Iraq Economic News and Points To Ponder Tuesday Evening 7-16-24
To Rein In The Dollar...The Central Bank “Confuses” Dinar Accounts
July 16, 2024 Baghdad/Iraq Observer The exchange rates of the dollar against the dinar rose today, Tuesday, on the main stock exchange in the capital, Baghdad.
Dollar prices on the Kifah and Harithiya stock exchanges recorded 149,000 dinars for every 100 dollars.
Prices in exchange shops in Baghdad markets also witnessed an increase, as the selling price reached 150,250 dinars, while the purchasing price reached 148,250 dinars for every 100 dollars.
In turn, the Central Bank of Iraq announced a new mechanism for travelers to receive foreign currency “dollars,” which will be exclusively through corporate and bank outlets at international airports, stressing that the goal of the new mechanism that will come into effect on July 14 is for the dollar to reach the real traveler.
To Rein In The Dollar...The Central Bank “Confuses” Dinar Accounts
July 16, 2024 Baghdad/Iraq Observer The exchange rates of the dollar against the dinar rose today, Tuesday, on the main stock exchange in the capital, Baghdad.
Dollar prices on the Kifah and Harithiya stock exchanges recorded 149,000 dinars for every 100 dollars.
Prices in exchange shops in Baghdad markets also witnessed an increase, as the selling price reached 150,250 dinars, while the purchasing price reached 148,250 dinars for every 100 dollars.
In turn, the Central Bank of Iraq announced a new mechanism for travelers to receive foreign currency “dollars,” which will be exclusively through corporate and bank outlets at international airports, stressing that the goal of the new mechanism that will come into effect on July 14 is for the dollar to reach the real traveler.
The bank stated: “It facilitates proper transactions, as well as facilitating travelers’ access to the dollar faster.”
More Than One Share
It is noteworthy that the Central Bank allowed exchange companies to receive more than one share during the week in order to fully respond to travelers’ requests.
In turn, economists commented on the Central Bank’s decision by saying:
“The Central Bank’s announcement of stopping remittances using the Chinese currency and using the dollar, in addition to the continuing demand to deal with Iran in the dollar, and
this matter will lead to great momentum on the dollar.”
While they warned against linking the dollar to Baghdad International Airport, because it will exacerbate the rise of the dollar, and we will witness confusion in the local markets that are suffering from stagnation at the present time.
They pointed out that the rise in the dollar exchange rates remains dependent on the behavior of the Central Bank and the extent of its responses to it, and the
recent rise of the dollar came after the decision of the Central Bank of Iraq to transfer the operations of travelers obtaining the dollar exclusively through Baghdad Airport. According to a report,
“Airports are not prepared to receive this large number of companies;
There are many companies that sell the dollar, and if they are limited to only 6 offices,
it will be useless and the citizen will not be able to obtain the dollar, and previous experiences confirm this.
Where Is The Central Bank Spokesman?
Observers were surprised by the lack of an official spokesman despite his presence in all state ministries.
This is one of the problems with the Central Bank, which announced the procedures and results of the visits conducted by the governor to Washington.
All statements are confusing and confused due to the lack of accuracy and correct official information.”
In this context, the Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Saleh, confirms:
“The exchange rate in the parallel market does not affect the stability of the general level of prices. While he pointed out that the
parallel exchange market has begun to affect a narrow economic scope, he pointed out that the
stability of the dinar’s exchange rate against... The dollar is real and solid.”
Two Factors, Internal And External
Saleh said in a statement followed by the Iraq Observer Agency:
“There is an international factor that imposes controls on what is called banking compliance in financing the demand for dollars from our country’s international bank accounts in foreign currency, and
there is also an internal factor that benefits from the actions and pressure of the external factor in order to obtain profitable gains.” “Determined or emergency, especially in cash dollar transactions.”
He points out that:
“The dominance of the fixed exchange rate system in Iraq, which is based on a base of international reserves, is the highest in the history of Iraq and its monetary policy, as
the foreign currency covers a percentage of more than 100 percent of the total currency currently exported.”
He continued: “Through the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market in our country does not constitute any relative importance in affecting the stability of the general level of prices,
which have become stable in their components and trends as a result of the influence of the official exchange rate factor that prevails and currently dominates the exchange rate.” Financing “import” foreign trade, amounting to 1,320 dinars per dollar, is responsible for financing 90 percent of Iraq’s foreign trade. He stated,
“The stability of the official exchange rate leads to stability in the stable external value of the dinar, which is embodied in the state of stability in the relative prices of goods and services, as annual inflation in our country does not exceed only 3 percent, and
this is what was indicated in the reports of multilateral international financial and economic organizations.”
The Strength Of Foreign Reserves
Saleh added, “In light of the strength of the foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds $100 billion, the official exchange market, as a general trend, will remain dominant in containing any noise with ambiguous information that is affected by the parallel exchange market in short periods, due to political events.” “International or regional emergency.” He stressed,
“After the decline of the phenomenon of dollarization in internal transactions, especially in contracts, obligations and payments within the country since last year and its legal ban, the parallel exchange market has begun to have its general effects only on a narrow economic scope of prohibited transactions, practiced by informal markets and at a rate of 10 percent of Total supply and demand transactions for the currency.”
He pointed out, “The stability of the exchange rate of the dinar to the dollar that the country is witnessing, even in the secondary markets, is a real and well-established stability. Rather,
it is derived from the strength of the influence of the price and quantitative factors of the monetary and financial policies and their integration in imposing overall price stability in the country, and containing the inflationary expectations that it was causing.” Parallel exchange market forces over the past years.” https://observeriraq.net/لكبح-جماح-الدولار-البنك-المركزي-يربك/
Has The Battle To Eliminate The Corrupt In Institutions Begun?
July 14, 2024 Baghdad/Iraq Observer The theft of the century case, which was revealed in mid-October, raises intense anger in oil-rich Iraq, where corruption is rampant.
Although corruption is widespread in all state institutions in Iraq, the trials taking place in these cases have begun to become active, and if they occur, they target officials, whether junior or senior.
Stealing The Century
The day before yesterday, an informed source revealed the completion of the results of the investigations into what he described as “the
theft of the century,” as it was discovered that
billions of dinars were stolen by some employees in the local administration in Diyala Governorate, while he explained that
the results are currently ready, but they cannot be revealed to the public opinion. Public only after obtaining approval from higher authorities in Baghdad. He stated that
there are three main reasons behind the delay in announcing the final results, including the
complications associated with embezzlement and theft operations, and the
efforts made to recover the stolen funds and track down those involved, pointing out that the
general security conditions in Diyala also contributed to the delay in the official announcement.
The source added that the results clearly show the circumstances of the “theft of the century,” and the
identity of those involved in it has been identified, with
details currently being kept secret until the appropriate conditions for public disclosure are in place.
The acting governor of Diyala, Karim Ali Agha, announced in a press conference last April that the stolen amounts amounted to 7 billion and 394 million dinars, noting that the
embezzlement operations began in 2019, and
a number of those involved were arrested after identifying them and issuing arrest warrants against them.
It should be noted that investigations are still ongoing, and
it is expected that the official announcement of the results will be made after the formation of the local government in Diyala or at a specific later date.
Anti-Corruption
Yesterday, Prime Minister Muhammad Shiaa Al-Sudani made a visit to the headquarters of the Federal Integrity Commission.
While chairing a meeting, Al-Sudani
pointed out that the Integrity Commission represents an essential tool in implementing the government program and the priority of combating corruption,
praising the distinguished efforts of the Commission’s workers,
which have established hope among the general public that there is a real will to combat financial and administrative corruption.
Al-Sudani touched on the issue of the theft of tax deposits, which represents a black point in the state’s history due to the nature and size of the money stolen and under official cover, in collusion with state employees, and
half of this money was smuggled out of the country, stressing “continuing efforts to recover it.”
He stated, “The work of the Commission is clearly different from the previous stage,
stressing the necessity of continuing the same professional path in work, especially since public opinion was concerned about selectivity in combating corruption and the political nature of opening files, as happened in the Diwani Order Committee 29, which is what happened.”
It no longer exists, as work today is being carried out in accordance with the law and in cooperation with the executive and judicial authorities.”
Fault Handling
Al-Sudani stressed “the necessity of quickly addressing any defect that appears among integrity employees, and refusing any employee to exploit his position, especially if he is charged with oversight and protecting integrity,” stressing that
he “communicates daily with the Integrity Commission and its head for follow-up and directives.”
The Prime Minister directed all officers and commanders to “submit a statement of their financial liabilities.
He also directed all departments to continue setting and updating standards for the use of bribery by surveying the opinions of citizens, and providing a periodic position on the ministries’ procedures on the subject of integrity, and the speed of responding to the subject of information received.”
REDUCED BRIBERY
The Ministry of Interior said on Sunday that our forces carried out an important operation that resulted in the killing of terrorists in Diyala Governorate, while noting that
the intelligence agency arrested 34,000 people during the first half of this year.
According to the Ministry of Interior: 7,705 people accused of drug trafficking were arrested, while
it confirmed a decrease in premeditated murder crimes by 13% compared to last year.
