enhance national development capabilities.
Economist Ahmed Maklaf said: Iraq’s accession to membership in the European Bank for Reconstruction and Development is a success in itself, as it contributes to changing the global outlook on the Iraqi business arena and moving it to a new stage,
especially since many international banks are still afraid of being present in the Iraqi market even though they are... Realizes the importance of Iraq on the global economic scene.
An official pointed out that the concerned authorities in Iraq must work towards building bridges of cooperation with the largest international financial institutions and be present inside Iraq with a weight commensurate with Iraq’s economic size,
especially since Iraq represents the focus of important work in the region and the world, and that bilateral partnerships with Iraq are of great benefit to all. the parties. https://alsabaah.iq/94058-.html
Preserving Foreign Reserves.. An Iraqi Academic Study Answers The Question “The Stability Of The Iraqi Dinar Against The Dollar”
Economy Dollar prices breaking Central Bank of Iraq Iraqi dinar 2024-03-25 12:46 Shafaq News/ At a time when the price of the dollar is still fluctuating between high and low, forcing the market to live in a state of some kind of confusion, because the hard currency constitutes an important tool in Iraqi trade, as it is a trade that depends on imports for most of the products in the local market,
On Monday, a researcher whose master’s thesis was discussed at the College of Administration and Economics at Tikrit University put forward some possible solutions for controlling the price of the dollar, as his thesis came about the role of the central bank and the currency selling window, their role in stabilizing the dinar against the dollar, and the importance of maintaining foreign currency reserves..
Researcher Ahmed Abdullah Akil told Shafaq News Agency, “The study aims to know and measure the extent of the impact of some of the central bank’s tools in achieving stability in the exchange rate of the Iraqi dinar against the US dollar during the period (2004 - 2022) in order to know the places of imbalance and negatives that hinder achieving Stability of the value of the local currency according to what is appropriate to the nature of the Iraqi economy, as
the goal of maintaining the value of the local currency was the primary goal of the bank, with the aim of maintaining the price level, which is essentially linked to the exchange rate of the local dinar against the US dollar.
He added, "The study variables were analyzed and measured according to the (Eviews 13) program, and it was found that there is a positive and significant relationship between some of the central bank's tools as independent variables and the official and parallel exchange rates as dependent variables in the short term, with some negative and positive correlations to some variables in the long term, as
It was noted that some tools were ineffective in influencing the currency exchange rate, such as the legal reserve, the rediscount rate, and open market operations, but the effect of some of them was limited to inflation.
He pointed out that "while the effect of the interest rate and the window was positive on the value of the local currency as a result of its reduction in the nominal exchange rate,
this indicates the ability of the central bank to influence the stability of the exchange rate of the local currency against the foreign currency, especially through the currency selling window throughout the study period,
except for some In the last years of the study period, the nominal exchange rate rose again, and so did the parallel market, by decision of the monetary authority represented by the Central Bank, for the purpose of confronting public expenditures and confronting the repercussions of the global health crisis related to the Corona epidemic and the accompanying decline in oil prices, which is the main source of the dollar. America because of the rentier nature of the Iraqi economy.”
He continued: “It was also noted that the gap between the official exchange rate and its counterpart in the parallel market increased due to the increased demand for foreign currency, and the study presented a number of recommendations, the most important of which is continuing the operation of the window without excessive use of foreign reserves and diversifying the sources of obtaining foreign currency by pushing the wheel of development and activating the real sector.” Industry and agriculture, in order to achieve a reduction in imports, which reduces the depletion of the currency,
in addition to tightening control measures to prevent the smuggling of foreign currency and actions that affect the supply of it, which contributes to the stability of the local currency exchange rate.”
He stressed that "continuing to operate the currency selling window without compromising on foreign reserves, and diversifying the sources of obtaining foreign currency so that the exchange rate does not remain hostage to oil prices as it is almost the only source of obtaining foreign currency."
He stated that "advancing the wheel of development in Iraq, activating the real sector, revitalizing industry and agriculture to reduce imports, relieving pressure on foreign dollar reserves, distancing the Central Bank from political pressures, granting it the necessary powers to deal with fluctuations in the economic situation, including exchange rate fluctuations, and tightening supervisory measures to prevent foreign currency smuggling." Abroad so as not to affect the supply of foreign currency, and thus the value of the local currency.”
The Tanker "Sumer" And The Financial Returns
Economical 03/26/2024 Walid Khaled Al-Zaidi The transportation sector is among the most important elements of the economy and a fundamental foundation in the development structure of any country that seeks progress and achieving the goals that its people aspire to, especially when it ossesses wealth, means of production, and manufactured materials to deliver them to distant markets through various means of transportation, including the sea, which is characterized by the ability to transport large quantities of goods. To long distances,
in addition to its low financial costs and its provision of safety in transportation between different ports, despite the long sea distances it travels compared to other means, Iraq is one of the economic centers that need sea transportation to deliver its petroleum crude products to global markets in the East and West and various countries..
The National Fleet for Transporting Iraqi Oil dates back to the year (1972) when the number of its tankers reached (22) tankers,
all of which were destroyed during the senseless wars that harmed Iraq, including the war in (1991) with the international coalition forces to expel the Iraqi army from Kuwait.
However, the Ministry of Oil is seeking Currently, through the Iraqi Transport Company, we are trying to restore the prestige of the fleet and revive its luster once again by contracting with the Norwegian company (Patsurfs Mandal) to build two giant tankers, the first called (Sumer), which has already arrived at the port of Khor Al-Zubair on the Gulf, and the other called (Akd) has not yet arrived, according to a contract. It was signed by the Ministry earlier.
The process of docking the Sumer oil tanker on the banks of the homeland, and the tanker was later confirmed, is a pioneering step taken by the Ministry of Oil with the aim of returning Iraq to the markets of Europe, Far East Asia and South America to transport hundreds of thousands of barrels of crude oil and a qualitative leap towards rehabilitating the fleet of oil tankers,
especially since the Iraqi Transport Company You did not think about contracting to buy these two tankers, but rather contracting with the Norwegian company to build and manufacture them according to purely national designs.
This is on the one hand, and this contract was also concluded with the Norwegian company that is most famous for manufacturing giant tankers in the world on the other hand.
These two things clearly indicate the sound vision of those in charge.
The ministry, which is keeping pace with the objectives of the government program to expand the area of benefiting from the elements of the national economy, should know that the national carrier of Iraqi oil crudes will save approximately one million dollars per month that was spent on leasing oil tankers from outside the country.
When the Ministry of Oil plans to own means of transporting its exports, it is achieving a promising start towards a comprehensive economic outlook to reduce the costs of selling Iraqi oil, avoiding its complications, and getting rid of the conditions and dictates of the owners of international transport companies that charge the country huge amounts of money and reduce the volume of Iraq’s imports from its oil sales over the past decades. billions of dollars,
and that delivering the loads of the produced crude to the farthest seas and oceans is an additional step to diversify the sources of supplying the state treasury with huge sums that can be invested in other projects in effective development areas, in addition to strengthening the Ministry’s fleet with modern tankers and giving priority to the national carrier and a serious contribution to revitalizing the vital oil sector and upgrading it. The level of performance of the Iraqi transport company to compete with similar giant international companies. https://alsabaah.iq/94059-.html
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Iraq Economic News and Points to Ponder Wednesday AM 3-27-24
Iraq Economic News and Points to Ponder Wednesday AM 3-27-24
Tlm724 Administrator Bondlady’s Corner
Iraq Warned The US Treasury To Leave The Dollar.” Parliamentary Finance: The Exchange Rate Will Continue To Decline
Politics |Yesterday, 19:45 |Baghdad today – Baghdad The Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Tuesday (March 26, 2024), that Iraq “warned” the US Treasury of the sanctions policy and the possibility of Iraq converting to other currencies if they continued, while indicating that exchange rates would continue to decline.
Al-Atwani said, according to a statement from his media office, received by “Baghdad Today, ”that “the American sanctions on private banks are political par excellence with the aim of putting pressure on the government,” stressing that “the American Treasury is exerting great pressure on private banks and that the Prime Minister will discuss this file during his upcoming visit to Washington.”".
He added: "We delivered a message to the US Treasury through the Central Bank of Iraq, that if this policy continues, Iraq will deal in currencies other than the dollar," pointing out that "Iraq is awaiting an invitation to join the BRICS economic group."
Iraq Economic News and Points to Ponder Wednesday AM 3-27-24
Tlm724 Administrator Bondlady’s Corner
Iraq Warned The US Treasury To Leave The Dollar.” Parliamentary Finance: The Exchange Rate Will Continue To Decline
Politics |Yesterday, 19:45 |Baghdad today – Baghdad The Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Tuesday (March 26, 2024), that Iraq “warned” the US Treasury of the sanctions policy and the possibility of Iraq converting to other currencies if they continued, while indicating that exchange rates would continue to decline.
Al-Atwani said, according to a statement from his media office, received by “Baghdad Today, ”that “the American sanctions on private banks are political par excellence with the aim of putting pressure on the government,” stressing that “the American Treasury is exerting great pressure on private banks and that the Prime Minister will discuss this file during his upcoming visit to Washington.”".
He added: "We delivered a message to the US Treasury through the Central Bank of Iraq, that if this policy continues, Iraq will deal in currencies other than the dollar," pointing out that "Iraq is awaiting an invitation to join the BRICS economic group."
On the other hand, Al-Atwani explained, “The committee is currently pressing towards amending the salary scale, and is seeking to resolve it before the end of this year, and is following up on the file of appointing 2020 lecturers to permanent staff, and requesting the Ministry of Finance to include their appointment within the Ministry of Education’s allocations for the year 2024,” pointing out that “The Ministry of Finance is awaiting approval of the budget schedules to launch financing for projects in all governorates.”
He pointed out that "Iraq needs to establish a culture of partnership between the private and public sectors in capital, implementation and management according to the principle of service in exchange for interest, and we must focus on maximizing non-oil revenues and developing various productive sectors, instead of excessive reliance on oil, and our constant emphasis on automating taxes and customs.
