Iraq Economic News and Points To Ponder Late Monday AM 6-10-24

Iraq Economic News and Points To Ponder Late Monday AM 6-10-24

Minister Of Oil: The Proportion Of Gas Investment Has Risen To 63 Percent, And We Plan To Build A Number Of Refineries

Economy      Today, 22:17  Baghdad – ; Deputy Prime Minister and Minister of Oil, Hayan Abdul Ghani, confirmed that the  proportion of gas investment has risen to 63 percent, while indicating that  the government is planning to build a number of refineries.

Abdul-Ghani said to the “Duty of Frankness” program, which is shown on Al-Iraqiya News and affiliated with the Iraqi News Agency (INA), that  the proportion of gas investment rose to 63%,” indicating that

 “the quantities of gas invested reached 1,900 million cubic feet.” 

He added,   "One thousand million cubic feet of gas is burned daily," stressing that "gas burning will stop completely for the period from 2028 to 2030."  He pointed out that "Iraq will not need to import gas in the future," noting that "the Okaz field produces 60 million cubic feet of gas."

 He continued, "Iraq's gas reserves are estimated at 140 trillion cubic feet," pointing out that "gas is considered the cleanest type of energy and fuel currently."  He stated,

"A refining capacity estimated at 360 thousand barrels per day was added during the life of the current government," explaining that   "Iraq consumes 28 million liters of gasoline per day." 

He pointed out that

 "Iraq produces 21 million liters of gasoline per day," noting,

 "We will achieve self-sufficiency in gasoline during the next year."  He pointed out that

 "gasoline is subsidized by 50 percent from the state," stressing that  

"the price of gasoline in Iraq is much lower than in other countries." 

He explained, "We have achieved self-sufficiency in white oil and gas oil," noting that "for the first time in the history of Iraq we have achieved self-sufficiency in gas oil."  He continued, "Iraq produces 4 million barrels of oil per day," noting that "Iraq exports 3 million and 400 thousand barrels of oil per day, and sometimes 3 million and 450 thousand barrels."  He went on to say:

"We hope to have multiple outlets for exporting Iraqi oil abroad," pointing out that

"OPEC decisions are issued in coordination with Iraq."  The minister continued,

"We are looking for other sources to deliver Iraqi oil to global markets," adding:  

"We were exporting 400,000 barrels of oil per day through Turkish Ceyhan before it stopped."  He stated that "we are conducting negotiations with Turkey to resume oil exports through Ceyhan," noting that

"there is progress in negotiations between the center and the region regarding the Iraqi-Turkish oil pipeline."  He pointed out that "the Aqaba pipeline project has been on the table since 1983," stressing that

 "we went towards activating the Basra Haditha pipeline all the way to the Iraqi-Turkish pipeline."

He continued,  "We plan to build a number of oil refineries in Nasiriyah, Samawah, and a number of governorates," explaining that  "the strategic pipeline project will feed the refineries with oil."  He pointed out that   "there is a plan to move the Doura refinery to Jurf Al-Nasr," stressing that "450 thousand barrels of oil per day go to local consumption."   https://www.ina.iq/210531--63-.html    

The Investor Sells To A Financier By “Defaulting” The Finances.. The Secrets Of The High Prices Of Investment Housing Units

 Economy     2024-06-09   3,128 views    Alsumaria News-Economy    Today, Sunday, the Parliamentary Investment Committee reviewed the reasons for the “dilemma” of high prices for investment housing units, which were supposedly created to solve the housing crisis in the country, while indicating that the

 most prominent reason is that the investor did not obtain a contract with the Ministry of Finance and therefore sold the units to “financiers.” “ They can set selling prices without any restrictions.

 The Vice Chairman of the Committee, Hussein Al-Sabari, said in an interview with Al-Sumaria News,

“There are several reasons behind the rise in the prices of investment housing units, especially in Baghdad,” noting that  the higher the prices.” 

He added,   "The other side of the rise in prices is that every investor who applies for a residential investment project provides economic feasibility by determining the construction price and the purchase price," noting that

 "investment bodies, whether national or in the governorates, did not follow up and monitor the different numbers between reality and feasibility." "Economic, and therefore

 we did not witness any punitive measures or warnings issued by investment authorities against violating companies." 

He explained that  the main reason behind the lack of monitoring and rising prices is that some investors circumvent this mtter by selling housing units to banks or financing financial institutions, and

 they in turn sell at higher prices and in the numbers they want, as

 they are not a party to the contract related to economic feasibility.  He points out that

 “the investor’s justification for selling the units to a financier or bank is that he did not obtain a loan or contract with the Ministry of Finance and the State Real Estate Department,” noting that

 “there is negligence in the Ministry of Finance regarding this issue, represented by the problem of not signing contracts, which... The investor pays to sell the housing units to banks, which finance the construction, acquire the housing units, and sell them at the prices they want.” 

He explained,  "If the pace of work in new cities is fast and starts offering reasonable prices, it is possible for the middle classes to obtain housing units.

 However, with this climate and investment environment in this way, it is difficult for the middle class to obtain apartments, especially within the capital, Baghdad."   

 https://www.alsumaria.tv/news/economy/490731/المستثمر-يبيع-لممول-بـتقصير-من-المالية-أسرار-ارتفاع-أسعار-وحدات-السكن    

Reconstructing Iraq: The role of banks in financing the future
 

Time: 06/08/2024 20:27:26 Read: 2,730 times  {Economic: Al-Furat News} Reconstructing Iraq after years of wars and conflicts represents a great challenge,
 
but it also represents an opportunity to rebuild a strong and sustainable economy.
 
Banks play a crucial role in financing reconstruction, by providing the loans and credit facilities necessary to finance construction and infrastructure projects.
 
The Iraqi Deposit Insurance Company played an important role in enhancing the confidence of investors and depositors in the Iraqi banking system,
 
which made it easier for banks to obtain the necessary financing for reconstruction.
 
It is estimated that Iraqi banks have provided loans worth more than $10 billion to finance reconstruction projects in recent years.
 
Germany's experience after World War II is an inspiring example of how banks can play a crucial role in the country's reconstruction.
 
The KfW German Development Bank has contributed to financing many vital projects in Germany, such as rebuilding industrial and residential infrastructure, and providing financing for small and medium-sized companies.   
 
https://alforatnews.iq/news/إعادة-إعمار-العراق-دور-المصارف-في-تمويل-المستقبل   

After Depriving About 200 Commercial Companies Of The Dollar... Will Some Goods “Disappear” From The Market?

 Economy     2024-06-08 | 4,496 views Alsumaria News-Economy  Today, Saturday, the Baghdad Chamber of Commerce outlined the expected effects of the Central Bank of Iraq’s recent decision to deprive 197 general trading companies from the currency auction, due to violations, while indicating the possibility of these companies returning to the auction.

 Baghdad Chamber of Commerce spokesman, Rashid Al-Saadi, told Al-Sumaria News,

“The suspension of 197 companies and deprivation of obtaining the dollar at the official rate from the Central Bank of Iraq came after violations were flagged and the provision of unreal and exaggerated information about their trade and imports,” noting that“

 some of their transactions The information you provided is fictitious, and in light of these violations, this penalty was imposed and they were removed from the list for obtaining dollars.”

Regarding whether depriving these companies will have expected effects on the market or the possibility of the “disappearance” of some types of goods and merchandise, especially since these companies are all general trade and cigarette import companies, Al-Saadi said,

 “This number does not represent anything, as there are thousands of companies entering the currency auction for the purpose of obtaining dollars.”

Therefore, the increase in these companies will not have a significant impact on the market, whether in terms of goods or in terms of the rise in the price of the dollar.” 

He explained that  "the number of companies and merchants who enter through the currency platform is large and increasing day after day, after the facilities of the Central Bank and the increased experience of bank employees, as

 previously merchants were facing problems and did not accept to buy dollars from the Central Bank due to the difficulty of dealing. However, employees...

 "The banks have entered into training courses and the process has become easier."

 Regarding the future of these companies and whether they will stop their work or go to buy the dollar from the parallel market, he stressed that

“these companies can adjust their legal status and submit a request to the Central Bank to reconsider the decision after these companies apply the required standards,” noting that “this matter

 This happened earlier with 5 major and well-known companies in Iraq, where they were deprived of the dollar after a penalty was imposed on one of the banks,

 but these companies submitted a request to the Central Bank, met the required standards, and returned to the currency auction easily.”  

 https://www.alsumaria.tv/news/economy/490639/بعد-حرمان-نحو-200-شركة-تجارية-من-الدولار-هل-تختفي-بعض-السلع-من-السوق؟    

The European Union Mission Expresses Its Readiness To Cooperate With The Iraqi Banking Sector

 June 09, 2024   His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the European Union mission headed by His Excellency Ambassador Mr. Thomas Seiler in Baghdad.

