DINARRECAPS8 4/7/24 DINARRECAPS8 4/7/24

Goldilocks' Comments and Global Economic News Sunday Evening 4-7-24

Good Evening Dinar Recaps,

Been in contact with many of my sources throughout the day from Technical Developers to Banking contacts.

My understanding is that we are progressing well with the MICA regulations which stands for Markets in Crypto Assets.

These regulations will allow us to move forward with the new digital economy, and we are still on target to finish these by the end of May.

These are much-needed changes to the banking system that will allow us to move forward with new Banking and Market values. I would not expect anything to happen this month due to these updates.

I hope you have a wonderful weekend. Take this time to enjoy your family and friends. These things mean so much more than anything we will receive monetarily going forward.

© Goldilocks

~~~~~~~~~

Good Evening Dinar Recaps,

~~~~~~~~~

“These reforms improve the integrity and stability of domestic and global derivatives markets,” said Commissioner Johnson.

On April 9, Market Risk Advisory Committee Meeting of the CFTC will be convening on reforms of the derivatives markets which includes Forex.

There are other items on the agenda for this meeting, but this is the one that concerns most of us in this room. CFTC

Yes, the forex is still doing their reforms on foreign currency.

© Goldilocks

~~~~~~~~~

Iraq is in the process of signing bilateral agreements that will support their infrastructure through their shipping ports.

This move will help Iraq to spend their money locally and support their own economy. Projects such as this will help justify new values on their Iraqi Dinar.

The agreement allows Iraq to level up their economy. It gives them a consistent and continued sustainable income to help many sectors of their Market grow and sustain themselves with a higher level of living.

It is decisions like these that allow a currency to feel and experience price pressures that are needed to raise its value for the good of the community and all that trade with them. Arab News

Watch the water.

© Goldilocks

~~~~~~~~~

"Global trade is likely peaking now. According to a report by the St. Louis Federal Reserve Bank."

Many countries are beginning to manufacture products in their own country that used to be imported from others.

The last three Presidents have chosen not to make any changes to the judges that govern the World Trade Organization. This is being called an existential threat to the Global Economy.

For some time, the World Trade Organization has needed to change percentages in weight given to certain countries gaining momentum in trading relationships. Many of these changes are being refactored at the present time and expect to formulate new ratios by the end of the year.

These new ratios being calculated don't keep us from a gradual incline in some of these currencies that are being placed on a More Level Playing Field with other countries until they reach an RV status.

Many of these changes needing to take effect will come about from new regulations, rather than, a rules-based decision that was made at Bretton Woods 2 in 1944.

This brings us up to where we are now, the regulation of our new digital economy will bring about the needed changes in trade relation weight ratios for our currencies around the world based on supply and demand going forward.

These new digital regulated (ie MICA) changes will form new price patterns on each country's currencies and reset our Global Mechanisms to meet the needs of countries choosing to use their local currencies and trade over the dollar going forward.

When the World Trade Organization completes its new calculations to reform a new Global Trading Economy, Bretton Woods 3 will come into being.

There should be an announcement of this new agreement by Bretton Woods 3 that will lead us into much-needed changes around the world. JD Supra Council on Foreign Relations St Louis Fed

NOW, do you see why I keep asking you to WATCH THE WATER.

© Goldilocks

~~~~~~~~~

~~~~~~~~~

Specific foreign exchange derivatives include: foreign currency forward contracts, foreign currency futures, foreign currency swaps, currency options, and foreign exchange binary options. These instruments are called derivatives because their value is derived from an underlying asset, a foreign currency. Springer

~~~~~~~~~

If you missed the Saturday Night Live breakdown of Goldilocks last night, you can listen to it here!

Goldilocks' Telegram Room

or Click to Listen Here [ Add attached mp3 here] SNL Freedom-Jester 4-6-24.mp3

~~~~~~~~~

The Trade Winds Are Turning: Insights into the 2024 National Trade Estimate | CSIS

~~~~~~~~~

Room for rules-based global trade remains, but WTO showing signs of geopolitical tension | Engineering News

~~~~~~~~~

USTR Issues Communication To WTO Members On Climate, Trade | RT News

~~~~~~~~~

The US and EU concluded a two-day session of their Trade and Technology Council on Friday ending up with a 12-page agreement between all parties involved. Economic Times India Times White House

~~~~~~~~~

‘Gold’ hydrogen: The next clean fuel? - E&E News by POLITICO

~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Dinar Recaps 20 4/7/24 Dinar Recaps 20 4/7/24

"Tidbits From TNT" Sunday 4-7-2024

TNT:

Tishwash: Signing a strategic partnership contract with Kuwait to pass international communications traffic to Europe via Iraq

The General Company for Communications and Informatics, one of the formations of the Ministry of Communications, signed a strategic contract, today, Sunday, to pass international communications traffic to Europe via Iraq via Turkey through temporary transit (transit) with the Kuwaiti “Zajel” company.

Minister of Communications, Hiam Al-Yasiri, said in a statement today that the signing of the contract comes to strengthen Iraq’s strategic position in the region and maximize financial revenues in implementation of the government program and the general federal budget law.

She indicated that this contract is the first of a number of contracts and projects for submarine and transit cables to pass communications traffic from the Gulf countries and the countries of South and West Asia to the continent of Europe through Iraqi sea and land ports, passing through Turkey.

TNT:

Tishwash: Signing a strategic partnership contract with Kuwait to pass international communications traffic to Europe via Iraq

Al-Yasiri added that this project and other similar projects that are currently under procedures will make Iraq a safe land corridor that competes with the only international sea corridor in the region that passes through the Suez Canal, and these projects will contribute to enhancing the security stability of the country due to the presence of commercial interests and joint work with the rest of the countries of the region and the world. In addition, it will fill an important part of the countries' growing need for large and large Internet capacities.

The minister indicated that the ministry will sign other similar contracts soon, including with Saudi Arabia to land a third submarine cable for Iraq in Al-Faw, in addition to the existence of initial approvals to connect the UAE to Al-Faw and to pass its capacity through Iraqi territory, and there are other measures with Oman and the Kingdom of Bahrain, as all the Arab Gulf states want By passing its missions through Iraq to Europe. link

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

The Prime Minister's visit to Washington... developments and expectations

Political circles in Baghdad are awaiting the visit of Prime Minister Muhammad Shia al-Sudani to Washington, scheduled for mid-April, which is considered the first of its kind for al-Sudani after he assumed the presidency of the government a year and a half ago.

The two sides expect that the visit will address important issues, including scheduling the foreign military presence in Iraq, supporting the government’s economic reforms, in addition to the relationship between Baghdad and Erbil, which is suffering from an ongoing crisis.

