MilitiaMan: 8-3-2024

IQD Update - Iraq Dinar News - Theft of Century - Unifying Accounts - Raise Value of the Dinar - COM

MilitiaMan and Crew:  8-2-20244

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=phfCr1HOfY0

Iraq Economic News and Points To Ponder Late Friday Evening 8-2-24

Circular from the Central Bank to banks and exchange companies: Reject travel tickets from internationally sanctioned airlines

Local | 04:34 - 02/08/2024  Muzain News – Baghdad   The Central Bank of Iraq informed, on Friday, government and private banks and exchange companies not to accept travel tickets issued by airlines and travel and tourism companies included on local or international sanctions lists in the sale of cash dollars for travelers.   https://www.mawazin.net/Details.aspx?jimare=252578

Exchange Markets Under Pressure: Dollar Continues To Rise In Baghdad And Erbil

August 1, 2024  Baghdad - Al-Zaman  The US dollar exchange rate witnessed a significant increase on Thursday morning in the markets of Baghdad and Erbil, the capital of the Kurdistan Region. This increase comes after a period of relative stability in exchange rates, which raises concerns among traders and consumers in Iraq.

At the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, the dollar recorded a price of 149,250 Iraqi dinars per 100 dollars, compared to 149,100 dinars recorded yesterday, Wednesday. This slight increase may not seem significant, but it reflects an upward trend that may affect the financial stability in the country.

In the details of local prices, our correspondent reported that the selling prices in exchange shops in Baghdad also witnessed an increase, as the selling price reached 150,250 dinars for every 100 dollars, while the purchase price reached 148,250 dinars.

In contrast, in Erbil, the dollar prices also increased, as exchange shops recorded a selling price of 149,500 dinars and a purchase price of 149,400 dinars for every 100 dollars.

The rise in the dollar price is the result of several economic factors, including fluctuations in global financial markets, the impact of regional fluctuations on the Iraqi economy, or changes in monetary policy. Given the economic situation in Iraq, there may be a reciprocal effect between fiscal policy and geopolitical events.

The monetary policies of the Central Bank of Iraq contribute to this rise, especially if there is a reduction in cash reserves or changes in interest rates. In addition, local inflation can lead to increased demand for the dollar as a safe haven, which contributes to higher prices.

Political tensions and internal economic crises lead to market instability. Political unrest may affect investor confidence and increase exchange rate volatility.  LINK

Oil Prices Rise But Set For Fourth Weekly Loss

Energy   Economy News – Baghdad  Oil prices rose in early trading on Friday, but were on track for a fourth straight weekly loss, as disappointing signs of growth in global fuel demand outweighed concerns about supply disruptions from the Middle East, a key producing region.

Brent crude futures rose 33 cents, or 0.4 percent, to $79.85 a barrel by 0020 GMT, after falling 1.5 percent in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 38 cents, or 0.5 percent, to $76.69, after falling 2.1 percent on Thursday.

On a weekly basis, Brent crude futures are heading for a 1.7 percent decline, while West Texas Intermediate crude futures are heading for a 1.1 percent decline.

Four weeks of declines would be the longest losing streak for both benchmarks since a seven-week losing streak that ended in early December.

Surveys on Thursday showed weak manufacturing activity last month in the United States, Europe and Asia, raising the risk that a weak global economic recovery could weigh on oil consumption.

"Markets remain cautious on Chinese oil demand after June data came in weaker than expected," analysts at consultancy FGE said.

Asia's crude oil imports fell to their lowest in two years in July due to weak demand in China and India, data compiled by LSEG Oil Research showed.

Oil investors are watching developments in the Middle East with caution, as the killing of two senior leaders of Hamas and Hezbollah in Lebanon has raised fears that the region could be on the brink of all-out war, which could disrupt supplies.

81 views   Added 08/02/2024 - 10:51 AM  https://economy-news.net/content.php?id=45849

Iraq Ranked 82nd In The Manufacturing Index

Local  Economy News – Baghdad   The head of the Strategic Center for Human Rights, Fadhel Al-Gharawi, confirmed today, Friday, that the manufacturing industries in Iraq are still suffering from many challenges, noting that Iraq ranked 82nd out of 126 countries in the Industrial Manufacturing Index.

Al-Gharawi said in a statement today that China topped the world in manufacturing production, with more than $4.97 trillion, followed by Germany ($751 billion), India ($450 billion), South Korea ($426 billion), and Russia ($287 billion).

He added that Iraq recorded $4 billion and 750 million in 2023 and $4 billion and 725 million in 2022, up from $4 billion and 630 million in 2021, indicating that the highest production of manufacturing industries witnessed by Iraq during the past five years was in 2019, when it amounted to $4 billion and 994 million.

Al-Gharawi noted that Iraq has 4,000 diverse factories, including a group of factories specialized in manufacturing industries, adding, "However, most of them are stopped due to poor management and planning and the lack of marketing and support for the national product."

