Iraq Economic News and Points to Ponder Wednesday Afternoon 4-17-24

Iraq Economic News and Points to Ponder Wednesday Afternoon 4-17-24

Tlm724 Administrator Bondlady’s Corner

After 21 Years Of The Dollar Auction... Iraq Is Close To Closing The Window Amid Reassurances And Warnings
 
Time: 04/16/2024 14:08:28 Read: 12,259 times {Reports: Al-Furat News} Report: Ammar Al-Masoudi
 
Iraq is approaching the end of the closure of the dollar selling window at the Central Bank - which has been controversial - over the past two decades.
 
The Central Bank's management plans to
 
     gradually cancel the dollar auction during the year 2024, leading to its complete cancellation by the end of the year, and to
 
     maintain it for audit and statistical purposes,
 
in an effort to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full commitment. According to international standards and requirements.

Iraq relies on the platform for selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms for preserving the value of the Iraqi dinar and combating speculative operations in the parallel market.
 
The visit of Prime Minister Muhammad Shia Al-Sudani to Washington provided a strong impetus in closing the Central Bank window and moving towards direct commercial banking transactions. 
 
According to the joint statement of the Iraqi-American discussions headed by Al-Sudani and President Joe Biden,
 
the latter “discussed Iraq’s advanced efforts to reform the financial and banking sectors, which help link Iraq to the international economy and increase trade while protecting the Iraqi people from the harmful effects of corruption and money laundering, and
 
what was achieved during the years 2023 and 2024.” “With banks in Iraq expanding (correspondent relationships) with international financial institutions to enable trade financing.”  The statement notes that
 
"the majority of trade financing operations are now carried out through these channels."
 
Iraq and the United States pledged their commitment to "strengthen their cooperation to achieve greater transparency and cooperation against money laundering, terrorist financing, fraud, corruption, and sanctioned activities that could undermine the integrity of the financial systems in both countries."
 
The two countries expressed their commitment "to support the Central Bank of  Iraq in ending the electronic auction platform for international financial transfers by the end of 2024, through direct dealing between licensed banks in Iraq and approved global correspondent banks, to achieve this transformation that will connect Iraqis and Iraqi companies to the international economic system."
 
In this regard, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed to {Al-Furat News} that the
 
agreement of Iraq and the United States to end the electronic platform of the Central Bank of Iraq for selling the dollar at the official price means the cancellation and end of the foreign currency window that was established since 2003.

  Saleh said,   “It is not One of the functions of central banks in the world is to carry out financing operations for foreign trade in their countries.
 
Central banks are banks that work on monetary stability as they are banks that issue the national currency, as well as the function of supervising banking activity and ensuring its safety and stability.

He added,  "But Iraq's rentier conditions, and because of the foreign cash flows entering the country through which foreign exchange reserves originating from oil export revenues are created, such a necessity was imposed in financing foreign trade for the private sector through the establishment of the foreign currency window (auction) a month ago." October 2003, during which
 
this window played a dual role in the work of the Central Bank of Iraq’s monetary policy, both in
 
     controlling local liquidity levels (monetary sterilization) and the
 
     so-called open market process,
 
which requires exchanging the dinar for the dollar for the purposes of external transfer related to financing domestic trade.
 
In addition to achieving the goal of controlling the stability of the Iraqi dinar exchange rate at the same time.” 

Saleh noted that,  “In order to return to the principles of financing trade through the commercial banks themselves directly by opening documentary credits with correspondent banks abroad, their external accounts opened with their correspondents from foreign banks will be fed with their requests for foreign currency through the Central Bank of Iraq in order to enable them to... 

Opening documentary credits to finance foreign trade to the private sector in a more transparent manner and
 
at the same time subject to international compliance rules through the role that these international banks with high credit ratings will play.” 

He explained,  "What practically means canceling the auction or the foreign currency window that was established in October 2003 and its expected lifespan was two years, but unfortunately it continued for more than twenty years!" 

He continued,  "Based on the above, the efficiency of using foreign currency will undoubtedly increase through continued control of local liquidity levels and the imposition of stability in the Iraqi dinar exchange rate, but in a different way that is consistent with the new banking applications fully approved in the year 2024."

On the other hand, specialists warn against stopping the platform for selling the dollar, especially with the continuing delay in Iraqi banking systems and the failure to activate Iraqi commercial banks’ dealings with international banks, because this will lead to a monetary disaster that will ravage the Iraqi market.
 
But Abdul Rahman Al-Mashhadani, the economic expert, downplayed the seriousness of these warnings. 

He told {Al-Furat News},  "The subject of the agreement with the American side does not mean that the currency auction will end,
 
but rather it will return to work according to the old mechanism for enhancing balances.
 
However, the Iraqi banks that will be entitled to external transfer must be linked to solid correspondent banks." 

He stated, "The mechanism will not change.
 
Rather, the Iraqi Bank will be transformed into a correspondent bank, and its balance will be enhanced by the Central Bank."  Al-Mashhadani ruled out,
 
"The exchange rates in the markets were affected because they are not directly related to these matters.
 
Rather, the decline and rise are due to trade with the sanctioned countries, for which there are no solutions because they are financed from the parallel market, and without solving them, there cannot be stability in exchange rates."
 
Another economic expert believes it is necessary to tighten control to prevent the "leakage" of the dollar.
 
Bassem Jamil Antoine told {Al-Furat News},
 
“When the dollar crisis is addressed scientifically, economically, and financially, there will be a floatation of the currency through supply and demand,
 
so that the citizen will obtain the quantities of dollars to the extent he wants, as the scarcity is now in the dinar and not in the dollar from which it is received.” On a daily basis, no less than 300 to 400 million dollars.”  

He stated,  "This process goes to the financial stability of the country, as the import is through correspondent banks that transfer money amounts, and
 
this process requires follow-up, time, and knowing the fate of the money."  Antoine explained that
 
"the process of floating the currency must be under conditions, and
 
Iraq differs from other countries because its financial imports in dollars are very large, and
 
there must be control over the process, stopping the leakage of the dollar, and not leaving it floating under the freedom of speculators.
 
There will be difficulty in achieving balance, and this matter needs a rule." Productivity away from imports, creating job opportunities and ending unemployment, and
 
this process requires more time and strict oversight to stop the currency auction, which has greatly destroyed the country,” he said. 
 
https://alforatnews.iq/news/بعد-21-عاماً-من-مزاد-الدولار-العراق-يقترب-من-غلق-النافذة-وسط-تطمينات-وتحذيرات   

Attempts To Reduce Dollarization 
 
Economical 04/17/2024   Muhammad Sharif Abu Maysam
 
We often witness a state of monetary instability in the economies of
 
 developing countries that suffer from structural imbalances, or
 
 countries that are going through stages of adaptation as they move from the state economic system to the market economy in light of economic globalization,
 
which contributes to the emergence of informal currency exchange markets. Foreign exchange, and the
 
US dollar is usually the most traded in those markets as a suitable haven for price value from exchange rate fluctuations.
 
Because of the dominance of the dollar in all global commodity and service market exchanges, demand for it increases with the aim of financing foreign trade in countries that suffer from the inability to meet the needs of the local market for basic goods.

Monetary and financial disruptions usually contribute to the adoption of the dollar alongside the local currency, and then it replaces it.
 
Little by little, it will take up more space in exchanges and trades unless the matter is remedied and the imbalances are addressed.
 
Otherwise, the country’s currency will lose its usefulness as a means of exchange, so it becomes dollarization that contributes to perpetuating inflation, economic instability, and the difficulty of addressing imbalances as a phenomenon supported by the data of globalization.
 
Here, the relevant authorities, while they are in the process of searching for solutions that will restore life to the local currency and maintain its protection, may be concerned with searching for procedural tools to curb dollarization as a phenomenon that threatens economic sovereignty,
 
because it appears to be a natural result of the circumstances and data of the state of transformation in the form of the economic system, as it
 
usually The adaptation phase occurs when moving from a state economy to a market economy,
 
but here we are looking for solutions according to the available ideas.
 
In economic tradition, the demand for the local currency increases if it is adopted in trade exchanges with other countries, and
 
thus the level of demand for foreign currencies in the local market decreases.
 
To finance foreign trade, this matter seems difficult at first glance,
 
but according to what was announced by some BRICS countries, it seems possible, and the
 
rate of demand for the local currency also increases
 
     if the contribution of the local product increases in satisfying the market’s need for goods and in a way that ensures a decrease in the rate of demand for the dollar as a result of the decline.

The rate of flow of hard currency abroad, and
 
it also occurs
 
    in cases of relying on the local currency to deliver remittances coming from abroad, and it may occur
 
     when the demand for locally produced goods for export purposes increases,
 
     especially when the cost of the unit produced locally decreases compared to those produced in other countries, as  
 
increasing rates contribute Export increases financial transactions locally through the inflow of foreign currencies,
 
which are converted through banking channels into the equivalent of the local currency upon exchange,
 
which contributes to supporting the attractiveness of the local currency and the stability of its value,
 
thus increasing the demand for it.      https://alsabaah.iq/95113-.html  

Member Of The Sudanese Delegation: We Will Witness A Rapid Decline Of The Dollar In The Coming Days
 

Time: 04/16/2024 22:13:47 Read: 3,367 times  {Politics: Al-Furat News} A member of the delegation accompanying the Prime Minister, Aed Al-Hilali, suggested that things would go towards complete control of the dollar exchange rate and a clear and rapid decline in the coming days. Al-Hilali said:
 
For the program {Free Speech} broadcast by Al-Furat satellite channel this Tuesday evening, it was stated that: “
 
The visit of Prime Minister Muhammad Shiaa Al-Sudani to Washington carries within it a lot of good news for the Iraqi people, as it was able to achieve many gains.
 