The political researcher, Mujasha Al-Tamimi, explained that the Sudanese visit will focus on “only two issues,” noting that the visit will focus on activating the strategic framework agreement signed with the United States in 2008, and requesting economic support for Iraq while providing guarantees to combat corruption and money laundering.

Al-Tamimi added that the visit will witness broad participation from businessmen and experts in the fields of economics and finance, with the aim of attracting more American companies to invest in the Iraqi market.

For his part, the academic and political researcher, Abdul Aziz Al-Issawi, confirmed that the visit will focus on scheduling the foreign presence in Iraq, and said that it comes at a very important time with the escalation of demands in this regard.

Al-Issawi added that the primary goal of the visit is to initiate actual steps for dialogue with the United States and the international coalition to schedule the foreign presence in Iraq, in addition to strengthening bilateral relations in the fields of economy, investment, education, culture, and energy.

The Iraqi Prime Minister's visit to Washington comes in light of increased political sensitivity, especially with the approaching US presidential elections, which may affect bilateral relations between the two countries

The visit is expected to witness further developments and fruitful talks, and may pave the way for strengthening relations between Baghdad and Washington in the near future. link

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

Tishwash: Iraqi Fintechs Shine in Forbes' Top 50 Middle East Ranking

Iraqi fintech companies, Iraq Wallet (ZainCash Iraq) and NEO Pay Iraq, have clinched spots in Forbes' prestigious Top 50 Fintech Companies in the Middle East, underscoring the burgeoning creativity within Iraq's financial technology sector.

The Iraq Wallet, powered by ZainCash Iraq, secured the 6th spot regionally, while NEO Pay Iraq landed at 35th in the Middle East. Iraq Wallet has emerged as a go-to platform for financial solutions, offering a comprehensive range of financial services including local and international money transfers, bill payments, cash-in/out services, mobile recharge, and QR payments. It boasts 1.2 million app downloads and a network of 10,000 agents strategically positioned across Iraq.

Under the leadership of Yazen Altimimi, ZainCash's broad acceptance underscores its relevance to various stakeholders, from individuals and SMEs to major corporations, government entities, and humanitarian organizations.

Similarly, NEO Pay Iraq has garnered acclaim for its innovative digital payment processing. Led by Zaid Fawzi Ibrahim, the platform facilitated $400 million in transactions in 2023 alone, with 100,000 active users and 300,000 app downloads by December 2023, indicative of its rapid growth.

NEO Pay introduced a Visa platinum business card tailored to Iraqi merchants and professionals, a move that gained significant traction. Forbes reports an anticipated issuance of 208,000 cards by March 2024.

The inclusion of Iraq Wallet (ZainCash Iraq) and NEO Pay Iraq in Forbes' esteemed list highlights the transformative impact of fintech on Iraq's financial landscape. link

Mot: ....... using chopsticks

Mot: . and Yet More Cost Saving insight into Raising the ""Wee Folks"" LOL

DINARRECAPS8 4/6/24 DINARRECAPS8 4/6/24

Iraq Economic News and Points to Ponder Saturday Evening 4-6-24

Tlm724 Administrator Bondlady’s Corner

Advisor To The Association Of Banks: The Success Of The Banking File Negotiations In Washington Contributes To Protecting The Iraqi Banking System From Collapse

Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi

Economy News – Baghdad Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, expected, on Saturday, that the success of the US restrictions negotiations file on 28 private banks with the US Treasury in Washington will contribute to protecting the Iraqi banking system from damage and collapse.

Al-Nusairi said in an interview with Al-Iqtisad News, “We are only a few days away from the expected meeting of the Prime Minister with the American President and the American administration, which makes it very important, in this critical and complex stage that the banking system is going through, that the agenda includes meetings and negotiations with the leaders of the American administration.”

The Treasury Department and the US Federal Reserve call for determining the next and clear paths for bilateral economic relations between the two countries, which have broad relations in all fields.”

Iraq Economic News and Points to Ponder Saturday Evening 4-6-24

Tlm724 Administrator Bondlady’s Corner

Advisor To The Association Of Banks: The Success Of The Banking File Negotiations In Washington Contributes To Protecting The Iraqi Banking System From Collapse

Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi

He explained, "One of the important files that will be included in the discussions, with the participation of the Central Bank and the Iraqi Private Banks Association, is the issue of financial and banking reform and protecting the Iraqi banking sector from collapse after the issuance of sanctions and restrictions by depriving 50% of the total private banking sector from dealing in the US dollar, which is the main foreign currency for banking and commercial transactions." In Iraq and international banking relations a long time ago.”

He pointed out that "the inputs and outputs of this important visit must convince the American side to reconsider the sanctions and restrictions imposed, especially since all the affected banks are currently subject to audit by K2 International, and this confirms the good faith of the banks that the reasons for the deprivation of dealing in the US dollar were not serious and intentional mistakes." .

He continued, "The importance of restoring activity and protecting the private banking system and ensuring the results of its work comes through the electronic platform for the year 2023, which has confirmed its safety and transparency."

Al-Nusairi concluded his speech by saying, “Failure to reach quick solutions to this issue will lead to confusion in the commercial and banking market and will affect ration card supplies, which are the primary food source for a large segment of the Iraqi people, and weaken the plans and procedures of the Central Bank and the government in financial and banking reform, and the lack of control over the stability of the exchange rate of the Iraqi dinar.” And the national economy was damaged.”

Views 49 04/06/2024 -https://economy-news.net/content.php?id=42247

"A Good Investment"... What Is The Goal Of The Iraqi Central Bank In Issuing Financial Bonds With High Annual Interest?

Economy News – Baghdad With inflation rates in Iraq currently reaching 5.5%, and expectations that it will reach 6% by the end of the year, the Central Bank announced the launch of financial bonds with the highest annual interest, at 8.5%, as well as for deposits in the private banking sector.

According to economic expert Manar Al-Obaidi, in a post on his page on the Facebook platform, the aim of these bonds is to attract and encourage capital outside the banking system through high interest rates to enter the banking sector, adding that the annual interest rate announced by the Central Bank is encouraging to the investor and depositors, due to its high content. , which is considered a good return on investment compared to its lack of risk.

Al-Obaidi stressed that these bonds are guaranteed by sovereign guarantees of a country that currently has sufficient money reserves, and therefore the risk rate of these bonds is zero and non-existent, and they are purchased through the Iraq Stock Exchange and through market intermediaries.

Al-Obeidi encouraged buying these bonds and selling them in the future at a higher price, meaning that the investment should not only be in the deposit interest but also in the price of the bond itself.

In his publication, Al-Obaidi touched on “depositing money in the private banking sector,” explaining that there are 4 to 5 private banks that own the largest share of the market and their financial data, and are considered very excellent and achieve great control in the Iraqi market.

