Iraq Economic News and Points To Ponder Wednesday AM 7-31-24
Experts: The Stability Of The Dollar Depends On The Creation Of A “New Platform” With Iran And Syria
Economical 07/31/2024 Baghdad: Ahmed Al-Janabi Financial and economic specialists believe that the stability of the dollar exchange rate depends on creating a new platform for trade with Syria and Iran, and dealing with countries banned from the dollar in another currency. Euro or Chinese yuan.
Yesterday, the exchange rate in the parallel market recorded 149 thousand dinars for 100 dollars, although the official price in the Central Bank is 132 thousand dinars for every 100 dollars. Economic affairs researcher Mustafa Al-Faraj said in a statement to Al-Sabah that “the parallel market for the dollar is facing great pressure.”
By merchants and travelers to Iran, Syria, and other countries banned from the dollar,” noting that “this increases the demand for the dollar and thus prices rise.”
Experts: The Stability Of The Dollar Depends On The Creation Of A “New Platform” With Iran And Syria
Economical 07/31/2024 Baghdad: Ahmed Al-Janabi Financial and economic specialists believe that the stability of the dollar exchange rate depends on creating a new platform for trade with Syria and Iran, and dealing with countries banned from the dollar in another currency. Euro or Chinese yuan.
Yesterday, the exchange rate in the parallel market recorded 149 thousand dinars for 100 dollars, although the official price in the Central Bank is 132 thousand dinars for every 100 dollars. Economic affairs researcher Mustafa Al-Faraj said in a statement to Al-Sabah that “the parallel market for the dollar is facing great pressure.”
By merchants and travelers to Iran, Syria, and other countries banned from the dollar,” noting that “this increases the demand for the dollar and thus prices rise.”
He pointed out that “the solution to this problem lies in finding a new platform with those countries and dealing with them in a currency other than the dollar, such as the euro and the yuan, with the importance of finding an appropriate formula for the US Treasury that removes sanctions from our banking sector.”
Al-Faraj explained that “Iraq lacks economic diversification and depends entirely on oil, which has weakened other economic sectors,” explaining that supporting the productive sector can limit the depletion of hard currency imports.
For his part, the official spokesman for the currency market in Sulaymaniyah, Jabbar, explained Curran said, “The rise in the dollar this time is not linked to a political or economic crisis or external factors, but rather it is linked to the actions of the Central Bank of Iraq, and it is possible that the bank will control this.” Height".
He called on the Central Bank to “take sufficient measures that can reduce the scarcity of the dollar in local markets.”
In addition, economic affairs researcher Alaa Al-Fahd expected a gradual decline in the dollar exchange rate in the coming days, explaining that
this rise is common with the implementation of any new policy by the Central Bank of Iraq, as speculators try to exploit this in order to increase their gains. He added,
"The Central Bank of Iraq has discussions and procedures with the US Federal Bank in order to control the exchange rate in the parallel market, and we hope that these discussions will produce positive results." https://alsabaah.iq/100272-.html
At An American Request, The Iraqi Central Bank Is Moving To Merge Banks Prohibited From Dealing In Dollars
Economy breaking US Department of the Treasury Central Bank of Iraq US sanctions Iraqi banks 2024-07-30 Twilight News/ Informed sources revealed, on Tuesday, the existence of a new American request to the Central Bank The Iraqi bank includes merging banks banned from dealing in dollars in the currency auction. She said Sources told Shafaq News Agency,
“The US Treasury and the Federal Reserve A request from the Central Bank of Iraq to merge and close banks restricted from using the dollar Some distressed banks.
She added Sources said, “The Central Bank of Iraq is required today to take rapid measures to merge And closing troubled banks in order to return to banking, which reflects positively on The exchange rate, and for this reason the
Central Bank contracted with an international company to present a plan for the sector Banking, which will include merging banks and closing some of them.” And revealed Informed sources said,
“This company, on the recommendation of the Americans, is similar to the work of K2 Company, without revealing its name or disclosure more details". https://shafaq.com/ar/اقتصـاد/بطلب-مريكي-المركزي-العراقي-يتجه-لدمج-المصارف-الممنوعة-من-التعامل-بالدولار
Nassif: The Banking Sector Is Being Punished For Mistakes Made In Previous Years
Member of Parliament Alia Nassif commented on Tuesday after granting a license to the Arab Jordanian Bank and the Emirates Federation to work in Iraq, stressing that this method is killing Iraqi banks.
Nassif said in a tweet on the (x) platform, this method is killing Iraqi banks. A license was granted to the Arab Jordanian Bank and the Emirates Federation to work in Iraq and they will start their work at the beginning of next September, along with the National Bank.
The license will also be granted to two banks (Kuwaiti and Qatari), while many Iraqi banks continue to stop and more of them are stopped due to the management of the Central Bank of Iraq, which did not address the problem during the past period.
She added: Paying them money without results. The banking sector is being punished for mistakes for previous years in which it was under the supervision of the same current management of the Central Bank, so why was this management not punished for failing to fulfill its duty to supervise the work of those banks?! https://www.radionawa.com/all-detail.aspx?jimare=39029
Iraq’s Reserves Of Liquefied Gas Rise To More Than 133,000 Tons
Amr Salem July 30, 2024 An employee turns a valve at the Nahr Bin Omar natural gas field, north of the southern Iraqi port of Basra. Photo: AFP
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil revealed on Tuesday that its output of liquefied gas had increased to over 7,000 tons and that its reserves had reached over 133,000 tons.
The Oil Ministry’s Undersecretary for Gas Affairs, Izzat Saber, mentioned in a statement that the daily production rate of liquefied gas in Iraq reached 7,370 tons.
The Iraqi Prime Minister and the Oil Minister both support the gas industry, Saber said, adding that
the government’s gas utilization projects are the reason behind the increase in liquefied gas output.
The Director of Iraq’s Gas Filling and Services Company, Anmar Ali Hussein, said that the company succeeded in meeting the needs of citizens and service sectors in the capital, Baghdad, and the rest of the Iraqi governorates.
Compared to the daily rate of gas consumption in Iraq, which is 5,700 tons, there is a surplus in the quantity of gas generated nationwide, according to Hussein.