- The agreements that were signed with major international American companies.” It is concerned with the Iraqi people, one of which is energy and in various fields.
 
- There are American companies that have signed agreements to manufacture sprinklers and cars that fall within the needs of the Iraqi state, in addition to handing over a number of Iraqi antiquities today to the Iraqi side.
 
- Iraq has made great strides through the Sudanese government in the field of financial reform, and
 
we need To a measure that could organize governmental and private financial institutions in a way that makes them stable in dealing with their counterparts in the world -
 
what the government has done in terms of opening corruption files and operations to control the dollar are all taken into consideration by the United States of America, which will stand and help Iraq in the next stage, and
 
I believe that. Things are moving towards complete control of the dollar exchange rate, and
 
we may witness a clear and rapid decline in the coming days.
 
The US Treasury praised the Iraqi government’s steps in developing the banking sector.
 
But no decision has been issued yet regarding lifting sanctions on private Iraqi banks.   
 
https://alforatnews.iq/news/عضو-في-وفد-السوداني-سنشهد-هبوطاً-سريعاً-للدولار-في-الأيام-المقبلة  

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

Goldilocks' Comments and Global Economic News Wednesday Evening 4-17-24

Goldilocks' Comments and Global Economic News Wednesday Evening 4-17-24
Good Evening Dinar Recaps,

Banking Announcement:

"HKEX Confirms Decision to Allow Issuers to Hold Treasury Shares.  Allowing Hong Kong-incorporated issuers to hold treasury shares will give them 'greater flexibility in managing their capital structure.'"

These changes will take effect on June 11th, 2024. It will give Hong Kong companies more control over their capital.

During down times for their company, this will enable them to have an asset that will neutralize some of the capital flows needed during times of great economical challenges such as the one going on now.  Morgan Lewis 

© Goldilocks

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The tokenization and expansion of tokenized assets is well underway. Currently, we are seeing the expansion of Regulations on a Global scale. Along with this movement, payment structures and laws are being established for them.

Support mechanisms are being added two companies and various other institutions that will increase the net worth of companies going forward through Government issuance of assets backed by gold.

The new QFS is unlike any Financial System we have had before. This one is more comprehensive and inclusive of support mechanisms used by Governments to help sustain our economies during a crisis.

Of course, the backing of gold will supply the needed support going forward for the execution of this new set of Quantum Financial Technologies.

Perhaps, this is the reason why Governments are buying so much gold, and the certainty of a bull market in Commodities such as gold have never been more needed than it is now.

We are simply at the beginning stages of a bull run in gold, gold is a World Reserve Asset that is recognized by all countries. And, the need for it in use case scenarios appears to have no end. Gold Avenue

"All roads lead to gold, and digital gold will set us free."

© Goldilocks

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Government Announcement:

"Top U.S. House Lawmakers Meet on Stablecoin Bill"

The House Financial Services Committee are currently meeting on what the next steps are going to be for pushing the legislative process forward on Stablecoins.

The Stablecoins will enable the world to pay for tokenized assets through digital mechanisms going forward.

There is an urgency to push these bills forward. Once MICA is complete at the end of May, countries around the world will have a working regulation process to finish their own testing of protocols and interface them on the Quantum Financial System.

At that point, we will witness the transition of our Global Economy transition into a Digital Financial System. This will reset many of the price actions on the markets and their correlating protocols with the banks. It will include all sectors of the market.   Youtube   Coindesk

© Goldilocks
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Markup of H.R. 5535, H.R. 802, H.R. 7437, H.R. 7440, H.R. 7428, H.R. 4206, H.R. 4116. | Youtube

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"There’s no plan for one massive ledger. Instead, there will be multiple unified ledgers. Tokenization reduces the need for messaging, cutting transaction delays, costs and reconciliations. By using smart contracts, programmability can enable automation, transforming the role of intermediaries to governance."

What is the concept of unified ledger?

"A Unified ledger brings together central bank digital currencies (CBDC), tokenized deposits, and tokenized assets onto common platforms."   Ledger Insights

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UK Finance announced that the Regulated Liability Network (RLN) has entered a new phase of experimental trials in the UK. The RLN aims to create a common ‘platform for innovation’ including tokenized deposits (https://www.ledgerinsights.com/tokenized-deposits/) alongside conventional deposits using a shared ledger. All of the largest British banks are participating: Barclays, Citi, HSBC, Lloyds, NatWest, Nationwide, Santander, Standard Chartered, Virgin Money as well as card firms Mastercard and Visa.     Ledger Insights

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World Economic Forum Announcement:

Today the World Economic Forum published a report on wholesale central bank digital currencies (wCBDC). The paper briefly summarizes many of the wCBDC initiatives and hones in on top level use cases and how a wholesale CBDC could address long standing industry challenges.  Ledger Insights

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Transcript of Global Financial Stability Report April 2024 Press Briefing | IMF

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BRICS Announcement:

“More than 40 states are applying for membership in BRICS. And every month the number of such countries increases. This indicates that such a free, flexible form of interaction within the BRICS is very attractive ,” the politician said. | TV Brics

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PayPal's Stablecoin For Cross-Border Payments Is Big News | Payments Journal

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The Powerful AI Shaping the World: Meet Aladdin | Thinkpol News

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Liquidity from global equity markets fuelling fresh investment in gold |  Siasat Daily
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“We expect the market to consolidate prior to the halving and then expect the overall bull markets to continue,” they added. Bitcoin halvings are programmed to occur automatically every 210,000 blocks — roughly every four years.   Mar 19, 2024 | The Block
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"Bundesbank partners MIT for CBDC privacy research." | Ledger Insights

👆 More on this tomorrow...

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"Tidbits From TNT" Wednesday Morning 4-17-2024

TNT:

Tishwash:  US Supports Iraq in joining WTO

At a meeting on Monday between Iraq's Minister of Planning, Mohammed Tameem, and US Secretary of State Antony J. Blinken, Iraq renewed its commitment to joining the World Trade Organization (WTO) and to protect intellectual property rights.

The United States has pledged support for a series of projects under the International Visitor Leadership Program aimed at developing expertise in these areas among Iraqis.

Both parties have recognized the importance of strategic projects and infrastructure development in Iraq, which will support regional integration and enhance international trade. ink

CandyKisses:  Meetings at the American Chamber of Commerce between the Iraqi private sector and the American banking sector

Wednesday, April 17, 2024 8:06

Baghdad (NINA) - On the sidelines of Prime Minister Mohammed Shia Al-Sudani's visit to the United States of America, meetings were held in Washington at the American Chamber of Commerce between the Iraqi private sector and the American banking sector to support long-term projects in Iraq.

This is the first time that the Iraqi government has supported the private sector with bonds to qualify it in negotiations with the American side./

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Tishwash:  A new government position regarding the 2024 budget schedules.. Have they been completed?

On Wednesday, the Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, considered the presentation of the financial tables for the fiscal year 2024 by the executive authority for parliamentary approval, “a flexible legislative path as an integral part of the financial constants and principles” of the tripartite budget law.

Saleh said in a statement followed by Al-Eqtisad News, “These tables include revenues, public expenditures, and the estimated hypothetical deficit, and they are within the law that was originally legislated by the House of Representatives and published in the Official Gazette last year.”

He added: "The proposed financial schedules, which are being prepared by the executive authority today and which have become almost complete, are based on the financial legislation in force and approved under the aforementioned tripartite budget law."

He continued, "The financial schedules prepared for the year 2024 will take into account the urgent economic and social conditions and changes required by the need for economic development in the year 2024, especially new investment projects, and financial commitments and pledges during the current year, with a view to implementing them as an annual financial plan within the framework of the principles of the tripartite general budget itself." In letter and spirit   link

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Tishwash:  Al-Sudani: The issue of ending the presence of the international coalition represents an Iraqi demand

Prime Minister Muhammad Shiaa Al-Sudani confirmed, on Tuesday, that the transition to bilateral relations with the coalition countries is a desire and a departure from Iraq's national interests, while he indicated work to remove Iraq from the arena of conflict in the region.

The Prime Minister’s Media Office stated in a statement received by “Al-Ma’louma” that “the most prominent thing in the press interview conducted by Prime Minister Muhammad Shia’ Al-Sudani with the American CNN news network is that he said: “My visit to Washington comes at a sensitive and important time for our relations.” bilateral relations and what is happening in the region, and we agreed on the importance of stopping the escalation and not engaging in further mutual retaliatory actions; Because it affects the security and safety of the peoples of the region.”

He added, "Iraq, since the beginning of the events of October 7, was one of the first to warn of the danger of the continuation of this conflict and its dangerous repercussions," pointing out that "international navigation in the Red Sea is being obstructed and what is happening in Lebanon and Syria and the recent escalation is one of the repercussions of this conflict." ".