His Excellency the Governor discussed the role of the Central Bank of Iraq and its interest in developing the banking sector, and its diligent measures in structuring government banks and addressing problems therein with direct support and follow-up from the Prime Minister.

 His Excellency explained that these banks used international auditing companies.

Pointing out that the Central Bank is working to establish a “Riyadah Bank” specialized in

      financing small and medium enterprises, in order to

     facilitate and develop credit capacity, in consolidating loans, with support and supervision from the Central Bank and

     financing from private banks, and

     seeking the expertise of international organizations in this field.

 In his speech, His Excellency the Governor focused on the bank’s interest in

   strengthening and developing electronic payment systems and

   internal and external electronic financial transfers, and

   developing supervisory practices in the field of combating money laundering in accordance with international standards.

 For his part, Mr. Siler praised the role of the Central Bank of Iraq in the steps it took to develop the

   banking sector,

    conomic stability, and

   confront difficulties and challenges.

 Expressing the readiness of the European Union to provide support and joint cooperation in developing systems and expertise for the staff of the Central Bank of Iraq and to open areas of cooperation with the Iraqi and European banking sectors through official communication methods between them.

 Central Bank of Iraq  information Office  June 9, 2024  https://cbi.iq/news/view/2604    

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

Provoking Thoughts and Points To Ponder On Adversity:

Every difficulty slurred over will be a ghost to disturb your repose later on.  - Fridiric Chopin

Fire tries gold, misfortune men.  - Anonymous

The fiery trials through which we pass will light us down in honour or dishonour to the latest generation.  - Abraham Lincoln

Thou hast shown thy people hard things: thou hast made us to drink the wine of astonishment. - Bible

A wounded deer leaps the highest.  - Emily Dickinson

The difficulties which I meet with in order to realize my existence are precisely what awaken and mobilize my activities, my capacities.  - Jose Ortega y Gasset

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

http://famousquotesandauthors.com/quotes_by_topic.html

“Tidbits From TNT” Monday 6-10-2024

TNT:

Tishwash:  Politician: American forces will remain in the military bases, with only their description changing

Political analyst Qasim Balshan said on Monday that American forces will not leave Iraqi territory and will remain in the camps while changing the capacity in which they are present inside Iraq.

Balshan told the Maalouma Agency, “There is no actual move to end the presence of American forces in military bases, and what will happen is to change the capacity in which these forces are present.”

He added, “The Sudanese visit to Washington did not involve an agreement with the American administration to withdraw its forces from Iraq, as there is no official request submitted by the Iraqi government to its American counterpart to withdraw its forces from military bases inside Iraq. "

He promised, “The talk about ending the American military presence will not be implemented on the ground, since the government did not approach the American administration in this regard.”    link

CandyKisses: China displaces European companies from Iraq's energy sector

The Iraqi government is setting increasing the country's oil reserves to more than 160 billion barrels, a strategic goal for the next stage, on a strong path to support its steps in terms of ongoing economic reforms, and support its ability to achieve sustainable development and improve its economic reality.

Iraq has high hopes for its crude oil exports, especially with the formation of more than 90 percent of the Iraqi budget revenues, which prompted it to launch a set of projects to increase production and open the way for investments in the field of oil and gas field exploration.

In this context, Chinese companies have emerged as a major player in the oil investment arena in Iraq, in contrast to the absence of American and European companies, through the acquisition of many new investments by a number of companies to explore oil and gas fields in Iraq, as part of the licensing round launched by the Ministry of Oil to develop the oil and gas sector in the country

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CandyKisses: Saudi Arabia and America are putting the final touches to an unprecedented alliance. Surprise details revealed

Baghdad today - follow-up

American and Saudi officials said today, Sunday (June 9, 2024), that the administration of President Joe Biden is close to finalizing an unprecedented defense agreement with the Kingdom of Saudi Arabia, according to the American Wall Street Journal.

The newspaper reported that the Biden administration is about to finalize a treaty with Saudi Arabia, under which Washington commits to helping defend the Kingdom as part of a deal aimed at advancing diplomatic relations between Riyadh and Israel (normalization).

The potential deal, which has been widely debated between US and other officials for weeks, is part of a broader package that will include a civilian nuclear deal between Washington and Riyadh and steps toward Palestinian statehood and an end to the war in Gaza.

The newspaper quoted US and Saudi officials as saying that the draft treaty was modeled after the joint security agreement between the United States and Japan.

The draft treaty would give Washington the possibility to use Saudi territory and the kingdom's airspace to protect US interests and partners in the region in exchange for a US commitment to help defend Saudi Arabia in the event of an attack.

It quoted officials as saying the treaty was also aimed at strengthening ties between Riyadh and Washington by preventing China from building bases in the kingdom or continuing security cooperation with Riyadh.

Approval of the treaty, which the Wall Street Journal said would be called the Strategic Alliance Agreement, would require a two-thirds majority vote in the US Senate in favor, something that would be difficult to achieve unless the agreement provided for normalization of relations between Israel and the kingdom.

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Tishwash:  International Monetary Fund mission: We expect growth in the Iraqi economy

The head of the International Monetary Fund mission in Iraq, Dr. Ghazi Shubaikat: There has been growth in the Iraqi economy in light of the reforms adopted by the government, at a time when he stressed that Iraq must work to achieve financial sustainability while having the elements to achieve this goal.

Al-Sabah met with the head of the mission and asked him the following questions:

*What does the Fund expect for the future of the Iraqi economy?
- The Fund expects growth in the Iraqi macroeconomy, in conjunction with the reforms adopted by the government with the aim of creating realistic solutions to all economic problems, and we sensed seriousness from the Iraqi government in the field of achieving economic reforms that strengthen the relationship with the Fund, and this encourages the strengthening of cooperation in a way that serves the Iraqi economy, which is suffering. Chronic problems.
*
How does the Fund support the Iraqi economy and what is the source of support?
The International Monetary Fund supports Iraqi reforms that achieve financial sustainability, keeping Iraq away from any crises affecting the oil market, which Iraq relies on to cover its annual expenses, especially since a country like Iraq needs large revenues to cover the needs of all sectors, and this needs to create Real financial sustainability through reviving the productive and service sectors and bringing the capital cycle into a local context.

*What do you advise regarding reducing unemployment rates?
Iraq must focus on the labor market and create advantages in the private sector equivalent to what it obtains in the public sector, so that employment can be directed to the private sector, which must be activated within limits commensurate with Iraq’s economic capabilities.

*What does the Iraqi labor market need?
It is necessary to work on training and qualifying human resources in all specializations in light of the presence of human wealth that can be employed in a way that serves Iraq, with the need to create skilled labor in all sectors and in a way that is consistent with the government’s reform policy.

*In your opinion, where are the strengths in the economy?
- The private sector represents an economic force that can overcome challenges and gradually advance the national economy. It addresses many problems, especially since Iraq can achieve a diversity of revenues from sectors, some of which are distinguished by achieving sustainable revenues.

*What about the financial sector?
Competitiveness in the financial sector can create a solid financial sector with advanced services and safe and transparent money paths that support the economy and the stages of development it seeks and works to achieve, and reaches the most important goals of financial sustainability.   link

Mot: Must be Soooo - Cause it Says Sooooo 

Mot: .. Siiggghhhhhh -- getting to be a Habit it is!!!! 

MilitiaMan: IQD Update-Iraq Dinar-Provide Hard Currency-Exit from the FATF-Restoring Confidence Globally-CBI-IFC

IQD Update-Iraq Dinar-Provide Hard Currency-Exit from the FATF-Restoring Confidence Globally-CBI-IFC

MilitiaMan and Crew:  6-9-2024

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=4xi9TOUcMYQ

Iraq Economic News and Points To Ponder Late Sunday Evening 6-9-24

Iraq Economic News and Points To Ponder Late Sunday Evening  6-9-24

Al-Sudani: The Government Has Provided A Safe Investment Environment And Financial And Banking Facilities That Are Attractive To Experienced Companies

Sunday 09, June 2024 13:08 | Economical Number of readings: 478  Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that the government has provided a safe investment environment, and financial and banking facilities that are attractive to experienced companies, which opens horizons for continuous cooperation, reflects positively on the local economy, creates job opportunities, and maximizes Iraq’s oil resources, in light of The goal of converting at least 40% of Iraq's oil exports into derivatives and refining products, in addition to gas investment.

