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

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

Gold Standard Announcement:

"Russian gold exports have stopped since the start of this year after new exchange-rate-linked duties, Danil Volkov, director of the finance ministry’s tax policy department, told the  Federation Council, the upper chamber of parliament."

This year, Russia is in process of abolishing their export duty on gold. This is a government tax on goods leaving the exporting country. It is collected by the customs authorities.

A gold-exchange rate-linked duty is a monetary system where a nation's gold can be converted into bills of exchange such as the Ruble. Such moves open the door to a Gold Standard.

Citizens in Russia are already making currency to gold and vice versa exchanges at their local bank.

When this is fully implemented, we will begin to see a ripple effect of other countries seeing the advantages of such a trade especially as countries begin to form free trade agreements fully putting an end to tariffs and aligning their gold with local currencies. This will go a long way to leveling the playing field. 

Is Bretton Woods 3 about to make an announcement?

WATCH THE WATER.

© Goldilocks

Mining   Wikipedia   Study Smarter   Book Airfreight   Britannica

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Gold Exchange Standard: Definition, Impact & History |  Study Smarter

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LUMMIS, GILLIBRAND INTRODUCE BIPARTISAN LANDMARK LEGISLATION TO CREATE REGULATORY FRAMEWORK FOR STABLECOINS

Below is a link to the full version of what is being voted on...   Lummis Senate 

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UPDATE MESSAGE FROM SAM OLIVER 

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Zimbabwe and Iraq News Posted by TNT Members 4-17-2024

TNT:

Harambe:  IMF ready to work with Zimbabwe | PE News 4-17-24

 International Monetary Fund (IMF) managing director Ms Kristalina Georgieva yesterday said they remain committed to working with Zimbabwe to ensure economic stability and the success of the re-engagement with the international community.

She said this in a post on X after participating in a discussion on Zimbabwe’s economic developments and update on the arrears clearance and debt resolution process in Washington DC ahead of the IMF-World Bank Spring Meetings that start today, ending Friday.

“Productive discussion at the Zimbabwe roundtable with donor partners,” she said.

“The IMF stands ready to work with the Zimbabwean authorities to restore macroeconomic stability and re-engage with the international community, which are essential for accessing external financing.”

The roundtable was attended by a number of top officials, including African Development Bank (AfDB) president Dr Akinwumi Adesina, who is also the champion of Zimbabwe’s Arrears Clearance and Debt Resolution process and former Mozambique President Joachim Chissano, who is the high-level facilitator of the process.

In his address, Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube said Zimbabwe’s total public and publicly guaranteed debt stock is estimated at US$21,1 billion, comprising external debt of US$13 billion and domestic debt of US$8,1 billion.

“Zimbabwe is currently in debt distress due to the accumulation of external debt payment arrears amounting to US$6,7 billion,” said Prof Ncube.

“The external debt overhang is weighing heavily on the country’s development needs due to lack of access to international financial resources to finance Zimbabwe’s economic recovery and priority projects and programmes, under the National Development Strategy 1: (2021-2025) (NDS1).”

In December 2022, Government established a Structured Dialogue Platform as part of it’s Arrears Clearance, Debt Relief and Resolution Strategy, with all creditors and development partners in order to institutionalise structured dialogue on economic and governance reforms to underpin the Arrears Clearance and Debt Resolution process.

Prof Ncube told delegates that since then, there has been commendable progress with the Structured Dialogue Platform, with growing consensus and confidence in the process, promoted by a transparent and inclusive consultative process.

Since December 2022, five Structured Dialogue Platform meetings were held in Harare, including a High-Level Debt Resolution Forum.

Prof Ncube said the meetings have been focusing on the following strategic three pillars; economic growth and stability reforms; governance reforms; and land tenure reforms, compensation of former farm owners and the resolution of Bilateral Investment Protection and Promotion Agreements (BIPPAs).

Prof Ncube said as a sign of commitment to the engagement and re-engagement process, Government was making quarterly token payments to International Financial Institutions.

The World Bank Group has received US$1 million, taking cumulative payments made to date to US$70 million.

The AfDB Group has received US$500 000, taking cumulative payments to date US$37,4 million, while the European Investment Bank has received US$100 000, taking the cumulative payments made so far to US$5,6 million.

“Government is also making quarterly token payments of US$100 000 to each of the 16 Paris Club bilateral creditors (cumulative token payments made to date are US$12,7 million,” said Prof Ncube.

Turning to the economy, he said Zimbabwe has successfully implemented an IMF Staff Monitored Programme, established a competitive foreign exchange rate regime, ended quasi-fiscal operations at the central bank, brought macroeconomic stability, tight monetary policy and sound fiscal management and ensured availability of social protection for all, among others.

Prof Ncube said negotiations were underway for a broad Staff Monitored Programme framework, adding that the programme is “critical for Government to establish a track record of policy implementation and pave the way for Arrears Clearance and Debt Resolution, including an IMF financial arrangement”.

In terms of the food situation, he said developments during the first three months suggest a difficult year ahead owing to a severe drought attributed to EI-Nino, with serious implications on the agriculture and energy sectors, as well as the rest of the economy.