He pointed out that "the region cannot bear these events and everyone must put pressure to stop this escalation," stressing that "we will not be lax in enforcing the law and maintaining security and stability in Iraq, and we have taken immediate and practical measures in this matter."

He continued: "We are working to remove Iraq from the arena of conflict, while maintaining our principled position regarding the aggression taking place against Gaza and the Palestinian territories, because this is the root of the problem," indicating that "the region cannot be reduced to reactions. Rather, there is a process of genocide to which the Palestinians are being subjected." In front of the eyes of the world and the international community, which, along with its systems and laws, has failed to protect innocent civilians.”

He pointed out that "the casualties of women and children are unacceptable, and it is the root of the problem, because once this war stops, the region will witness a breakthrough and stability," noting that "the difference in positions between us and the United States regarding events in the region is not small in describing the events. But we agree that there is international law, general principles, humanitarian law, the laws of war, and the principle of protecting diplomatic missions.”

He explained: “We want to implement these values ​​and principles called for by the international community, so where are the UN Security Council resolutions and the recommendations of international conferences regarding the Palestinian issue? Since the Oslo, Madrid and Sharm El-Sheikh conferences, as well as the recent Security Council resolution,” he added, adding: “I do not think that President Biden He disagrees with me on these principles, nor does any country that calls for an international order that respects humanity.”

He stated that “the attack that took place on the Iranian mission in Damascus is a clear violation and contradicts international law, which prompted Iran to respond, even though we made an effort to contain this situation,” adding: “We are facing a real problem with what is happening in Gaza, which affects the stability of the region and the world.” “Ignoring the root of this problem means more repercussions and the expansion of the arena of conflict in a sensitive area for the world.”

He continued: "We have not received reports or indications of the launch of missiles or drones from Iraq during the Iranian attack, and our position is clear that we will not allow Iraq to be thrown into the arena of conflict, and we are committed to this matter," explaining that "Iran cannot be involved in every issue related to the Iraqi situation." “The issue of ending the coalition is an Iraqi demand, and it is part of the government program that the House of Representatives voted on, and these are facts that must not be overlooked.”

He stressed that "there has been a discussion about the mission of the coalition between the Iraqi government and the United States since August 2023, and Iraq today is different from what it was ten years ago when the coalition was formed," noting that "ISIS today does not represent a threat to the security of the Iraqi state, and it is natural for the government to take the initiative to organize The topic of the international alliance.

He pointed out that “our security services have reached the highest levels of efficiency, readiness, control, and maintenance of security and stability in Iraq,” stressing, “According to the data on the ground, we initiated dialogue with the United States, which was achieved through the approval of the Supreme Military Committee, which meets continuously to present proposals.” About the timetable for ending the international coalition’s mission.”

He pointed out that "the transition to bilateral relations with the coalition countries is a desire and based on Iraq's national interests and not from the desires of specific countries or positions," noting that "we have understandings and committees for joint security cooperation between Iraq and the United States, which hold their meetings on an ongoing basis and establish a sustainable relationship and bilateral security partnership." In accordance with what was stipulated in the Constitution and the Strategic Framework Agreement.”   link

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Mot:  .... Yeppers... me Latest INternet Learning Lesson!! ~~~

Iraq Economic News and Points to Ponder Tuesday Evening 4-16-24

Iraq Economic News and Points to Ponder Tuesday Evening 4-16-24

Tlm724 Administrator Bondlady’s Corner

The Sudanese Advisor Expects The Dollar To Decline After The Washington Discussions

Economy | 12:31 - 04/16/2024  Mawazine News - Baghdad,  the political advisor to the Prime Minister, Sobhan Mulla Jiyad, expected Iraq's readiness to transform the relationship with the "International Coalition" into bilateral relations, anticipating a relative decline in the "dollar" with the Sudanese visit to Washington.

Mullah Jiyad said in a televised interview followed by Mawazine News: “Iraq wants to transform the relationship with the International Coalition into bilateral relations.”

He added, "We expect the dollar to decline relatively with the Sudanese visit to Washington," noting that "Iraq wants to transform the relationship with the International Coalition into bilateral relations."

https://www.mawazin.net/Details.aspx?jimare=246046

Politician: Iraq's Exit From American Control Over Its Economy Will Take A Long Time

Economy | 08:54 - 04/16/2024   Mawazine News - Baghdad,  political affairs expert, Osama Al-Saeedi, confirmed that Iraq's exit from American hegemony over its economy will take a long time.

Al-Saeedi said, in a televised interview followed by Mawazine News, that “Prime Minister Muhammad Shiaa Al-Sudani traveled to Washington in order to correct the economic and development relationship with the United States of America in order to advance the Iraqi reality.”

He added, "Muhammad Shiaa Al-Sudani is acting realistically with the United States of America regarding the security file, because America has previously stated that its forces will not withdraw from Iraqi territory unless guarantees are provided by the Iraqi side."

He pointed out that "the occupation of Kuwait carried out by the fallen regime of Saddam Hussein brought Iraqi funds into the American Federal Reserve, pointing out that the issue of Iraq's exit from American control over its economy requires a long time that may take 5 years." https://www.mawazin.net/Details.aspx?jimare=246102

Influential People Are Manipulating The Reputation Of The Banking Sector... Refusal To Pay Debts Threatens The First Bank In Iraq

Economy      04-16-2024 | 3,281 views  Al-Sumaria News – Local  On March 15, the banking sector in Iraq received a major blow caused by cooperation and collusion with influential people,

 which led to significant damage to one of the most important banks and ranked first among the rest of the Iraqi banks, which is the Trade Bank of Iraq (TBI).

 The Iraqi Trade Bank is the first Iraqi bank ever to be included in Fitch’s credit rating, which relates to the extent of the bank’s safety in borrowing and lending.

 The bank obtained the rating in 2018 as the first Iraqi bank to obtain this rating, and

 its rating at that time was within the B range, which enjoys stable safety..

 After this achievement, borrowers from the Iraqi Trade Bank failed to repay the borrowing money they owed, which caused the Iraqi Trade Bank’s rating to be reduced by Fitch Credit Rating Agency from B- to CCC+,

 bringing the bank’s rating down for the first time to this level, after many people declined.

 Powerful borrowers are able to repay funds to the Trade Bank of Iraq.

 The debts owed by these influential borrowers to the bank amounted to one billion dollars, and

while the current administration of the Iraqi Trade Bank moved to file lawsuits and seize the movable and immovable funds of the debtors who are reluctant to pay, and they are influential figures,

these influential people began to take ways to “circumvent” the law, to refrain from... Payment, which threatens to lose the bank’s money, which it cannot recover.

Observers and specialists believe that the reduction of the bank's credit rating, which is a strong blow to the Iraqi banking sector, will not stop at this point, and

the bank's rating may be reduced to lower levels if this crisis continues and no judicial or governmental decisions are obtained obligating those who are reluctant to pay back the money.

The Parliamentary Integrity Commission previously called on the Prime Minister and the Public Prosecution to support and stand with the management of the Iraqi Trade Bank in order to take steps to put an end to the people who drain the people’s money and endanger the position of the Iraqi Trade Bank. In the same context,

he issued a court ruling requiring the Iraqi Bank to pay 215 million. Dollars for the benefit of influential people, and

observers believe that there are suspicions of cooperation between them and influential people working to steal public money.   

https://www.alsumaria.tv/news/economy/486430/متنفذون-يتلاعبون-بسمعة-القطاع-المصرفي-امتناع-عن-تسديد-ديون-يهدد-المصرف

Parliamentary Finance: The Private Sector Is The Only Path To Economic Stability

Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani   Economy News - Baghdad

The Parliamentary Finance Committee announced, on Tuesday, its intention to host the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss three main files, while indicating that the private sector is the only path to economic stability.

The head of the committee, Atwan Al-Atwani, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the Prime Minister directed support for private banks,” indicating that “the committee intends to host the Governor of the Central Bank regarding this directive, as well as the issue of the dollar exchange rate and discussing what Adopted by the Finance Committee of the Sustainable Development Project.

He explained, "The committee adopted enhancing non-oil revenues, as there is an urgent need for development projects and increasing revenues, given that the price and quantity of oil are fixed, so there is no expansion in spending," noting that "this experience will be discussed with the Governor of the Central Bank."

He expressed his "support for the Prime Minister's directives regarding supporting private banks and involving them in the Iraqi economy," noting that "the private sector is the only way to raise sustainable development and economic stability, and this comes through the automation system, digital transformation, and a set of other measures."128 views  04/16/2024 - https://economy-news.net/content.php?id=42533

The government reveals the scenes of Biden and Al-Sudani’s meeting

Political | 04/16/2024  Mawazine News – Baghdad  The official spokesman for the Iraqi government, Bassem Al-Awadi, confirmed that Prime Minister Muhammad Shia Al-Sudani’s meeting with US President Joe Biden discussed issues, including the coalition forces in Iraq. Al-Awadi said in a televised interview followed by Mawazine News, that “ending the mission of the international coalition in Iraq is an issue.” "It was raised with Washington."

He added, "We aim to enhance security and intelligence cooperation with the United States."

