Iraq Economic News and Points to Ponder Late Sunday Evening 4-21-24

Iraq Economic News and Points to Ponder Late Sunday Evening 4-21-24

The First Iraqi Bank To Reap A Realistic Result From Al-Sudani’s Visit To Washington

The US International Development Finance Corporation (DFC) and the US Agency for International Development (USAID) signed a $50 million loan agreement for the National Bank of Iraq (NBI), with the aim of expanding access to finance for entrepreneurs.

Prime Minister Muhammad Shiaa Al-Sudani witnessed the signing ceremony of the agreement on the sidelines of the meeting of the Iraqi-American Supreme Coordination Committee in Washington.

This loan, which was attended by the CEO of the American International Development Finance Corporation, Scott Nathan, and the Chairman of the Board of Directors of the National Bank of Iraq, Bassem Khalil Salem, is the first loan provided by the American International Development Finance Corporation to a commercial bank in Iraq.  https://www.radionawa.com/all-detail.aspx?jimare=38020

Central Bank: The Volume Of Trade With The UAE Reaches $17 Billion

Economy  Sunday, April 21, 2024 9:30 AM  Baghdad/National News Center The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the amount of the bank’s reserves of US dollars and gold.

Al-Alaq told the CNBC Arabic website that the Central Bank has a foreign reserve of more than 100 billion dollars, indicating that the bank’s gold reserves amount to more than 130 tons, most of which are located in England.

Speaking about Iraqi foreign trade, Al-Alaq pointed out that the volume of trade with the UAE amounts to $17 billion and is paid in UAE dirhams, pointing out that the First Abu Dhabi Bank is the one responsible for the trade transfers in UAE dirhams.   https://nnciraq.com/253612/

US International Development Allocates $50 Million To The National Bank Of Iraq To Finance Entrepreneurs In Iraq

Economy News – Baghdad  The US International Development Finance Corporation (DFC) and the US Agency for International Development (USAID) signed a loan agreement worth $50 million for the benefit of the National Bank of Iraq (NBI), with the aim of expanding access to financing for entrepreneurs.

 Iraqi Prime Minister Muhammad Shiaa Al-Sudani witnessed the signing ceremony of the agreement. On the sidelines of a meeting of the Iraqi-American Supreme Coordination Committee.

This loan, which was attended by the CEO of the American International Development Finance Corporation, Scott Nathan, and the Chairman of the Board of Directors of the National Bank of Iraq, Bassem Khalil Salem, is the first loan provided by the American International Development Finance Corporation to a commercial bank in Iraq.

After signing the agreement, Al-Salem said: “We are proud to be the first commercial bank in Iraq to sign a loan agreement from the US International Development Finance Corporation and the US Agency for International Development, and we see this partnership as an important step and a unique opportunity to support economic and investment growth in Iraq by enhancing the capabilities of Ruwwad.” businesses and increase their opportunities to obtain the necessary financing to support their projects.”

Al-Salem extended his thanks to the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, to His Excellency the Governor of the Central Bank of Iraq, Dr. Ali Mohsen Al-Alaq, and to the international financial institutions for their continued support for entrepreneurs and small and medium-sized companies, stressing the National Bank of Iraq’s commitment to achieving the two sides’ shared vision for progress and prosperity in the country, pointing out that this The agreement will be a strong incentive to achieve these goals.

CEO of the US International Development Finance Corporation, Scott Nathan, affirmed the company’s commitment to unleashing Iraq’s economic potential and empowering its private sector by providing meaningful financial support to small projects.

He said: “Today’s announcement is an important step in advancing our efforts. This investment will contribute to increasing access to... First-time female borrowers and entrepreneurs access financing across Iraq.”

For her part, USAID Mission Director in Iraq, Ellis Jensen, said: “Access to financing is the main driver in the process of innovation, economic growth, and job creation, so USAID’s support will enable private banks to overcome liquidity challenges and provide affordable business loans.”

For small projects, and through our partnership with the National Bank of Iraq and the US International Development Finance Corporation, we will help create a stronger, more diverse, and more inclusive private sector in Iraq.”

In turn, the Managing Director of the National Bank of Iraq, Ayman Abu Dhaim, said: “The Iraqi government’s commitment to creating an environment conducive to growth, and the strategic focus of the Prime Minister and His Excellency the Governor of the Central Bank of Iraq on empowering small and medium enterprises, is a major focus in our reaching this important achievement.

We are confident “This cooperation will support the creation of a more inclusive and dynamic economy in Iraq.”

It is expected that this loan will contribute to increasing opportunities for small Iraqi companies to obtain financing through the largest private sector bank in Iraq. This initiative will give priority to first-time borrowers and will allocate funding to projects owned by women, which attests to the increase in the number of small projects in Iraq.

In addition to financing, during the project preparation, USAID provided advisory services to facilitate loan negotiations between the National Bank of Iraq and the American International Development Finance Corporation and accelerate the completion of the deal, while the American International Development Finance Corporation is considered the official lender.

189 views 04/21/2024 - https://economy-news.net/content.php?id=42657

Surpassing Saudi Arabia...Iraqi Oil Exports To America Increased During The Past Week

Economy |  04/21/2024  Mawazine News – Baghdad  The US Energy Information Administration announced on Sunday that Iraq's oil exports to America rose over the past week.

The administration said in a table seen by Mawazine News, “The average US imports of crude oil during the past week from 8 major countries amounted to 4.832 million barrels per day, down by 265 thousand barrels per day compared to the previous week, which amounted to 5.097 million barrels per day.”

She added, "Iraq's oil exports to America came in second place after Canada, reaching 308,000 barrels per day last week, an increase of 166,000 barrels per day from the previous week, which reached 142,000 barrels per day."

The administration also indicated that "the majority of America's oil revenues during the past week came from Canada at an average of 3.458 million barrels per day, followed by Colombia with an average of 246 thousand barrels per day, and from Saudi Arabia at an average of 229 thousand barrels per day."

According to the table, “the amount of American imports of crude oil, from Mexico, was at a rate of 208 thousand barrels per day, from Brazil at a rate of 189 thousand barrels per day, from Nigeria at a rate of 173 thousand barrels per day, and from Libya at a rate of 21 thousand barrels per day.”

https://www.mawazin.net/Details.aspx?jimare=246358

The Dollar Declines Against The Dinar In Baghdad And Erbil

Economy | 04/21/2024  Mawazine News – Baghdad  The exchange rates of the US dollar decreased this morning, Sunday, in the markets of Baghdad and Erbil.

Dollar prices dropped with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,200 dinars for every 100 dollars.

While the selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars.

As for Erbil, the dollar also recorded a decline in exchange shops, as the selling price reached 147,150 dinars against the dollar, and the purchase price reached 147,000 dinars against 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=246369

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

Provoking Points To Ponder on Failures and Mistakes

There is much to be said for failure. It is more interesting than success.- Max Beerbohm

Failure sometimes enlarges the spirit. You have to fall back upon humanity and God.- Charles Horton Cooley

It is often the failure who is the pioneer in new lands, new undertakings, and new forms of expression. - Eric Hoffer

Let us not be needlessly bitter; certain failures are sometimes fruitful. - E. M. Cioran

If I win several tournaments in a row, I get so confident I'm in a cloud. A loss gets me eager again.- Chris Evert Lloyd

There's nothing that cleanses your soul like getting the h*** kicked out of you.- Woody Hayes

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Sunday Evening 4-21-24

 Goldilocks' Comments and Global Economic News Sunday Evening 4-21-24
Good Evening Dinar Recaps,

Hong Kong Digital Banking Announcement:

Hong Kong is offering new guidance on their TM Systems Technology currently in development.

TM System's "goal is to become global leaders in security consulting services and location-based analytics along with software development."

This new technology will help them with their new in-house Derivatives Platform. It will run on the Orion Derivatives Platform. And, it has enhanced trading and clearing capabilities that will enable them to run almost 24 hours a day.

Hong Kong already has their own electronic security system, and this new system is currently in process of being developed for added security protection going forward on their derivatives platform.  Mayer Brown   Finance Feeds   Linkedin   Trade Easy

© Goldilocks

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 "Putin Orders Developing Grain Exchange Mechanism between BRICS Countries"

This new "Grain Exchange Mechanism" involves the BRICS group being encouraged to buy from local producers directly.

This proposal is being submitted to The BRICS summit in October. Russia has already shared with us last week that they are evolving into a Gold Standard economy in the country.

This collective shift in trade mechanisms has the capacity to transition the Global Trading Economy as the BRICS system grows.

