Goldilocks' Comments and Global Economic News Wednesday Afternoon 4-3-24

Goldilocks' Comments and Global Economic News Wednesday Afternoon 4-3-24

Good Afternoon Dinar Recaps,

Executive Order 13303 Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has An Interest.

Signed by   GEORGE W. BUSH THE WHITE HOUSE, May 22, 2003.   Executive Order 13303

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EXECUTIVE ORDER 13303 HAS BEEN LIFTED:

"Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has an Interest"

The lifting of this executive order 13303 and the movement from that account to an Iraqi2 account allows Iraq to trade their oil revenue payments in the Iraqi dinar, instead of, the dollar.

The protections of the United States Dollar mechanisms is no longer needed for Iraq since they are integrated into the Digital Asset Based Trading System at this point.

We just recently witnessed their auctions being done successfully on these new digital mechanisms, and it secured their money in the transfers very well.

The oil production of Iraq will now be traded in the Iraqi Dinar. It will begin to place price pressures and demand for the Iraqi Dinar going forward. Let's take a look at the areas of disbursements this will affect for Iraq. See below paragraph.

"Disbursements: To date, disbursements from the DFI have been in support of the wheat purchase program, the currency exchange program, the electricity and oil infrastructure programs, equipment for Iraqis security forces, and for Iraqi civil service salaries and ministry budget operations."

These new demands now being traded in the Iraqi dinar will create price pressures that form new price actions on the market. Appreciations on a country's currency making these moves are expected.
Kurdistan24    OFAC Treasury    GovInfo Library

Watch the water.

© Goldilocks

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Research at the Central Bank of Iraq revealed a decrease in the ratio of non-performing loans to total credit.

The Department of Statistics and Research said that the ratio of non-performing loans to total cash credit witnessed a decline, reaching (6.3%) during the year 2023, compared to (7.2%) in 2022, while in 2021 it recorded (8.8%) and in 2020.

It reached (8.9%), and the department added that the ratio of non-performing loans to total deposits for the year 2023 recorded a rate of (3.2%) compared to the last three years, as it was recorded in 2022 (3.4%), while in 2021 it reached (4.9%) while It was (5.2%) in 2020.

The Central Bank of Iraq confirms that this percentage is an indicator of the efficiency of the Iraqi banking sector in its endeavor to develop its products and adopt new methods and advanced systems for granting credit and reducing the risks of default in accordance with the contexts followed globally.
 
Central Bank of Iraq  information Office  4/3/2024   https://cbi.iq/news/view/2542

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WORLD SILVER SURVEY 2024
Posted on 11 08, 2023
"World Silver Survey, the Silver Institute’s most influential publication will be released on April 17 in New York City and April 19, 2024 in Mexico City. The Institute will issue a press release with the report’s findings on the 17th and post the 2024 edition to our website. A library of past Survey’s can be found here: World Silver Survey Library (https://www.silverinstitute.org/all-world-silver-surveys/)."

Here is what you can expect. There is a strong expectation that we currently have a short squeeze taking place in the silver market.

This will affect the Banking System as so many trades back and forth daily on the COMEX paper trades have propped the system up.   Silver Institute

Are we about to see a second decoupling event in the Commodity Market?

Hi ho Silver. Away.

© Goldilocks

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We have seen a decoupling event in copper, silver is in the process, and gold is around the corner.

These are the Commodity Assets that supports our Global Economies.

When they are free to find their real values, the movement into the new digital asset based trading system will have a new liquidity base for real values.

© Goldilocks

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For new prices on Silver and Gold. Watch the US Debt Clock.  https://www.usdebtclock.org/

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Hong Kong Banking Announcement:

HKMA is in the process of providing guidance for their banking system on the adoption of a Digital Ledger Transmission system.

The DLT will allow Tokenized Assets from their Markets to be processed through their banking system - digitally.

On the retail side, it will help their point of sales purchases inside their local economy.

It is also important to note that Hong Kong has already gone through crypto regulations in their Stablecoin which represents their currencies that were tested and approved by many countries to work with them in trade.  Ledger Insights   LeeWayHertz   Wikipedia

The last article below will give you an idea of their trading partners.

© Goldilocks

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Do you remember the words sewn on to your clothes? "Made in Hong Kong." They trade in sooooooo many countries around the world.

Now, reread the above article on Hong Kong, and you will see why this is so important.

© Goldilocks

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THE SILVER BREAKOUT: Off To $48? | Mike Maloney & Tavi Costa | Youtube

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Take a close look at silver's cup and handle formation.  Right behind it is a coil.

Silver is on the cusp of a breakout. This cup and handle has been forming on Silver for over 47 years.

This shift is very close to the time when we moved from a gold standard to a fiat system.

It has been one of the indicators to watch for traders that will allow us to know when the next system is close in hand.

As we continue to transition into a new digital economy, it will be the commodity bull market that will lead the way.

© Goldilocks

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20% Yield On XRP AMM | Youtube

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Stablecoin Expansion Continues Even as Bitcoin (BTC) Rally Appears to Stall | Coindesk

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Iraq Economic News and Points to Ponder Wednesday AM 4-3-24

Iraq Economic News and Points to Ponder Wednesday AM 4-3-24

Tlm724 Administrator Bondlady’s Corner

Sudanese Advisor: The World Bank Plays A Positive And Supportive Role For The Iraqi Economy

Economy | 05:45 - 04/03/2024  Mawazine News - Baghdad,  the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Wednesday, that the World Bank plays a positive and supportive role for the Iraqi economy, and its team in Baghdad represents the advisory arm for the government program.

Saleh said, “The World Bank Group in Iraq launched its new relationship with our country in accordance with what was stipulated in UN Security Council Resolution 1483 in May 2003, and it is undertaking the task of mobilizing financial and technical assistance to support Iraq’s efforts to restore confidence in the economy, build its foundations, and reduce the burden of its debt, in cooperation with the Fund.” International Monetary.

He added, "After years of wars and conflicts that affected the country's infrastructure since the 1980s and Iraq's severance and isolation from the world and multilateral international organizations, the bank contributed by taking its active role after the year 2003, especially in managing a number of development financing funds for the benefit of our country's economy."

He continued, "This was done by managing the funds provided by donor countries to Iraq under the Madrid Donors Conference held in October 2003, or by contributing to supporting the private sector through the role assumed by the International Finance Agency (IFC) as one of the arms of the World Bank Group active with the private sector."

As well as through the Bank’s role in supporting some aspects of development and facilitating ways of stabilizing our economy, including providing soft loans provided by the World Bank to support the national economy on various occasions during the last twenty years, specifically during the dual financial and security crisis to confront the ISIS terrorist gangs and the decline in oil prices after... The year 2014.”

He added, "The World Bank also played a role in improving the governance of economic life and rebuilding the requirements of a more powerful and modern digital and development era for the benefit of our country in many areas, in addition to contributing to rebuilding livelihoods by enabling social welfare programs and providing them with plans and programs that address issues of combating poverty."

He pointed out, "The World Bank works closely with international partners to support economic reforms, specifically in the financial, banking, and public finance sectors."

Saleh continued, “The World Bank today is not only a financing institution, but rather a bank that provides knowledge and its tools based on its accumulated experience that has reached nearly eighty years.

Since its founding in 1945, Iraq was at the forefront of the founding countries of the World Bank Group and the International Monetary Fund, and this is how the bank is viewed.” The International Bank is currently considered an “information and knowledge bank.”

https://www.mawazin.net/Details.aspx?jimare=245252

Stability In Dollar Exchange Rates In Baghdad, Basra And Erbil

Wednesday 03, April 2024 12:04 | Economical Number of readings: 200 

Baghdad / NINA / The exchange rates of the dollar against the dinar witnessed stability this Wednesday morning in Baghdad, Basra and Erbil.    Below is a list of dollar selling prices:

$100 = 147,200 dinars in Baghdad  * $100 = 147,300 dinars in Basra *  $100 = 147,600 dinars in Erbil.

https://ninanews.com/Website/News/Details?key=1119329

The Financial Advisor To The Prime Minister Reveals The Size Of Iraq's External And Internal Debts

Mazhar Muhammad Salih, the financial and economic advisor to the Prime Minister, revealed the size of Iraq's foreign and internal debts, while indicating a government plan to pay them.