The head of the center continued by saying that the manufacturing industries may be an important economic resource for the country, contributing to the diversification of the economy’s sources instead of relying on oil.  76 views   08/02/2024 - https://economy-news.net/content.php?id=45857

Investment Reveals The Location Of The First Economic City In Iraq

Economy | 10:11 - 02/08/2024  Mawazine News – Baghdad    The National Investment Commission revealed on Friday the location of the first economic city in Iraq, noting that economic cities represent investment portfolios capable of attracting and bringing in local and foreign capital.

Hanan Jassim, the spokesperson for the Investment Commission, said: "The Chairman of the National Investment Commission, Haider Muhammad Makiya, during his meeting in the presence of committee members and representatives of the ministries and relevant sectoral bodies from Maysan Governorate, called for the importance of intensifying efforts and coordinating them in a detailed and precise manner that contributes to creating a realistic vision and a successful announcement for investors, businessmen and companies wishing to make this type of investment."

She added that "the attendees were informed of the full borders of the regions distributed according to the projects to be established and the ownership of the lands with the possibility of expanding some of them," indicating that "it was agreed on the importance of preparing a clear map of road networks, water and electricity sources and other requirements for granting investment licenses for these projects, which will be among the topics and discussions of the upcoming meetings."

Jassim pointed out that "the committee's work witnessed the presentation of a number of proposals and ideas that support the implementation of such projects, based on the Prime Minister's approval of the minutes and recommendations of the Diwani Order Committee (23674), which decided to form the Higher Committee for the Economic Development and Advancement of the Al-Tayeb Area in Maysan Governorate and its Neighboring Areas, headed by the Chairman of the National Investment Commission and the membership of various state bodies, including the Governor of Maysan, the Chairman of the Maysan Investment Commission, the Chairman of the Industrial Cities Authority in the Ministry of Industry and Minerals, in addition to a number of general managers in the Ministries of Finance, Planning, Oil and Education and a representative of the Prime Minister's Office."

Jassim explained that "the Higher Committee for the Development and Advancement of the Al-Tayeb Area in Maysan Governorate and its Neighboring Areas has actually begun its work, headed by the Chairman of the National Investment Commission, Haider Mohammed Makiya."

She stressed that "the development and Advancement of the Al-Tayeb Area, southeast of Maysan Governorate, will be the first economic city in Iraq and will represent a successful model and an economic resource for the state that can be applied in other governorates of the country,"

explaining that "this model will represent diverse and ready investment portfolios capable of attracting and bringing in local and foreign capital."

She continued, "Al-Tayeb City will include a group of diverse projects in various economic specializations, including projects specialized in the residential sector, others in the industrial sector, and other economic projects,

in addition to recreational and academic projects," noting that "developing the region will achieve a great economic return that will contribute to stimulating the economic base in the governorate, and providing job opportunities for the governorate's people."

https://www.mawazin.net/Details.aspx?jimare=252562

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Some Friday “Iraq News” Posted by Clare at KTFA 8-2-2024

KTFA:

Clare: Iraq Stock Exchange trades more than 60 billion dinars in shares during July

8/1/2024

The Iraq Stock Exchange announced on Thursday that it will hold 21 trading sessions in July 2024, at a rate of five sessions per week. The sessions were not held on the first and tenth of Muharram, which fell during the month. 

According to the trading indicators for the month of July, the number of traded shares reached (61,327,427,127) shares, an increase of (80%) over the month of June, with a financial value of (60,199,416,955) dinars, an increase of (76%) over the month of June.

According to the index, the number of executed contracts reached (11,309) contracts, an increase of (26%) over the month of June.

The ISX60 index closed at 896.25 points in the last session of July 2024, up 1.6% from its June closing of 882.03 points.

The ISX15 free float index closed at (1008.30) points in the last session of July 2024, achieving an increase of (0.2%) from its closing in June (1005.49) last.   LINK

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Clare:  The House of Representatives publishes the agenda of its sessions for next Saturday and Sunday

8/2/2024 Baghdad – 

The Iraqi News Agency (INA) publishes the agenda of the sessions of the House of Representatives next Saturday and Sunday, according to what was announced by the media department of the Council.

TRANSLATION:

Republic of Iraq House of Representatives

The fifth electoral session, the third legislative year, the second legislative term

In the name of God, the most gracious, the most merciful

Republic of Iraq House of Representatives

Agenda for session No. (4), Saturday, August 3, 2024

Reading verses from the Holy Quran

Public Affairs Department No. (27) of 2016. (Committee First:

 First reading of the draft law on the Second Amendment to the Legal Amnesty Law, Security and Defense Committee, Human Rights Committee), (2) Articles.)  the light

Second: First reading of the draft arbitration law. Legal Committee, Finance Committee (47 articles).

Third: Report and discuss the second reading of the draft law on compensation for the properties of those affected by the former regime.

Committee of Martyrs, Victims and Political Prisoners).

The session begins at one o'clock in the afternoon

House of Representatives   LINK

Clare:  Arab currencies top the list of the strongest in the world.. Is the Iraqi dinar among them?