He continued, "Iraq seeks to end the mission of the international coalition in a way that guarantees the interests of the people, and we call for not expanding the conflict in the region."

https://www.mawazin.net/Details.aspx?jimare=246031

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

Provoking Points To Ponder On Failures and Mistakes

Nothing succeeds like failure.- Rebecca West

Because a fellow has failed once or twice, or a dozen times, you don't want to set him down as a failure until he's dead or loses his courage - and that's the same thing.- George Horace Lorimer

What we have most to fear is failure of the heart.- Sonia Johnson

No man is a failure who is enjoying life.- William Feather

You are beaten to earth? Well, well, what's that? Come up with a smiling face, it's nothing against you to fall down flat, but to lie there - that's disgrace.- Edmund Vance Cooke

He alone fails who gives up and lies down.- Ralph Waldo Trine

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Tuesday Evening 4-16-24

Goldilocks' Comments and Global Economic News Tuesday Evening 4-16-24
Good Evening Dinar Recaps,

Yesterday, Hong Kong regulators adopted both spot Bitcoin ETF and spot Ether ETF. In 2021, mainland China and cryptocurrency trading was banned. Since that time, China has been working diligently to regulate this industry.

And now, China's largest family is in process of funding the above projects. "ChinaAMC, Harvest Global and Bosera International are among those that have been given the green light to issue ETFs."

China AMC is the first Exchange Traded Fund manager in China, and they are the investment manager of the Asian Bond Fund China Fund.

ETFs track a specific set of index assets allowing you to invest in many Assets in that particular sector. ETFs allow you to invest in a grouping of companies and digitize them in a group fund.

This process allows sectors of the market to be joined together in a single asset group class bringing the new digital economy inside the marketplace.

Inside a Global Market, this allows Trading to take place between our Eastern countries and Western countries at the push of a button in a matter of seconds.

The Clearing House Interbank Payments System (CHIPS) is now ISO 20022 compliant allowing this Global messaging system to clarify trades between the East and the West going forward.

For large banking transactions in the US, CHIPS is the most used for trades in cross-border International trading.

This is why the Markets in Crypto Assets regulatory process ending by the end of May is so important. MICA will become the standard by which many countries formulate their own regulatory process in trade.

Ripple and the SEC are currently involved in final negotiations. It is expected that they will come up with an agreement to settle this week.

Ripple would allow settlement of trades to take place within seconds between the East and West through their Network.

So much is coming together at once. It is important that we put the pieces together to see how close we are to the ability to transact on the new QFS. Nothing can happen until all moving parts are working together.

Ripple has agreed to implement a new Stablecoin that represents the US dollar. This coordinated effort will allow Global trading systems to fulfill payment transactions through the XRP settlement coin within seconds.

The SEC has put Ripple through rigorous scrutiny for the last few years. It is basically a coin that has gone through the regulatory process already and awaiting it's approval to move forward on the International stage.

Stablecoin laws are already on the table in Congress to clarify new protocols inside the new digital asset based trading system. As we witness all of these coordinated efforts move into their implementation stage, it is important for us to recognize and acknowledge the work that has been done globally for the last decade or so to make this possible.

For the last 3 years, this room has witnessed our new QFS being built from the ground up. Our baby has grown up and getting ready to move out into the world.  CNBC  Esma Europa  Investopedia  Sortly  Linkedin      Wikipedia

© Goldilocks

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Currently, our markets are moving into what is called a reflation trade. This happens when price actions begin to reflect more correlations with inflation prices than true fundamentals.

This is why we're having to realign or reset our markets along with banking system to synchronize our new Quantum Financial System with authentic values only Gold can provide.

When our new tokenized assets begin to reflect values based on gold prices, it will move our markets into authentic price actions going forward.  Barons

© Goldilocks

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During Iraq's visit to the US, they talked about a comprehensive economic relationship. In essence, this is a free trade agreement.

A free trade agreement is cooperation between two countries that develops trade relations and investment opportunities on an International level.

Trade deals increase imports and exports between two countries. This has the ability to bring into line exchange rates accomplishing less risk on both parties normalizing their trade exchanges between each other.

In other words, a free trade agreement with Iraq would bring an equilibrium of exchange rates between our countries allowing this trade relationship to move our currencies into a real value between us.  Youtube    Carlson School   Trade   Small Business   Investopedia   Wikipedia

WATCH THE WATER.

© Goldilocks

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Next Bitcoin Halving 2024 Date & Countdown [BTC Clock]

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Ripple Vs. SEC Update: Expert Says Both Parties Have Reached A Settlement Agreement | Bitcoinist

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Iraq maintains its 30th rank with the largest gold reserves - Iraqi News

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👆 If risk in this market is not contained, we are going to see a meltdown. Thus, the reason why I shared with you the next 3 to 5 weeks will be a challenge for the market in finding new price patterns.

It is important to not get so fixated on what's going on with the market except for the debt sectors of the market. The real action is going on behind the scenes, and we cover that each day.

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What Is Bitcoin Halving?

The Bitcoin Halving is when Bitcoin's mining reward is split in half. It takes the blockchain network about four years to open 210,000 more blocks, a standard set by the blockchain's creators to continuously reduce the rate at which the cryptocurrency is introduced.

The first reward was 50 bitcoin. Previous halving dates were:
Nov. 28, 2012, to 25 bitcoins
July 9, 2016, to 12.5 bitcoins
May 11, 2020, to 6.25 bitcoins

The next halving is expected to occur in April 2024, when the block reward will fall to 3.125 BTC.

As of March 2024, about 19.65 million bitcoins were in circulation, leaving just around 1.35 million to be released via mining rewards.   Investopedia

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RIPPLE XRP EU & U.K. ARE GETTING READY⚠️🚨XRP HOLDERS WILL GET RICH | Youtube

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You Won’t Believe What Nostradamus Predicted For 2024! | Youtube

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The US Commitment to Iraq is Revealed Iraqi PM Visits the White House | Youtube

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Hearing Entitled: Agency Audit: Reviewing CFPB Financial Reporting & Transparency | Youtube

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Ripple Proposes Native Lending Protocol to Expand XRP Earning Opportunities - Times Tabloid - Latest Cryptocurrency News, Bitcoin (BTC) News, Ethereum (ETH) News, Shiba Inu (SHIB) News, Ripple's XRP News | Times Tabloid

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RIPPLE XRP | BIS JUST ANNOUNCED THE NEW SYSTEM | PAY ATTENTION | Youtube

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BIS Announcement of the new Financial System:

"Finternet: The BIS vision that underpins the Unified Ledger tokenization push"  Ledger Insights