Saleh told Baghdad Today that Iraq’s external debt is very small and constitutes less than 30% of the country’s gross domestic product, and this percentage is less than the standard and safe percentage, which is 60% according to European Union standards. He explained

that Iraq has A plan to repay these debts, the remainder of which is less than $20 billion, approximately one-third of which will be repaid during this year and may decrease significantly over the next few years.”

He added that the largest debt is internal, and this debt does not pose any risk, as it is within government financial institutions, and is not a debt between individuals and the government, and about (98%) is debt between the government, government banks, the Central Bank of Iraq and the Ministry of Finance,” indicating that “there is a plan To settle these debts in the future in a way that does not constitute any burden.”

The financial advisor to the Prime Minister pointed out that “the internal debt is estimated at 50 billion dollars, but it is within the official government financial institution, and the Central Bank controls approximately (64%) of it,” stressing that “The external debt is the most important and Iraq is committed to paying it.   https://www.radionawa.com/all-detail.aspx?jimare=37864

The American Ambassador: Benefiting From Kurdistan's Oil Can Help Iraq Towards Energy Independence

Energy   Economy News – Baghdad  The US Ambassador to Iraq, Alina Romanowski, confirmed that benefiting from the Kurdistan Region's oil and gas will help Iraq towards independence in the field of energy.

Romanowski said on the X platform: “In preparation for the Sudanese Prime Minister’s visit to the United States, I discussed with Federal Oil Minister Hayan Abdul-Ghani Iraq’s independence in the field of energy for the benefit of the Iraqis.”

The American ambassador added: "Benefiting from the oil and gas found in the Kurdistan Region of Iraq can help Iraq on its path toward energy independence."

It is noteworthy that the Iraqi Ministry of Electricity intends to purchase gas from the Kormor field in Sulaymaniyah Governorate in the Kurdistan Region to meet the needs of production stations “in the northern region.”  Views 63  Added 04/03/2024 - https://economy-news.net/content.php?id=42142

A Slight Increase In The Prices Of Basra Heavy And Light Crude Oil

Economy | 10:59 - 04/03/2024  Mawazine News – Baghdad  The prices of Basra Heavy and Medium crude oil rose slightly today, Wednesday, with the rise in oil prices in global markets.

Basra Heavy crude prices rose 42 cents to reach $83.43, and Basra Medium crude prices rose 42 cents to reach $86.81.

Global oil prices rose as a larger-than-expected decline in US crude inventories and escalating geopolitical tensions raised investor concerns about tight supplies.

https://www.mawazin.net/Details.aspx?jimare=245208

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

Provoking Points To Ponder On Failures and Mistakes

 Virtually nothing comes out right the first time. Failures, repeated failures, are finger posts on the road to achievement. The only time you don't want to fail is the last time you try something.... One fails forward toward success.- Charles F. Kettering

A clever man commits no minor blunders.- Johann von Goethe

Sometimes a noble failure serves the world as faithfully as a distinguished success.- Edward Dowden

No man ever progressed to greatness and goodness but through great mistakes.- Frederick W. Robertson

The credit belongs to the man who is actually in the arena; whose face is marred by dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions, and spends himself in a worthy cause; who, at the best, knows in the end the triumph of high achievement; and who, at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat.- Theodore Roosevelt

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

http://famousquotesandauthors.com/quotes_by_topic.html

"Tidbits From TNT" Wednesday 4-3-2024

TNT:

Harambe:  Zimbabwe Set to Announce Fate of Local Currency After 73% Plunge - Bloomberg 4-3-24

Zimbabwe’s currency plunged to yet another record low as citizens rushed to the safety of the US dollar amid speculation an announcement from the central bank on the fate of the local unit is imminent. 

The Zimbabwe dollar traded at 22,476 against the greenback, taking its losses this year to 73%, the world’s second-worst performance only after the Lebanese pound. A sense of urgency has gripped the nation after authorities brought forward the start date of the new governor, John Mushayavanhu, by a month.

The local media reported the move was made to announce a new currency plan that may include embracing the gold standard.

The southern African nation’s unstable currency risks sending the nation back into hyperinflation 15 years after its old local dollar had to be abandoned. The latest two Reserve Bank of Zimbabwe governors, John Mangudya and Gideon Gono, failed to bring order to the exchange rate despite multiple efforts.

These included the launch of gold coins and gold-backed digital tokens under Mangudya’s watch, while Gono repeatedly slashed zeros off banknotes as hyper-inflation spiraled and topped 231 million percent in 2008.

“What we are seeing is anxiety and people preferring to hold US dollars,” said Lloyd Mlotshwa, head of research at IH Securities, a Harare based brokerage. “This signals reverting to a place of safety ahead of the currency announcement.”

Local media reports at the weekend said Mushayavanhu, who assumed office on March 28 instead of  as planned, may announce at the end of this week the new currency policy in a monetary policy statement, which has been delayed for almost two months. 

The central bank has not given a date on the release of the monetary-policy statement that was originally scheduled for February but had been deferred to give policymakers time to finetune the currency plan. 

David Mnangagwa, the country’s deputy finance minister, said last week the statement’s release was imminent, attributing volatility in the exchange rate to “anxiety and anticipation” over the policy’s delay.

Meanwhile, the premium for dollars in the parallel market over official rates has widened 60% to as much Z$36,000, according to which monitors the exchange rates. 

 https://www.bloomberg.com/news/articles/2024-04-02/gold-standard-beckons-zimbabwe-dollar-as-new-governor-set-to-reveal-new-policy

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Tishwash:  Iraqi economy faces threat as US closes oil revenue account

According to the letter, Iraq maintained this account with the US Federal Reserve Bank, allowing it to receive oil revenues in dollars and utilize them to cover essential expenses in accordance with agreements with the United States.

 In a recent development that has raised concerns over the stability of the Iraqi economy, the United States has closed the account through which Iraq collects revenue from its oil sales.

This revelation came to light through a letter addressed to the Finance Committee of the Iraqi Parliament, dated March 18, 2024.

The letter, signed by Ammar Khalaf, Deputy Governor of the Central Bank, outlines the closure of the account known as the Development Fund for Iraq (DFI), which has been operational since 2003.

The DFI, under the supervision and protection of the United Nations and the United States, served as a crucial mechanism for Iraq to collect and manage its oil revenues.

According to the letter, Iraq maintained this account with the US Federal Reserve Bank, allowing it to receive oil revenues in dollars and utilize them to cover essential expenses in accordance with agreements with the United States.

However, with the closure of the DFI account, Iraq's oil revenue is now being directed to a new account, referred to as IRAQ2. This transition raises concerns among experts, including finance and banking specialist Kamaran Qadir Yaqub, who warns that the protection previously afforded to Iraq's revenue may no longer be guaranteed.

Yaqub emphasizes the risk that IRAQ2 could be vulnerable to potential interference or manipulation by the United States, posing a significant threat to Iraq's financial stability.

In addition to the closure of the DFI account, the letter also sheds light on a contractual arrangement between Iraq and a US company for the transportation of dollars from the United States to Iraq. Under this contract, Iraq paid a security deposit of $441,000, with a transportation fee of $216,310 for each convoy of dollars.

The closure of the DFI account and the implications for Iraq's financial security highlight the complex dynamics of international financial relations and the vulnerability of countries reliant on oil revenue. As Iraq navigates these challenges, stakeholders closely monitor developments to assess the impact on the country's economic stability and future prospects    link 

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Tishwash:  The Central Bank is preparing a report to lift the ban on 28 Iraqi banks

 Today, Wednesday, the Parliamentary Investment and Development Committee revealed steps by the Central Bank to lift the ban on 28 banks, while indicating that the private sector will participate with the public sector in many strategic projects.