8/2/2024

Four Arab currencies top the list of the 10 most powerful currencies in the world out of 180 currencies recognized by the United Nations. The US dollar comes in tenth place globally. The following is a list of the most powerful currencies in the world:

1. Kuwaiti Dinar: equivalent to 3.27 dollars  

   The Kuwaiti Dinar is the most valuable currency in the world. Since its introduction in 1960, the Kuwaiti Dinar has continued to top the list of the most valuable currencies thanks to Kuwait's economic stability and oil reserves.

2. Bahraini Dinar: equivalent to 2.65 dollars  

   The Bahraini Dinar is the second strongest currency in the world. The Bahraini Dinar is pegged to the US Dollar and is used exclusively in Bahrain, which has a large expatriate community, including a large number of Indians.

3. Omani Rial: equivalent to 2.60 dollars  

   The Omani Riyal is the third most valuable currency in the world. It was introduced after Oman stopped using the Indian Rupee. The economy of the Sultanate of Oman is heavily dependent on the oil sector.

4. Jordanian Dinar: equivalent to 1.41 dollars  

   The Jordanian dinar has been the official currency of Jordan since it replaced the Palestinian pound in 1950, with fixed exchange rates and a diversified economy.

5. British Pound: equivalent to 1.26 dollars  

   The pound sterling is used in Great Britain and has an important place in global finance, thanks to London's status as a financial centre and intense commercial activity.

 6. Gibraltar Pound: equivalent to 1.26 dollars

 7. Cayman Islands Dollar: equivalent to $1.20 

8. Swiss Franc: equivalent to 1.14 dollars

9. Euro: equivalent to 1.08 dollars

10. US Dollar: Equivalent to $1.00

These currencies continue to play a major role in the global economy, as their strength reflects the economic and financial stability of the countries that issue them.   LINK

Iraq Economic News and Points To Ponder Friday AM 8-2-24

What Is The "ASYCUDA" System In Iraq And How Does It Serve The Iraqis? An International Report Detailing The Numbers
 
Economy     2024-08-01 | 04:31  5,135 views  Alsumaria News – Translation
 
The United Nations Trade and Development Organization (UNCTAD) confirmed that trade in Iraq - which was torn by war - has gained new activity as it continues efforts to revive the economy, while revealing the full details of the ASYCUDAWorld program specializing in customs.
 
The organization says in a report translated by Al-Sumaria News, that in October 2023, the Iraqi state launched ASYCUDAWorld - a pioneering customs automation program supported by the United Nations Trade and Development Organization (UNCTAD), to digitize customs clearance processes, reduce fraud risks, and facilitate cross-border trade.
 
According to the report, the program - which complies with international standards - aims to replace manual, paper-based customs clearance processes in Iraq, allowing traders to complete all necessary paperwork online to save time and cost.

- witnessed Baghdad International Airport - where the ASYCUDAWorld system appeared for the first time in Iraq a growth in customs revenues of more than 215% between January and May 2024, compared to the same period of the previous year, according to the report, which revealed that between January and March, import transactions at the airport increased by 120% compared to the first quarter of 2023, reaching its highest levels in a decade.
 
The report adds that the business community has responded effectively to comply with the new procedures and regulations.
 
Since October 2023, more than 2,800 declarers have submitted approximately 65,600 declarations to customs through ASYCUDAWorld.
 
The program was run in the nine largest customs offices in Iraq, which together represent 81% of Iraq's international trade volume, according to the report.
 
These include customs operations located on the borders with neighboring countries such as Kuwait, Jordan and Saudi Arabia, as well as in the port of Umm Qasr leading to the Arabian Gulf.
 
According to the report, Iraqi Finance Minister Taif Sami praised the ASYCUDAWorld program for helping Iraq “achieve financial discipline, reduce errors, enhance the efficiency of government resources, and provide accurate information.”
 
*Long-term partnership with high-level political support
 
The report shows that an agreement to launch ASYCUDAWorld is planned for May 2021, as part of Iraq's partnership with the Automated System for Customs Data (ASYCUDA) program - the largest technical cooperation project managed by the United Nations Trade and Development Organization in more than 100 countries.
 
This cooperation enjoys the full support and strong commitment of the highest levels of the Iraqi government, including the Prime Minister’s Office, the Ministry of Finance, and the Director General of Customs, according to the report.

says Shamika N said Sirimane , Director of Technology and Logistics at the United Nations Trade and Development Organization.:  
 
“The active participation of these and other government departments, including the General Authority of Customs, has been crucial in ensuring the success of the project so far,”
 
“ASYCUDA’s work in Iraq is ongoing, but even at this stage, we are already seeing an increase in trading volumes and a boost in government revenues,” says Siriman.
 
The Director General of Iraqi Customs, Hassan Hamoud Al-Aqili , adds:
 
“The ASYCUDA system unifies customs procedures at all crossings and ports and unifies the process of collecting fees.
 
