A Fixed or Fixed Exchange System for the Iraqi Dinar

KTFA:

Clare:  A fixed or fixed exchange system for the Iraqi dinar

Mahmoud Dagher  4- 29-2024

First: a fixed system:

 Rentier countries seek to adopt a fixed exchange system (pegged) to a strong foreign currency or several currencies (a basket of currencies) to ensure the stability of foreign transactions, as long as they export one depleted commodity and import many goods and services, and they are called “small open countries.”

 Despite the agreement that the floating currency system is considered the best in terms of relative response to the performance of the external economy and the lack of need for sometimes excessive use of foreign reserves to defend the official value in the peg system, the abundance of reserves and the need for stability in foreign transactions have a major impact on the economy. Overall, rentier countries are likely to adopt a fixed exchange rate system.

Iraq is one of the economies whose monetary authority adopts an openly fixed exchange rate system (De jure) and strives to be realistically fixed (De facto). The Iraqi dinar’s peg is classified as a “soft peg” peg that includes accepting a fluctuation of no more than 2% during the period. The last 6 months of IMF audit and 1% average volatility continuously (ereare,IMF,2021).

When dealing with the dinar exchange rate, a distinction must be made between the fixed exchange rate that affects the market, and the contractual exchange rate between the central bank and the Ministry of Finance when selling its dollars to the central bank (which is proven in the budget for the public revenue account), and the market exchange rate remains the most important because it is dealt with in the markets as a value. Reference.

The official dinar exchange rate went through (roughly) the following stages:

From 2004 – December 2020: Buying: 1190 Selling: 1200

From the end of 2020 - February 2023: Buy: 1460 Sell: 1470

From February 2023 until now: Buying: 1310 Selling: 1320

It is noted that there are 10 points (10 dinars) between purchasing banking and non-banking financial units (exchange companies) and selling them to merchants (transfers/credits) or to individuals (in cash) (noting that there is a change within the ten points for motivational purposes, but it is not extensive)

Therefore, during the years 2020-2023, the monetary authority did not leave the fixed exchange system, but rather moved from one fixed exchange rate to another fixed exchange rate, according to what it saw fit in the interest of the overall economy and well-being.

It is natural that the repeated transfers from one constant to another over a short period of time had an impact on the balance levels of the dinar and the size of the gap between the official and market exchange rates. This was reflected in the shifting of financial positions in favor of those holding the dollar again and again in favor of those holding the dinar

. It even had an impact in changing The financial positions of creditors and debtors at each change, noting that those with dinar salaries and income are most affected by the gaps and fluctuations between the official value and the market value of the dinar, especially since changing the amount of the assessment was reduced (12-20-2020) and then raised (2-7-2023). It has a clear positive impact even on the macroeconomy, in addition to being a deviation from targeting stability by essentially adopting a fixed exchange rate system.

Second: An installed system

 There is no doubt that the dinar exchange rate is determined through the dealings of the banking or non-banking financial units that buy the dollar at a fixed dinar price from the central bank (cash or promotion) with the importing public (merchants) or travelers (cash), that is, whoever determines the market dinar exchange rate ( Then the dollar exchange rate) these units deal with customers, and then following up on what happened since entering the platform at the end of 2022 until now, we find that the dinar’s story took two stages:

- The merchants’ stage: In the beginning, the importing merchants were obtaining dollars (remittances, credits: which are the largest part of daily currency window sales), at a price of 1,320 dinars/dollar, but the merchants set the margins of their imported sales according to the (parallel) cash price, and thus the merchants practiced speculation.

 The margin of the exchange rate gap, rather than the trading margins of their activity. This behavior is consistent with the state of profit allowed by the market and the prevailing nature of control.

This stage witnessed a gap of up to (1320 - 1550), meaning a margin of 230 points and an exchange gap of (approximately 17%).

- Participation stage: After the banking and non-banking financial units that buy the dollar from the Central Bank (1310 dinars/dollar) became certain that the gap between what they sell (1320 dinars/dollar) and what their merchant customers sell for

(1500-1550), began intervening to share the margin with these clients, and by imposing commissions amounting to

(3%-7%) on dollar sales to customers, whether in cash or promotions. Rather, it was transferred to cards and Western Union under the name of commissions.

So, the price of the dollar moved from (1320 to 1500) and thereabouts, being shared between banking and non-banking financial units and merchants, and it was almost (1320-1400) the share of financial outlets (so 1400 is the cost of purchasing the new dollar instead of 1320.

More than 1,400 are owned by merchants.

Therefore, the natural and legal public is faced with:

- The official price is 1320.

The price for banks is about 1,400 for transfers and credits.

The price for banking companies is slightly higher than 1,400 for cash and transfer.

The price for merchants is between 1400 and 1500.

Therefore, the exchange system became fixed (by cap) (not fixed) and the cost became approximately 1400 dinars / dollar, due to the cap set by the banking and non-banking financial outlets, and in this situation the fixed exchange system was lost (1310-1320).

Therefore, the continuous stabilization has become dependent on the mutual pressure forces between the merchants’ margin of the currency and the margin of the financial outlets of the currency:

Leaving the real margin represented by the added value resulting from financial and commercial activity.

The reflection of this does not stop at the crack in the fixed exchange system adopted by the monetary authority, which is published in the IMF documents through the Fund’s annual (ARERE) report, but rather goes beyond that to the disparity in the exceptional profits achieved by financial outlets compared to others (due to commissions) in a way that approaches monopoly. For the banking market, which is based on the difference in market share, due to the availability of important correspondents for this outlet compared to the other.

Returning to stability has become limited to the efforts of the following:

• Follow up on commissions (Central Bank).

• Follow up with customs for the entry of goods.

• Follow up with the authorities responsible for financial crime (reporting office, economic crime) to follow up on unregistered commissions for fear of their incorrect use.   LINK

“Tidbits From TNT” Monday 4-29-2024

TNT:

Tishwash:  The Central Bank sponsors the launch of the activities of the Arab Financial Inclusion Week in Iraq

The activities of the Arab Financial Inclusion Week were launched in Iraq, from April 27 to May 2, in cooperation with the Association of Private Banks, under the slogan “Encouraging savings to enhance financial inclusion.”

The activities of the Arab Financial Inclusion Week, which include various governorates, aim to spread banking awareness, protect the public, and provide the best banking services to the public.

It is noteworthy that the activities of the Financial Inclusion Week reflect the continuing efforts of the Central Bank of Iraq to enhance financial inclusion in Iraq.

Central Bank of Iraq
Information Office
29 - April – 2024  link

CandyKisses:  It was a source of fear and terror. Iraq today is a destination for tourists

Information/Report

When Iraq is mentioned almost ten years ago, the manifestations of fear, terror, murder and bombings are criticized in the world mentality, due to the American-Zionist terrorism that gathered all the terrorists of the world and brought them into the country to eliminate it . 

But after the elimination of the terrorist organization ISIS, at the hands of the heroes of the valiant resistance, the Popular Mobilization Forces and the Iraqi security forces, Iraq has today become a destination for the whole world

And from different segments, whether politicians, Artists, athletes or tourists, singing about its beauty, nature and archaeological sites that take them to the stories of One Thousand and One Nights, Sinbad, Shanashil and the purity of the Tigris and the Euphrates.