👆 more on this tomorrow...

~~~~~~~~~

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Iraqi News Highlights and Points to Ponder Tuesday Afternoon 4-16-24

Iraqi News Highlights and Points to Ponder Tuesday Afternoon 4-16-24

Parliamentary Finance Reveals Two Reasons Behind The Delay In Sending Budget Schedules

Policy  Information / Baghdad..   On Tuesday, the Parliamentary Finance Committee revealed the fact of the delay in sending the 2024 budget tables to the House of Representatives for the purpose of voting, indicating that the tables are complete, pointing out that there are two main reasons behind the delay in sending them to Parliament.

Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..

Committee member Representative Hussein Moanis told Al-Ma’louma, “The problem with delaying the 2024 budget schedules does not lie in the completeness of its details, but rather the problem relates to two technical and monetary issues.”

He added, "The government has accomplished what it had to do, but the lack of cash is the main reason for the government's delay in sending these schedules," noting that "most of the projects have begun to stop due to a lack of financial funding."

Mu'nis explained, "The Finance Committee hopes that the government will provide sufficient cash, especially after the end of Prime Minister Muhammad Shiaa Al-Sudani's visit to Washington."

On June 12, 2023, the House of Representatives approved the financial budget law for the three years 2023, 2024, and 2025, as the budget approved more expenditures and investments as a direct result of the increase in oil revenues, which constitute 90% of the country’s revenues. Ended/25 AD  LINK

America Gives Up The Region's Oil And Acknowledges The Federal Court's Decision

April 16, 2024  Baghdad/Al-Masala Al-Hadath: The oil affairs advisor in the Patriotic Union of Kurdistan, Bahjat Ahmed, criticized on Tuesday. What he described as “the United States turning its back on the Kurdistan oil file.”

Ahmed said in an interview followed by Al-Masala, “The White House confirmed that US President Joe Biden urged that Iraq must reach the level of energy self-sufficiency by 2030 and no longer needs foreign countries,” adding that “it is clear that America has abandoned the region’s oil.” It did not attach any importance to it and acknowledged the decision of the Federal Court and the International Arbitration Court in Pars, and what the media is talking about discussing the Kurdistan oil file and its re-export is not true.”

He pointed out that “the oil line that is being repaired now is for Mosul-Kirkuk oil via Turkish Ceyhan, and has no relation to Kurdistan oil at all.”

The joint statement of the Iraqi-American discussions that took place in the White House talked about discussing future plans to develop Iraq’s resources and ensuring that all Iraqis benefit from their country’s natural wealth, in accordance with the Iraqi constitution, the importance of ensuring Iraqi oil’s access to international markets, and the desire to reopen the oil pipeline. pipelines between Iraq and Turkey. President Biden also praised the efforts of the Prime Minister and the Iraqi Kurdistan Regional Government to reach a solution to all outstanding legacy issues, including the current arrangements to pay two months’ salaries to employees of the Iraqi Kurdistan Regional Government, and encouraged continued progress.   https://almasalah.com/archives/88614

Parliamentary Meeting In Preparation For The Arrival Of The 2024 Budget Schedules

Money  and business  Economy News – Baghdad   Today, Tuesday, the Parliamentary Finance Committee held a meeting headed by Atwan Al-Atwani in preparation for the arrival of the 2024 budget schedules.

Al-Atwani’s media office stated in a statement received by Al-Iqtisad News Agency, “The Parliamentary Finance Committee held a meeting today headed by Atwan Al-Atwani, and hosted the Director-General of the Accounting Department and the Director-General of the Budget Department at the Ministry of Finance.”

Al-Atwani confirmed that “this meeting came in preparation for the arrival of the 2024 budget schedules,” pointing out that “we discussed a number of files, including the delayed release of funding, and we reviewed the 2023 spending schedules.”   Added 04/16/2024 -    https://economy-news.net/content.php?id=42519

Iraq Records The Highest Quarterly Growth Rate In Customs Revenues

Money  and business  Economy News – Baghdad  Advisor to the Ministry of Finance and Head of the Customs Authority, Hassan Hamoud Al-Ugaili, announced the highest quarterly growth rate in customs revenues in the authority’s history, indicating the escalation of steps to implement the automation system (ASYCUDA) in five land and sea centers.

Al-Ugaili said in a statement followed by Al-Iqtisad News: “We achieved outstanding financial results in the first quarter of 2024, with revenues increasing since the beginning of the millennium by 120%, amounting to more than 471 billion dinars, compared to revenues for the year 2023 amounting to 257 billion dinars.”

He attributed this increase in revenues to the Commission’s adoption of a number of administrative reforms, as well as accountability, monitoring, and strictness in combating smuggling and evasion, in addition to simplifying and reconsidering obstructive procedures, punishing abusers, and referring corruption cases to the Integrity Commission,

 in addition to implementing the ASYCUDA automation system, which has enhanced a significant leap in the volume of Revenues are sufficient to achieve added annual revenue by reducing the budget deficit gap and financing many important strategic projects in financing public budgets.

Al-Ugaili stressed the importance of the region’s authority’s commitment to the pricing system to collect customs duties at the region’s ports and to close unofficial ones in order to preserve the sustainability of the economic system and federal revenues, to protect national goods and products, to ensure the extraction of rights and fees from imported goods, to prevent any competition that might harm the local economy, and to prevent the entry of prohibited goods. It was necessary to The region carries out customs transactions in accordance with the Federal Customs Law.

Al-Ugaili also revealed that all administrative and technical procedures have been prepared for the opening of the automation system (ASYCUDA) during the next month of May in five customs centers in each of the central port and the southern port in Umm Qasr, as well as in the Safwan land port with the State of Kuwait, the Arar land port with the Kingdom of Saudi Arabia, and the Tarbil port. Land with the Kingdom of Jordan, bringing the operational total of automation to 9 land, sea and air ports.

He stated that the Authority has completed training programs for about 800 people, including employees, discharge agents and transport companies, to work on the smart automation platform, machine learning (ML) and other cognitive technologies for collecting data.

This allows companies and discharge agents to reduce the manual time spent on repetitive business processes and reduce human errors, with a decrease in... Human intervention, which saves companies time and money, reduces resource expenses, enhances workflow through automatic responses and can provide support 24 hours a day, 7 days a week, calling on importing and transporting companies with headquarters in Baghdad to join their workers and join the mandatory courses at the center. Which was recently opened at the Authority’s headquarters.  Views 144 04/16/2024 - https://economy-news.net/content.php?id=42506

Iraq And 13 Arab Countries Possess About 1,500 Tons Of Global Gold Reserves

Money  and business  Economy News _ Baghdad  The World Gold Council revealed on Monday that Iraq and 13 Arab countries possess approximately 1,500 tons of global yellow metal reserves.

The Council said in its latest schedule for the month of April, which Al-Iqtisad News reviewed, that “Iraq, Algeria, Egypt, Lebanon, Saudi Arabia, Libya, Qatar, Kuwait, Jordan, Syria, Morocco, Tunisia, Bahrain, and Yemen, their global reserves of gold amounted to one million and 481 thousand kilograms.”

He added, "Iraq maintained its ranking of 30th globally out of the 100 countries listed in the table with the largest gold reserves, as its gold possessions amounted to 142.6 tons, which represents 8.4% of the rest of its other reserves."

He pointed out that "the United States of America tops the list with the largest possession of gold in the world with 8,133.5 tons, followed by Germany with 3,352.3 tons, then Italy with 2,451.8 tons, while Yemen ranked 99th with 1.5 tons, followed by Bosnia and Herzegovina with the same amount of 1.5 tons."

The Council stated that “Iraq announced on June 27, 2022, the purchase of new quantities of gold amounting to approximately 34 tons, an increase of 35% over what it had in possession, while in May it announced the purchase of 2.3 tons of gold.”

It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest gold mining companies in the world. Views 68 04/15/2024 - https://economy-news.net/content.php?id=42482

Minister of Planning: Iraq is working with its partners to stimulate its economy

Economy | 05:15 - 04/15/2024   Mawazine News – Baghdad  Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, confirmed today, Monday, that the government of Prime Minister Muhammad Shia al-Sudani is focusing on economic reform and establishing partnerships with countries around the world.

Tamim said in a joint press conference held with US Secretary of State Anthony Blinken in Washington, followed by Mawazine News, “We hope in today’s meeting to come up with positive decisions,” stressing that “the Iraqi government warns of the widening escalation and calls for restraint.”

Tamim added: "Today we are focusing on the agriculture, industry, investment and energy sectors," noting that "the Iraqi government is working to expand its economic partnerships."

He continued, "The Iraqi government is working to expand its international partnerships and gas investment," explaining that "Iraq is working with its partners to stimulate its economy."

https://www.mawazin.net/Details.aspx?jimare=245975

Provoking Points To Ponder on Failures and Mistakes:

Your success depends on your ability to dream and follow through on those dreams.- Jinger Heath

Keep trying. Take care of the small circle around you. When you have succeeded with them, then move outwards, one small step at a time.- Audrey Hepburn

It is better to be young in your failures than old in your successes.- Flannery O'Connor

There might be false starts and do-overs. You are entitled to experiment before you find your calling.- Jane Pauley

Life is the only real counselor. Wisdom unfiltered through personal experience does not become a part of the moral tissue.- Edith Wharton

The only failure which lacks dignity is the failure to try.- Malcolm F. MacNeil

To know that one has never really tried - that is the only death.- Marie Dressier

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

http://famousquotesandauthors.com/quotes_by_topic.html

"Indoeisia and Zimbabwe News" Posted by Harambe at TNT 4-16-2024

TNT:

Harambe:  Indonesian rupiah hits 4-year low, prompts central bank intervention, Money News | AsiaOne 4-16-24

The Indonesian rupiah on Tuesday (April 16) slid to its weakest in four years as the market reopened after the Eid al-Fitr holidays, prompting the central bank to intervene.

The rupiah weakened as much as 2.27 per cent to 16,200 per US dollar, its weakest level since early April 2020, leading the decline among emerging Asia currencies.

While Indonesian markets were closed for the holidays, the US dollar had gained after strong US economic data and rising inflation led markets to push out expectations for when the Federal Reserve could start cutting interest rates.

"Bank Indonesia is taking steps to maintain rupiah stability by maintaining supply-demand balance in foreign exchange market, through triple interventions," Edi Susianto, the central bank's head of monetary department, told Reuters.

The central bank is intervening especially through the spot and domestic non-deliverable forwards, he added, while boosting attractiveness of rupiah-denominated assets.

The benchmark stock index also weakened, dropping as much as 3.02 per cent on Tuesday, before regaining some of the losses.

Yield of the benchmark 10-year bonds rose to 6.83 per cent, its highest since November 2023. 

https://www.asiaone.com/money/indonesian-rupiah-hits-four-year-low-prompts-central-bank-intervention

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Harambe:  Zimbabwe’s New Central Banker Vows to Regain Investor Confidence | Bloomberg 4-16-24

 Zimbabwe’s new central bank governor vowed to restore confidence in the institution that’s repeatedly failed to stabilize prices and the nation’s currency.

The Reserve Bank of Zimbabwe is rolling out a ‘Back to Basics’ plan that will initially focus on consolidating the introduction of the nation’s new national currency — the ZiG, John Mushayavanhu said in a circular to staff. It will also seek a “paradigm shift” in culture at the bank to rebuild its credibility and relevance, he said.

“The market has lost confidence and trust in the credibility and impact of the central bank’s policies over the years, and this calls for a focused re-orientation and change in the way we do things in pursuit of our statutory mandate,” Mushayavanhu said in the note. 

Mushayavanhu’s first policy measure after taking over as governor was the introduction of the ZiG — short for Zimbabwe Gold — on April 5. The new unit backed by gold and a basket of foreign currencies is the southern African nation’s sixth attempt to create a functioning local currency since 2008. A single ZiG is worth about 7 US cents, the price of a milligram of gold.  

The currency has strengthened 1.5% since its introduction and traded at 13.36 per US dollar on Tuesday, according to central bank data.

Dubbed by commercial bankers as “John the Second” after taking over from former Governor John Mangudya last month, Mushayavanhu said other reforms planned by the central bank include “identifying and plugging leakages and restructuring the Reserve Bank’s balance sheet from short-term pressures likely to undermine the efficacy of our policies.”

The bank will also seek to collate and disseminate credible data and appoint a panel to monitor the effectiveness of monetary policy. Along with the new currency, Mushayavanhu also introduced a new interest rate on April 5 — one set at 20%, compared with 130% previously, which was the highest central bank rate in the world.

The ZiG replaced the Zimbabwean dollar, which lost four-fifths of its value against the greenback this year before being replaced, fanning inflation and evoking bitter memories for citizens of the days of hyperinflation.