A statement from his media office said that today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani, Chairman of the Board of Directors of Al Hilal Companies, Mr. Hamid Jaafar, and his accompanying delegation, indicating that the meeting witnessed a review of the progress of work in the projects undertaken by the company in Iraq, especially the company’s project within the fifth round of licensing.

In addition to confirming the government’s vision to expand productive partnerships with companies and regional and international economic groups, in cooperation with the Iraqi private sector, within the government’s platform for economic reform.

For his part, Hamid Jaafar expressed his appreciation for the government’s steps in facilitating all aspects of fruitful work, and the Prime Minister’s directives to remove obstacles and impediments that hinder the work of investment companies, and to prepare everything that would raise levels of cooperation./End 7   https://ninanews.com/Website/News/Details?key=1131529

Iraqi Oil Exports To America Decreased During The Past Week

Sunday 09, June 2024 10:29 | Economical Number of readings: 252  Baghdad / NINA / The US Energy Information Administration announced today, Sunday, that Iraq’s oil exports to America decreased during the past week.

The administration said in a table, “The average US imports of crude oil during the past week from 7 major countries amounted to 5,757 million barrels per day, an increase of 290 thousand barrels per day from the previous week, which amounted to 5,467 million barrels per day.”

She added, "Iraq's oil exports to America amounted to 126,000 barrels per day last week, down by 107,000 barrels per day from the previous week, which amounted to 233,000 barrels per day."

The administration indicated that "most of America's oil revenues during the past week came from Canada, Mexico, Colombia, and then Saudi Arabia."

According to the table, “the amount of American imports of crude oil continued, from Brazil and Ecuador, while Libya and Nigeria did not export any amount of oil to the United States during the past week.”/End   https://ninanews.com/Website/News/Details?key=1131488

Today...The Central Bank Sells $250 Million

Economy |  06/09/2024  Baghdad - Mawazine News  Central Bank data revealed today, Sunday, the sale of more than 245 million dollars through the currency auction window.

During its auction for buying and selling the US dollar, the Central Bank sold 269 million 320 thousand and 104 dollars, which it covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for external transfers.

Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 245 million 90 thousand and 104 dollars, an increase of 90% over cash sales amounting to 24 million 230 thousand dollars.      https://www.mawazin.net/Details.aspx?jimare=249403

Evening List Of Dollar Prices.. Get To Know Them

Economy | 04:17 - 06/09/2024   Baghdad - Mawazine News  publishes an evening list of the dollar exchange rates against the local dinar in some Iraqi governorates.  The list was as follows:

Baghdad:  Selling prices: 148,000   Purchasing prices: 146,000

Basra:  Selling prices: 146,500   Purchasing prices: 146,000

Erbil:  Selling prices: 147,000   Purchasing prices: 146,000

Najaf:  Selling prices: 147,000  Purchasing prices: 145,500

https://www.mawazin.net/Details.aspx?jimare=249412

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

Provoking Thoughts and Points To Ponder On Adversity:

Trouble will rain on those who are already wet.  - Anonymous

They say a reasonable amount o' fleas is good for a dog - it keeps him from broodin' over bein' a dog mebbe.  - Edward Noyes Westcott

There is nothing the body suffers which the soul may not profit by.  - George Meredith

The burden is equal to the horse's strength.  - The Talmud

Nothing befalls a man except what is in his nature to endure.  - Marcus Aurelius

I am escaped by the skin of my teeth.  - Bible

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Sunday Evening 6-9-24

Goldilocks' Comments and Global Economic News Sunday Evening 6-9-24

Good evening Dinar Recaps,

Saudi Arabia joins BIS- and China-led central bank digital currency project | Reuters

Today, we are witnessing a 100-year cycle/bubble in the markets and a 50-year pact going away with Saudi Arabia moving from the Petro Dollar to trading in local currencies.

I wouldn't expect too much of a shift the next 2 to 3 days on the Dollar, but the weeks ahead will have a significant toll on the Dollar going forward.

This shift in the Global Economy will begin the process of "leveling the playing field" and reset new demands on currencies that have not been utilized in trade for a long time.

All of this is coming at a very pivotal time. As we shift our attention from the Petrol Dollar to Stablecoins that represent our local currencies in trade among nations, these new demands will increase money velocity that will raise the value of currencies around the world. 

This is a process that takes a little time to see changes happen, but the process has begun.  Reuters

WATCH THE WATER.

©✓Goldilocks 

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Breaking the Bank: Sen. Lee Introduces Bill to Abolish the Federal Reserve | Lee Senate

READ  PDF HERE

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Central Banks of the World Explained

It is important to note that we are moving from a Petro Dollar regimen to a Central Bank Digital System.

There are about 214 Central Banks around the world that are officially recognized by countries as of Feb 16, 2023.

The new Global Economy is moving into a "shared governance regimen" whereby "leveling the playing field" between countries through Central Banks are beginning to lead the way.

It is the wCBDC coins that will move money around in cross-border International trading. This is causing a shift in the movement from a World Reserve Asset to a shared Central Bank Governance. PLUS50 Stabroek News

© Goldilocks

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Remember the Golden Rule! Whoever has the gold, makes the rules! | Economic Sociology

"He who holds the gold makes the rules." This is never been more applicable than it is as we approach our new world.

The Central Banks govern the banking system.

Who has been storing the gold? The Central Banks. Now, you can begin to see where this is heading.

© Goldilocks

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DTCC testifies to Congress on opportunities to advance financial markets | Asset Servicing Times

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The New York Fed acts as the guardian and custodian of the gold on behalf of account holders, which includes the U.S. government, foreign governments, other central banks, and official international organizations. No individuals or private sector entities are permitted to store gold in the vault. | NewYorkFed

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What Central Banks Do | Investopedia

On a macro basis, central banks influence interest rates and participate in open market operations to control the cost of borrowing and lending throughout an economy. Central banks also operate on a micro-scale, setting the commercial banks' reserve ratio and acting as lenders of last resort when necessary.

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Central Bank | Wikipedia

In some countries a central bank, through its subsidiaries, controls and monitors the banking sector. In other countries banking supervision is carried out by a government department such as the UK Treasury, or by an independent government agency, for example, UK's Financial Conduct Authority.

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Steady as we go: results of the 2023 CPMI cross-border payments monitoring survey | BIS

Enhancing cross-border payments has been a G20 priority since 2020. This ambitious programme requires action by individual jurisdictions and payment systems. The CPMI survey results show determined progress: the vast majority of payment systems have or are in the process of implementing at least one action that the G20 considers to be relevant to enhance cross-border payments.

Despite the promising number of initiatives planned to enhance cross-border payments, the survey results also highlight potential areas for further work. Projects to enhance cross-border payments cannot be seen in isolation and should complement domestic projects, given that the first and last miles of cross-border payments are typically processed in a domestic payment system.

Central banks, in their roles as catalysts and operators, are key to bringing cross-border payments forward. International organisations and standard-setting bodies, such as the CPMI, the IMF, and the World Bank, can support central banks in their ambitions.

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Cash isn't going away, despite declining use | PaymentsSource | American Banker

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Russia and China to cooperate on Arctic shipping route | Ship Technology

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New Law Grants U.S. President Sweeping Powers to Block Digital Asset Access, Sparking Concerns - Crypto Daily

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Iraqi News Highlights and Points To Ponder Sunday AM 6-9-24

Iraqi News Highlights and Points To Ponder Sunday AM 6-9-24

Reconstructing Iraq: The Role Of Banks In Financing The Future

Time: 06/08/2024 20:27:26  Read: 2,067 times  {Economic: Al-Furat News} Reconstructing Iraq after years of wars and conflicts represents a great challenge, but it also represents an opportunity to rebuild a strong and sustainable economy.

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

Banks play a crucial role in financing reconstruction, by providing the loans and credit facilities necessary to finance construction and infrastructure projects.

The Iraqi Deposit Insurance Company played an important role in enhancing the confidence of investors and depositors in the Iraqi banking system, which made it easier for banks to obtain the necessary financing for reconstruction. It is estimated that Iraqi banks have provided loans worth more than $10 billion to finance reconstruction projects in recent years.