What strengthened this matter, Iraq became a center for the establishment of a range of international, Asian and Arab activities, including sports tournaments as well as conferences in various sectors such as art, culture, economy and others, the latest of which was the Arab Labor Conference held yesterday

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Tishwash:  Sudanese opens Iraq's doors to major international companies

Prime Minister Muhammad Shiaa Al-Sudani expressed Iraq’s aspiration to cooperate with major international companies in the field of technology and information technology to move to the digital economy and improve the direction of investments. He also expressed the Iraqi government’s desire to cooperate with technology companies and benefit from them in developing the agricultural sector. In Iraq, indicating that agriculture is a priority in the government program.

This came during Al-Sudani’s reception, yesterday, Sunday, of a group of heads of major international companies in the Saudi capital, Riyadh, on the sidelines of his participation in the World Economic Forum.
In the Saudi capital, Riyadh, the Prime Minister met with the Crown Prince of the Kingdom of Saudi Arabia, His Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud.

During the meeting, they discussed bilateral relations between the two countries, the importance of consolidating them, and reviewed the files of joint cooperation and its growth within the work of the Iraqi-Saudi Coordination Council, which resulted in several understandings in various fields.

Al-Sudani expressed Iraq's aspiration for broader economic cooperation with the Kingdom, which contributes to enhancing growth and provides new opportunities in various economic fields, which reflects the interests of the two brotherly countries and the prosperity of their people.

For his part, the Saudi Crown Prince welcomed the Prime Minister and expressed his thanks for accepting the invitation and participating in the World Economic Forum, stressing Saudi Arabia’s keenness to achieve the best relations with Iraq and raise the level of mutual cooperation between the two neighboring countries.

The meeting touched on the situation in Gaza, and the killing and starvation that the Palestinian people are witnessing at the hands of the occupation forces, and stressed the need to make great efforts to stop the war, the effects of which were reflected in regional and international stability.

Prime Minister Muhammad Shiaa Al-Sudani also met, in the Saudi capital, Riyadh, with the Emir of the State of Kuwait, Sheikh Meshaal Al-Ahmad Al-Jaber Al-Sabah.

During the meeting, bilateral relations between the two countries were discussed, and ways to develop and advance them, for the benefit of the two brotherly peoples, by investing in the historical and social neighborhood that links Iraq and Kuwait, and emphasizing the importance of maintaining good-neighborly relations and mutual respect.

The meeting discussed the latest developments in the region, especially what is happening in the Gaza Strip in terms of the ongoing Zionist aggression that has caused thousands of martyrs and wounded, and the importance of taking a unified Arab position in order to end the tragedies of the Palestinian people.

Al-Sudani also received, at his residence in the Saudi capital, Riyadh, the regional president of the technology company. German SAP Emmanuel Raptopoulos and his accompanying delegation, on the sidelines of his participation in the World Economic Forum.
The meeting witnessed a discussion of ways of cooperation with SAP, which reviewed its experiences in various parts of the world, as it is considered the largest in the world in the field of developing large programs that combine visions.

Al-Sudani stressed the possibility of cooperating with the company through a joint work program, which includes benefiting from its services in digitizing the economy, which will help achieve innovation and improve the direction of investments, indicating the government’s aspiration to also benefit from its services by including this type of software in Curricula of specialized colleges, and in the field of training in the field of institutional software.

For his part, Raptopoulos expressed the company's readiness to cooperate with the Iraqi government in the technological fields, which helps it implement its vision and plans towards an economy that keeps pace with technological developments in the world.   link

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Tishwash: Parliamentary Integrity: Iraq can track money laundering crimes even abroad

The Parliamentary Integrity Committee confirmed today, Sunday (April 28, 2024), that Iraq can track money laundering crimes, through its supervisory bodies, even outside the country.

Committee member Duraid Jamil Ishou told “Baghdad Today” that “Iraq, through its competent oversight bodies in the Integrity Commission as well as its competent security agencies from the Intelligence Service and others, can track all money laundering crimes,” noting that “Iraq has achieved success in this file during the last period".

Ishua stated, “Some of the movements of these agencies in this file are secret to ensure the success of the tracking operations, and there is coordination with the country in which this money is moved, in addition to tracking the fleeing corrupt people in coordination and cooperation with the international police,” noting that “Iraq’s foreign relations are good with all countries.” This contributed to achieving success in pursuing the fleeing corrupt people and recovering Iraq’s smuggled money.”

The Integrity Commission had announced that international arrest warrants had reached 19, and the number of requests for legal assistance related to seizing smuggled funds outside Iraq had reached 17 requests, while smuggled funds and their financial transfers amounting to 400,000 US dollars, 22 real estate, 8 shares in companies, 9 bank accounts, and one wheel were followed.

 While the value of corruption funds smuggled outside Iraq amounted to 1,400,500 US dollars, and 10 real estate properties in one investigative case, according to the Integrity Report for 2023 activities.  link

Mot:  finally Broke Down and Got meself an Emotional Support Critter!!!

Mot: Grrrrr -- Fur the Lastest Time! -- NOT Fur Sail!! -- Gunna Fix it up You see

Iraqi News Highlights and Points to Ponder Monday AM 4-29-24

Iraqi News Highlights and Points to Ponder Monday AM 4-29-24

To Address The Dollar Exchange Rate... Mazhar Muhammad Explains To Al-Zawraa The Dangers Of Floating The Iraqi Dinar

Posted On04-28-2024 By Sotaliraq  04/27/2024   Mustafa Falih:   The government’s financial advisor, Mazhar Muhammad Saleh, explained the dangers of the economic vision that wants to float the Iraqi dinar as a solution to address the double dollar exchange rate, while Provide an alternative economic vision.

Saleh said in an interview with “Al-Zawraa”: “The economic vision that wants to float the Iraqi dinar to end the gap between the official rate and the exchange rate parallel to it may be possible in an economy in which the free market is the only one influencing the movement of the balance of payments and not in an economy in which the government sector is dominant and rentier-generating.”

Reserves supporting foreign currency, in which the monetary authority is the main source of supply of foreign currency and meeting the desired demand for foreign exchange.”

He added, “Claims (for floating) mean in all cases adopting the prevailing exchange rate in the parallel market to achieve the goal of stability and balance in the official exchange rate itself at a new exchange point that the market will reach at the end of the supposed floating policy and return to stability again.”

He pointed out that “the scenario of demands for floating means, in all cases, the withdrawal of the monetary authority (as a primary central exhibitor) of foreign currency, and is replaced by new forces that exhibit foreign currency from free market makers, which certainly only have a weak, limited supply of foreign exchange, and at the same time they carry... An uncontrolled bundle of inflationary expectations is called the forces generating inflationary expectations.”

He explained that “the new hypothetical supply forces for foreign exchange adopted by the exchange market in that scenario will mean the dominance of supply forces from speculators with very limited quantities of foreign exchange available for supply in the parallel market, matched by an open demand for foreign currency on the part of the market that undoubtedly exceeds that limited parallel supply.” of foreign exchange, perhaps at least more than ten times.”

He stressed that “such a policy of floating to achieve a homogeneous equilibrium exchange rate will be an open and perhaps (unruly) situation as long as the central government supply of foreign currency will be absent from the market,

and we will not then obtain any equilibrium point in the exchange rate that the float seeks except with a widespread deterioration of the exchange rate as long as It is controlled by forces that generate inflationary expectations,

and it is an exchange rate whose mechanisms will move in a market that is incomplete in terms of productivity to compensate for the required supply of goods and services,” adding,

“Then no one knows how much the new price resulting from (floating) will be, which will undoubtedly be accompanied by a prior wave of expectations.”

Inflation is a dangerous wave whose trends are difficult to control, which may force monetary policy to intervene with excessive foreign reserves and unjustified extravagance in foreign exchange to impose a state of stability in the general level of prices.”