The decision to choose the bank to place deposits depends on the annual interest rate and method. Benefiting from the interest, how to break the deposit, as well as the financial statements of the bank and the extent of its presence and spread in Iraq.

Al-Obaidi concluded his post by “emphasizing that the success of investment depends on two factors: the first is the amount of profit, and the second is the amount of risk, and only the owner of the money can decide the amount of risk to be taken in exchange for the profit rate,” stressing that investing in bonds and deposits is a good solution for those who do not He wants to intervene in the field of investment and its challenges.” 4/06/2024 - https://economy-news.net/content.php?id=42238

Expert: The Volume Of Loans Is Approaching The Stage Of Danger, And The Sudanese Must Find Quick Solutions

Economy | 04/06/2024 Mawazine News – Baghdad Crisis affairs expert Ali Jabbar confirmed that there are huge corruption operations within state institutions in planning, construction, and managing state revenues.

Jabbar said, in a televised interview followed by Mawazine News, that “the latest report of the International Monetary Fund stated that there is corruption in planning, construction, and the proper management of state revenues, stressing that there is huge waste and corruption operations within state institutions.”

He added, "Planning for service projects and projects to relieve bottlenecks in Iraq may not be compatible with the budget drowned in debt, indicating that the volume of loans is approaching the danger stage and the government of Muhammad Shiaa Al-Sudani must find quick solutions."

He pointed out that "if the current government or the next government wants to succeed in overcoming this crisis, it must adopt a single strategy, which is to assign individuals with investment minds and knowledge in the field of investment to get out of this crisis." https://www.mawazin.net/Details.aspx?jimare=245430

Iraq Exports 5.5 Million Barrels Of Oil To America During The Past Month

Economy - 04/06/2024 Mawazine News – Baghdad The US Energy Information Administration confirmed that Iraq's oil exports to the United States rose last March to more than 5 million barrels.

The administration stated, in its table, that “Iraq exported 5.483 million barrels of crude oil to America during the month of last March, with an average of 176 thousand barrels per day, higher than the month of February, in which exports reached 4.379 million barrels and an average of 173 thousand barrels per day.”

She added, "Iraq exported an average of 93,000 barrels per day of crude oil to America during the first week of last March, while it exported an average of 252,000 barrels per day in the second week, while it exported an average of 244,000 barrels per day in the third week, while it was exported during... The fourth week averages 91 thousand barrels per day.”

She explained, "Iraq came in fifth place in its exports to America during the past month, after (Canada, Mexico, Saudi Arabia, and Brazil), and in second place in the Arab world after Saudi Arabia, whose exports to America exceeded the barrier of 9 million barrels. https://www.mawazin.net/Details.aspx?jimare=245422

Stability in dollar exchange rates in Baghdad, Basra and Erbil

Saturday 06, April 2024 10:22 | EconomicalNumber of readings: 212

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

$100 = 147,550 dinars in Baghdad $100 = 147,650 dinars in Basra $100 = 147,600 dinars in Erbil.

https://ninanews.com/Website/News/Details?key=1119778

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

Provoking Points To Ponder On Failures and Mistakes

I believe we are solely responsible for our choices, and we have to accept the consequences of every deed, word, and thought throughout our lifetime.- Elisabeth Kubler-Ross

A chief is a man who assumes responsibility. He does not say "My men were beaten," he says, "I was beaten."- Antoine de Saint-Exupery

The most considerable difference I note among men is not in their readiness to fall into error, but in their readiness to acknowledge these inevitable lapses.- Thomas Henry Huxley

It is very easy to forgive others their mistakes. It takes more grit and gumption to forgive them for having witnessed your own.- Jessamyn West

Whenever at an accusation blind rage burns up within us, the reason is that some arrow has pierced the joints of our harness. Behind our shining armour of righteous indignation lurks a convicted and only half-repentant sinner ... [and] we may be almost sure some sharp and bitter grain of truth lurks within it, and the wound is best probed.- Jane Harrison

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

http://famousquotesandauthors.com/quotes_by_topic.html

DINARRECAPS8 4/6/24 DINARRECAPS8 4/6/24

Goldilocks' Comments and Global Economic News Saturday Evening 4-6-24

Good Evening Dinar Recaps,

One thing the Red Sea conflict has taught us is that a change is needed in the way we trade across the world.

Some countries have utilized 3D printing to minimize the need for some shipping abroad. Others are rerouting their shipping vessels to avoid conflicts of interest. And, the digitization of these shipping ports will make Management in the flow of money between countries and merchants on the other side of the world faster and more efficient.

This data has been calculated and still in process of calculation with the World Trade Organization. These calculations are run through artificial intelligence scenarios to determine a repricing event between countries that will change our exchange rates. Servier Servier Servier

Watch the water.

© Goldilocks

~~~~~~~~~

Goldilocks' Comments and Global Economic News Saturday Evening 4-6-24

Good Evening Dinar Recaps,

One thing the Red Sea conflict has taught us is that a change is needed in the way we trade across the world.

Some countries have utilized 3D printing to minimize the need for some shipping abroad. Others are rerouting their shipping vessels to avoid conflicts of interest. And, the digitization of these shipping ports will make Management in the flow of money between countries and merchants on the other side of the world faster and more efficient.

This data has been calculated and still in process of calculation with the World Trade Organization. These calculations are run through artificial intelligence scenarios to determine a repricing event between countries that will change our exchange rates. Servier Tech Briefs BFT Online

Watch the water.

© Goldilocks

~~~~~~~~~

"JAPANESE Prime Minister Fumio Kishida said on Friday (Apr 5) authorities will use “all available means” to deal with excessive Yen falls, stressing Tokyo’s readiness to intervene in the market to prop up the currency."

In other words, Japan has to do what is best for their own country at this point. If it means to change monetary policies for their currency, it is going to happen.

These changes will begin to affect shipping prices around the world as Japan formulates new price pressures that will formulate new correlations between other countries' currencies going forward.

This is why it is so important to watch the water because most of our trade actually takes place because of it. New demands such as these have a way of creating a ripple effect across the waters.

This move has the potential to decouple from the dollar as the World Reserve Asset currently dominating trade relations. Business Times

Watch the water.