Germany's experience after World War II is an inspiring example of how banks can play a crucial role in the country's reconstruction. The KfW German Development Bank has contributed to financing many vital projects in Germany, such as rebuilding industrial and residential infrastructure, and providing financing for small and medium-sized companies.   LINK

The Immaturity Of The Baghdad And Washington Agreements Prompted America To  Extend State Of Emergency

Policy  Political:  Information / Baghdad...Political analyst Ibrahim Al-Sarraj believed that the immaturity of the agreements between Iraq and America was behind the US administration’s move towards extending the state of emergency for the presence of its forces inside Iraq.

Al-Sarraj told Al-Maalouma, “Biden renewed the state of emergency for the presence of his military forces inside Iraq, and he based this extension on the outcomes of his meeting with Prime Minister Muhammad Shiaa Al-Sudani during his recent visit to Washington.”

He added, "The government's talk about scheduling the withdrawal of foreign forces from Iraqi territory never culminated and did not reach the level of an official agreement with the American administration." Ended 25 n.  LINK

Baghdad Praises Its Financial Budget And Confirms: We Have Important Projects In 2024

Reconstruction and building  Economy News – Baghdad  Today, Friday, the Governor of Baghdad, Abdul Muttalib Al-Alawi, announced a package of projects in various sectors within the budget for the current year 2024, while confirming that the governorate’s allocations in the budget were good.

Al-Alawi said, “The financial allocations to Baghdad Governorate within the current year’s budget, 2024, are good,” explaining that “the government and the Parliamentary Finance Committee have an understanding and knowledge of the real needs and required resources in Baghdad.”

He added, "There is continuous communication with the government to meet the special needs required for the projects that will be implemented."

He pointed out that "the governorate has several important projects during the 2024 budget, including projects in the water sector and building schools and roads, as well as the construction of pedestrian bridges that will be implemented in all areas of Baghdad, the paving of main roads, and strategic projects for sewers at the four entrances to the capital, in addition to the almost completed hospitals, which are “Health centers and strategic water projects will be opened soon.”

He stressed that "all project packages will be placed on the list of priorities of Baghdad Governorate in stages of implementation, whether within last year's 2023 budget or in the 2024 budget."

219 views  Added 06/07/2024 https://economy-news.net/content.php?id=44096

The Region Is Saturated With An Explosive Budget.. Since When Is “Laqmat Al-Sayyad” Kurdish?

Policy: June 8  Information/private..  The southerners learned from the Sumerians to fish in order to live on the flesh of fish in the rivers and marshes, and to provide a decent life for themselves and their children. We have not heard of a Kurd in the mountains of Iraq who is more skilled than a southerner in this profession, and every rule has its exceptions in this matter. Then the most prominent thing that distinguishes a fisherman during eating What he caught was a favorite morsel called the “fisherman’s morsel,” which was boneless and tasted the most beautiful of all the meat in the fish.

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

Except in the 2024 budget, the regional government clearly excelled in a wonderful fishing method through which it was able to reap 12-17% of the Iraqi money fish, and this percentage is what we called “the fisherman’s bite,” a round that the Kurds won with the approval of the center or against its will.

*Little Revenue

Speaking about this file, a member of the Finance Committee in the House of Representatives, Moin Al-Kadhimi, revealed that the region’s share in the 2024 budget amounts to 12.67%, excluding governing and sovereign expenses.

Al-Kadhimi said in a statement to the “Al-Ma’louma” Agency, “The regional government only handed over 85 billion to Baghdad in non-oil revenues, which is an amount that is not proportionate to the actual revenues,” noting that “the region’s share of the budget amounted to 12.67, of the actual budget expenditure, which is excluded.” “Governing and sovereign expenses.”

He continues, “The region is not honest with the Baghdad government, and there is significant oil smuggling, in addition to the failure to control border crossings and non-compliance with General Customs Authority fees, which greatly affects the country’s economy,” pointing out that “the regional government’s lack of transparency with Baghdad is not in its interest.” "It will cost her a lot."

Al-Kadhimi concluded by saying: “The central government in Baghdad must monitor the work of the border crossings in the region periodically by sending committees to inspect and audit those crossings and find out the entry fees for materials into Iraq.”

The region is saturated with an explosive budget.. Since when is “Laqmat al-Sayyad” Kurdish? E91f5d58-1a96-4cbd-8a7d-eb2d1b00d5c4The region is saturated with an explosive budget.. Since when is “Laqmat al-Sayyad” Kurdish?

In addition, a member of the State of Law coalition, Saad Al-Muttalabi, revealed the region’s share of the 2024 budget, while confirming that it is considered the largest “explosive budget” in the history of the region, describing it as explosive.

Al-Muttalabi said in a statement to the “Al-Ma’louma” agency, “The region’s budget for this year is the highest in its history, as it reached more than 17% of the general budget, which totals 211 trillion dinars,” noting that “the region’s salaries are paid directly from Baghdad at a rate of 70%.” , of the region’s budget, and 30% that no one knows anything about.”

He continues, “The political blocs in the House of Representatives voted on the budget tables and witnessed no objection except from independent representatives, which means that the political blocs are involved in increasing the region’s share in exchange for a reward and large projects,” pointing out that “the political blocs are involved in granting the region an explosive budget.” Because of their vote on the budget and its passage.”

Al-Muttalabi concludes in a recent statement: “The amendment of the schedules by the government and granting the region an explosive budget was followed by support from the political blocs by voting on them, indicating that the government and political parties are involved in this unfair financial distribution.”

It is noteworthy that the region’s share in the 2023 budget amounted to 16 trillion and 690 billion dinars, while former member of the Kurdistan Regional Parliament, Jihad Hassan, stated that the region’s share in the year 2024 amounted to 20 trillion and 900 billion dinars, an increase estimated at 4 trillion and 210 billion dinars. LINK

Provoking Thoughts and Points To Ponder On Adversity

Prosperity tries the fortunate; adversity the great.  - Pliny the Younger

Be willing to have it so; acceptance of what has happened is the first step to overcoming the consequences of any misfortune.   - William James

If all our misfortunes were laid in one common heap, whence every one must take an equal portion, most people would be content to take their own and depart.  - Solon

I never knew any man in my life who could not bear another's misfortunes perfectly like a Christian.  - Alexander Pope

When the world has once begun to use us ill, it afterwards continues the same treatment with less scruple or ceremony, as men do to a whore.  - Jonathan Swift

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

http://famousquotesandauthors.com/quotes_by_topic.html

“Tidbits From TNT” Sunday 6-9-2024

TNT:

Tishwash: Al-Sudani: The government has provided a safe investment environment and financial and banking facilities that are attractive to experienced companies

Prime Minister Muhammad Shiaa Al-Sudani confirmed that the government has provided a safe investment environment, and financial and banking facilities that are attractive to experienced companies, which opens horizons for continuous cooperation, reflects positively on the local economy, creates job opportunities, and maximizes Iraq’s oil resources, in light of The goal of converting at least 40% of Iraq's oil exports into derivatives and refining products, in addition to gas investment.

A statement from his media office said that today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani, Chairman of the Board of Directors of Al Hilal Companies, Mr. Hamid Jaafar, and his accompanying delegation, indicating that the meeting witnessed a review of the progress of work in the projects undertaken by the company in Iraq, especially the company’s project within the fifth round of licensing. In addition to confirming the government’s vision to expand productive partnerships with companies and regional and international economic groups, in cooperation with the Iraqi private sector, within the government’s platform for economic reform.

For his part, Hamid Jaafar expressed his appreciation for the government’s steps in facilitating all aspects of fruitful work, and the Prime Minister’s directives to remove obstacles and impediments that hinder the work of investment companies, and to prepare everything that would raise levels of cooperation.   link

Tishwash:  Iraq bids farewell to the list of “high-risk countries”

 Observers and specialists in political affairs expressed their optimism about Iraq’s exit from the list of “high-risk countries” that was officially announced by the International Task Force (FATF) last week, noting that the international declaration represents an important step in the correct path that the Sudanese government is taking in achieving reforms. Financial and economic along with political stability.

Political affairs analyst, Qasim Balshan Al-Tamimi, told “Al-Sabah”: “Iraq’s exit from (the follow-up area) and from the list of (high-risk countries), according to the announcement of the International Task Force (FATF), is a very important step,” noting that “the announcement The International Bank came as a result of the reforms carried out by the Central Bank of Iraq, as well as the procedures and reforms of the Office of Combating Money Laundering and the Financing of Terrorism.”