According to the government plans, Hussein said, there will be several initiatives in the upcoming stage that will aid in the expansion and development of the gas industry.
https://www.iraqinews.com/iraq/iraqs-reserves-of-liquefied-gas-rise-to-more-than-133000-tons/
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
MilitiaMan: IQD Update - Iraq Dinar News - Iraq Dinar News - Time to Move - US FED - At Moments Notice
IQD Update - Iraq Dinar News - Iraq Dinar News - Time to Move - US FED - At Moments Notice
MilitiaMan and Crew: 7-30-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
IQD Update - Iraq Dinar News - Iraq Dinar News - Time to Move - US FED - At Moments Notice
MilitiaMan and Crew: 7-30-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq News Highlights and Points To Ponder Tuesday Evening 7-30-24
Hasty Implementation... Who Bears The Responsibility For The Mistakes Of Government Projects?
Tuesday, 07-30-2024, Karar Al-Asadi Since Prime Minister Mohammed Shia al-Sudani announced the implementation of projects, including plans to relieve traffic congestion in the capital, Baghdad, the construction, building of bridges and overpasses, and widening of streets have been marred by many shortcomings and errors, which led to some of them being repaired shortly after their opening, or details being added to them, which raised several questions about the priority of speed of completion at the expense of quality.
However, observers considered the matter, despite that, a step forward in the reconstruction process. Regarding these errors, economic researcher Mustafa Akram Hantoush points out that “the occurrence of some errors does not affect the good service construction and development movement of Baghdad Governorate, and if errors occur, they can be addressed and what the government has done regarding the bridges issue can be considered an achievement because if it were not for the current trend, the Baghdad Municipality would not have built any of these bridges.”
Hasty Implementation... Who Bears The Responsibility For The Mistakes Of Government Projects?
Tuesday, 07-30-2024, Karar Al-Asadi Since Prime Minister Mohammed Shia al-Sudani announced the implementation of projects, including plans to relieve traffic congestion in the capital, Baghdad, the construction, building of bridges and overpasses, and widening of streets have been marred by many shortcomings and errors, which led to some of them being repaired shortly after their opening, or details being added to them, which raised several questions about the priority of speed of completion at the expense of quality.
However, observers considered the matter, despite that, a step forward in the reconstruction process. Regarding these errors, economic researcher Mustafa Akram Hantoush points out that “the occurrence of some errors does not affect the good service construction and development movement of Baghdad Governorate, and if errors occur, they can be addressed and what the government has done regarding the bridges issue can be considered an achievement because if it were not for the current trend, the Baghdad Municipality would not have built any of these bridges.”
Hantoush believes that “the Iraqi government is very good with regard to bridges and some issues related to infrastructure. In fact, we have never seen anything similar from previous governments. The Baghdad Municipality often received money to transfer it to replacing sidewalks on an ongoing basis, so no bridges or gates were built.”
It is noteworthy that the Prime Minister announced at the beginning of 2023 the commencement of a package of projects, starting with supplying residential areas on the outskirts of Baghdad and slums with infrastructure, including sewage, water, electricity and road paving networks, while launching a plan to relieve traffic congestion, which includes the construction of a number of bridges and overpasses and the expansion of many streets.
For his part, political analyst Hassan Fadel says, “Some of the failures that occur in completing the projects implemented by Al-Sudani’s government are not directly borne by the government, nor by Mr. Al-Sudani himself, but rather are primarily borne by the Ministry of Construction and Housing, because it is necessary to evaluate the companies implementing the project according to standards set by the ministry before approving the bids of the implementing companies.”
“Among these criteria, this company must have implemented similar projects and possess the capabilities, tools, experts and engineers.
This means that the company submitting the bid has previous experience in similar projects, is it a company that has been working in this field for years, does it have sufficient experience or is it a new company, and what is the nationality of this company? These criteria and others must be taken into consideration to avoid these mistakes in the future,” Fadel added.
“The Prime Minister is trying to fix what was spoiled by years of government failures, but all the projects undertaken by the current government fall within its duties and cannot be considered achievements, because the achievement is the realization of huge strategic goals such as the development road and the Grand Faw Port, which can be classified among the huge strategic achievements and projects if they are completed,” he added.
“As for building bridges and factories, these are routine procedures that every government in the world undertakes, and they cannot be classified as achievements. Rather, building bridges and overpasses is the duty of the Baghdad Municipality and the Ministry of Reconstruction and is within their powers, and sometimes there may be a simple intervention from the Prime Minister, not a large-scale intervention,” he added,
“but because of the situation in Iraq and the nature of the circumstances it has suffered, the government was forced to intervene in such small projects that are of lower responsibilities in order to speed up completion and achieve a solution to the problem of traffic congestion and bottlenecks, and therefore these projects are not considered achievements.”
The General Traffic Directorate had previously announced the closure of the Cordoba Bridge in central Baghdad for maintenance purposes, four months after its opening, in addition to the completion of the Rustumiyah Bridge in Baghdad without channels to drain rainwater.
The Federal Integrity Commission had previously announced the failure of most of the electronic gates in parking garages in Baghdad and the governorates, after costing the state about eight and a half billion dinars.
Regarding the malfunction of these electronic gates, legal expert Adnan Al-Sharifi comments, “What is related to the malfunction of the electronic gates is either due to poor equipment or exposure to electronic hacking or sabotage by an agent.
If it is a sudden malfunction, this is a normal thing that may happen anywhere, provided that the materials of these gates are equipped and implemented according to good controls, contracts and specifications. However, if it is due to an agent, the investigation will reveal his identity and he will be referred to the competent authorities.”
He continued, “As for the poor quality of the projects, it is divided into two parts. The first is the poor quality of the plans, quantity schedules, and engineering specifications, which is the responsibility of the party that carried them out.
The second is the poor quality of the implementation, which is due to the collusion of the resident engineer, the supervisory authorities, and the receiving committees. All of these bear full responsibility for the intentional damages and will be held accountable in accordance with Articles 341 and 340 of the Penal Code, and as the results of the investigation show.” https://non14.net/public/168799
Alsumaria Publishes The Dollar Exchange Rates In The Iraqi Stock Exchanges Today
Economy 2024-07-30 | Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Tuesday, July 30, 2024.
The dollar prices decreased with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,000 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,000 dinars, while the purchase price reached 148,000 dinars for every 100 dollars.
On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.
For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets. LINK
Al-Sadr Calls For Boycotting American Products And Those Supporting The Israeli Entity: Peacefully, Not Through Violence
Politics | 07/29/2024 Mawazine News – Baghdad The leader of the Shiite National Movement, Muqtada al-Sadr, called today, Monday, for boycotting American products and goods that support the Israeli entity, while stressing the need not to use violence as some parties that want to destroy Iraq are doing.
