Zimbabwe “Zig” News in Dinarland 5-1-2024

TNT:

TwoCuteCats:  Zimbabwe Starts Circulating Gold-Back Notes

Zimbabwe’s central bank started circulating ZiG notes and coins among the public, a day after policymakers kept interest rates unchanged at their first meeting since unveiling the new currency.

The ZiG, short for Zimbabwe Gold, is the southern African nation’s sixth attempt since 2008 to deliver a stable domestic currency. It was announced on April 5 and transacting in the unit has been done electronically since trade started three days later.

https://www.bloomberg.com/news/articles/2024-04-29/zimbabwe-central-bank-holds-key-rate-at-20-in-first-meeting-since-zig-debut

Harambe:  Zimbabwe’s as new currency starts circulating - Hurriyet Daily News (5/1/24)

Zimbabwe's new gold-backed currency started circulating on April 30 amid government hopes it could help stabilize the economy, but many locals complained banknotes and coins were too hard to obtain.

 The so-called ZiG, or Zimbabwe Gold, replaced the Zimbabwean dollar, whose value against its U.S. counterpart had collapsed over the past year, pushing up inflation.

The new currency officially started trading earlier this month, but the central bank only released the first two denominations, a 10 ZiG note ($0.70) and a 5 ZiG coin, on April 30.

Despite hopes this would solve a shortage of small change, Zimbabweans were left disappointed.

"Where is the ZiG? Why are we still being given things we don't need for change?" a disgruntled shopper said after being given a bar of chocolate instead of coins at a supermarket in an upmarket suburb in the capital Harare.

Many Zimbabweans have long preferred using U.S. dollars for transactions.

But due to a lack of coins, stores often give change in candies and cookies.

"We haven't had a customer who brought it in cash today," said a shop assistant at another retailer.

Professor Gift Mugano, director for African Governance and Development at the Durban University of Technology, said the central bank released small denominations first to "curb money supply and inflation."

But some stores were marketing goods at inflated prices in the local currency compared to the official U.S. dollar exchange rate.

Soaring prices have piled pressure on Zimbabweans who are already contending with widespread poverty, high unemployment and a severe drought induced by the El Nino weather pattern.

After climbing well into the triple digits last year, inflation was at 57 percent in April.

https://www.hurriyetdailynews.com/zimbabwes-as-new-currency-starts-circulating-193032

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Zimbabwe’s ZiG is the world’s newest currency and its latest attempt to resolve a money crisis

by: FARAI MUTSAKA, Associated Press, Africa
Posted: Apr 30, 2024

HARARE, Zimbabwe (AP) — Out with the Zimbabwe dollar, in with the ZiG.

Zimbabwe on Tuesday started circulating a new currency to replace one that has been battered by depreciation and often outright rejection by the people.

 The ZiG was introduced electronically in early April, but people are now able to use banknotes and coins.

It’s the southern African country’s latest attempt to halt a long-running currency crisis underlining its persistent economic troubles. The government had previously floated various ideas to replace the Zimbabwe dollar, including introducing gold coins to stem inflation and even trying out a digital currency.

Since it was launched electronically on April 5, the ZiG — short for Zimbabwe Gold and backed by the country’s gold reserves — appears to be heading down the same path of mistrust, with some government departments refusing to accept it.

The ZiG is the sixth currency Zimbabwe has used since the spectacular 2009 collapse of the Zimbabwe dollar amid hyperinflation of 5 billion percent, one of the world’s worst currency crashes to date. That set off a chaotic series of events: first the U.S. dollar was allowed as legal tender, then banned, then unbanned.

A new “bond note” became legal tender, the Zimbabwe dollar was reintroduced before the gold coins and digital currency were tried.

However, nothing brought any currency stability and the U.S. dollar remains the most trusted for ordinary Zimbabweans.

As the shiny new ZiG banknotes hit the streets, the mistrust was evident.

Kudzanayi Mande, a vegetable trader at the crowded Mbare market in the capital of Harare, said she would rather forgo a sale than accept the ZiG. She was confused, the 56-year-old said.

“Already there is an official exchange rate and a depreciated black market rate, so I will wait a bit to see what its real value is,” she said. “The U.S. dollar is still a safer bet.”

The government has allowed some businesses, such as gas stations, to refuse to accept the ZiG in favor of U.S. dollars. Some departments, like the office that issues and renews passports, accept only U.S. dollars.

At the same time, other businesses are being ordered to only use the ZiG, and face punishment if they don’t.

“The government prints the money so it should be the first to accept the currency and everyone else will follow,” said Gift Mugano, an economics professor at South Africa’s Durban University of Technology.

“Otherwise it is behaving like someone who feeds on takeaways but wants others to eat the food they cook,” Mugano said. “It becomes suspicious.”

Many in Zimbabwe still remember when a 100 trillion Zimbabwe dollar banknote was printed in 2009 at the height of the hyperinflation to keep up with spiraling prices.

At one point, a loaf of bread cost more than 500 million Zimbabwe dollars. Prices would change from when customers walked into a grocery store to when they lined up to pay at the cash register. Restaurants stopped displaying prices on menus as they would go up over the course of a dinner. People lugged around bags stuffed with banknotes. Savings and pensions became worthless.

Through the ordeals, the greenback remained precious — and highly valued on the black market.

Across Zimbabwe, the U.S. dollar is still widely used, from paying rent and school fees to buying groceries. Many take their local currency earnings to the black market to exchange for dollars since banks don’t give out U.S. dollars. Some people stash their U.S. dollars at home.

The government of President Emmerson Mnangagwa has taken a hard-line approach — dozens of black market currency dealers were arrested and have been in pretrial detention for weeks, accused of trying to undermine the new currency. After the ZiG was introduced electronically, bank accounts of some businesses were frozen, accused by the government of rejecting the new currency.

Authorities say they have faith in the ZiG because it’s backed by the country’s gold reserves. Mnangagwa said in a speech on Monday it was a matter of “our national identity and dignity” to trust the ZiG.

Though some hopeful Zimbabweans headed for the banks Tuesday to get their hands on the new currency, many remained skeptical after two decades of turmoil.

An online news outlet published a political cartoon showing a policeman struggling to hold up a collapsing house with the word ZiG on it.

The caption: “World’s first police backed currency.”