It indicated a decrease in bribery by 10% and fraud by 8%. https://observeriraq.net/هل-بدأت-معركة-زوال-الفاسدين-من-المؤسسا/
Iraq Resumes Negotiations To Join WTO
Amr Salem July 16, 2024 Baghdad (IraqiNews.com) – The Iraqi Minister of Trade, Atheer Al-Ghurairi, declared on Monday that discussions to join the World Trade Organization (WTO) had resumed after more than a 16-year break.
A statement issued by the Trade Ministry revealed that Iraqi negotiating teams began their preparatory meetings at the WTO’s headquarters in Geneva, Switzerland, in preparation for the third meeting that will discuss Iraq’s accession, the Iraqi News Agency (INA) reported.
During his participation in the 13th Ministerial Conference of the WTO held last February in the UAE capital, Abu Dhabi, Al-Ghurairi affirmed that
Iraq fulfilled the conditions necessary to become a member of the WTO following the completion of economic reforms and the enhancement of the investment climate.
The Iraqi Trade Minister indicated that Baghdad finalized issues related to goods and services in accordance with the deadlines set for integration into the international trade system.
The Iraqi government expressed interest in joining the WTO after submitting a request to do so in 2004.
Iraq needed to be a member of the multilateral international trade system in order to regain its place as a major player in the global economy.
In addition to debating the future of the global trade movement in light of current challenges, Al-Ghurairi said that the conference sends a strong message to the countries of the world about the value of joining this organization.
The Iraqi official added that Iraq is attempting to expand its commercial and economic connections around the world in order to create new opportunities for collaboration.
https://www.iraqinews.com/iraq/iraq-resumes-negotiations-to-join-wto/
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Seeds of Wisdom RV and Economics Updates Tuesday Afternoon 7-16-24
Good afternoon Dinar Recaps,
FIVE CENTRAL BANKS HAVE INTERCONNECTED THEIR INSTANT PAYMENT SYSTEMS "Five central banks have interconnected their instant payment systems, creating a framework for faster and more affordable cross-border payments globally. These include the central banks of India, Malaysia, the Philippines, Singapore, and Thailand." CLICK THE LINK TO WATCH THE SHORT VIDEO- VERY INFORMATIVE
While watching the video remember that Ripple is a member of the BIS cross-border Payments interoperability and Extention (PIE) taskforce. @ Newshounds News™
Good Afternoon Dinar Recaps,
FIVE CENTRAL BANKS HAVE INTERCONNECTED THEIR INSTANT PAYMENT SYSTEMS
"Five central banks have interconnected their instant payment systems, creating a framework for faster and more affordable cross-border payments globally.
These include the central banks of India, Malaysia, the Philippines, Singapore, and Thailand."
CLICK THE LINK TO WATCH THE SHORT VIDEO- VERY INFORMATIVE
While watching the video remember that Ripple is a member of the BIS cross-border Payments interoperability and Extention (PIE) taskforce.
@ Newshounds News™
Read and See more: Twitter
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IRAQ RESUMES NEGOTIATIONS TO JOIN WTO
Baghdad (IraqiNews.com) – The Iraqi Minister of Trade, Atheer Al-Ghurairi, declared on Monday that discussions to join the World Trade Organization (WTO) had resumed after more than a 16-year break.
A statement issued by the Trade Ministry revealed that Iraqi negotiating teams began their preparatory meetings at the WTO’s headquarters in Geneva, Switzerland, in preparation for the third meeting that will discuss Iraq’s accession, the Iraqi News Agency (INA) reported.
During his participation in the 13th Ministerial Conference of the WTO held last February in the UAE capital, Abu Dhabi, Al-Ghurairi affirmed that Iraq fulfilled the conditions necessary to become a member of the WTO following the completion of economic reforms and the enhancement of the investment climate.
The Iraqi Trade Minister indicated that Baghdad finalized issues related to goods and services in accordance with the deadlines set for integration into the international trade system.
The Iraqi government expressed interest in joining the WTO after submitting a request to do so in 2004. Iraq needed to be a member of the multilateral international trade system in order to regain its place as a major player in the global economy.
In addition to debating the future of the global trade movement in light of current challenges, Al-Ghurairi said that the conference sends a strong message to the countries of the world about the value of joining this organization.
The Iraqi official added that Iraq is attempting to expand its commercial and economic connections around the world in order to create new opportunities for collaboration.
@ Newshounds News™
Read more: Iraw News
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Japanese tokenized deposit platform DCJPY starts production testing
DeCurret DCP, the company behind the DCJPY tokenized deposit network, said it has started production testing of the network. It expects to go into production in August. DeCurret runs the Japanese Digital Currency Forum, which has more than a hundred corporate and government participants who are exploring a broad range of applications that use digital currencies for settlement. DeCurret also raised significant funding from several big names, including MUFG, SMBC and SBI Holdings.
However, they are not participants in the first application, which uses on-chain bank deposits to pay for tokenized renewable energy certificates (RECs). The Internet Initiative Japan (IIJ) recently became a member of the Japan Electric Power Exchange (JEPX) to procure RECs on behalf of its data center clients. Now it plans to convert the RECs into digital tokens and settle transactions with tokenized deposits from GMO Aozora Net Bank.
In the future DeCurret DCP wants to expand the application by including electricity retailers, power companies and carbon trading exchanges.
The key benefits of on-chain payment is it eliminates settlement risk because the asset and money exchange simultaneously. Another advantage is automation, with programmability payments enabling a vast range of use cases.
The DCJPY Network consists of two separate blockchains, a Business Zone(s) and a Financial Zone. Only banks are present in the Financial Zone and this is where they tokenize the deposits and the DCJPY transfers actually happen. The transfer of the asset is recorded in the Business Zone. However, so are the instructions to transfer the DCJPY (but not the actual transfer). This requires synchronization between the two blockchain zones. DeCurret DCP uses the Inter-Blockchain Communication Protocol (IBC) from Cosmos.
Meanwhile, a recent DeCurret DCP survey showed a luke warm appetite for digital currencies from enterprises. Out of 100 companies surveyed, 26% aim to use digital currency in one to three years. Just over two thirds of those with plans are members of the Digital Currency Forum.
Japan’s approach to digital currencies
Japan is one of the most advanced economies in terms of legal support for digital currencies. It passed legislation that supports three types of stablecoins. These include two bank related ones – stablecoins backed by bank deposits and third party reserve backed stablecoins where the reserves are managed by trust banks. Hence, in the realm of digital currency, DCJPY faces competition at launch.
@ Newshounds News™
Read more: Ledger Insights
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BRICS: EVERY AFRICAN COUNTRY PREPARING TO JOIN the ALLIANCE
"Former Ethiopian speaker of the house Agegnehu Teshager revealed that all African countries are interested in joining the BRICS alliance. His statement comes at a time when developing countries are looking to sideline the US dollar and use local currencies."
"Developing countries are finding the BRICS de-dollarization agenda lucrative as the initiative can boost their native economies and local currencies. "
"“Africa is a great potential for BRICS, most African countries have an appetite to be a member of the alliance,” he said. The former speaker continued, “Africa’s economy is developing and the continent is interested in the BRICS alliance.”
"Ethiopia is the new entrant in the BRICS alliance and is the second African nation apart from South Africa to be a part of the grouping. The bloc might invite many other countries during the 16th summit and expand the alliance in 2024. However, there is no clear information on which countries might receive the invitation."
NOTE: JUST BECAUSE A COUNTRY EXPRESSES INTEREST IN BECOMING A MEMBER OF BRICS DOESN'T MEAN THEY ARE AUTOMATICALLY A MEMBER. THERE IS A PROCESS TO MEMBERSHIP..
@ Newshounds News™
Read more: Watcher Guru
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Cardano (ADA) Price Surges 40% as $240M TVL and Ethereum ETFs Emerge Bullish Catalysts
Cardano (ADA) has experienced a significant price surge, trading at $0.44, up 40% over the last ten days, fueled by several internal and external factors that are generating renewed investor interest and optimism.
Cardano Price Crosses $0.45 First Time in 10-Days
After having dropped to historic lows on Friday July 5, a positive shift in the US macroeconomic environment has provided a favorable backdrop for ADA’s recent rebound phase. Positive Non-Farm Payroll (NFP) and Consumer Price Index (CPI) data have bolstered investor confidence in the economic outlook, supporting the overall cryptocurrency market.
Furthermore, the anticipation of Ethereum ETFs expected to launch soon has spilled over into the altcoin market, including Cardano, as investors look for promising opportunities beyond Bitcoin and Ethereum.
@ Newshounds News™
Reas more: The Crypto Basic
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Economist’s “News and Views” Tuesday 7-16-2024
100 Days to the BRICS Summit: What You Need to Know Now
Think BRICS: 7-15-2024
100 Days to the BRICS Summit: What You Need to Know Now! This video provides exclusive insights analysis on the upcoming BRICS Summit 2024 in Kazan.
Discover how the BRICS bridge and alternative payment system will reshape global economics. Tune in as we discuss the BRICS Parliament, the newly proposed grain exchange, and the ambitious BRICS expansion plans.