He added, "Iraq's exit from the list also comes as a result of the legislation of the Anti-Money Laundering Law No. 39 of 2015, and also the establishment of the Anti-Money Laundering Council," and explained that "Under the announcement of the International Working Group, Iraq has become outside the monitoring and follow-up process, and this means that it has regained the confidence of the group."

"By restoring this confidence, Iraq can play a major and pivotal role in the region and in the world, and this step would also make Iraq a destination and a source of interest for major international development and investment companies." The International Financial Action Task Force (FATF) officially announced Iraq’s exit from the follow-up area, due to the significant progress achieved by the Central Bank of Iraq and the Anti-Money Laundering and Combating the Financing of Terrorism Office in improving and addressing deficiencies and in fulfilling all its obligations towards the recommendations of the Financial Action Task Force and addressing the requirements of the strategy to combat money laundering and financing of terrorism. Terrorism, and thus Iraq is no longer subject to monitoring and follow-up by the international Financial Action Task Force (FATF).

For his part, the political analyst, Ali Al-Baidar, stated in an interview with “Al-Sabah” that “Iraq’s exit from the list of the most corrupt countries is evidence that the Sudanese government is not a government of services - as it is referred to - but rather a reform government that has achieved many political and governmental aspects and prevented "A lot of cases of corruption."

 He noted that "Iraq's exit from the list confirms the important steps that the government has worked on, and from here we can look at the deep vision with which the authority dealt with and the method of implementing its service programs in a reform manner, many of which were directed towards preventing corruption, such as activating electronic automation, and there is also awareness Socially, it contributed to rejecting cases of rampant corruption in recent years.”

 He explained that "the fingerprints that Al-Sudani placed on the wheel of reform were reflected positively on the projects and the clarity of vision for many matters related to services and reform. It also appears that Prime Minister Muhammad Shia Al-Sudani laid the foundation for basic visions and ideas that are reflected in the lives of Iraqis, including creating a culture of transparency and integrity, and this The matter affects Iraq's reputation positively, and also affects international support and the creation of an investment environment in Iraq to attract companies, and these are the first fruits of reform that Sudanese reaped as a result of the positive repercussions of his government program.”  link

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CandyKisses:  Within months. Jump in Indian merchandise exports to Iraq

Baghdad - Iraq Today:

The "Iraq of the Future" Foundation for Economic Studies and Consultations said that the value of Indian exports to Iraq from April 2023 to March 2024 increased by 24% compared to the same period last year.

According to data from the Indian Ministry of Commerce and Industry, the value of direct Indian exports to Iraq amounted to 3.4 billion US dollars, up from 2.7 billion dollars for the same period last year.

According to a report released by the institution today, India's rice exports rose 131 percent to $910 million, up from the same period last year, which was worth US$392 million.

Fossil fuels decreased by 9.15% to $799 million from $879 million.

Indian meat exports increased by 41.5% to US$329 million from US$232 million for the same period last year.

Iron exports also increased by 153%, tea exports by 141%, fruit exports by 114%, clothing exports by 106%, and vegetable oil exports by 103%.

The commodities that fell were sugar, whose exports from India to Iraq fell by 85%.

The report indicates that India is the fifth exporter to Iraq of goods after the UAE, China, Turkey and Iran, and the establishment of India's exports is considered direct to Iraq, and may rise if it is added to the value of re-exported goods from the UAE, which is represented by a large percentage of Indian products.

On the other hand, the value of Iraq's exports to India, mainly of crude oil, decreased from 34 billion US dollars compared to 30 billion US dollars in the period from April 2023 to March 2024.

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Tishwash: Association of Private Banks: Iraq witnessed a major revolution and widespread change in electronic payment tools

The Iraqi Private Banks Association confirmed today, Sunday, that Iraq has witnessed a major revolution and a wide change in the level of use of electronic payment tools since 2023, while indicating a significant increase in the size and number of electronic payment operations.

The Executive Director of the Iraqi Private Banks Association, Ali Tariq, told the Iraqi News Agency (INA): “The Iraqi Private Banks Association Foundation and the Iraqi banking sector are fully prepared to cooperate within the directions of the Central Bank of Iraq, which are greatly supported by government directions, especially after the recent visit to the United States.” The American efforts resulted in framing the process of working to solve the problems related to preventing the use of the dollar for a group of Iraqi banks.”

Tariq added, “The role of the Association of Private Banks believes in implementing these trends related to amending work mechanisms, using modern technical tools, and reviewing previous accounts,” stressing that “the Association will be very supportive of these trends.”

He pointed out that "the Association of Private Banks hopes for the return of banks that can meet the above requirements," pointing out that "the issue that occurred on the private banking sector had negative effects," adding that "the general trends and the banks' directions must be to repair the damage that occurred in the stage." previous".

He stressed that "Iraq has witnessed a major revolution and a wide change since the previous year until now in the level of use of electronic payment tools, which the government has approved the adoption of electronic payment in government or private institutions," noting that "Iraq has also witnessed a significant increase in the volume of operations and the number of operations related to electronic payment, In addition to an increase in the number of bank cards, and doubling the number of electronic payment points ( pos ), therefore there is a big change.”

He stressed that "the current year will witness significant and tangible change by the citizen."

Tariq pointed out that "the institution seeks as much as possible to strengthen relations between electronic payment companies and banks on the one hand and between government institutions and the Central Bank of Iraq on the other hand, in addition to educating the community on the continuous use of electronic payment tools  link

Mot: I Just Loves the Insight Ya Gets frum da ole Internet!!!!

Mot:  .... Get Ready!!! --- Its Time!!!!

Iraq Economic News and Points To Ponder Sunday AM 6-9-24

Iraq Economic News and Points To Ponder Sunday AM 6-9-24

Investment Law In The Balance Of The Economy

 Economical 06/06/2024  Dr.. Adnan Hadi Jaaz

 There is no doubt that investment is one of the most important factors that can contribute effectively to

     correcting the defect in the structure of the Iraqi economy,

     diversifying sources of income, and

     reducing dependence on oil.

 Reaching this goal is one of the most important strategic goals that contribute to Iraq’s stability and development and confronting economic, political and social crises.

 Therefore, the law that is drawn up to

     attract investment must direct the financial surpluses of Iraqi society and

     make them move in the direction that uses capital efficiently and

     achieves the maximum for Iraq. Possible benefit.

Private sector investments, whether local or foreign, are among the most important factors that can be relied upon to solve the problems of the Iraqi economy.

 The private sector is the second wing of the economy, and

reality and history have proven that its distance from the economic scene was one of the biggest historical mistakes in Iraq.

 However, in a quick reading of the new investment law, we are disappointed according to our vision and economic ambitions, and fears have increased for the future of this country’s economy, and

in this article we try to explain the reasons for this not optimistic vision.

 According to our reading, the proposed investment law is nothing more than a law for investment in residential cities, which is not considered a channel for transferring the financial surpluses of Iraqi society into the hands of a small, non-productive group, some of whom are foreign.

The investor in building residential cities can import all the materials he needs for the project without any return to the state or the state treasury.

 He can grant the land for free, and we all know that the lands overlap and there is no difference between what is inside the basic design and outside it.

 Obtaining financial facilities and soft loans.

 After 25% of the project is completed, he has the right to withdraw the capital and profits in full.

 He has the right to employ foreigners, and of course these facilities will be used to import many times the materials and goods that the investor needs, which is the biggest source of increasing his profits and exporting foreign exchange many times the amount he obtained. Return as well as remittances of foreign workers.

As for what was mentioned in the privileges, he has the right to use what he increased from the land after the completion of the residential project without restricting or even specifying the land

 This is a lot of talk.

If we assume that he decided to build facilities that are not appropriate for the privacy of Iraqi society, or any of the investments that are not appropriate for them to be in residential areas.

 Does the law allow us to prevent it?

 The second question is: He has the right to invest the surplus, regardless of its size: five, ten, or even twenty dunams, and perhaps more!

All of this is for the sake of producing housing units that are so far beyond the capacity and capacity of the middle class and even those with above-average incomes, and so far we only see from it an increase in the well-being of the wealthy by isolating them and settling them in private cities and in return absorbing the community’s financial surpluses and exporting them abroad.

Is this goal worth all these high economic costs?