Prof Ncube said Zimbabwe has already declared the drought a National Disaster and is seeking support of the international community, including from the World Bank and the AfDB, among others.

https://positiveeyenews.co.zw/2024/04/17/imf-ready-to-work-with-zimbabwe/

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Tishwash: Al-Sudani stresses the necessity of dialogue with the US Treasury, the Federal Bank, and the International Monetary Fund

Shafaq News/ The Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, stressed on Wednesday the necessity of continuing the dialogue with the US Treasury, the Federal Reserve, and the International Monetary Fund.

This came while Al-Sudani received, at his residence in the American capital, Washington, the Chairman of JP Morgan Bank, Masha Klovksi, and his accompanying delegation, according to a statement received by Shafaq News Agency.

The meeting witnessed a discussion of the Iraqi government’s efforts to implement financial and banking reforms, in light of the path it is taking towards improving the economic reality and achieving development, as well as discussing the government’s measures in developing the government banking sector, through its contracts with major international consulting companies specialized in banking reform and encouraging banks. To open accounts with foreign banks; To be correspondent banks, according to a plan aimed at dispensing with the electronic platform at the end of this year.

Al-Sudani stressed that it is not possible to work in any development sector without reform steps for the banking sector, stressing the need to continue dialogue with the US Treasury, the US Federal Reserve, the International Monetary Fund, and other international financial institutions.

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CandyKisses:  Political praise for Sudanese’s visit to Washington: It will improve the atmosphere and improve relations

Mawazine News - Baghdad,

A researcher in political affairs, Atheer Al-Sharaa, today, Wednesday, praised the visit of Prime Minister Muhammad Shiaa Al-Sudani to Washington, pointing out that this visit will improve the atmosphere and improve relations between the two countries.

Al-Sharaa said in an interview with Mawazine News: "This visit is a ray of hope and a glimmer of success that is relied upon by rational people inside and outside Iraq, and that it will turn the political situation upside down."

Al-Sharaa condemned, "Some politicians obstructing the government's steps, considering these actions to stop the process of government success that is to be achieved."

He stressed that “foreign policies are working seriously to improve and improve the type of relationship between them and America and neighboring countries, indicating that America considers that it was the one who liberated Iraq, noting that “there is a media trying to put an end to the American presence in the country.”

He continued, “There must be a necessity Dealing with the United States and its allies from other countries according to the priority of the national interest, forgetting all other considerations, pointing out that this visit will succeed according to the agenda and will improve the type of relationship between Baghdad and Washington, considering the birth of a new phase.”

Tishwash:  Parliament welcomes American support for Iraqi banks by dealing directly with international banks

Today, Wednesday, the Parliamentary Finance Committee welcomed American support for Iraqi banks licensed to deal directly with international banks.

Committee Chairman Atwan Al-Atwani said in a statement received by Al-Rabaa: “We are following with great satisfaction the results of the discussions of the Iraqi delegation currently visiting Washington, headed by Prime Minister Muhammad Shiaa Al-Sudani,” stressing “full support for the positive understandings that resulted from Al-Sudani’s meeting with the American President within the framework of the transformation in the relationship.” "Between the two countries, from the security and military aspects to the areas of development, reconstruction, economy and investment."

He added, "We welcome the US President's announcement of the United States of America's commitment to supporting Iraq to reform and develop its financial and banking system and paving the way for licensed Iraqi banks to deal directly with accredited international correspondent banks, in a way that contributes to linking Iraq to the international economic system."

He continued, "We are all confident and proud of the Iraqi negotiating delegation, and we hope that these discussions will be a new beginning to achieve a true partnership between the two countries in various political, security and economic fields in a way that achieves well-being, prosperity and stability for our country."  link

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Tishwash:  Al-Sudani receives in Washington the Chairman of JPMorgan

On Wednesday, Prime Minister Muhammad Shiaa Al-Sudani stressed the necessity of carrying out reforms in the banking sector in order to achieve development in the country, while pointing out that the government is implementing projects that will achieve sustainable development.

The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani received, at his residence in the American capital, Washington, the President of JPMorgan Bank, Mr. Masha Klovoksy, and his accompanying delegation, and during the meeting, the government’s efforts in implementing financial and banking reforms were discussed.”

 In light of the path it is taking towards improving the economic situation and achieving development, in addition to discussing the government’s measures to develop the government banking sector, through its contracts with major international consulting companies specialized in banking reform, and encouraging private banks to open accounts with foreign banks to be correspondent banks, according to A plan aims to dispense with the electronic platform at the end of this year.”

Al-Sudani stressed, according to the statement, that “it is possible to work in any development sector without reform steps for the banking sector, and the need to continue dialogue with the US Treasury, the US Federal Reserve, the International Monetary Fund, and other international financial institutions.”

For his part, Klovsky praised "the efforts of the Iraqi government to activate, develop and rehabilitate government and private banks, and its procedures in the field of providing assistance to private Iraqi banks," stressing "its support for the activities of the Iraq Fund for Development and its readiness to provide expertise and assistance in the field of training, cooperation and partnership  link 

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

Mot: .. OUCHIE!!!!

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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Thank you Dinar Recaps

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