The head of the Parliamentary Investment and Development Committee, Hassan Al-Khafaji, said in a statement followed by “Al-Iqtisad News”: “The committee proposed to the Governor of the Central Bank, Ali Al-Alaq, to ​​support private private banks and involve them in loans,” explaining that “the governor confirmed his support after lifting minor violations against some banks.” . 

He pointed out that "the governor of the Central Bank promised to submit a report to the US Treasury to lift the ban on Iraqi banks, which number 28 private banks," expecting "the ban on those banks to be lifted during the coming period."

The Chairman of the Parliamentary Investment and Development Committee affirmed “his committee’s support for the private sector as it is the strategic partner and ally of the public sector, and a country cannot progress and prosper without the private sector,” pointing out that “the private sector will participate with the public sector in many important strategic projects, electrical, industrial, and others   link

Mot:  .. why are You Late.. didnt YOu Hear the Alarm Clock! -- Yes I Did and ~~~

Mot:  . OK - OK - BUT!- How bout Opening the Door just a Little ! K 

Iraqi News Highlights and Points to Ponder Wednesday AM 4-3-24

Iraqi News Highlights and Points to Ponder Wednesday AM 4-3-24

The Central Bank is preparing a report to lift the ban on 28 Iraqi banks

Economy News – Baghdad   Today, Wednesday, the Parliamentary Investment and Development Committee revealed steps by the Central Bank to lift the ban on 28 banks, while indicating that the private sector will participate with the public sector in many strategic projects.

The head of the Parliamentary Investment and Development Committee, Hassan Al-Khafaji, said in a statement followed by “Al-Iqtisad News”: “The committee proposed to the Governor of the Central Bank, Ali Al-Alaq, to ​​support private private banks and involve them in loans,” explaining that “the governor confirmed his support after lifting minor violations against some banks.” .

He pointed out that "the governor of the Central Bank promised to submit a report to the US Treasury to lift the ban on Iraqi banks, which number 28 private banks," expecting "the ban on those banks to be lifted during the coming period."

The Chairman of the Parliamentary Investment and Development Committee affirmed “his committee’s support for the private sector as it is the strategic partner and ally of the public sector, and a country cannot progress and prosper without the private sector,” pointing out that “the private sector will participate with the public sector in many important strategic projects, electrical, industrial, and others.”

Views 44 04/03/2024 - https://economy-news.net/content.php?id=42149

Collecting Parliamentary Signatures To Reject The Government’s Decision To Raise Gasoline Prices

Information / Baghdad...A parliamentary source reported, today, Wednesday, that a signature campaign had been collected within the House of Representatives to reject the government’s decision to raise gasoline prices.

The source, who preferred to remain anonymous, told Al-Maalouma, “The campaign will be launched when the House of Representatives sessions resume.”

He added, "Parliament representatives are convinced that raising gasoline prices did not come at the right time, and that it will constitute an economic crisis for citizens."

The Council of Ministers decided in a session on the 26th of last month to increase the price of improved gasoline to 850 dinars per liter and premium gasoline to 1,250 dinars per liter, starting from the first of next May. Ended 25 BC  LINK

Gasoline Prices Chant

Economical  04/03/2024  It is certain that the consumer is not concerned with the reasons that called for the government to increase the prices of improved gasoline and premium gasoline. Rather, he is concerned with always reducing prices, and usually the groups affected by any decision express their dissatisfaction and unacceptance, by trying to influence the decision maker in the hope of Retreat,

 but who are the groups affected by this decision in light of the data? And who are the parties that benefit from the implementation of the decision?

A liter of regular gasoline is sold in all governorates, except for the governorates of the Kurdistan Region, at a price of 450 dinars, improved gasoline at a price of 650 dinars, and premium gasoline at a price of 1,000 dinars, while regular gasoline is sold in the governorates of the region at a price of 900 dinars per liter, a price of 1,250 dinars for improved gasoline, and 1,500 dinars per liter of premium gasoline. .

Which confirms that all types of gasoline sold in the governorates other than the governorates of the region are government-subsidized, and through this difference in the selling price, Iraq was known as a source of gasoline smuggling to neighboring countries, so that daily consumption became 31 million liters of gasoline, according to government sources,

while Turkey consumes For example, 11 million liters per day, knowing that the population of Iraq does not exceed 41 million people, while the population of Turkey exceeds 85 million people, at a time when Iraq needs more funds in order to support the reconstruction file and rehabilitate the infrastructure of cities.

In the same context, the huge influx of modern cars every morning in the streets of Iraqi cities does not only indicate an unprecedented consumption of gasoline, but also indicates a defect in the public transportation system and an inability to address this defect, as this system cannot match the movement of vehicles.

Walking in streets crowded with wheels, in addition to the huge environmental pollution these vehicles cause, is a phenomenon that deserves study to find out the secret behind people’s insistence on going out to work individually, as you see huge numbers of modern vehicles stuck in traffic every morning, empty except for the vehicle’s driver.

According to government sources, daily regular gasoline consumption constitutes about 81 percent of the quantity of gasoline sold, which amounts to 31 million liters, meaning that about 25.11 million liters of the quantity sold daily are not included in the increase, and 18 percent of the quantity sold, amounting to 5.89 million liters, is covered by the increase to an extent.

It does not rise to its selling price in the governorates of the Kurdistan region, and without referring to the group affected by the price increase, we first acknowledge the importance of having mass transportation systems that can contribute to eliminating traffic congestion, reducing pollution resulting from car exhausts, and reducing consumption. Before this and that, it is necessary to highlight Efforts on road systems and their rehabilitation to support the mass transportation system.  https://alsabaah.iq/94564-.html

High Gasoline Prices Ignite The Iraqi Street...The Political Mood Controls Government Decisions

Posted On2024-04-03 By Sotaliraq   Blessed be Abdul Majeed   The Iraqi street was abuzz after the Council of Ministers’ decision to raise the price of gasoline and remove street vendors’ “baskets,” as everyone began to wonder about the motives of these sudden steps, especially in light of the government’s claims to improve the economic reality.

Gasoline And Oil

The decision to raise the price of improved gasoline to 850 dinars per liter, and super gasoline to 1,250 dinars per liter, comes despite the recent entry into service of a number of oil refinery factories, and the resumption of the work of other factories.

News presenter Elham Al-Jadi asks, via Al-Mada, “Why are decisions issued to change commodity prices every time without warning? Are these decisions due to increasing employees’ salaries and improving their purchasing power?!”

Al-Jadi says, “Today, instead of... If gasoline and other oil derivatives are provided free of charge to the Iraqi citizen, prices will be raised further.”

“Revenge"

Economic affairs researcher Ahmed Eid said in an interview with Al Mada: “The government is trying to take revenge on the people through multiple means and methods.

 Starting with not amending the salary scale, not legislating laws criminalizing the spread of uncontrolled weapons outside the framework of the state, and limiting the smuggling of petroleum derivatives to neighboring countries and re-importing them as imported derivatives, passing through the recent agreement with Iran to sign gas import contracts for the next five years, and ending with imposing taxes and raising... The price of automobile fuel,” (according to him).

He adds, “The step to raise automobile fuel prices appears unjustified in terms of economic feasibility, especially with the continued disruption of economic sectors and high inflation rates in Iraq, in addition to low salaries that are not commensurate with high inflation rates, in addition to high unemployment and poverty rates.”

Treatments

Eid continues, “The Sudanese government must address the problem of importing petroleum derivatives, and support local production with regard to refining and filtering petroleum derivatives by raising the production capacity of the Iraqi refineries represented by the Karbala refinery and the North Refinery (Baiji), most of whose production lines were stolen.”

He calls on the federal government to “Investing Iraqi gas instead of importing it from Iran for the next five years,” noting that “the country is incurring major financial losses related to the exit of hard currency for the benefit of the Iranian economy,” indicating that “the cost of importing gas for one year is sufficient to establish Iraqi gas investment projects without the need to import from abroad.”