© Goldilocks

~~~~~~~~~

This article reflects more about Zimbabwe currency than the Zim Bonds my friends.

It is good that they have changed their monetary policy to a backing in gold.

This will stabilize their currency and create new monetary policies for those who exchange with them over time. BBC

© Goldilocks

~~~~~~~~~

XRP Unleashed - New Docuseries Coming Soon | Twitter

~~~~~~~~~

The Struggle for Currency Supremacy - Project Syndicate - Commentaries - Advisor Perspectives | Project Syndicate

~~~~~~~~~

Copper Bulls Can See A Record Price Of $12,000/t | Forbes

~~~~~~~~~

4/6/2024 Saturday Night Live Call

I hope everyone is doing well and looking forward to their weekend. I wanted to go over the importance of Ripple's announcement this week in launching a new stablecoin backed 100% by US deposits.

This aligns Ripple as a settlement token between deposits, trades, and banking exchanges. Just like the banking system, Ripple intends to be audited once a month to show transparency of their Network System.

This not only shows that the banking system is becoming digitized, it shows that our Protocol 20 tokenized assets will soon be able to be processed through the new Digital Banking System.

This is a slow roll out, but it is moving forward. Nothing is holding us back, and we are moving forward as new networks are interfaced onto the new Quantum Financial System.

This is currently where we are in the integration of the new digital banking system. Traditional banking system is currently being digitized. Everything will be tokenized going forward. This will allow us to hold real values in our new banking system that can be processed through Quantum Technologies.

Do make time for this important event on Saturday night, a transition of this magnitude has shifted our economy. And, many people will overlook the magnitude of this announcement. This is why it is important to listen to as many perspectives on this shift as possible as we collectively move our money onto the QFS.

© Goldilocks

Saturday Night Live Tonight at 9 pm ET, 8 pm Central, and 6 pm Pacific

Questions can be asked in the SNL Q & A Room will open at 8 pm ET. to post questions

~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Dinar Recaps 20 4/6/24 Dinar Recaps 20 4/6/24

"Tidbits From TNT" Saturday 4-6-2024

TNT:

Tishwash: Iraq and Saudi Arabia sign 12 memorandums of understanding for specific investment projects

Iraq and the Kingdom of Saudi Arabia signed memorandums of understanding with 12 Saudi companies with the aim of enhancing cooperation in a number of specific investment projects.

A statement from the ministry, a copy of which {Al-Furat News} received, said, "The memorandums of understanding signed with 12 Saudi companies came with the Iraq Fund for Development, with the aim of enhancing cooperation in a number of qualitative investment projects in Iraq."

Last December, Saudi Arabia signed a partnership agreement with Iraq in the field of industrial investments for the private sector, as part of the two countries’ efforts to strengthen their bilateral relations and attract foreign investments. link

TNT:

Tishwash: Iraq and Saudi Arabia sign 12 memorandums of understanding for specific investment projects

Iraq and the Kingdom of Saudi Arabia signed memorandums of understanding with 12 Saudi companies with the aim of enhancing cooperation in a number of specific investment projects.

Tishwash: Do not burden Sudanese’s visit to Washington with more than its “true meaning.” What exactly is its purpose?

The political and academic researcher, Hani Ashour, stressed today, Friday, the importance of not burdening the upcoming visit of Prime Minister Muhammad Shiaa Al-Sudani to the United States of America more than its true meaning.

Ashour told “Jarida”, “The visit of Prime Minister Muhammad Shiaa Al-Sudani to the United States of America is a protocol visit within the framework of joint relations between the two countries in the security, economic, political and other areas that were previously agreed upon, in addition to what is included in the strategic framework agreement.” “.

He added, “All prime ministers since 2003 have made visits to the United States of America and met with the American President, except for Adil Abdul Mahdi, due to the incident of the assassination of Al-Muhandis and Soleimani. Therefore, this visit should not be burdened with more than its true meaning. Rather, it comes within the framework of the existence of agreements with the International Monetary Fund.” The US Treasury is concerned with the Iraqi financial and economic situation, and there are agreements that must be activated in this regard.”

He pointed out that “linking the visit to a future political project for the Sudanese is unlikely, as evidenced by the fact that Al-Kadhimi had visited Presidents Trump and Biden, but that did not help him assume the second term. Therefore, the Sudanese visit does not go beyond activating previous agreements and signing new agreements in the fields of security, armament, and the exit of American forces from Iraq and drawing A scenario for this exit, in addition to joint cooperation on economic and investment issues. link

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

CandyKisses: MP calls for the return of $215 million belonging to the Iraqi bank

Baghdad

First Deputy Chairman of the Parliamentary Integrity Committee Alia Nassif on Saturday called on the Prime Minister, the Public Prosecution and the Director of the Iraqi Trade Bank to put an end to the people who drain the money of the Iraqi people by looting the bank's funds.

She said in a statement received by the information that "the Iraqi Trade Bank lost $ 215 million as a result of issuing judicial rulings in favor of the so-called (AA) and the so-called (SNA), which raises suspicion of the existence of cooperation between them and some influential within the bank.

"Nassif stressed the need for "concerted efforts between the government, the judiciary and the director of the bank to recover the money from these two individuals and cooperate with the bank's management in the campaign to recover all the funds that leaked during the previous years25."

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

CandyKisses: Iraq announces that it is close to producing 5 million barrels per day

Baghdad - Iraq Today:

Oil Minister Hayyan Abdul Ghani confirmed that Iraq is close to reaching an extraction capacity of up to 5 million barrels of oil per day, while revealing the current volume of gas production, indicating that Iraq is ranked 12th globally in the volume of storage.

Abdul Ghani said in a press interview that "the Iraqi oil industry plays an important role in shaping the future of the national economy, and plays a great responsibility in supplementing the economy and advancing its burdens, especially with its reliance mainly on oil amid serious and real attempts to diversify the national economy and its sources of income."

He added that "the Ministry of Oil is approaching coherent steps to reach in the extraction sector an extraction capacity estimated at 5 million barrels per day despite serious restrictions on oil markets and restricting the quotas of OPEC countries in order to support the stability and balance of prices."

"This comes amid real fears of upcoming climate restrictions on the oil sector, the latest of which was the texts of the COP 28 climate conference and its recommendations for a gradual shift away from fossil fuels," he said.

He stressed that "the ministry's efforts are concerted in the gas industry on the axis of new rounds of exploration, production rounds, associated and burned gas investment rounds, and work is continuing on the fifth and sixth rounds of border patches and patches of the promising western regions with gas reserves because of Iraq's position in the global treasury that makes it ranked 12th in the world, and because of the importance of gas in meeting our national need and in the energy transition file as it is the cleanest fuel compared to heavy fuel, and this is in line with the recommendations of recent climate conferences."

He pointed out that "the Ministry of Oil has paid great attention to investing gas in the western regions, which have a very large gas reserve, and therefore the ministry launched the fifth and sixth licensing rounds to invest it with the border areas, and the two rounds included more than 30 fields and oil and gas exploration patches, including 15 gas patches in the western regions, starting from the border with Syria and then Jordan down to the border with Saudi Arabia, where the provinces of Diwaniyah and Muthanna."

Abdul Ghani pointed out that "there are 20 international companies that will contribute and we hope that Iraqi businessmen will also have a contribution to these licensing rounds, and we are fully prepared to qualify these companies in order to expand participation in the rounds, which will ensure Iraq's self-sufficiency in gas and stop importing it, and Iraq may turn into a gas exporting country."

The Minister of Oil pointed out that "Iraq's current production of gas reaches 3200 million standard cubic feet (mqmq) per day, and the estimated investor of it up to 62% and the rest of the percentage of 38% is currently burned, and the current government since the beginning of its formation has set the goal of stopping gas burning at the top of its priorities."

He explained, "It has been contracted to stop burning gas and its investment, and within a few years the entire quantity will be completed and stop burning and we have developed a road map to invest its large quantities, and perhaps the last project completed last year is the project (Basra Angie Al) with a capacity of 200 million standard cubic feet of gas and was opened with the beginning of the formation of the government, and there is another unit in the Basra Gas Company with the same volume of energy with 200 million standard cubic feet and will start its trial operation in the second half of This year 2024".

He continued, "We also have a gas investment project in the Halfaya field in Maysan with a capacity of 300 million standard cubic feet, which has reached advanced stages, and within one to two months, the trial operation of the project will be completed and this quantity will be invested and directed to the national grid and power stations, especially the Amara gas station, as well as we have a project in Dhi Qar Governorate with a capacity of 200 million standard cubic feet implemented by Baker Hughes International for gas investment in the Nasiriyah and Al-Gharraf fields, which has also reached advanced stages. The first phase will be operational during the second half of this year, while the second phase will be operational next year."