Our experts reveal the latest BRICS news and debunk common BRICS fake news, ensuring you get the most accurate information. This live stream, part of our Think BRICS series, is your go-to source for comprehensive updates.
100 Days to the BRICS Summit: What You Need to Know Now
Think BRICS: 7-15-2024
100 Days to the BRICS Summit: What You Need to Know Now! This video provides exclusive insights analysis on the upcoming BRICS Summit 2024 in Kazan.
Discover how the BRICS bridge and alternative payment system will reshape global economics. Tune in as we discuss the BRICS Parliament, the newly proposed grain exchange, and the ambitious BRICS expansion plans.
Our experts reveal the latest BRICS news and debunk common BRICS fake news, ensuring you get the most accurate information. This live stream, part of our Think BRICS series, is your go-to source for comprehensive updates.
We explore the Think BRICS partnerships with the BRICS+ University Association and the BRICS+ Development Group and their significance in the evolving geopolitical landscape. This video covers critical topics that will be discussed at the Kazan Summit.
In this live stream, we revisit key topics from past videos and provide fresh perspectives on what to expect at the BRICS Summit in Kazan this October. From policy changes to new initiatives, get a complete understanding of the strategic moves by BRICS countries.
While this video offers an in-depth analysis of various aspects of the BRICS Summit 2024, it does not delve into the detailed history of the BRICS nations. We focus on the upcoming summit and future developments rather than past events
One MAJOR Financial Domino Left to Fall: Tavi Costa
Daniela Cambone: 7-15-2024
"We’re close to a major domino falling in the next six to nine months," predicted Tavi Costa, macro strategist at Crescat Capital.
He explains to Daniela Cambone that the equity markets are likely to be the next to feel the economic repercussions driven by the higher cost of capital, which will impact the valuation of companies.
"Ultimately, I would say that we're going back to a world where investors pay closer attention to profitability,” he stresses. Costa also remains firm on his recession outlook. “You can plug in so many charts—yield curve versus unemployment rates, initial jobless claims, continuing jobless claims.
You can see that clearly, the steepening of the yield curve from inverted levels is a very negative signal for the economy,” he explains.
Watch the compelling video to learn more about Costa’s views on the economy.
Iraq News Highlights and Points To Ponder Tuesday AM 7-16-24
Dollar Fluctuates Amid Tight Monetary Authority Measures
Economic 2024/07/16 Dollar fluctuates amid tight monetary authority measures 678 , days before the implementation of the Central Bank’s decision to sell dollars exclusively to travelers at airports, the dollar exchange rates witnessed clear fluctuations in the parallel markets, as they exceeded the barrier of 150 thousand dinars for every 100 dollars, a number that specialists see as possible (stability or decline) in the coming periods as a result of the Central Bank continuing to meet the requirements of foreign trade, which could lead to a decline in the effects of the parallel market, stressing the need to double efforts to make the new experiment of granting travelers dollars a success for fear of the continued rise of the green currency.
The Central Bank's decision to grant the green currency exclusively to airport travelers has come into effect, amid anticipation of the continued fluctuation of the exchange rate in the parallel market, which observers fear will affect the purchasing value of prices, while the Prime Minister's Advisor for Financial Affairs, Dr. Mazhar Mohammed Saleh, sees the opposite, as he explains that through "the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market does not constitute any relative importance in affecting the stability of the general price level, which has become stable in its components and trends due to the influence of the prevailing official exchange rate factor."
Dollar Fluctuates Amid Tight Monetary Authority Measures
Economic 2024/07/16 Dollar fluctuates amid tight monetary authority measures 678 , days before the implementation of the Central Bank’s decision to sell dollars exclusively to travelers at airports, the dollar exchange rates witnessed clear fluctuations in the parallel markets, as they exceeded the barrier of 150 thousand dinars for every 100 dollars, a number that specialists see as possible (stability or decline) in the coming periods as a result of the Central Bank continuing to meet the requirements of foreign trade, which could lead to a decline in the effects of the parallel market, stressing the need to double efforts to make the new experiment of granting travelers dollars a success for fear of the continued rise of the green currency.
The Central Bank's decision to grant the green currency exclusively to airport travelers has come into effect, amid anticipation of the continued fluctuation of the exchange rate in the parallel market, which observers fear will affect the purchasing value of prices, while the Prime Minister's Advisor for Financial Affairs, Dr. Mazhar Mohammed Saleh, sees the opposite, as he explains that through "the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market does not constitute any relative importance in affecting the stability of the general price level, which has become stable in its components and trends due to the influence of the prevailing official exchange rate factor."
Amidst this, economic experts believe that among the tools for controlling exchange rates are the recent measures represented by introducing the Customs Data Automation Program (ASYCUDA) system, stressing that this important government measure is an essential part of limiting the rise in the dollar price in the parallel market.
Financial Affairs Advisor, Dr. Mazhar Muhammad Salih, said yesterday, Sunday, in a statement to the Iraqi News Agency (INA): "There is an international factor that imposes controls on the so-called banking compliance in financing the demand for the dollar from our country's international bank accounts in foreign currency, and there is also an internal factor that benefits from the actions and pressure of the external factor in order to obtain temporary or emergency profit gains, especially in cash dollar transactions."
He explained that "the dominance of the fixed exchange rate system in Iraq, based on an international reserve base, is the highest in the history of Iraq and its monetary policy, as foreign currency covers more than 100 percent of the total currency currently issued."
He continued: "Through the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market in our country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends as a result of the influence of the prevailing and dominant official exchange rate factor currently in financing foreign trade (imports), amounting to 1320 dinars per dollar, which is responsible for financing 90 percent of Iraq's foreign trade."
He stressed that "after the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments within the country since last year and its legal prohibition, the parallel exchange market has become such that its general effects only form a narrow economic scope of prohibited transactions, practiced by informal markets and at a rate of 10 percent of the total supply and demand transactions for the currency."
He pointed out that "the stability of the dinar to dollar exchange rate that the country is witnessing even in secondary markets is a real and solid stability, and is derived from the strength of the impact of the price and quantitative factors of the monetary and financial policies and their integration in imposing overall price stability in the country, and containing the inflationary expectations that were caused by the parallel exchange market forces during the past years."
It is noteworthy that the Central Bank's sales of hard currency last week amounted to more than one billion dollars through the currency auction that was held over four days, at a daily rate of 272 million and 80 million and 368 dollars, while sales of foreign remittances recorded 991 million and 141 thousand and 473 dollars, which indicates, according to specialists, the possibility of achieving clear relative stability in the various prices of goods and materials, and their not being affected by the parallel exchange rate.
The new mechanism for granting the "dollar", according to the Central Bank, aims to provide foreign currency to the real traveler and pass sound transactions, in addition to facilitating travelers' access to the dollar faster.
According to the "Monetary Authority", the mechanism includes the traveler going to authorized exchange companies spread across all cities to deliver the amount in dinars equivalent to the citizen's share of the dollar according to the official exchange rate of the Central Bank of Iraq.
The company will enter the data of the traveling citizen and upload his name on the electronic platform of the Central Bank of Iraq and deliver him a receipt confirming his deposit of the dinar, to receive the cash dollar inside the airport exclusively.
In turn, the economic expert Dr. Nabil Al-Marsoumi, during his interview with "Al-Sabah", sees the existence of several closely related factors that contribute to the rise in the exchange rate, some of which are real and others are psychological, as the real factors are represented by stopping bank transfers in the Chinese yuan due to suspicions of corruption on the subject, in addition to stopping the injection of cash dollars into the parallel market and the new procedures of the Central Bank that limit sales to air ports and airports.
The expert Al-Marsoumi attributed the reasons for the fluctuations to the launch of the general budget for the year 2024 and the approval of the budget schedules, as this leads to an increase in public spending in its operational and investment aspects, which naturally leads to an increase in consumer demand and an increase in investment demand, and thus an increase in imports and an increase in pressure on the dollar.
Regarding psychological factors, the spokesman indicated that "the fears among citizens went towards the possibility of the dollar rising in the near future, and therefore there is a great rush to buy it from the parallel market, which caused its exchange rate to rise by 3 to 4 percent, expecting that "the market will calm down soon as a result of several factors, most notably the negotiations that the governor of the Central Bank may conduct in Washington regarding bank transfers."
This Is The Volume Of Our Trade With Iran.. An Economist Reveals The Reasons For The Dollar Problem Inside Iraq
Economy |Baghdad Today – Baghdad Economic expert, Munir Al-Abidi, revealed today, Tuesday (July 16, 2024), the volume of trade between Iraq and Iran, while indicating that the dollar problem in Iraq is not due to official trade.
Al-Obaidi said in a clarification he published on Facebook, which was followed by "Baghdad Today", "The Iranians say that our trade with Iraq during three months amounts to 3 billion dollars, distributed as 1.2 billion to meet the need for gas, 700 million dollars for electricity, while 200 dollars are for food, and another 200 million for iron trade."
He added, "This means that the value of food and iron during the year amounts to only 1.5 billion dollars annually," indicating that "some say that our trade with Iran amounts to 12 or 14 billion dollars, which is the reason for the dollar crisis."