Zimbabwe stopped publishing local currency inflation data last year, after adopting a measure that better reflects the dominant role the US dollar plays in the economy. Under the measure inflation quickened to a seven-month high of 55.3% in March. 

https://www.bloomberg.com/news/articles/2024-04-16/-john-the-second-vows-to-restore-zimbabwe-central-bank-s-status

"Tidbits From TNT" Tuesday 4-16-2024

TNT:

Tishwash:  Al-Bayati: Al-Sudani’s visit to Washington will resolve these two files

Former MP Jassim Al-Bayati confirmed on Tuesday that the Sudanese visit to Washington will have positive consequences at various levels, especially military, security and economic, pointing out that the visit would resolve the issue of the American military presence inside Iraq and strengthen the dinar against the dollar.

Al-Bayati told Al-Maalouma, “The visit of Prime Minister Muhammad Shiaa Al-Sudani will have positive consequences at all stages, whether activating the strategic framework agreement between the two countries or resolving some economic issues.”

He added, "The visit would resolve the files of some banks that were punished by the Dalil countries, as well as resolve the issue of the lack of liquidity of foreign currency (the dollar) in Iraqi banks and find solutions to ensure its availability."

He stated that "the visit would strengthen the Iraqi dinar currency against the dollar, and ensure that the parallel exchange rate is close to the official one in the local markets, in addition to emphasizing the withdrawal of American ground forces from Iraq and discussing military and security issues."  link

Tishwash:  The visit to Washington is 100% technical and will witness the signing of contracts with major companies - Sudanese Advisor

"Different from its predecessors"

Nasser Al-Asadi, Advisor to the Prime Minister for Transport Affairs, confirmed on Monday that the visit conducted by the Prime Minister and his accompanying delegation to the United States is 100% technical, and it differs from all visits of previous prime ministers, indicating that it will witness the signing of contracts with major companies.

Al-Asadi said in an interview with the official agency, followed by the 964 Network , that “the Prime Minister’s visit to Washington is very important and different from all the visits of previous prime ministers to the United States, as it was always concerned with issues of security, the army, and military movements, but this visit is a technical visit 100 %, and will address the topics of health, education, energy, transportation, services, and various industries, pharmaceutical, construction, mechanical, and food, in addition to the presence of a program included in the visit that specializes in democratic pluralism in Iraq, which is represented by population pluralism and the categories of Iraqi society, its components, and their needs,” stressing that “the importance of the visit comes from these topics.” Which is always discussed internally and never discussed externally.”

He added, "Relations with the United States of America are not just security, army, and military relations. There is global expertise possessed by the United States that can be transferred to Iraq, especially in the fields of aviation and transportation management, tourism management, and banking in insurance companies."

He pointed out that “America is a large country with huge global capabilities and expertise, and Iraq needs to develop the aviation sector in terms of examiners, civil aviation systems, training of pilots and staff in Iraqi Airlines and the Civil Aviation Authority in Iraqi airports, as well as the method of managing Iraqi airports, and therefore it is necessary Transferring this experience and benefiting from it due to our strong relationship with the United States.”

He pointed out that “there are new sectors that have entered the Iraqi market, including the metro transportation sector and the public transportation sector by using multiple methods, and therefore the technology present in the United States must be transferred to Iraq in a modern and advanced manner, and benefit from it through training and developing the relationship with the means of transportation in The United States,” noting that “this is done through transferring technology to Iraq and then managing it and investing in the field of transportation to manage the transportation sector in Iraq.”

He continued: “We had a meeting with the private sector in Iraq, and there are meetings tomorrow and the day after tomorrow with the American private sector, and there must be interaction between the two sectors in order to build an economic revolution inside Iraq,” stressing “the necessity of turning to the private sector and developing it to help the government in Speed ​​up the work".

He noted that “the government proposed the Baghdad Metro project for investment, and thus involved the private sector in this process, especially since the private sector is the one that develops the country and has the upper hand in expanding investment, and therefore the government must help the private sector and open opportunities for it.”

He pointed out that “hundreds of American companies have contacted the Iraqi embassy for the purpose of meeting with the Prime Minister, in addition to contracts that will be signed with large companies in the United States,” adding: “Now we are heading, through our embassy and the commercial attaché, to open opportunities for American companies to invest in Iraq through the Iraqi private sector.”

He stressed “the necessity of building a partnership between these sectors to develop the banking sector in Iraq, as no investor can enter Iraq with a weak banking sector, so a large space has been allocated to discuss this sector, in addition to insurance companies and intellectual property protection, for the advancement of Iraq.” To the investable countries platform.

He stressed that “the Prime Minister’s visit to Washington, and his intention to expand meetings with multiple groups within the American investment sector, will open a big door for the Iraqi private sector, and we have given the opportunity and priority to develop the important service sectors in the country, including pharmaceutical, construction, and food industries that contribute to developing the economic base in the country.” It provides great job opportunities for Iraqi youth who are currently unemployed.”

He concluded by saying: “The importance of this visit is that it is not an ordinary visit, but rather a 100 percent purely economic and technical visit that opens the way for all Iraqi and non-Iraqi sectors to develop the country economically.” link

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Tishwash:  After 21 years of the dollar auction... Iraq is close to closing the window amid reassurances and warnings

Iraq is approaching the end of the closure of the dollar selling window at the Central Bank - which has been controversial - over the past two decades.

The Central Bank's management plans to gradually cancel the dollar auction during the year 2024, leading to its complete cancellation by the end of the year, and to maintain it for audit and statistical purposes, in an effort to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full commitment. According to international standards and requirements.

Iraq relies on the platform for selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms for preserving the value of the Iraqi dinar and combating speculative operations in the parallel market.
The visit of Prime Minister Muhammad Shia Al-Sudani to Washington provided a strong impetus in closing the Central Bank window and moving towards direct commercial banking transactions.

According to the joint statement of the Iraqi-American discussions headed by Al-Sudani and President Joe Biden, the latter “discussed Iraq’s advanced efforts to reform the financial and banking sectors, which help link Iraq to the international economy and increase trade while protecting the Iraqi people from the harmful effects of corruption and money laundering, and what was achieved during the years 2023 and 2024.” “With banks in Iraq expanding (correspondent relationships) with international financial institutions to enable trade financing.”

The statement notes that "the majority of trade financing operations are now carried out through these channels."
Iraq and the United States pledged their commitment to "strengthen their cooperation to achieve greater transparency and cooperation against money laundering, terrorist financing, fraud, corruption, and sanctioned activities that could undermine the integrity of the financial systems in both countries."

The two countries expressed their commitment "to support the Central Bank of Iraq in ending the electronic auction platform for international financial transfers by the end of 2024, through direct dealing between licensed banks in Iraq and approved global correspondent banks, to achieve this transformation that will connect Iraqis and Iraqi companies to the international economic system."

In this regard, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed to {Al-Furat News} that the agreement of Iraq and the United States to end the electronic platform of the Central Bank of Iraq for selling the dollar at the official price means the cancellation and end of the foreign currency window that was established since 2003.
Saleh said, “It is not One of the functions of the central banks in the world is to carry out financing operations for foreign trade in their countries. Central banks are banks that work on monetary stability as they are banks that issue the national currency, as well as the function of supervising banking activity and ensuring its safety and stability.

He added, "But Iraq's rentier conditions, and because of the foreign cash flows entering the country through which foreign exchange reserves originating from oil export revenues are created, such a necessity was imposed in financing foreign trade for the private sector through the establishment of the foreign currency window (auction) a month ago." October 2003, during which this window played a dual role in the work of the Central Bank of Iraq’s monetary policy, both in controlling local liquidity levels (monetary sterilization) and the so-called open market process, which requires exchanging the dinar for the dollar for the purposes of external transfer related to financing domestic trade. In addition to achieving the goal of controlling the stability of the Iraqi dinar exchange rate at the same time.”

Saleh noted that, “In order to return to the principles of financing trade through the commercial banks themselves directly by opening documentary credits with correspondent banks abroad, their external accounts opened with their correspondents from foreign banks will be fed with their requests for foreign currency through the Central Bank of Iraq in order to enable them to... Opening documentary credits to finance foreign trade to the private sector in a more transparent manner and at the same time subject to international compliance rules through the role that these international banks with high credit ratings will play.”

He explained, "What practically means canceling the auction or the foreign currency window that was established in October 2003 and its expected lifespan was two years, but unfortunately it continued for more than twenty years!"

He continued, "Based on the above, the efficiency of using foreign currency will undoubtedly increase through continued control of local liquidity levels and the imposition of stability in the Iraqi dinar exchange rate, but in a different way that is consistent with the new banking applications fully approved in the year 2024."

On the other hand, specialists warn against stopping the platform for selling the dollar, especially with the continuing delay in Iraqi banking systems and the failure to activate Iraqi commercial banks’ dealings with international banks, because this will lead to a monetary disaster that will ravage the Iraqi market.
But Abdul Rahman Al-Mashhadani, the economic expert, downplayed the seriousness of these warnings.

He told {Al-Furat News}, "The subject of the agreement with the American side does not mean that the currency auction will end, but rather it will return to work according to the old mechanism for enhancing balances. However, the Iraqi banks that will be entitled to external transfer must be linked to solid correspondent banks."

He stated, "The mechanism will not change. Rather, the Iraqi Bank will be transformed into a correspondent bank, and its balance will be enhanced by the Central Bank."

Al-Mashhadani ruled out, "The exchange rates in the markets were affected because they are not directly related to these matters. Rather, the decline and rise are due to trade with the sanctioned countries, for which there are no solutions because they are financed from the parallel market, and without solving them, there cannot be stability in exchange rates."
Another economic expert believes it is necessary to tighten control to prevent the "leakage" of the dollar.

Bassem Jamil Antoine told {Al-Furat News}, “When the dollar crisis is addressed scientifically, economically, and financially, there will be a floatation of the currency through supply and demand, so that the citizen will obtain the quantities of dollars to the extent he wants, as the scarcity is now in the dinar and not in the dollar from which it is received.” On a daily basis, no less than 300 to 400 million dollars.”

He stated, "This process goes to the financial stability of the country, as the import is through correspondent banks that transfer money amounts, and this process requires follow-up, time, and knowing the fate of the money."

Antoine explained that "the process of floating the currency must be under conditions, and Iraq differs from other countries because its financial imports in dollars are very large, and there must be control over the process, stopping the leakage of the dollar, and not leaving it floating under the freedom of speculators.

 There will be difficulty in achieving balance, and this matter needs a rule." Productivity away from imports, creating job opportunities and ending unemployment, and this process requires more time and strict oversight to stop the currency auction, which has greatly destroyed the country,” he said.  link

Mot:  Global Warming Must be Real- Heres Proof!!! 

Mot: ... Gunna Beeeeee a Loooong Night I Thinks!!!!

MilitiaMan: IQD Update - Iraq Dinar - America - Activate - Massive Economic Deals

IQD Update - Iraq Dinar - America - Activate - Massive Economic Deals

MilitiaMan and Crew:  4-15-2024

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=6gZ-08nBq3Q

Iraq Economic News and Points to Ponder Monday Afternoon 4-15-24

Iraq Economic News and Points to Ponder Monday Afternoon 4-15-24

Tlm724 Administrator Bondlady’s Corner

Today.. Al-Sudani Meets Biden At The White House