Source: Wane

https://dinarchronicles.com/2024/05/01/zimbabwes-zig-is-the-worlds-newest-currency-to-resolve-a-money-crisis/

Iraq Economic News and Points to Ponder Wednesday AM 5-1-24

Iraq Economic News and Points to Ponder Wednesday AM 5-1-24

Controls Of Bank Mergers And Unions

DATE: 2024/4/29   All approved banks   M/ Merger controls (merger and union of banks)

 Based on the decision of the Board of Directors of this bank No. (77) of 1941. It is recommended to amend the controls

(Merger and Union of Banks) issued pursuant to our Circular No. (5/4/171) on 05/05/519 in accordance with The attached formula is linked.   with respect.

 ~~~~~

 - Merger controls (merger and union of banks).

 Central Bank of Iraq

Banking Supervision Department

Licensing, Controls and Instructions Section

Controls and Instructions Division

Merger controls (merger and union of banks)    (2024)

 ~~~~~

 Based on the provisions of Article (4 10/1) of the Banking Law No. (54) of 1941 and in a manner consistent with Article

(91) of it. The Board of Directors of the Central Bank of Iraq decided to issue the following regulations:

First: terms and definitions

1. Bank: Central Bank of Iraq.

?. Merger: Merging one or more banks with another (merger) or merging two or more banks to form a new bank (union).

According to the cases described below:-

A- Merger: It is an agreement between two or more banks to merge to form one bank so that one of them leaves

About his independence and moral personality for the benefit of others.

B: Union: It is an agreement between two or more banks to merge into one bank so that the identity ends

The legal status of all banks entering the union is in favor of the new bank that has a legal personality

New and new brand name.

The bank resulting from the merger: is the bank that remains in existence after the merger process.

;. The merged bank: is the bank whose legal personality ends after it is annexed by the existing bank Merger process.

Second: Requirements for the merger (merger or merger) of banks

1 Submit a request by banks wishing to merge or unify to this bank.

“The application must include all of the following:

5 Economic and technical feasibility study of the merger or union project (for each bank in Jeddah)

A unified feasibility study for the merger project (merger or union), which will be approved by the boards of directors Banks submitting a merger request (merger or union).

5 General Assembly decision by absolute majority of each bank that wishes to merge (merger). Or the union).

?,” The initial contract between banks wishing to merge (merger or union).

",4 In the event of a union of two or more banks, a carpenter name must be determined for the new bank after the union.

",* How the capital will be distributed in the new bank after the merger or union.

Appointing an officially authorized representative to follow up on the merger or union procedures for this bank and registered Companies.

  1

~~~~~

 ?/ Audited budgets of banks involved in the merger or union for (?) recent years.

7 Any other data or documents that this bank deems necessary to provide.

07 The advisory body that will be appointed to evaluate the financial situation of the banks involved in the merger the Union.

7 Information mentioned in Appendix No. (1).

Third: Procedures for completing the merger (merger or union) of banks

1- Granting physical approval if the requirements mentioned in Paragraph (Second) above are completed.

“- Forming a higher committee and technical committees of the banks included in the merger (merger or union) under the supervision of this

The bank in order to provide technical assistance to the committees and monitor the stages of implementation of the merger project.

“- Develop a comprehensive plan of action to implement the merger (merger or union), taking into account the development of a programme

Accompanied by avoiding the negatives that the merger or union process imposes on employees.

4- One certified auditor of category (A) or an audit firm licensed and published in the

“The Auditors’ Bulletin for the relevant year for the group of merged or united banks” with the aim of:

Unifying the foundations and criteria for financial evaluation.

#- The financial statements must be prepared in accordance with the standard of presentation and disclosure for (?) recent years For the purposes of standardization of comparison.

6- The bank evaluates the financial situation of the banks involved in the merger (merger or union) (provided that:

It includes, as a minimum, what is stated in Appendix No. ()) and with the assistance of an accredited consulting body; On that The banks involved in the merger or union shall bear the advisory fees.

*- The bank issues its decision within (165) days from the date of receipt of the study by the consulting body

By final approval or disapproval of the merger agreement (merger or union), provided that it is accompanied by the decision An adequate statement of the decision’s priorities and reasons.

Fourth: Validity of Damtam

This bank has the authority to direct the merger (merger or union) of banks based on the decision of its board of directors, which it resorts to for the following considerations:

1 Purifying the banking system from faltering banks or those on the verge of bankruptcy and liquidation, and banks that...

It did not reach its specified capital (for Islamic banks).

?- Banks that did not fulfill their obligations with regard to public deposits, creditors, and others related to credit

The pledge that has not been paid to the beneficiary government agencies. 

   2 

 ~~~~~

 *"- In the event that the bank's net accrual ratio poses a threat to the stability of the banking sector.

Fifth: The benefits obtained by the bank resulting from the merger or the new bank in the event of a union

1- The bank resulting from the merger or the united banks will be granted the advantage of investing (09/00) from the mandatory reserve.

In financial instruments issued by this bank for a period of (1) year.

?- The bank resulting from the merger and the new bank in the event of a union are given an additional score within an element

“The bank resulting from the merger, or the new bank in the case of a union, is excluded from the restrictions that regulate the process

Sixth: General provisions

1- All parties negotiating the merger (banks wishing to merge or unify) are subject to confidentiality Banking whether the merger takes place or not.

"- In the event of a merger (merger or union), all contracts concluded with customers of the merging banks will be amended."

the Union); With the liquidation of other obligations.

“Penalties are imposed on banks that provide false information for the purposes of consolidation (merger or union).

   3 

 ~~~~~

Appendix (1)

Information and data necessary for the purposes of merger or union

1- The articles of incorporation, internal regulations and complementary regulations.

>- Information about the organizational structure, jobs, their occupants, description of the work assigned to it and its duration

Their respective service.

?- Salary structure, wages and benefits.

4- The bank’s share of the total banking activity provided to the public inside Iraq:

A- The volume of internal and external financing according to financing formulas.

B- Local and foreign deposits, if any, according to their sectoral and qualitative classification.

A- Cash and pledge credit.

5-The financial position, income statement, cash flow statement, ownership rights, and the accompanying clarifications

These data must be prepared in accordance with Accounting Standard No. (1) related to disclosure for financial institutions

For the last 5 years.

5- Debts, mentioning the parties and any allocations for them, and a statement of bad debts with an explanatory note for each

Including the method of treatment, the guarantees granted, and the availability of the necessary allocations for this.

/- A statement of liabilities, including potential ones, capital pledges, and loss-making contracts that are not specialized

It has a reserve and statement of contingent liabilities and other financial commitments.

8- Statement of amounts and guarantees for long-term internal and external loans in local and foreign currency

All in Jeddah.

4- Statement of the bank’s tax position.

0 Local and foreign investments of various types.

11 Entities benefiting from loans granted by the bank.

7- Classification of fixed assets and their classification according to similar groups: owned lands and buildings Registered in the name of the bank or (which is in the stages of registration in the real estate registration departments)  Its market value and its extinction.

1 Technology used in the bank.

4- Employee rights and post-service returns and allocations allocated to them in the budget.

:copyright:- The mechanism of the banking system for merged or united banks and an explanation of the possibility of integrating them into a banking system

One; Or acquire a new system and enhance it with inputs from the banks’ previous systems. To be

The mechanism is supported by the entity that prepares the banking system.

5- A trial balance for the merged or united banks based on the banking system at the date of submission

the demand.

71 A list of legal lawsuits filed against banks or by banks against their customers, with a specification

Its financial impact and the amount of potential profit/loss.

   4  