He noted that “the difference in the two prices did not come due to the limited supply of foreign exchange at the monetary authority, but rather came as a result of a sudden external factor imposed by the compliance platform and administrative audit restrictions on external transfer movements.”

He explained that “the alternative solution to the flotation scenario, which is a scene surrounded by inflationary risks in mono-economy countries, is to resort to reducing the exchange rate to create harmony in the exchange market.

It is possible to go to amending the customs tax schedules and imposing customs discipline with precise, studied conditions that protect the national economy, and here it depends.”

 To financial policy instead of the ease of delving into and risking the principles of stability in monetary policy to provide the required price homogeneity in exchange rates.”

He pointed out, “The high operating spending in the annual public budgets, which has always generated cash income from rentier sources that are not matched by the very limited productivity of commodity and service flows, has made the country essentially dependent on large-scale imported consumer goods, which requires a higher examination in Import policies inherited over the past twenty years.” LINK

A Sudanese Advisor Reveals The Reasons For The Decline Of The Dollar And Its Proximity To The Official Price

Time: 04/28/2024 19:11:58   Read: 4,134 times  {Economic: Al-Furat News} The financial and economic advisor to the Prime Minister, Muhammad Mazhar Saleh, revealed today, Sunday, the reasons for the dollar’s ​​decline and its proximity to the official price.

 Saleh said {to Al-Furat News} that: “The exchange market achieved a decline in dollar prices during the past six weeks with a rate of change in favor of the Iraqi dinar approaching 9%, and that all of these positive developments work in the interest of the strength and stability of the Iraqi dinar and this reflects positively on the general level of prices, which is still... It indicates annual growth that does not exceed 4% and is measured periodically.”

He added, "The efforts of economic policy have truly combined to impose a climate of stability in the general level of prices, which was indicated by the state of superiority of the official exchange market in financing Iraq's foreign trade in the face of the decline in the effects of the parallel market and the decline of its illegal activities in a gradual and accelerating manner now."

Saleh pointed out “a number of factors that contributed to this positive development in the exchange rate of the Iraqi dinar, as at the forefront of those factors comes the increased capabilities of operating banks to comply with external transfer rules and the high percentage of requests requested and executed in foreign currency by the private commercial sector to finance trade.”

 External transfer accounts for approximately 85% of the total requests from official transfer outlets.

He continued, "It is now being implemented with great speed and efficiency, compared to the previous period, which did not exceed 30% of the total desired demand for foreign currency, which then caused great pressure on the parallel exchange market, which means that the foreign currency window has now begun to meet most of the demands.

" The base is based on the desired dollar, at an official exchange rate of 1,320 dinars per dollar, with high flexibility and compliance, instead of illegally resorting to financing foreign trade using parallel market methods with high risks.”

Saleh added, "Also, the growing strength of Iraq's foreign reserves, which exceeded 110 billion dollars, and at the same time indicates the high standard of Iraq's commercial efficiency, which exceeds {eighteen months of imports} compared to the global standard of {three months of imports}."

In light of the above, the Sudanese advisor affirmed, saying, “The stability of external transfer operations at this level of growth and improvement will undoubtedly provide sustainability in the state of stability in the exchange market, which will undoubtedly make the parallel exchange market approach the official market.”

Today, Sunday, dollar prices recorded a decline with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 145,200 Iraqi dinars against 100 dollars, while dollar prices recorded this morning 145,700 Iraqi dinars against 100 dollars.   From: Raghad Dahham   LINK

For The Second Day In A Row...A Noticeable Decline In Dollar Exchange Rates In Baghdad

Economy |Baghdad today – Baghdad  Today, Monday (April 29, 2024), the exchange rates of the dollar against the dinar recorded a noticeable decline in local markets in the capital, Baghdad.

The "Baghdad Today" correspondent said, "The selling price of the dollar today, in the banking offices in Baghdad, reached 145,750 dinars for every 100 dollars."

While "the purchase price reached 143,750 dinars for every 100 dollars."    LINK

A Final Suspension Of Cash Payments At The Nationality And Passports Departments

04-29-2024 | 3,030 views  Al-Sumaria News - Local Affairs   The Directorate of Civil Status, Passports and Residence announced today, Monday, the complete suspension of cash payments, and limited to electronic payments, starting next May 1.

The directorate said in a statement received by Al-Sumaria News, that it would like to "notify that it has completely stopped working with the electronic payment system only and stopped receiving cash payments permanently."

She explained, “This decision will be effective from 5/1/2024, noting that the directorate’s departments are fully equipped with electronic payment devices, and this step comes to keep pace with development and facilitate procedures for honorable citizens.”   LINK

Civil Status: Cash Payment Will Be Permanently Stopped At The Nationality And Passports Departments

 April 29, 2024  The Directorate of Civil Status, Passports and Residence announced, on Monday, the complete cessation of cash payments, and limiting them to electronic payments, starting next May 1.

The Directorate stated in a statement that it would like to “advise the complete operation of the electronic payment system (pos) only and to stop receiving cash payments permanently.”

She explained, “This decision will be effective from May 1, 2024, noting that the directorate’s departments are fully equipped with electronic payment devices, and this step comes to keep pace with development and facilitate procedures for honorable citizens.”   LINK

Provoking Points To Ponder on Failures and Mistakes:

Half the things that people do not succeed in are through fear of making the attempt.- James Northcote

The man who fails because he aims astray, or because he does not aim at all, is to be found everywhere.- Frank Swinnerton

Half the failures in life come from pulling one's horse in when he is leaping.- A. W. Hare

I cannot give you the formula for success, but I can give you the formula for failure: try to please everybody.- Herbert Bayard Swope

If your project doesn't work, look for the part that you didn't think was important.- Arther Bloch

Ninety-nine percent of the failures come from people who have the habit of making excuses.- George Washington Carver

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

http://famousquotesandauthors.com/quotes_by_topic.html

Iraq Economic News and Points to Ponder Sunday Evening 4-28-24

Iraq Economic News and Points to Ponder Sunday Evening 4-28-24

An Expert Talks About The "Biggest Barrier" And The Positives Of Merging Iraqi And Arab Banks

 Economy |Baghdad today – Baghdad    Today, Saturday (April 27, 2024), Professor of International Economics, Nawar Al-Saadi, revealed the  benefit of merging the Iraqi banking sector with its Arab counterpart, and how  this approach could contribute to lifting US sanctions on some Iraqi banks.

 Al-Saadi told "Baghdad Today",  "In light of the current economic conditions, the idea of ​​merging the Iraqi banking sector with its Arab counterpart comes as a positive step in order to strengthen the Iraqi economy and  enhance economic cooperation in the region, as  this merger can achieve several benefits, including  enhancing stability."

Finance by providing advanced methods and mechanisms for managing funds and exchanging financial information between Iraqi and Arab banks.

He added,  "In addition to enhancing financing capacity, merging the Iraqi banking sector with the Arab sector  contributes to increasing the financing capacity of Iraqi institutions and companies,   enhances economic growth and contributes to  developing infrastructure and  creating job opportunities.

 But the most positive thing is expanding the scope of financial services because the Iraqi banking sector It lacks advanced services,  but if the integration takes place with the Arab banking sector, Iraqi banks can expand the scope of financial services available to citizens and companies,  which will  enhance access to financial services and inevitably contribute to enhancing economic development.”

He continued, "The Arab banking sector's involvement with the Iraqi sector could be considered a risk for Arab banks, given the legal and financial challenges imposed by international sanctions on Iraqi banks.