" And other government services with the aim of fighting corruption and developing 50% of the country’s non-oil imports,” noting that “more than 10 trillion is the state’s loss from tax exemptions.”
Regarding exchange rates, the head of parliamentary finance confirmed that “the exchange rate will continue to decline according to current data.”
Fiscal And Monetary Policies Succeed In Undermining The Parallel Dollar
Economical 03/27/2024 Baghdad: Haider Falih Al-Rubaie The exchange rates of the dollar in the parallel market witnessed a noticeable decline, reaching yesterday, Monday, around 146 thousand dinars per 100 dollars,
a number that specialists believe may decline further in the coming periods as a result of the success of the financial and monetary policies, stressing that the superiority of the official market, represented by the platform for selling the dollar.
The Central Bank, in meeting the needs of foreign trade, led to a decline in the effects of the parallel market for the green currency, while specialists attributed the reasons for this decline to the introduction of the customs automation program (ASYCUDA).
According to specialists, this decline constituted a positive factor in controlling the prices of goods and materials in local markets.
They expect inflation rates to decline in the coming periods if monetary policy continues to succeed in meeting foreign trade financing.
In an image that confirms the solidarity of the executive and legislative authorities to confront the effects of the parallel market,
the Parliamentary Finance Committee hosted earlier 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 the sale of the dollar between the official price and the parallel market, as well as foreign trade remittances. Through (the platform).”
Al-Alaq indicated during the hosting that there were 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, as it concerned with monitoring its activity.
In the midst of this, the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, believes 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 a decline in the effects of the market.” Parallel and receding Its illegal activities.
Saleh pointed out to the Iraqi News Agency “INA” that “the decline in the 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 containing seasonal price fluctuations for high-demand items,
specifically providing basic goods related to consumption and daily living for citizens,” noting “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 stability.”
price and guarantee 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.”
Confirming the views of the government advisor, the economic expert, Manaf Al-Sayegh, pointed out that “the existence of coordination measures between the financial and monetary policies indicates the presence of a sound reading among the pillars of the Iraqi economy, and that the strategy that was developed to enhance the value of the dinar has begun to bear fruit.”
However, Al-Sayegh, during his talk to “Al-Sabah,” urged the necessity of knowing the real measures that led to the decline in the parallel exchange rate to ensure its sustainability during the coming periods,
with the aim of absolutely controlling the green currency and preventing its rise again, stressing that
this decline in the exchange rate could achieve a number of economic gains,
The most prominent of which is controlling the prices of goods and materials in local markets, and reducing the rise in inflation rates during the coming periods, and therefore this is in the interest of Supporting individual economics.
Al-Sayegh pointed out that the past few days witnessed a clear decline in the demand for the dollar in the parallel market, which led to a decline in its exchange rate, indicating that the decline in demand resulted from meeting the needs of financing foreign trade by the Central Bank, and
therefore the dinar can gain a lot during the coming periods if it is filled. Most of the external financing needs of the private sector.
In turn, the specialist in economic affairs, Dr. Ali Daadoush, attributed controlling the exchange rate and reducing it in the parallel market, to the recent measures represented by the introduction of the Customs Data Automation Program (ASYCUDA) system, stressing that
this important government measure is an essential part of reducing the rise in the price of the dollar in Parallel market.
Dadoush also believes during his talk to “Al-Sabah” that “this decline will positively affect the level of per capita income, and will also push people who hoard the dollar to give it up and sell it, which could contribute to the continued decline in the exchange rate, indicating at the same time that
this decline in the currency Green prices will ultimately lead to a positive effect of controlling the prices of some goods necessary for the individual, while
the rest of the goods, especially luxury goods, will remain high as a result of their connection to global prices, which are high mainly as a result of global inflation. https://alsabaah.iq/94155-.html
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
"Tidbits From TNT" Wednesday Morning 3-27-2024
TNT:
CandyKisses: US State Department urges Baghdad and Erbil to end oil dispute
Mawazine News-Baghdad
The US State Department announced that the United States will continue to seek the resumption of the export of oil to the Kurdistan Region, an issue in which it has engaged “at the highest level,” calling on all parties to reach an agreement on this regard.
Washington is urging Baghdad and Erbil to work together, ministry spokesman Matthew Miller said at a press conference, noting that during their meeting today, the US and Iraq foreign ministers discussed the problems between Baghdad and Erbil.
In this regard, he pointed out that the US Secretary of State told his Iraqi counterpart that “stabilizing relations between Erbil and Baghdad will bring economic benefits to all Iraqis,” noting that “will be a good thing for the region, and we encourage the two partners to work together.”
TNT:
CandyKisses: US State Department urges Baghdad and Erbil to end oil dispute
Mawazine News-Baghdad
The US State Department announced that the United States will continue to seek the resumption of the export of oil to the Kurdistan Region, an issue in which it has engaged “at the highest level,” calling on all parties to reach an agreement on this regard.
Washington is urging Baghdad and Erbil to work together, ministry spokesman Matthew Miller said at a press conference, noting that during their meeting today, the US and Iraq foreign ministers discussed the problems between Baghdad and Erbil.
In this regard, he pointed out that the US Secretary of State told his Iraqi counterpart that “stabilizing relations between Erbil and Baghdad will bring economic benefits to all Iraqis,” noting that “will be a good thing for the region, and we encourage the two partners to work together.”
On Washington’s efforts to resume oil exports, he said that “the United States has engaged at the highest level in this issue, and we urge all parties to reach an agreement to resume the export of oil via the pipeline.”
CandyKisses: Iraq Refund Fund returns nearly 7 billion dinars to the Ministry of Finance
Baghdad Today - Baghdad
Today, Wednesday (March 27, 2024), the Iraq Fund announced the return of nearly seven billion dinars to the state treasure, as well as more than (300) dunums of agricultural land and three properties during the current year.
The Deputy Chairman of the Board of Directors of the Fund, Ayman Daoud Salman, said in a statement received by "Baghdad Today" that "the Fund was able during the current year (2024) to reveal accounts for the Republican Guard in the former regime , amounting to (4,386,303,138) billion dinars, and an amount of (1,918,486) million US dollars
Which is equivalent to (2,267,645,000) two billion dinars from the account of the General Company for Railways - Plan Projects, in Rafidain Bank, and was able to return the mentioned amounts to the Ministry of Finance's open account with the Central Bank, pointing out that it has already been Transfer funds to dormant accounts."
The statement added that "based on the law of seizure and confiscation of movable and immovable property belonging to the pillars of the former regime, and after conducting investigation, observation and verification of the information received about the existence of agricultural land still registered in the names of the former regime's cronies, an agricultural plot of land with an area of (300) dunums was detected and confiscated in the name of the so-called (Ali Hassan Al-Majeed) and his brothers in Kirkuk Governorate - Hawija District - Al- Multaqa district, noting the re-registration of the land in the name of the Ministry of Finance."
He pointed to "the detection of the process of forgery and sale of three residential houses in the Mansour area in Baghdad belonging to the Chief of Staff of the army in the former regime (Hussein Rashid Al-Tikriti)," stressing that "the houses with an area of (2210 m2) were returned to the Ministry of Finance, and the negligent were referred to the Integrity Commission, " explaining that "the Fund returned to the Ministry of Finance an agricultural property with an area of (5) dunams registered in the name of (Abdel Fattah Mohammed Amin) a former member of the Qatari leadership."
The statement stressed that "the return of the aforementioned properties was based on the provisions of Law No. (72 of 2017), which includes the seizure and confiscation of movable and immovable funds belonging to the pillars of the former regime, in coordination with the concerned authorities."
************
CandyKisses: Sudani confirms the movement of more than 490 projects and returns them to work in record time
Baghdad Today - Baghdad
Prime Minister Mohamed Shia Al-Sudani confirmed today, Wednesday (March 27, 2024), the movement of more than 490 projects and their return to work in a record time.
The Sudanese media office said in a statement received by "Baghdad Today", that "Prime Minister Mohammed Shia Sudani, conducted just before dawn today, an inspection tour at the site of the Eagles Square project, which is one of the projects to break traffic jams west of the capital, Baghdad, accompanied by the Minister of Construction and Housing, and the official of the Chinese company ChinaRailway. "
Al-Sudani "Suhoor Ramadan participated with the workers at the site, the employees of the resident engineer and engineering consultant department of the project, and employees of the executing company," according to the statement.
He also expressed his "appreciation for the continuation of work 24 hours a day and three meals a day, in order to speed up completion and bring the project into service."
Al-Sudani stressed, in a speech with the workers, that "this project is one of the most accurate and important projects for the movement of citizens in the capital," praising "the efforts of the workers at the site and the supporting bodies that The work is maintained in the spirit of one team
Mot: .. Twas the night before Easter!!!!
Mot: .. big deal hmmmmm
Iraq Economic News and Points to Ponder Tuesday Evening 3-26-24
Iraq Economic News and Points to Ponder Tuesday Evening 3-26-24
Tlm724 Administrator Bondlady’s Corner
"Al-Eqtisad News" Publishes The Decisions Of Today's Cabinet Session
Economy News – Baghdad In its session held on Tuesday, the Council of Ministers issued several decisions regarding working hours, opening roads, gasoline prices, and other files.
A statement issued by the Prime Minister’s Media Office, received by Al-Iqtisad News, said: “The Council of Ministers held its thirteenth regular session headed by Prime Minister Muhammad Shiaa Al-Sudani, during which the general conditions in the country were discussed, the most important service and economic files were reviewed, and the topics listed on the list were discussed.” agenda and take the necessary decisions thereon.”
According to the statement, the Council of Ministers approved the Eid al-Fitr holiday, starting from Tuesday, April 9, 2024, until Saturday, April 13, 2024, provided that official working hours in all government institutions will resume on Sunday, April 14, 2024.