 ~~~~~

 Appendix (2)

The minimum requirements that must be taken into account when preparing a study of the financial situation of a merger Or the Union of Banks

 1 Aggregate budget in accordance with international standards,

 1- Reviewing the costs, products and services provided, the volume of loans and deposits, and the performance of investment portfolios Profit and loss analysis.

 “- Reviewing the bank’s operational processes, the organizational structure, and the distribution of human resources to it.

 ?- Reviewing liquidity and the extent of its coverage of potential cash flows based on the maturity of contracts and the extent of compliance with Liquidity requirements of this bank.

5- Reviewing the quality of assets, their classification, and the status of loans and provisions related to non-performing loans.

 1- A detailed review of investment portfolios, which includes identifying the main issues related to the ability to...  Collection (completed, registered and documented).

 "- Evaluating the current status of the credit granted, which includes evaluating the accounting books, the documentary cycle, and the receipt."

Fair value and net realizable value (2/125).

A detailed review of capital adequacy ratios.

9- Reviewing the financial support provided by the government to government banks.

10 Review market risks, exchange rate risks, and interest rate risks.

Review the governance, compliance, risk management, internal flow and anti-laundering framework and system Money.

1- Liquidation of suspended accounts in the banking system; Especially with regard to the bank’s mutual accounts And its branches.