It also provides accurate information to policy makers about imports and exports, control the movement of currencies, and the exchange of dollars between Iraq and other countries.” According to the report.
 
*Empowering national stakeholders to take the lead
 
ASYCUDA's work in Iraq brings together 6 staff from the United Nations Trade and Development Organization alongside a national project team including IT and customs experts.
 
In collaboration with the business team, the operation customized and installed the ASYCUDAWorld software prototype and adapted it to comply with Iraqi laws and regulations.
 
In addition, ASYCUDA staff trained the national team to use and maintain the system independently, including courses held in Baghdad and a field visit to customs offices in Jordan to learn from their experiences.
 
The Iraqi national team then in turn trained ASYCUDAWorld users in Iraq, helping key stakeholders such as logistics carriers, declarants and customs officers become familiar with the new system, according to the report.
 
According to the report, ASYCUDAWorld will be launched in Arar (which borders Saudi Arabia) and Trebil (which links Iraq to Jordan) and will largely be led by the Iraqi national team, with international ASYCUDA experts supporting remotely.

*Future endeavors
 
The Iraqi government seeks to implement the ASYCUDAWorld system in all customs locations across the country by mid-2025, according to the report, which confirms that after that, the focus will be on modernizing customs control and building an electronic “single window” for trade based on ASYCUDA technology.
 
This comprehensive platform, which links multiple government agencies involved in goods clearance, is expected to automate customs processes and enhance Iraq's logistical efficiency and trade competitiveness.
 
https://www.alsumaria.tv/news/economy/495884/ما-هو-نظام-الأسيكودا-في-العراق-وبماذا-يخدم-العراقيين؟-تقرير-دولي-يفصل   

Adviser To The Prime Minister: We Are Heading Towards Reforming The Government Banking Sector
 
Economical 08/01/2024  Baghdad: the mainstay of the emirate  The Financial Advisor to the Prime Minister, Dr. Mazhar Muhammad Saleh, stated that
 
reforming the banking system is one of the most prominent priorities of the government’s approach, because of its positive effects in all aspects of the economy, indicating that the
 
first steps of that reform began through the government banking sector,
 
     which currently dominates more than Of 85 percent of the assets of the banking system, its
 
     banking operations and activities account for approximately the same percentage of total deposits and credit.
 
Earlier, Prime Minister Muhammad Shiaa Al-Sudani chaired a special meeting to develop the work of government banks, and directed to resolve the procedures for developing the work of Rafidain Bank.
 
The Prime Minister's Media Office said that Al-Sudani was briefed during the meeting, which was attended by representatives of Ernst & Young for auditing and financial consulting, on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period that followed the signing of the contract with the company specialized in structuring and developing work in the banking sector.
 
It is noteworthy that the development plan of Rafidain Bank includes a comprehensive review and evaluation of the bank’s work, and the implementation of structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, in which advanced electronic programs and modern technology are adopted in all banking transactions, and the optimal use of human and technical resources, and the transition to... Automated work, which helps the bank’s ability to meet banking requirements Globalism.  Counselor Saleh told “Al-Sabah”:

“The government’s vision for economic reform was largely focused on banking reform, which is one of the priorities of the government curriculum, and the first steps began through the Rafidain Bank,” noting that
 
“the reform principles upon which the government program was founded and which the House of Representatives approved are based on On regular executive priorities, at the forefront of which is reforming the banking sector, as the Prime Minister’s vision was focused on economic reform through reforming the government banking sector, which currently dominates more than 85 percent of the assets of the banking system, and its banking operations and activities account for approximately the same percentage of total deposits and credit. "The banker." 
 
Saleh pointed out that this beginning came because these banks are large and important, but
 
they are burdened with a legacy left by the conflicts of the past half century and their repercussions on the efficiency of this large banking system, whose capital base still constitutes only a low percentage that does not exceed 22 percent of the total capital of the banking system, indicating that
 
“In view of this banking dominance, which is burdened with inherited problems, our country suffers from limited growth in the activity of the banking market and its division between private banks, the number of which exceeds more than 50 banks, but
 
they are limited in their activity in deposits and credit, but
 
they do not have a unified and homogeneous competitive banking market with government banks, as they dominate
 
“Governmental banks are in great pain in their market shares and in their banking activity, and
 
they live in their activity on sovereign banking liquidity, as
 
they are banks of a purely rentier nature that deal with large government deposits that affect their liquidity.”  The government advisor explained,
 
“In order to advance the Iraqi banking market, the
 
first reform steps have inevitably begun with government banks, especially major commercial banks such as Al-Rafidain Bank, and
 
based on the above, with the aim of making government banks operate in accordance with capital efficiency standards and lead financing and development activity in the country and with competitive foundations that provide Financial inclusion