 However, these challenges can be addressed through cooperation with international financial authorities such as the US Federal Reserve to take measures." necessary to ease the restrictions imposed.  The professor of international economics stressed that

 "in general, achieving banking integration between Iraq and the Arab world requires joint cooperation and mutual efforts to overcome challenges and obstacles, in order to enhance economic stability and promote sustainable development in the region."

 The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed yesterday, Friday, that

Iraq is witnessing a clear targeting by depriving half of the banks from dealing in dollars, describing it as a “danger indicator” at the economic level.

 Al-Handal said, in his speech during the Arab Economic Security Forum, which was organized by the Union of Arab Banks in Beirut and followed by “Baghdad Today,” that  “the forum is being held in complex circumstances and geopolitical changes taking place in the region, and the Arab banking sector has begun to be affected, starting with the State of Iraq,” adding.

 “Iraq is still facing major challenges, at various economic levels, including depriving the Iraqi private banking sector of using the dollar, which has exceeded half the number of banks operating inside the country, which is a very dangerous indicator, despite the efforts of Iraqi governmental and private institutions to comply with laws against money laundering and terrorist financing.” Local and international.” 

He explained,  "For the first time we are witnessing a clear targeting of the sector, which has begun to affect banking services within the country, undermine citizen confidence, and hinder the expansion of financial inclusion," stressing that  "these challenges facing the banking sector reaffirm the role of the Union of Arab Banks."

 International organizations and Arab banks play a prominent role in coordinating positions and confronting dangers together.” 

Al-Handal pointed out that "this meeting represents an opportunity for cooperation and agreement on a work roadmap for the future, as  targeting the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of the regional turmoil." 

He continued,  "The Association of Private Banks is working with the Iraqi government, the Central Bank, and some local and international institutions, to save the banking sector, and return banks deprived of dealing in dollars to their activities, but this is not enough,

 but rather requires continuing cooperation with the Arab and foreign banking sector, because the stage of integrating the sector Iraqi banking with its Arab counterpart must begin quickly, and

 we are taking great steps in this direction, especially since Prime Minister Muhammad Shia al-Sudani held dialogues in Washington with the American President and other government officials, who announced in a joint statement the possibility of a group of Iraqi banks returning to dealing in dollars and supporting... The private banking sector.

 During his speech, Al-Handal appreciated the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value, pointing out that

 “Iraq is witnessing... “There has been a great development in the transition to electronic government and the adoption of electronic payment, and this is what leads to the growth of the digital economy, especially since  there is a trend within the country to increase the number of electronic banks, to keep pace with technological development and increase performance.”    

https://baghdadtoday.news/248052-خبير-يتحدث-عن-الحاجز-الأكبر-وإيجابيات-دمج-المصارف-العراقية-والعربية.html    

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

 Provoking Points To Ponder on Failures and Mistakes

Failure at a task may be the result of having tackled it at the wrong time.- Brendan Francis

We fail more often by timidity than by over-daring.- David Grayson

Failure is more frequently from want of energy than want of capital.- Daniel Webster

Losers have tons of variety. Champions take pride in just learning to hit the same old boring winners.- Vic Braden

Lack of will power has caused more failures than lack of intelligence or ability.- Flower A. Newhouse

The word fate ... is the refuge of every self-confessed failure.- Andrew Soutar

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Sunday Evening 4-28-24

Goldilocks' Comments and Global Economic News Sunday Evening 4-28-24

Good Evening Dinar Recaps,

Evidence Suggests Stablecoins Are Emerging as a Worldwide Asset Class | Globe Echo 

Stablecoin adoption is rapidly increasing, with research firm rwa.xyz reporting a 15% increase in the number of addresses holding both dollar and crypto-pegged stablecoins in 2024. Chainalysis also found that stablecoins are becoming more prominent in overall on-chain transaction activity, with increasing importance in various nations and regions.

Stablecoins, cryptocurrencies with values pegged to an external reference like the U.S. dollar, have represented over half of all on-chain transaction volume, highlighting their growing importance in the cryptocurrency market.

The adoption of stablecoins is being propelled by their ability to provide anyone with an internet connection access to the U.S. dollar, unlocking new pathways for financial inclusion. The U.S. leads in stablecoin purchases, but global demand is high, with over $40 billion purchased in March alone across diverse nations and regions.

 Stablecoins are serving as a critical bridge between traditional finance and cryptocurrency, with the stablecoin market currently valued at around $150 billion and expected to exceed $2.8 trillion by 2028.

The stablecoin market has become more competitive, with Ripple announcing plans to launch a USD-backed stablecoin on the XRP Ledger. This move is expected to generate more use cases, liquidity, and opportunities for developers, as well as provide additional crypto liquidity to service cross-border payments demand.

Stablecoins like PYUSD and Tether are being used for cross-border payments, remittances, and facilitating transactions in regions such as Latin America and the Caribbean, promoting dollar dominance and increasing access to U.S. dollars.

The growing demand for stablecoins has prompted lawmakers to focus on stablecoin legislation, with proposed regulatory frameworks aimed at maintaining the U.S. dollar’s dominance, promoting responsible innovation, protecting consumers, and combating money laundering and illicit finance. Legislation such as The Lummis-Gillibrand Payment Stablecoin Act seeks to establish a regulatory framework for payment stablecoins, requiring issuers to maintain one-to-one reserves and prohibiting unbacked, algorithmic stablecoins.

 This legislation, if passed, could accelerate institutional blockchain innovation and drive stablecoin adoption.

Despite the potential impact of stablecoin legislation on adoption, experts believe that stablecoins will continue to rise as a global asset regardless of regulations. Stablecoins provide a crucial solution for individuals in countries facing currency volatility, offering stability and facilitating commerce.

While regulations may provide more comfort for institutions using stablecoins and potentially bring banks into the stablecoin market, stablecoins have already surpassed all other types of cryptocurrencies in usage and represent over half of all transaction volume in recent months.

Overall, the adoption of stablecoins is on the rise globally, driven by their ability to provide access to the U.S. dollar, promote financial inclusion, and facilitate cross-border payments. Stablecoins are becoming increasingly important in the cryptocurrency market, with their market value expected to grow significantly in the coming years.

While stablecoin legislation may influence adoption in certain regions, experts believe that stablecoins will continue to play a crucial role in the cryptocurrency ecosystem and serve as a bridge between traditional finance and digital assets.
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“Tidbits From TNT” Sunday 4-28-2024

TNT:

Tishwash:  Al-Sudani arrives in Riyadh to participate in the World Economic Forum

Prime Minister Muhammad Shiaa Al-Sudani arrived this Sunday morning in the Saudi capital, Riyadh, to participate in the World Economic Forum, at the invitation of Crown Prince Muhammad bin Salman bin Abdulaziz.

Al-Sudani will hold, according to a statement from his office, a copy of which {Al-Furat News} received, “on the sidelines of the forum, which is hosted by the Kingdom of Saudi Arabia under the slogan {International Cooperation, Growth, and Energy for Development,” a series of meetings with a number of leaders of countries, and with heads and representatives of major international companies specialized in The field of energy and digital technology.

The forum aims to support global dialogue and find solutions to common global challenges, and will witness the presence of a number of heads of state, and the broad participation of international experts and thinkers, from the governmental and private sectors, international organizations and academic institutions from 92 countries. link

Tishwash:  Al-Awadi: The World Economic Forum in Saudi Arabia is equal in importance to the Davos Forum

Government spokesman Bassem Al-Awadi explained that the World Economic Forum in Saudi Arabia is equivalent in importance to the Davos Forum in Switzerland, while stressing the importance of Prime Minister Muhammad Shiaa Al-Sudani’s expected participation in the World Economic Forum, which will be held on 28-29 in the Saudi capital, Riyadh.