5

**********

April 30, 2024  Controls for the merger and union of banks..For more, click here

https://cbi.iq/static/uploads/up/file-171447497983457.pdf

 https://cbi.iq/news/view/2569    

 ~~~~~

incomplete and approximate translation of https://cbi.iq/static/uploads/up/file-171447497983457.pdf  

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

 Provoking Thoughts and Points To Ponder on Character:

The great hope of society is individual character.  - William Ellery Channing

 You must look into people as well as at them.  - Lord Chesterfield

Human improvement is from within outward.  - James Froude

Talent is nurtured in solitude; character is formed in the stormy billows of the world.  - Goethe

 Only what we have wrought into our character during life can we take away with us.  - Wilhelm von Humboldt

Every man has three characters - that which he exhibits, that which he has, and that which he thinks he has.  - Alphonse Karr

Not in the clamor of the crowded street, Not in the shouts and plaudits of the throng, But in ourselves, are triumph and defeat.  - Henry Wadsworth Longfellow

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

http://famousquotesandauthors.com/quotes_by_topic.html

“Tidbits From TNT” Wednesday 5-1-2024

TNT:

CandyKisses:  Minister of Labor gives good news to workers: Wait next week

Economy News - Baghdad

Minister of Labor and Social Affairs Ahmed Al-Asadi announced on Wednesday an increase in the salary of retired workers by 100,000 dinars.

According to a statement by the Ministry of Labor, received by "Economy News", "Minister of Labor and Social Affairs Ahmed Al-Asadi gives good news on the occasion of International Workers' Day, by increasing the salary of retired workers by 100,000 dinars."

He pointed out that "the decision to increase the salary of retired workers will be voted on at the Cabinet meeting next week

Tishwash:  The International Comprehensive Shopping Festival kicks off in an Iraqi governorate

Today, Wednesday, the activities of the 2024 Governorate International Shopping Festival were launched on the grounds of the Najaf International Fair, which will continue for 10 days with the participation of more than 200 Arab, foreign and local companies.

The media official for the Najaf International Fair, Haider Al-Moussawi, said: “The 12th edition of the Najaf International Comprehensive Shopping Festival, which was held on the grounds of the Najaf International Fair, was attended by eight Arab and foreign countries, namely Egypt, Syria, India, Pakistan, Lebanon, Turkey, Iran and Jordan, in addition to... Iraqi companies.

He pointed out, "The number of companies participating in the exhibition reached more than 200 Arab, foreign and local marketing companies, displaying various commodity products that supply the local Iraqi and Najafi markets in particular with various goods."

Al-Mousawi added, "The exhibition is considered a great arena for the owners of companies and factories to meet to support and move the wheel of the local economy in Najaf and the Middle Euphrates region, by viewing the various products of the participating countries," stressing that "the festival witnessed a great demand by citizens for shopping  link

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Tishwash:  90 percent of it comes from across the border. Parliament unveils a new strategy to limit currency smuggling

Member of the Parliamentary Security and Defense Committee, Representative Yasser Iskandar, confirmed today, Wednesday (May 1, 2024), that 90% of the counterfeit currency comes from across the border.

Iskandar said in an interview with "Baghdad Today", "Counterfeiting foreign currencies is one of the challenges that emerged remarkably in the Iraqi scene after 2003, led by mafias and multinational networks, some of which are for fraud and making money, and others carry an agenda of harming the economic reality."

Iskandar added, “The counterfeiting of currencies was not limited to foreign currencies, including the dollar, but rather extended to the dinar through the highest monetary denominations and in professional ways, which demonstrates the capabilities of the counterfeiting mafias,” pointing out that “90% of the counterfeit currencies come directly from across the border and are the most dangerous because of The development of the counterfeiting machine.

He pointed out that "the Interior Ministry's formations succeeded in reducing the counterfeiting of currencies by dismantling some networks, arresting their members, adopting a new strategy in monitoring and follow-up, and forming specialized teams to undertake the file of prosecuting those involved. He stressed that educating the community and clarifying the features of counterfeit currencies reduced the percentage of those who fall into their trap in... Markets and others, but they remain a source of limitation, especially with the attempts of these networks to continue counterfeiting crimes.”

Iraqis are experiencing widespread anxiety due to information about the spread of large quantities of counterfeit currency denominations of 25,000 Iraqi dinars, while social media has circulated video clips of people who have spotted large quantities of these newly printed counterfeit bills.

On Sunday (April 28, 2024), the National Security Service announced the dismantling of a money counterfeiting gang in Babil Governorate and the arrest of three others in Basra and Anbar Governorates. 

A statement by the agency received by “Baghdad Today” stated, “The National Security Service in Babil Governorate was able, after field efforts and obtaining judicial approvals, to overthrow a two-person gang of counterfeiting US dollar denomination money and promoting it in a number of commercial stores.”

He added, "Our detachments collected complete information about these two individuals to suspect them and track them down until they were caught red-handed. They were seized with an amount of (20,700) counterfeit dollars that they intended to distribute in commercial activities." 

He continued, "In Anbar and Basra governorates, our detachments were able to arrest three people for trading in counterfeit currency after luring them into an ambush, where about (8,000) counterfeit dollars were seized in their possession." 

He pointed out that "the defendants and the seized items were referred to the competent judicial authorities to take the necessary measures in accordance with the law."  link

Mot:   ~ Peasant Maypole Dance ~~~~

https://www.youtube.com/watch?v=VYhQ2hp68bY

Mot:  . Wishing You a ~~~~

MilitiaMan: Iraqi Dinar - IQD Update - 2024 Budget - Cooperation - Confidence - Al-Sudani - Currency Exchange

Iraqi Dinar - IQD Update - 2024 Budget - Cooperation - Confidence - Al-Sudani - Currency Exchange

MilitiaMan and Crew:  4-30-202<!

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=IlJW59J4kNw

Iraq Economic News and Points to Ponder Tuesday Afternoon 4-30-24

Iraq Economic News and Points to Ponder Tuesday Afternoon 4-30-24

An Economist Explains The Reason For The Decline In The Price Of The Dollar Against The Iraqi Dinar

Political | 30/04/2024   Mawazine News - Baghdad,  economic expert Nabil Jabbar Al-Tamimi, on Tuesday, attributed the reason for the decline in the price of the dollar against the Iraqi dinar to the increase in sales of the Central Bank, noting that most traders went to the official market for the dollar.

Al-Tamimi told Mawazine News, “The drop in prices came as a result of the Central Bank selling more than 270 million dollars a day,” pointing out that “the Sudanese visit to Washington has nothing to do with the matter.”

He continued, "The increase in sales at the Central Bank indicates that many traders left the parallel market and headed towards the official market, which led to a decrease in its prices in the local market."

https://www.mawazin.net/Details.aspx?jimare=247073

Economist: The Central Bank Committed A Massacre Against Private Banks At The Expense Of Foreign Ones

Political |  04/30/2024   Mawazine News - Baghdad.. Economic expert Mustafa Akram Hantoush was surprised, on Tuesday, by the Central Bank’s continued granting of dollar licenses to foreign companies and the neglect of Iraqi banks.

Hantoush said to Mawazine News, “The Central Bank of Iraq is required today to reveal the list of dollar sales on the platform that He supervises it, so that the Iraqi people know which banks are holding the dollar.”

He pointed out that “the Central Bank of Iraq, instead of strengthening the work of Iraqi banks, went towards supporting foreign banks, which are Jordanian, which swallowed up the Iraqi banks and confused the market,” pointing out that “Jordanian banks will control 95 percent of the market compared to 5 percent for Iraqi banks, and this is competition.” unfair".

Hantoush concludes, “There is a major campaign undertaken by Jordanian banks to acquire human resources in Iraqi banks, and this is due to the policy of the Central Bank.”

The United States intervened in the movement of the dollar in Iraq to limit its smuggling, and more than once imposed sanctions on private Iraqi banks and removed them from the currency window, which led to a decline in the Central Bank’s sales. The Central Bank also took several measures and opened an electronic window for merchants.

In the middle of last month, the Governor of the Central Bank, Ali Al-Alaq, revealed meetings with the US Treasury to reconsider the sanctions on Iraqi banks, pointing out that these sanctions should not be issued in the future except after discussing and informing the Central Bank of Iraq, as it is concerned with monitoring their activity.   https://www.mawazin.net/Details.aspx?jimare=247047

Al-Sudani Chairs A Meeting To Follow Up On The Outcomes Of The Washington Visit

Tuesday 30, April 2024 23:02 | Political Number of readings: 143  Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani chaired, this evening, Tuesday, a meeting that included a number of his advisors, to follow up on the outcomes of his recent visit to Washington.

The meeting discussed, according to a statement by the Prime Minister’s Office, the file of the Washington visit, and the follow-up of the implementation of the agreements and understandings concluded by the official Iraqi delegation, headed by the Prime Minister, with the American side, during the last visit, based on the government’s approach to closely following up on all the files it is working on, including “What is related to foreign relations and understandings with the governments of countries, the latest of which is the file of the relationship with the United States.”

The meeting witnessed a discussion of the results of the meetings of the Supreme Coordination Committee (HCC), concerned with activating the framework agreement between Iraq and the United States with its seven axes, as well as a discussion of the file of the important economic partnership held by the private sector.

Al-Sudani stressed the importance of following up on the understandings reached between Iraq and the United States in many areas, in order to arrange the bilateral relationship, in a way that serves the highest interests of Iraq.

Al -Sudani stressed the need to benefit from the competencies that the Iraqi communities abound in Reconstruction campaigns and service provision, and in implementing the priorities of the government program, and described these competencies as idle wealth.

The Prime Minister directed the advisors to arrange priorities in following up on the outcomes of the Washington visit, and that each advisor should follow up on a specific file, along with the relevant ministry and the Iraqi embassy in Washington, and raise the number of priorities in following up on the outcomes of the Washington visit.

What has been achieved, he also directed to appoint a special secretariat for the Higher Coordination Committee (HSS), and to emphasize the continuation of periodic meetings, to follow up and review what has been accomplished./End 9   https://ninanews.com/Website/News/Details?key=1124104

The Government Hires An External Auditor For The Trade Bank Of Iraq

Economy | 04/30/2024   Mawazine News – Baghdad  The Council of Ministers announced, today, Tuesday, the approval of contracting with an external auditor for the Trade Bank of Iraq; For the purpose of auditing the bank accounts.

A statement from the Prime Minister’s Media Office received by Mawazine News stated, “Within the framework of financial and administrative reform decisions, and what is related to reforming the banking sector, the Council approved, according to the statement, what was recorded in the letter of the Prime Minister’s Office on April 3, 2024, regarding contracting with an auditor.”

 External to the Iraqi Trade Bank, for the purpose of auditing the bank’s accounts, as the bank deals with a network of reputable international banks.”

Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani chaired the eighteenth regular session of the Council of Ministers.    https://www.mawazin.net/Details.aspx?jimare=247070

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

 Provoking Thoughts and Points To Ponder on Character:

The great hope of society is individual character.  - William Ellery Channing

 You must look into people as well as at them.  - Lord Chesterfield

Human improvement is from within outward.  - James Froude

Talent is nurtured in solitude; character is formed in the stormy billows of the world.  - Goethe

 Only what we have wrought into our character during life can we take away with us.  - Wilhelm von Humboldt

Every man has three characters - that which he exhibits, that which he has, and that which he thinks he has.  - Alphonse Karr

Not in the clamor of the crowded street, Not in the shouts and plaudits of the throng, But in ourselves, are triumph and defeat.  - Henry Wadsworth Longfellow

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Tuesday Evening 4-30-24

Goldilocks' Comments and Global Economic News Tuesday Evening 4-30-24

Good Evening Dinar Recaps,

Department at the Central Bank of Iraq and the Association of Private Banks organized the activities of the Arab Financial Inclusion Week at Al-Muthanna University - College of Management and Economics, in cooperation with the International Labor Organization.

The events included a seminar to introduce financial inclusion, a lecture on electronic payment and digital inclusion, as well as various lectures on financial stability, financial education, and the green economy project, in addition to concessional financing services for young entrepreneurs and businessmen.

It is noteworthy that these activities come within the Financial Inclusion Week, which began on April 27 and continues until May 2, with the aim of enhancing financial awareness and promoting financial inclusion in Iraqi society.  https://cbi.iq/news/view/2560   Central Bank of Iraq   Information Office   30 - April - 2024

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Emerging Markets Banking Announcement:

Burke joins MarketAxess as Global head of Emerging Markets

29 April 2024

Dan Burke will be responsible for the development and execution of business strategy for the EM business in both hard currency and local markets.

MarketAxess Holdings Inc. (MarketAxess) is an international financial technology company that operates an electronic trading platform for the institutional credit markets,[2] and also provides market data and post-trade services.[3] It enables institutional investors and broker-dealers to trade credit instruments, including corporate bonds, and other types of fixed income products.[4]  Asset Servicing Times  Market   Axess   Wikipedia

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Crypto ETF Announcement:

Hong Kong begins trading ETFs tomorrow.

Bitcoin ETF and Ethereum ETF

They expect to have better trading volumes than the US on the first day.