At the same time, the study, which is being prepared by the international auditing and accounting firm Ernst Young, is based on the principle of creating a highly efficient government commercial banking sector that takes the lead with the rest of the banking market in financing market activity and with digital foundations and financial and accounting technologies in accordance with modern financial engineering.  He pointed out that
 
this leads to the
 
birth of a government bank that
 
     specializes in managing government banking operations exclusively and
     is considered a cornerstone in organizing the treasury account and stabilizing government cash flow budgets, meaning that
     it will at the same time be the public finance arm of the government banking organization.  Saleh believes that
 
these steps can achieve the
 
goals that lead to “the birth of a homogeneous banking market that
 
     operates according to competitive principles and can
     integrate with the local and international financial and banking system with
     high credit and banking efficiency required by the sustainable development goals and the
     requirements of the availability of market institutions and their
     integration between financing services on the one hand and real investment.” And production growth on the one hand Other.      https://alsabaah.iq/100342-.html   

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

“Tidbits From TNT” Friday Morning 8-2-2024

TNT:

Tishwash:  Pentagon: Within 72 hours, Iran and its allies will launch a large-scale attack on Israel

CNN, citing the Pentagon, reported on Thursday that Iran and its allies will launch a large-scale attack on Israel within the next 72 hours.

Senior American officials say they expect the upcoming Iranian attack to be very similar to the Iranian attack last April 13 - but on a larger scale - because it is likely to also include the intervention of Lebanese Hezbollah, which did not participate in the previous attack.

Senior officials in President Joe Biden's administration fear that since the context this time is the assassination of a Hamas leader in Tehran and not an Iranian general in Damascus, it may be difficult for them to mobilize the same international and regional coalition of countries that stopped the previous Iranian attack.

Last Wednesday, US intelligence services began receiving clear indications that Iran will respond, according to an American official.

Iran had held an emergency meeting of the Supreme National Security Council following the assassination of Haniyeh in Tehran, accusing Israel of the assassination and threatening a harsh response. This coincided with the assassination of Hezbollah leader Fouad Shukr in an Israeli raid hours before Haniyeh's assassination.  link

Investment reveals the location of the first economic city in Iraq

The National Investment Commission revealed, today, Friday, the location of the first economic city in Iraq, while indicating that economic cities represent investment portfolios capable of attracting and bringing in local and foreign capital.

Hanan Jassim, spokeswoman for the National Investment Commission, told the Iraqi News Agency (INA): "The head of the National Investment Commission, Haider Mohammed Makiya, during his meeting in the presence of committee members and representatives of the ministries and relevant sectoral bodies in Maysan Governorate

Called for the importance of intensifying efforts and coordinating them in a detailed and precise manner that contributes to creating a realistic vision and a successful announcement for investors, businessmen and companies wishing to undertake this type of investment."

She added that "the attendees were informed of the full borders of the regions distributed according to the projects to be established and the ownership of the lands with the possibility of expanding some of them," indicating that "it was agreed on the importance of preparing a clear map of road networks, water and electricity sources and other requirements for granting investment licenses for these projects, which will be among the topics and discussions of the upcoming meetings."

Jassim pointed out that "the committee's work witnessed the presentation of a number of proposals and ideas that support the implementation of such projects, based on the Prime Minister's approval of the minutes and recommendations of the Diwani Order Committee (23674), which decided to form the Higher Committee for the Economic Development and Advancement of the Al-Tayeb Area in Maysan Governorate and its Neighboring Areas

Headed by the Chairman of the National Investment Commission and the membership of various state bodies, including the Governor of Maysan, the Chairman of the Maysan Investment Commission, the Chairman of the Industrial Cities Authority in the Ministry of Industry and Minerals, in addition to a number of general managers in the Ministries of Finance, Planning, Oil and Education and a representative of the Prime Minister's Office."

Jassim explained that "the Higher Committee for the Development and Advancement of the Al-Tayeb Area in Maysan Governorate and its Neighboring Areas has actually begun its work, headed by the Chairman of the National Investment Commission, Haider Mohammed Makiya."

She stressed that "the development and Advancement of the Al-Tayeb Area, southeast of Maysan Governorate, will be the first economic city in Iraq and will represent a successful model and an economic resource for the state that can be applied in other governorates of the country," explaining that "this model will represent diverse and ready investment portfolios capable of attracting and bringing in local and foreign capital."

She continued, "Al-Tayeb City will include a group of diverse projects in various economic specializations, including projects specialized in the residential sector, others in the industrial sector, and other economic projects, in addition to recreational and academic projects," noting that "developing the region will achieve a great economic return that will contribute to stimulating the economic base in the governorate, and providing job opportunities for the governorate's people."  link

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Tishwash:  Despite their large numbers, a shocking percentage of government and private banking services in Iraq

A government advisor revealed a shocking percentage and number of banking services in the public and private sectors provided to the public in Iraq.

Mazhar Mohammed Saleh told {Al Furat News} agency, "The point of stability in the banking market in particular and the financial market in general is not the large number of private banks and financial companies, but rather the point of achieving (financial depth), which means how much banking and financial activities and services contribute to the growth of the country's annual gross domestic product, i.e. through the breadth of services provided by these banking companies to the public in terms of quality and quantity to maximize the added value in economic activity."