   Monday, 04-15-2024, AM 8:55 Tayseer Al-Asadi 247   Prime Minister Muhammad Shiaa Al-Sudani will meet this evening, Monday, at the White House, with US President Joe Biden, as the two sides discuss vital files dealing with various economic, political and security fields and ways to activate the vital sectors of the strategic framework agreement signed between the two countries.

 Before his meeting with Biden, Al-Sudani will meet with US Secretary of State Anthony Blinken, and

 after the conclusion of the White House meeting, the Prime Minister and the Iraqi delegation accompanying him will head to the Pentagon building, the US Department of Defense, where he will meet with Defense Secretary Louis Austin, and

 then hold an expanded meeting with the US Treasury Undersecretary. Wali Adeyemo, in the presence of the Minister of Finance, Taif Sami, and the Governor of the Central Bank of Iraq, Ali Al-Alaq.

 The Prime Minister met yesterday evening, Sunday, on the second day of his official visit to Washington; White House Coordinator for Middle East Affairs and Advisor to the US President on Energy Affairs, Amos Hockstein.

 Yesterday evening, Al-Sudani met with an elite group of members of the Iraqi community residing in the United States of America, in the presence of the Ministers of Planning and Oil, a number of representatives within the delegation visiting Washington, and the Iraqi Ambassador to America, Nizar Al-Khair Allah.

 In addition, the Parliamentary Investment and Development Committee announced yesterday, Sunday, the presence of parliamentary support for the Prime Minister’s steps to activate the provisions of the Strategic Framework Agreement, indicating that

 activating the provisions of the agreement will advance the country’s economic, commercial, investment and health situation.

 Committee member, Osama Al-Badri, told the Iraqi News Agency (INA):

“The visit of Prime Minister Muhammad Shia Al-Sudani to Washington is very important to activate the provisions of the strategic framework agreement, which includes the commercial, economic, investment, health, educational, agricultural, and cultural sectors to advance the country’s reality for the better,” expressing

 He expressed his hope that “this agreement will be implemented in the correct manner by the Iraqi and American parties.” He pointed out

 "the importance of the political bloc participating in the government supporting the Prime Minister's steps to support the implementation of the agreement, and giving it ample leeway and sufficient space to proceed with this agreement," explaining that

 "the representatives representing the Iraqi people support activating the terms of this agreement, which will be in the interest of the people." "The Iraqi."

Prime Minister Muhammad Shiaa Al-Sudani confirmed on Saturday, before leaving Baghdad for the United States of America, that

“the goal of the visit to Washington is to move the relationship between the two countries to a new stage and activate the strategic framework agreement,” pointing out that  “the strategic framework agreement is in line with the government program.” And the economic reforms it includes.”

He pointed out that "the visit will witness the holding of the first meeting of the joint coordinating committee concerned with implementing the Strategic Framework Agreement, which has not held any meeting since the approval of the agreement," indicating that

 "the meeting of the coordinating committee will address the files of trade, energy, investment, education, transportation, culture, anti-corruption, and money recovery."   https://www.non14.net/public/166042    

Security Is Secondary.” Important Agreements Await The Sudanese Delegation In Washington
 
Time: 04/14/2024 20:46:35 Read: 1,456 times  {Politics: Al-Furat News} Political analyst, Imad Al-Musafer, revealed today, Sunday,

important agreements awaiting the delegation of Prime Minister Muhammad Shiaa Al-Sudani in Washington.
 
Al-Musafer said {to Al-Furat News} that:
 
“The Sudanese visit to Washington comes at this important time, as he carries with him large and important files related to Iraq and the American side.”  He added,
 
"There is no doubt that there are those who view the strategic framework agreement as a purely security agreement; but this is not true as it includes many files.
 
This is why the Sudanese government is seeking to implement and activate the terms of this agreement at the present time."
 
Prime Minister Muhammad Shiaa Al-Sudani arrived in Washington last night, Saturday, for a visit that will last several days.
 
Al-Sudani confirmed yesterday that the visit will witness meetings with the US Secretaries of State, Defense and Treasury, as well as the National Security Advisor, the US Chamber of Commerce and senior officials in oil and industrial companies.
 
Al-Musafer stated that it is “one of the most important of these items that Iraq needs in the field of industry, agriculture, investment, health, expertise and other files within the strategic agreement that Iraq signed with the United States.”  He added,
 
"The Sudanese delegation includes many personalities with a long history and great experience in this field, especially since he intends during this visit to sign many agreements with reputable and large American companies." 

Al-Musafer explained,   “All the visits made by the Sudanese to many countries are not protocol, but rather planned, and their purpose is to activate many agreements with these countries.”  He concluded by saying,
 
“The Iraqi and American parties now realize that the security file is no longer the most important in bilateral relations, especially after Several statements were made by Al-Sudani in which he affirmed that the Iraqi forces have the ability to protect all of Iraqi territory and does not need the coalition forces currently present on Iraqi soil.
 
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected “positive developments” in the visit of Prime Minister Muhammad Shia Al-Sudani to Washington.
 
Saleh explained in a press statement that what we see today of “positive developments” in the relationship between Iraq and the United States will turn the page on the past to open a page based on direct economic relations and productive investment opportunities,
 
with a first priority that precedes other priorities, including the
 
     establishment of solid banking relations between the two countries that will help them develop. And
      prosperity, and that the
 
     banking reform policy in place today in our country contributes to adding an element of strength to the financing relations between the two friendly countries.   
 
https://alforatnews.iq/news/الأمن-ثانوياً-اتفاقيات-مهمة-بانتظار-وفد-السوداني-في-واشنطن  

Al-Rasheed Bank Begins Offering Enjaz Bonds To Citizens

    Time: 04/14/2024 20:09:52 Read: 2,301 times

{Economic: Al-Furat News} Today, Sunday, Al-Rashid Bank directed all its branches to begin issuing “Enjaz” bonds to natural and legal persons in two categories.

The bank explained in a statement, a copy of which {Al-Furat News} received, that:

“The denomination is in the amount of  (500,000) dinars (five hundred thousand dinars) with an interest of (6.5%) paid every six months for a period of two years, and the amount of

(1,000,000) (One million dinars) with annual interest (8.5%) paid every six months for four years.  He stated,   “Sales through its branches will start from April 15, 2024 until May 15, 2024.”  

https://alforatnews.iq/news/مصرف-الرشيد-يباشر-بطرح-سندات-أنجاز-للمواطنين   

Central Bank: Approval Of Converting The Industrial Bank Into A Joint Stock Company

  April 14, 2024  Baghdad/Iraq Observer   The Central Bank of Iraq confirmed its approval of the Council of Ministers’ decision to transform the Industrial Bank into a public joint stock company with the contribution of local and external investors, indicating that the second phase will include the Agricultural Cooperative Bank.

 The Banking Supervision Department stated through a document obtained by Iraq Observer, which stated:

 You refer to the meetings that took place with His Excellency the Prime Minister in the presence of His Excellency the Governor of the Central Bank and His Excellency the Minister of Finance regarding the decision of the Council of Ministers held on 1/2/2024, paragraph (2) thereof, The proposed idea of ​​converting your bank into a public joint stock company with the contribution of local and external investors, and for the second stage to include the Agricultural Cooperative Bank, explains to you the new plan regarding your bank and other government banks as follows:

 1- Rafidain Bank is being structured by dividing it into two banks,

      the old with government accounts, and

      the new with the status of a commercial bank and a public joint-stock company.

 2- After that, Al-Rasheed Bank will be merged with the new Al-Rafidain Bank

3- The Industrial Bank will be transformed into a public joint stock company, after which the

Agricultural Cooperative Bank will be acquired

4- At a later stage, the Real Estate Bank will be merged with the Housing Fund.

https://observeriraq.net/wp-content/uploads/2024/04/83214df8-b305-4dcf-8c53-d59279db75e1-620x1024.jpg  

https://observeriraq.net/البنك-المركزي-الموافقة-على-تحويل-المص/

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

Provoking Points To Ponder On Failures and Mistakes

Never confuse a single defeat with a final defeat.- F. Scott Fitzgerald

Men's best successes come after their disappointments.- Henry Ward Beecher

I've been failing for, like, ten or eleven years. When it turns, it'll turn. Right now I'm just tryin' to squeeze through a very tight financial period, get the movie out, and put my things in order.- Francis Ford Coppola

Don't let a kick in the ass stop you. It's how you cope that says what you are.- George Cukor

What is to be got at to make the air sweet, the ground good under the feet, can only be got at by failure, trial, again and again and again failure.- Sherwood Anderson

They say President Wilson has blundered. Perhaps he has, but I notice he usually blunders forward.- Thomas A. Edison

Some of the biggest failures I ever had were successes.- Pearl S. Buck

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Monday Evening 4-15-24

Goldilocks' Comments and Global Economic News Monday Evening 4-15-24

Good Evening Dinar Recaps,

Bureau of Land Management Announcement:

The Bureau of Land Management insures that fair taxpayer return and accountability for oil and gas operations are adhered to on public lands.

The BLM entered their proposal into a final rule. This final rule goes into the Federal Register and cannot be implemented no sooner than 30 days from its publication.

The Final Rule is as follows...

* The Fluid Mineral Leases and Leasing Process rule.

"This rule reinforces the BLM’s leadership role in energy development by:

1 ensuring responsible leasing and diligent development to minimize conflicts with other resources while ensuring the BLM can continue to manage public lands for multiple uses;

2 implementing key fiscal reforms, including updating royalty rates, rental rates, and minimum bids on BLM-managed public lands; and

3 modernizing bonding requirements for leasing, development, and production to ensure taxpayers do not bear the cost of orphaned wells on public lands."

As we transition into a cleaner environment, this set of rules has reached its final protocols in the oil and gas sector of our markets. It gives us a pathway forward in one of the largest sectors of our Market that needed to be transitioned on a Global scale.

Now, these updated guidelines on the infrastructure of oil and gas will allow Congress to enact new laws to guide future behavioral guidelines to ensure a cleaner environment going forward.  BLM 1  BLM 2

© Goldilocks

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Ripple Stablecoin Announcement: Ripple is launching a dollar-backed stablecoin.

Although we do not have a formal announcement just yet, Ripple's new stablecoin is in process of being regulated through the European's MICA regulatory process.

It is in process of being reviewed through the SEC and CFTC as we speak. This new Stablecoin will have the full backing of the US Treasury and other asset support in the US.

The ability to use this bridge asset in cross border international trading will allow the Stablecoin's representation of the US dollar to be put on a Level Playing Field with other countries in Global Trade. It will allow us to remain in Global Trade without having to sign over our Sovereignty to other nations to do our bidding for us.  Coin Telegraph

This new Ripple Stablecoin will be backed by specifically:

* U.S. DOLLAR DEPOSITS
* SHORT-TERM U.S. TREASURIES
* OTHER CASH EQUIVALENTS

© Goldilocks

👆 I guess having to sign the BRICS Nations treaty will no longer be necessary for us.   😉

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The conflict in the Middle East is expected to crash the crude oil Market in the Strait of Hormuz.

I like to think of a crash as moving into real values as shifts in our Global Economy are currently taking place especially in the energy sector of our Market.

You can expect volatility in the next 3 to 5 weeks and with the oil markets. The Middle East is beginning to utilize their own currencies instead of the Petro Dollar in Trade making the dollar lower in its value as oil prices rise to their new values based upon new Global Trade relations within local currency support mechanisms.

This shift is taking place as new laws are going into effect in our own oil markets here in the United States. It is why the movement into electronic cars,  uranium, and other resources are so important to develop.

The Oil Market is a massive transition point for the Global Economy. These events not only affects the price of the dollar, but it will begin to affect the prices on many of the currencies people hold going forward.

As our markets move into real values these next three to five weeks, we are expecting a shift in Global patterns regarding our virtual assets at the same time.

When we reach June, the US Federal Reserve Board is expected to lower interest rates raising the value of our gold and tokenized assets, along with stablecoins, backed by gold support mechanisms for the new digital economy.   CNBC   Linkedin   Youtube

Can you see this synchronicity in all of this yet? Many resets are taking place all at once.

© Goldilocks

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The Real Estate and Commercial Markets are currently going through a major reset.

These assets are being Tokenized by Gold making them no longer a liability, but an asset that would otherwise account for a downfall in commercial Real Estate prices.

They will go to a real value, but it will be based upon new price measurements under Gold Standard Protocols.      Chain Link   N26

© Goldilocks
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👆The effects of Evergrande, on the Global Markets, may have just found it's saving grace.