~~~~~~~~~

"FIATA International Federation of Freight Forwarders Associations announces the release of the Key Trade Documents and Data Elements (KTDDE) report, by the International Chamber of Commerce Digital Standards Initiative (ICC DSI), to which FIATA was a key contributor."

Freight Forwarders are intermediaries between companies who make products and the final destination for those goods. Freight Forwarders direct various transport options such as sea/ocean freight, rail freight, road transport, and air freight shipment.

We learned yesterday that the digital standardization of what we are talking about in this brief article has been completed. Today we learn, there are 36 key trade documents that are needed to be standardized inside the international trade ecosystem.

This includes the cross-border paperless trade tool kit. It is a tool kit providing information for the World Trade Organization and the United Nations Commission on International Trade Law.

This gives the World Trade Organization who is currently deciding weighted percentages on trade values for the Global Nation. This information will go a long way in determining exchange rates for countries around the world.

Digitizing and Standardizing the new Global Trading mechanisms for the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) will go a long way in leveling the playing field for Global trade.   AJOT   DVS   Tax - Thomson Reuters

WATCH THE WATER.

© Goldilocks

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"As China's big banks pull back from financing Russia-related transactions, some Chinese companies are turning to small banks on the border and underground financing channels such as money brokers - even banned cryptocurrency - the sources told Reuters."

In order to keep some of China's very profitable institutions afloat. China and Russia are going underground with Brokers and small banks near the border utilizing digital payments as their source.

Crypto payment exchange is part of this new shift in trade with Russia and China because of the sanctions that are being placed on Russia by the US.

This is only driving the push toward a new digital economy forward at a rapid pace. These new avenues of payment sources are giving more reasons for China and Russia to de-dollarize their financial system and move toward a Level Playing Field in trade with each other.  TBS News

© Goldilocks

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Mass adoption for the XRP Ledger has begun in Japan. This move will give Japan much more breathing room for the Yen.

XRP will provide a liquidity source that can replace the dollar in currency exchange for that country going forward and others who trade with them using the new digital asset-based trading system.

A move like this will give them less reliance on Swift and more reliance on The XRP Ledger and XRP Stablecoin to move their money digitally.

Now, we can expect the dedollarization process to speed up in Japan as they begin the process of selling their dollars for gold.  Coin Telegraph

© Goldilocks

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LONDON (Reuters) - "Regulators must equip themselves with tools such as "bail-in" bonds to deal quickly with a failed clearing house for stocks, bonds or derivatives without having to call on taxpayers for cash, the G20's risk watchdog said on Thursday."

We have never seen this in our lifetime. The danger of Clearing Houses, those who move our money, failing to do so because of a lack of money on both sides of a trade.

And, we are being told that it will not be taxpayers that make up the difference in these losses, even though, inflation is a form of tax that has been confiscated from people around the world to probably make up the difference in these losses.   😉

Ripple and Ripple Ledger is beginning to be activated in some major countries at this time that will move some of these Clearing House transactions to The XRP Ledger.

This is why we will see challenges in the movement of money for a period of time as Clearing Houses transition some of the movement of money into Wire (Digital) Houses going forward. Finance Yahoo Investopedia

© Goldilocks

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Electronic Transfer Vs Wire Transfer: How They Work | Stax Payments

We are transitioning from the movement of money through wirehouses to electronic transmissions of money.

This is where the new digital economy will be taking over the traditional ways of moving money.

Electronic movement of money is far more efficient and faster than traditional modalities.

Part of the transition into this new transmission of money will create some backup logs in the old system.

My understanding is the QFS has been running side by side with the old system to coordinate and catch the inevitable snags that may come our way.

© Goldilocks

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French Hill, a prominent Republican member of the US Financial Services Commission, has expressed his willingness to support combined legislation linking cannabis banking to stablecoin regulation, pending negotiations. | Cryptodnes

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New Research from Material and NewtonX Reveals Shifts in Digital Ad Spending and Social Media Strategies

New insights show how advertisers and agencies are succeeding and spending in an era of advertising targeting, social media and AI    BusinessWire

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Dollar Dominance: America's Power Pivot | Youtube

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Russia gives mixed signals about common BRICS digital currency - Ledger Insights - blockchain for enterprise

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Bank of Japan launches CBDC API Sandbox, publishes digital yen report - Ledger Insights - blockchain for enterprise

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URGENT & BREAKING NEWS Iraq Vietnam  How to Buy ZiG Zimbabwe | Youtube

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Distributed Ledger Technology (DLT) Explained | Youtube

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Ripple and Hashkey DX Partner to Boost Blockchain Supply Chain Solutions in Japan – News Bytes Bitcoin News

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Uphold Fees & Limits | Uphold Help Center

Hi yeah I know it is sad ,

We wanted to let you know that we’ve increased the deposit and withdrawal limits that apply to your Uphold Wallet.