He added that these banking services "in the gross domestic product revolve around a growth rate that does not exceed 1.5% in most cases, which is a low percentage compared to developed countries where this percentage rises to more than 20%."

Saleh explained that "based on this, the solidity and stability of the financial and banking market in particular is measured by the number of services provided to the public, and the number of its services still does not exceed 12 services at best, while it should rise to 45 banking services as a minimum."

"As for banking density, which is measured by the population's share of bank branch services, despite the huge number of government and private banks, the share of their branches in providing banking services to the population is still low," he continued. "

It is noted that the services of a single branch of these banks are still not commensurate with the population, and the banking density in our country is about 40,000 people per branch on average, while it should not exceed ten thousand people per branch unless it is less, as is the case in developed countries, where a single branch provides its services to an average of no more than six thousand people per bank branch."  link

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Tishwash:  The Ministry of Commerce announces the launch of the electronic reservation system for participation in the 48th session of the Baghdad International Fair, starting from

The Iraqi General Company for Exhibitions and Commercial Services at the Ministry of Trade announced the launch of the electronic reservation system for participation in the 48th session of the Baghdad International Fair, starting from today, Thursday, the first of August, and through the company's official website (www.expo.gov.iq).

The company's general manager, Mustafa Al-Maani, said in a statement: "In implementation of the directives of the Minister of Trade, Athir Al-Ghariri, the electronic reservation system was launched for the seventh consecutive year to reserve space, location and other technical matters for participation in the 48th session of the Baghdad International Fair, which will be launched under the patronage of the Prime Minister and under the slogan (Investment, Development, Prosperity) for the period from the first to the seventh of next November.

The statement explained that "the company, within its plans, has adopted the electronic reservation system to keep pace with developments and communication to reduce routine, time, effort and reviews in this aspect."

Pointing out that "this system aims to create an integrated database on the nature and size of participation in the Baghdad International Fair, through the electronic map through which it is possible to know the participating countries and entities and the locations of their pavilions with all related information as well as the charts." link

Mot: .. LOL - I Thought of Who Immediately 

Mot: . soooo the WIFI is Down - Boo Hoo 

Some “Iraq News” Posted by Clare at KTFA 8-1-2024

KTFA:

Clare: Mazhar Saleh: A trend towards reforming the government banking sector

8/1/2024

 Baghdad: Imad Al-Emara

The financial advisor to the Prime Minister, Dr. Mazhar Mohammed Salih, considered the reform of the banking system as one of the most prominent priorities of the government program, due to its positive effects on all aspects of the economy.

Salih explained to Al-Sabah that "the government's vision for economic reform focused to a large extent on banking reform, which is one of the priorities of the government program, and the first steps began through Rafidain Bank," noting that "the government banking sector currently dominates more than 85 percent of the banking system's assets, and its banking operations and activities account for almost the same percentage of total deposits and bank credit."   LINK

Clare: Prime Minister's Advisor: We are moving towards reforming the government banking sector

8/1/2024  Baghdad: The pillar of the emirate

The financial advisor to the Prime Minister, Dr. Mazhar Mohammed Salih, stated that reforming the banking system is one of the most prominent priorities of the government program, due to its positive impact on all aspects of the economy, indicating that the first steps of this reform began through the government banking sector, which currently dominates more than 85 percent of the banking system's assets, and its banking operations and activities account for almost the same percentage of total deposits and credit.

Earlier, Prime Minister Mohammed Shia al-Sudani chaired a special meeting to develop the work of government banks, and directed the finalization of procedures for developing the work of Rafidain Bank.

The Prime Minister's media office said that during the meeting, which was attended by representatives of Ernst & Young for auditing and financial consulting, Al-Sudani was briefed on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector.

It is noteworthy that the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank's work, and structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transitioning to automated work, which helps the bank's ability to meet
global banking requirements.

Advisor Saleh told Al-Sabah: "The government's vision for economic reform focused largely on banking reform, which is one of the priorities of the government's program, and the first steps began through Rafidain Bank," noting that "the reform principles established by the government program, which was approved by the House of Representatives, are based on regular executive priorities, foremost of which is reforming the banking sector, as the Prime Minister's vision for economic reform focused on reforming the government banking sector, which currently dominates more than 85 percent of the banking system's assets, and its banking operations and activities account for almost the same percentage of total deposits and bank credit."

Saleh pointed out that this beginning came because these banks are large and important, but they are burdened with the legacy left by the conflicts of the past half century and their repercussions on the efficiency of this large banking system, whose capital base still constitutes only a low percentage not exceeding 22 percent of the total capital of the banking system

 Indicating that "in light of this banking dominance burdened by inherited problems, our country suffers from limited growth in the activity of the banking market and its division between private banks, the number of which exceeds 50 banks, but they are limited in activity in deposits and credit, but they do not have a unified and homogeneous competitive banking market with government banks, as government banks monopolize market shares and banking activity and they are suffering greatly and their activity lives on sovereign banking liquidity as they are banks of a purely rentier nature that deal with large government deposits that affect their liquidity."