Iraq Economic News and Points to Ponder Tuesday Evening 3-26-24
Tlm724 Administrator Bondlady’s Corner
"Al-Eqtisad News" Publishes The Decisions Of Today's Cabinet Session
Economy News – Baghdad In its session held on Tuesday, the Council of Ministers issued several decisions regarding working hours, opening roads, gasoline prices, and other files.
A statement issued by the Prime Minister’s Media Office, received by Al-Iqtisad News, said: “The Council of Ministers held its thirteenth regular session headed by Prime Minister Muhammad Shiaa Al-Sudani, during which the general conditions in the country were discussed, the most important service and economic files were reviewed, and the topics listed on the list were discussed.” agenda and take the necessary decisions thereon.”
According to the statement, the Council of Ministers approved the Eid al-Fitr holiday, starting from Tuesday, April 9, 2024, until Saturday, April 13, 2024, provided that official working hours in all government institutions will resume on Sunday, April 14, 2024.
The Council also voted, according to the statement, to consider March 31 and April 1, 2024, as an official holiday for members of the Christian community. On the occasion of their celebrations of Resurrection.
As part of the government’s steps to address traffic congestion and regulate the working hours of state departments, the Council of Ministers approved, according to the statement, the recommendations of the consultative meeting held on March 16, 2024, concerned with addressing traffic congestion, as follows:
1. Approving the start and end times of official working hours at the headquarters of ministries, the headquarters of their formations, and entities not affiliated with a ministry.
In the capital, Baghdad, for a period of (three months), as an experiment after the blessed Eid al-Fitr holiday, provided that it will be re-evaluated after the end of the aforementioned period by the committee formed according to the letter of the General Secretariat of the Council of Ministers dated January 23, 2023, according to the following details:
a. The official working hours begin for government departments in the Green Zone and the ministries of (Foreign Affairs, Planning, Agriculture, Water Resources, Environment, Migration and Displacement, Communications, Youth and Sports, Culture, Industry and Minerals), (Central Bank of Iraq, Federal Financial Supervision Bureau, Baghdad Municipality, and Aviation Authority). Civil), at seven in the morning and ends at two in the afternoon.
B. The official working hours for the three presidencies and the ministries (Interior, Defense, Health, Finance, Electricity, Justice, Labor and Social Affairs), the Ministry of Education and all associated schools and institutes, begin at eight in the morning, or according to the duties assigned to them by service and security departments and institutions, and end at Three in the afternoon.
C. The official working hours for the ministries of (Higher Education and Scientific Research, Transport, Trade, Construction, Housing, Municipalities, Public Works, and Oil) and (the Shiite and Sunni Endowment Offices, the Martyrs and Political Prisoners Institutions, the Aliyaj Authority for Hajj and Umrah, and the State Council, with the rest of the other bodies not mentioned) begin at Nine in the morning, and ends at four in the afternoon.
D. The official working hours for all public and private universities and colleges begin at ten in the morning, taking into account the adjustment of the weekly holidays for colleges and departments to achieve variation in working hours during the days of the week.
2. Obligating the ministries and agencies not affiliated with a ministry to activate the mass transportation system with no less than (30%) of their employees via buses located in the ministries and agencies not affiliated with a ministry, or through direct coordination with the Ministry of Transport/the General Company for Transporting Passengers and Delegations, and stimulating Employees are encouraged to participate in mass transportation by giving them a grace period to extend the morning footprint half an hour after the start of official work and the evening fingerprint half an hour before the end of official work.
3. Establishing pedestrian bridges for citizens to cross near colleges and hospitals, and ensuring that a fence is placed to prevent crossing except through the bridges.
4.Removing and removing illegal traffickers and street vendors on the sidewalks and streets, especially in the areas of Shorja, New Baghdad, and some crowded markets.
5. Studying the increase in vehicle registration fees in accordance with Council of Ministers Resolution (68 of 2016), amended by Council of Ministers Resolution (237 of 2016), and studying increasing customs duties for importing cars, on the condition that the Kurdistan Region of Iraq adheres to this increase.
6. Opening closed roads in some areas of Baghdad, including:
a. Al-Kargouliya (Al-Saddah) Road towards Al-Amin area.
B. Return the transfer gate near Al-Shaab Stadium.
7. Increase the price of improved gasoline to (850) dinars per liter, and premium gasoline to (1,250 dinars) per liter, as of May 1, 2024.
The statement added that in the field of developing electrical interconnection with neighboring countries, and based on the Federal General Budget Law (No. 13 of 2023), and the instructions for implementing the Budget Law for the fiscal years (2023, 2024, 2025), the Council of Ministers approved the recommendations of the Sovereign Guarantees Committee held on March 9. 2024 and the recommendation of the Ministerial Council for Energy (24022) for the year 2024 regarding the electrical interconnection between the government of the Republic of Iraq and the Electrical Interconnection Authority of the Gulf Cooperation Council countries, according to the following:
1. Issuing a payment guarantee in the amount of ($311,744,668), including the calculated interest.
2. The period is seven years, starting from the year 2025, for the benefit of the Gulf Interconnection Authority, according to what was stated in Cabinet Resolution (145 of 2022).
3. The expected cost of purchasing energy from the Iraqi-Gulf line will be on the basis of (Take and Pay).
4. Exempting the Gulf Interconnection Authority from the fees for issuing the guarantee stipulated in the Federal Financial Administration Law, according to their request, as they are a government entity and not investors, and because they do not realize profits from the project.
In the electricity sector, the statement continued that, in order to follow up on the establishment of electrical stations, the Council of Ministers agreed to authorize the Minister of Electricity to sign a letter of intent between the Ministry of Electricity and the international company (GE Vernova) to implement the projects included in the ministry’s plan.
The Council approved the recommendation of the Ministerial Council for Energy (24023 i) for the year 2024 regarding the implementation of technical and legal requirements. According to the following:
1. Commitment of the departments owning the lands allocated and specified for the establishment of secondary stations, which are (Baghdad Municipality, the Ministry of Finance/State Real Estate Department, the Ministry of Construction, Housing, Municipalities and Public Works, the Baghdad Governorate, Al-Nahrain University, the Ministry of Agriculture/Agricultural Lands Department, and the Directorate of Municipalities of the Three Governorates for the Central Region)
Wasit, Diyala and Anbar; implementing the decisions of the Council of Ministers (393 of 2019 and 169 of 2022) and the directives of the Prime Minister regarding the subject under discussion, and accelerating the facilitation of the allocation procedures and approvals and handing over to the Ministry of Electricity those lands according to the allocation position schedule for the aforementioned stations, which number (64).
Signed, regarding accelerating the facilitation of allocation procedures and approvals and handing over these lands to the Ministry of Electricity within (3 three months) working from the date of the response to the content of the aforementioned letter from the Ministry of Electricity, so that the Ministry of Electricity can begin referral procedures to international companies specialized in the field of energy and inclusion within international loans and initiate implementation. .
2. Forming a committee from the relevant departments (Baghdad Municipality - Designs Department, Baghdad Antiquities and Heritage Inspectorate, Central Region Governorates - Wasit, Diyala and Anbar, Roads and Bridges Directorate, Highway Traffic Directorate, Ministry of Oil - Oil Pipeline Company, Urban Planning Directorate in Baghdad and the concerned governorates
And the Directorates of Agriculture in Baghdad and the governorates of the Central Region and the Directorate of Water Resources, and the approval of the municipal departments regarding conflicts in the routes of the aforementioned lines and cables and their location in relation to the borders of the municipality in question, and the Ministry of Defense, and the Directorate of Communications for Baghdad and the aforementioned governorates),
headed by whomever the Council deems appropriate to secure the necessary approvals to implement the routes of the lines and cables.
Concerning the transmission of electrical energy (132 and 400) kV, to complete the projects within the specified times, and obligating the Ministry of Electricity to install the routes electronically.
Also in the energy sector, and to follow up on investment projects in it, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (24020 i) for the year 2024 according to the following:
Approval of amending Cabinet Resolution (312 of 2021) regarding the approval of the Ministerial Council for Energy’s Recommendation (100 of 2021) regarding the renewable energy report to become:
1. Reviewing the investment opportunity granted within Cabinet Resolution (312 of 2021), and it was not initiated and not implemented for any reasons (contractual or other).
2. Review the energy transferred to other companies.
3. Authorizing the Ministry of Electricity to evaluate and reconsider the investment opportunities previously granted, pursuant to Council of Ministers Resolution (312 of 2021) and those not referred, described in paragraph (1) mentioned above.
4. Opening the field of investment in solar energy to Iraqi and other international companies, taking into account the rapid development and changing global prices in the field of renewable energies; To take advantage of time, reduce the complexity of contracting procedures with investment companies, and speed up the introduction of energy into the national system. To fill the deficit, especially in the summer months.
According to the statement, the Council approved the exception of the companies winning the contracts for the Al-Khader and Al-Daraji water project from the period requirement (15) days, stated in the circular of the General Secretariat of the Council of Ministers, dated October 2023, provided that the foreign company is obligated to open a branch in Iraq within 3 months from the date of signing.
The contract includes procedures in the event of failure to register for a reason related to the company, and the procedures and effect must be agreed upon with the German Development Bank.
In this regard, the Council also approved issuing a directive to the Ministry of Commerce to direct Iraqi attachés abroad to inform companies wishing to work in Iraq to open branches, and to direct the Companies Registrar Department to facilitate the procedures.
The statement continued that, in the field of optimal investment of oil wealth and associated gas, the Council of Ministers agreed to authorize the Ministry of Oil to sign a memorandum of strategic cooperation with the American company (Honeywell), to invest gas and reduce flaring to a minimum, and to benefit from engineering expertise in the field of developing refineries, gas exploitation and petrochemicals.
Optimally, in the field of training and development of engineering and technical personnel, taking into account that the implementation of the memorandum does not entail any financial or legal obligations for the Ministry of Oil.
The Council followed up on service projects, as the Council of Ministers approved, according to the statement, the recommendation of the Ministerial Council for the Economy (24098 BC), which included approval to extend the duration of signing the contract for the project (Al-Wahda District sewers) for a month.