Don’t worry, there’s nothing for you to do. Please see the changes below:

Deposits (Daily and monthly limits have been removed)

ACH Micro-deposits:
Weekly deposit limit: $2,000 
Limit per deposit: Increased from $500 to $2,000

ACH Plaid:
Weekly deposit limit: $10,000 
Limit per deposit: Increased from $500 to $10,000

Cards/APMs:
Maximum limit per deposit: $15,000
Weekly limit: $15,000

Withdrawals (Monthly limits have been removed)

ACH Plaid & ACH Micro-deposits
Daily withdrawal limit: Increased from $10,000 to $25,000

Debit Cards:
Weekly withdrawal limit: $5,000 
For more details, please refer to our FAQs.

Thank you,   Team Uphold

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👆Something has changed...

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Why Do Banks Have Limits and Holds? - Grasshopper

These regulations not only help to keep the bank financially safe but protect you as well. For example, if you were to experience fraud, withdrawal limits are in place to prevent hackers from being able to remove all the funds from your account. 

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This is just a speculation and don't hold me to it, but I suspect new regulation security measures have just been placed on the QFS to allow such freedoms.

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Stellar Development Foundation Quarterly Review: Q1 2024 | Youtube

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Goldilocks on the Seeds of Wisdom Team™ Website

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Thank you Dinar Recaps

“Tidbits From TNT” Tuesday 4-30-2024

TNT:

CandyKisses:  Government official reveals the actual date of the start of the implementation of the development road project

 {Local: Euphrates News} The General Company for Iraqi Railways in the Ministry of Transport set early next year 2025 as a date to start the actual implementation of the "Development Road" project, after seven governorates approved its route, confirming the achievement of 66% of railway designs on this road.

The general manager of the company, Younis Khalid Al-Kaabi, said in a press statement that "the project (development road) is large and gigantic, and the Ministry of Transport is the incubator for it, both rail and land," noting that "the project is in the process of progress in the initial designs, as the percentage reached more than 66% of railway designs, and 50% of the land road designs, and the soil investigations exceeded nearly 1,000 kilometers, with a completion rate of 89% for the areas north of Baghdad to the border, and 85% from south Baghdad to Faw."

"The soil investigation and topographic survey teams are continuing their work, and the Italian designer continues to complete this project according to the set time, which is one of the world's leading consulting firms," he added.

"The General Railways Company has all the documents reviewed and approved regarding the (Development Road) project in cooperation with experts and designers in the Italian company, and communication with all the governorates through which the road passes and the ministries concerned with it," al-Kaabi said.

Tishwash: The Iraq Stock Exchange receives the shield of the Arab Financial Markets Union in Doha

The Iraq Stock Exchange received the shield of the Arab Financial Markets Union in Doha.

A statement from the Securities Commission, received by the Iraqi News Agency (INA), stated that “the Iraqi Stock Exchange participated with the Arab financial markets in the work of the meeting of the General Authority for Arab Financial Markets, and the opening of the trading session of the Qatar Stock Exchange, in addition to the annual conference of the Arab Financial Markets Federation sponsored by the Qatar Stock Exchange.” , which was hosted by the Doha Stock Exchange / State of Qatar for its 2024 edition.

He added, "He also participated in financial market discussions with financial technology experts and the future of trading in financial instruments and ongoing financial market experiences, and discussed the performance of Arab financial markets that are members of the Arab Federation AFCM and joint cooperation plans," pointing out that "the Iraqi Stock Exchange won the position for the second year." First in average daily trading volume for 2023 indices, and won the Arab Capital Markets Federation shield in Doha.”

He continued: “While the Saudi Tadawul market achieved the best position in the number of contracts executed and in the trading value achieved for the indicators of the year 2023,” noting that “the Egyptian Stock Exchange achieved the best return on trading and the best number of new investors for the year 2023, along with the stock exchanges of Jordan (Amman), Bahrain, and Abu Dhabi.” As the best stock exchange in ESG indicators and PE ratio.  link

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Tishwash:  Budget schedules postpone the House of Representatives' recess

The Parliamentary Finance Committee expects the general budget schedules for the year 2024 to arrive at the beginning of next May.

The tripartite budget tables need to be reviewed periodically every year, to adjust project costs and salary bills and include new projects. This means that the budget is past and does not need to be approved in full, since it was approved last year.

The 2024 budget is at a standstill between the government and the House of Representatives, despite the approval of a tripartite budget for the first time in the country’s history, and despite the fact that the Ministry of Finance sent the tables more than a month ago to the Council of Ministers, at a time when the Parliamentary Finance Committee demanded that the government send the final accounts of the previous budgets.

The Finance Committee is awaiting the arrival of the budget schedules, according to a previous statement by its Chairman, Atwan Al-Atwani, to “correct the path of the budget by maximizing non-oil revenues, encouraging the private sector, and reducing operational spending,” while the House of Representatives decided to extend its legislative term, which will end next May 9, “until it is approved.”

Budget tables.” Representative Kazem Al-Fayad told Al-Sabah: “We in the House of Representatives are waiting for the general budget that the government will send after approving its schedules,” and added, “The schedules were supposed to arrive no later than the second month of the current year.”  link

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Tishwash: Al-Fateh: Washington is fighting for its continued presence inside Iraq

 On Monday, a member of the Al-Fatah Alliance, Mahmoud Marei, confirmed the falsity of the American administration regarding the issue of removing combat forces from the country after the Dutch ambassador’s statement of the continuation of the international coalition’s mission in Iraq, while he stressed that Washington is fighting for its continued presence inside Iraq.  

Mar'i said in a statement to the Al-Ma'louma Agency, "Washington continues to create crises and raise security, economic, and societal problems, to use them as an excuse to stay in Iraq," noting that "targeting Iraqi military and security symbols is one of Washington's malicious plans." 

He continued, "The Iraqi Islamic Resistance's rejection of the foreign presence is the most prominent obstacle that America has failed to overcome," noting that "the continued foreign presence in Iraq represents the largest military operation compared to the many victories of the resistance that were achieved against them in the previous period." 