It has ripple effects on how the Federal Reserve's suppression of gold will play out in the releasing of caps on gold in order to be competitive in Global Trading.

This move by Russia has the power to challenge the dollar under a Gold Standard regimen.

A revaluation in the gold price will profoundly affect our new tokenized assets that are backed by gold including our Stablecoins that are backed by gold.  See News   Youtube

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

WATCH THE WATER.

© Goldilocks
~~~~~~~~~

Yesterday, the Deutsche Bundesbank announced plans to work with the Massachusetts Institute of Technology’s Digital Currency Initiative (MIT DCI) to explore privacy and security solutions for central bank digital currency  (CBDC).|   Ledger Insights

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On 3 March 2024, the EU co-legislators adopted Regulation (EU) 2024/886 on instant credit transfers in euro, often called the ‘Instant Payments Regulation’ (IPR). 

The IPR was published in the Official Journal of the European Union on 19 March 2024 and entered into force twenty 20 days thereafter (i.e. on 8 April 2024) the text is available here (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L_202400886). 

Of course, it doesn’t mean that payment service providers (PSPs) will have to comply with all IPR rules right away, but instead, the IPR goes together with a number of key implementation deadlines.   TwoBirds

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Canada's Real-Time Rail program resumes with renewed momentum | Payments

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"Project FuSSE (Fully Scalable Settlement Engine, pronounced as fyooz) is a BIS Innovation Hub project that aims to modernize financial market infrastructures for the demands of the digital age. In the face of a rapidly digitizing economy, the traditional systems face myriad challenges. FuSSE offers an open-source solution designed to meet these evolving demands head-on.

Project FuSSE marks the first collaboration between the BIS and the Inter-American Development Bank (IDB), following an agreement signed by the two institutions in September 2023. The presentation of FuSSE's progress and the official start of technical cooperation between both entities took place in Washington, D.C., in an event attended by the BIS general manager, Agustín Carstens, the president of the IDB, Ilan Goldfajn, and the governors of central banks from Chile, Colombia, and Uruguay."  BIS

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What the Iraqi PM Told Iraqi People Living in the US on Thursday | Youtube

👆  Goldilocks pointed to this video

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If you missed the SNL call last night with Freedom Fighter and Jester breaking down Goldilocks posts, you can find the mp3 recording in the Archive Room Here:  https://t.me/c/1570377332/39328/39735

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Iraq Economic News and Points to Ponder Sunday Afternoon 4-21-24

Iraq Economic News and Points to Ponder Sunday Afternoon 4-21-24

Bush Signed It And All Presidents Implemented It. Iraq’s Funds Have Been Under America’s Guardianship For 21 Years

 Reports And Analyses     USA President     George Bush     Iraqi Money     Signing An Executive Order

2024-04-18 Shafaq News/ Successive American administrations are still renewing the implementation of the presidential executive order issued by former President George W. Bush regarding the protection of the “Development Fund for Iraq”, in which the proceeds of oil sales were deposited with the aim of protecting it from any legal prosecutions, in addition to other orders related to Iraq and aiming to protect its money.

 This happened more than two decades after the regime changed in the country.

 The current US President, Joe Biden, signed the decree extending the state of national emergency related to the situation in Iraq for another year, which stated:

 “There are still obstacles to the orderly reconstruction of Iraq, restoring and maintaining peace and security in the country, and developing political, administrative and economic institutions in Iraq.”"

 The statement added that  these obstacles "pose an extraordinary threat to the national security and foreign policy of Iraq and the United States of America as well.

 Therefore, (Joe Biden) has decided that it is necessary to continue the state of national emergency declared under Executive Order 13303 regarding the stability of Iraq."

 Order 13303

 The executive order aims to protect the Development Fund for Iraq and some other properties in which Iraq has an interest. According to the text of the executive order, then-US President George W. Bush saw that there was a threat to seize or take other judicial measures against the Development Fund for Iraq, Iraqi oil and petroleum products, and the revenues that arise. about her".

 The executive order also stated that this situation “poses an extraordinary threat to the national security and foreign policy of the United States, and therefore a national emergency has been declared to deal with this threat.”

 The order stipulates that any seizure, judgment, decree or other judicial action against the Development Fund for Iraq or Iraqi oil and petroleum products, and the proceeds and obligations relating to their sale or marketing, shall be considered null and void.

 The executive order prohibits all US citizens and residents of the United States, as well as any entity organized under US laws, from filing lawsuits against Iraqi funds.

 According to the US National Emergency Law, failure to renew the executive order within a period of 90 days from the date of the previous renewal means that it will become invalid.

 Development Fund For Iraq

 The Development Fund for Iraq was established after 2003, and  before that, money from Iraqi oil sales was placed in an account managed by the United Nations within what is known as the Oil for Food Program.

 In the mid-nineties of the last century, the UN Security Council resolution related to oil for food was issued and stipulated the sale of a portion of Iraqi oil in exchange for the purchase of medicines and food during the era of Saddam Hussein’s regime, which suffered international sanctions as a result of its invasion of Kuwait in 1990.

 This situation continued until 2003, when a new Security Council resolution was issued under which most of the economic sanctions were abolished, provided that issues related to the invasion of Kuwait were resolved, such as compensation, prisoners, and others.

In this regard, Iraqi writer and political researcher Aqeel Abbas said,

“When the sanctions were lifted, a problem arose, which is that there are cases filed against Iraq by dozens or hundreds of companies that were harmed by Iraq’s invasion of Kuwait in European countries and others.” Abbas added to the Al-Hurra website that

 "Iraqi embassies at the time did not attend court sessions to defend or reduce compensation, and thus the courts issued judgments in absentia for very high amounts." Abbas, who resides in Virginia, confirmed that

 "there are judicial seizure orders on Iraqi funds until the amounts of the lawsuits ruled by the courts are satisfied."

 “Thus, what saved Iraq from these lawsuits was the protection decision issued by former US President George Bush in 2003,” according to Abbas, who pointed out that

 “under the presidential executive order, Iraqi funds in the Development Fund for Iraq became protected as if they were American funds.”

 American Influence

 In 2010, the Development Fund for Iraq was canceled by a UN decision, which also ended all international guarantees of immunity granted to Iraq from claims for compensation.

 Instead of the canceled fund, an account affiliated with the Central Bank of Iraq was opened at the US Federal Bank in which all proceeds from the sale of Iraqi oil were placed.

 However, the United States continued to renew the presidential executive order, issued in 2003, annually with the aim of protecting Iraqi funds from any judicial prosecutions.

The former member of the Iraqi Parliament’s Finance Committee, Ahmed Hama Rashid, said,

“The situation remaining as it is means that the fate of Iraq’s money will remain tied to the United States, which represents a strong pressure card in the hands of Washington,” indicating that

 “this issue cannot be resolved except by paying all debts.” "This will take years, if not decades."

 On the other hand, Aqeel Abbas pointed out that linking the issue of protecting Iraqi funds from prosecution to the United States “gives Washington great influence over Baghdad,” adding that

“resolving the crisis requires a political decision, as happened with Greece and Argentina, for example, by seeking the help of a reputable and reputable law firm.” "She is given full powers."

The spokesman for the Iraqi Prime Minister apologized for the comment, and  it was not possible to obtain a comment from the White House or the US State Department until the publication of this report, according to the Al-Hurra channel.  

 https://shafaq.com/ar/تقارير-وتحليلات/وقعه-بوش-وعمل-به-جميع-الر-سا-موال-العراق-تحت-وصاية-مريكا-منذ-21-عاما   

The Ministry Of Finance Specifies Steps That Must Be Taken Before Canceling The Currency Selling Window In Iraq

 Economy     Parliamentary Finance     Dollar selling window

2024-04-20 04:54 Shafaq News/ The Parliamentary Finance Committee confirmed, on Saturday, that the

Central Bank of Iraq had taken a decision to cancel the currency sale window, indicating the necessity of taking steps prior to implementing this decision.

 Member of the Parliamentary Finance Committee, Hussein Moanis, told Shafaq News Agency,

 “There is a decision issued by the Central Bank to cancel the window for buying and selling foreign currency in the year 2024, but it did not specify the exact time to start the decision.” He explained that