It also approved the recommendation of the Ministerial Council for the Economy (24116 Q) as follows:
Approval to grant Mega Projects Consultant Company (KBR) an operating advance (request for the first task order for preparations (logistics - technical - consultants)) and to hire a core team for the work, and to pay an initial completion rate to start work of (10%), amounting to ($2,223,626).
As an exception to the instructions to facilitate the implementation of the Federal General Budget Law for the fiscal years (2023 – 2024 – 2025) No. 13 of 2023, according to what was stated in the letter of the Ministry of Planning, dated March 14, 2024, provided that the Mega Projects Consultant Company (KBR) submits a letter A guarantee for the amount, in addition to a performance guarantee letter worth (5%) of the contract that will be provided by the aforementioned company.
The Council of Ministers agreed to:
1. Increase the total cost of the project (constructing the College of Physical Education swimming pool) to become (8,757,987,250 dinars)
2. The Ministry of Higher Education and Scientific Research and the University of Basra bear responsibility for the delay in resolving lagging projects, the validity and accuracy of all data and prices that were provided to the Ministry of Planning, and ensuring accuracy and checking requests and priorities before submitting them to the Ministry of Planning and avoiding many amendments.
As part of following up on oil projects, the Council of Ministers approved the Ministry of Oil’s request to increase the total cost of the project (delivering fuel to industrial and electrical projects to the pipeline company) to become (1,484,685,731,853 dinars).
The Council of Ministers followed up on the implementation of infrastructure for water projects in Diyala Governorate, and decided the following:
1. Reporting the violation to the General Directorate of Water; Because it implemented previous replacement orders (2, 3, 4, 6) before approaching the Ministry of Planning and obtaining the proper approvals to change the method of implementing the contract, from a turnkey contract to a contractor contract.
2. Changing the contract implementation method from a turnkey contract to a contract (schedules and quantities) according to the following:
A. Increasing the total cost of the (Salam Water, Al-Sarajiq and Al-Mansouriya/Diyala Water) project to become (108,013,603,945 dinars).
C. The Ministry of Construction, Housing, Municipalities and Public Works bears full responsibility for the truth and accuracy of the information submitted to the Ministry of Planning. The committees for preparing spare orders and moderating prices also bear the quantities, paragraphs, prices and specifications contained therein.
3. The Ministry of Construction, Housing, Municipalities and Public Works will carry out in-depth administrative procedures and investigations into all observations of the Federal Financial Supervision Bureau and refer the negligent party to justice.
The Council considered a number of issues on the agenda, according to the statement, and took the following decisions regarding them:
First: Approval of what was stated in the letter of the Ministry of Planning on March 24, 2024 regarding contracts for the general census of population and housing, provided that the Ministry bears responsibility for the integrity of the procedures.
Second: Approval of appointing individuals on the list provided and linked to the position of Director General, based on the provisions of the Civil Service Law (24 of 1960).
Third: Approval of what was stated in the letter of the Ministry of Health on March 25, 2024, regarding the establishment of hospitals with a capacity of 100 beds in Baghdad and the governorates, which included sending direct invitations to (3) specialized consulting offices, as an exception to the instructions for implementing government contracts.
The Council also approved the approval of what The Ministry of Health issued a letter dated March 24, 2024 regarding the hospital management and operation program, excluding the Ministry from the periods specified for the companies contracting with it to provide final insurance, for a period of one month.
Views 36 Added 03/26/2024 - https://economy-news.net/content.php?id=41893
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Goldilocks' Comments and Global Economic News Tuesday Evening 3-26-24
Goldilocks' Comments and Global Economic News Tuesday Evening 3-26-24
Good Evening Dinar Recaps,
We are rapidly approaching the April into May deadline for the MICA, EU’s Comprehensive New Crypto Regulation Standards. MICA stands for Markets in Crypto-Assets. MICA is being integrated with the DTCC. The Depository Trust and Clearing Corporation will process our new Global Digital transactions.
Essentially, Europe will be moving our new digital money through this new integration testing the speed, flow, and security of its movement. This is being done to make sure we have a smooth transition and implementation by May 28th, 2024.
This comprehensive industry testing is necessary to measure end-to-end processes such as trade executions to trade settlements along with non-standard settlement scenarios utilizing tokenized assets.
Goldilocks' Comments and Global Economic News Tuesday Evening 3-26-24
Good Evening Dinar Recaps,
We are rapidly approaching the April into May deadline for the MICA, EU’s Comprehensive New Crypto Regulation Standards. MICA stands for Markets in Crypto-Assets. MICA is being integrated with the DTCC. The Depository Trust and Clearing Corporation will process our new Global Digital transactions.
Essentially, Europe will be moving our new digital money through this new integration testing the speed, flow, and security of its movement. This is being done to make sure we have a smooth transition and implementation by May 28th, 2024.
This comprehensive industry testing is necessary to measure end-to-end processes such as trade executions to trade settlements along with non-standard settlement scenarios utilizing tokenized assets.
When this is finished, US Treasury and Repo Market mechanisms will be capable of being utilized. It will enhance data information for the Derivatives Market, Equity Markets, Instant Payments, Digital Ledger Transmissions and much more.
After this is completed, new rules and regulations can be applied for the governing lawful use of this new Quantum Technology inside our new Digital Asset-Based Trading System. DTCC 1 Securrency Coindesk
© Goldilocks
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"After rolling out its digital asset trading platform, German-based stock exchange Deutsche Börse has signaled an intention to proceed with an institutional-facing solution."
The Deutsche Bank has moved into a proposal phase in rolling out their digital assets business platform.
This will allow exchange attempts to be made with digital currencies representing each country's currencies to their institutional clients.
Remember, the Deutsche Bank touches every Bank around the world on some level, and the execution of this program will allow connections to be made between Banks who desire to exchange foreign currency.
The proposal phase includes the business idea, market analysis, management team, financial projections, and the terms and conditions of the funding. In other words, they are ready to move forward. Coingeek
© Goldilocks
~~~~~~~~~
There are several ISO 20022 Tokens. Each represents a set of assets that will flow through their Network.
Think of these Networks as channels that will move Tokenized Assets or Stocks that are now Digital.
This is a very important role in the new economy, and you can't tell me that these ISO20022 Tokens won't be valuable going forward.
The trick is to obtain them before the switch is turned on for them to move freely. At that time, we may see assets move into real values of significance overnight.
The first RV.
The second RV will be our paper currencies sometime after this event.
We are getting closer for those waiting on their paper currencies to change.
Hopefully, the two go together. I have not received information on this just yet, so we wait. Coincodex
© Goldilocks
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You might have heard of ETPs, ETFs, ETCs and ETNs, but what are these financial instruments exactly? How can they facilitate exposure to assets like cryptocurrencies for investors? | BitPanda
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The European Council has adopted the Instant Payments Regulation and it is now scheduled to come into effect in a little over two weeks. The deadline for compliance is far too tight, argues CGI’s Ainsley Ward | Electronic Payments International
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DBS Announcement:
Mumbai [India], September 13 (ANI/PR Newswire): DBS has launched real-time online tracking for cross-border collections for businesses in India in partnership with SWIFT Global Payments Innovation (gpi). DBS is the first bank in India and Asia-Pacific to offer this service to clients, which is expected to benefit close to 4000 corporate and SME clients in India, with numbers expected to grow further. Yahoo Finance
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The Federal Reserve Board released the hypothetical scenarios for its annual stress test, which helps ensure that large banks can lend to households and businesses even in a severe recession. | LA Times
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HSBC will be launching tokenized gold tomorrow to its retail clients, said Hong Kong chief digital officer Bojan Obradović during a panel at the «Milken Institute Global Investor’s Symposium». This will mark the first form of tokenized real-world asset that it is introducing to the segment. Finews
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Pre-validation: combatting fraud and minimising errors in payments - OMFIF
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What are the massive drivers of the future markets? The answer to this question lies in what the Central Banks are currently doing.
Buying gold.
© Goldilocks
~~~~~~~~~
BALTIMORE − A massive search effort was underway Tuesday for six construction workers who were on the Francis Scott Key Bridge in Baltimore when it was struck by a large cargo ship and collapsed into the Patapsco River, shutting down a critical artery for East Coast shipping, authorities said. | USA Today
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China puts trust in AI to maintain largest high-speed rail network on Earth | South China Morning Post
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London Stock Exchange (LSE) Will Start Market for Bitcoin and Ether ETN's May 28 | Coindesk
👆 Goldilocks pointed to this article
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Project Neo: gaining new economic insights with AI and novel data sources | BIS
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Iraq Economic News and Points to Ponder Tuesday Afternoon 3-26-24
Iraq Economic News and Points to Ponder Tuesday Afternoon 3-26-24
Tlm724 Administrator Bondlady’s Corner
Digital Tracking Reveals The Threads.. What Happened To The Dollar Exchange Rate In Iraq?
Economy 03-25-2024 | 14,205 views Al-Sumaria News – Economy Over the past few days, Iraqi citizens have been observing the rapid decline in the dollar exchange rates until it reached the stock market at 146 thousand dinars per 100 dollars.
In a quick look conducted by "Al-Sumaria News" to find out the reason for the rapid and continuous decline in exchange rates, we found a close connection between the variables of the exchange rate figures and the variables of the central bank's sales figures.
The dollar exchange rates on stock exchanges in Iraq between March 15 and 18 were at 150,000 dinars for every 100 dollars, and began to gradually decline after March 18, below 150,000 dinars.
Iraq Economic News and Points to Ponder Tuesday Afternoon 3-26-24
Tlm724 Administrator Bondlady’s Corner
Digital Tracking Reveals The Threads.. What Happened To The Dollar Exchange Rate In Iraq?
Economy 03-25-2024 | 14,205 views Al-Sumaria News – Economy Over the past few days, Iraqi citizens have been observing the rapid decline in the dollar exchange rates until it reached the stock market at 146 thousand dinars per 100 dollars.