Mari concluded his speech: “Foreign embassies work through many malicious plans that they spread within society in order to gain public opinion’s support for the military presence,” pointing out that “the United States of America is fighting for its continued presence inside Iraq.” 

The Ambassador of the Kingdom of the Netherlands to Iraq, Hans Sande, had confirmed in a statement that his country would take over the leadership of the NATO mission in Iraq in mid-May, indicating that it would be the largest in the world at the level of institutions outside the Dutch borders. 

The State of Law Coalition, in an interview with the Maalouma Agency, described the formation of joint committees to remove foreign combat forces as a blatant American game, while stressing that the exit of American forces will not take place through diplomatic means or political negotiations.  link

Mot ... Oooooooh Deeeeeeeer!! -- Waats Next???? 

Mot: . Ya Gots to Love ole ""Earl""

Iraq Economic News and Points to Ponder Tuesday AM 4-30-24

Iraq Economic News and Points to Ponder Tuesday AM 4-30-24

A Fixed Or Fixed Exchange System For The Iraqi Dinar
 
Mahmoud Dagher
 
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 cracking of 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 one financial outlet compared to another (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 others.
 
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.
 
775 views     Added 04/29/2024 - https://economy-news.net/content.php?id=42981  

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

 Provoking Thoughts and Points To Ponder on Character:

Always do right. This will gratify some people, and astonish the rest.  - Mark Twain

Too often when conscience tries to speak, the line seems to be busy.  - Anonymous

You must look into people as well as at them.  - Lord Chesterfield

Talent is nurtured in solitude; character is formed in the stormy billows of the world.  - Goethe

Generous people are rarely mentally ill people.  - Karl Menninger

 Only what we have wrought into our character during life can we take away with us.  - Wilhelm von Humboldt

When wealth is lost, nothing is lost; When health is lost, something is lost; When character is lost, all is lost!  - Anonymous

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

http://famousquotesandauthors.com/quotes_by_topic.html

MilitiaMan: Iraq Dinar Update - IQD news - Investment - Projects - Confidence Building - National Bank of Iraq

Iraq Dinar Update - IQD news - Investment - Projects - Confidence Building - National Bank of Iraq

MilitiaMan and Crew:  4-29-2024

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=wD1wJcvy5iY

Iraq Economic News and Points to Ponder Monday Afternoon 4-29-24

Iraq Economic News and Points to Ponder Monday Afternoon 4-29-24

Telecommunications Announces The Imminent Issuance Of An Internationally Recognized Digital Signature For The First Time In Iraq

The Minister of Communications, Hiyam Al-Yasiri, announced the imminent issuance of a digital signature with internationally recognized global auditing.

The ministry said in a statement, “Minister of Communications Hiyam Al-Yasiri chaired a consultative meeting with a number of the Prime Minister’s advisors to discuss launching the electronic signature project in the presence of advanced staff in the ministry and the General Company for Communications and Informatics at the ministry’s headquarters.”

The statement added, "During the meeting, a presentation was given about the project, the stages of its implementation, and the procedures for creating a special platform to be launched on the mobile phones of employees and citizens to obtain an electronic signature."

The Minister stressed - according to the statement - “the importance of issuing a digital signature with global scrutiny, recognized and subject to international standards,” pointing out, “the importance of the project as it is one of the basic building blocks for automation and digital transformation projects, the implementation of which will begin in the Ministry of Communications and then in other ministries and institutions.”

She pointed out that "the meeting touched on extensive discussions of the observations made by the attendees, which enriched the topic and will be taken into consideration during the coming period."

Digital signature refers to an electronic authentication process in which signature techniques are used to confirm a person's identity and the authenticity of the signed document.

If the authenticity of this signature is verified on a global level, it will carry the necessary importance and trust in many contexts, such as international financial transactions or official authentication of documents in various countries and sectors.   https://www.radionawa.com/all-detail.aspx?jimare=38105

Decrease in dollar exchange rates in Baghdad, Basra and Erbil

Monday 29 April 2024 12:03 | Economical  Number of readings: 250   Baghdad / NINA / The exchange rates of the dollar against the dinar witnessed a decline on Monday morning in Baghdad, Basra and Erbil.   Below is a list of dollar selling prices:

$100 = 144,500 dinars in Baghdad   $100 = 144,600 dinars in Basra   $100 = 144,600 dinars in Erbil./End 9

https://ninanews.com/Website/News/Details?key=1123763

The Iraqi Central Bank Announces The Strengthening Of Banks’ External Accounts By $260 Million

Economy News – Baghdad  External remittances at the Central Bank of Iraq auction increased by 95% today, Sunday, at the expense of cash sales, to reach $261 million.

Today, during its auction for buying and selling the US dollar, the Central Bank sold 275 million, 227 thousand and 267 dollars, which the bank covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash. .

Most of the bank's dollar sales went to strengthening balances abroad in the form of (transfers, credits) which amounted to 261 million and 37 thousand and 267 dollars, an increase of 95% over cash sales of 14 million and 190 thousand dollars. 04/28/2024 - https://economy-news.net/content.php?id=42920

Central Bank Sales Exceed $278 Million...Today

Monday 29 April 2024 | Economical Number of readings: 127  Baghdad / NINA / The Central Bank of Iraq announced, today, Monday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) at $261,578,540, while the total amount of cash sales amounted to $16,520,000, and the total amount of sales amounted to $278,098,540.

The cash sale was set at 1,305 dinars to the dollar, while the bond credits, international settlements for the electronic card, and foreign transfers were set at 1,310 dinars to the dollar. /https://ninanews.com/Website/News/Details?key=1123795

The Iraqi Stock Exchange Traded More Than 4 Billion Shares During One Session

Market  Economy News – Baghdad  During today's session, Monday, the Iraq Stock Exchange traded more than 4 billion shares, while the Palestine Hotel Company topped the shares that rose the most.

The number of shares traded reached 4.009 billion shares, while the value of shares traded amounted to 14.2 billion dinars,   and 869 trading deals were concluded during the session.

Palestine Hotel shares topped the list of shares that rose the most, with 2.7 million shares traded at a value of 4.55 dinars.

The Iraq Stock Exchange announced today, Monday, that it will suspend its activity for one day next Wednesday, coinciding with International Labor Day. Views 47  04/29/2024 - https://economy-news.net/content.php?id=42970

Oil Prices Declined In Early Global Trading

Economy | 08:53 - 04/29/2024  Mawazine News – Baghdad  Oil prices rose in early Asian trading on Monday, giving up gains made in Friday's session, as peace talks between Israel and Hamas in Cairo eased fears of a widening conflict in the Middle East.

US inflation data also reduced expectations of a reduction in interest rates soon.