In response to a question directed to the leader of the Shiite National Movement, which read: “What is your advice to all Muslims and Iraqis in particular regarding boycotting American goods and goods that support the usurping Zionist entity, in support of the people of Gaza in particular and Islam and humanity in general?”
Al-Sadr said the following text: “Yes, all believers in the Palestinian cause, all lovers of humanity, and all those who reject the mass massacres taking place in Gaza, and all those who reject the terrorist Zionist entity, its actions, crimes, and terrorism, and its master, America, the great evil occupier who hates peoples, should boycott all products that support Israel, America, colonialism, and the unjust global arrogance that is trying to make the world a village in its hands like a toy...
Boycotting them inside and outside Iraq is an act that pleases God Almighty and even pleases our consciences as Muslims and lovers of humanity and peace...
All of this is done through a peaceful boycott by not selling, not buying, or even using them... and not using violence as some parties do that want to destroy our beloved Iraq and benefit personally and partisanly from that in: #We are all boycotting.” https://www.mawazin.net/Details.aspx?jimare=252290
Government Advisor: Adopting Budget Schedules Has Become A Reality And Does Not Affect Financial Obligations
Money and business Economy News – Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Tuesday, that the budget schedules have become a reality, and issuing instructions is a procedural matter that does not affect financial obligations.
Saleh said, in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the legal basis for the current fiscal year 2024 is a matter that has been legislated and approved primarily, based on the provisions of the federal general budget for the years 2023, 2025, 2024 issued by Law No. 13 of 2023, which was published on June 26, 2023 in the Official Gazette."
He explained that "what is stipulated in Article Two / 77 of the law includes the executive authority submitting the financial tables for the two fiscal years 2024, 2025 to enable the House of Representatives to approve them sequentially," noting that "this was achieved in the fiscal year 2024."
He pointed out that "the three-year federal general budget was applied for the first time in the country, which was based in its approval on one of the articles included in the provisions of the Federal Financial Management Law No. 6 of 2019, as amended, which authorized the work of a financial plan consisting of a general budget for three fiscal years."
He added that "the legal options available to implement the provisions of the federal general budget have become more flexible for the federal financial authority, in addition to the availability of the federal financial management law itself, which allows financial transactions even if any approval of the general budget formalities is delayed in principle, especially allowing continued spending or disbursement on investment projects approved in the three-year general budget as ongoing projects, as well as operational spending, or any financial transactions stipulated in the three-year general budget law."
He added, "Despite this, the adoption of the financial tables for the current fiscal year 2024, which were approved by the House of Representatives earlier this year, has become a reality, and issuing instructions for their implementation is a procedural matter that does not affect the obligations of the fiscal year itself, as these instructions are in all cases consistent with the emerging financial transactions when issued."
He added that "the Ministry of Finance announced earlier this month the issuance of financial bonds (achievement bond) as a source of financing for the budget by borrowing from the local financial market worth 1.5 trillion dinars,"
stressing that "spending on operating expenses such as salaries, pensions, social care, debt services, and others is ongoing, in addition to the continued financing of ongoing investment projects and those under implementation."
He pointed out that "all of these activities are financial activities in which spending has not stopped, which is consistent with the legal work rules that came with the three-year federal general budget, with high flexibility, transparency, and governance."
He noted that "the instructions for implementing the general budget schedules for the fiscal year 2024 will touch upon some of the developments and partial financial transactions that have been created or adapted, and not the faculties of public finance,
and that the financial activity in the country with its three pillars: revenues, expenditures, and deficit management is proceeding in a consistent and harmonious manner and in accordance with the objectives of the three-year general budget law, and that the executive and legislative authorities are in continuous communication and high coordination to ensure the achievement of public interests without interruption." Views 14 Added 2024/07/30 - https://economy-news.net/content.php?id=45743
Economist’s “News and Views” Tuesday 7-30-2024
West Panic: Italy’s Meloni In Beijing For Desperate Reset, Russia Drops Major BRICS Update
Sean Foo: 7-30-2024
After breaking away from China's Belt & Road, Italy's Meloni is in Beijing to reset economic relations.
Rome follows more G7 countries trying to tilt towards China to hedge themselves against an unpredictable US election.
Meanwhile, Russia has dropped a big update. A major South-East Asian economy could be joining BRICS very soon.
West Panic: Italy’s Meloni In Beijing For Desperate Reset, Russia Drops Major BRICS Update
Sean Foo: 7-30-2024
After breaking away from China's Belt & Road, Italy's Meloni is in Beijing to reset economic relations.
Rome follows more G7 countries trying to tilt towards China to hedge themselves against an unpredictable US election.
Meanwhile, Russia has dropped a big update. A major South-East Asian economy could be joining BRICS very soon.
35 TRILLION DEBT WALL: Historic National Debt Surges, US Pays $2.4 Billion in Interest Daily
Lena Petrova: 7-30-2024
WARNING: Banks May Not Survive This (what the experts aren’t telling you)
Taylor Kenny: 7-30-2024
New data reveals unprecedented levels of lending to banks, suggesting an alarming fragility within the sector. Despite reassurances of stability, the sudden surge in bank term funding and credit lending signals deep underlying issues.
As experts warn of a looming financial meltdown, the urgency to protect personal wealth has never been more critical.
Stay tuned as Taylor Kenney uncovers the stark realities facing our banking system.
Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 7-30-24
Good afternoon Dinar Recaps,
USDT= TETHER'S STABLECOIN IS THE BIGGEST CRYPTOCURRENCY BEHIND BITCOIN IN EAST ASIA
"There’s arguably nothing special about Tether in itself, not least because the stablecoin still hasn’t undergone a full audit. However, it has become a lifeline in parts of the world where trading crypto with fiat currencies is either prohibited or very difficult, whereas it remains marginal in markets such as the United States."
"Tether may be viewed with a mixture of suspicion and bemusement in the West, but in East Asia it is the biggest cryptocurrency after Bitcoin."
"According to Chainalysis’ 2020 Geography of Cryptocurrency Report, STABLECOINS account for 33% of all value traded on-chain in East Asia, as opposed to 21% or Western Europe and 17% for North America. And of the STABLECOINS traded in East Asia, 93% of the traded value comes from Tether."