 "canceling the currency selling window is linked to the

     reliance of private banks on correspondence with international banks and the

      method of currency conversion."

 This comes after the Central Bank of Iraq gave up its status as a “correspondent” and granted it to several foreign banks, a step with unclear definitions and results, and some observers have warned against it.

 In November 2023, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the start of importing dollars into the country through Iraqi bank accounts abroad.

 Munis asserts that   "this step must be preceded by an increase in the classification of Iraqi banks, and

 this is what qualifies them to deal with international banks,

 but the real problem that we face is that Iraqi banks

     do not have a correspondent and

     are not accredited outside the country."

 The member of Parliamentary Finance pointed out that  “the government and the Central Bank are seeking to strengthen and increase the classification of private banks,” indicating “an intention by the banks to engage in correspondence and external transfers.”  

 https://shafaq.com/ar/اقتصـاد/المالية-تحدد-خطوات-يتعين-اتخاذها-قبل-الغا-نافذة-بيع-العملة-في-العراق   

The Governor Of The Iraqi Central Bank Reveals The Amount Of The Bank’s Reserves Of Dollars And Gold

 Economy     Central Bank of Iraq  2024-04-20 Shafaq News/ The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the amount of the bank’s reserves of US dollars and gold.

 Al-Alaq told the CNBC Arabic website that the Central Bank has a foreign reserve of more than 100 billion dollars, indicating that

 the bank’s gold reserves amount to more than 130 tons, most of which are located in England.

 Speaking about Iraqi foreign trade, Al-Alaq pointed out that the volume of trade with the UAE amounts to 17 billion dollars and is paid in UAE dirhams, pointing out that the

 First Abu Dhabi Bank is the one responsible for the trade transfers in UAE dirhams.

 https://shafaq.com/ar/اقتصـاد/محافظ-المركزي-العراقي-يكشف-كمية-احتياطات-البنك-من-الدولار-والذهب     

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

Provoking Points To Ponder on Failures and Mistakes

A stumble may prevent a fall.- Thomas Fuller

A life spent making mistakes is not only more honorable but more useful than a life spent doing nothing.- George Bernard Shaw

It is defeat that turns bone to flint; it is defeat that turns gristle to muscle; it is defeat that makes men invincible. Do not then be afraid of defeat. You are never so near to victory as when defeated in a good cause.- Henry Ward Beecher

Besides the practical knowledge which defeat offers, there are important personality profits to be taken. Defeat strips away false values and makes you realize what you really want. It stops you from chasing butterflies and puts you to work digging gold.- William M. Marston

No experiment is ever a complete failure. It can always be used as a bad example.- Paul Dickson

Failure is the foundation of success, and the means by which it is achieved.- Lao-Tzu

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

http://famousquotesandauthors.com/quotes_by_topic.html

“Tidbits From TNT” Sunday 4-21-2024

TNT:

Tishwash:  Parliamentary Committee: Iraq has regained its regional role and influence in the world

A member of the Parliamentary Security and Defense Committee, Muhammad Al-Shammari, confirmed today, Saturday, that Iraq has regained its regional role and influence in the world.

Al-Shammari said in an interview followed by Mawazine News, “We aspire for Iraq to regain its regional and global role, and to exploit this situation to be a mediator between America and Iran to ease tensions.”

 Al-Shammari pointed out that "Iraq's restoration of its regional role and influence in the world could be used by the Iraqi government to establish security and stability in the Middle East and in the region in particular."  link

Tishwash:  Al-Alaq reveals the Central Bank’s reserve... in dollars and gold

The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the foreign reserves in the bank.

Al-Alaq said in a press statement, “The Central Bank has a foreign reserve of more than 100 billion dollars.”

He added, "We have gold reserves of more than 130 tons, most of which are located in England."

Al-Alaq pointed out that "the volume of trade with the UAE reaches 17 billion dollars and is paid in UAE dirhams."

Al-Alaq pointed out that “First Abu Dhabi Bank is the one responsible for the commercial transfers in UAE dirhams.”   link

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CandyKisses:  Iraq surpasses Saudi Arabia in oil exports to the United States

The US Energy Information Administration announced on Sunday that Iraq's oil exports to the United States rose during the past week.

"The average US imports of crude oil during the past week from 8 major countries amounted to 4.832 million barrels per day, down by 265 thousand barrels per day from the previous week, which amounted to 5.097 million barrels per day," the administration said in a table.

She added that "Iraq's oil exports to America came in second place after Canada, reaching 308,000 barrels per day last week, up by 166,000 barrels per day from the previous week, which amounted to 142,000 barrels per day."

She pointed out that "the most oil revenues for America during the past week came from Canada, followed by Colombia and then Saudi Arabia."

She explained that the quantities of US imports of crude oil continued, from Mexico, Brazil, Nigeria and from Libya, while it also did not import any quantity from Ecuador and Russia.

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

Tishwash:  "Proposals and Obstacles"... Parliamentary Committee: Legislating the Oil and Gas Law requires the agreement of three parties

"Proposals and Obstacles"... Parliamentary Committee: Legislating the Oil and Gas Law requires the agreement of three parties

The Parliamentary Oil, Gas and Natural Resources Committee confirmed today, Saturday, that approving the draft oil and gas law requires the consensus of three parties, while it referred to proposals regarding its draft.

The Deputy Chairman of the Committee, Adnan Al-Jabri, said in an interview with (Al-Rabaa) that, “The Oil and Gas Law is one of the most important laws that must be enacted during the current session, and the Parliamentary Oil, Gas and Natural Resources Committee worked to activate the draft law or activate the legislative procedures.”

Al-Jabri added, "Legislation procedures need to prepare a draft from the government, to be discussed between the federal government and the Kurdistan Regional Government, in addition to the producing provinces, and then agreed upon and sent to the House of Representatives."

Regarding the obstacles to legislating the law, he pointed out that “the problem is that the draft has been prepared, but so far it has not been agreed upon between the productive governorates on the one hand, the Kurdistan region on the other hand, and the federal government. There are proposals by the productive governorates, proposals from the regional government, and proposals from the federal government.” ".

He continued, "The House of Representatives is waiting for all these parties to agree on a final draft, and when it is sent to the House of Representatives, it will be read first and then subject to discussion and a second reading, after which the law will be enacted. But the most important thing is that the draft comes agreed upon by all components and all Iraqi parties in the Council of Ministers." ".

He explained, "There are representatives of almost all governorates and components in the Council of Ministers, and therefore when the draft is agreed upon, the House of Representatives will not delay in approving the law." link

Mot: .. Sure Puts Things in ~~ Perspective

Mot: ..... Dang!!! -- Shes Tough!!!  

Iraq Economic News and Points to Ponder Saturday Evening 4-20-24

Iraq Economic News and Points to Ponder Saturday Evening 4-20-24

Parliamentary Committee: Iraq Has Regained Its Regional Role And Influence In The World

Political | - 20/04/2024   Mawazine News – Baghdad  A member of the Parliamentary Security and Defense Committee, Muhammad Al-Shammari, confirmed today, Saturday, that Iraq has regained its regional role and influence in the world.

Al-Shammari said in an interview followed by Mawazine News, “We aspire for Iraq to regain its regional and global role, and to exploit this situation to be a mediator between America and Iran to ease tensions.”

Al-Shammari pointed out that "Iraq's restoration of its regional role and influence in the world could be used by the Iraqi government to establish security and stability in the Middle East and in the region in particular."    https://www.mawazin.net/Details.aspx?jimare=246350

Iraq's Debts During The War With Iran Are Disturbing The Economy And Increasing The Possibility Of It Faltering

Economy |  04/20/2024   Mawazine News - Baghdad..   The financial and banking expert, Mustafa Hantoush, confirmed that the volume of external debts incurred by Iraq exceeded 75 billion dollars, and could increase by the end of the current year 2024.

Hantoush said, in an interview followed by Mawazine News/ that the volume of external debts incurred by Iraq before and after the year 2003 amounts to about 70-75 billion dollars, which can be increased by the end of the current year 2024.

He added that the public debt owed by Iraq to the Paris Club and external obligations is about 35 billion dollars, and may reach 50 billion dollars by the end of the current year, due to... Obligations, external contracts and debt interest.

He pointed out that there are old debts owed by Iraq related to financing the Iran-Iraq war and other international obligations before the invasion of Iraq in 2003, ranging between 35 and 40 billion dollars, which are not scheduled in the Iraqi payment regulations, but they are registered with the Iraqi banks of Al-Rafidain and Al-Rashid in the international debt regulations.