Al-Obaidi said, "Our official trade for the private sector does not exceed 3 billion dollars with Iran and does not exceed 300 million dollars with Syria," stressing that "the problem with the dollar is not the official trade with Iran and Syria."
He pointed out that "the problem of the demand for dollars in the local market is to cover the needs of other types of informal and illegal trade, most notably drugs," stressing that "all this fuss, crying and wailing in the channels is to reopen the money channels for this trade." LINK
Parliamentary Finance Committee Comments On US Decision To Stop Iraq's Transactions In Chinese Yuan
Posted On2024-07-16 By Sotaliraq Member of the Parliamentary Finance Committee, MP Moeen Al-Kadhimi, described today, Tuesday, the decision of the US Federal Reserve to stop transfers in Chinese yuan as “arbitrary” against the Iraqi economy.
[size=45]Al-Kadhimi said in a statement, "The decision to stop transfers in the Chinese yuan was issued by the US Federal Reserve, claiming that there were suspicions about some transfers in the Chinese yuan."
[size=45]He pointed out that "the Central Bank of Iraq has contracted with an international company to evaluate and monitor transfers, and this company is a source of acceptance and trust for the US Federal Reserve."
He pointed out that "after a short period, the Central Bank of Iraq will resume transferring remittances in Chinese yuan to Iraqi traders in general," indicating that "these measures of the US Federal Reserve are considered arbitrary against Iraq and its national economy."
The Central Bank of Iraq stopped dealing in the Chinese yuan after the US Federal Reserve accused Iraq of “inflating remittances.”
During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on private banks and preventing the dollar under many pretexts, which in one way or another led to a severe financial crisis in local markets. LINK
Economist: America Has Begun To Abandon Iraq
Money and business Economic expert, Jalil Al-Lami, confirmed that America has begun to gradually abandon Iraq by restricting the use of the dollar and abandoning the purchase of Iraqi oil.
Al-Lami said that America decided to buy oil from Canada instead of Iraq, and also to restrict the use of the dollar, which are messages to the Iraqi government.
He added that the Iraqi government sent a delegation to settle the issues with America and end the dollar restriction. 825 views 2024/07/16 - https://economy-news.net/content.php?id=45274
Pros And Cons Of Iraq Joining The WTO
Pros And Cons Of Iraq Joining The WTO
Appearance of Mohammed Saleh
Since 2003, Iraq has adopted broad open policies towards the world and sought to establish important economic and legislative rules that operate according to the mechanisms of the market system, most of which helped improve Iraq’s foreign trade, after an economic blockade that lasted for more than a decade and led to Iraq’s marginalization on the map of the global economic system and deprived it of investment opportunities, progress, development and technological knowledge that should have helped it confront the rapid developments and changes that international markets have witnessed and whose competitive capabilities have changed dramatically over the past two decades at least.
Thus, Iraq became isolated from its international environment in the midst of a world swept by the currents of merging its companies, liberalizing its markets and integrating them, especially the financial ones, and the dominance of the new liberal doctrine, which required broad economic transformations in the field of information technology that became in harmony with the internationalism of productive activity through the role that multinational companies began to play and the increasing competitive advantage of the products that the world markets began to generate.
Pros And Cons Of Iraq Joining The WTO
Appearance of Mohammed Saleh
Since 2003, Iraq has adopted broad open policies towards the world and sought to establish important economic and legislative rules that operate according to the mechanisms of the market system, most of which helped improve Iraq’s foreign trade, after an economic blockade that lasted for more than a decade and led to Iraq’s marginalization on the map of the global economic system and deprived it of investment opportunities, progress, development and technological knowledge that should have helped it confront the rapid developments and changes that international markets have witnessed and whose competitive capabilities have changed dramatically over the past two decades at least.
Thus, Iraq became isolated from its international environment in the midst of a world swept by the currents of merging its companies, liberalizing its markets and integrating them, especially the financial ones, and the dominance of the new liberal doctrine, which required broad economic transformations in the field of information technology that became in harmony with the internationalism of productive activity through the role that multinational companies began to play and the increasing competitive advantage of the products that the world markets began to generate.
However, we find in the integration of financial markets, whose assets exceed $850 trillion, the main title of financial globalization and the main focus of dominance in the globalization of the new liberal economy.
At the same time, it represents the trend of transition in the axes of international trade and the introduction to the transformation from the scope of the GATT Agreement signed in 1948 to the World Trade Organization Agreement (WTO), where the latter focused on regulating a wide range of trade in services, especially financial services, whose annexes were called the GATS Agreement in 1994 based on the Uruguay Round.
While the gross domestic product of the world's 192 economies does not exceed $83 trillion annually at present (and the value of world trade in goods and services has also not increased annually by more than a third of the aforementioned global output), we find that trade in currency conversion, speculation, and short-term capital movements exceeds about $4.5 trillion daily in international monetary and financial markets, a speculative financial trade whose annual total exceeds more than fifty times the total global trade in goods and services.
In the midst of these changes in the international commercial and financial space, Iraq has moved to important organizational levels in the transition to a market economy to break the effects of its international isolation by engaging in a strong area of economic liberalism that focused on liberalizing the areas of Iraq's foreign trade in goods and services and the means of financing them,
despite the fluctuations in its organization, as well as the development and expansion of areas of progress achieved in some financial services and improving the environment for foreign investment through the legislation of the banking and investment laws and the Central Bank Law,
which allows foreign banks to operate in Iraq and allows the transfer of capital and currency in a manner that serves Iraq's openness to the world in the conditions of a central rentier economy that is difficult to deal with in understanding market liberalism, which nevertheless led to providing positive opportunities and promising legal and organizational foundations for the Iraqi business environment.
However, all of this is not enough to put Iraq on the path of international economic competition. There are still more than five thousand legislative texts that hinder economic freedom and market activity, which are being studied by legal circles and which must be amended so that Iraq can integrate into international trade and investment and prepare it to join the World Trade Organization according to the terms of membership in it so that our country can obtain the most-favored nation status and the principle of national treatment.
However, the paradoxes of joining revolve around the issues of oil and agriculture, in addition to other problems of joining.
While oil sector production dominates nearly 50% of Iraq’s GDP, the sector employs only 2% of the Iraqi workforce, and the country’s crude oil exports and revenues constitute the near-absolute majority of total exports, general budget revenues, and foreign exchange earnings.
In light of all this, the World Trade Organization excludes crude oil as a commodity within the group of raw commodities traded internationally, which remains the core of the contradiction in Iraq’s accession to that organization that excludes crude oil.
If the World Trade Organization had allowed oil to be taken into account, the price would have been determined by global supply and demand, away from the cartel or consumer groups represented by the International Energy Agency and its lines and programs for rationalizing demand for oil.
Or away from the cartel or producer groups represented by the Organization of the Petroleum Exporting Countries (OPEC) and its role in regulating production and influencing prices, which is the matter that imposed price and quantity restrictions on a commercial commodity, but a strategic and political one at the same time, which is the driving force of Iraq’s foreign trade.
On the other side of the Iraqi economy, we find the agricultural sector, which includes less than a third of the Iraqi population and about 22% of the Iraqi labor force, and does not contribute to the gross domestic product except by a percentage not exceeding 5%, which made the country a near-net importer of food or agricultural goods, the value of which exceeds 14 billion dollars annually.
This important sector, which has been subjected to militarization and neglect over the past thirty years and more, does not have the sufficient components to provide food security in terms of grains or agricultural production requirements after the shrinkage of productive agricultural areas due to desertification, salinization, and the recent water crisis, which eliminated more than 50% of the lands prepared for agriculture, in addition to the deterioration of the agricultural infrastructure, 83% of whose components are controlled by the state as a public commodity.
Here the agricultural sector contradicts the oil sector structurally in the directions of openness to the global market and with two different wings in terms of the impact of commercial benefits and costs.
The forces of the international market or global supply and demand have come to control strongly, whether in the demand for oil and its impact on the value of Iraqi exports or in the supply of food products and its impact on the cost of Iraq’s imports from them.
When referring to the philosophy of reducing customs restrictions by 24% and abolishing non-customs restrictions, which are the conditions imposed by the World Trade Organization on the member state in the group of developing countries to work with and implement them within a period of six years from the date of accession, in addition to reducing agricultural support by 13.3% within a period of ten years from accession, we find that these regulatory conditions of the World Trade Organization clash with the conditions and situations of the agricultural market and the global food stock exchange itself.
If we look at the agricultural monopolies in the world in light of the deterioration of agricultural development in Iraq, we find a real threat to national food security that restricts the country in the event of joining the organization unless it is preceded by starting or following an agricultural program for self-sufficiency immediately. We will really need a green revolution similar to what Mexico and many Latin American countries have done.
Especially if we know that there are between 3 to 6 major monopolistic companies in the world that control 80 to 90% of agricultural crop trade and control prices and quantities such as wheat, sugar, tea, coffee, cotton, jute, etc. At a time when ten multinational companies still control a third of the world's seed and pesticide production and trade.