Good Afternoon Dinar Recaps,
USDT= TETHER'S STABLECOIN IS THE BIGGEST CRYPTOCURRENCY BEHIND BITCOIN IN EAST ASIA
"There’s arguably nothing special about Tether in itself, not least because the stablecoin still hasn’t undergone a full audit. However, it has become a lifeline in parts of the world where trading crypto with fiat currencies is either prohibited or very difficult, whereas it remains marginal in markets such as the United States."
"Tether may be viewed with a mixture of suspicion and bemusement in the West, but in East Asia it is the biggest cryptocurrency after Bitcoin."
"According to Chainalysis’ 2020 Geography of Cryptocurrency Report, STABLECOINS account for 33% of all value traded on-chain in East Asia, as opposed to 21% or Western Europe and 17% for North America. And of the STABLECOINS traded in East Asia, 93% of the traded value comes from Tether."
"This is big, and pretty much all of this outflow comes from China. As the table below indicates, Chinese traders exclusively use Tether to trade with Bitcoin, while traders in Japan and South Korea predominantly use their respective national currencies."
@ Newshounds News™
Read more: Crypto Advantage
~~~~~~~~~
UK joins ‘E-Commerce Joint Initiative’ to promote digitalization of customs documents and processes
The agreement, known as the E-Commerce Joint Initiative, was finalized on July 26, 2024, after five years of negotiations involving 90 countries, aiming to eliminate customs duties on digital content
▪️ The agreement eliminates customs duties on digital content, lowering costs for UK businesses
▪️ It mandates the adoption of digital customs systems and e-documents, potentially increasing UK GDP by up to £24.2 billion
▪️ The initiative also introduces legal safeguards against online fraud, enhancing consumer protection.
The UK has joined a groundbreaking global digital trade agreement, the first of its kind negotiated under the World Trade Organization (WTO).
The agreement, known as the E-Commerce Joint Initiative, was finalized on July 26, 2024, after five years of negotiations involving 90 countries.
This initiative aims to modernize international trade by promoting the digitalization of customs documents and processes, and is expected to significantly benefit the UK economy.
Digitalisation of customs documents and processes
The E-Commerce Joint Initiative focuses on creating a more efficient and secure global trade environment.
By committing to the digitalization of customs documents and processes, the agreement seeks to replace outdated paper-based systems.
This transition is expected to save time and reduce costs for businesses by eliminating the need for physical signatures and the physical exchange of documents.
The Organization for Economic Co-operation and Development (OECD) estimates the value of global digital trade at around £4 trillion and growing.
The UK’s involvement in this agreement could see a significant economic boost.
According to the UK government’s analysis, adopting advanced digital trading systems could increase the UK’s GDP by up to £24.2 billion, based on 2023 GDP figures.
The agreement also aims to protect consumers from online fraud and misleading product claims.
By establishing a common set of rules, it helps create a safer environment for digital transactions.
For UK businesses, particularly those in financial services, the adoption of e-documents and e-signatures will simplify international transactions, reducing reliance on paper contracts and manual processes.
@ Newshounds News™
Read more: Trade Finance Global
~~~~~~~~~
WTO Agreement Looks to Pave Way for Paperless Cross-Border Commerce
With the news that five years of trade negotiations under the World Trade Organization (WTO) Joint Statement Initiative on Electronic Commerce reached a milestone Friday (July 26) — with participants agreeing to a two-year extension of a moratorium on taxation of cross-border electronic transmissions — mitigating the fragmentation that businesses face when transacting internationally is top of mind for global enterprises.
The 91 WTO members participating in the discussions account for over 90% of global trade, and the joint statement’s co-conveners, Australia, Japan and Singapore, were able to pass an agreement banning the imposition of “customs duties on electronic transmissions between a person of one Party and a person of another Party.”
Role of Standardization
Crucially, within the text of the WTO agreement, are the hints of a slow-but-sure reimagining of cross-border commerce’s digital transformation — both around international e-invoicing and paperless global trade.
“The Parties recognize that electronic invoicing frameworks can help improve the cost effectiveness, efficiency, accuracy, and reliability of electronic commerce transactions.
As PYMNTS has covered, the move toward e-invoicing is not merely about converting a paper invoice into a digital format; it’s about reimagining the entire business-to-business (B2B) invoicing process to be more streamlined and better integrated into digital business ecosystems.
The workflow transformation promises to reduce errors, lower costs, and speed up B2B payment processes, offering benefits to companies of all sizes.
Already, more than 80 countries have put in place a mandate for e-invoicing or continuous transaction control (CTC) requirements as governments around the world look to prioritize tax reform and real-time reporting.
PYMNTS Intelligence data has found that nearly half (45%) of small and medium-sized businesses (SMBs) cited manual invoice review as a problem when making payments, with 19% saying it was their top issue.
“With a view to creating a paperless border environment for trade in goods, the Parties recognize the importance of eliminating paper forms and documents required for importation, exportation, or transit of goods …
Cross-border payments often involve multiple intermediaries, resulting in high fees and long processing times.
“If you do a $10 transaction today, you’ll probably spend a very significant part of that $10 as fees. And we need to get to a point where that base fee is something that you don’t have to think about, so that you can do low-value transactions at scale — that could change the landscape of cross-border payments,” Ram Sundaram, COO at TerraPay, explained to PYMNTS.
@ Newshounds News™
Read more: PTMNTS
~~~~~~~~~
RICS Summit 2024
Russia will hold the BRICS Summit in Kazan from October 22 to 24, 2024.
During its BRICS presidency this year, Russia has said it will focus on "promoting the entire range of partnership and cooperation within the framework of the association on three key tracks – politics and security, the economy and finance, and cultural and humanitarian ties."
@ Newshounds News™
Read more: Uniting to Combat NTDs
~~~~~~~~~
Newshound's Daily Breakdown Podcast Link
Newshound's News Telegram Room Link
Q & A Classroom Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
Subscribe to Newsletter
Thank you Dinar Recaps
“Tidbits From TNT” Tuesday 7-30-2024
TNT:
Tishwash: Urgent Al-Sudani visits Tehran today
Prime Minister Mohammed Shia Al-Sudani will visit today, Tuesday, to participate in the swearing-in ceremony of the new Iranian President, Masoud Pezeshkian, which will take place in the Islamic Shura Council {Parliament}.
Foreign delegations will continue to arrive in Tehran from yesterday until the remaining hours of the swearing-in ceremony of the ninth Iranian president.
It is worth noting that the implementation ceremony of President Masoud Pezeshkian’s decree was held the day before yesterday, Sunday, and the text of the fourteenth presidential decree was delivered to the president-elect by the Leader of the Islamic Revolution in Iran.