~~~~~~~~~

Breaking News:

Hong Kong Bitcoin ETF and Ethereum ETF has just been approved.

© Goldilocks
~~~~~~~~~

With all of the Middle Eastern tensions taking place at the current time.

What do you think would happen if these countries were to buy their own bonds instead of US bonds?

You do the math.

© Goldilocks

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What happens if Ripple becomes its own bank as a bridge asset?

What if this currency becomes part of the Special Drawing Rights basket of currencies with the IMF?

Can you say World Reserve Cryptocurrency!   IMF   Investopedia

© Goldilocks

~~~~~~~~~

Breaking News:

Hong Kong Bitcoin ETF and Ethereum ETF has just been approved.   CNBC

© Goldilocks

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The 'opportunity of a lifetime' may unfold for gold and silver this week, - MarketWatch  

~~~~~~~~~

US CFTC unveils plan to treat ag swaps like others | Reuters   

~~~~~~~~~

LONDON (Reuters) - Developing national digital currencies are at risk due to a lack of legal powers to issue them in most of the world, the head of the global central bank umbrella body, the Bank for International Settlements, warned on Wednesday.

While countries generally have laws on banknotes, coins and credit balances, an IMF paper in 2020 showed that close to 80% of central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is unclear.   Finance Yahoo

~~~~~~~~~

Federal Reserve Vice Chair Lael Brainard issued a reality check on those awaiting a digital dollar, saying that creating a central bank digital currency (CBDC) in the U.S. would likely take as long as five years.    Finance Yahoo

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According to the latest data from the U.S. Commodity Futures Trading Commission (CFTC), the speculative net positions in the silver market have increased to 53.2K. 

This marks a slight uptick from the previous reported figure of 53.1K, indicating a growing interest in silver among market participants.The CFTC’s report provides valuable insights into the market sentiment and positioning of investors in the silver market.

With the recent increase in speculative net positions, it suggests a positive outlook on silver prices among traders.Investors and analysts closely monitor these reports to gauge market sentiment and make informed decisions on their trading strategies.

The data was last updated on 12 April 2024, providing a snapshot of the current market dynamics in the silver sector.The material has been provided by InstaForex Company    InstaForex

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BREAKING NEWS Iraqi PM in Washington DC 2 | Youtube

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Zimbabwe's New Currency Update Rate 13.56 GiZ to $1.00 | Youtube

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Dee and I are in the process of setting up a meeting with our CBI Banker contact, who now has leadership ties to the Foreign Remittance Department in Iraq, on changes taking place inside their gold market. Gold is rising in Iraq.

© Goldilocks

☝️MESSAGE FROM FREEDOM FIGHTER ON THIS ANNOUNCEMENT

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