Despite the above, Iraq’s entry and integration into the global economic space through the World Trade Organization and its dealings with international groups on terms that apply to everyone from a formal standpoint at a time when the world is still divided between the countries of the North and the South or the countries of the advanced industrial center and the developing periphery,
Iraq has no choice but to leave its international isolation that it inherited since the blockade that began in 1990, which placed Iraq under Chapter VII of the United Nations Charter or its aftermath, a chapter whose effects still provide a negative economic environment hostile to development and perhaps obstructing natural integration into the global market.
This chapter prohibits levels of investment in advanced technology or easy dealings with the world due to the restrictions it imposes on our country as a high-risk country that threatens world peace and allows the use of force against it in a regrettable legacy for the civilization of Mesopotamia despite the disappearance of the objective reasons for which the economic blockade was imposed on Iraq.
Noting that Iraq's accession to regional economic zones, such as the Greater Arab Free Trade Area and other economic agreements within the framework of the Arab League or other forms of regional integration and consolidation, must take into account the implementation of the provisions contained in the World Trade Organization Agreement and before it the GATT Agreement, both of which have become binding restrictions on the implementation of trade agreements.
Thus, any trade facilitations within the framework of regional agreements become useless or worthless if they are less than the facilitations provided within the framework of the World Trade Organization.
Finally, Iraq's continued isolation from its international environment will cost it a lot due to the loss of organizational advantages and opportunities, technological and legal benefits, and other areas of investment and arbitration, which are opportunities that isolation from the world does not provide and does not enable a gradual transformation into a group of stable and low-risk countries, a transformation that encourages international cooperation in a secure global investment and trade environment, provided that effective development begins based on the strong push program.
96 views 2024/07/16 - https://economy-news.net/content.php?id=45283
Third Round Of Negotiations For Iraq's Accession To The World Trade Organization
Time: 2024/07/16 Reading: 234 times {Economic: Al Furat News} Minister of Trade Athir Dawood Salman arrived today, Tuesday, in the city of Geneva, Switzerland, at the head of the Iraqi team negotiating Iraq’s accession to the World Trade Organization to attend the third meeting of the working group on Iraq’s accession, 16 years after the second meeting was held.
The statement of the Ministry's media office, a copy of which was received by {Euphrates News}, indicated that "Iraq is proceeding, through the national committee concerned with its accession to the World Organization, which is headed by the Minister of Trade, to complete its procedures to accomplish the required files and support reforms and legislation to be in line with the market system and enhance the country's economic capabilities to complete the requirements of the next stage of the accession process."
The statement noted that "the preparatory meetings of the Iraqi negotiating team are continuing at the headquarters of the World Trade Organization in Geneva, in preparation for the third meeting of the working group on Iraq's accession, which will be held this week." LINK
“Tidbits From TNT” Tuesday Morning 7-16-2024
TNT:
Tishwash: Iraq resumes negotiations to join WTO
Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced on Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years.
A statement by the ministry, seen by "Al-Eqtisad News", quoted the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, as saying that "the Iraqi negotiating teams have begun their preparatory meetings at the headquarters of the World Trade Organization in Geneva, in preparation for the third meeting of the working group on Iraq's accession."
TNT:
Tishwash: Iraq resumes negotiations to join WTO
Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced on Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years.
A statement by the ministry, seen by "Al-Eqtisad News", quoted the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, as saying that "the Iraqi negotiating teams have begun their preparatory meetings at the headquarters of the World Trade Organization in Geneva, in preparation for the third meeting of the working group on Iraq's accession."
Al-Hashemi added that "the first preparatory meeting was held at the organization's headquarters with the Director of the Accession Department and the organization's experts in goods, services and intellectual property, headed by the Director General of the Department of Economic Relations and the membership of negotiators representing the Iraqi ministries and the Kurdistan Region; to discuss the most important files and documents submitted by Iraq in the previous stage."
He pointed out that "the third official meeting of the working group, which will be headed by the Minister of Trade representing Iraq, will witness a review of the files and documents completed by the National Committee concerned with accession."
He continued, "This is the first time that the Iraqi negotiating team has reached this level of experience in the field of negotiation, which reflects the development of their capabilities and efficiency in dealing with complex issues related to WTO membership link
************
Pros and cons of Iraq joining the WTO
Appearance of Mohammed Saleh
Since 2003, Iraq has adopted broad open policies towards the world and sought to establish important economic and legislative rules that operate according to the mechanisms of the market system, most of which helped improve Iraq’s foreign trade, after an economic blockade that lasted for more than a decade and led to Iraq’s marginalization on the map of the global economic system and deprived it of investment opportunities, progress, development and technological knowledge that should have helped it confront the rapid developments and changes that international markets have witnessed and whose competitive capabilities have changed dramatically over the past two decades at least.
Thus, Iraq became isolated from its international environment in the midst of a world swept by the currents of merging its companies, liberalizing its markets and integrating them, especially the financial ones, and the dominance of the new liberal doctrine, which required broad economic transformations in the field of information technology that became in harmony with the internationalism of productive activity through the role that multinational companies began to play and the increasing competitive advantage of the products that the world markets began to generate.
However, we find in the integration of financial markets, whose assets exceed $850 trillion, the main title of financial globalization and the main focus of dominance in the globalization of the new liberal economy. At the same time, it represents the trend of transition in the axes of international trade and the introduction to the transformation from the scope of the GATT Agreement signed in 1948 to the World Trade Organization Agreement (WTO), where the latter focused on regulating a wide range of trade in services, especially financial services, whose annexes were called the GATS Agreement in 1994 based on the Uruguay Round.
While the gross domestic product of the world's 192 economies does not exceed $83 trillion annually at present (and the value of world trade in goods and services has also not increased annually by more than a third of the aforementioned global output), we find that trade in currency conversion, speculation, and short-term capital movements exceeds about $4.5 trillion daily in international monetary and financial markets, a speculative financial trade whose annual total exceeds more than fifty times the total global trade in goods and services.
In the midst of these changes in the international commercial and financial space, Iraq has moved to important organizational levels in the transition to a market economy to break the effects of its international isolation by engaging in a strong area of economic liberalism that focused on liberalizing the areas of Iraq's foreign trade in goods and services and the means of financing them, despite the fluctuations in its organization.
As well as the development and expansion of areas of progress achived in some financial services and improving the environment for foreign investment through the legislation of the banking and investment laws and the Central Bank Law, which allows foreign banks to operate in Iraq and allows the transfer of capital and currency in a manner that serves Iraq's openness to the world in the conditions of a central rentier economy that is difficult to deal with in understanding market liberalism, which nevertheless led to providing positive opportunities and promising legal and organizational foundations for the Iraqi business environment.
However, all of this is not enough to put Iraq on the path of international economic competition. There are still more than five thousand legislative texts that hinder economic freedom and market activity, which are being studied by legal circles and which must be amended so that Iraq can integrate into international trade and investment and prepare it to join the World Trade Organization according to the terms of membership in it so that our country can obtain the most-favored nation status and the principle of national treatment.
However, the paradoxes of joining revolve around the issues of oil and agriculture, in addition to other problems of joining.
While oil sector production dominates nearly 50% of Iraq’s GDP, the sector employs only 2% of the Iraqi workforce, and the country’s crude oil exports and revenues constitute the near-absolute majority of total exports, general budget revenues, and foreign exchange earnings.
In light of all this, the World Trade Organization excludes crude oil as a commodity within the group of raw commodities traded internationally, which remains the core of the contradiction in Iraq’s accession to that organization that excludes crude oil. If the World Trade Organization had allowed oil to be taken into account, the price would have been determined by global supply and demand, away from the cartel or consumer groups represented by the International Energy Agency and its lines and programs for rationalizing demand for oil. Or away from the cartel or producer groups represented by the Organization of the Petroleum Exporting Countries (OPEC) and its role in regulating production and influencing prices, which is the matter that imposed price and quantity restrictions on a commercial commodity, but a strategic and political one at the same time, which is the driving force of Iraq’s foreign trade.
On the other side of the Iraqi economy, we find the agricultural sector, which includes less than a third of the Iraqi population and about 22% of the Iraqi labor force, and does not contribute to the gross domestic product except by a percentage not exceeding 5%, which made the country a near-net importer of food or agricultural goods, the value of which exceeds 14 billion dollars annually. This important sector, which has been subjected to militarization and neglect over the past thirty years and more, does not have the sufficient components to provide food security in terms of grains or agricultural production requirements after the shrinkage of productive agricultural areas due to desertification, salinization, and the recent water crisis, which eliminated more than 50% of the lands prepared for agriculture, in addition to the deterioration of the agricultural infrastructure, 83% of whose components are controlled by the state as a public commodity.
Here the agricultural sector contradicts the oil sector structurally in the directions of openness to the global market and with two different wings in terms of the impact of commercial benefits and costs. The forces of the international market or global supply and demand have come to control strongly, whether in the demand for oil and its impact on the value of Iraqi exports or in the supply of food products and its impact on the cost of Iraq’s imports from them.
When referring to the philosophy of reducing customs restrictions by 24% and abolishing non-customs restrictions, which are the conditions imposed by the World Trade Organization on the member state in the group of developing countries to work with and implement them within a period of six years from the date of accession, in addition to reducing agricultural support by 13.3% within a period of ten years from accession
We find that these regulatory conditions of the World Trade Organization clash with the conditions and situations of the agricultural market and the global food stock exchange itself. If we look at the agricultural monopolies in the world in light of the deterioration of agricultural development in Iraq, we find a real threat to national food security that restricts the country in the event of joining the organization unless it is preceded by starting or following an agricultural program for self-sufficiency immediately.