https://www.mawazin.net/Details.aspx?jimare=246294

Fourth In The Arab World: Iraq’s Gold Reserves {137.7} Tons

Time: 04/20/2024 17:49:06 Read: 1,469 times   {Economic: Al-Furat News} The former Director of the Financial Supervision Bureau, Salah Nouri, revealed today, Saturday, Iraq’s gold reserves.

Nouri told {Al-Furat News} that: “The gold reserve at the Central Bank of Iraq is approximately {137.7} tons and ranks fourth in the Arab world, according to statistics from the World Gold Council, headquartered in London.”

He pointed out, "We do not have accurate information about the amount of gold reserves in the Central Bank of Iraq. In general, the Central Bank must diversify investments between investing in US government bonds and investing in gold."

Regarding the most prominent matters covered by the American Forbes magazine about the reasons for the rise in global gold prices, Nouri explained, “The great demand for gold by Chinese and Hong Kong investors is to hedge against economic instability that affects investment in stocks and bonds.”

He added, "There are also fears of reducing interest rates on investment in US government bonds, which led to investing in gold as a safe haven."

Nouri concluded with “geopolitical reasons for the Russian-Ukrainian war and the war on the people of Gaza by the Zionist entity, all of which are reasons that pushed gold prices to rise globally.”

Gold prices rose yesterday, Friday, due to risk aversion in financial markets.

By 04:29 GMT, gold in instant transactions rose 0.3% to $2,386.05 per ounce, after briefly jumping to $2,417.59 earlier in the session, hovering near the highest level ever at $2,431.29, which it recorded last Friday. .  LINK

Al-Sudani: We Have Reached Satisfactory Solutions With The US Treasury To Address The Conditions Of The Sanctioned Banks

Economy News – Baghdad  Prime Minister, Muhammad Shiaa Al-Sudani, announced on Saturday that a satisfactory agreement had been reached with the American side regarding banks that are prohibited from dealing in the dollar currency.

Al-Sudani said in a press conference, seen by Al-Iqtisad News, that “the Iraqi delegation held important meetings with the US Treasury, with which the Iraqi government and the Central Bank are working, to reform the financial banking sector in Iraq and address the observations that occurred in this sector during the time of previous governments.” ".

He added, "The delegation reached satisfactory solutions that address the conditions of banks deprived of dealing in the dollar by forming committees that undertake the task of auditing the observations made on these banks," noting that "if the observations are fundamental, the deprivation procedures will continue, and if they are observations, they can be addressed and carried out."

“There will be reforms within these banks under the supervision of the Central Bank, so that the dollar dealings of these banks will be addressed in the future.”

Al-Sudani stressed that "the US Treasury's impression was positive on the performance of the Iraqi financial institutions, whether the central bank or the government banking sector, and it was at the peak of optimism, given the reforms that were achieved during a short period of this government's life."

He pointed out that "80% of financial transactions and transfers today are carried out in accordance with international standards, certified by the US Treasury," indicating that "the government will continue to reform the financial and banking sector, which represents a basic gateway to creating economic development and real reforms."

92 views 04/20/2024 - https://economy-news.net/content.php?id=42639

Within a week...more than one billion dollars in sales from the Iraqi Central Bank

Money  and business  Economy News – Baghdad  The Central Bank of Iraq's total sales of US dollars in the currency auction during the past week amounted to more than one billion dollars.

During the past week, during the days in which the auction was opened, the Central Bank sold 1 billion, 354 million, 297 thousand and 9 dollars, at a daily rate of 193 million and 471 million dollars, higher than what it recorded last week, which amounted to 533 million, 978 thousand and 265 dollars.

The highest dollar sales were on Sunday, when sales amounted to 283 million, 160,000 and 3 dollars, while the lowest sales were on Wednesday, when sales amounted to 261 million, 374 thousand and 70 dollars.

Foreign remittance sales during the past week amounted to one billion, 263 million, and 772 thousand dollars, an increase of 94% compared to cash sales, which amounted to 90 million, 525 thousand dollars.

Views 89   04/20/2024 https://economy-news.net/content.php?id=42634

Oil Closes Higher After Tension In The Middle East

Economy | - 04/20/2024  Mawazine News – Baghdad  Oil prices rose slightly, Friday, but suffered a weekly loss after Iran downplayed suspected Israeli attacks on its territory, in an indication that an escalation of hostilities in the Middle East could be avoided.

Brent crude futures rose 18 cents, or 0.21 percent, at settlement at $87.29 per barrel. US West Texas Intermediate crude futures for May delivery increased 41 cents, or 0.5 percent, to reach $83.14 per barrel upon settlement.

The most actively traded futures contract for June delivery rose 12 cents to $82.22 a barrel.

The two benchmarks rose by more than three dollars a barrel earlier in the session after explosions were heard in the Iranian city of Isfahan today in what sources described as an Israeli attack, but the gains declined after Tehran downplayed the incident and indicated that it had no plans to respond.

“It was just a big show, so the markets fell as quickly as they rose,” said Tim Snyder, an economist at Matador Economics.

Investors were closely watching Israel's response to Iranian drone and missile attacks on April 13, which came in response to a suspected Israeli airstrike on April 1 on the Iranian embassy compound in Damascus.

American lawmakers included sanctions on Iranian oil exports as part of a pending aid package to Ukraine following the attack launched by Iran on Israel over the weekend.

Reuters data shows that Iran is the third largest oil producing country in the Organization of the Petroleum Exporting Countries (OPEC).

Media reported on Friday that the International Monetary Fund expects the OPEC+ alliance to begin increasing oil production starting in July.

Prices have fallen by about three percent since Monday, and the two benchmarks recorded their largest weekly loss since February.   https://www.mawazin.net/Details.aspx?jimare=246284

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

Provoking Points To Ponder on Failures and Mistakes

The man who has done his level best, and who is conscious that he has done his best, is a success, even though the world may write him down a failure.- B. C. Forbes

Many a man never fails because he never tries.- Norman MacEwan

Good judgment comes from experience, and experience comes from poor judgment.- Anonymous

Life is very interesting, if you make mistakes.- Georges Carpentier

When I have listened to my mistakes, I have grown.- Hugh Prather

Mistakes and errors are the discipline through which we advance.- William Ellery Channing

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

http://famousquotesandauthors.com/quotes_by_topic.html

Some “Saturday News” Posted by Clare at KTFA 4-20-2024

KTFA:

Clare:  Iraq preparing to amend its budget law

4/20/2024

ERBIL (Kurdistan24) – Khalil Ghazi, A member of the Iraqi parliament's finance committee, revealed to Kurdistan24 that the budget amendment for 2024 has been finalized by the Council of Ministers and is now awaiting the return of the Iraqi Prime Minister from Washington for final review.

Iraq's budget deficit has increased by 16 trillion dinars in the past year, bringing the estimated deficit for this year's budget bill to more than 80 trillion dinars.

The allocation of the budget to provinces in central and southern Iraq, especially those facing high poverty rates and service issues, has caused conflict among factions in parliament. These provinces are dissatisfied with the share of the budget allocated to them.

The Iraqi budget is composed of three main components: revenues, expenditures, and a budget deficit. Revenues include oil exports, taxes, and customs duties, while expenditures cover government spending in various sectors such as education, healthcare, infrastructure, and defense. The budget deficit occurs when expenditures exceed revenues, and it can be financed through borrowing or international aid.   LINK

Clare: Al-Sudani returns to Baghdad after concluding his official visit to America

4/24/2024

Prime Minister Muhammad Shiaa Al-Sudani returned to the capital, Baghdad, after concluding his official visit to the United States of America.

According to a statement issued by the Sudanese Media Office, the visit included a series of meetings, discussions, seminars, dialogue sessions and other activities, as follows:

■ Meeting with US President Mr. Joseph Biden

■ Receiving Secretary of State Anthony Blinken

■ Visiting the Pentagon headquarters and meeting with the Minister of Defense, Mr. Lloyd Austin

■ Receiving the Czech Prime Minister, Mr. Peter Fiala

■ Receiving the US Secretary of Homeland Security, Mr. Alejandro Mayorkas

■ Receiving the Deputy Secretary of the US Treasury, Mr. Wally Adeyemo

■ Sponsoring the signing of 18 memorandums of understanding in energy, economy, oil sector development and the pharmaceutical industry

■ Receiving a number of members of the House of Representatives from the Republican and Democratic parties

■ Receiving the Chairman of the Democratic Caucus in the US House of Representatives, Mr. Seth Molten

■ Receiving US Senator Democratic Senator Tim Kaine