In a quick look conducted by "Al-Sumaria News" to find out the reason for the rapid and continuous decline in exchange rates, we found a close connection between the variables of the exchange rate figures and the variables of the central bank's sales figures.
The dollar exchange rates on stock exchanges in Iraq between March 15 and 18 were at 150,000 dinars for every 100 dollars, and began to gradually decline after March 18, below 150,000 dinars.
The exchange rate on March 18 was 149.6 dinars per dollar, and it dropped to 149.5 and then 148.8. The gradual decline also continued two days ago to 147.5, until today, March 25, the exchange rate reached 146.5 dinars per dollar.
On the other hand, by monitoring the Central Bank’s sales of dollars, it appears that sales were less than $220 million and stable at this level throughout the past weeks and months, but since March 17, that is, on the date of the start of the rapid decline in the exchange rate on March 18,
it appears that sales On March 14, the Central Bank jumped above $235 million for the first time in many months, and the rise continued on March 17, reaching more than $240 million,
and on March 18, it reached more than $242 million, and on March 19, it reached more than $245 million, and on March 20, it reached more than $242 million.
In March, it reached more than $250 million, and continued until today, March 25, with numbers hovering around $250 million.
From this, it appears that the Central Bank’s sales of the dollar increased by more than 13%, while the dollar exchange rates decreased by 3% during the past two weeks.
It seems that the Central Bank of Iraq began to cover the need for trade dollars, and merchants began to buy quantities of dollars from the parallel market, and began to head to the Central Bank’s window, especially with the facilities that were granted to gold and cigarette merchants, who represent the largest percentage of merchants evading the platform and the currency selling window. The official government resorts to buying dollars from the parallel market. LINK
Iraq And Britain Sign The First Agreement In The Field Of The Stock Market
Economy News – Baghdad The Securities Authority announced, on Tuesday, the signing of a joint cooperation agreement with the British Chartered Institute for Securities.
The Chairman of the Authority, Faisal Al-Haims, said in a statement seen by Al-Eqtisad News, “The agreement has been worked on by the Securities Authority for almost a year, and the signing of an agreement in cooperation between the Securities Authority and the British Royal Institute in licensing the capital markets is a high professional certificate recognized in all countries.” Countries of the world".
Al-Haims pointed out, "This agreement represents a qualitative shift in the work of brokers in the stock market in terms of financial mobilization for the performance of companies and their ability to add new skills, not in the Iraqi stock market, but in other markets, both regional and global."
He added, "The articles of the agreement include the possibility of organizing training courses for Iraqi cadres to benefit from the experiences of financial markets in countries around the world, and developing the professional framework by imposing the qualifications of the Chartered Institute for Securities and Investment on local Iraqi institutes specialized in the field of securities."
Views 61 03/26/2024 - https://economy-news.net/content.php?id=41888
Oil: The Gas Sector Is Witnessing Great Development
Tuesday 26, March 2024 15:06 | Economical Number of readings: 335
Baghdad / NINA / The Ministry of Oil announced that the gas sector is witnessing great development, indicating that it aims to maximize national production.
The Ministry stated in a statement: “Today, the Undersecretary for Gas Affairs, Izzat Saber, chaired a meeting to discuss the five-year plan for the gas sector, which included the companies specialized in gas affairs and the relevant departments at the Ministry’s headquarters.”
She added: "The meeting included a discussion of the five-year plans and development and investment programs for the projects of the Basra Gas Company and the South Gas Company, and the fields of licensing rounds."
According to the statement, the Undersecretary for Gas Affairs stressed “the importance of accelerating the implementation of plans for optimal investment of gas wealth within the government program that aims to maximize national production, stop burning gas, and convert it into useful energy to supply and meet the needs of the electricity sector and industries related to its consumption,” noting that “the sector Gas is witnessing great development to convert associated gas into useful energy.”
He explained, "The Ministry has previously contracted with specialized international companies to invest gas from all promising oil fields," pointing out that "these projects are under implementation to implement their plans and programs to gradually supply national production with new quantities, including the Halfaya, Nasiriyah, Gharaf, and Basra gas projects, in addition to New contracts with Total and the gas investment project in the Nahran Bin Omar field, in addition to the fifth, fifth “supplement” and sixth licensing rounds.
He expressed his hope that it would “add large quantities to national production.”/ End 7
Iraq To Purchase 50 New Trains For The Development Road’s Railways
Amr Salem March 25, 2024 A train in Iraq. Photo: Iraqi News Agency
Baghdad (IraqiNews.com) – The Iraqi Ministry of Transport revealed on Monday that the government has authorized a proposal to purchase 50 new trains from foreign manufacturers to service a 1,200-kilometer railway that is currently under construction.
The information director at the Iraqi Transport Ministry, Maytham Safi, told the Iraqi News Agency (INA) that 66 percent of the design studies for the project known as the Development Road have been finished and the path of the railway has been chosen.
The Development Road is the name given by the Iraqi government to what was known as the dry canal that connects the Al-Faw Grand Port in southern Iraq with the Turkish territories through railway networks and roads.
The Development Road includes a railway where trains will pass through 10 Iraqi governorates.
The Iraqi Prime Minister, Mohamed Shia Al-Sudani, stated earlier that the Development Road represents a global corridor to transport goods and energy.
Al-Sudni illustrated that the project includes a railway to transport goods, with a capacity of 3.5 million tons in its first phase that will be increased to 7.5 million tons in the second phase.
The Iraqi Prime Minister elaborated that the project will also include a highway for land transport and pipelines to transport energy, in addition to the Al-Faw Grand Port and the industrial city expected to be one of the largest in the Middle East.
The project will generate many job opportunities for Iraq and the countries of the region, as well as opportunities for industries and businessmen, and it will be a center attracting global trade.
Many Arab, regional, and European countries have expressed their willingness to participate in Iraq’s Development Road project, either by pumping in investments or taking part in the construction works, as it constitutes an important link between Asia and Europe.
The value of the project is estimated at $17 billion. It will connect the Al-Faw Grand Port in southern Iraq to the border with Turkey by extending a railway and road network.
The project is expected to turn the country into a transit center by shortening the travel time between Asia and Europe in an attempt to compete with Egypt’s Suez Canal.
https://www.iraqinews.com/iraq/iraq-to-purchase-50-new-trains-for-the-development-roads-railways/
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Some "Tuesday News" Posted by Clare at KTFA 3-26-2024
KTFA:
Clare: From Tuesday until Saturday.. Iraq announces the Eid al-Fitr holiday
3/26/2024
The Iraqi government announced the Eid al-Fitr holiday, which extends from the ninth of next April until the 13th.
The media office of the Iraqi Prime Minister said in a statement, received by Shafaq News Agency, that the Council approved considering the Eid al-Fitr holiday, starting from Tuesday, April 9, 2024, until Saturday, April 13, 2024, provided that official working hours will resume in all government institutions, On Sunday, April 14, 2024. LINK
KTFA:
Clare: From Tuesday until Saturday.. Iraq announces the Eid al-Fitr holiday
3/26/2024
The Iraqi government announced the Eid al-Fitr holiday, which extends from the ninth of next April until the 13th.
The media office of the Iraqi Prime Minister said in a statement, received by Shafaq News Agency, that the Council approved considering the Eid al-Fitr holiday, starting from Tuesday, April 9, 2024, until Saturday, April 13, 2024, provided that official working hours will resume in all government institutions, On Sunday, April 14, 2024. LINK
Clare: Parliamentary Finance: Budget tables arrive before the Eid holiday
3/26/2024
The Parliamentary Finance Committee expected that the budget tables for the current year 2024 would arrive in the House of Representatives before the Eid al-Fitr holiday.
Committee member, Moeen Al-Kazemi, said in a press statement, “The 2024 budget schedules have not yet arrived from the government, even though we are in the month of March, and the government was supposed to send them before the end of last year and submit them to Parliament for approval,” noting, “The Ministry of Finance has completed The proposed amendments to the budget.”
He added that the Ministry of Planning has completed the investment budget and now the tables are in the body of advisors at the Prime Minister’s Office and have been presented to the Prime Minister, expecting that “the amendments to the 2024 budget will reach the House of Representatives before Eid al-Fitr.”
On March 13, the Ministry of Finance announced the completion of data related to the 2024 budget schedules, the inclusion of texts, and sending them to the Council of Ministers.
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed {to Al-Furat News} that the House of Representatives’ approval of the budget schedules for the year 2024 does not hinder their implementation. LINK
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Deputy: Al-Sudani will raise the issue of lifting sanctions against Iraqi banks in Washington
3/26/2024 Baghdad
The representative of the Coordination Framework, Arif Al-Hamami, confirmed that Prime Minister Muhammad Shiaa Al-Sudani sought to negotiate directly with American officials to withdraw their forces from Iraq and end the tasks of the international coalition.
Al-Hamami said in an interview followed by Mawazine News: “Al-Sudani will emphasize the security partnership and support of the Iraqi forces in the field of training and armament, and work to lift the American veto on Iraq’s contract to purchase advanced air defense systems,” indicating the existence of “an undeclared American veto so that The Iraqi sky is under American control and it penetrates it whenever it wants without any deterrent.”
Al-Hamami added, “Al-Sudani’s discussions in the White House will focus on the financial and economic file, especially related to the American sanctions on some Iraqi banks, and the impact of that on Iraq, and seeking to lift those sanctions and working to find a mechanism to pay Iraq’s foreign debts.”
The visit to Washington is considered a protocol procedure used by successive Iraqi government heads after the US invasion of Iraq in 2003, and it usually occurs in the first months of assuming office.