TNT:
Tishwash: UrgentAl-Sudani visits Tehran today
Prime Minister Mohammed Shia Al-Sudani will visit today, Tuesday, to participate in the swearing-in ceremony of the new Iranian President, Masoud Pezeshkian, which will take place in the Islamic Shura Council {Parliament}.
Foreign delegations will continue to arrive in Tehran from yesterday until the remaining hours of the swearing-in ceremony of the ninth Iranian president.
It is worth noting that the implementation ceremony of President Masoud Pezeshkian’s decree was held the day before yesterday, Sunday, and the text of the fourteenth presidential decree was delivered to the president-elect by the Leader of the Islamic Revolution in Iran.
According to Article 121 of the Iranian Constitution, the President of the Republic must take the constitutional oath before the Glorious Word of God and in the presence of members of Parliament, members of the Guardian Council, and the head of the judiciary in the Islamic Consultative Assembly.
The swearing-in ceremony of President Masoud Pezeshkian will be held in the Islamic Consultative Assembly on Tuesday evening, and according to Alireza Sharifi, the executive deputy of the parliament, more than 70 foreign delegations from different countries will participate in this ceremony. link
Tishwash: In the presence of Al-Sudani.. 3 files bring the framework together at the nightly negotiating table
The Coordination Framework, which includes the Shiite forces forming the government of Mohammed Shia al-Sudani, is scheduled to hold an important meeting on Monday evening, with the attendance of all its leaders, in addition to the Prime Minister.
A leader in the framework told Shafaq News Agency, "The Coordination Framework will hold a meeting in an hour from now, in the presence of its leadership and the Prime Minister, to discuss a number of important topics and issues on the political scene."
The leader added, "The meeting of the framework leaders will discuss the issue of the position of the Speaker of the House of Representatives and agree to set a record date for holding the session to elect the president."
He explained that "the meeting will also discuss the file of forming local governments in the provinces of Diyala and Kirkuk, in addition to discussing with Al-Sudani the file of the Turkish incursion into Iraqi territory."
Despite the passage of more than 8 months, the Sunni political forces have not succeeded in agreeing on an alternative candidate for Parliament Speaker Mohammed al-Halbousi .
The parliament failed five times in a row to resolve the issue, in light of the division between the political parties in supporting one of the candidates for the position, namely Mahmoud Al-Mashhadani, the candidate of the Progress Party, and Salem Al-Issawi, the candidate of the Sunni parties (Sovereignty and the Azm and Al-Hasm alliances), who obtained the majority of votes during the last parliament session .
A few days ago, the Azm Alliance, led by Muthanna al-Samarrai, warned the Shiite forces against continuing to obstruct the election of the Parliament Speaker .
The leader of the coalition, Haider Al-Mulla, told Shafaq News Agency, "The talk about achieving a Sunni-Sunni consensus is an attempt to obstruct the election of the Speaker of the Council of Representatives. Throughout the life of the political process in Iraq, there has been no consensus or agreement on choosing any of the three presidencies." link
************
Tishwash: Article 140 raises controversy again.. Calls to delay its implementation and take into account the “sensitivity of the situation”
MP Mudhar Al-Karwi called, today, Monday (July 29, 2024), to delay the implementation of Article 140 in 38 villages in eastern Iraq, stressing that the sensitivity of the situation must be taken into account .
Al-Karwi said in an interview with Baghdad Today, "The Committee for the Implementation of Article 140 recently issued a decision regarding agricultural contracts in 38 villages located within the vicinity of Khanaqin District in Diyala Governorate. This is a sensitive issue and requires flexible procedures because hundreds of farmers have official contracts that extend for decades."
Al-Karwi called on the Prime Minister to “issue an order to delay the implementation of the decision of the Committee for the Implementation of Article 140 and to give an opportunity to review the contracts in the villages covered by a higher committee affiliated with the Ministry of Agriculture and the rest of the parties to avoid any injustice or unfairness that affects Arab farmers. The sensitivity of the situation must be taken into account and the matter must be done according to fair and just principles to avoid any confusion.”
He pointed out that "waiting is the most appropriate thing at the moment and agreeing on specific procedures that will lead to achieving justice and fairness for all parties and that no farmer will be wronged, especially since the residents of these villages have been living there for decades."
It is noteworthy that the Article 140 Implementation Committee, headed by Hadi al-Amiri, recently issued a decision regarding agricultural contracts in the villages of Khanaqin and returning them to Kurdish farmers. link
Tishwash: Government Advisor: Adopting budget schedules has become a reality and does not affect financial obligations
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Tuesday, that the budget schedules have become a reality, and issuing instructions is a procedural matter that does not affect financial obligations.
Saleh said, in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the legal basis for the current fiscal year 2024 is something that has been legislated and approved primarily, based on the provisions of the federal general budget for the years 2023, 2025, 2024 issued by Law No. 13 of 2023, which was published on June 26, 2023 in the Official Gazette."
He explained that "what is stipulated in Article Two/77 of the law includes the executive authority submitting the financial tables for the two fiscal years 2024, 2025 to enable the House of Representatives to approve them sequentially," noting that "this was achieved in the fiscal year 2024." He
pointed out that "the three-year federal general budget was implemented for the first time in the country, which was based in its approval on one of the articles included in the provisions of the Federal Financial Management Law No. 6 of 2019, as amended, which authorized the work of a financial plan consisting of a general budget for three fiscal years."
He added that "the legal options available to implement the provisions of the federal general budget have become more flexible for the federal financial authority, in addition to the availability of the federal financial management law itself, which allows financial transactions even if any approval of the general budget formalities is delayed in principle, especially allowing continued spending or disbursement on investment projects approved in the three-year general budget as ongoing projects, as well as operational spending, or any financial transactions stipulated in the three-year general budget law."
He added, "Despite this, the adoption of the financial tables for the current fiscal year 2024, which were approved by the House of Representatives earlier this year, has become a reality, and issuing instructions for their implementation is a procedural matter that does not affect the obligations of the fiscal year itself, as these instructions are in all cases consistent with the emerging financial transactions when issued."
He added that "the Ministry of Finance had announced earlier this month the issuance of financial bonds (achievement bond) as a source of financing for the budget by borrowing from the local financial market worth 1.5 trillion dinars," stressing that "spending on operating expenses such as salaries, pensions, social care, debt services, and others is ongoing, in addition to the continued financing of ongoing investment projects and those under implementation."