■ Receiving US Senator Lindsey Graham

■ Receiving a number of former US ambassadors who served in Iraq.

■ Receiving the Chairman of the US Wheat Council, Mr. Vince Peterson

■ Receiving a JP Morgan delegation

■ Receiving the President of GE Vernova Energy Technology Company, Mr. Scott Strazik

■ Receiving a delegation from the American company Stellar Energy

■ Receiving a delegation from the American company General Dynamics

■ Receiving a delegation from the American company (Baker Hughes).

■ Receiving a delegation from Lockheed Martin, which is responsible for manufacturing F16 aircraft.

■ Receiving the President of the American company (Hanwell), Mr. Ken West

■ Receiving the President of KBR Sustainable Technology Solutions, Mr. Ji Ibrahim, in Houston

■ A number of major American companies specialized in the field of oil and gas met in the city of Houston in a workshop

■ A meeting with an elite group of Iraqi businessmen in the US state of Michigan

■ Receiving a delegation from the Baker Institute for Energy Studies and Research in Houston

■ A meeting with representatives of research centers specialized in Iraq and the region in Washington

■ Dialogue at the Atlantic Council Foundation in Washington, DC

■ Dialogue seminar at Johns Hopkins University in Washington

■ Meeting with a group of the Iraqi community in Washington, DC

■ A meeting with the Iraqi community in the American city of Houston

■ Meeting a large crowd of the Iraqi community at the Islamic Forum in the American state of Michigan

■ Meeting with a group of the Iraqi community at the Iraqi Chaldean Center in the US state of Michigan

■ An artifact dating back to the Sumerian civilization (2900-3000 years BC) was received from the Metropolitan Museum in New York.

■ Receiving the family of American citizen Kayla Mueller, who was kidnapped by ISIS terrorist gangs in the Syrian city of Aleppo in 2013, and was liquidated in 2015.

■ A meeting with representatives and correspondents of a number of Western media outlets in Washington

■ Interview with CNN

■ Interview with the American newspaper The Washington Post

■ A press interview with Al-Monitor

■ Interview with the Wall Street Journal

■ A television interview with the American PBS channel

■ Visit the Iraqi Embassy in Washington, and meet its employees.  LINK

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

Clare:  Al-Sudani announces the conclusion of his visit to the United States and summarizes it with these paragraphs

4/19/2024

Washington

Today, Saturday, Prime Minister Muhammad Shiaa Al-Sudani announced the conclusion of his visit to the United States.

Al-Sudani said, during a conference with journalists attended by a Al-Rabaa correspondent: @I thank the satellite channels that covered all aspects of the visit, including Al-Rabaa.

He added: "We reach the conclusion of our 6-day visit, which expressed the government's vision, and that the goal of achieving this transition is after we have overcome the concerns of the security phase."

He continued, "This visit witnessed the first meeting concerned with the implementation of the strategic framework agreements, and there will be periodic meetings."

He continued: "We stressed that the government is continuing to achieve economic reform by supporting the private sector by signing a number of agreements and contracts."

He continued: “During our tours and visits, we met with companies specialized in the fields of oil, gas and energy and reviewed investment opportunities,” adding: “We held important meetings with the US Treasury to complete financial and banking reforms and reached satisfactory solutions that address the conditions of the sanctioned banks.”

He stressed that "the impression from the Treasury on the Iraqi institutions was positive, given the record period of time spent in accordance with the recommended systems."

He pointed out that "the statement issued by the White House emphasized the committee's dialogue and its outcomes to end the mission of the international coalition after the justifications no longer exist, and the dialogues will continue."

Al-Sudani said: “Our meetings with the Iraqi community are part of our commitment to governmental responsibility, and they are a real wealth because of their competencies and minds that can serve the country.”

He explained, "The indicators are clear for the success of the visit in terms of the vision that was proven for the goals and agendas of the visit, and that the outcomes of the visit are now entering the follow-up phase, which is very important in order to translate the treaties and agreements we have reached into reality."   LINK

Clare: The Ministry of Finance specifies steps that must be taken before canceling the currency selling window in Iraq

4/20/2024

The Parliamentary Finance Committee confirmed, on Saturday, that the Central Bank of Iraq had taken a decision to cancel the currency sale window, indicating the necessity of taking steps prior to implementing this decision.

Member of the Parliamentary Finance Committee, Hussein Moanis, told Shafaq News Agency, “There is a decision issued by the Central Bank to cancel the window for buying and selling foreign currency in the year 2024, but it did not specify the exact time to start the decision.”

He explained that "canceling the currency selling window is linked to the reliance of private banks on correspondence with international banks and the method of currency conversion."

This comes after the Central Bank of Iraq gave up its status as a “correspondent” and granted it to several foreign banks, a step with unclear definitions and results, and some observers have warned against it.

In November 2023, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the start of importing dollars into the country through Iraqi bank accounts abroad.

Munis asserts that "this step must be preceded by an increase in the classification of Iraqi banks, and this is what qualifies them to deal with international banks, but the real problem that we face is that Iraqi banks do not have a correspondent and are not accredited outside the country."

The member of Parliamentary Finance pointed out that “the government and the Central Bank are seeking to strengthen and increase the classification of private banks,” indicating “an intention by the banks to engage in correspondence and external transfers.”   LINK

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

Clare:  His financial advisor: Al-Sudani pledged to protect investors and the government is responsible for their actions

4/20/2024  Baghdad –

Mazhar Saleh, Advisor to the Prime Minister for Financial Affairs, announced today, Saturday, that Prime Minister Muhammad Shiaa Al-Sudani’s pledge to provide a positive business climate for investors from the United States is an essential factor in reducing and completely eliminating risk calculations, especially “added costs,” indicating that this pledge It will make the executive authority a direct supervisor of the work of foreign investors.

Saleh said in a statement to the official agency, followed by the 964 Network , that “the launch of the project to protect and maintain the investment environment in our country and improve government services for foreign investors, especially the investor sector from the United States, represents the launch of a package of government directions and its strong pledges that support the stability of foreign investment activity and in a way that serves the interest of development and progress.” And the economic prosperity in our country, without a doubt.”

He added that it is “a signal to provide opportunities for success for the work of investors, which requires providing a smooth and facilitating climate free of inherited bureaucratic obstacles that in the past delayed investment activity in our country and led to adding high and exceptional burdens and costs to the accounts of investment projects that have been called in the literature (the cost of Iraq), which It meant the cost of investment risks outside global measurements.”

He pointed out that “the Prime Minister’s pledge to provide a positive business climate for investors from the United States is an essential governmental factor in reducing risk calculations and eliminating them completely, especially the risks of the cost element added to the investment project itself, financially and temporally, which are aspects that investors were exposed to in the past and add prohibitive burdens and costs.” “.

He continued, “The Prime Minister’s pledge means that the executive authority will become the direct supervisor of the work of American investors in the selected investment fields in our country, and that the government’s protective frameworks that will be devoted to this purpose will become a legal and administrative tradition to protect investment activities, or what may be called: investment security and the protection of foreign investors.”

In our country in general and US investors in particular, this is a realistic and direct expression of the state’s strong will to provide investors with all the facilities required by the foreign investor in accordance with the contracts and obligations signed and legally enforceable when implementing their projects in our country.”   LINK

Goldilocks' Comments and Global Economic News for April 20th

Good evening Dinar Recaps,

The BRICS Nations are creating a common digital payment platform.

"Russian Deputy Foreign Minister Sergey Ryabkov said that BRICS nations have already established a special channel for information exchange between their central banks"

They have completed a messaging system that already talks back and forth to the central banks of these countries.

This information is secured and ensures payment capabilities on both sides of a trade.

All they have left to complete is an agreement on what stablecoin they will use to complete their settlement transactions.

WATCH THE WATER.

© Goldilocks
TASS