Al-Awadi said in a press statement followed by Iraq Observer: “The Prime Minister’s visit to Saudi Arabia will be to attend the special meeting of the World Economic Forum that will be hosted by Riyadh, which is one of the largest forums and is equal in importance to the Davos Forum in Switzerland. The first title of this conference is international cooperation, growth and the energy sector from For development.”

He added, “More than a thousand important and influential figures will attend the forum held in Saudi Arabia, including a president, a leader, a political decision-maker, heads of major economic companies, thinkers and opinion makers in the governmental and private sectors around the world.”

He continued, “Therefore, this is a great opportunity for the Prime Minister to hold important, high-level meetings with world leaders and idea and policy makers in which Iraq’s current image, stability, and openness to investment and great investment opportunities in the country will be clarified. We are a country moving toward stability and need to know ourselves during The Prime Minister’s visits, which he spoke about in Washington, showed the true picture of Iraq in response to the blurry picture that some media outlets are trying to spread.”

He pointed out, “There is confusion about the Iraqi situation, and many believe that Iraq is unstable and the situation is chaotic, and this is contrary to reality. The true position must be clarified and correct relations with the outside must be built. Officials of brotherly and friendly countries are invited to visit Iraq to get to know its situation closely and in the true form that actually exists.” We tell them to visit Iraq from south to north and see the truth of the situation for yourselves and make sure that Iraq is stable and its doors are open to investment.”

Al-Awadi pointed out that “Iraq needs investments; To exploit its wealth, as well as to develop the industrial and agricultural sectors, to move from a rentier economy to a market economy, support the private sector, and provide more jobs in the private sector. During the Prime Minister’s visit to Washington, there was a delegation of businessmen in support of this trend.”

Regarding the relations between Baghdad and Riyadh, Al-Awadi explained, “Iraqi-Saudi relations are in continuous development and growth, and there was a leap last year under the government of Prime Minister Muhammad Shia’ al-Sudani, as trade exchange between the two countries jumped between one billion to one billion five hundred million dollars last year.” In the years before that, it was limited to $300 million or half a billion dollars.”

He stated, “We consider this leap in relations and cooperation a beginning, and the government is keen to expand commercial cooperation and other sectors to broader extents.”  link

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CandyKisses:  The Cabinet Secretariat suspends official working hours for next Wednesday

Baghdad today - Baghdad

Today, Sunday (April 28, 2024), the General Secretariat of the Council of Ministers decided to suspend official working hours next Wednesday in all ministries and institutions, coinciding with International Labor Day.

The secretariat said in a statement received by "Baghdad Today" that "it was decided to suspend official working hours on Wednesday, corresponding to May 1, 2024, in all ministries and institutions, coinciding with International Labor Day."

May 1 is International Workers' Day, an occasion in which the world's workers celebrate and demand their rights.

The story of International Labor Day began in Australia, where workers began to go out in demonstrations on April 21, 1856 to demand the limitation of 8 hours a day for work, and then demonstrations continued every year from that day in order to achieve this demand .

On May 1, 1886, more than 340,000 Americans quit work and begin a strike, and workers' protests were attacked by police forces on May 4 in Haymarket, resulting in many workers losing their lives.

In 1889, the World Workers' Congress was held, with 400 delegates attending, and a decision was made to limit 8 hours a day to work.

The Congress approved the proposal of the representative of the workers of the French city of Bordeaux Lavigen to designate May 1 as International Workers' Day, and this day began to be celebrated from 1890 to the present day.

This day has become part of the culture of all countries of the world.

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Tishwash:  Sudanese Advisor: The 2024 budget has entered into force... and there is no need to send its schedules to Parliament - urgent

 Today, Sunday (April 28, 2024), the financial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh, commented on the implementation of the 2024 budget without its schedules being approved by Parliament.

Saleh said, to “Baghdad Today,” that “the experience of the tripartite public budgets approved under the Federal General Budget Law No. 13 of 2023 (the tripartite budget) has become a binding law to be applied regularly and in an annual hierarchy without interruption and in accordance with public finance applications in implementing the details of the general budget itself.”

In both its operational and investment aspects, and because the application of the three-year budget experience as a medium-term financial plan has been approved in our country for the first time, in accordance with a text contained in the amended Federal Financial Management Law No. 6 of 2019.”

He stated that “the general budget for the year 2024 has become obligatory to implement since the country entered its new fiscal year and in accordance with the laws and financial and economic data contained in the texts of Law No. 13 of 2023 mentioned above, including operational expenses and investment expenses for current and new investment projects, as long as they occur.” Within the general budget constants No. 13 above.

Saleh stressed, “The text stated in the Tripartite Budget Law that the executive authority submits tables related to expenditures, revenues, and the estimated deficit for the current fiscal year 2024 is a constitutional and supervisory context and falls within the duties of the legislative authority.

Based on the above, working with the constants of the Federal General Budget Law ( The tripartite budget does not conflict with the progress in implementing the requirements of the national development program, especially in implementing new projects whose allocations are approved within the law, and that this executive mechanism is the basis on which the tripartite budget philosophy was based, which provided legal flexibility in advancing the wheels of economic development projects without time delays and loss of time opportunities.

 Therefore, presenting the expenditure and revenue schedules for the fiscal year 2024 is a context undertaken by the legislative authority within its constitutional oversight duties to ensure the progress of implementation of the federal tripartite budget law  link

Mot: . UH OH!!!! --- Getting Payback!!!! 

Mot: ... Hoping fer a Darwin Award!!! 

MilitiaMan: Iraq Dinar - IQD - Banks - Merge Regionally - Water - Labor -Jobs - Dinar Value Gradual - Increase

Iraq Dinar - IQD - Banks - Merge Regionally - Water - Labor -Jobs - Dinar Value Gradual - Increase

MilitiaMan and Crew:  4-27-2024

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=-dGS0hVJ1yo

Iraq Economic News and Points to Ponder Saturday Afternoon 4-27-24

Iraq Economic News and Points to Ponder Saturday Afternoon 4-27-24

Washington Condemns The Attacks On The Kurdistan Region And Affirms Its Support For Achieving Security And Stability In Iraq

Saturday 27, April 2024 18:44 | Political Number of readings: 71 Baghdad / NINA / The US State Department on Saturday strongly condemned the attacks on civilians and energy infrastructure in the Kurdistan region.

The Ministry stated in a statement that it "strongly condemns the attacks on civilians and the energy infrastructure in the Kurdistan region. Our condolences to the families of the victims and wish a speedy recovery to the wounded.

The Ministry affirmed that such attacks affect the sovereignty of Iraq. We encourage the authorities to investigate and bring those responsible to justice."

The US State Department continued. Washington will continue to support the government of Iraq and Kurdistan to achieve Iraqi security and sovereignty./End 8 https://ninanews.com/Website/News/Details?key=1123427

Parliamentary Efforts To Transform Iraq Into A Global Market For Transferring Internet Capacities

Money  and business  Economy News – Baghdad  Today, Saturday, the Parliamentary Finance Committee confirmed that there are efforts to transform Iraq into a global market for transferring Internet capacities.

A statement from the committee, received by “Al-Iqtisad News,” stated that “The Parliamentary Finance Committee, headed by Atwan Al-Atwani, and in the presence of its members, hosted the Minister of Communications, Hiam Al-Yasiri, to discuss ways to advance the reality of the communications sector in Iraq and raise the level of services provided to citizens, because of its direct impact on economic development.” ".