 Eid concludes his speech by saying, “The increase in fuel will lead to an increase in the prices of other sectors, and will be reflected in the service sectors, which will negatively affect the public life of the citizen, and this is what the Iraqis cannot bear at the present time.”

“Moods” And Costs

In the same context, political analyst Muhammad Zangana said, in an interview with Al Mada, that “raising fuel prices is not in the interest of the current stage, given the presence of a large number of citizens who depend on transportation as a source of income, such as taxi owners and transportation companies, and that The rise in the price of improved gasoline will lead to a very major crisis, including an increase in transportation costs.”

Zangana adds, “Taxes in Iraq depend on political moods and what each government decides, and this means that the matter is far from legal regulation.” Last week, the Council of Ministers decided to study increasing customs duties for importing cars, on the condition that the Iraqi Kurdistan region adheres to this increase.

Self-Sufficiency

For his part, the spokesman for the Ministry of Oil, Asem Jihad, said in an interview with (Al Mada), that “the refineries sector receives special attention from the current government and the ministry,” noting that “there are plans prepared to improve the quality and conform it to international standards in addition to increasing production.”

He adds Jihad said, “The Ministry is striving to bring Iraq to the stage of self-sufficiency and stop imports.” He continues, “The Ministry has prepared plans to reconstruct the damaged refineries and resume work in them, and new units related to improving oil and gasoline have also been added.”

 He continues, “The Ministry recently brought the Karbala refinery into service, with a capacity of 140,000 barrels per day,” adding that “the refinery supplies large quantities of petroleum derivatives, especially high-octane gasoline.”

 It is noteworthy that last week, the Council of Ministers decided to raise the prices of automobile fuel by about 30% for improved gasoline, and by 25% for super quality, as part of a plan taken by the government “to reduce traffic congestion.”  LINK

Provoking Points To Ponder on Failures and Mistakes:

In the past, few women have tried and even fewer have succeeded.- Rosalyn Sussman Yalow

A mistake is not a failure, but evidence that someone tried to do something.- Anonymous

Man must strive, and in striving, he must err.- Johann von Goethe

The person interested in success has to learn to view failure as a healthy, inevitable part of the process of getting to the top.- Dr. Joyce Brothers

Failure after long perseverance is much grander than never to have a striving good enough to be called a failure.- George Eliot

The sight of a cage is only frightening to the bird that has once been caught.- Rachel Field

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

http://famousquotesandauthors.com/quotes_by_topic.html

MilitiaMan: Iraq Dinar - Economic Reform - Accelerate - World Bank Support - Development Fund - Closed Account

Iraq Dinar - Economic Reform - Accelerate - World Bank Support - Development Fund - Closed Account

MilitiaMan and Crew:  4-2-2024

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

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

.https://www.youtube.com/watch?v=rhNoGAFmKlU

Goldilocks' Comments and Global Economic News Late Tuesday Evening 4-2-24

Goldilocks' Comments and Global Economic News Late Tuesday Evening 4-2-24

Good Evening Dinar Recaps

The US Closes Iraq's Oil Revenue Account - The Details | Youtube

👆  Goldilocks pointed to this article

More on this tomorrow...

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Executive Order 13303 was issued on May 22, 2003, by United States President George W. Bush to protect the Development Fund for Iraq for the rebuilding of Iraq from any legal attachments or liens.
Wikipedia

👆 this executive order 13303 is being lifted.

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Trump and the Gold Standard (Updated 2024) | Investing News

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Gold FOMO | Youtube

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Goldilocks' Comments and Global Economic News Tuesday Evening 4-2-24

Goldilocks' Comments and Global Economic News Tuesday Evening 4-2-24
Good Evening Dinar Recaps,

FEDNOW Announcement:

“The Fed has definitely piqued the interest of the banks and the credit unions,” Brown said. 

FEDNOW has two banking rails up and running in the United States that are capable of doing instant payments, and they expect more to follow in the coming months.

FEDNOW has some financial institutions that have functional status inside an instant payment mechanism. They're still looking for mass adoption after a period of testing it's capabilities.

Marketing for this functional service is just beginning to happen, and they do expect more companies and banks to adopt this much-needed service.

This service is expected to reach all community Banks in the United States and begin competing with other services that will see its benefits including healthcare.

Healthcare has much to gain by adopting this service due to a patient's need for instant information data sharing that is safe and secure during times of emergency.   Pymnts

© Goldilocks

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"Japan’s government will issue 20 trillion yen ($133 billion) in transition bonds over the next decade, throwing the emerging global market wide open. Such exponential growth is huge compared to the $7 billion raised since 2020."

Japan is quickly moving into a transitional strategy through cutting emissions in the air and reducing fossil fuel. This will require investor confidence which is well underway by many whales and institutions surrounding these new ventures.

And, Japan intends to scale energy options research, comparative analysis, and measurements of various forms of energy.

These green initiatives in the form of green bonds and other tokenized assets will provide much needed liquidity to shape our world inside a new clean environment and digital processes that will allow us to walk into a new world.

Here, we are getting a first look at what is taking place to shape our new world.

© Goldilocks
METI
SPECTRA
Study Smarter

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What are Real-Time Payments (RTP)? - Modern Treasury

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Introducing Digital Inheritance with Vault12 | Youtube

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Coal consumption in the US plunged another 17.4% in 2023 from the prior year, to 426 million short tons, the lowest since 1963 (red line in the chart), according to data from the Energy Department’s EIA today. Coal consumption by tonnage peaked in 2007. But by energy content, coal consumption peaked in 2005 at 22.79 quadrillion Btu.   WolfStreet

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Saudi Arabia targets historic green bond sales for projects | Retail – Gulf News

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A MESSAGE FROM SAM OLIVER ON GOLD

Gold is currently consolidating at an all-time high price. And consolidation means that it is solidifying the support and justifying the support of where it is now, recognizing that future trades will come at a much higher demand going forward. These demands will increase the price of gold.

 It is also known at this time that it is the transition into the next economy, one of which that will be a transition into a gold standard through a digital asset protocol. These moves in and of themselves justifies the move into the tokenized asset digital economy. And because of these moves, the adoption and the support of gold to make this transition not only will become necessary, but inevitable.

So many of these institutions and companies and governments are continuing to buy gold because they see that as an asset of transitory nature, but they also see it as an asset of power going forward.

So you're going to see some competition between governments moving forward. This will cause the price of gold to continue to climb, and at some point it will carry silver along with it, as we especially move into more solar power for all countries around the world.

In fact, you're seeing less use for fossil fuel, and it seems to be that we are starting to leave behind the necessity of fossil fuel and moving into a transitional phase of more electric power.

 So, as we go forward, we're going to continue to watch the price of gold and its demand and its new use case scenarios in this new world. The digital world is bringing forth many clean initiatives around the world that will be placing green bonds and opportunities for countries to grow into new jobs and new opportunities that will surround these new green initiatives. as our society continues to grow into a new dimension of living that we have never seen before in history.

It is a time of which change and openness to change is going to demand what is highest in us, to become creative creators in this new age of creativity. I hope you have a wonderful day. This is my take on it this week in hopes that you will understand why the importance of gold for the new liquidity inside our new economy is the bridge to what we've been looking for, but it is also the bridge into future hopes and dreams of all of us.    https://t.me/c/1545617426/75947

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Introducing Digital Inheritance with Vault12 | Youtube

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Climate bonds toward achieving net zero emissions and carbon neutrality: Evidence from machine learning technique - ScienceDirect

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Transition Finance | Youtube

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Japan Bank Launches First Deposit-Backed Stablecoin ‘Tochika’

This stablecoin is secured by deposits and can be utilized for spending convenience at participating merchants. Furthermore, the move is groundbreaking as Japan is a country where cash still reigns supreme.

Hence, Hokkoku aims to entice retail businesses by offering a competitive merchant rate of just 0.5% for cashless transactions through the app.