However, Al-Sudani’s visit, in his capacity as head of a government emerging from a political alliance (the Coordination Framework), which declared on more than one occasion his opposition to the United States and his work to remove its military presence from the country, may take it out of its usual context this time, especially since the files that Al-Sudani is carrying to Washington will not Be acceptable to America. LINK
Clare: Preserving foreign reserves.. An Iraqi academic study answers the question “The stability of the Iraqi dinar against the dollar”
3/25/2024
At a time when the price of the dollar is still fluctuating between high and low, forcing the market to live in a state of some kind of confusion, because the hard currency constitutes an important tool in Iraqi trade, as it is a trade that depends on imports for most of the products in the local market, On Monday, a researcher whose master’s thesis was discussed at the College of Administration and Economics at Tikrit University put forward some possible solutions for controlling the price of the dollar, as his thesis came about the role of the central bank and the currency selling window, their role in stabilizing the dinar against the dollar, and the importance of maintaining foreign currency reserves. .
Researcher Ahmed Abdullah Akil told Shafaq News Agency, “The study aims to know and measure the extent of the impact of some of the central bank’s tools in achieving stability in the exchange rate of the Iraqi dinar against the US dollar during the period (2004 - 2022) in order to know the places of imbalance and negatives that hinder achieving Stability of the value of the local currency according to what is appropriate to the nature of the Iraqi economy, as the goal of maintaining the value of the local currency was the primary goal of the bank with the aim of maintaining the price level, which is essentially linked to the exchange rate of the local dinar against the US dollar.
He added, "The study variables were analyzed and measured according to the (Eviews 13) program, and it was found that there is a positive and significant relationship between some of the central bank's tools as independent variables and the official and parallel exchange rates as dependent variables in the short term, with some negative and positive correlations to some variables in the long term, as It was noted that some tools were ineffective in influencing the currency exchange rate, such as the legal reserve, the rediscount rate, and open market operations, but the effect of some of them was limited to inflation.
He pointed out that "while the effect of the interest rate and the window was positive on the value of the local currency as a result of its reduction in the nominal exchange rate, this indicates the ability of the central bank to influence the stability of the exchange rate of the local currency against the foreign currency, especially through the currency selling window throughout the study period, except for some In the last years of the study period, the nominal exchange rate rose again, and so did the parallel market, by decision of the monetary authority represented by the Central Bank, for the purpose of confronting public expenditures and confronting the repercussions of the global health crisis related to the Corona epidemic and the accompanying decline in oil prices, which is the main source of the dollar. America because of the rentier nature of the Iraqi economy.”
He continued: “It was also noted that the gap between the official exchange rate and its counterpart in the parallel market increased due to the increased demand for foreign currency, and the study presented a number of recommendations, the most important of which is continuing the operation of the window without excessive use of foreign reserves and diversifying the sources of obtaining foreign currency by pushing the wheel of development and activating the real sector.” Industry and agriculture, in order to achieve a reduction in imports, which reduces the depletion of the currency, in addition to tightening control measures to prevent the smuggling of foreign currency and actions that affect the supply of it, which contributes to the stability of the local currency exchange rate.”
He stressed that "continuing to operate the currency selling window without compromising on foreign reserves, and diversifying the sources of obtaining foreign currency so that the exchange rate does not remain hostage to oil prices as it is almost the only source of obtaining foreign currency."
He stated that "advancing the wheel of development in Iraq, activating the real sector, revitalizing industry and agriculture to reduce imports, relieving pressure on foreign dollar reserves, distancing the Central Bank from political pressures, granting it the necessary powers to deal with fluctuations in the economic situation, including exchange rate fluctuations, and tightening supervisory measures to prevent foreign currency smuggling." abroad so as not to affect the supply of foreign currency, and thus the value of the local currency.” LINK
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Clare: Signing an Iraqi-British agreement for joint cooperation in the stock market
3/26/2024
The Securities Commission announced, on Tuesday, the signing of a joint cooperation agreement with the British Chartered Institute for Securities, which includes the exchange of information related to financial training programs, confirming that the agreement represents a qualitative shift in the work of brokers in the stock market.
Deputy Chairman of the Securities Commission, Nagham Hussein, told Shafaq News Agency, “Today, the Iraqi Securities Commission signed a cooperation agreement with the British Chartered Institute for Securities and Investment, which stipulates the establishment of a framework for cooperation and exchange of information related to financial training programs for securities markets and services to develop and maintain capabilities.” HR".
She added, "The articles of the agreement include the possibility of organizing training courses for Iraqi cadres to benefit from the experiences of financial markets in countries around the world, and developing the professional framework by imposing the qualifications of the Chartered Institute for Securities and Investment on local Iraqi institutes specialized in the field of securities."
For his part, Chairman of the Securities Commission, Faisal Al-Haims, told Shafak, “The agreement has been worked on by the Securities Commission for about a year. The signing of an agreement in cooperation between the Securities Commission and the British Royal Institute in licensing the capital markets is a highly professional certificate recognized in all countries of the world.”
He pointed out that "this agreement represents a qualitative shift in the work of brokers in the stock market in terms of stimulating the financial performance of companies and their ability to add new skills, not in the Iraqi stock market, but in other markets, both regional and global." LINK
Iraq Economic News and Points to Ponder Tuesday AM 3-26-24
Iraq Economic News and Points to Ponder Tuesday AM 3-26-24
Tlm724 Administrator Bondlady’s Corner
The Secret Of The Dollar’s Decline: The Parallel Market Lost Its Customers And Demand For The Platform Increased Four-Fold
Economy 03-26-2024 | 17,082 views Al-Sumaria News – Economy The Deputy Governor of the Central Bank of Iraq confirmed that external commercial transfers through the official SWIFT system have increased significantly and jumped from $50 million per day to $200 million now.
Deputy Governor of the Central Bank, Ammar Khalaf, said that transactions via the Central Bank’s electronic platform - which ensures compliance with the SWIFT system - have witnessed a significant increase, and many foreign trade transactions are now conducted through the platform,” according to Agence France-Presse.
He added, "At the beginning of 2023, transactions amounted to $50 million per day, and now we have about $200 million, which is proportional to the size of the Iraqi economy."
Iraq Economic News and Points to Ponder Tuesday AM 3-26-24
Tlm724 Administrator Bondlady’s Corner
The Secret Of The Dollar’s Decline: The Parallel Market Lost Its Customers And Demand For The Platform Increased Four-Fold
Economy 03-26-2024 | 17,082 views Al-Sumaria News – Economy The Deputy Governor of the Central Bank of Iraq confirmed that external commercial transfers through the official SWIFT system have increased significantly and jumped from $50 million per day to $200 million now.
Deputy Governor of the Central Bank, Ammar Khalaf, said that transactions via the Central Bank’s electronic platform - which ensures compliance with the SWIFT system - have witnessed a significant increase, and many foreign trade transactions are now conducted through the platform,” according to Agence France-Presse.
He added, "At the beginning of 2023, transactions amounted to $50 million per day, and now we have about $200 million, which is proportional to the size of the Iraqi economy."
Khalaf said, "We noticed that the cases of rejections by the US Federal Reserve on remittances have decreased recently because banks have realized the international requirements and because merchants know better what is required to transfer their money."
Khalaf said: “We are in constant contact with the US Treasury to try to lift the ban on some banks,” hoping that the talks will yield “good and positive results.”
Perhaps this matter reveals the real secret of the decline in the exchange rates of the dollar against the dinar, as there is only a small part remaining, perhaps equivalent to 25 million dollars per day, that buys the dollar from the parallel market, while the rest of the types of foreign trade have begun to take place through the central bank and in a fundamental manner according to the announced numbers. LINK
Government Source: All Government Banks Adopted The Simple Decreasing Interest Method Instead Of Fixed Interest
Economy News – Baghdad On Monday, Prime Minister Muhammad Shiaa Al-Sudani directed government banks to adopt simple decreasing interest on loans and advances.
Views 80 03/25/2024 - https://economy-news.net/content.php?id=41858
Investing In Iraq's Natural Wealth Is A Step Towards Economic Integration
Money and business Economy News _ Baghdad Experts in financial and economic affairs called for investing the enormous natural resources that Iraq possesses in a scientific and systematic manner that contributes to removing the country from the cycle of the “one-way rentier” economy represented by oil and gas, to reach integration in various industrial, agricultural and commercial aspects.
According to the classification of international economic institutions, Iraq ranks ninth in the world in terms of its possession of raw natural resources, amounting to approximately 16 trillion dollars.
Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, said in an interview with “Al-Sabah” followed by “Al-Iqtisad News,” that “Iraq ranks ninth in the world in the value of natural resources and wealth stored in the ground - which the global economic circles estimate as stored wealth at prices.” prevailing - at least 16 to 17 trillion US dollars.”
He explained that “the reports of the geological survey experts in Iraq confirm that the country has the first reserve in the world of sulfur and the second reserve of phosphate after Morocco,” noting that “the reports were previously completed by the experts of the Iraqi Geological Survey, within the project (identifying reserves), as For example, approximately 10 billion tons of phosphate and others were discovered.”
Saleh added, “With the exception of the current investment in oil and gas wealth, the Iraqi economy has the opportunity to optimally exploit these mineral and other natural resources,” noting that “the draft economic reform law and the natural resources investment law constitute Iraq’s future strategy for the birth of investment partnerships with the private sector in accordance with A broad production chain that goes beyond extraction and export, so that the extraction outputs go to the manufacturing of the raw materials themselves as inputs, which are chains that will undoubtedly generate and maximize added value.”
He explained that "such an approach is one of the country's economic diversification policies and the elimination of (rentier unilateralism), and it is an approach that undoubtedly creates a solid development base based on creating exports to global markets with high-value export revenues that are in the interest of the current account of the Iraqi balance of payments."
He noted that "such a policy of investment, partnership and development requires a pattern of investment rates that maximize production and annual national income, the basis of which is certainly the investment and production partnership between the state and the private sector."
The specialized international economic website Statista published a report on the natural resources possessed by the countries of the world, where Iraq ranked ninth in the world, as it possesses 15.9 trillion dollars in natural resources, and its desert terrain contains oil, natural gas, phosphate and sulfur, according to the website.