He pointed out that "all of these activities are financial activities in which spending has not stopped, which is consistent with the legal work rules that came with the three-year federal general budget, with high flexibility, transparency, and governance."
He noted that "the instructions for implementing the general budget schedules for the fiscal year 2024 will touch upon some of the developments and partial financial transactions that have been newly created or adapted, and not the faculties of public finance, and that the financial activity in the country with its three pillars: revenues, expenditures, and deficit management is proceeding in a consistent and harmonious manner and in accordance with the objectives of the three-year general budget law, and that the executive and legislative authorities are in continuous communication and high coordination to ensure the achievement of public interests without interruption link
Mot: . Happy Tuesday everyone
Mot: .... Nuttning Better -- HUH!!!!
Seeds of Wisdom RV and Economic Updates Tuesday Morning 7-30-24
Good morning Dinar Recaps,
EU and Singapore finalise Digital Trade Agreement
The European Union (EU) and Singapore have successfully concluded negotiations for a landmark Digital Trade Agreement (DTA), an initiative aimed at setting global standards for digital trade and cross-border data flows.
On 25 July 2024, the European Union (EU) and Singapore successfully concluded negotiations for a landmark Digital Trade Agreement (DTA), an initiative aimed at setting global standards for digital trade and cross-border data flows.
This agreement, the first of its kind for the EU, complements the existing 2019 EU-Singapore Free Trade Agreement (EUSFTA) and shows deepening economic relations between the two regions.
Good Morning Dinar Recaps,
EU and Singapore finalise Digital Trade Agreement
The European Union (EU) and Singapore have successfully concluded negotiations for a landmark Digital Trade Agreement (DTA), an initiative aimed at setting global standards for digital trade and cross-border data flows.
On 25 July 2024, the European Union (EU) and Singapore successfully concluded negotiations for a landmark Digital Trade Agreement (DTA), an initiative aimed at setting global standards for digital trade and cross-border data flows.
This agreement, the first of its kind for the EU, complements the existing 2019 EU-Singapore Free Trade Agreement (EUSFTA) and shows deepening economic relations between the two regions.
The DTA is designed to facilitate digitally-enabled trade in goods and services, ensuring that data flows across borders without unjustified barriers.
It provides a framework that guarantees consumer trust, predictability, and legal certainty for businesses, especially small and medium-sized enterprises (SMEs).
This agreement also includes rules on spam and cybersecurity, reinforcing the EU and Singapore’s commitment to a secure digital environment (Trade) (EURAXESS).
European Commission Executive Vice-President Valdis Dombrovskis and Singapore’s Minister-in-charge of Trade Relations Grace Fu announced the conclusion of the negotiations, highlighting the agreement’s importance.
They emphasised that the DTA not only reflects the growing digital economies of the EU and Southeast Asia but also their shared commitment to maintaining open, competitive, and fair digital markets.
The agreement is part of the EU’s broader strategy to update digital trade rules globally, as seen in recent digital trade chapters with the UK, Chile, and New Zealand.
The EU and Singapore will now proceed with their respective domestic procedures to formally sign and conclude the DTA.
The deal is expected to enhance the digital transformation of both economies, fostering innovation and providing new economic opportunities.
It also aligns with the EU’s Indo-Pacific strategy, aiming to strengthen ties with key partners in this region.
In conjunction with the DTA, the second Trade Committee meeting under the EUSFTA took place, co-chaired by Minister Fu and Executive Vice-President Dombrovskis.
They noted the strong trade relations between the EU and Singapore, with annual trade in goods and services surpassing €130 billion in 2022.
The meeting also covered bilateral cooperation in areas like the green economy and discussed recent global economic developments, including issues at the World Trade Organisation (WTO).
The EU-Singapore Digital Partnership, launched in February 2023, laid the groundwork for this agreement.
This partnership included Digital Trade Principles aimed at facilitating the free flow of goods and services while upholding privacy and data protection standards.
The Digital Partnership and the DTA together represent a significant advancement in the EU’s efforts to lead in global digital governance.
The formal signing and implementation of the EU-Singapore Digital Trade Agreement will further strengthen economic ties and provide a model for future digital trade agreements worldwide.
The agreement is expected to be fully operational by mid-2025, providing a boost to digital commerce and innovation in both regions.
@ Newshounds News™
Read more: Trade Finance Global
~~~~~~~~~
World Economic Forum document on “Decentralized and Non-Traditional Payment Schemes” cites Ripple as an example of an alternative rail for traditional payment systems 🔑
“If usage of the Ripple protocol were to expand to other banks, it could be EASILY used for real-time payment and settlement BETWEEN these institutions with NO automated clearing house or correspondent banks required.”
@ Newshounds News™
Read more: Twitter
~~~~~~~~~
TRUMP'S PLAN IS TO DOLLARIZE THE WORLD THROUGH STABLECOINS
"This past Saturday, former president Donald Trump addressed the Bitcoin 2024 conference in Nashville, Tennessee, expounding upon the crypto and bitcoin policies likely to be implemented as part of a likely future Trump administration.
Speaking in front of a banner emblazoned with the logo of Xapo bank, an institution which hopes to serve as a global bridge between bitcoin, the U.S. dollar and stablecoins, Trump’s speech revealed a policy vision that would integrate those three in order to “extend the dominance of the U.S. dollar to new frontiers all around the world.”
"Talk of a threatened dollar has been circulating for years, with the petrodollar system now having ended and increasingly influential power blocs seeking alternatives to the dollar as a reserve currency. However, Trump – per his recent speech – seems poised to employ bitcoin as a sink for out-of-control U.S. government debt and to unleash the expansion of digital dollar stablecoins, which are already quietly dollarizing numerous countries in the Global South as the consequences of Covid-era fiscal policies continue to decimate the purchasing power of the 99% globally."
"Trump promised, among other things, to “create a framework to enable the safe, responsible expansion of stablecoins […] allowing us to extend the dominance of the U.S. dollar to new frontiers all around the world.” He then asserted that, as a result of his future administration’s embrace of dollar stablecoins, “America will be richer, the world will be better, and there will be billions and billions of people brought into the crypto economy and storing their savings in bitcoin."