Additionally, the bank seeks to persuade companies issuing paper gift certificates to transition to the digital realm by embracing point-based transactions facilitated by the app.   CoinGape
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Singapore, 2 April 2024… The Monetary Authority of Singapore (MAS) today introduced amendments to the Payment Services Act (PS Act) and its subsidiary legislation to expand the scope of payment services regulated by MAS, and to impose user protection and financial stability-related requirements on digital payment token (DPT) service providers. These amendments will take effect in stages from 4 April 2024. [1]

2  The amendments will bring the following activities within the scope of regulation under the PS Act:
(i) Provision of custodial services for DPTs;
(ii) Facilitation of the transmission of DPTs between accounts and facilitation of the exchange of DPTs, even where the service provider does not come into possession of the moneys or DPTs; and
(iii) Facilitation of cross-border money transfer between different countries, even where moneys are not accepted or received in Singapore.

3  The amendments will empower MAS to impose requirements relating to anti-money laundering and countering the financing of terrorism, user protection and financial stability on DPT service providers.

4  Transitional arrangements will be provided for entities currently conducting activities under the PS Act’s expanded scope. Such entities must notify MAS within 30 days, and submit a licence application within six months from 4 April 2024, if they wish to continue the activities on a temporary basis while MAS reviews their licence applications.

The licence application must be accompanied by an attestation report of the entity’s business activities and compliance with anti-money laundering and countering the financing of terrorism requirements, duly completed by a qualified external auditor, within nine months from 4 April 2024.

5  Entities that do not fulfil the requirements above are required to cease the activities when the amendments come into effect.

6  The amended Payment Services Regulations on safeguarding of assets belonging to customers of DPT service providers [2] (https://www.mas.gov.sg/news/media-releases/2024/mas-expands-scope-of-regulated-payment-services#2) will take effect six months from 4 April 2024. These include segregating customers’ assets and placing them in a trust account for the benefit of customers, maintaining proper books and records, and ensuring that effective systems and controls are in place to protect the integrity and security of customers’ assets.   Monetary Authority of Singapore

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Navigating Regulatory Change: An Insight into PRA’s Policy Statements on Basel 3.1 Standards | Insights | UK Finance

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The cryptocurrency market is witnessing a significant migration of investors from the recent Green Bitcoin presale sold out to BlockDAG’s (BDAG) presale, which indicates the evolving preferences and strategies among digital asset investors.   TimesTabloid

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5 Reasons Why: Gold is Green | The Assay
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15 Awesome Uses of Gold [Definitive List] | PhysicalGold

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"Gold Futures Soar to Historic Highs: Eyes on Inflation, GDP Data for Next Move" | Investing

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We are heading into a huge tailwind at any moment. A full-blown liquidity crisis will be met with the implementation of green bonds and releasing the caps on gold.

© Goldilocks

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We are starting to see green initiatives being implemented along with the tokenization of gold. These two assets will provide liquidity for us inside the new digital asset based trading system.

© Goldilocks

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"Sentiment and positioning indicators are near highs, JPMorgan warns" |  Investing
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7:35 PM  Tuesday, April 2, 2024 (GMT+3)
Time in Baghdad, Iraq

Rate from cbi.iq  1310.00   No changes..

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Just a reminder, no one has access to your name in my telegram room, and anybody on my list in this room will not be sold after the RV.

© Goldilocks

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Follow Goldilocks' Timeline

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Thank you Dinar Recaps

Some "Tuesday Iraq News" Posted by Clare at KTFA 4-2-2024

KTFA:

Clare:  Saleh: The 2024 budget schedules are being prepared according to the tripartite budget

4/2/2024

 The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the financial tables for the 2024 budget are being prepared in accordance with the legislation of the three financial budgets.

Saleh told {Al-Furat News} agency, “The proposed financial schedules that are being prepared by the executive authority today are based on the financial legislation in force and approved in accordance with the aforementioned tripartite budget law.”

He stated that “presenting the financial tables for the fiscal year 2024 to obtain parliamentary approval for those tables, which include public revenues and expenditures, undoubtedly embodies a legislative path that we see in all cases as more flexible in the legislative process because the financial principles and constants have become an integral part of the Federal General Budget Law No. 13 of 2023 (the Tripartite), which is the law that was originally legislated by the House of Representatives and by a vote of the legislative authority and published in the Official Gazette last year.”

A few days ago, the Council of Ministers received the budget schedules from the Ministry of Finance, and began working on them to sign them and send them later to the House of Representatives. 

The Parliamentary Finance Committee expects to resolve the budget schedules this month.

From.. Raghad Dahham   LINK

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Clare:  Minister of Finance of the World Bank: We have made plans to accelerate the pace of financial and banking reforms

4/1/2024  Baghdad – INA

Finance Minister, Taif Sami, confirmed today, Monday, the development of plans to accelerate the pace of financial and banking reforms, while the World Bank indicated continued serious and fruitful cooperation with the Iraqi government.

The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): “Minister of Finance, Taif Sami, received today the Regional Director for the Middle East at the World Bank, Jean-Christophe Carré, the Special Representative of the Bank in Iraq, Richard Abdel Nour, and a number of experts and specialists.”

She added, "During the meeting, priorities for development projects and ways to support the World Bank to strengthen the financial and business sectors and improve the investment environment were discussed," noting, "It was emphasized that continued bilateral coordination to promote sustainable development was discussed, in addition to discussing the Bank's support for the government program for economic reform in Iraq." ".

The Minister of Finance referred to the Ministry's efforts and plans towards accelerating the pace of financial and banking reforms in line with the Iraqi government's vision aimed at consolidating the foundations of the national economy, creating economic balance, and correcting the course of financial policy in Iraq.

For his part, the bank representative pointed out "the continuation of serious and fruitful cooperation with the Iraqi government, in everything related to providing the necessary support in terms of expertise for development projects and reforms related to the financial and business sector."   LINK

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Clare:  Iraq’s banking system grows 15.1% in 2023 to $156.7 billion

 March 31, 2024

 Baghdad (IraqiNews.com) – By the end of 2023, the total assets of the Iraqi banking system had grown by 15.1% annually to $156.7 billion. This was mostly driven, according to Rabee Securities, by the 15.3% increase in deposits to $101.9 billion.

The largest contributor to overall deposit growth was current deposits, which increased 17.2% to $82.1 billion and accounted for 80.5% of all deposits in the banking system.

Additionally, the total deposits of the private sector climbed by 14.7% in 2023 to reach $43.2 billion, while the deposits of Iraq’s Central Government increased by 22.7% to $36.1 billion and the deposits of public institutions increased by 6.1% to $22.6 billion.

“As a measure to control the FX flow into the banking system, the CBI now allows a limited number of banks to participate in the CBI foreign currency window and engage in USD transactions,” said Aysegul Ozge Ozgur, Head of Research at Rabee Securities

“National Bank of Iraq, Bank of Baghdad, and Al-Mansour Bank are among these banks that have been permitted to engage in such activities, thus, they are benefiting from an expanded market share in USD transactions,” added Ozgur.

There are 61 commercial banking institutions in Iraq, according to Rabee Securities, made up of 54 private banks (25 non-Islamic and 29 Islamic) and 7 state banks (one Islamic and six non-Islamic).

In terms of Return on Average Equity (ROAE) and Return on Average Assets (ROAA), the National Bank of Iraq, Bank of Baghdad, and Al-Mansour Bank are among the most profitable ISX-listed banks. In 2023, their balance sheets and income statements showed remarkable development.  LINK

Clare:  Launching a new trading indicator

4/2/2024 Baghdad/

The Iraq Stock Exchange and the Securities Commission announced today, Tuesday, the imminent launch of a new index for stock trading.

A statement by the Commission and the Market, received by Iraq Observer, stated that “the Securities Commission and the Iraqi Stock Exchange, after studying, analyzing and measuring the market index of traded stock prices, are preparing to launch a new index that operates under the title ISX15.”

The statement added, “The work and analysis team at the Securities Commission and the Iraqi Stock Exchange focused on measuring the new index and testing it on the experimental environment, and then starting the test on the real environment according to the most important principles, the most important of which is selecting a sample of companies for the best 15 companies in terms of continuing daily trading, as well as choosing the company’s weight.”