Yes, it can stimulate the economy and increase growth if Iraq produces what the real estate sector needs, and

therefore we say that it is an expansionary financial policy that aims to increase growth rates and income by increasing production rates and thus increasing employment and income rates in a way that contributes to solving the unemployment problem that haunts the political class and always threatens it. By failure.

If we give the land for free with exemptions from taxes and fees, in addition to an interest-free loan to the investor, and we allow the employment of foreigners, and

 we allow the export of foreign exchange, which is the financial surpluses of citizens and the loans that came from the Central Bank and Iraqi banks,

  then all these sacrifices are for the sake of increasing the well-being of the wealthy, nothing more and nothing less.

 There is a real solution to the problem of housing the poor and the middle class, and even if the needs of these segments are to be met, there are shorter and much less expensive ways, as the cost is great and very significant for the economic policy in general.

 If we assume for the sake of argument that the visionary aims to increase the supply of housing units until it exceeds demand, then the gradual decline in prices will begin.

 I believe that with the presence of crazy financial surpluses, including money laundering and the legalization of corruption funds, and some segments on which there are no restrictions, and

 they are many without detail, this is what I call the effect.

The double negative of this money is that it deducts from public funds and exploits citizens.

It works to increase prices in a way that cannot be kept up with in the real estate sector, and real estate in Baghdad and Basra are the best examples.

 Therefore, this goal is difficult to achieve and requires a long period of time or for these cities to reach remote areas. Too far.

 We must be patient in approving this law, and we must push financial surpluses of all kinds in another, more efficient direction, as

 they are an important financial resource and the key to solving many of Iraq’s economic, political and social problems.

 We push them towards industry, especially with goods that meet the needs of the real estate sector and modern agriculture that meets the market’s need, and this is something that can be achieved.

 Easily with the very large profit opportunities from the very large movement of the real estate sector due to the support of the financial and monetary policies represented by the initiatives of the Central Bank,

 then it can be said that Iraq is pursuing a financial and monetary policy with clear features and results for the present and the future, and that these reasons for the investment law are somewhat logical.  

 https://alsabaah.iq/97948-.html    

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

Provoking Thoughts and Points To Ponder On Adversity:

From a fallen tree, all make kindling.   - Spanish proverb

The virtue of prosperity is temperance; the virtue of adversity is fortitude, which in morals is the heroical virtue.   - Francis Bacon

The keenest sorrow is to recognize ourselves as the sole cause of all our adversities.  - Sophocles

No untroubled day has ever dawned for me.  - Seneca

You can't have more bugs than a blanketful.  - Spanish proverb

Even in the deepest sinking there is the hidden purpose of an ultimate rising. Thus it is for all men, from none is the source of light withheld unless he himself withdraws from it. Therefore the most important thing is not to despair.  - Hasidic saying

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

http://famousquotesandauthors.com/quotes_by_topic.html

KTFA Members “News and Views” Saturday 6-8-2024

KTFA:

BuckEyeTree:  Wonder if the budget made it into the Gazette. It was supposed to be sent there. Even if the Tables still show the program punishment rate, the publication would be one more step toward the goal.

IMO, Sudani (with Alak and Minister of Finance next to him) can go on TV at anytime and make an announcement to Iraqi citizens via the big screens and the world that the Iraqi dinar has s new rate. The budget tables can be amended shortly after IMO.

The good guys, Sudani and Alak, have been speaking a lot lately, and they will have more to say and maybe soon. Just how soon is the question. A public broadcast and then going on Forex would grab the attention of the world. The printed page, radio and TV, and internet are powerful means to communicate but especially the latter.

BuckEyeTree Cont……IMO it is possible and has been said that the Iraqi dinar with its REER may rescue failing economies. The countries which hold dinar especially after exchanges will have an asset of value in their reserves in addition to precious metals that may be held.

IMO, there will be an increase in economic activity in the USA after dinar holders exchange then purchase new homes, cars, furniture, and other goods along with charitable donations. I can only imagine and hope that those with incredible new wealth would remember to include giving to Children's Hospitals and food pantries, and to those less fortunate, etc, although charity starts at home.

We hear it is all done. So, now time to get it done and expose the rate, such as what rate is in those contracts?  For those huge projects, Iraq needs more than an operational budget IMO and each day brings more drop the mic news. Arrest the bozos who stole money and get it done. Seat belt on ready for take off & miracles.

Clare: THERE IS NO NEW PUBLICATION IN THE IRAQI GAZETTE SINCE 6/3 AS OF RIGHT NOW. I WILL POST IT, IF I SEE ANYTHING CHANGE.

BuckeyeTree: I was hoping maybe the Gazette was out later than usual. There must be a good reason for postponement. Wonder if Eddie had something to say about that.

The greater impact would be to make a special announcement on TV and on the big billboard screens.  No idea how many Iraqis or if most Iraqis read their gazette.

If budget only has the sanctioned rate, the Iraqis can celebrate that the projects are in the budget, but the projects cannot be realized at 1310 IMO. They would still be waiting for Sudani to keep his promise that they would have purchasing power. The reinstatement is primarily for them. They have waited long for it. Hopefully, "coming days" does mean days (or hours) away.

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Clare: Reconstructing Iraq: The role of banks in financing the future

6/8/2024

Reconstructing Iraq after years of wars and conflicts represents a great challenge, but it also represents an opportunity to rebuild a strong and sustainable economy.

Banks play a crucial role in financing reconstruction, by providing the loans and credit facilities necessary to finance construction and infrastructure projects.

The Iraqi Deposit Insurance Company played an important role in enhancing the confidence of investors and depositors in the Iraqi banking system, which made it easier for banks to obtain the necessary financing for reconstruction. It is estimated that Iraqi banks have provided loans worth more than $10 billion to finance reconstruction projects in recent years.

Germany's experience after World War II is an inspiring example of how banks can play a crucial role in the country's reconstruction. The KfW German Development Bank has contributed to financing many vital projects in Germany, such as rebuilding industrial and residential infrastructure, and providing financing for small and medium-sized companies.  LINK

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Clare:  Watch the raid on a currency smuggling den and the arrest of two speculators in possession of 74 million dinars

6/8/2024   Baghdad –

Today, Saturday, the National Security Service raided dens of speculation and currency smuggling operations in Baghdad, arrested suspects, and seized more than a million dollars in their possession, and about 74 million dinars prepared for smuggling.

National Security Statement, a copy of which the 964 Network received:

As a continuation of the security operations carried out by the National Security Service against economic crime gangs and currency dealers, our detachments in Baghdad were able to arrest two defendants after raiding one of their hideouts in which speculation and currency smuggling operations were conducted. They were caught red-handed and in possession of more than a million dollars and approximately 74 million dinars prepared for smuggling after an intelligence effort and careful field follow-up.

They were referred, along with the seized items, to the competent judicial authorities to take the necessary measures against them in accordance with the law.   LINK

Clare: A tripartite meeting tomorrow between oil companies and the Ministries of Federal Oil and Natural Resources

6/8/2024

Rudaw Media Network learned from sources in oil companies operating in the Kurdistan Region that a tripartite meeting will be held tomorrow, Sunday, between the Ministries of Federal Oil and Natural Resources and oil companies, to discuss resuming the export of Kurdistan Region oil via the pipeline to Turkey.

A senior official in one of the oil companies operating in the Kurdistan Region told the Rudaw Media Network today, Saturday (June 8, 2024), that the oil companies have observations on the Iraqi government’s conditions for resuming exports.

The official, who did not want to reveal his name, added: “The Iraqi Oil Ministry set a condition for our participation in the meeting, during which we were asked to submit a copy of our contracts.”

According to the official, oil companies are afraid of this condition, because the Ministry of Oil has previously filed a lawsuit against these contracts.

He continued: "The Iraqi government should either withdraw its lawsuit against our contracts or grant legal guarantees to oil companies after we present our contracts during the meeting."

The Federal Ministry of Oil responded positively to the oil companies’ request to hold a tripartite meeting to discuss their financial dues.

On May 28, the Ministry invited the international oil companies operating fields in the Kurdistan Region, and the Ministry of Natural Resources, to a meeting with the aim of “discussing and discussing the issue and reaching an agreement to accelerate the restart of production and resume the export of oil produced through the Turkish port of Ceyhan and according to the quantities specified in the budget law.”

The Minister of Natural Resources in the Kurdistan Regional Government, Kamal Muhammad, noted, for his part, that “the main problem facing the resumption of exports is that the Ministry of Oil sees the cost of production as high.”