The statement added, "The meeting discussed the most prominent problems facing the ministry's work and the possibility of providing it with the necessary support in order to implement the provisions of the government program related to the communications sector."

Al-Atwani stressed, “the necessity of advancing the communications sector and developing electronic services,” stressing, “the Parliamentary Finance Committee’s keenness to review what has been implemented, as stipulated in Paragraph 17 of the Federal Budget Law (2023-2025), regarding increasing communications revenues and improving the quality of services.”

He added, “We rely a lot on the Ministry of Communications, to be the second financial resource for the state after oil.”

Al-Atwani stressed, “The necessity of digital transformation in all sectors, including customs and ports, and this requires securing and improving Internet service, continuously and without interruption, in a manner that is consistent with the government’s endeavor to automate these sectors and undermine the outlets for corruption.”

He warned, "The hosting also comes to identify the ministry's needs, in preparation for including them in the 2024 budget schedules, the schedules of which are expected to reach the Finance Committee next week."

Al-Atwani pledged to “adopt the demands and proposals put forward by the Minister before the Finance Committee, including providing the necessary financial allocations to develop communications infrastructure, ensuring the expansion of port gates in light of the increasing demand for this service, in addition to purchasing advanced devices to block websites targeting Iraqi society, as well as By giving the Ministry the authority to collect fees for commercial advertisements on social media sites and to prosecute violators.

The Chairman of the Finance Committee stressed, "The necessity of completing the steps to transform Iraq into a global market for transferring Internet capacities by attracting customers, after the submarine cable service entered the commercial operation phase, which brings significant revenues to the state."  Views 54  04/27/2024 - https://economy-news.net/content.php?id=42902

More Than A Billion Dollars In Sales From The Iraqi Central Bank Within A Week

Money  and business   Economy News – Baghdad  The Central Bank of Iraq's total sales of hard currency for the US dollar during the last week in which the auction was opened amounted to more than one billion dollars.

During the past week, the Central Bank sold one billion and 348 million and 235 thousand and 509 dollars, at a daily rate of 276 million and 847 thousand and 19 dollars, lower than what it recorded last week, which amounted to one billion and 354 million 297 thousand and 9 dollars.

The highest dollar sales were for Wednesday of last week, when sales amounted to 282 million, 624 thousand and 465 dollars, while the lowest sales were for Sunday of the week, when sales amounted to 270 million, 897 thousand and 422 dollars.

Foreign remittance sales during the past week amounted to 1,317,475,000 dollars, an increase of 95% compared to cash sales, which amounted to 66,760,000 dollars. 864 views 04/27/2024 - https://economy-news.net/content.php?id=42895

Dollar Prices Are Witnessing A Slight Decline In Baghdad Markets

Economy | 11:49 - 04/27/2024  Mawazine News – Baghdad  The exchange rates of the dollar against the dinar recorded a slight decrease today, Saturday, in the local markets in the capital, Baghdad.

The main Kifah and Harithiya stock exchanges opened in Baghdad, recording a price of 146,250 dinars for every 100 dollars.

As for “selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 147,250 dinars, while the purchase price reached 145,250 dinars for every 100 dollars.” https://www.mawazin.net/Details.aspx?jimare=246794

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

 Provoking Points To Ponder on Failures and Mistakes

Failure at a task may be the result of having tackled it at the wrong time.- Brendan Francis

We fail more often by timidity than by over-daring.- David Grayson

Failure is more frequently from want of energy than want of capital.- Daniel Webster

Losers have tons of variety. Champions take pride in just learning to hit the same old boring winners.- Vic Braden

Lack of will power has caused more failures than lack of intelligence or ability.- Flower A. Newhouse

The word fate ... is the refuge of every self-confessed failure.- Andrew Soutar

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Saturday Evening 4-27-24

Goldilocks' Comments and Global Economic News Saturday Evening 4-27-24

Good Evening Dinar Recaps,

CFTC to Hold a Commission Open Meeting April 29. On April 22, Chairman Rostin Behnam announced the Commission will hold an open meeting on Monday, April 29 at 9:30 a.m. (EDT) at the CFTC’s Washington, D.C. headquarters. The Commission will consider Final Rule “Capital and Financial Reporting Requirements for Swap Dealers and Major Swap Participants” and Final Rule “Adopting Amendments to the Large Trader Reporting Rules for Futures and Options.”

👆The above meeting has been canceled, and the CFTC has decided to speed up the process in moving this through the system inside a  Commission’s seriatim process.

The Commission's seriatim process is the process by which the Commission takes collective action without convening a meeting of the Commissioners.

So, the capital and reporting requirements for swap dealers and participants along with adopting amendments to the large trader reporting rules for Futures and Options have been moved to the Final Rule.

Final Rule is the implementation phase of the legislative process, so it doesn't look like we're going to wait until May 13th for this to move into the implementation stage.  CFTC  Gibson Dunn   SEC

Yes, this is regarding our ability to exchange Foreign Currency.

© Goldilocks
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"Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments."

National Bank of Iraq and Temenos have partnered together to transition the Iraqi Banks from Legacy Systems to a Unified Core Banking and Payments Platform.

Core Banking is the back-end processing of transactions including deposits, loans, and credit processing.

This integration will streamline operations and accelerate product development for customers across the Capital Bank Group. The Capital Bank Group globally connects Iraqi banking systems.

Temenos digital products are adaptable and scalable that will allow them to work inside an Open Banking System. This new upgrade will allow Iraq to trade with Global Financial Institutions around the world.   Fintech Global   HCL Tech    Temenos

© Goldilocks
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When Gold & Commodities Explode, Currencies Implode w/ Bill Holter | Youtube

When gold and other commodities explode to the upside, currencies begin to collapse within themselves.

This is when credit valuations begin to be measured and implemented based on new price patterns developing on the market. It is a result of old calculations and correlations falling apart.

Here, we will see currency interventions take place after the de-dollarization process provides a bridge to the new digital gold standard economy.

© Goldilocks
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The Federal Deposit Insurance Corporation on Friday said that Republic First Bank has been closed by Pennsylvania state regulators, in what the FDIC said was the first US bank failure this year. | CNN

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Air Zimbabwe Embraces ZiG Currency | Pindula

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House and Senate race to approve stablecoin legislation as interest rises | Kitco   

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Chinese Investment Gold Demand Soars - Numismatic News

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HKMA Proposes Revisions to E-banking Risk Management Requirements | РИСК-АКАДЕМИЯ - АНО ДПО ИСАР |  Regulation Asia

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WASHINGTON — The G7 Cyber Expert Group completed a cross-border coordination exercise on 17 April 2024. G7 authorities routinely exercise to ensure they can effectively coordinate and communicate their response in the event of a widespread cyber incident affecting the financial system. | Treasury Press Release

👆  Goldilocks pointed to this article
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Spot Crypto ETFs Set To Begin Trading in Hong Kong Next Week: Report | Daily Hodl

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4/27/2024 MissiOkie's husband Charlie passed. He was in peace and so is MissiOkie. Please pray for MissiOkie and the family. God Bless

MissiOkie is the Seeds of Wisdom Team Coordinator!
Seeds of Wisdom Team Prayer Room Link 

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Basel Committee on Banking Supervision Announcement:

"BCBS will also publish new proposed guidelines for banks in the coming week on counterparty credit risk management."   Capital

😔 More on this tomorrow...