Based on the market value of the free float shares, provided that the effect does not exceed 20% at best for a single company as a maximum, and adopting the same prevailing base session for the ISX60 index after adjusting its weight based on the free float shares, as well as other additional variables that will be presented in the index guide.”  LINK

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Clare:  The Central Bank of Iraq clarifies the mechanism for depositing oil revenues abroad

4/2/2024- Baghdad

The Central Bank of Iraq revealed the mechanism for depositing oil revenues abroad, in response to a parliamentary question on the subject.

The document stated that the legal basis for depositing oil revenues in the “IRAQ2” account with the Federal Reserve Bank in New York is the expiration of the extension of Executive Order issued by the US President No. 13303 in 2003, which granted immunity to Iraqi funds deposited in the “DFI” account.

Deputy Governor of the Central Bank, Ammar Hamad, explained that the “IRAQ2” account is used to deposit funds for Iraqi crude oil exports, and they are transferred to the Central Bank of Iraq’s account at the Federal Reserve Bank within 24 hours of receiving them.

He stressed that this mechanism ensures that the funds are not exposed to creditor claims, as they are funds belonging to the Iraqi government derived from the export of crude oil.

He added that a memorandum of understanding was signed between the Iraqi Ministry of Finance and the Central Bank of Iraq in 2014 regulating the work of the “IRAQ2” account, and that this memorandum is the legal basis for establishing the aforementioned account.

He pointed out that the immunity granted in accordance with the memorandum of understanding includes sovereign funds only, and does not include funds used for commercial purposes.

He explained that Iraq's foreign reserves are deposited with several external parties, including central banks and financial institutions, and are not limited to the Federal Reserve Bank.

He pointed out that the interest rates on these deposits vary according to the investment segment, the duration of the investment, and the institution with which the investment is made.

Finally, he explained that the company transporting the dollar from the Federal Reserve Bank to Baghdad International Airport is Orient, and that the insurance amount for one shipment is 414,000 US dollars, and that the transportation fees are 216,310 US dollars  LINK

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Clare:  Parliamentary Integrity: A five-member committee to recover Iraqi Trade Bank funds owed by individuals and companies

4/2/2024

 The Parliamentary Integrity Committee decided to form a five-member committee to recover the money taken from the Trade Bank of Iraq (TBI).

The Vice-Chairman of the Committee, Alia Nassif, stated in a press statement today, Tuesday, that: “It was decided to form a five-member committee to recover the funds taken from the Trade Bank of Iraq (TBI), and this took place during the hosting of the head of the bank, Bilal Sabah, to coordinate between the Parliamentary Integrity Committee and the bank for the purpose of recovering the funds.”

 Which are owed by individuals and companies, and companies that are late in paying what they owe were reviewed, and it was agreed to coordinate with the judicial authorities with regard to issuing judicial rulings against those who are delinquent in paying, as well as coordination with the Ministry of Justice, especially the two enforcement departments, with regard to accelerating the implementation of judicial rulings on those who are late in paying.”

She added, “It has been agreed to coordinate with the Real Estate Registration Department regarding the sale of mortgaged properties for the purpose of recovering the bank’s money, and it is expected in the coming days to issue judicial orders, ban travel, seize funds, and circulate them to all government departments.”

She explained, “Some individuals and companies that owed money belonging to the bank, which was revealed last week (within the first batch), began paying off the debts after this file was moved by parliament, while the second batch includes an Islamic bank, 8 companies, and one person.”   LINK

Iraq Economic News and Points to Ponder Tuesday AM 4-2-24

Iraq Economic News and Points to Ponder Tuesday AM 4-2-24

Tlm724 Administrator Bondlady’s Corner

The Central Bank Warns Against Closing Iraq's Account With The US Federal Reserve: It Will Put Our Money At Risk (Documents)
 
Economy     breaking     Central Bank of Iraq     US Federal Reserve 2024-04-01 10:24
 
Shafaq News/ On Monday, the Central Bank of Iraq revealed the legal basis for depositing oil revenues in the US Federal Reserve. According to documents issued by the bank and viewed by Shafaq News Agency,
 
“The legal basis for depositing oil revenues in the Federal Reserve Bank of New York in the IRAQ2 account alternative to the DFI account is the expiration of the extension of the Executive Order issued by the US President No. 13303 issued in March 2003.”
 
According to which immunity was granted to the Iraqi funds deposited in the Iraqi Development Account (DFI) at the time, and the end of the United Nations protection over Iraqi funds that was granted to it under UN Security Council Resolution No. 1483 of 2003 after the issuance of UN Resolution 1956 at the end of 2010.

The documents added, "Accordingly, an IRAQ2 account was opened, which is used to deposit funds from Iraqi crude oil exports, and they are transferred to the account of the Central Bank of Iraq at the Federal Reserve Bank within 24 hours of receiving these amounts to ensure that they are not exposed to the claims of creditors, as they are funds belonging to the Iraqi government derived from the export of crude oil."

This mechanism was organized through a (memorandum of understanding) signed between the Iraqi Ministry of Finance and the Central Bank of Iraq on 6/2/2014 for the purpose of organizing the work of the IRAQ2 alternative account for the Development Fund for Iraq, and this memorandum is the legal basis for establishing the aforementioned account.

She continued, "The immunity granted in accordance with these two documents includes sovereign funds only and does not include funds used for commercial purposes."

The documents explained,  “With regard to the answer to the third paragraph, foreign reserves may be deposited with several external parties, central banks and financial institutions, and not only in the Federal Reserve Bank, and interest rates vary according to the investment segment, the duration of the investment, and the institution with which the investment is made,
 
in addition to the fact that the transport company is Orient is the company contracted by this bank to transport dollar shipments from the Federal Reserve Bank to Baghdad International Airport, with an insurance amount of (414,000) US dollars (four hundred and fourteen thousand US dollars per shipment, and transportation fees of (216,310) US dollars (two hundred and sixteen thousand three hundred and ten US dollars, Department of Parliamentary Affairs, Department of Parliamentary Oversight.”  She continued,
 
"It is not possible to transfer the revenues from the sale of oil to the interior due to the impossibility of carrying out financial operations for Iraq if the funds are at home, and
 
closing our account with the Federal Reserve Bank could expose Iraq to the risk of international claims,
 
in addition to the inability to settle our payments in US dollars without the presence of... An account at the Federal Reserve Bank or other U.S. commercial bank.
 
https://media.shafaq.com/media/arcella/1711995857611.jpeg
https://media.shafaq.com/media/arcella/1711995858300.jpeg
 
https://shafaq.com/ar/اقتصـاد/البنك-المركزي-يحذر-من-غلق-حساب-العراق-لدى-الفيدرالي-ال-مريكي-سيعرض-موالنا-للخطر-وثا-ق    

The Central Bank Of Iraq Clarifies The Mechanism For Depositing Oil Revenues Abroad
 
Logo of the Central Bank of Iraq  Drains  Economy News – Baghdad  The Central Bank of Iraq revealed the mechanism for depositing oil revenues abroad, in response to a parliamentary question on the subject.
 
The document stated that the legal basis for depositing oil revenues in the “IRAQ2” account with the Federal Reserve Bank in New York is the expiration of the extension of Executive Order issued by the US President No. 13303 in 2003, which granted immunity to Iraqi funds deposited in the “DFI” account.

Deputy Governor of the Central Bank, Ammar Hamad, explained that the
 
“IRAQ2” account is used to deposit funds for Iraqi crude oil exports, and they are transferred to the Central Bank of Iraq’s account at the Federal Reserve Bank within 24 hours of receiving them. He stressed that
 
this mechanism ensures that the funds are not exposed to creditor claims, as they are funds belonging to the Iraqi government derived from the export of crude oil.

He added that a memorandum of understanding was signed between the Iraqi Ministry of Finance and the Central Bank of Iraq in 2014 regulating the work of the “IRAQ2” account, and that this memorandum is the legal basis for establishing the aforementioned account.