We will really need a green revolution similar to what Mexico and many Latin American countries have done. Especially if we know that there are between 3 to 6 major monopolistic companies in the world that control 80 to 90% of agricultural crop trade and control prices and quantities such as wheat, sugar, tea, coffee, cotton, jute, etc. At a time when ten multinational companies still control a third of the world's seed and pesticide production and trade.
Despite the above, Iraq’s entry and integration into the global economic space through the World Trade Organization and its dealings with international groups on terms that apply to everyone from a formal standpoint at a time when the world is still divided between the countries of the North and the South or the countries of the advanced industrial center and the developing periphery, Iraq has no choice but to leave its international isolation that it inherited since the blockade that began in 1990, which placed Iraq under Chapter VII of the United Nations Charter or its aftermath, a chapter whose effects still provide a negative economic environment hostile to development and perhaps obstructing natural integration into the global market.
This chapter prohibits levels of investment in advanced technology or easy dealings with the world due to the restrictions it imposes on our country as a high-risk country that threatens world peace and allows the use of force against it in a regrettable legacy for the civilization of Mesopotamia despite the disappearance of the objective reasons for which the economic blockade was imposed on Iraq.
Noting that Iraq's accession to regional economic zones, such as the Greater Arab Free Trade Area and other economic agreements within the framework of the Arab League or other forms of regional integration and consolidation, must take into account the implementation of the provisions contained in the World Trade Organization Agreement and before it the GATT Agreement, both of which have become binding restrictions on the implementation of trade agreements. Thus, any trade facilitations within the framework of regional agreements become useless or worthless if they are less than the facilitations provided within the framework of the World Trade Organization.
Finally, Iraq's continued isolation from its international environment will cost it a lot due to the loss of organizational advantages and opportunities, technological and legal benefits, and other areas of investment and arbitration, which are opportunities that isolation from the world does not provide and does not enable a gradual transformation into a group of stable and low-risk countries, a transformation that encourages international cooperation in a secure global investment and trade environment, provided that effective development begins based on the strong push program. link
Mot: ... Guys! -- This is to Help You Recognize those Rare Signs!!!
Mot: Reflctions of a Boomer
MilitiaMan: Iraqi Dinar - Dinar Update-2024 Budget-Acceleration to WTO-Value Chains-SAAVI-Formal and Historic
Iraqi Dinar - Dinar Update-2024 Budget-Acceleration to WTO-Value Chains-SAAVI-Formal and Historic
MilitiaMan and Crew: 7-15-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraqi Dinar - Dinar Update-2024 Budget-Acceleration to WTO-Value Chains-SAAVI-Formal and Historic
MilitiaMan and Crew: 7-15-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Seeds of Wisdom RV and Economics Updates Monday Evening 7-15-24
Good Evening Dinar Recaps,
UNITES STATES CONSULTING FIRM SIGNS CONTRACT FOR IRAQ DEVELOPMENT ROAD
"By John Lee. Iraq's Minister of Transport, Razzaq Muhibis Al-Saadawi, announced the signing of a contract with Oliver Wyman, a consultancy firm, to provide advisory services for the Development Road project. Al-Saadawi stated that the consultancy will assist the ministry in marketing the project and overseeing investment opportunities. The contract, signed by Younis Khalid Jawad."
@ Newshounds News™
Good Evening Dinar Recaps,
UNITES STATES CONSULTING FIRM SIGNS CONTRACT FOR IRAQ DEVELOPMENT ROAD
"By John Lee. Iraq's Minister of Transport, Razzaq Muhibis Al-Saadawi, announced the signing of a contract with Oliver Wyman, a consultancy firm, to provide advisory services for the Development Road project. Al-Saadawi stated that the consultancy will assist the ministry in marketing the project and overseeing investment opportunities. The contract, signed by Younis Khalid Jawad."
@ Newshounds News™
Read more: Iraq Business News
~~~~~~~~~
What is IOTA?
IOTA (MIOTA) is one of only 8 ISO 20022 compliant coins.
Iota aims to be the economic layer for the Internet of Things, bringing microtransactions and data storage to a network of connected devices. It uses a distributed ledger technology called the Tangle, which is based on directed acyclic graph technology rather than blockchain.
Iota began as a pivot from an IoT microprocessor venture called Jinn. The Jinn team held a crowds ale in September 2014, promising holders of its native Jinn token a share in the company’s profits.
The team pivoted following concerns around the regulatory soundness of Jinn tokens. In 2015, the project announced Iota, a cryptocurrency network for IoT devices that utilized some of the cryptographic techniques researched and developed at Jinn.
Iota does not have blocks, miners or transaction fees as are featured in most public blockchain networks like Bitcoin or Ethereum. This is to allow the scalability and speed necessary for machine-to-machine microtransactions, which are denominated in its native token, MIOTA. Instead, each transaction validates the previous two transactions, achieving consensus first locally, then globally.
The Iota Foundation, a German nonprofit, is currently building out the Iota ecosystem.
@ Newshounds News™
Read more: CoinTelegraph
~~~~~~~~~
Cardano and XRP Win Fresh Listing
Horizon Protocol, a leading innovator in the DeFi derivatives space, has announced, in a tweet, the much-anticipated listing of XRP, Cardano (ADA), and Chainlink (LINK) on its flagship derivatives platform, Horizon Futures.
This exciting development, approved through Horizon Improvement Proposal 16 (HIP-16), signifies a significant step forward for Horizon Protocol in its mission to enhance user experience and expand access to diversified trading opportunities.
The upcoming launch, scheduled for Thursday this week, will allow users to leverage Horizon Futures’ robust features to trade XRP, ADA, and LINK with competitive advantages. This includes access to low fees, a user-friendly interface, and the ability to leverage positions up to 27.5 times.
Horizon Protocol emphasizes the importance of community involvement and acknowledges the valuable role its users played in the approval of HIP-16. This collaborative approach underscores Horizon’s commitment to fostering a thriving DeFi derivatives ecosystem.
Strategic Listings Bolster DeFi Offerings
Horizon Protocol views the listing of XRP, ADA, and LINK as a strategic move to bolster its existing suite of offerings and cater to a wider range of investors. These cryptocurrencies, all boasting an established market presence and strong communities, represent a valuable addition to the Horizon Futures platform.
Their inclusion aligns perfectly with Horizon’s vision of enriching users’ trading strategies and providing them with the tools they need to navigate the dynamic DeFi landscape.
To ensure a seamless integration process, Horizon Protocol will implement necessary system adjustments to accommodate XRP, ADA, and LINK on Horizon Futures. The team will also closely monitor the performance of these newly listed assets to inform future enhancements and potential additions to the platform.
Building on a Strong Foundation...
@ Newshounds News™
Read more: Times Tabloid
~~~~~~~~~
Newshound's Daily Breakdown Podcast Link
Newshound's News Telegram Room Link
Q & A Classroom Link
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Thank you Dinar Recaps
Seeds of Wisdom RV and Economics Updates Monday Afternoon 7-15-24
(Due to some unforeseen new computer glitches this afternoon post was delayed)
Good Afternoon Dinar Recaps,
VND/USD EXCHSNGE RATE AS OF 7/15/24 "Reference exchange rate drops slightly at week’s beginning
The State Bank of Vietnam (SBV) set the daily reference exchange rate at 24,245 VND/USD on July 15, down 3 VND from July 13.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 25,457 VND/USD and the floor rate 23,033 VND/USD.
At commercial banks, the opening-hour rates also fluctuated slightly.
At 8:20 am, Vietcombank listed the rates at 25,237 VND/USD (buying) and 25,457 VND/USD (selling), both down 3 VND from the rates two days ago.
(Due to some unforeseen new computer glitches this afternoon post was delayed)
Good Afternoon Dinar Recaps,
VND/USD EXCHSNGE RATE AS OF 7/15/24
"Reference exchange rate drops slightly at week’s beginning
The State Bank of Vietnam (SBV) set the daily reference exchange rate at 24,245 VND/USD on July 15, down 3 VND from July 13.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 25,457 VND/USD and the floor rate 23,033 VND/USD.
At commercial banks, the opening-hour rates also fluctuated slightly.
At 8:20 am, Vietcombank listed the rates at 25,237 VND/USD (buying) and 25,457 VND/USD (selling), both down 3 VND from the rates two days ago.
BIDV also cut both rates by 3 VND, listing the buying rate at 25,237 VND/USD and the selling rate at 25,457 VND/USD."
@ Newshounds News™
Read more: Vietnam Net
~~~~~~~~~~
News Update: Fedwire ISO 20022 Timeline
In 2022, the Fed announced that the Federal Reserve Banks planned to adopt the ISO 20022 standard for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025.
ISO 20022 is a globally accepted messaging standardization approach introduced in 2005 by the International Organization for Standardization with the goal of using the same language for all financial communications.