© Goldilocks
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The IMF's Warning to the United States- How US Overspending Affects Gold & Crypto  | Youtube

👆 Do you see how inflation is pushing people like you and me into gold and crypto adoption?

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👆 more on this tomorrow ...

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Taxing Unrealized Gains Would Obliterate The U.S. Economy | ZeroHedge

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Franklin Templeton launches Ethereum ETF, listed on DTCC | CoinTelegraph

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DTCC rules out collateral for Bitcoin-linked ETFs | CoinTelegraph

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Thank you Dinar Recaps

“Tidbits From TNT” Saturday 4-27-2024

TNT:

Tishwash:  In the presence of Nechirvan Barzani and Al-Sudani... the State Administration Coalition holds an “important” meeting

 The State Administration Coalition is scheduled to hold an “important” meeting this evening, Saturday, in the presence of the President of the Kurdistan Region, Nechirvan Barzani, and the Prime Minister of the Federal Council, Muhammad Shia al-Sudani.

An informed political source told Shafaq News Agency that the meeting will include discussing a number of political and security files.

Last Wednesday, Kurdistan Regional Presidency spokesman Dilshad Shihab said that the region's president, Nechirvan Barzani, will visit Baghdad soon to attend a regular meeting of the state administration coalition.

At the beginning of this April, the President of the Iraqi Kurdistan Region made a visit to the capital, Baghdad, during which he met with the President of the Republic of Iraq, Abdul Latif Rashid, and the Prime Minister of the Iraqi Federal Prime Minister, Muhammad Shia al-Sudani, and participated in the meeting of the State Administration Coalition and the Coordination Framework.

During his last visit, President Nechirvan Barzani discussed ways to solve the problems of Erbil and Baghdad, the political situation in Iraq and the Kurdistan Region, and a group of other issues.   link

Tishwash:  Governmental and private banks will showcase their services during Financial Inclusion Week

Governmental and private banks are preparing to participate tomorrow, Saturday, in Financial Inclusion Week.

The electronic payment systems will review banking services for citizens, including advances and loans, and introduce them to the products offered by these banks in a step to enhance financial inclusion.  link

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Tishwash: The Association of Private Banks appreciates the efforts of the government and the Central Bank to create understandings with the Treasury, the Federal Reserve, and international banks

The head of the Iraqi Private Banks Association, Wadih Al-Handal, participated in the Arab Economic Security Forum, which was organized by the Union of Arab Banks in Beirut. 

Al-Handal stressed that the forum is being held in complex circumstances and geopolitical changes taking place in the region, and the Arab banking sector has begun to be affected, starting with the State of Iraq, adding that Iraq is still facing major challenges, at various economic levels, including depriving the Iraqi private banking sector of using the dollar, which It has exceeded half of the number of banks operating inside the country, which is a very dangerous indicator, despite the efforts of Iraqi governmental and private institutions to comply with local and international anti-money laundering and terrorist financing laws, but for the first time we are witnessing a clear targeting of the sector, which has begun to affect banking services inside the country, undermine citizen confidence, and hinder... From expanding the proportion of financial inclusion.

He added that these challenges facing the banking sector reaffirm the prominent role played by the Union of Arab Banks, international organizations and Arab banks in coordinating positions and confronting dangers together, noting that our meeting represents an opportunity to cooperate and agree on an action roadmap for the future. Targeting the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of the regional turmoil.

Al-Handal pointed out that the Association of Private Banks is working with the Iraqi government, the Central Bank, and some local and international institutions, to save the banking sector, and return banks deprived of dealing in dollars to their activities, but this is not enough, but rather requires continuing cooperation with the Arab and foreign banking sector, because the stage of integrating the sector The Iraqi banker with his Arab counterpart must begin quickly, and we are taking great strides in this direction, especially since the Prime Minister, Engineer Muhammad Shiaa Al-Sudani, held dialogues in Washington with the American President and other government officials, who announced in a joint statement the possibility of a group of Iraqi banks returning to dealing. in dollars and support the private banking sector.

Al-Handal appreciated the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value.

He pointed out that Iraq is witnessing great development in the transition to electronic government and the adoption of electronic payment, and this is what leads to the growth of the digital economy, especially since there is a trend within the country to increase the number of electronic banks, to keep pace with technological development and increase performance. link

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Tishwash:  Association of Banks: Iraq is witnessing great development in the transition to electronic government

The Iraqi Private Banks Association confirmed today, Friday, that Iraq is witnessing great development in the transition to electronic government, and while it indicated that government support for the Iraqi dinar led to a gradual increase in its value, it revealed a trend to increase the number of electronic banks to keep pace with technological development and increase performance. .

The president of the association, Wadih Al-Handal, told the Iraqi News Agency (INA) that he “participated in the Arab Economic Security Forum organized by the Union of Arab Banks in Beirut,” pointing out that “the forum is being held in complex circumstances and geopolitical changes taking place in the region, and the banking sector has begun to be affected.” Arab, starting with the State of Iraq.

He added, "Iraq is still facing major challenges at various economic levels, including depriving the Iraqi private banking sector of using the dollar, which has exceeded half the number of banks operating inside the country, which is a very dangerous indicator, despite the efforts of Iraqi governmental and private institutions to comply with laws against money laundering and terrorist financing." Local and international, but for the first time we are witnessing a clear targeting of the sector, which has begun to affect banking services within the country, undermine citizen confidence, and hinder the expansion of financial inclusion.”

He pointed out that "these challenges facing the banking sector reaffirm the prominent role played by the Union of Arab Banks, international organizations and Arab banks in coordinating positions and confronting dangers together," noting that "our meeting represents an opportunity to cooperate and agree on an action roadmap for the future." “The targeting of the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of the regional turmoil.”

He pointed out that "the Association of Private Banks is working with the Iraqi government, the Central Bank, and some local and international institutions, to save the banking sector and return banks deprived of dealing in dollars to their activities, but this is not enough. Rather, it requires continuing cooperation with the Arab and foreign banking sector, because the stage of merging the banking sector The Iraqi government and its Arab counterpart must begin quickly, and we are taking great steps in this direction, especially since Prime Minister Muhammad Shiaa al-Sudani held dialogues in Washington with the American president and other government officials, who announced in a joint statement the possibility of a group of Iraqi banks returning to dealing in dollars and supporting...

The private banking sector.Al-Handal praised "the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value."

He continued, "Iraq is witnessing a great development in the transition to electronic government and the adoption of electronic payment, and this is what leads to the growth of the digital economy, especially since there is a trend within the country to increase the number of electronic banks, to keep pace with technological development and increase performance." link

Wellllllllllllllllll - Finally We Knows WHY!!!! 

Mot: . Might as well have fun. 

Iraq Economic News and Points to Ponder Friday Evening 4-26-24

Iraq Economic News and Points to Ponder Friday Evening 4-26-24

Governmental And Private Banks Will Showcase Their Services Tomorrow During Financial Inclusion Week

Time: 04/26/2024 Read: 1,742 times {Economic: Al-Furat News} Governmental and private banks are preparing to participate tomorrow, Saturday, in Financial Inclusion Week.

The electronic payment systems will review banking services for citizens, including advances and loans, and introduce them to the products offered by these banks in a step to enhance financial inclusion. LINK

Economist: There Is Serious Work To Lift US Sanctions On Iraqi Banks

 Economy| 05:04 - 04/25/2024  Mawazine News – Baghdad  The expert in economic affairs, Safwan Qusay,   confirmed that there is a joint committee between the US Federal Reserve and the Iraqi Central Bank in order to lift sanctions on some banks.