He pointed out that the immunity granted in accordance with the memorandum of understanding includes sovereign funds only, and does not include funds used for commercial purposes.

He explained that Iraq's foreign reserves are deposited with several external parties, including central banks and financial institutions, and are not limited to the Federal Reserve Bank.

He pointed out that the interest rates on these deposits vary according to the investment segment, the duration of the investment, and the institution with which the investment is made.

Finally, he explained that the company transporting the dollar from the Federal Reserve Bank to Baghdad International Airport is Orient, and that the insurance amount for one shipment is 414,000 US dollars, and that the transportation fees are 216,310 US dollars.
 
https://economy-news.net/ckfinder/userfiles/images/1711995857611.jpeg
 
https://economy-news.net/ckfinder/userfiles/images/1711995858300.jpeg
 
120 views   Added 04/02/2024 - https://economy-news.net/content.php?id=42099  

Why Lift Partial Government Support?
 
Economical 04/01/2024  Yasser Al-Metwally
 
Why lift partial government support?   Is it linked to public finance reform? 
The recent government decision to raise gasoline prices sparked widespread controversy and analyzes went in various ways.
 
Let us discuss the matter from the economic point of view of the decision, and based on our first reading of it, it became clear that
 
it was consistent with the vision and requirements of the International Monetary Fund, which stipulates that in order to achieve reforms, increasing government support by adopting tax policies that help diversify sources to enhance annual budgets.

From this standpoint, on which all capitalist and socialist theories are based, the process of capital turnover aims to redistribute income fairly among segments of society.
 
This requires 

     imposing tax policies and 
     enhancing and 
     diversifying state revenues,
 
but these procedures are applied in countries that enjoy high stability.
 
Therefore, the timing of this decision may be considered inappropriate for the complex circumstances that the country is going through, especially market instability and structural distortions in the image of the Iraqi economy.
 
This is accompanied by a weakness in the economic culture that makes any decision regarding support face dissatisfaction.
 
Perhaps the reason for this weakness in the economic culture is due to the lack of transparency in the directions of tax revenues and their spending.
 
It is known that the capital cycle is based on the adoption of tax revenues, as I mentioned above, and
 
it goes in two important areas, the first of which is the
 
     redistribution of income among citizens according to their standards of living, and the second is that one of the
 
     government’s duties is to provide services in exchange for the amount of taxes it receives from taxpayers.
 
This is how economic theory works in all countries of the world.
 
The lack of transparency means the lack of clarity about the
 
     size of tax revenue in the budget and the
 
     ways of distributing it among services, as well as its
 
     support for vulnerable segments.

This absence resulted in a weakness in the economic culture and its depth among the citizen,
 
which makes him not accept any decision related to increasing taxes or removing government support because
 
 he is not aware of the directions of spending this money, which should go towards providing the best services to him.

The instability of the exchange rate along with the stability of wages and salaries leads to an impact on purchasing power.. How?
 
This is because the Iraqi market is accustomed to exploiting rumours.
 
Any decision is exploited by some merchants, thereby raising prices, and
 
the effect of this is to create dissatisfaction,
 
which is sometimes exploited by some at a time when the government has begun to find preliminary solutions, gain the satisfaction of the citizen, and talk about truly tangible achievements.
 
Therefore, we see the necessity of postponing the implementation of this decision until another time when
 
     market stability and prices are achieved and the
 
     standard of living improves and until the
 
     citizen witnesses the results of the government’s efforts in implementing broad government service projects on the ground, which is nothing more than a point of view.
 
Then we, the economic media community, can convince the citizen that these projects require that he contribute to their perpetuation through his compliance with correct and sound economic decisions.     
https://alsabaah.iq/94400-.html  

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

Provoking Points To Ponder On Failures and Mistakes

War is a series of catastrophes that results in victory.- Georges Clemenceau

Victory goes to the player who makes the next-to-last mistake.- Anonymous

A man finds he has been wrong at every stage of his career, only to deduce the astonishing conclusion that he is at last entirely right.- Robert Louis Stevenson

One loss is good for the soul. Too many losses are not good for the coach.- Knute Rockne

In all science, error precedes the truth, and it is better it should go first than last.- Hugh Walpole

In the game of life it's a good idea to have a few early losses, which relieves you of the pressure of trying to maintain an undefeated season.- Bill Vaughan

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

http://famousquotesandauthors.com/quotes_by_topic.html

"Tidbits From TNT" Tuesday Morning 4-2-2024

TNT:

CandyKisses:  Parliamentary Finance: The budget tables are still with the government and 20 days to approve them in Parliament

{Economic: Euphrates News} A member of the parliamentary finance committee, Jamal Kojar, expected that the schedules will take 20 days in parliament after they arrive from the government for approval.

In a press statement, Koger stated that "the 2024 budget tables have not reached the House of Representatives so far because they are still on the cabinet table."

He added that "a tripartite budget has been approved, and we have given the authority to the government to spend the 2023 budget, while the 2024 and 2025 budgets must be reviewed by parliament because some projects ended last year, so they must be removed from the 2024 and 2025 budgets," stressing that "the schedules are not fixed because oil prices and financial resources fluctuate, and the number of employees and retirees is increasing."

Koger added that "any law must go through three stages until it is approved, the first stage begins in the concerned committee, the second is public discussions in the council, and the third is voting," noting that "there is no approval or amendment to any law before it passes through the three stages."

Koger concluded by saying that "the general budget law takes (20-40) days," predicting that "schedules will take shorter."

A few days ago, the Council of Ministers received the budget tables from the Ministry of Finance, and work began on them to sign them and send them later to the House of Representatives.

Tishwash:  Baghdad-Washington dialogue: Will the US withdrawal file from Iraq be resolved?

A new round of dialogue is being held between Baghdad and Washington, the fourth since last February, to discuss the issue of the American withdrawal from Iraq and ending the role of the international coalition to fight ISIS. This tour comes ahead of the visit of Iraqi Prime Minister Muhammad Shia al-Sudani to the White House.

Challenges:

This round of dialogue faces many challenges, the most important of which are:

The lack of a clear consensus on the feasibility of withdrawal:  Iraqi views on withdrawal differ, between those who see the necessity of the withdrawal of all American forces, and those who see the importance of some of them remaining to support the Iraqi forces in the fight against terrorism.

The position of the American administration:  The American administration did not announce a clear position on withdrawal, while the statements of its officials indicate their desire to redraw the coalition’s tasks or for the forces to remain for additional years.

Pressure from armed factions:  Some Iraqi armed factions continue their attacks against American forces, demanding their complete withdrawal from the country.

Discussions:

The discussions between Baghdad and Washington address many points, the most important of which are:

Evaluating the international coalition’s mission:  The fourth round evaluates the need for the international coalition’s presence in Iraq.

Setting a timetable for withdrawal:  Baghdad is demanding that a clear timetable be set for US withdrawal.

Determining the nature of American support for Iraq:  The tour discusses the nature of the support that the international coalition will provide to Iraq after its withdrawal.

The issue of the withdrawal of US forces from Iraq remains complex, and requires further dialogue and negotiation between Baghdad and Washington.   link

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CandyKisses:  The Central Bank reveals the reason for depositing Iraqi oil money in America

Baghdad - Iraq Today:

The Central Bank of Iraq revealed the legal basis for depositing oil revenues in the US Federal Reserve.

According to documents issued by the Central Bank, "the legal basis for depositing oil revenues at the Federal Reserve Bank of New York in the IRAQ2 alternative account to the DFI account is the expiration of the extension of the US President's Executive Order No. 13303 issued in March 2003, which granted immunity over Iraqi funds deposited in the then DFI Iraq Development Account, and the end of the United Nations protection over Iraq's funds that were granted to it under the UN Security Council Resolution No. 1483 of 2003 after the issuance of UN Resolution 1956 at the end of 2010."