Abdul Ghani pointed out that "the ministry's contracts and efforts are continuing in the project of the French company Total, which includes 3 main events in addition to oil production, and the most important of its activities is the investment of 600 million standard cubic feet of gas that is currently burned in 5 oil fields: Majnoon, Al-Lahis, West Qurna 2, Artawi and Al-Tuba, and it will be implemented in two phases by 300 million standard cubic feet for each stage, and they will end over 5 years, the first 3 and the second two years."

Mot: Yeppers.. I Was Always in Trouble – LOL

Mot: .. camping in Florida - Sounds Fun!!!

DINARRECAPS8 4/6/24 DINARRECAPS8 4/6/24

Iraq Economic News and Points to Ponder Late Friday Evening 4-5-24

Tlm724 Administrator Bondlady’s Corner

Advisor To The Association Of Private Banks: Al-Sudani Will Discuss The Sanctions File On 28 Banks In Washington

Economy News – Baghdad Advisor to the Association of Private Banks, Samir Al-Nusairi, announced that the US sanctions on 28 banks constitute one of the important files on the agenda of Prime Minister Muhammad Shiaa Al-Sudani during his visit to Washington.

Al-Nusairi said in an interview followed by Al-Eqtisad News, “During his visit to Washington, during which he will be accompanied by a delegation from the Central Bank and the banking sector, Al-Sudani will discuss the sanctions and restrictions imposed by the United States on the 28 banks, which deprived them of dealing in the US dollar.”

He believed that these sanctions and restrictions constitute “one of the important files that the Prime Minister carries with him to Washington,” indicating that the file “falls within the financial and banking reform stipulated in the Prime Minister’s government program.”

Iraq Economic News and Points to Ponder Late Friday Evening 4-5-24

Tlm724 Administrator Bondlady’s Corner

Advisor To The Association Of Private Banks: Al-Sudani Will Discuss The Sanctions File On 28 Banks In Washington

Views 184 04/05/2024 - https://economy-news.net/content.php?id=42219

Or The Second Week...Oil Continues To Rise And Exceeds The $90 Threshold

Economy | 04/05/2024 Mawazine News – Baghdad Oil prices continued to rise and are on track to record gains for the second week, supported by geopolitical tensions in Europe and the Middle East, concerns about diminishing supplies, and optimism about the growth of global fuel demand as economies improve.

Brent crude jumped 49 cents on Friday to $91.14 a barrel. US West Texas Intermediate crude also rose 37 cents to $86.96 a barrel.

The two benchmarks reached the highest levels since October at settlement on Thursday, and are heading to record gains exceeding 4% this week, continuing to rise for the second week in a row.

https://www.mawazin.net/Details.aspx?jimare=245342

Minister Of Oil: Iraq's Extractive Capacity Is Approaching 5 Million Barrels Per Day

Economy | 04/05/2024 Mawazine News – Baghdad Oil Minister Hayan Abdul Ghani confirmed today, Friday, that Iraq is close to reaching an extraction capacity of up to 5 million barrels of oil per day, and while revealing the current volume of gas production, he stated that Iraq is ranked 12th in the world in terms of the volume of its reserves,

pointing out He pointed out that there is a large reservoir in the western regions that the Ministry seeks to invest in 15 exploration blocks, pointing at the same time to establishing projects to invest 900 million standard cubic feet of gas in Dhi Qar, Basra and Maysan, in addition to another 600 million through the French company Total.

Abdul Ghani said, “The Iraqi oil industry plays an important role in shaping the future of the national economy, and bears a great responsibility in supporting the economy and advancing its burdens, especially since it is mainly based on oil amid serious and real attempts to diversify the national economy and its sources of income.”

He added, "The Ministry of Oil is approaching with coherent steps towards reaching an extraction capacity estimated at 5 million barrels per day in the extraction sector, despite the serious restrictions on oil markets and the restriction of the quotas of OPEC countries in order to support price stability and balance."

He continued, "This comes amid real fears of upcoming climate restrictions on the oil sector, the latest of which were the texts of the COP 28 climate conference and its recommendations for a gradual shift away from fossil fuels."

He stressed, "The Ministry's efforts are concerted in the gas industry on the axis of new rounds of exploration, production rounds, and investment rounds of associated and combusted gas, and work is continuing on the fifth and sixth rounds for the border patches and patches of the western regions promising gas reserves, given Iraq's position in global reserves that makes it ranked 12th in the world."

And because of the importance of gas in meeting our national needs and in the energy transition file, as it is the cleaner fuel compared to heavy fuel, this is in line with the recommendations of recent climate conferences.”

He pointed out that "the Ministry of Oil was very interested in investing in gas in the western regions, which possess very large gas reserves. Accordingly, the Ministry launched the fifth and sixth licensing rounds to invest it in the border regions. The two rounds included more than 30 oil and gas fields and exploration patches, including 15 gas patches in the western regions."

Starting from the border with Syria, then Jordan, down to the border with Saudi Arabia, where the provinces of Diwaniyah and Muthanna are.

Abdul-Ghani stated, “There are 20 international companies that will contribute, and we hope that Iraqi businessmen will also have a contribution in these licensing rounds. We are fully prepared to qualify these companies in order to expand participation in the rounds, and they will ensure Iraq’s self-sufficiency in gas and stop its importation, and perhaps Iraq will turn For a gas exporting country.

The Minister of Oil pointed out that “Iraq’s current gas production reaches 3,200 million standard cubic feet (mmq) per day, and the estimated amount invested in it reached 62%, and the rest of the percentage, which amounts to 38%, is currently being burned.

The current government, since the beginning of its formation, has set the goal of stopping the burning of gas.” Gas is its top priority.”

He explained, "It was contracted to stop burning and investing gas, and within a few years the entire quantity will be completed and its burning will be stopped.

We have developed a road map to invest its large quantities. Perhaps the last project completed last year is the (Basra Angie Al) project with a capacity of 200 million standard cubic feet of gas."

It was opened with the beginning of the formation of the government, and there is another unit in the Basra Gas Company with the same capacity with 200 million standard cubic feet, and its trial operation will begin in the second half of the current year 2024.

He continued, "We also have a gas investment project in the Halfaya field in Maysan with a capacity of 300 million standard cubic feet, and it has reached advanced stages.

Within one to two months, the trial operation of the project will be completed, and this quantity will be invested and directed to the national grid and power stations, especially the Amara gas station.

We also have a project in Dhi Qar Governorate, with a capacity of 200 million standard cubic feet, is being implemented by Baker Hughes, an international gas investment company, in the Nasiriyah and Al-Gharraf fields.

It has also reached advanced stages, and its first phase will be operated during the second half of this year, while its second phase will be operated next year.

Abdul Ghani stated, “The Ministry’s contracts and efforts are continuing in the French Total Company project, which includes 3 main activities in addition to oil production, and its most important activity is investing 600 million standard cubic feet of gas that is currently being burned in 5 oil fields: Majnoon, Al-Lahis, West Qurna 2, and Artawi.”

And the brick, and it will be implemented in two stages at a rate of 300 million standard cubic feet for each stage, and will be completed over a period of 5 years, the first 3 and the second two years.” https://www.mawazin.net/Details.aspx?jimare=245368

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

Provoking Points To Ponder On Failures and Mistakes

Our mistakes won't irreparably damage our lives unless we let them.- James E. Sweeney

Peole do think that if they avoid the truth, it might change to something better before they have to hear it.- Marsha Norman

We have not passed that subtle line between childhood and adulthood until... we have stopped saying "It got lost," and say, "I lost it."- Sydney J. Harris

Ah, how steadily do they who are guilty shrink from reproof!- Amelia Jenks Bloomer

I've arrived at this outermost edge of my life by my own actions. Where I am is thoroughly unacceptable. Therefore, I must stop doing what I have been doing.- Alice Koller

Do not blame anybody for your mistakes and failures.- Bernard M. Baruch

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

http://famousquotesandauthors.com/quotes_by_topic.html

DINARRECAPS8 4/6/24 DINARRECAPS8 4/6/24

Goldilocks' Comments and Global Economic News Saturday AM 4-6-24

Good Morning Dinar Recaps,

What Is QFS? How Will It Replace Traditional Banking Systems? | The Market Periodical

Pamela shares Goldilock's above article on 'What Is QFS? How Will It Replace Traditional Banking Systems?'. Pamela goes over the article in this recording. You can find the article in the Start Here group under the Learning topic as well as Goldilocks' room. The links are shared below.

Recording Below

Goldilocks' Comments and Global Economic News Saturday AM 4-6-24

Good Morning Dinar Recaps,

What Is QFS? How Will It Replace Traditional Banking Systems? | The Market Periodical

Recording Below

Disclaimer:
This is not professional advice, nor is it implying financial advice, nor is it legal advice. Please do your own research.

Start Here and Currency Info

Goldilocks' Telegram Room