~~~~~~~~~

"After ON RRPs go to zero, reserves will decline, further reducing the Fed's interest expenses and losses. But it's not straightforward."

This is why we are transitioning into a Basel 3 requirement regimen and the reason for our movement from Libor (interest gains agreement) contracts to SOFR (gold gains agreement) contracts in overnight repo Market repurchase agreements.

SOFR contracts are currently our liquidity for overnight banking purchasing opportunities going forward.

"The U.S. is effectively in an abundant reserves situation now, but the Fed’s stated policy is to move to an ample reserves regime."

In other words, banks are holding far more reserves than necessary to meet legal requirements for liquidity buffers. This is known as the abundant reserves regime.

When we witness a change in our monetary policy towards an ample reserves regimen for the banking system, a monetary policy shift will occur. Interest rates will be lowered, and the price of gold will rise to fulfill debt obligations.

This shift will lock in a new connection between our banking system and the markets. We will have a secured loan collateral regimen that will ensure both sides of a transaction are capable of doing so inside a new digital asset-based trading system.

This will usher in clearance to operate inside a new digital asset-based trading system whereby gold held inside our banking system will enable us to move into a new regulated tokenized asset economy.

Look for MICA crypto regulations to move inside the Global Economy giving a structured framework under a digital Gold Standard Protocol.

A new economy determined by the people and for the people. "All roads lead to gold, and 'digital gold' will set us free."

© Goldilocks
Brookings Edu
Wolf Street
NY Fed
Investopedia
US Debt Clock

~~~~~~~~~

Today's articles reflect measurement mechanisms used to determine new values in an economy. This is where we are in the process of moving to our new digital economy.

As we have reviewed before, this is part of the Credit Valuation Adjustment measurements needed to determine new rates of Exchange on all sectors of the market.

© Goldilocks

Treasury International Capital Data for February | U.S. Department of the Treasury

~~~~~~~~~

The member of the parliamentary finance pointed out that “the government and the central bank seek to strengthen and increase the classification of civil banks,” noting “the intention of banks to enter into correspondence and foreign transfers.”

Here, Iraq is telling us that they are taking steps to move into doing foreign currency exchanges inside their banking system locally and Internationally.

The article goes on to say that they did not know for sure when this would take place, but they are taking steps currently towards this end.

© Goldilocks
Search4Dinar

~~~~~~~~~

"The foreign exchange (FX) auction is a monetary policy instrument through which the National Bank sells or buys foreign currency on the interbank FX market."

Iraq is currently moving away from the buying and selling of their currency through currency auctions to a foreign currency exchange regimen through their banking system.

© Goldilocks
Search4Dinar
National Bank of Georgia

~~~~~~~~~

Bitcoin Halving Announcement:

"Mechanically, the halving itself shouldn't affect the price of bitcoin in the short term, but many investors are expecting big gains in the months ahead, based on the cryptocurrency's performance after previous halvings."

The event took place rather smoothly last night. No glitches happened inside the system.

Going forward, this will make Bitcoin harder to mine and more scarce. It will begin to raise the price of cryptocurrencies across all sectors.

© Goldilocks
CNBC

~~~~~~~~~

Acting Comptroller Hsu Discusses the Final Rule to Strengthen and Modernize CRA Regulations | Youtube

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Is China one step ahead? | Youtube

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GOLD Mystery Buyers? | Systemic Price Rigging to Go Common Knowledge | Youtube

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Chair’s Statement Forty-Ninth Meeting of the IMFC | IMF

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Principles for Reducing the Size of the Federal Reserve's Balance Sheet |  Federal Reserve Board 

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What new oil and gas pricing regulations mean for industry – Deseret News

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14 Commercial MoU's Signed between Iraq and US | Iraq Business News

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SATURDAY NIGHT LIVE CALL

Freedom Fighter and Jester Breakdown the week's Posts from Goldilocks!

The call begins at 9 pm ET, 8 pm CT, 6 pm PT in the Saturday Night Live Call Room

Ask your questions in the Saturday Night Live Q & A Room during the hour before the call!

The calls are recorded and posted in the Archive Room after the call!

~~~~~~~~~

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Thank you Dinar Recaps

“Tidbits From TNT” Saturday 4-20-2024

TNT:

Tishwash:  Iraq officially joins the Singapore Trade Agreement

 The United Nations mission, UNAMI, said on Friday that Iraq officially signed the Singapore Agreement on Mediation, which is an “important” step towards developing the resolution of trade disputes in Iraq.

The Singapore Mediation Convention is a standardized and effective framework for international settlement agreements resulting from mediation, which parties conclude to resolve a commercial dispute.

The Singapore Agreement will facilitate international trade by enabling disputing parties to easily enforce and recall settlement agreements across borders.

Companies will benefit from mediation as an additional option to litigation and arbitration in resolving cross-border disputes.  link

CandyKisses:  Iraq is the fourth Arab with the highest growing economies in the world in 2025

Economy News - Baghdad

International Monetary Fund data predicted on Saturday that Iraq will rank fourth in the world's fourth-highest growing Arab economies in 2025.

In a report followed by NRT Arabia, the IMF said that the global economy is likely to continue to grow at a rate of 3.2% in the years 2024 and 2025, and Saudi Arabia is expected to be among the Arab countries that are witnessing positive growth during that period.

With expectations of an increase in economic growth, the International Monetary Report reflects optimism about Arab and global economies in general, and that Saudi Arabia may be at the forefront of Arab countries in terms of economic growth in the coming years.

According to the IMF report, Saudi Arabia topped the Arab countries in terms of economic growth rate in 2025, with a growth of 6 percentage points, followed by Mauritania with an expected growth rate of 5.5 percentage points, followed by Sudan with an expected growth rate of 5.4 percentage points, and Iraq came fourth with an expected rise of 1.3 percentage points to reach a growth rate of 5.3 percentage points.

Egypt came fifth in terms of economic growth rate for 2025, with an expected growth of 4.4 percentage points, followed by the UAE with an expected growth of 4.2 percentage points, followed by Kuwait with an expected growth of 3.8 percentage points, Morocco with an expected growth of 3.3 percentage points, Bahrain came ninth with an expected growth of 3.2 percentage points, followed by Algeria with an expected growth rate of 3.1 percentage points.

In 11th place, Oman came with an expected growth of 3.1 percentage points, followed by Jordan with an expected growth of 3 percentage points, followed by Qatar with an expected growth rate of 2 points, and Tunisia in last place with an expected growth of 1.8 percentage points.

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

Tishwash:  It's at the end 1:28 ish- but this is the transcript of it …..the last question it's at about 1:28 an hour and 28 minute mark

Iraq’s prime minister on building a stronger relationship with the United States (Atlantic Council) RV Question Answer

Question: is the government thinking of reevaluating the dinar and um readjusting the value of  the dinar due to the current uh circumstances in the market or do you see it to stay the same

Answer: this policy actually is dictated by the central bank and uh the government  abides by what the bank decides, right now I believe we are in the best status that we could be in and we have actually had an assessment which has given lot much trust higher trust at a higher level from different uh Global parties. so we started reforms when it comes to the banking sector  and when we  spoke about that before but this is going to actually raise  the level of or the value of the Iraqi dinar and there is actually a policy that is a consistent policy that  the central bank is using when it comes to Investments and how they invest the money for you know our own   reserves here in Iraq of course there are so many different topics that we could speak about

https://youtu.be/gcEWYgmd5vc

Mot:  Okay husband… Now I know how you feel when I’m shopping for clothes!

Mot:  ... All I Can Say is ----- HOW!!!!!

Iraq Economic News and Points to Ponder Friday Evening 4-19-24

Iraq Economic News and Points to Ponder Friday Evening 4-19-24

An Economic Expert Explains The Reason For The Scarcity Of The Dinar And Reveals A “Big Mistake”

Time: 04/19/2024 Read: 2,808 times  {Economic: Al-Furat News} An economic expert explained the reason for the scarcity of the dinar in local markets.

Bassem Jamil Antoine told Al-Furat News Agency, “The scarcity of the dinar is due to the reasons people hoard it and use it for work and trading instead of the dollar and investing it.”

He added, "A process of dollarization of society was carried out, and this is a big mistake, until the public went towards buying property and real estate, and the dinar decreased from the street."

Antoine continued, "There can be reassurance from citizens if the sanctioned banks are restored and dealt with correctly, and stability will return again."  LINK

Parliament Finance Advises Raising Exchange Rates Again... What About Oil Revenues?

Money  and business  Economy News – Baghdad  Member of the Parliamentary Finance Committee, Adnan Al-Zarfi, stressed today, Friday, the necessity of suspending the dollar exchange rates in Iraqi markets, while indicating that America is pressuring Iraq to reform the banking system.

Al-Zarfi said, in an interview followed by Al-Iqtisad News, that “the exchange rate of the dollar against the Iraqi dinar must be more than 1,500 dinars in order to create real economic development,” indicating that “the current exchange rate allows for the weakening of the local industry.”

He added, "The revenues from Iraqi oil exports go to the US Federal Bank in two accounts," pointing out that "the US Federal Bank noticed that there were different numbers for Iraq's imports from customs and the central bank, which led to a change in the trade financing mechanism."

The member of the Finance Committee added, “Failure to pay taxes and customs duties is one of the most important indicators Americans have about the economy.”

Al-Zorfi stated, “The Al-Kadhimi government neglected to establish the dollar platform despite America’s demand to do so,” noting that “America is pressuring Iraq to reform the banking system, and within 5 years we will eliminate monetary dealing.”

414 views  Added 04/19/2024 https://economy-news.net/content.php?id=42617

American Immunity Over Iraqi Funds... How Did It Begin And What Does It Mean?