In this regard, Kamal Muhammad pointed out that “Iraq annually allocates trillions of dinars to its oil sector.”

Sunday's meeting comes one year and two months after the Kurdistan Region's oil exports stopped, which caused billions of dollars in losses to the Iraqi economy, the Kurdistan Region, and oil companies.

According to information, there are two main problems facing the resumption of oil exports from the Kurdistan Region, which are the cost of production and contracts.   LINK

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Clare: Iraq: We seek to achieve self-sufficiency in the refining industry and export its surplus abroad

6/8/2024

Prime Minister Muhammad Shiaa Al-Sudani opened, on Saturday, the Al-Azmara unit project for producing improved gasoline in the Basra Refinery with a capacity of (11) thousand barrels per day.

During his speech, Al-Sudani pointed out the importance of opening the Azmara unit in the refinery, and the provision it represents for the country’s need for high-octane gasoline, stressing that these projects will stop the process of wasting wealth and put an end to the import of petroleum products, which has continued for many years, stressing that the optimal investment for oil wealth is Gas and maximizing resources are among the top priorities of the government programme.

The Prime Minister explained that a series of measures and steps were being taken to expand the production of petroleum derivatives, stressing that the increase in filtering and refining capacities at daily rates, with every opening of a new oil unit, makes us close to achieving self-sufficiency.

He indicated the existence of a new indicator for the export of some derivatives, such as gas oil, naphtha, sulfur, and jet fuel, stressing the continuation of this program during the period of the government’s work, and that the goal is to increase production capacity and improve product specifications. He explained that gasoline production in 2022 was (15 One thousand cubic meters per day, while production today reached (24.8) thousand cubic meters per day.

The project, which was implemented by the National Effort at the South Refineries Company in cooperation with supporting companies, is considered one of the important projects in increasing the production of improved gasoline, with a production capacity of (11) thousand barrels per day, and it will contribute to reducing the quantities of imported gasoline, which will save more than 200 million dollars annually. .

This project, which is considered one of the lagging projects, comes in addition to a number of projects that are being implemented, to contribute to increasing the refining capacity of petroleum products, upgrading the specifications and improving the quality, within the plans of the Ministry of Oil, and in harmony with the government program, to achieve self-sufficiency.

In turn, Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, said in his speech on this occasion, “Today we celebrate the opening and completion of the (Al-Zamra Unit) project with a capacity of eleven thousand barrels per day. This project is considered one of the important projects in increasing the production of improved gasoline fuel.” With a capacity of one thousand three hundred cubic meters per day, which is equivalent to one million three hundred thousand liters per day,” indicating that this project “contributes to reducing the import of gasoline by a rate of one thousand three hundred cubic meters per day, and saves the state treasury approximately three hundred and fifty million dollars per year.”

Abdul Ghani pointed out that “the project comes within the ministry’s plans to increase refining capacity, improve the specifications of petroleum products, and improve their quality, after the completion of the fourth refining unit project with a capacity of seventy thousand barrels per day, which entered into operation and production a short while ago,” considering that “the most important thing that distinguishes These projects came about as a result of the national effort of the Southern Refineries Company and its supporting bodies, after foreign companies hesitated to implement them.”

The Minister of Oil continued to say: “The government and the ministry have given great attention to the refining industry sector, with the aim of increasing national production to reach self-sufficiency, and gradually shifting to exporting its surplus outside Iraq.”

He noted that "the period of the year and a half of the government's life witnessed the realization and completion of a number of projects in the refining industry sector, including the North Refinery with a capacity of one hundred and fifty thousand barrels per day, the Karbala Refinery with a capacity of one hundred and forty thousand barrels per day, and the Azmara unit in each of the Refineries Company." The Central and North Refineries Company, in addition to what was achieved in the South Refineries with the completion of the fourth unit with a capacity of seventy thousand barrels per day.”

For his part, Undersecretary for Liquidation Affairs, Hamid Younis, said in his statement, “This project comes within the plans of the government and the ministry to maximize national production and improve its specifications.”

He stressed that the coming period will witness the announcement of the completion of a number of projects in the north, center and south that will add production capacities and enhance the plans of the government and the ministry in producing petroleum derivatives, including the cofactor cracking project, which is one of the promising projects that converts oil waste into white products with Euro 5 specifications and a refining card. Its capacity is 55 thousand barrels per day, which is implemented by the Japanese company “JGC”. All of these projects represent an important addition to the refining industry sector.

Prime Minister Muhammad Shiaa Al-Sudani also opened the steam boiler unit in the Basra Refinery, with a production capacity of 300 tons/hour, to supply the production expansions in the refinery’s units and facilities with the steam necessary for operation.   LINK

Goldilocks' Comments and Global Economic News Saturday Afternoon 6-8-24

Goldilocks' Comments and Global Economic News Saturday Afternoon 6-8-24

Good Evening Dinar Recaps,

Stablecoin News:

"Three Stablecoin startups are announcing funding rounds: Mountain Protocol, M^0 and Tether-backed XREX. Additionally, Paxos announced a yield earning stablecoin in Dubai, and Franklin Templeton said it would allow investors to use USDC to buy its tokenized money market fund FOBXX."

It looks like more asset managers are beginning to issue more Stablecoins. The momentum in Stablecoin production and soon to be used is an indication of where we are in the process of implementing this QFS.

There would be no reason to manufacture digital currencies that pay for tokenized assets unless there was a reason to do so. As we edge closer to the end of this month and laws go into play to govern our new QFS, "liquidity" is being built for its implementation.

As stated many times in this room, Stablecoins represent a country's currency. The use of these banking coins will create demand and price pressures. This will help to redirect our currencies' current path and send them into a more positive direction.

Going forward, Stablecoins are backed by some form of a commodity. This will give our currencies a real value and enable a deflationary effect on our Global economies. This move will reset Global currencies and put them into a positive direction over time.  Ledger Insights    The Motley Fool

© Goldilocks

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Bitcoin Scarcity Grows as Miner and Exchange Reserves Drop by 183,253 BTC Since January  – Bitcoin News

Over the past 158 days, starting from the beginning of the year, the quantity of bitcoin held by exchanges and miners has decreased by 183,253 BTC, valued at nearly $13 billion. Roughly 90.95% of this bitcoin withdrawal originated from cryptocurrency exchange reserves.

From Jan. 1 to June 7, 2024, a substantial amount of bitcoin (BTC) has exited the reserves of bitcoin miners and exchanges. Although less than 10% of the total originated from BTC miners, their combined holdings are steadily decreasing.