The Fedwire migration marks a significant turning point in the modernization of the American payment system that complies with best practices and international standards.
Here are three key updates you need to know about the upcoming migration schedule/planned timeline.
Compliance Window:
At the end of October 2024, the compliance testing window will officially close. Any financial institution that wants to remain in compliance with ISO20022 needs to complete its testing with the Federal Reserve by that time.
Post-Launch Integration
Compliance testing will resume two weeks following the launch (around late March).
Managing Non-Approvals
Organizations may choose to keep using the current method without paying penalties if they have not achieved compliance by the testing deadline. It's crucial to remember that ongoing use of Fedwire Direct requires compliance with ISO standards if a third-party solution is used for data loading. Therefore, financial institutions might not be able to use the solutions that are already available if these standards are not adopted and will be forced to manually load their wire transactions to the Fedwire Direct portal.
In partnership with the Federal Reserve, Alacriti has been proactive about ISO 20022. Alacriti’s solutions have all APIs built to the ISO 20022 standard, which is imperative for the RTP® network and the FedNow® Service, and also to accommodate the implementation that Fedwire has planned for 2025.
@ Newshounds News™
Read more: Alacriti, ISO 20022 Timeline
~~~~~~~~~
SAB 121 IN THE NEWS AGAIN?
"The crux of the problem is the accounting rule forces assets under custody to be disclosed as both an asset and liability on the balance sheet, contrary to accounting convention.
This expands the size of the balance sheet on which banks have their capital requirements assessed. Hence, providing crypto custody would require banks to set aside large amounts of capital, making it prohibitively expensive."
"The saga has taken up a considerable legislator time. In May both the House (228 v 182) and Senate (60 v 38) voted in favor of a resolution to cancel SAB 121, followed by a Presidential veto. Last year the Government Accountability Office (GAO) ruled that SAB 121 was a rule that should have received Congressional approval. Plus, legislators wrote to bank regulators about SAB 121 multiple times."
"In March 2022 the SEC published SAB 121, apparently without consulting banking regulators. The rule impacts all listed firms, not just banks. However, if the potential impact on banks was immediately obvious to journalists, it’s odd that the SEC didn’t consider it."
"The issue is bigger than cryptocurrency. It’s widely believed that tokenization – of securities, funds and other real world assets – will see the rewiring of the financial system. The Bank of International Settlements, the central bank of central banks, frowns on crypto but is making a big push on tokenization.
In order for tokenization to progress in an institutional framework, it’s essential for assets to be held in custody by banks. The world’s largest custodian banks are American. BNY Mellon, State Street, JP Morgan, Citi and Northern Trust provide custody for $160 trillion in assets."
"While the United States prides itself on its sophisticated markets, institutional work on tokenization is happening elsewhere."
"Several U.S. firms are involved in the Singapore and European work. Resolving the custody issue could see a significant acceleration in activity on home soil."
@ Newshounds News™
Read more: Ledger Insights
~~~~~~~~~
Newshound's Daily Breakdown Podcast Link
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Q & A Classroom Link
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Seeds of Wisdom Team™ Website
Subscribe to Newsletter
Thank you Dinar Recaps
Iraq Economic News and Points To Ponder Monday Afternoon 7-15-24
Iraq Resumes Negotiations To Join WTO
WTO Money and business Economy News – Baghdad Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced on Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years.
A statement by the ministry, seen by "Al-Eqtisad News", quoted the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, as saying that "the Iraqi negotiating teams have begun their preparatory meetings at the headquarters of the World Trade Organization in Geneva, in preparation for the third meeting of the working group on Iraq's accession." Al-
Hashemi added that "the first preparatory meeting was held at the organization's headquarters with the Director of the Accession Department and the organization's experts in goods, services and intellectual property, headed by the Director General of the Department of Economic Relations and the membership of negotiators representing the Iraqi ministries and the Kurdistan Region; to discuss the most important files and documents submitted by Iraq in the previous stage."
Iraq Resumes Negotiations To Join WTO
WTO Money and business Economy News – Baghdad Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced on Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years.
A statement by the ministry, seen by "Al-Eqtisad News", quoted the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, as saying that "the Iraqi negotiating teams have begun their preparatory meetings at the headquarters of the World Trade Organization in Geneva, in preparation for the third meeting of the working group on Iraq's accession." Al-
Hashemi added that "the first preparatory meeting was held at the organization's headquarters with the Director of the Accession Department and the organization's experts in goods, services and intellectual property, headed by the Director General of the Department of Economic Relations and the membership of negotiators representing the Iraqi ministries and the Kurdistan Region; to discuss the most important files and documents submitted by Iraq in the previous stage."
He pointed out that "the third official meeting of the working group, which will be headed by the Minister of Trade representing Iraq, will witness a review of the files and documents completed by the National Committee concerned with accession."
He continued, "This is the first time that the Iraqi negotiating team has reached this level of experience in the field of negotiation, which reflects the development of their capabilities and efficiency in dealing with complex issues related to WTO membership."
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Global Oil Prices Decline
Economy | 07/15/2024 Follow-up - Mawazine News Oil prices fell for a second day in a row on Monday, as the dollar rose amid political uncertainty in the United States following an attack on US presidential candidate Donald Trump, while investors monitored the progress of talks on a ceasefire in Gaza.
Brent crude futures fell 55 cents, or 0.7 percent, to $84.48 a barrel by 01:09 GMT, after closing down 37 cents on Friday. US West Texas Intermediate crude fell 56 cents, or 0.7 percent, to $81.65 a barrel.
US stocks rose on Monday, while US bond futures fell, as investors bet that the attack on Trump would make his victory in the upcoming presidential election more likely.
In the Middle East, talks to end the conflict in Gaza between Israel and Hamas stalled on Saturday after three days, and uncertainty surrounding the volatile situation kept the geopolitical value of oil high.
https://www.mawazin.net/Details.aspx?jimare=251333
Iraq Advances One Place In The World's Gold ReservesMarket Economy News – Baghdad The World Gold Council announced today, Monday, that Iraq has advanced one place in the list of countries with the largest reserves of the precious metal in the world.
According to the latest table published by the Council in July, which was reviewed by Al-Eqtisad News, it advanced to 30th place out of 100 countries listed in the table with the largest gold reserves, after it was ranked 31st globally, and fourth in the Arab world after Saudi Arabia, Lebanon and Libya.
According to the table, Iraq maintained its gold holdings unchanged, reaching 1,457 tons, which represents 10% of its other reserves.
The Council pointed out that "the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Suriname came in last with 1.2 thousand tons."
The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.
124 views 2024/07/15 - https://economy-news.net/content.php?id=45255
Central Bank Of Iraq Sells $270 Million In Auction Today
Time: 2024/07/15 15:42:39 Reading: 598 times
{Economic: Al Furat News} The Central Bank of Iraq’s dollar sales on Monday amounted to more than 270 million in a currency auction.
The bank sold in its auction today 270 million, 626 thousand and 37 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at the same price per dollar for foreign transfers, and at a price of 1305 dinars per dollar in cash.
Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $252 million, 324 thousand and 37, an increase of 93% over cash sales of $18 million, 302 thousand.
The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 14 banks, and the total number of exchange and brokerage companies participating in the auction was 6 companies. LINK
Stock Market Index Down 0.4%
Market Economy News – Baghdad The stock market index fell by 0.4% on Monday.
The number of traded shares reached 746.1 million shares, with a value of 809.1 million dinars.
During the session, 577 transactions were executed on the shares of 30 companies.
The shares of 5 companies also rose, including United Bank and Agricultural Products.
107 views Added 2024/07/15 - https://economy-news.net/content.php?id=45256
Dollar Closes Lower In Baghdad
Economy | 05:25 - 07/15/2024 Baghdad – Mawazine News The US dollar prices fell against the Iraqi dinar, today, Monday, in Baghdad markets with the closing of the stock exchange.
Our correspondent said that the dollar prices fell with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 148,900 dinars for $100, while this morning it recorded 149,150 dinars for $100.
He pointed out that the selling prices in exchange shops in local markets in Baghdad fell to 149,750 dinars for $100, while the purchase price reached 147,750 dinars for $100. https://www.mawazin.net/Details.aspx?jimare=251366
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Iraq Economic News and Points To Ponder Monday AM 7-15-24
An Economic Expert Calls For Canceling The Currency Sale Window
July 14 10:22 Information / Baghdad... Economist Diaa Al-Mohsen called for canceling the currency selling window, pointing out that some beneficial political blocs were behind the continuation of this window to achieve financial gains.
Al-Mohsen told Al-Maalouma, “The citizen’s interest necessitates the government to go towards canceling the currency selling window, in order to end the confusion occurring in monetary policy.”
He added, "The late former Central Bank Governor Sinan Al-Shabibi was behind opening the currency selling window for 4 years at that time in order to eliminate the inflation taking place in the country after its rate reached 50%." He stated that "some political blocs have financial interests that push for the continuation of the operation of the currency selling window, to make it a gateway to financial gain, despite the absence of the need for it."
An Economic Expert Calls For Canceling The Currency Sale Window
July 14 10:22 Information / Baghdad... Economist Diaa Al-Mohsen called for canceling the currency selling window, pointing out that some beneficial political blocs were behind the continuation of this window to achieve financial gains.