~~~~~~~~~

Analyst Says XRP and XLM Will Melt Faces Soon, Projecting 20X Rally to $13 | The Crypto Basics

~~~~~~~~~

BREAKING NEWS ZIM Global Currency Shift | Youtube

~~~~~~~~~

Uphold confirms XRP withdrawals to USD via FedNow for US users with participating banks.

While not entirely new, this development highlights the growing connection between cryptocurrencies and traditional finance.

Unclear details remain regarding the specifics of the partnership and XRP's role within the FedNow network.

Cryptocurrency enthusiasts are buzzing with excitement as Uphold (https://coinpedia.org/news/ripple-payment-is-now-available-on-uphold-platform-for-institutional-investors/), a major U.S. crypto exchange, confirms a groundbreaking development: FedNow, the payment system of the U.S. Federal Reserve, now facilitates instant XRP withdrawals directly to select U.S. bank accounts. This advancement allows users to seamlessly convert their XRP to USD and withdraw funds instantly. Coinpedia

~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Dinar Recaps 20 4/6/24 Dinar Recaps 20 4/6/24

MilitiaMan: Iraqi Dinar Update - IQD - Investment - Test Systems - USD - Rescinded Decision - WTO - WCO- PART 1

Iraqi Dinar Update - IQD - Investment - Test Systems - USD - Rescinded Decision - WTO - WCO- PART 1

MilitiaMan and Crew: 4-6-2024

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

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

Iraqi Dinar Update - IQD - Investment - Test Systems - USD - Rescinded Decision - WTO - WCO- PART 1

MilitiaMan and Crew: 4-6-2024

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=fApqEfRURKE

Dinar Recaps 20 4/6/24 Dinar Recaps 20 4/6/24

MilitiaMan: Iraqi Dinar Update - IQD - Investment - Test Systems - USD - Rescinded Decision - WTO - WCO- PART 2

Iraqi Dinar Update - IQD - Investment - Test Systems - USD - Rescinded Decision - WTO - WCO- PART 2

MilitiaMan and Crew: 4-5-2024

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

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

Iraqi Dinar Update - IQD - Investment - Test Systems - USD - Rescinded Decision - WTO - WCO- PART 2

MilitiaMan and Crew: 4-5-2024

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=B5LSplnnsTw

DINARRECAPS8 4/5/24 DINARRECAPS8 4/5/24

Goldilocks' Comments and Global Economic News Friday Afternoon 4-5-24

Good Afternoon Dinar Recaps,

Ripple's new stablecoin which is expected to be launched later this year will expand into several different Global Networks.

On a broader scale, Ripple's new stablecoin will allow them to create demand for their coin on centralized and decentralized platforms.

One platform utilizes the traditional model of centralized banking exchanges, and the other utilizes peer-to-peer transactions that can be held in a private exchange.

This will expand the use of Ripple coin among all users going forward who wish to utilize the network of Ripple coin in their transactions.

Goldilocks' Comments and Global Economic News Friday Afternoon 4-5-24

Good Afternoon Dinar Recaps,

The XRP Ledger can be utilized in both transactions (centralized and decentralized networks) that will include the use of this aspect of their company as well. The US stablecoin is not the only country that Ripple would like to utilize this new stablecoin service going forward.