For his part, the head of the Regional Center for Studies, Ali Al-Sahib, said, “Iraq possesses many important natural resources, especially expensive materials such as sulfur and mercury, in addition to gas, coal, etc., and therefore it was possible for Iraq to escape from the so-called (Dutch bug) in terms of Its dependence on oil alone, in addition to the possibility of achieving a significant increase in its financial income, which would raise the purchasing power of the Iraqi individual.”
He noted that "Iraq's investment in these minerals and gas, in addition to oil - and it possesses the second oil reserve in the world - qualifies it to be one of the rich countries, despite the fact that the living reality of the Iraqi individual is witnessing negative repercussions due to the presence of a corruption system that ravages the Iraqi body and strikes its institutions."
He added, "Iraq does not possess - especially after 2003 - the devices and equipment capable of extracting these riches buried in the ground, but it can contract with major international companies specialized in this matter in order to achieve a qualitative leap in the economic and even industrial fields. With this measure, it will have moved far, even if "Partly based on dependence on oil revenues."
Views 79 03/26/2024 - https://economy-news.net/content.php?id=41868
Stability Of The US Dollar Exchange Rates On The Baghdad Stock Exchange
Economy Tuesday, March 26, 2024 12:29 PM Baghdad/National News Center The exchange rates of the US dollar stabilized on Tuesday morning in Baghdad markets, with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 147,400 dinars for every 100 dollars, which are the same prices that were recorded yesterday, Monday.
Buying and selling prices also stabilized in the exchange shops in the local markets in Baghdad, as the selling price reached 148,500 dinars, while the purchasing price reached 146,500 dinars for every 100 dollars. https://nnciraq.com/251539/
The Central Bank Sells About A Quarter Of A Billion Dollars At Auction Today
Money and business Economy News – Baghdad The Central Bank of Iraq announced, on Sunday, its sales of hard currency, amounting to about 250 million dollars in today’s transactions, according to the official rate of 1310. The bank’s data showed that the total internal cash withdrawals amounted to 14,330,000 dollars, while the total amounts of transfers abroad, which include remittances. The credits amounted to $235,620,923, while the total sale amounted to $249,950,923. Views 73 3/25/2024 - https://economy-news.net/content.php?id=41834
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Provoking Thoughts and Points to Ponder on Buying & Selling
A fair price for oil is whatever you can get plus ten to twenty per cent - Anonymous
A decision is the action an executive must take when he has information so incomplete that the answer does not suggest itself - Arthur William Radford
An extravagance is anything you buy that is of no earthly use to your wife - Franklin P. Jones
What costs nothing is worth nothing - Anonymous
Keep thy shop and thy shop will keep thee - Ben Jonson
Everything is worth what its purchaser will pay for it - Publilius Syrus
There is hardly anything in the world that some man can't make a little worse and sell a little cheaper, and the people who consider price only are this man's lawful prey - John Ruskin
Cheat me in the price but not in the goods - Thomas Fuller
When you buy, use your eyes and your mind, not your ears - Czechoslovakian proverb
People will buy anything that's one to a customer - Sinclair Lewis
http://famousquotesandauthors.com/topics/buying_and_selling_quotes.html
"Tidbits From TNT" Tuesday 3-26-2024
TNT:
Tishwash: Parliament receives the 2024 budget schedules before Eid
The Parliamentary Finance Committee expected the current year’s budget schedules to arrive in Parliament before the Eid al-Fitr holiday.
Committee member, Moeen Al-Kazemi, told Al-Sabah: The 2024 budget schedules have not yet arrived from the government even though we are in the month of March and the government was supposed to send them before the end of last year and submit them to Parliament for approval, indicating that the Ministry of Finance has completed the amendments. Proposed to
the budget.
He added that the Ministry of Planning has completed the investment budget and now the tables are in the body of advisors at the Prime Minister’s Office and have been presented to the Prime Minister, expecting that the amendments to the 2024 budget will reach the House of Representatives before Eid al-Fitr. link
TNT:
Tishwash: Parliament receives the 2024 budget schedules before Eid
The Parliamentary Finance Committee expected the current year’s budget schedules to arrive in Parliament before the Eid al-Fitr holiday.
Committee member, Moeen Al-Kazemi, told Al-Sabah: The 2024 budget schedules have not yet arrived from the government even though we are in the month of March and the government was supposed to send them before the end of last year and submit them to Parliament for approval, indicating that the Ministry of Finance has completed the amendments. Proposed to
the budget.
He added that the Ministry of Planning has completed the investment budget and now the tables are in the body of advisors at the Prime Minister’s Office and have been presented to the Prime Minister, expecting that the amendments to the 2024 budget will reach the House of Representatives before Eid al-Fitr. link
Tishwash: Why the Iraqi ruling elites pivot to China
Over the past 15 years, China has executed a strategy in Iraq that has been incredibly effective. Although the two countries recently commemorated their 65th anniversary of friendship, arguably this relationship really began in earnest in 2007 when the two countries’ presidents met and China agreed to cancel Iraq’s debt.
China’s debt relief served as a prelude to its eventual entry into the Iraqi oil industry, and included renegotiating oil agreements which were held since 1997 under Saddam Hussein’s regime. The preference of Iraq’s elites for China has significantly bolstered the Sino-Iraqi relationship. In just under three decades, Iraq’s exports to China have seen a huge rise, growing at an annualized rate of 50.3 per cent, from $564,000 in 1995 to $34 billion in 2022. By February 2024, Chinese firms have come to oversee two-thirds of Iraq’s oil production output, showcasing the depth of their involvement in the country’s economy.
Iraq views China as an ideal partner
China and Iraq are complementary partners in many respects. China is one of the world’s largest oil users, and Iraq is an oil-rich country with more than 140 billion barrels of reserves. Since Iraq is one of the major oil suppliers to Chinese refineries, energy is undoubtedly important to the partnership. Its increasing dominance in the energy sector has also given China a platform to grow in other Iraqi industries. As a result, China controls a large number of other sectors in Iraq, such as trade which reached around $50 billion in 2023, according to Shoresh Khalid, Iraq’s ambassador to Beijing. China is also growing in sectors like telecommunications, solar energy and e-government, aiming to reach a point where Iraq is largely reliant on China.
China’s meteoric rise in Iraq is the outcome of capitalizing on the unique sociopolitical, economic and geopolitical conditions in the Middle Eastern country. China has proven that it can take advantage of the intricate state-to-non-state dynamics in Iraq. In addition to local and domestic structures, both Iran and the US, through their indirect struggle in Iraq, have played a role in making that happen. Therefore, the multilayered relationship between China and Iraq differs from other relationships in many ways and defies the common formal relationship between states. In this sense, the formal state-to-state relationship between China and Iraq also includes party-to-party and individual roles.
The ruling class in Iraq and their political economy fit more comfortably with the Chinese model of governance than with the Western model. This convergence is not only a result of Beijing’s policy of non-interference in the domestic affairs of other countries or its avoidance of using reprimanding rhetoric. There are similarities between the Chinese and Iraqi models in terms of the role that political parties play in governance, corruption, dislike of human rights, democracy and other purported Western ideals. When it comes to political economy, under the influence of the Chinese model, doubling down on development rather than democracy has become central to Iraq’s political planning, as is apparent with China-backed projects like the ‘development road’ project, oil for infrastructure, and others.
The elites in Iraq believe that the Chinese model is the best way to rapidly and extensively re-build their country. Since visiting China, a number of Iraqi officials have voiced their admiration for the Chinese model. After visiting in 2019 with the Iraqi prime minister, the former Minister of Energy Luay Al Khatteeb wrote, ‘We went to China in search of speed in execution, efficiency in performance, quality in production, competition in offers, technological advancement, and an honest and balanced long-term strategic partnership’. Al Khatteeb later changed his mind and now cautions the Iraqi government about the risks associated with over-reliance on China’s oil companies.
Other members of the same 2019 delegation expressed admiration in a similar way, according to my interviews. The former prime minister Adel Abdul Mahdi, leading the delegation, may be seen as a key player in aligning the Sino-Iraqi relationship – as is Jalal Talabani, the PUK leader and former president of Iraq. For a while in their lives, Abdul Mahdi and Talabani were both Maoists.
China’s ability to navigate between state and non-state
The Iraqi political economy is notorious for politically sanctioned systematic corruption, which is carried out and condoned at the highest levels. China accepts this as an element of the local and cultural way of life and does not challenge it. Chinese companies have been engaged in paying bribes abroad, a phenomenon that President Xi Jinping recently identified and is trying to tackle under the Foreign Related Rule of Law.
One example of corruption is through manipulating subcontracts, such as the contract to build 1,000 schools by Chinese companies to accommodate the growing number of students in the country as a part of the oil-for-construction deal. However, the deal raised a number of questions. For instance, why does Iraq require a Chinese company to construct schools when local companies can do it? Asking this question in the context of Iraq’s political-economic system gives it a distinct resonance. Infrastructure and contracting are one of the major areas of corruption in the country. When the Chinese companies involved in the school-building project ‘subcontracted the contracts at a much reduced price to Iraqis’, local companies created opportunities for political parties and militias to take their cut of the deal.
Corruption both as a norm and a practice makes the elites and institutions in Iraq favour China. However, this support is conveyed quietly, especially after Abdul Mahdi’s toppling and the myth that signing deals with China led to his removal as prime minister. While corruption is also present among Western companies operating in Iraq, the preference of the Iraqi political elite for Chinese companies stems not merely from their tolerance of questionable practices. A significant factor is that Chinese firms do not interfere with Iraq’s relationship with Iran, a nation under Western sanctions.
China and the Federal Commission on Integrity of Iraq signed a memorandum of understanding in December 2023 for the prevention and fight against corruption. This sought to create a secure business climate for international enterprises in Iraq, particularly Chinese businesses. The memorandum indicates that corruption does exist in Iraq and that it must be combated.
At the same time, the memorandum also embodies another of the mutually acceptable traits that defines the Sino-Iraqi connection – namely, a lack of transparency. It is the memorandum that governs China’s ties with Iraq; as such, parliament has no say in the matter. In reality, China disdains parliaments in general, and relates to both the Kurdistan and the Iraqi national parliaments in the same way. According to the Iraqi MP Muthanna Amin, the parliament had no interactions with China in the last 10 years.