 Qusay said, in a televised interview followed by Mawazine News, that  “the joint committee is working to study the activities of the banks sanctioned by the US Federal Reserve.”

He added that  “banks that have worked to purchase equipment or tools from sanctioned countries will have sanctions imposed on these banks.” A fine, indicating that the  government must work to rehabilitate the banking sector so that it is internationally accepted.”

 He pointed out that  “the government of Muhammad Shiaa Al-Sudani directed the formation of a joint committee between the US Federal Reserve and the Iraqi Central Bank in order to move towards lifting sanctions on Iraqi banks and restoring the status of the Iraqi banking sector.” to its global stature. https://www.mawazin.net/Details.aspx?jimare=246721   

The Association of Private Banks appreciates the efforts of the government and the Central Bank to create understandings with the Treasury, the Federal Bank, and international banks 

Economy News – Baghdad  The head of the Iraqi Private Banks Association, Wadih Al-Handal, participated in the Arab Economic Security Forum, which was organized by the Union of Arab Banks in Beirut.

Al-Handal stressed that the forum is being held in complex circumstances and geopolitical changes taking place in the region, and the Arab banking sector has begun to be affected, starting with the State of Iraq, adding that Iraq is still facing major challenges, at various economic levels,

including depriving the Iraqi private banking sector of using the dollar, which It has exceeded half of the number of banks operating inside the country, which is a very dangerous indicator, despite the efforts of Iraqi governmental and private institutions to comply with local and international anti-money laundering and terrorist financing laws,

but for the first time we are witnessing a clear targeting of the sector, which has begun to affect banking services inside the country, undermine citizen confidence, and hinder... From expanding the proportion of financial inclusion.

He added that these challenges facing the banking sector reaffirm the prominent role played by the Union of Arab Banks, international organizations and Arab banks in coordinating positions and confronting dangers together, noting that our meeting represents an opportunity to cooperate and agree on an action roadmap for the future.

Targeting the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of the regional turmoil.

Al-Handal pointed out that the Association of Private Banks is working with the Iraqi government, the Central Bank, and some local and international institutions, to save the banking sector, and return banks deprived of dealing in dollars to their activities, but this is not enough, but rather requires continuing cooperation with the Arab and foreign banking sector, because the stage of integrating the sector The Iraqi banker with his Arab counterpart must begin quickly, and we are taking great strides in this direction, especially since the Prime Minister, Engineer Muhammad Shiaa Al-Sudani, held dialogues in Washington with the American President and other government officials, who announced in a joint statement the possibility of a group of Iraqi banks returning to dealing. in dollars and support the private banking sector.

Al-Handal appreciated the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value.

He pointed out that Iraq is witnessing great development in the transition to electronic government and the adoption of electronic payment, and this is what leads to the growth of the digital economy, especially since there is a trend within the country to increase the number of electronic banks, to keep pace with technological development and increase performance.

Views 144  04/26/2024 - https://economy-news.net/content.php?id=42858

With The Participation Of The Association Of Private Banks, Investment Opportunities Are On The Table Of A Jordanian-Iraqi Economic Forum Next May

Money  and business  Economy News – Baghdad  The activities of the Economic Forum for Financial, Industrial and Commercial Partnerships between Iraq, Jordan and the region will begin on the fifth of next May, organized by the Iraqi Business Council in Amman, amid great official interest and broad participation from the public and private sectors in the two countries and countries in the region.

According to a statement by the Council, the ministers of industry and electricity from Iraq will participate in the forum, which is organized by the Council in cooperation with the Jordanian and Amman Chambers of Industry, and will be opened at the King Hussein Convention Center in the Dead Sea region, along with ministers from Jordan, business owners, investors, and Arab and foreign companies.

Participating in the forum are also the National Investment Authority in Iraq, the Arab Businessmen Union, the Multilateral Investment Guarantee Agency and the International Finance Corporation of the World Bank Group, the Association of Information and Communications Technology Companies (Intaj), the Association of Iraqi Private Banks, the Jordanian Banks Association, and the Jordanian Corporation for Economic Enterprise Development. (JEDCO), and the Jordanian free and development zones.

The Council organizes the two-day forum, which includes an exhibition for companies and bilateral meetings with decision-makers from the two countries, on the occasion of the Kingdom’s celebrations of the silver jubilee of His Majesty King Abdullah II assuming his constitutional powers.

The forum's working sessions focus on the most prominent investment opportunities in Jordan and Iraq, the prospects for commercial and industrial opportunities in the two countries, the vision of economic modernization, investment in Iraq, investment opportunities in the region, in addition to investment opportunities in the Jordanian free and development zones.

The sessions also focus on the role of the banking sector in providing financial facilities to the industrial, energy, mining, transportation and infrastructure sectors, the role of international institutions in providing financial financing for investment projects, and presenting success stories of Jordanian and Iraqi investment companies.

The Forum seeks to enhance regional integration by building economic interconnection, enhancing cooperation in various sectors, building long-term partnerships, creating sustainable partnerships, deepening mutual understanding between participating countries, and building a common vision for the future of economic prosperity and development in the region.

Views 177 04/26/2024 - https://economy-news.net/content.php?id=42859

Oil Is Heading To End The Week On The Rise

Economy |  04/26/2024  Mawazine News – Baghdad  Oil prices rose on Friday, and are heading to end the week on a higher note after two consecutive weekly losses, in the wake of a senior American official expressing optimism about economic growth and with continuing concerns about supplies as a result of conflicts in the Middle East.

Brent crude futures rose 19 cents, or 0.2 percent, to $89.20 per barrel, and US West Texas Intermediate crude futures increased 25 cents, or 0.3 percent, to $83.82 per barrel.

Brent is up 2.2 percent since the beginning of the week, while West Texas Intermediate has advanced 0.8 percent.

US Treasury Secretary Janet Yellen told Reuters on Thursday that US GDP growth in the first quarter of the year may be subject to an upward adjustment and that inflation will decline after a group of “distinctive” factors that pushed the economy to its weakest performance in nearly two years.

It is likely that US economic growth will be stronger than indicated by the quarterly data, which was weaker than expected.

Data showed that economic growth slowed in the first quarter.

Before Yellen's statements, oil prices were affected by accelerating inflation, as this prompted investors to rule out a reduction in interest rates by the US Federal Reserve before September.

The data indicated that the price index for personal consumption expenditures, excluding food and energy, rose at an annual rate of 3.7 percent, compared to 2 percent in the last quarter of 2023.

Tamas Varga, an analyst at PVM Oil, said: “US GDP growth is 1.6 percent.” percent, which came below expectations, may also be considered a welcome development that confirms the effectiveness of recent monetary tightening, but it was the personal consumption expenditures price index that moved sentiment.”

On the other hand, prices received support early in the session in light of concerns about supplies as tension continues in the Middle East.   https://www.mawazin.net/Details.aspx?jimare=246756

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 Provoking Points To Ponder on Failures and Mistakes

Apparent failure may hold in its rough shell the germs of a success that will blossom in time, and bear fruit throughout eternity.- Frances Ellen Watkins Harper

The causes of mistakes are "I didn't know"; "I didn't think"; and "I didn't care."- Henry H. Buckley

Failures are divided into two classes: those who thought and never did, and those who did and never thought.- John Charles Salak

A failure establishes only this, that our determination to succeed was not strong enough.- Christian Bovee

Self-distrust is the cause of most of our failures. They are the weakest, however strong, who have no faith in themselves or their own powers.- Christian Bovee

Defeat is a thing of weariness, of incoherence, of boredom.- Antoine de Saint-Exupery

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