It is a move that expands the use of Ripple coin diversifying its capabilities among institutions and private buyers who wish to utilize its speed and easy scalability on the new QFS.
Business Wire CNBC Investopedia

~~~~~~~~~

Since Ripple's stablecoin is going to be backed 100% by US dollar deposits, they are agreeing to go through monthly audits. It is something that the banking system does as well. This lines Ripple up with the banking system and shows their willingness to be completely transparent.

The alignment between cryptocurrency and the traditional banking system forming an alliance such as this gives each of us and much clearer understanding of how payment systems will be settled inside a new digital economy through Ripple.

The importance of this move cannot be overstated. I can only tell you it is a move that will change the banking system forever. Coindesk

© Goldilocks

~~~~~~~~~

4/5/2024 Good Morning,

I hope everyone is doing well and looking forward to their weekend. I wanted to go over the importance of Ripple's announcement this week in launching a new stablecoin backed 100% by US deposits.

This aligns Ripple as a settlement token between deposits, trades, and banking exchanges. Just like the banking system, Ripple intends to be audited once a month to show transparency of their Network System.

This not only shows that the banking system is becoming digitized, it shows that our Protocol 20 tokenized assets will soon be able to be processed through the new Digital Banking System.

This is a slow roll out, but it is moving forward. Nothing is holding us back, and we are moving forward as new networks are interfaced onto the new Quantum Financial System.

This is currently where we are in the integration of the new digital banking system. Traditional banking system is currently being digitized. Everything will be tokenized going forward. This will allow us to hold real values in our new banking system that can be processed through Quantum Technologies.

Tomorrow night, there will be a Saturday Night Live call giving you an update on where we are in the new Digital Banking System. Jester and Freedom Fighter do an excellent job explaining where we are in the movement and transition into our new economy that leads to our revaluation of all assets across the markets including Forex.

Do make time for this important event on Saturday night, a transition of this magnitude has shifted our economy. And, many people will overlook the magnitude of this announcement. This is why it is important to listen to as many perspectives on this shift as possible as we collectively move our money onto the QFS. Saturday Night Live

© Goldilocks

~~~~~~~~~

"LUANG PRABANG — Việt Nam's Minister of Finance and Central Bank Governor and other ASEAN counterparts engage in discussions with international business councils to strengthen financial ties and promote sustainable growth in the region."

Vietnam is currently engaged in monetary policy and monetary cooperation initiative changes.

They are currently taking active steps to be more inclusive on the international stage in terms of market growth and commitment to sustaining that growth with partnerships that will enable them to improve economical standards of living.

Their new Basel 3 compliant banks will allow them to show collateralization and the ability to make higher volume trades than before through proof of the ability to transact on both sides of a trade.

As Vietnam continues to expand their economy, these new demands on their currency will justify new price actions on their currency. Vietnam News

© Goldilocks

~~~~~~~~~

Financial Services Authority of Indonesia Announcement:

"The Financial Services Authority of Indonesia said Indonesia's economy has recovered from the pandemic and banks have strong capital, sufficient liquidity and good risk management."

Indonesia is Basel 3 compliant. This will allow their movement into less pandemic support, and into measures that support their own economy through the new digital asset-based trading system.

The new digital economy will require a gold backing to service the needs of the new cryptos they are in the process of testing and going through approval for the development of their new economy. Coin Telegraph WHO

© Goldilocks

~~~~~~~~~

A New Digital Core for Banks | Huawei Enterprise | Huawei

~~~~~~~~~

The Fed - Tokenized Assets on Public Blockchains: How Transparent is the Blockchain? | The Federal Reserve

~~~~~~~~~

Office CRE Mess Keeps Getting Worse, Massive Repricing Underway | Wolf Street