Time: 04/18/2024 Read: 5,161 times  {International: Al-Furat News} On May 22, 2003, former US President George W. Bush issued an executive order to protect the Development Fund for Iraq, in which the proceeds of oil sales were deposited, with the aim of protecting it from any legal prosecution.

After more than two decades, successive US administrations are still renewing this presidential executive order and other orders related to Iraq and aiming to protect its funds.

The current US President, Joe Biden, signed the decree extending the state of national emergency related to the situation in Iraq for another year, which stated: “There are still obstacles to the orderly reconstruction of Iraq, restoring and maintaining peace and security in the country, and developing political, administrative, and economic institutions in Iraq.”

The statement added that these obstacles "pose an extraordinary threat to the national security and foreign policy of Iraq and the United States of America as well. Therefore, (Joe Biden) has decided that it is necessary to continue the state of national emergency declared under Executive Order 13303 regarding the stability of Iraq."

What is Executive Order 13303?

The Executive Order is intended to protect the Development Fund for Iraq and certain other properties in which Iraq has an interest.

According to what was stated in the text of the executive order, then US President George W. Bush saw that there was a threat to seize or take other judicial measures against the Development Fund for Iraq and Iraqi oil and petroleum products and the revenues arising from them.

The executive order also stated that this situation “poses an extraordinary threat to the national security and foreign policy of the United States, and therefore a national emergency has been declared to address this threat.”

The order states that any seizure, judgment, decree or other judicial proceeding against the Development Fund for Iraq or Iraqi oil and petroleum products and the proceeds and obligations relating to their sale or marketing shall be null and void.

The Executive Order prohibits all US citizens and residents of the United States, as well as any entity organized under US laws, from filing lawsuits against Iraqi funds.

According to the US National Emergency Law, failure to renew the executive order within a period of 90 days from the date of the previous renewal means that it will become invalid.

Development Fund for Iraq

The Development Fund for Iraq was established after 2003, and before that, money from Iraqi oil sales was placed in an account managed by the United Nations within what is known as the Oil-for-Food Program.

In the mid-nineties of the last century, the UN Security Council resolution related to oil for food was issued and stipulated the sale of a portion of Iraqi oil in exchange for the purchase of medicines and food during the era of Saddam Hussein’s regime, which suffered international sanctions as a result of its invasion of Kuwait in 1990.

This situation continued until 2003, when a new Security Council resolution was issued under which most of the economic sanctions were abolished, provided that issues related to the invasion of Kuwait were resolved, such as compensation, prisoners, and others.  LINK

Al-Sudani: My Visit To Washington Is To Start A New Page In Relations Between Iraq And America

Friday 19, April 2024 22:11 | Political Number of readings: 188

Baghdad / NINA / The Prime Minister, Muhammad Shiaa Al-Sudani, said today, Friday, that his visit to the capital of the United States, Washington, came to start a new page in relations between Iraq and America.

He added during an interview at the Atlantic Council in Washington, "The goal of the visit is to activate the provisions of the strategic framework agreement," noting, "We implement government policy with a clear vision and the basic principle of foreign policy is Iraq first."

He pointed out that "Iraq today has regained its health," pointing out that "Iraq is witnessing a service and economic renaissance."

He stressed that "the victory over ISIS united the Iraqi people," explaining, "A series of important meetings were held during our visit to the United States," adding, "We found a positive atmosphere of understandings during our visit to the United States."

He pointed out that "there is a great desire among American companies to enter the Iraqi market," noting: "We indicated during the meeting with the US Treasury the necessity of reviewing the procedures that affected some Iraqi banks."

He stressed that "the government is determined to develop the economic and financial sectors," noting that "the unjust war taking place in Gaza exposes the region to great dangers."

He continued: "We must all work to stop this war immediately," reiterating his warning against "the consequences of expanding the scope of the crisis."

He pointed out that "there is a negative picture painted about the situation in Iraq and it contains a kind of exaggeration," stressing that "the current reality in Iraq is completely different." https://ninanews.com/Website/News/Details?key=1122004

Al-Sudani: Iraq Is In The Process Of Recovery And Has Taken Its Leading Position That Attracts Work And Companies

Money  and business  Economy News – Baghdad  The Prime Minister confirmed, today, Friday, that Iraq is in the process of recovery and has taken its leading position that attracts work and companies.

The Prime Minister’s Media Office stated, in a statement received by Al-Iqtisad News, that “Al-Sudani met at dawn today, Friday (Baghdad time), with an elite group of members of the Iraqi community during a gathering held at the Islamic Forum in the American state of Michigan, where the meeting hall was crowded with Iraqi families from The various sects and components that characterize Iraq.”

In a conversation with members of the community within the Islamic Forum in the state, the Prime Minister expressed “a feeling of pride and pride in the members of the community who have maintained their national affiliation, and among them are mujahideen who fought the dictatorial regime, as well as competencies who have proven their success in various specializations, which represents human wealth.” “It is needed by the development process in Iraq.”

He explained, "The government today represents all components, based on a large political coalition, and the people's program feels its repercussions through their optimism and satisfaction, which was accompanied by security and political stability.

These are factors that pushed us to continue working and providing services, and to move within a new economic and investment policy in addition to basic economic reforms." .

He pointed to "the government's balanced policy regarding the events in the region and the repercussions of the war in Gaza, the repercussions of which Iraq had previously warned.

The government pursued a balanced foreign policy to make Iraq a station for security, in accordance with the principle of intertwined interests and economic partnerships. This is why the Development Road Project came to enhance stability in Iraq." .

He stressed that "Iraq is in the process of recovery and has taken its leading position that attracts work and companies, which represents a guarantee for the stability of the region.

Victory over ISIS has been achieved through the sacrifices of its people and the help of the international community and friends under the title of the international coalition, whose justifications for its existence have ended today, and work is underway to move the relationship with the coalition countries to "Multiple broader stages of security cooperation."

The Prime Minister revealed "the content of the meetings with officials and representatives of American companies, which resulted in cooperation with American companies in the investment opportunities that were presented to them in the field of oil, gas and petrochemicals, stressing the government's keenness to take care of all the affairs of the people of the community, through its directives to the ambassadors and the Ministry of Foreign Affairs to take care of their interests." And their affairs.”

237 views   Added 04/19/2024 - https://economy-news.net/content.php?id=42618

Oil Prices Rise After News Of An Israeli Attack On Iran

Economy | 04/19/2024  Mawazine News – Baghdad  Oil prices rose in trading today, Friday, with escalating tension in the Gulf region and the Middle East, which raised market fears about global crude supplies.

By 08:20 Moscow time, US West Texas Intermediate crude futures rose by 2.30% to $84.63 per barrel.

While Brent crude futures rose by 2.11% to $88.95 per barrel, and before that, contracts were traded above $90 per barrel, according to Bloomberg data.

Explosions rocked at dawn today near Isfahan Airport and the Hastam Shikari military air base in Iran, while an American official confirmed the start of an Israeli attack on Iran.

https://www.mawazin.net/Details.aspx?jimare=246264

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

Provoking Points To Ponder on Failures and Mistakes

The fearful are caught as often as the bold.- Helen Keller

Inaction, contrary to its reputation for being a refuge, is neither safe nor comfortable.- Madeleine Kunin

They fail, and they alone, who have not striven.- Thomas Bailey Aldrich

You may be disappointed if you fail, but you are doomed if you don't try.- Beverly Sills

It takes as much courage to have tried and failed as it does to have tried and succeeded.- Anne Morrow Lindbergh

Failure is something made only by those who fail to dare, not by those who dare to fail.- Louis Binstock

You don't always win your battles, but it's good to know you fought.- Marjorie Holmes

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

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MilitiaMan: Iraqi Dinar Value to be Raised - Al-Sudani - USA - VISIT - Global Support- Value in the Dinar

Iraqi Dinar Value to be Raised - Al-Sudani - USA - VISIT - Global Support- Value in the Dinar

MilitiaMan and Crew:  4-19-2024

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=riOeVklRNMs

Iraqi News Highlights and Points to Ponder Friday Afternoon 4-19-24

Iraqi News Highlights and Points to Ponder Friday Afternoon 4-19-24

Al-Ardawi: The Sudanese Government Seeks To Liberalize The Iraqi Dinar And Stabilize The Economy

Time: 04/17/2024 20:34:05   Read: 923 times   {Politics: Al-Furat News} The political analyst, Abbas Al-Ardawi, confirmed that the visit of Prime Minister Muhammad Shia Al-Sudani to Washington came to liberalize the Iraqi dinar and stabilize the economy.