The government advisor explained that "in order to advance the Iraqi banking market, the first steps of reform have inevitably begun with government banks, especially major commercial banks such as Rafidain Bank. Based on the above, and with the aim of making government banks operate according to capital efficiency standards and lead the financing and development activity in the country on competitive foundations that provide financial inclusion at the same time, the study being prepared by the global auditing and accounting firm Ernst Young is based on the principle of creating a highly efficient government commercial banking sector that takes the initiative with the rest of the banking market in financing market activity on digital foundations and financial and accounting technologies in accordance with modern financial engineering.

He pointed out that this leads to the birth of a government bank specialized in managing government banking operations exclusively and is a fundamental pillar in organizing the treasury account and stabilizing government cash flow budgets, i.e. at the same time being the arm of public finance in government banking organization."

Saleh believes that these steps can achieve the goals that lead to “the birth of a homogeneous banking market that operates according to competitive principles and can integrate with the local and international financial and banking system with high credit and banking efficiency required by the goals of sustainable development and the requirements of the availability of market institutions and their integration between financing services on the one hand and real investment and production growth on the other hand.”    LINK

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Clare: One of the most prominent defendants in the tax deposit theft case was extradited

8/1/2024   Baghdad

The head of the Integrity Commission, Judge Haider Hanoun, announced the extradition of one of the most prominent defendants in the tax deposit theft case.

Hanoun said in a press conference attended by "Al-Eqtisad News", "The issue of the theft of the century will not die no matter how much the corrupt try to hide it from the oversight agencies and the people's eyes," indicating that "fighting corruption is one of the government's priorities."

Hanoun added, "Qasim Mohammed was recovered from the Kurdistan Region and the managing director of the Humpbacked Whale Company after he had fled to Turkey. He is one of the major defendants in the case of stealing tax deposits and the theft recorded against the defendant is 988 billion Iraqi dinars, which are not final numbers," noting that "Nour Zuhair is a defendant who is on bail and will be tried."

He stressed that "the Prime Minister is following up on the issue of tax deposits on a daily basis," stressing that "another accused person, Mohammed Falah Al-Janabi, the managing director of Al-Qant Company, has been arrested. He is accused of stealing more than a trillion dinars through 79 forged checks."  LINK

Clare: By names and addresses.. Details of the arrest of 8 main suspects in the theft case of the century

8/1/2024

The Federal Integrity Commission announced, today, Thursday, an official list of the details of the arrest of 8 main defendants in the case of theft of tax deposits "the theft of the century". They are:

1- Qasim Muhammad Muhammad
was arrested.
Position / Managing Director of Al-Hut Al-Haddab Company
Charge / Receiving 55 checks and 11 eleven appearances
Total stolen amounts
nine hundred and eighty-two billion dinars from the tax deposit account

2- The fugitive accused Abdul Mahdi Tawfiq Mahdi
Location Lebanon
Stolen amounts two trillion two hundred and eighty-three billion Iraqi dinars
Receiving 155 checks for an amount from the tax deposit account

3- The accused Muhammad Falah Abdullah Al-Janabi
Location / United Arab Emirates
Position Managing Director of Al-Qant Company
Receiving 79 checks for
stolen funds / one trillion one hundred and eighty-five billion two hundred and twenty million

4- The fugitive accused Hussein Kawa Abdul Qader Abdul Aziz
Location / Erbil
Position / Managing Director of Baghdad Winds Company
Stolen funds / six hundred and seven billion Iraqi dinars by receiving 40 checks

5- The fugitive accused Abdul Rahman Muhammad Ibrahim
Location / Erbil
Position Managing Director of Badia Al-Masaa Company
Stolen funds / six hundred Twenty-four billion Iraqi dinars through 37 checks

6- The fugitive accused Alaa Khalaf Maran Al-Omar
Location: Lebanon
Position: Office of the former Prime Minister
Stolen funds: Four hundred and ninety-seven billion Iraqi dinars

7- The fugitive accused Abdul Amir Hassoun Ali Taha
Location: State of Kuwait
Position: Managing Director of Al-Fawaris Company
Stolen funds: Receiving an amount of one hundred and twenty-four million US dollars in exchange for facilitating procedures at the Ministry of Finance

8- The fugitive accused Muhammad Hassoun Ali Taha
Location: State of Kuwait Position
: Deputy Managing Director of Al-Fawaris Company.LINK

Clare: Judge Hanoun: The final amount of the theft of tax deposits exceeds what is announced

8/1/2024

Judge Haider Hanoun, head of the Integrity Commission, confirmed: "The final amount of the theft of tax deposits exceeds what is announced, because the Tax Authority has not yet informed us of the actual amount of stolen money.

Hanoun called on the Ministry of Finance and the Tax Authority to provide the Integrity Commission with the names and accounts of the companies from which those funds were stolen and have now become Iraqi money owned by the people. Otherwise, after 15 days, the head of the Tax Authority will be asked to hand over those documents or proceed with all legal measures.