~~~~~~~~~

Mexico Approves Bill Regarding Electronic Financial Transactions | Insights | Holland & Knight

~~~~~~~~~

Federal Reserve Refuses To Provide Records Of Foreign Gold Holdings | ZeroHedge

~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Dinar Recaps 20 4/5/24 Dinar Recaps 20 4/5/24

Some "Friday News" Posted by KTFA Members 4-5-2024

KTFA:

Clare: Iraq will become an "alternative" to the Suez Canal

4/5/2024

Reports published by Reuters International and Splash News Agency, today, Thursday, described the large Al-Faw port project, which was expected to be completed next year, as “an alternative to the Suez Canal,” stressing that “Iraq will become, during the next few years, a “center” for international trade between the East and the Middle East.” And the West.”

Reuters said, according to a report translated by NRT Arabic, that the Gulf countries are fully aware of the economic development taking place in Iraq, which is expected to increase soon with the completion of the Al-Faw port project and “huge” business projects, including Gulf investments in the country through the establishment of residential complexes and tourist hotels, indicating, “The Gulf has begun... "He is testing the waters by transferring his international investments to Iraq."

KTFA:

Clare: Iraq will become an "alternative" to the Suez Canal

4/5/2024

She continued, "According to Gulf expectations, Baghdad will become one of the most important Arab capitals for the next twenty-five years," explaining what Splash Agency reported about the expected development of the Iraqi economy through the end of the Al-Faw port, which she said would turn Iraq into an "alternative" to the Suez Canal and an international trade corridor connecting Between East and West.

The agency also confirmed that the new port will be able to receive goods and goods and transport them through Iraq to Turkey and then Europe in a “huge and unprecedented” manner by receiving cargo ships and giant oil tankers, which will “contribute” to transforming Iraq into an oil export center in addition to its new location as an alternative. About the Suez Canal, according to its description.

The agency also noted that the Al-Faw port project, which has been stalled since 2010, is expected to end next year with the Iraqi authorities insisting on ending it after concluding an agreement with Turkey to establish railways and roads worth $17 billion, ensuring that the two countries will transform into a commercial transport point. Goods and commodities between the continents of Europe and Asia.

It is noteworthy that the agency also indicated that the limited transportation of ships through the Suez Canal, which allows the passage of a small number of tankers and giant trucks, will help transform the large Al-Faw port and its transportation route into a “suitable alternative” that allows the movement of very large quantities of goods and commodities without long waiting periods, according to the agency. Describe it. LINK

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

Clare: After the Eid...a parliamentary movement was revealed to host the Sudanese in Parliament

4/5/2024 Baghdad

Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, held the government responsible for delaying the release of budget allocations, noting that many projects have been halted due to the failure to release financial allocations.

Al-Kadhimi said in an interview followed by Mawazine News, that “the Prime Minister’s advisors are putting the final touches on the budget, and it is expected to be sent to Parliament for a vote after the Eid,” indicating that “there are increases in salary requirements that reached 8.5 trillion dinars per month, which led to an increase in salary requirements.” The size of the budget reaches 228 trillion dinars.”

He added, “The projects of the Ministries of Health and Education were halted due to the delay in approving the budget, despite the presence of advances approved by the Ministry of Planning.”

Al-Kadhimi called on the government to “send the budget schedules to Parliament as soon as possible for approval,” noting that “the disbursement of financial allocations should not be affected by delays in the schedules, given that the budget is three-year.”
He revealed, “A parliamentary move to host the Prime Minister, the Ministry of Finance, and the relevant authorities in Parliament to discuss the reasons for the delay, if the budget is not sent after the Eid al-Fitr holiday.” LINK

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

Clare: Advisor to the Association of Private Banks: Al-Sudani will discuss the sanctions file on 28 banks in Washington

4/5/2024 Baghdad

Advisor to the Association of Private Banks, Samir Al-Nusairi, announced that the US sanctions on 28 banks constitute one of the important files on the agenda of Prime Minister Muhammad Shiaa Al-Sudani during his visit to Washington.

Don961: Zimbabwe launches new gold-backed currency

Harare – Zimbabwe’s central bank launched a new “structured currency” backed by gold on Friday, as it seeks to tackle sky-high inflation and stabilise the country’s long-floundering economy.

The ZiG — short for Zimbabwe Gold — will replace the Zimbabwean dollar which has tumbled in value over the past year, pushing inflation through the roof, Reserve Bank governor John Mushayavanhu said.

“With effect from today… banks shall convert the current Zimbabwe dollar balances into the new currency,” he said, presenting a monetary policy statement.

He also announced a drastic cut in the bank’s main interest rate, from 130 percent to 20 percent.

The ZiG will be “fully anchored and fully backed” by a basket of reserves comprising foreign currency and precious metals — mainly gold, Mushayavanhu added.

The move is aimed at fostering “simplicity, certainty, (and) predictability” in Zimbabwe’s financial affairs, he said, presenting the new banknotes that come in eight denominations ranging from 1 to 200 ZiG.

The Zimbabwean dollar has lost almost 100 percent of its value against the US greenback over the past year.

On Friday, it was officially trading at around 30,000 against its more coveted US counterpart — and at 40,000 on the black market, according to tracker Zim Price Check.

Its poor performance contributed to the southern African country’s high inflation rate, which after climbing well into the triple digits last year, was at 55 percent in March, according to official data.

This has piled pressure on its 16 million people who are already contending with widespread poverty, high unemployment and a severe drought induced by the El Nino weather pattern.

– More gold needed? –

Zimbabweans have 21 days to convert their old cash into new money, Mushayavanhu said.

The new banknotes feature a drawing of gold ingots being minted, as well as Zimbabwe’s famous Balancing Rocks, which already appeared on the old ones.

Zimbabwe boasts vast gold deposits, with the precious metal accounting for almost 25 percent of all exports in January, according to official data.

But analysts have questioned whether Harare has enough reserves to adequately back the currency, and if the latter could suffer from volatility in gold prices.

On Thursday, President Emmerson Mnangagwa inspected the central bank’s vaults that Mushayavanhu — who was appointed earlier this year — said hold 1.1 tonnes of solid gold.

The bank also has almost 1.5 tonnes more abroad, as well as $100 million in cash and precious minerals such as diamonds that if converted into gold would account for another 0.4 tonnes, he added.

All together the reserves’ value totals $285 million, which Mushayavanhu said was “more than three times cover for the ZiG currency being issued”.

But some were sceptical.

“We obviously need more,” said economist Prosper Chitambara, adding that other countries such as neighbouring South Africa had much larger reserves.

“The more the reserves, obviously, the more the confidence and the more your capacity to be able to defend your currency against any shocks.”

The central bank said it would adopt a tight monetary policy, linking money supply growth to growth in gold and foreign exchange reserves.

– Trillion-dollar inflation –

Soaring prices have brought back memories of 2008, when hyperinflation was so out of control that the central bank even issued a 100-trillion-dollar note — now a collectors’ item.

The government was eventually forced to ditch the local currency and adopt the US dollar as legal tender.

The Zimbabwean dollar was revived in 2019, but it has suffered from much the same issues as its previous incarnation.

Most Zimbabweans prefer to do business, get paid and hold their savings in US dollars.

Many who earn a salary in local money rush to currency exchange shops on pay day.

The government has previously resorted to various expedients to stabilise the economy, including issuing gold coins and launching a gold-backed digital currency but they have yielded little results. LINK

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

Don961: The legal basis for depositing oil revenues in the US Federal Reserve, CBI clarified

2024-04-02 01:53

Shafaq News/ The Central Bank of Iraq (CBI) clarified on Monday the legal rationale behind depositing oil revenues in the US Federal Reserve.

Documents released by the bank and seen by Shafaq News agency state that "the legal basis for depositing oil revenues in the Federal Reserve Bank in New York under the IRAQ2 account instead of the Development Fund for Iraq (DFI) is linked to the expiration of Executive Order 13303 issued by the US President in March 2003.

This order granted immunity to Iraqi funds deposited in the DFI account at that time. Furthermore, the protection of Iraqi funds provided by UN Security Council Resolution 1483 of 2003 ended with the issuance of UN Resolution 1956 at the close of 2010."

The documents elaborate, "Hence, the IRAQ2 account was established to receive proceeds from Iraqi crude oil exports, subsequently transferred to the Central Bank of Iraq's account at the Federal Reserve Bank within 24 hours to safeguard them from creditors' claims. These funds are categorized as belonging to the Iraqi government, derived from crude oil exports. This arrangement was formalized through a Memorandum of Understanding signed between the Iraqi Ministry of Finance and the Central Bank of Iraq on 2/6/2014, which serves as the legal framework for the IRAQ2 account as an alternative to the Development Fund for Iraq account."

The documents clarify, "Immunity granted by these documents is applicable solely to sovereign funds and does not extend to funds utilized for commercial purposes."

Addressing the third paragraph, the documents detail that "foreign reserves may be deposited with various external entities, central banks, and financial institutions, not limited to the Federal Reserve Bank. Interest rates vary based on investment category, duration, and the institution. Additionally, Orient, the contracted shipping company, transports dollar shipments from the Federal Reserve Bank to Baghdad International Airport, with insurance at $414,000 per shipment and transportation fees of $216,310 provided by the Legislative Affairs Department, Parliamentary Oversight Division."

Furthermore, they state, "Domestic transfer of oil sales revenues is impractical due to operational constraints, risking Iraq's financial operations if funds remain within the country.

Closing the Federal Reserve Bank account could expose Iraq to international claims and hinder settlements in US dollars without an account at the Federal Reserve Bank or another American commercial bank." LINK