Brent crude futures fell by one dollar, or 1.1 percent, to $88.50 per barrel, before rising to $88.55 by 0149 GMT.

West Texas Intermediate crude futures fell 84 cents, or 1 percent, to $83.01 per barrel.

In this context, Tony Sycamore, an analyst at IG Market, believed that the intensification of mediation efforts in a truce agreement between Israel and Hamas eased geopolitical tensions and contributed to the weak opening of the markets on Monday.  https://www.mawazin.net/Details.aspx?jimare=246917

Al-Sudani Directs The Updating Of The National Energy Strategy

Energy  Economy News – Baghdad  Today, Monday, Prime Minister Muhammad Shiaa Al-Sudani directed the updating of the national energy strategy.

The Prime Minister's Media Office stated, in a statement received by Al-Iqtisad News, that "Prime Minister Muhammad Shiaa Al-Sudani chaired a meeting devoted to discussing the plans of the Ministry of Electricity and the National Energy Strategy file, in the presence of the Ministers of Electricity and Oil."

Al-Sudani directed, "to form a specialized team from the ministries of planning, electricity, oil, and finance, and a body of advisors, to work on an urgent update of the integrated national energy strategy, on the basis of reviewing the energy file and what Iraq needs at the level of productive energy and fuel energy, and at the same time ensuring the sustainability of financing energy projects." To prevent its delay or stop.

He stressed, "It is necessary to take into account, in updating the strategy, the integration of energy projects with each other, that sources of gas security be available to operate gas electricity stations once they are completed, that gas transmission pipelines be available once its production from oil fields is completed, and that electrical stations that benefit from it are available."

He stressed "the importance of the strategy taking into account the path that the state is supposed to take to reduce the burdens of the energy file on state funds," directing "the need for the specialized team to submit its report updating the strategy after consultation with the relevant ministries and with the consultant to the Ministry of Planning, KBR Company."

The statement continued: The meeting witnessed a discussion of resolving the pipelines transporting the gas produced from the gas stations, especially since within six months gas will be produced in West Qurna, which requires work on introducing this carrier pipeline to the national network.

He pointed out that "the meeting discussed the issue of electricity collection, and followed up on the implementation of the directives issued at previous meetings." Views 61   04/29/2024 - https://economy-news.net/content.php?id=42960

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 Monday Evening 4-29-24

Goldilocks' Comments and Global Economic News Monday Evening 4-29-24

Good Evening Dinar Recaps,

How EU’s ‘complete mess’ on stablecoin regulation risks delistings with MiCA deadline approaching

"Experts worry that the regulations are so onerous and confusing that they will drive out some stablecoins starting on June 30 when the laws kick in."

On June 30th, 2024, Stablecoins and Cryptocurrency Regulations will become law. At that time, we will have a digital economy capable of running the banking system and the markets.

This is when we are going to see utility drive the new digital market in these new digital assets. It will move the prices of these assets into real values.

Market values will move to fundamental correlations based upon supply and demand bringing in new prices on every sector of the market. This includes the Forex Market where Stablecoins will represent them.

At that time, credit valuation adjustments will begin the process of floating values up or resetting their values entirely.   | CoinStats

© Goldilocks
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"A Treasury buyback is a purchase of United States Treasury debt by the Treasury and subsequent cancellation of that debt."

My understanding is that the United States is buying back its own debt from bonds that have been on the books for a long time. It could move to some of the short-term debts if needed.

These Treasury Bonds can provide liquidity due to the fact they are bought and sold in a pre-sale event of their maturity date canceling that debt instrument and providing liquidity for the markets.

This move will help manage debt objectives by holding the US dollar at a stable rate to prevent trade deficits taking place with the exchange rate of the dollar among other countries.

This is a form of currency intervention for the US dollar to keep it at a stable foreign exchange rate. This is happening because many countries are beginning to sell their dollars for their own currencies, but this is a temporary fix.

The inevitable is happening my friends, and moves like this give us an idea that a Level Playing Field in currency markets are growing close to a Global Currency Reset.  Morning Star   TreasuryDirect

Watch the water.

© Goldilocks

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"Zimbabwe bid farewell to its old Zimbabwean dollar notes on Friday, marking the transition to the new gold-backed Zimbabwe Gold (ZiG) currency."

This is the first day that Zimbabwe is using their new gold-backed currency. This will shift their monetary policies.

No references have been made that they are backing their bonds by gold at this time. More on this at the end of the article...

Their trading mechanisms will shift into free trade agreements between countries. Supply and demand trades will do away with tariffs and put the countries they trade with on a Level Playing Field.

Using gold as a means of exchange for equal value trades, rather than, uneven weighted values through tariffs will make their trading partnerships far more appealing going forward.

Special note: All we have been told is that their currencies are being backed by gold, but we have heard nothing about gold backing their bonds or historical bonds yet.  ReportFocusNews  C Bonds

Watch the water.

© Goldilocks

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BRICS Eye Stablecoin Launch To Reduce The Influence Of The US Dollar — Will Ripple's XRP Be Utilized? ⋆ ZyCrypto

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De-dollarisation gains traction among Brics | Khaleej Times

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BRICS makes headlines with new expansions – Here’s where and who |  Cryptopolitan

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Austin, Texas-based start-up Episode Six is banking on Hong Kong demand for virtual payments, SME lending | SCMP

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International Trade Announcement:

"The International Chamber of Commerce’s Digital Standards Initiative (DSI) has completed the mammoth task of attempting to find common digital data standards for a raft of widely used trade documents."

The Digital Standards Initiative (DSI) is the International Governance Board that is currently setting standards for international trading relationships around the world.

They are telling us they have completed this all-encompassing set of Global Standards. This will be applied to their new digital bills of lading that will determine new price correlations on cargo ships moving products around the world.

These new price correlations will be tokenized assets that hold a weight of gold in their determining price for movement.

Credit Valuation Adjustments are now becoming possible in 80% of our trades around the world that determines, through supply and demand, new exchange rates that will be forthcoming. GT Review   Investopedia    PackageX

WATCH THE WATER.

© Goldilocks
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The Iraqi Dinar | Youtube

👆  Goldilocks pointed to this article

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Printing error makes $1 banknotes worth $150,000 each — check yours | The News

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Here’s How EU Nations Are Preparing to Enforce MiCA | Coin Desk

European Union member states are gearing up to enforce MiCA, the landmark crypto law that requires national regulators to license and supervise service providers.

MiCA is an EU-level regulation but nations can implement slightly different technical standards, which crypto firms should follow closely, policy watchers say.

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