A useful summary of important news can be found on the Al-Furat News channel on Telegram. To subscribe, click here

Al-Ardawi said {to Al-Furat News} that: “The visit comes in a very heated situation and everyone is awaiting its outcomes, and the Sudanese carries a large team of economists and investors and carries ideas and projects that move towards consolidating the relationship with the American side and transferring it from the process of guardianship to friendship and opening files and outlets through which the relationship can be framed.” "In a way that allows Iraq to assume its pivotal role in the region."

He added, "Everyone realizes the importance of Iraq from all aspects and the necessity of it standing on its feet after 20 years of political conflict."

Al-Ardawi continued, "The Sudanese government seeks to invest and attract investors and is moving seriously towards the path of development and trying to transfer the scope of the problems in the region through conferences it held in the region or that preceded this meeting, and the necessity of moving the region from a stage of conflict to a stage of dialogue."  Wafaa Al-Fatlawi   LINK

Neno’s Member wciappetta : Here, again, Iraq looking to attract foreign investment connects this investment with liberating the Iraqi Dinar. This means the Iraqi dinar must become internationally accepted and, going back to the original state dept document dated 2001 calls for returning the value to the 3 plus dollar range, they stated this 2 years before they introduced the current currency. The $3 phrase was repeated verbatim by the CBI gov in 2008.  This is what we expect when they return to the FOREX. Soon changes in the exchange rate will occur. Liberate!!!! This what Sudani came for.

Parliament Finance Advises Raising Exchange Rates Again... What About Oil Revenues?

Money  and business  Economy News – Baghdad  Member of the Parliamentary Finance Committee, Adnan Al-Zarfi, stressed today, Friday, the necessity of suspending the dollar exchange rates in Iraqi markets, while indicating that America is pressuring Iraq to reform the banking system.

 Al-Zarfi said, in an interview followed by Al-Iqtisad News, that “the exchange rate of the dollar against the Iraqi dinar must be more than 1,500 dinars in order to create real economic development,” indicating that “the current exchange rate allows for the weakening of the local industry.”

He added, "The revenues from Iraqi oil exports go to the US Federal Bank in two accounts," pointing out that "the US Federal Bank noticed that there were different numbers for Iraq's imports from customs and the central bank, which led to a change in the trade financing mechanism."

The member of the Finance Committee added, “Failure to pay taxes and customs duties is one of the most important indicators Americans have about the economy.”

Al-Zorfi stated, “The Al-Kadhimi government neglected to establish the dollar platform despite America’s demand to do so,” noting that “America is pressuring Iraq to reform the banking system, and within 5 years we will eliminate monetary dealing.”

112 views  Added 04/19/2024 - 1:31 PM   https://economy-news.net/content.php?id=42617

Blue Fuel... Iraqi Steps Towards Inexhaustible Wealth For A Century

Baghdad Today – Baghdad  Today, Thursday (April 18, 2024), Representative Mudar Al-Karawi revealed a comprehensive strategy led by the Prime Minister, Muhammad Shiaa Al-Sudani, to push Iraq into what is known as the list of gas producers (blue fuel).

Al-Karawi told “Baghdad Today” that the Sudanese “realized the danger of fluctuations in the energy market and his move to gas as the main focus in operating electricity generation stations and household needs, all the way to vehicles, which makes him a strong competitor to traditional fuel with its markets rising in recent years with exciting rates of activity.”

He added, "An important part of the Sudanese program in Washington is to attract giant companies to invest in the energy file, including gas fields, and to seek to end its burning in oil fields," pointing out that "the Prime Minister seeks to ensure the transformation of Iraq within years as one of the producers on the (blue fuel) list." ) Which includes Russia, Qatar and other countries.

He pointed out, “The gas reserves in Iraq through the fields discovered, whether in Anbar, Diyala, and the rest of the governorates, mean that we are facing a wealth whose production can continue for about a century, and exploration operations can add to the discovery of more gas reserves, especially since large areas of the country have not yet been subjected to any Exploration using modern equipment.

It is noteworthy that the Prime Minister, Muhammad Shiaa Al-Sudani, sponsored during his ongoing visit to the United States several memorandums of understanding with American companies in the field of developing associated gas fields and stopping its burning, developing strategic plans for oil fields and associated gas, and treating primary gas and converting it into liquid and associated gas.

Providing equipment to process associated gas in generating electrical power, developing and maintaining oil fields, and stopping gas burning.  LINK

The International Monetary Fund Adjusts Its Expectations For The Development Of The World’s Economies. Here Is Iraq’s Rank

International   04-18-2024 | Source:   Russia Today  1,111 views  Al-Sumaria News – Economy  The International Monetary Fund revised its forecasts for the development of the world’s economies, including the Arab countries, in the years 2024 and 2025, expecting the global economy to record growth of 3.2% in the two aforementioned years.

 The Fund stated, in its report on the World Economic Outlook, that the forecasts of the basic scenario indicate that the global economy will continue to grow by 3.2% during the years 2024 and 2025, that is, at the same pace as 2023.

With regard to the Arab countries included in the report, the international institution expected that  Saudi Arabia [/url]  would lead the economies. Arab countries in terms of the GDP growth rate in the next year 2025.

The Fund expected that the Saudi economy would grow by 6% in 2025, compared to an expected growth of 2.6% in the current year. The following is a table showing the ranking of the Arab countries mentioned in the report in terms of economic growth rate in 2025, where Iraq came in fourth place: LINK

Al-Sudani’s Statement To Convert 40% Of Iraq’s Exports Into Derivatives.. What Does It Have To Do With Raising The Prices Of The Enhancer?

Baghdad today – Baghdad   Prime Minister Muhammad Shiaa Al-Sudani announced today, Thursday (April 18, 2024), that his government has developed a plan to convert 40% of Iraq’s “crude” oil exports into “derivatives,” in a statement that requires stopping and reading.

According to the economic and statistical section in “Baghdad Al-Youm,” Iraq exports 3.3 million barrels of oil per day, with revenues amounting to more than 250 million dollars per day.

By making 40% of exports oil derivatives, this means that Iraq must export oil derivatives worth $100 million per day.

While the price of a liter of gasoline or kerosene is approximately one dollar per liter globally, this means that Iraq must export at least 50 million liters of gasoline and the same amount of kerosene, which means more than 100 million liters per day.

In contrast, Iraq's total consumption of gasoline and kerosene amounts to 55 million liters of gasoline and kerosene. This means that Iraq's total production of petroleum derivatives must reach more than 150 million liters per day in order for it to consume 55 million liters, and export about 100 million liters per day.

But the truth is that Iraq's current production of gasoline and kerosene in total amounts to less than 50 million liters per day. Accordingly , Iraq requires that it build refineries and increase its production of current oil derivatives by 300%, in order to be able to reach the goal that Al-Sudani talks about, which is that 40% of exports be from oil derivatives.

Iraq produces these current quantities of derivatives by refining less than one million barrels per day. This means that Iraq must refine 3 million barrels of oil per day to reach this quantity of derivatives.

This requires that Iraq's total oil production be at least 7 million barrels per day, so that it has at its disposal approximately 4 million barrels of oil per day for export along with oil derivatives.

What is the relationship between raising the price of improved gasoline?

Iraq's consumption of improved gasoline when its price was 850 dinars per liter before 2020 was less than 3 million liters per day, and after the price was reduced in 2020 to 650 dinars per liter, the consumption of improved gasoline in Iraq rose to 5 million liters per day.

With the re-raising of the price of improved gasoline to the previous price, indicators indicate that consumption of improved gasoline will return to decline, as many citizens will return to regular gasoline, and this means that a surplus of improved gasoline will form that the government may plan to export, especially with the entry of new refineries such as a refinery. Karbala, which already produces 7 million liters of improved gasoline.   LINK

Provoking Points To Ponder on Failures and Mistakes:

We have to keep trying things we're not sure we can pull off. If we just do the things we know we can do ... you don't grow as much. You gotta take those chances on making those big mistakes.- Cybil Shepherd

If you're not failing, you're not trying anything.- Woody Allen

If you play it safe in life, you've decided that you don't want to grow anymore.- Shirley Hufstedler

Those who try and fail are much wiser than those who never try for fear of failure.- Andre Bustanoby

A man's life is interesting primarily when he has failed - I well know. For it's a sign that he tried to surpass himself.- Georges Clemenceau

To avoid an occasion for our virtues is a worse degree of failure than to push forward pluckily and fall.- Robert Louis Stevenson

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