This continuous depletion of bitcoin from exchanges and miners not only underscores a trend toward greater individual holding but also amplifies bitcoin’s inherent value through increased scarcity. 

~~~~~~~~~

Meld Gold and Ripple are partnering to bring Real World Assets (RWAs) to the XRP Ledger (XRPL) platform. This partnership will bring in institutional grade functionality along with secure and efficient protocols.

This is done through leveraging the Algorand Standard Asset Core functionality. In essence, Meld will tokenize digital gold in the form of a Meld Digital Gold Certificate. Each token will be equal the value of 1 gram of physical gold.

The implementation of this new digital asset (Meld Gold) is just around the corner. Fungible gold and silver assets on XRPL will begin in Q3.  Yes, July.

Through the use of the new digital economy, gold standard protocols uniting real world assets backed by gold and gold payment tokens are about to usher in a new Financial System.

Medium    Algorand Technologies    Algorand Developer

Gold will set us free!

© Goldilocks

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A multipolar economy is needed to reduce the risk of global economic instability caused by problems in large economies, Dilma Rousseff, a former president of Brazil and the current president of the New BRICS Development Bank (NDB), said Thursday. | Anadolu Agency

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Sturdy central bank gold buying since 2009 and a rising gold price has grown the precious metal’s share of global international reserves to the detriment of fiat currencies. By the end of 2023 gold surpassed the euro and the next fiat currency to be challenged is the US dollar. | ZeroHedge

👆  Goldilocks pointed to this article

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New Texas-based stock exchange looks to take on Nasdaq, NYSE | CBS News Texas

"TXSE will be a "fully electronic national securities exchange" that seeks to expand access to U.S. capital markets "for all investors while providing greater access and alignment for public companies and those seeking access to public capital," according to the press release."

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Bretton Woods meeting 2024 | Twitter

“Where we go with our money isn’t being led by central banks, its led by society.  It’s our mandate to provide for the needs of the population.
We need to replace our plastics and metals for bits and bites, and we can do that in many different ways.
The physical economy is going down, and the digital economy is going up”

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Join the Seeds of Wisdom Team SNL call with Freedom Fighter breaking down Goldilock's weekly posts!  Jester will be joining too!   SNL Call Link

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The call will be recorded and you can find it in the Archive Call Room after the call is over.

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Gold is in an intermediate degree profit-taking event | Youtube

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Iraq Economic News and Points To Ponder Saturday AM 6-8-24

Iraq Economic News and Points To Ponder Saturday AM 6-8-24

International Support To Remove Iraq From Corruption Indicators

Money  and business  Economy News – Baghdad  The United Nations Development Program announced that it will support Iraq in the field of combating corruption and enhancing integrity, with the aim of raising its ranking in the corruption indicators issued periodically, while the “Arab Network for Promoting Integrity and Anti-Corruption” recommended continuing work on developing and implementing coordinated and effective national strategies that enhance community participation and embody the principles of The rule of law, good management of public affairs and property, integrity, transparency and accountability.

At the conclusion of the regional meeting held in Baghdad from June 3 to 5, the network praised the relative progress achieved in terms of strengthening the participatory approach in developing public policies related to promoting integrity and combating corruption, calling on the concerned parties to deepen this approach and expand its scope.

The network, in its forum held under the slogan “Strengthening cooperation for effective national anti-corruption strategies” under the patronage of Prime Minister Muhammad Shiaa Al-Sudani, stressed the importance of adopting and implementing effective mechanisms to monitor, evaluate and follow up on the implementation of national strategies to enhance integrity and combat corruption, including appropriate indicators that combine productive indicators. Internationally and nationally produced indicators.

The network confirmed in its forum, in which 150 individuals representing 12 countries participated; Establishing proactive approaches to confronting corruption through capacity building and supporting initiatives that seek to fill the legislative vacuum in various fields and protect the drafting of legal texts from the risks of corruption.

It also called for expanding the approved approach regarding working to strengthen ethics and behavior in the public service to include the political, administrative and judicial fields, in addition to more specialized fields as needed.

For his part, Chief Advisor Arkan Al-Seblani, Director of the Regional Anti-Corruption Program at the United Nations Development Program (UNDP), said that “the voice must be loud and clear in the anti-corruption process,” noting that “the Arab Network for Promoting Integrity and Anti-Corruption is the platform Through which the voice of the Arab region emerges in this field, to send political and artistic messages concerned with this important topic.”

He added, “The conference formed 6 working groups to develop detailed visions for six teams based on establishing joint cooperation mechanisms between countries, developing training programs to overcome procedural obstacles and integrating integrity issues in the health, education, and public transportation sectors.”

He explained that “the United Nations Development Program will support Iraq in the field of combating corruption and enhancing integrity, with the aim of raising its ranking in the corruption indicators issued periodically.”   130 views  Added 06/08/2024 - https://economy-news.net/content.php?id=44104

Risks And Expected Solutions Regarding The Decision To Adjust The Estimated Price For Selling Crude Oil

Economy News – Baghdad  Researcher in finance and development affairs and academic Aqeel Jabr Ali Al-Muhammadawi

The decision to amend the estimated price for selling crude oil from the source contained in the planned federal general budget law from the price of $70 to the price of $80, which resulted in the addition of an amount of 17 trillion Iraqi dinars to cover the planned budget deficit for the year 2024;

It is a decision fraught with risks, the most prominent of which are the risks of unsustainability/or the risks of anticipating the failure of financing the federal budget, both operational and investment, resulting from the $10 budget price difference that was not planned in advance, as it generates risks of financial and economic instability in 2024.

We are not satisfied with the pessimistic vision, but rather we offer an optimistic vision and solutions, and among these logical and realistic solutions is the importance of returning to/and adopting the balanced or weighted budget price for the purpose of hedging against fluctuations in the cycle of oil assets on the stability of the revenues planned in the 2024 budget, including the risks of expectations of a decline in selling prices. Crude oil in global markets.

Modifying the estimated price for selling crude oil for the fiscal year ending 2023 from $70 to $80 is an unusual financial procedure that establishes unsystematic, non-pre-planned, professional financial foundations. If the feasibility of this change is achieved, the amendment should only be made for the years 2024 and 2025, with the exception of The year is 2023.

And the importance of devoting a new concept within the goals of the federal budget for the year 2024, which is the targeted deficit in addition to the planned deficit!!!   142 views  06/08/2024 - https://economy-news.net/content.php?id=44103

OIL PRICES FELL TO $79

Economy | 09:28 - 06/08/2024  Baghdad - Mawazine News  Crude oil futures recorded, at the end of trading yesterday, Friday, a third weekly loss in a row due to fears that demand may decline even with OPEC+ plans to increase production.

Brent crude futures settled at $79.62 per barrel, down 25 cents, or 0.31%, during Friday trading.

US crude futures contracts also recorded $75.53 per barrel at settlement, down two cents, or 0.03%, during Friday trading.

US crude oil and benchmark Brent crude saw selling off earlier in the week after OPEC+ members announced they would begin phasing out 2.2 million barrels of daily production cuts starting in October. Weak US manufacturing data and weak private payrolls also weighed on the market.

Oil prices have rebounded over the past two days on hopes that lower interest rates will boost demand, but the two benchmark crude oils are still down about 2% during the week.https://www.mawazin.net/Details.aspx?jimare=249337

Iraq's exports to America during a month amounted to more than 5 million barrels of oil

Saturday 08, June 2024 | Economical Number of readings: 153  Baghdad / NINA / The US Energy Information Administration announced that Iraq's oil exports to America amounted to more than 5 million barrels during the month of May.

The administration said in a statement: “Iraq exported 5.806 million barrels of crude oil to America during the month of May, with an average of 187 thousand barrels per day, lower than the month of April, in which Iraqi oil exports to America amounted to 8.866 million barrels and an average of 295 thousand barrels per day.” ".

She added: “Iraq exported 123 thousand barrels per day of crude oil to America during the first week of May, while 239 thousand barrels per day were exported in the second week, and 233 thousand barrels per day were exported in the third week,” indicating: “Exports in the fourth week amounted to 126 thousand barrels per day.

The US Energy Information Administration stated: “Iraq ranked fourth in its exports to America during the past month after Canada, Mexico, and Saudi Arabia, and ranked second in the Arab world after Saudi Arabia,” noting that “Canada ranked first as the country that exports the most oil to America, followed by Mexico and Saudi Arabia.”/  https://ninanews.com/Website/News/Details?key=1131381

Central Iraqi Sales Exceed One Billion Dollars In A Week

Saturday 08, June 2024 15:40 | Economical Number of readings: 122

Baghdad / NINA / The Central Bank of Iraq's total sales of hard currency to the dollar during the last week in which the auction opened amounted to more than one billion dollars.

During the past week and for the 5 days in which the auction was opened, the Central Bank sold 1 billion and 115 million 909 thousand and 967 dollars, at a daily rate of 231 million 181 thousand and 993 dollars, lower than what it recorded last week, which amounted to 1 billion 328 million 251 thousand and 675 dollars. 

The highest dollar sales were on Sunday, when sales amounted to 281 million, 584 thousand and 592 dollars, while the lowest sales were on Thursday, when sales amounted to 272 million, 066 thousand and 650 dollars.

Foreign remittance sales during the past week amounted to 1 billion 62 million 804 thousand 964 dollars, an increase of 91% compared to cash sales which amounted to 93 million 105 thousand dollars.

Sales in the form of cash and transfers abroad went to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards amounted to 1,310 dinars per dollar, and the selling price of transfers abroad amounted to 1,310 dinars per dollar, while the cash selling price reached 1,305 dinars per dollar./ https://ninanews.com/Website/News/Details?key=1131404

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

Provoking Thoughts and Points To Ponder On Adversity:

Some minds seem almost to create themselves, springing up under every disadvantage and working their solitary but irresistible way through a thousand obstacles. - Washington Irving

Every calamity is a spur and valuable hint.  - Ralph Waldo Emerson

Treasure the memories of past misfortunes; they constitute our bank of fortitude.  - Eric Hoffer

If you will call your troubles experiences, and remember that every experience develops some latent force within you, you will grow vigorous and happy, however adverse your circumstances may seem to be.  - John Heywood

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

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