Al-Mohsen told Al-Maalouma, “The citizen’s interest necessitates the government to go towards canceling the currency selling window, in order to end the confusion occurring in monetary policy.”
He added, "The late former Central Bank Governor Sinan Al-Shabibi was behind opening the currency selling window for 4 years at that time in order to eliminate the inflation taking place in the country after its rate reached 50%." He stated that "some political blocs have financial interests that push for the continuation of the operation of the currency selling window, to make it a gateway to financial gain, despite the absence of the need for it."
https://almaalomah.me/news/70242/economy/خبير-اقتصادي-يدعو-الى-الغاء-نافذة-بيع-العملة
The exchange rate of the Iraqi dinar is fixed and established: there is no influence of the parallel market
July 14, 2024 Last updated: July 14, 2024 The Independent/- Advisor to the Iraqi Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed that
the exchange rate in the parallel market does not affect the stability of the general level of prices in the country.
Highlights of the statement:
External factor: International banking compliance controls affect the demand for dollars from Iraqi bank accounts.
Internal factor: Some people exploit the external factor to achieve profitable gains.
Dominance of fixed exchange rate system: Strong international reserves covering 100% foreign currency.
Strength of the central exchange market: The official exchange rate of the dollar against the dinar in the parallel market does not affect price stability.
Financing foreign trade: 90% of Iraq’s foreign trade is financed at the official exchange rate (1,320 dinars to the dollar).
Price stability: Annual inflation in Iraq does not exceed 3%.
Foreign reserves: exceeding $100 billion. The
official exchange market: dominant to contain any fluctuations in the parallel market.
Decline of the dollarization phenomenon: Internal transactions are carried out in Iraqi dinars. The
influence of the parallel market is limited: only 10% of the total currency supply and demand transactions.
Exchange rate stability: real and well-established resulting from strong monetary and fiscal policies.
Inflation containment: There are no longer any inflationary expectations generated by the parallel market.
The Iraqi dinar is characterized by real and well-established stability in its price, and is not affected by the fluctuations of the parallel market.
This stability is due to the
strength of the fixed exchange rate system, the
effectiveness of monetary and financial policies, and the
high value of foreign reserves.
https://mustaqila.com/سعر-صرف-الدينار-العراقي-ثابت-وراسخ-لا-ت/
Iraqis Keep 90 Trillion Dinars Inside Homes: A Crisis Of Confidence Or An Economic Crisis?
Special Sumerian 2024-07-14 | 07:23 Alsumaria - Iraq News Iraqis keep 90 trillion dinars inside homes: a crisis of confidence or an economic crisis?
Due to the decline of the banking system, Iraqis keep a cash supply estimated at 90 trillion dinars inside their homes
Due to the lack of confidence and the decline of the banking sector, Iraqis are hoarding about ninety trillion dinars inside their homes,
a step that specialists say has caused a significant decline in the monetary supply within the market.
How can the Iraqi government restore citizens' confidence in the banking sector?
https://www.alsumaria.tv/news/alsumariaspecial/493790/العراقيون-يحتفظون-بـ-90-تريليون-دينار-داخل-المنازل-أزمة-ثقة-أم-أزمة-اق
The Controversy Of Foreign Banks Taking Over The “Iraqi Dollar Auction”... A Comprehensive Breakdown Of The Reasons
Economy 2024-07-14 | 3,518 views Alsumaria News-Economy Today, Sunday, the researcher in banking and economic affairs, Mustafa Hantoush, reviewed the reasons for foreign banks’ acquisition of the largest percentage of shares in some banks inside Iraq and their acquisition of the currency auction, as the
strengths of these banks are that they are owned by foreign banks that are able to open accounts easily in application of international standards. American banks that supply the dollar. Hantoush told Al-Sumaria News,
“Some foreign investors and foreign banks obtained a percentage of shares of more than 51% in some banks inside Iraq, even though the Companies Law prohibits giving the foreign investor more than 49%.”
However, Hantoush reviewed the existence of a “legal loophole” that enabled the Central Bank to grant foreign investors greater percentages than those stipulated in the Companies Law, noting that
Article 107 of the Banking Law No. 94 of 2004 gives the authority to the Board of Directors of the Central Bank to determine the percentage of foreign investor ownership in banks without Compliance with general laws.
He considered that this paragraph is not supposed to mean that the percentage be more than 50%, but rather that it be less,
but the loophole is that the legal article gave absolute authority without mentioning that the percentage be less or more than 49%.
He explains that “there is no grant in the world of a share greater than 50% except in countries where there is a high circulation of funds, as they are bankrupt countries that do not possess wealth and fear the control of foreign banks.”
He explained, "According to this strategic mistake, foreign banks were given more than 60% of the shares in banks inside Iraq, and
today we began to observe the fruits of this mistake, when the American side became aware of the presence of currency smuggling operations and trade with Iran and Syria, and they set conditions for compliance.
The bank failed."
The Central Bank of Iraq and Iraqi banks apply the standards or the possibility of opening accounts for Iraqi banks in American banks to achieve oversight and fund their accounts in dollars.” He pointed out that
"when this happened and the scene became empty of Iraqi banks capable of taking on this role, these
foreign banks operating in Iraq were put forward, and
through the governors of the central banks of the countries of origin of these banks, they
presented themselves as a solution before Washington instead of presenting themselves as a mediator between Iraq." And America.” He stressed that
"Indeed, American banks relied on these foreign banks operating in Iraq, and
they opened accounts for them in Citibank and JP Morgan, for their parent banks in other countries, which own the largest part of these banks inside Iraq,
even though these banks in Iraq do not perform well." To achieve 5 points in global standards, it relied on its parent banks located in other countries.
Accordingly, Iraq are financed is now taking the dollars it owns in the US Federal Reserve,
and through them the accounts of these banks open in the accounts of Jeep Morgan and Citi Bank,
and from there the dollars are transferred to the rest of the world for Iraqi merchants,
and the merchants deposit the dinars in the Central Bank of Iraq.". He explained,
"Iraqi banks cannot play this role because they cannot open accounts in Citibank and Jeep Morgan because they do not have branches in countries trusted by the American banking system.
Also, the Central Bank of Iraq failed to guarantee Iraqi banks in front of American banks, and it succeeded earlier in 5 banks."
But it only lasted a month and then these banks were punished, and
they were also guaranteed by Jordanian banks.” He stressed that
"it is not possible to rely on foreign banks to manage the Iraqi banking system.
This model has failed in India because of its reliance on the foreign banking system, as the
foreign bank gives profits to its parent branches abroad, and does not reinvest the profits here inside Iraq,"
calling on the Central Bank to
"Finding a solution for trade with Iran and Syria,
strengthening the Iraqi banking system and guaranteeing it to American banks, and
opening accounts for Iraqi banks to experiment with American banks."
Iraq Records A Huge Jump In Non-Oil Revenues Within 5 Months Of 2024
July 14, 2024 Last updated: July 14, 2024 The Independent / Follow-up / - The latest financial data revealed that non-oil revenues in Iraq witnessed a huge jump during the first five months of 2024 compared to the same period last year.
A source in the Ministry of Finance confirmed that Iraq's total revenues rose by 20.1%, reaching 54.70 trillion Iraqi dinars, compared to 45.55 trillion Iraqi dinars in the same period in 2023.
The source indicated that non-oil revenues rose significantly, reaching 7.06 trillion Iraqi dinars, which represents a contribution rate of 11.5% of the total revenues, compared to only 0.09 trillion Iraqi dinars in the same period last year, which represented 0.19. Only % of total revenue.
The source explained that the increase in non-oil revenues is due to the increase in taxes on income and wealth by 118.6%, and production fees by 285.4%, in addition to the huge increase in capital revenues by 375.2%.
He added that other revenues also saw a significant increase of 453.4%.
Regarding oil revenues, they increased by 6.5%, reaching 48.41 trillion Iraqi dinars, compared to 45.46 trillion Iraqi dinars in the same period last year.
Despite this increase, the percentage of oil revenues’ contribution to total revenues decreased from 99.81% to 88.5%.
Transfer taxes also rose by 121.9%, reflecting government efforts to improve the tax system and increase revenues from non-oil sources.
However, the source stressed that there are major challenges facing the government in maintaining this momentum and further diversifying revenue sources.
On the other hand, the data did not show the method or size of the corresponding expenditures, and whether there was a surplus or deficit in the budget during the same period.
It is noted that the Ministry of Finance may deliberately or refuse to publish a list of expenditures, whether operational or investment, for fear of being exposed to criticism from the media or observers and those interested in economic and political affairs.
Financial statements for the first five months of 2024 reflect a significant improvement in Iraq's non-oil revenues, which contributes to enhancing the country's financial and economic stability.
However, the Iraqi government remains facing major challenges in diversifying the economy and increasing reliance on non-oil revenues to ensure sustainable economic growth.
The question remains about expenditures and the extent of their transparency, which may reveal other aspects of the economic challenges facing the country. https://mustaqila.com/العراق-يسجل-قفزة-هائلة-في-الإيرادات-غي/