@ Newshounds News™
Read more: Bitcoin Magazine
~~~~~~~~~
Newshound's Daily Breakdown Podcast Link
Newshound's News Telegram Room Link
Q & A Classroom Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
Subscribe to Newsletter
Thank you Dinar Recaps
Iraq News Highlights and Points To Ponder Tuesday AM 7-30-24
Iraq Speeds Up Steps To Join WTO
Economic 07/29/2024 Iraq speeds up steps to join WTO The Ministry of Trade has doubled its efforts to join Iraq to the World Trade Organization (WTO) after participating in a wide round of negotiations that pave the way for full membership.
These efforts were met with widespread economic welcome, which sees that this approach will achieve a package of important achievements, foremost of which is enhancing development, building capacities, and opening the door wide to the use of the highest standards of governance, in addition to the most important factor represented by the wide openness of global markets to Iraq, the advancement of the private industrial sector, and the improvement of the local product.
According to the Minister of Trade, Athir Dawood Al-Ghariri, the recent negotiations for Iraq constitute “a qualitative event and a confirmation of what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy,” indicating that “all countries are keen on Iraq’s return as a global economic player.”
Iraq Speeds Up Steps To Join WTO
Economic 07/29/2024 Iraq speeds up steps to join WTO The Ministry of Trade has doubled its efforts to join Iraq to the World Trade Organization (WTO) after participating in a wide round of negotiations that pave the way for full membership.
These efforts were met with widespread economic welcome, which sees that this approach will achieve a package of important achievements, foremost of which is enhancing development, building capacities, and opening the door wide to the use of the highest standards of governance, in addition to the most important factor represented by the wide openness of global markets to Iraq, the advancement of the private industrial sector, and the improvement of the local product.
According to the Minister of Trade, Athir Dawood Al-Ghariri, the recent negotiations for Iraq constitute “a qualitative event and a confirmation of what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy,” indicating that “all countries are keen on Iraq’s return as a global economic player.”
In support of the recent negotiations conducted by Iraq, the Ministry of Trade also participated in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul, which witnessed, according to the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, discussing the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries’ accession to the organization, and how Iraq can benefit from these experiences in its process of accession.
The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed.
In the midst of this, the Prime Minister’s Advisor for Financial Affairs, Dr. Mazhar Mohammed Salih, believes that “in the midst of the 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, 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 difficult-to-handle central rentier economy.”
In a statement to the Iraqi News Agency (INA), Minister Al-Ghariri expressed his “aspiration for the fourth round of negotiations to be held during the first quarter of next year,” stressing that “this acceleration means that the negotiations are proceeding with rapid steps towards Iraq’s accession to the World Trade Organization, considering that Iraq is an important economic bloc and all countries are keen for it to return as an economic player in a multilateral system.”
In addition to the economic gains that can be achieved by opening up to the global market, the economic researcher and consulting engineer, Imad Al-Muhammadawi, believes during his interview with “Al-Sabah” that “joining has many other advantages besides opening up to global markets, represented in “enhancing development, building capacities, and opening the door wide to using governance standards in all aspects of economic activities,
in addition to the most important factor, which is opening global markets to the economies of the least developed countries or what are called Third World countries, not to mention improving the financial side of the participating countries in terms of reducing financial risks and removing obstacles facing the participating countries.”
Al-Muhammadi added that joining also constitutes a factor in reducing poverty, by creating opportunities for the unemployed through increasing economic activities and developing both the private and public sectors.
The WTO aims to ensure that foreign companies, investors and governments enjoy stability and predictability, confidence that trade barriers should not be arbitrarily raised, investment is encouraged, jobs are created and consumers can fully enjoy the benefits of competition, choice and low prices. https://alsabaah.iq/100095-.html
Oil and Gas Law: Hostage to Political Disagreements
2024-07-30 | Oil and Gas Bill.. Political differences between the center and the region keep the law locked in the drawers despite its importance.
Among the one hundred and fifty suspended laws awaiting submission to parliament, the oil and gas law remains the most prominent knot and thorny file betweenBaghdadErbil... despite the ongoing meetings to resolve the issue, as it affects an important sector in the country. LINK
Alsumaria Publishes The Dollar Exchange Rates In The Iraqi Stock Exchanges Today
Economy 2024-07-30 |Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Tuesday, July 30, 2024.
The dollar prices decreased with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,000 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,000 dinars, while the purchase price reached 148,000 dinars for every 100 dollars.
On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.
For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets. LINK
MilitiaMan: IQD Update - Iraq Dinar News - World Bank - Central Bank under fire? - Al-Sudani Meeting - WTO
IQD Update - Iraq Dinar News - World Bank - Central Bank under fire? - Al-Sudani Meeting - WTO
MilitiaMan and Crew: 7-30-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
IQD Update - Iraq Dinar News - World Bank - Central Bank under fire? - Al-Sudani Meeting - WTO
MilitiaMan and Crew: 7-30-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Economic News and Points To Ponder Monday Afternoon 7-29-24
Parliamentary Committee To Nina: These Are Our Observations On The Central Bank’s Measures To Confront The Rise In The Dollar Exchange Rate
Monday 29 July 2024 17:26 | Economic Number of readings: 309
Baghdad / NINA / The Parliamentary Committee on Economy, Industry and Trade disclosed a number of observations related to the Central Bank's measures to confront the rise in the dollar exchange rate against the dinar.
Member of the committee, MP Osama Al-Badri, stated that "there are different observations and points of view regarding the current measures of the Central Bank of Iraq in light of the lack of control over the rise in the exchange rate of the currency."
He explained that "the instability of the exchange rate has caused the emergence of the parallel market and increased the economic burden on citizens in light of the rise in prices due to the fluctuation of the exchange rate, and this requires the Central Bank's management to take effective measures to limit the impact of the parallel market."
Parliamentary Committee To Nina: These Are Our Observations On The Central Bank’s Measures To Confront The Rise In The Dollar Exchange Rate
Monday 29 July 2024 17:26 | Economic Number of readings: 309
Baghdad / NINA / The Parliamentary Committee on Economy, Industry and Trade disclosed a number of observations related to the Central Bank's measures to confront the rise in the dollar exchange rate against the dinar.
Member of the committee, MP Osama Al-Badri, stated that "there are different observations and points of view regarding the current measures of the Central Bank of Iraq in light of the lack of control over the rise in the exchange rate of the currency."
He explained that "the instability of the exchange rate has caused the emergence of the parallel market and increased the economic burden on citizens in light of the rise in prices due to the fluctuation of the exchange rate, and this requires the Central Bank's management to take effective measures to limit the impact of the parallel market."