The documents added, "Accordingly, the IRAQ2 account was opened, which is used to deposit the funds of Iraqi crude oil exports and is transferred to the account of the Central Bank of Iraq with the Federal Reserve Bank within a period of 24 hours from the receipt of these amounts to ensure that they are not exposed to the claims of creditors as they are funds belonging to the Iraqi government derived from the export of crude oil, and this mechanism has been organized through a (memorandum of understanding) signed between the Iraqi Ministry of Finance and the Central Bank of Iraq on 2/6/2014 for the purpose of organizing the work of the alternative IRAQ2 account. for the account of the Development Fund for Iraq and that this memorandum is the legal basis for the establishment of the said account."

"The immunity granted under these two documents covers sovereign funds only and does not include funds used for commercial purposes."

The documents explained, "With regard to the answer to the third paragraph, foreign reserves may be deposited with several external parties, central banks and financial institutions, and not only based in the Federal Reserve Bank, and that interest rates vary according to the investment segment, the duration of the investment and the institution with which the investment is made, in addition to that the carrier company is Orient Company, which is contracted with this bank to transport dollar shipments from the Federal Reserve Bank to Baghdad International Airport and with a security amount of (414,000) US dollars (four hundred and fourteen thousand dollars). US per shipment, and transportation fees of (216,310) US dollars (two hundred and sixteen thousand three hundred and ten US dollars) Department of Parliamentary Affairs, Parliamentary Oversight Section.

 She added that "it is not possible to transfer the revenues of the sale of oil to the interior because of the impossibility of carrying out financial operations for Iraq if the money is at home, and closing our account with the Federal Reserve Bank can expose Iraq to the risk of international claims, in addition to the inability to settle our payments in US dollars without an account in the Federal Reserve Bank or another US commercial bank."

Mot:  ....... Here We Go Again!!!!

Mot: . Cabin in Alaska for rent, lovely view.

Iraq Economic News and Points to Ponder Monday Evening 4-1-24

Iraq Economic News and Points to Ponder Monday Evening 4-1-24

Tlm724 Administrator Bondlady’s Corner

Saudi Arabia Invites Iraq To Participate In The World Economic Forum

Today, Monday, the Kingdom of Saudi Arabia invited Iraq, represented by the Prime Minister, to participate in the World Economic Forum, which will be held in Riyadh at the end of this month.

The Prime Minister’s Media Office said in a statement, “Prime Minister Muhammad Shiaa Al-Sudani received, today, Monday, an official invitation from the Saudi Crown Prince, His Highness Prince Muhammad bin Salman bin Abdulaziz, to participate in the special meeting of the World Economic Forum, which the Kingdom will host at the end of this month of April.” ".

In a letter he sent to the Prime Minister, Prince Mohammed bin Salman referred to the close relations between the Kingdom of Saudi Arabia and Iraq, considering that his participation will have a good impact on the success of the meeting’s work.

It is noteworthy that the special meeting of the World Economic Forum will be held in the city of Riyadh for the period from April 28-29, and will address a number of international topics and issues, and discuss international cooperation in the fields of economics and sustainable development.

https://www.radionawa.com/all-detail.aspx?jimare=37837

The Central Bank Of Iraq Announces An Increase In The Cash Credit Ratio During 2023

Economy News – Baghdad  The Central Bank of Iraq announced, today, Monday, the percentage of cash credit to the total deposits of the Iraqi banking sector, which amounted to (52%) during 2023, confirming its increase compared to the year 2022, which recorded (47%), while in 2021 it was around (55%).

The Central Bank stated in a statement received by Al-Eqtisad News that, “although the increase was recorded, it did not exceed the standard percentage specified by the bank, amounting to (75%).”

He pointed out that "this ratio aims to maintain sufficient liquidity in banks to face customer withdrawals and conduct financial banking activities."

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Parliamentary Integrity Decides To Form A Committee With The Trade Bank Of Iraq To Revitalize The Industrial Sector

Economy News – Baghdad  The Parliamentary Integrity Committee decided, on Monday, to form a committee with the Trade Bank of Iraq (TBI) to revitalize the industrial sector.

Committee member Alia Nassif said, in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the Integrity Committee hosted the Director of the Iraqi Trade Bank, Bilal Al-Hamdani, to discuss the issue of the reluctance occurring from some of the bank’s creditors in paying what they owe,” indicating, “We found Violations of the law and violations.

She added, "We tried to create a state of cooperation by forming a committee from both parties to dispel obstacles, whether through the Ministry of Justice, the judiciary, or the courts, in order to create a real environment to stimulate the industrial sector and the investment movement in the country," noting that "the bank director has a real will to advance the industrial sector." "And solve all obstacles in a way that maximizes the state's resources."

She confirmed, "There are many creditors, as it is possible to enter into negotiations with them through laws that have some kind of flexibility to achieve revenues for the Iraqi state," explaining that "as soon as the Director of the Iraqi Trade Bank hosted the Integrity Committee, a movement occurred for these creditors, as some of them deposited the money and fulfilled their obligations."

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Globally, Oil Prices Fell In Early Trading

Economy |  01/04/2024  Mawazine News – Baghdad  Oil prices fell slightly on Monday, clinging to most of the gains recorded recently amid expectations of lower supplies due to OPEC+ production cuts, attacks on Russian refineries, and strong data in the Chinese manufacturing sector.

By 00:17 GMT, Brent crude prices fell 17 cents, or 0.2 percent, to $86.83 a barrel, after rising 2.4 percent last week.

West Texas Intermediate crude fell 11 cents, or 0.1 percent, to $83.06 a barrel, after rising 3.2 percent last week.

Trading volumes are expected to be weak on Monday due to the Easter holiday in a number of countries.

Russian Deputy Prime Minister Alexander Novak said on Friday that Russian oil companies will focus on reducing production rather than exports in the second quarter of the year in order to distribute production cuts equally with other OPEC+ member states.

Drone attacks targeted a number of Russian oil refineries, which is expected to reduce Russian fuel exports.

An official factory survey showed yesterday, Sunday, that manufacturing activity in China grew for the first time in six months in March, supporting demand for oil in the world's largest crude importer, even as the crisis in the real estate sector continues to pressure the economy.

https://www.mawazin.net/Details.aspx?jimare=245007

During Today's Auction, The Central Bank Transferred $247 Million Abroad 

Money  and business  Economy News – Baghdad  The Central Bank of Iraq announced, on Monday, its sales of hard currency, amounting to about 252 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 4,420,000 dollars, while the total amounts of transfers abroad, which include remittances. The credits amounted to $247,833,849, while the total sale amounted to $252,253,849.

50 views 04/01/2024 - https://economy-news.net/content.php?id=42072

A Slight Increase In The Price Of The Dollar Against The Dinar In The Parallel Market

Economy |  01/04/2024  Mawazine News – Baghdad  The exchange rates of the US dollar rose slightly on Monday morning in Baghdad markets and in Erbil.

A local source told Mawazine News that dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 147,150 Iraqi dinars for every 100 dollars, while yesterday, Saturday, dollar prices recorded 146,900 Iraqi dinars for every 100 dollars.

Our correspondent indicated that selling prices in exchange shops in local markets in Baghdad stabilized, as the selling price reached 148,000 dinars, while the purchasing price reached 146,000 dinars for every 100 dollars.

As for Erbil, the dollar also recorded a slight increase in banking shops, as the selling price reached 146,800 dinars against the dollar, and the purchase price reached 146,700 dinars against 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=245033

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All of us failed to match our dreams of perfection.- William Faulkner

The greatest mistake you can make in life is to be continually fearing you will make one.- Elbert Hubbard

The fellow who never makes a mistake takes his orders from one who does.- Herbert B. Prochnow

Accept that all of us can be hurt, that all of us can - and surely will at times - fail. Other vulnerabilities, like being embarrassed or risking love, can be terrifying, too. I think we should follow a simple rule: if we can take the worst, take the risk.- Dr. Joyce Brothers

The greatest general is he who makes the fewest mistakes.- Napoleon Bonaparte

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