China focuses instead on political parties in Iraq, especially through party-to-party links. This is in part due to China’s strong focus on the executive branch of the Iraqi government and in part to avoid publicity and maintain a low profile.
Through the Communist Party of China’s Central Committee and International Department, Beijing has relations with 11 Iraqi political parties, according to a senior Kurdistan Democratic Party (KDP) cadre. Altogether, these different Chinese approaches combine to maintain and enhance Iraq’s current political culture and practices. Additionally, those approaches could support China’s civilizational approach to international affairs, which places a high value on social and cultural resistance to Western hegemony, alongside a stress on sovereignty and non-intervention. This translates into supporting the maintenance of the status quo in Iraq.
China is expanding its influence in the Iraqi government, especially among many of the political parties that back Prime Minister Mohammed Shia’ al-Sudani. In addition to dominating the oil sector, trade and industry, there is social and political backing for the relationship. For instance, the notable Chinese construction firm CMEC signed a memorandum of understanding with the Al-Muhandis Group, which has affiliations with the Popular Mobilization Forces (PMF) in Iraq.
Another unusual feature of the relationship is an ostensibly grassroots Iraqi campaign called the Popular Movement for the Silk Road, which has held rallies, conferences and meetings from Karbala to Basra advocating for closer economic ties with China and shunning Western, South Korean and Saudi Arabian investment opportunities. The movement’s popularity in Iraq and its prolific activity signal the extent to which advocating for Chinese commercial interests resonates with certain political groups that want to reap the benefits of foreign investment while maintaining their stance against the West.
Chinese influence on wider Iraqi society
Iraq’s governing elites are accomplishing many objectives by turning their focus to China. They are seeking to reduce the influence of the US and other Western powers in Iraq in order to eliminate all obstacles to achieve their national goal – unrestricted access to resources and maintaining control over the country. Furthermore, by maintaining Iraq’s dependence on China, the Iraqi elites are trying to preserve the status quo – that is, to retain their private armed groups and elude legal consequences – because they know China is unlikely to contest any of these things.
A low profile, an aversion to publicity and risk, and the speed in which it has developed makes the Sino-Iraqi relationship opaque and mysterious. The economic and political footprint of the relationship has expanded so quickly that Iraqi elites and society at large are struggling to fully comprehend it. Consequently, Iraqis might have to grapple further with the implications of this relationship, especially as the country suffers from weak state institutions and weaker civil society. link
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Tishwash: The Venezuelan President announces that he was subjected to a failed assassination attempt during a rally in Caracas
Venezuelan President Nicolas Maduro announced that he had been subjected to a failed assassination attempt during a rally in central Caracas on Monday.
Mexico - Sputnik . “Today here [in Plaza Diego Ibarra] two armed men were preparing to assassinate me,” Maduro told a large crowd of supporters in Plaza Diego Ibarra after his candidacy was included in the electoral lists to participate in the 2024 presidential elections in July.
He pointed out that "the two detainees admitted that they belong to the far-right fascist Fente Venezuela party."
He stated that the criminals were arrested during the march of the president's supporters before the rally that took place near the National Electoral Council building.
Venezuelan Prime Minister Noam Fernandez announced earlier the arrest of three men who entered the demonstration with explosive devices to assassinate Maduro .
Maduro announced earlier that 5 right-wing opposition "plots" had been foiled in 2023, including plans to assassinate him. link
Mot: ... Howdy !!!!!
Mot: ... Logic... its Just Logic
MilitiaMan: Iraqi Dinar - IQD Update - Strength Dinar - Automation ASYCUDA - World Bank - Disbursement - Formula
Iraqi Dinar - IQD Update - Strength Dinar - Automation ASYCUDA - World Bank - Disbursement - Formula
MilitiaMan and Crew: 3-25-2024
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 Update - Strength Dinar - Automation ASYCUDA - World Bank - Disbursement - Formula
MilitiaMan and Crew: 3-25-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Goldilocks' Comments and Global Economic News Monday Afternoon 3-25-24
Goldilocks' Comments and Global Economic News Monday Evening 3-23-24
Good Afternoon Dinar Recaps,
We have several countries becoming Basel 3 compliant this year along with building their foreign exchange reserves. This is why we are witnessing numerous currency reforms taking place in so many countries at this time. The IMF has been meeting with many of these countries the past few years to prepare them for this moment. Investopedia 1 Investopedia 2
© Goldilocks
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I have an important phone contact to make in about 3 minutes dealing with gold. I will report on it when I get back.
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Interbank Lending Services is over between Banks as of March 11th, 2024. This has led to more price pressure on Gold especially as we have countries beginning to decrease their rates all around the US. Here, is where Basel 3 compliance brings in new support and new liquidity mechanisms.
Goldilocks' Comments and Global Economic News Monday Afternoon 3-25-24
Good Afternoon Dinar Recaps,
We have several countries becoming Basel 3 compliant this year along with building their foreign exchange reserves. This is why we are witnessing numerous currency reforms taking place in so many countries at this time. The IMF has been meeting with many of these countries the past few years to prepare them for this moment. Investopedia 1 Investopedia 2
© Goldilocks
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I have an important phone contact to make in about 3 minutes dealing with gold. I will report on it when I get back.
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Interbank Lending Services is over between Banks as of March 11th, 2024. This has led to more price pressure on Gold especially as we have countries beginning to decrease their rates all around the US. Here, is where Basel 3 compliance brings in new support and new liquidity mechanisms.
The US has currently decided to hold their rates until the next FOMC meeting. This holds price pressures on the dollar to remain strong. It is, also, why we talked about Gold and the US Dollar rising together in the end game.
And now, we have China taking the lead on putting even more price pressures on Gold to rise even further. It is believed that China "now" controls the price of gold at this time. Inadvertently, the challenge to the US Dollar World Reserve Asset is beginning to come into play.
The transition into gold will change everything. It is "an idea whose time has come."
We are looking at minimal pressure at this point on the US dollar as the World Reserve Asset, but this story is just beginning. Kitco Bitcoin FX Street
All roads lead to gold, and gold will set us free.
© Goldilocks
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Gold and the US Dollar. The currency war has just begun between the East and the West. Volatility with the US Dollar and Gold is to be expected.
The numbers presently in the future's Market will be changing rapidly depending on who is winning the war.
Behind every war, a currency battle is usually at the heart of them all. MENA FN
© Goldilocks
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IMPORTANT NEWS IRAQ PM TO VISIT WASHINGTON DC April 15th | Youtube
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Tunisia: New foreign exchange law will have positive impact on Tunisia's relations with donors | Zawya
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World Bank to share more data to attract private investors to developing countries | Devdiscourse
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We currently have a heavily weighted Retail Market. When Retail Investors begin to sell their stocks, watch what happens on the markets.
© Goldilocks
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"Pressure Mounts for the Japanese Yen as US Dollar Shows Continued Strength"
Japanese yen faces pressure as USD/JPY approaches historic highs, intervention speculation rises
Investing
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"The Japanese rules on liquidity inflows are compliant with the Basel III standards."Basel Committee on Banking Supervision | BIS PDF
Yes, the Japanese yen is capable of currency intervention, but we will have to see what they do.
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Russian Digital Assets Announcement:
This week Vladimir Putin signed a law that allows the use of digital financial assets (DFAs) for foreign trade payments. Russia’s concept of DFAs includes tokenized assets and financial instruments issued through central bank-regulated institutions.
When DFAs were first introduced, tokenizing precious metals proved popular. So far digital platforms have supported the issuance of more than 350 instruments (https://www.ledgerinsights.com/russian-rating-agency-acra-sees-banks-dominating-rwa-tokenized-assets/), including bonds, trade finance, and a variety of other offerings. Ledger Insights
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BRICS countries will see the highest surge in millionaires globally over the next decade | MSN
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Sri Lanka is building their foreign exchange reserves announcement:
A combination of less festive/New Year demand for imports, lack of disposable incomes and increasing remittances along with enhanced foreign exchange flows from tourism has restored the Sri Lanka rupee to favourable proportions against the dollar. | Sunday Times
Sri Lanka adopted Basel III capital standards in 2017 and capital requirements for Sri Lankan banks have increased. | Trade
The review, once approved by the IMF's board, will release $337 million in funding for the island nation. Sri Lanka defaulted on its overseas debt in May 2022 after a severe shortage of foreign exchange reserves triggered the worst financial crisis since independence from Britain in 1948. 4 days ago -- Reuters
IMF praises Sri Lanka’s economic reforms | Sunday Observer
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Planning applications you may have missed this week | The Northern Echo
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HANOI (Bernama-Xinhua): The sustainable bond market in East Asian countries expanded 29.3 percent in 2023, outpacing the 21 percent growth of the global and euro-area sustainable bond markets, according to an Asian Development Bank (ADB) report released to the media.
The latest edition of the Asia Bond Monitor said that sustainable bonds in the Association of South-East Asian Nations (ASEAN) members, China, Japan, and South Korea, collectively as ASEAN+3, reached US$798.7 billion by the end of 2023, accounting for around 20 percent of global sustainable bonds.
By the end of 2023, the global sustainable bond markets had reached US$4 trillion, bringing environmental and social benefits to the countries through sustainable bonds financed projects and programs.
ASEAN sustainable bond issuance made up a higher share of local currency financing and long-term financing in 2023, driven by public sector participation, ADB Chief Economist Albert Park said.
The report also said financial conditions in emerging East Asia improved marginally between Dec. 1 and Feb. 29, as the US Federal Reserve was expected to ease its monetary stance. Inflation continued to moderate, and most economies posted sound economic growth in the region. - Bernama-Xinhua The Star
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Don't be surprised if the XRP Ledger doesn't replace the Petro Dollar Agreement.
Watch the water. 😉
© Goldilocks
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Things can change very quickly in the markets. Open interest contracts or climbing.
© Goldilocks
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