He added that "the Central Bank needs to adopt more decisive policies and coordinate with government agencies to achieve tangible economic stability," calling on the Central Bank to take serious steps to reduce the gap between the official exchange rate of 1320 dinars per dollar, and the parallel market and ensure price stability. / https://ninanews.com/Website/News/Details?Key=1144263
Dollar Exchange Rates Stabilize At High Level, Exceeding 150 Thousand
Economy | 11:12 - 07/29/2024 Mawazine News – Baghdad Dollar exchange rates against the Iraqi dinar in local markets in Baghdad. - Selling 150,500 dinars for every 100 dollars. - Buying 148,500 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=252265
Finance Ministry Discusses With World Bank Financing Of Transport And Social Development Projects
Monday 29 July 2024 13:15 | Economic Number of readings: 236 Baghdad / NINA / A meeting was held today, Monday, at the headquarters of the Ministry of Finance between the Minister of Finance, Taif Sami Mohammed, and a delegation from the World Bank headed by the Regional Director of the Middle East Department, Jean-Christophe Carre, to discuss ways to enhance cooperation in the field of economic and social development.
The ministry stated in a statement, "The meeting's axes focused in particular on supporting transportation, railway and infrastructure projects related to the development road linking Iraq and Turkey towards the European continent, in addition to financing the programs of the Social Fund for Development."
It added: "These projects seek to improve the quality of services for citizens, enhance economic growth, and provide new job opportunities. The expected benefits of these projects are summarized in developing the road and transportation network, in addition to supporting small and medium enterprises and reducing poverty and unemployment."
During the meeting, the two sides expressed "their optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq." https://ninanews.com/Website/News/Details?key=1144202
Foreign Remittance Sales Rise By 95% At Central Bank Of Iraq Auction
Time: 2024/07/29 Read: 728 times {Economic: Al Furat News} Sales of foreign remittances at the Central Bank of Iraq auction, today, Monday, witnessed a 95% increase compared to cash sales, reaching more than 257 million dollars.
During the auction, the Central Bank sold 269 million, 128 thousand, and 473 dollars, which was covered at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar for cash.
Most of the dollar sales were directed to strengthening the balances abroad in the form of transfers and credits, which amounted to 257 million, 128 thousand, and 473 dollars, an increase of 95% compared to cash sales, which amounted to 12 million dollars.
The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 17 banks. 17 exchange and brokerage companies participated in the auction. LINK
Iraq's Oil Reserves Are In Excess Of The Classification
Time: 2024/07/29 Read: 2,275 times {Economic: Al Furat News} Oil expert Hamza Al Jawahiri revealed, today, Monday, the quantities of unclassified oil reserves in Iraq.
Al-Jawahiri told {Euphrates News} that: "The oil companies operating in Iraq are developing the fields primarily and there are always increases in production from the fields that are being developed," noting that "Iraq is committed to its share within OPEC countries and cannot export quantities larger than those allocated."
He added, "Iraq now has more than one million barrels of oil in excess of the classification and it is kept in the wells and cannot be produced because the quantity of production and manufacturing is limited."
Al-Jawahiri explained that "the companies produce the oil and deliver it to Iraq and they are the ones who dispose of the quantities they sell."
Iraq aims to increase its oil reserves to 160 billion barrels, which coincides with its efforts to raise crude production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in gas, according to data obtained by the Energy Research Unit (based in Washington).
Iraq's oil reserves are the fifth largest in the world, accounting for 8% of the total global crude reserves, and represent approximately 12% of OPEC reserves, and 17% of proven reserves in the Middle East.
According to the latest estimates issued by Oil & Gas Journal, Iraq's proven oil reserves amounted to about 145.019 billion barrels by the end of 2023.
Oil Minister Hayan Abdul Ghani expressed his hope that the country's oil reserves would exceed 160 billion barrels, during the launch of two new licensing rounds to invest in 29 fields, in addition to exploration blocks for oil and gas.
Abdul Ghani confirmed that the government will support the winning companies and provide them with the necessary facilities.
Iraq, a founding member of OPEC, announced its commitment, like other countries, to reduce voluntary production to support prices affected by economic uncertainty. LINK
Stock Exchange Achieves Positive Results For The Second Day In A Row
Market Economy News – Baghdad The stock market index rose by 0.18% on Monday, for the second day in a row. During today's session, 4.2 billion shares were traded, worth 1.7 billion dinars.
It also witnessed the execution of 526 transactions on the shares of 30 traded companies.
The shares of 7 companies rose, while the shares of 11 other companies fell.
97 views 07/29/2024 - https://economy-news.net/content.php?id=45719
Brent Crude At $81 Per Barrel
Economy | 07:55 - 07/29/2024 Mawazine News – Baghdad Oil prices rose on Monday, paring last week’s losses, on concerns about a widening conflict in the Middle East after a rocket attack on the occupied Golan Heights that Israel and the United States blamed on the Lebanese militant group Hezbollah.
Brent crude futures were up 20 cents, or 0.3 percent, at $81.33 a barrel by 0010 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.1 percent, at $77.25 a barrel. Brent crude lost 1.8 percent last week, while WTI fell 3.7 percent, amid weaker Chinese demand and hopes for a ceasefire in Gaza.
On the demand side, data released earlier this month showed China’s total fuel oil imports fell 11 percent in the first half of 2024, raising concerns about the broader demand outlook in China, the world’s biggest importer of crude oil. https://www.mawazin.net/Details.aspx?jimare=252250
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Some “BRICS News” Monday 7-29-2024
BRICS NEWS: From Malaysia, Thailand and Turkey Accession to Launch of Intra-bank System
Fastepo: 7-29-2024
Over the past month, BRICS has seen significant developments, ranging from countries expressing interest in joining the bloc to the launch of an intra-bank payment system and financial system integration.
In this video, we will provide a quick update on these key events and offer a comprehensive overview of BRICS' position as of July 2024, along with the reasons why various countries are keen to join.
BRICS NEWS: From Malaysia, Thailand and Turkey Accession to Launch of Intra-bank System
Fastepo: 7-29-2024
Over the past month, BRICS has seen significant developments, ranging from countries expressing interest in joining the bloc to the launch of an intra-bank payment system and financial system integration.
In this video, we will provide a quick update on these key events and offer a comprehensive overview of BRICS' position as of July 2024, along with the reasons why various countries are keen to join.
BRICS' STRATEGIC WIN: Malaysia Joins BRICS, Russian FM Visits Malaysia As NATO Views Southeast Asia
Lena Petrova: 7-29-2024