He pointed out: "The amount offered today belongs to the former Director General of the Railway Directorate, which is more than two million dollars and another amount in Iraqi dinars in addition to 9 properties, 5 of which are worth more than 8 billion Iraqi dinars."

He continued: "We are coordinating with the State of Kuwait to extradite two other accused, who are two brothers who were working with the main accused, Nour Zuhair.   LINK

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 8-1-24

Good Afternoon Dinar Recaps,

TOKENIZED US TREASURY BILLS ON XRP LEDGER

"Tokenization platform OpenEden has announced that it will bring tokenized US Treasury bills (T-bills), a short-term US government debt obligation backed by the US Department of the Treasury, to the XRP Ledger (XRPL) and its users for the first time."

"The tokenization of T-bills onto the XRPL is a demonstration of how institutional access to decentralized finance (DeFi) is being driven by the tokenization of traditional real-world assets (RWAs).

The assets backing OpenEden’s TBILL tokens are invested in short-dated US T-bills and reverse repurchase agreements collateralized by US Treasuries. Minters are subject to stringent KYC and AML screening to ensure the highest security and regulatory compliance standards."

"Markus Infanger, Senior Vice President, RippleX. "Institutions are increasingly looking at where to tokenize their real-world assets and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization.”

"“Bringing tokenized T-bills to the XRP Ledger is the next step in our exciting journey. Purchasers will be able to mint our TBILL tokens via STABLECOINS, including Ripple USD (RLUSD) when it launches later this year.”

@ Newshounds News™

Read more:  Ripple
~~~~~~~~~

USDC TRADING VOLUME SOARS 48% in July, driven by MiCA

"Circle’s stablecoin trading volume spiked in July thanks to a surge in market inflows and new European (MICA) rules for digital assets.

 According to a July 31 report by CCData, the trading volume for USD Coin pairs on centralized exchanges reached $135 billion as of July 25, while its market capitalization rose 5.4% to $33.6 billion."

"With the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework, Circle became the first stablecoin issuer to be approved by regulators in the region on July 1."

"According to DefiLlama, USDT retains the largest market share of any stablecoin at nearly 70%. In addition, on July 31, Tether reported record profits of $5.2 billion in the first half of 2024."

"Several crypto exchanges in Europe delisted stablecoins ahead of the implementation of new rules on June 30."

@ Newshounds News™

Read more:  Coin Telegraph

~~~~~~~~~

"In a July 2024 CBDC report, it is documented that Russia’s CBDC pilot program has been successful and will extend the number of participants from 34 to 1200 banks/merchants in the second half of 2024."

There’s only 396 operating banks in Russia meaning that the 1200 participants that the CBDC will extend to EVERY BANK IN RUSSIA.

"Therefore, Russia is conveniently passing legislation to allow “international cross border cryptocurrencies” right before they ramp up CBDC usage in 2024"

@ Newshounds News™

Read more:  https://x.com/SMQKEDQG/status/1818676859527184787

~~~~~~~~~

Russia's top senator announces progress on BRICS digital payment system

Amid endless sanctions and Russia’s disconnection from SWIFT, the Bank of Russia has developed its own payment system, which many countries have already joined, Valentina Matviyenko noted

MOSCOW, August 1. /TASS/. Plans to create a BRICS digital payment platform are moving steadily forward, Russia’s Federation Council Speaker Valentina Matviyenko told a press conference.

"The creation of the independent financial payment platform BRICS Bridge, a standalone mutual payment system on a firm joint platform, is now being discussed within BRICS. I have spoken both with the Central Bank and the Finance Ministry, things are moving along nicely," she said. 

"It is being discussed with colleagues from central banks, finance ministries of all BRICS countries, including new members," Matviyenko said, adding that Russia, as the BRICS chair, is in charge of all this.

"If it works it will be a bombshell globally, in the best sense," the upper chamber head noted. She expressed hope that this issue would be considered at the summit of BRICS heads of states in Kazan in October. 

"Perhaps it will be approved then, or at least the discussions will lead to a decision on when and in which format it should be finalized, meaning this is no longer just an idea, it is moving forward in practice," she stressed.

Amid endless sanctions and Russia’s disconnection from SWIFT, the Bank of Russia has developed its own payment system, which many countries have already joined, Matviyenko noted. "This shows that there is a light at the end of every tunnel," she added.

The Federation Council Speaker pointed out that the dollar is becoming weaker globally amid an overflowing US national debt, while the system of mutual settlements in national currencies is expanding.

"I hope that the system that has been created by BRICS, will become a trend, an example that not only BRICS nations, but many other countries as well will join later," she said, adding that the issue is being discussed by the Shanghai Cooperation Organization (SCO) as well.

@ Newshounds News™

Read more:  TASS

~~~~~~~~~

MF'S GLOBAL RESERVE ASSET- SDR'S- PAY ATTENTION TO THIS ONE

"Congratulations to members, staff, and leadership on the 80th anniversary of the IMF’s foundation at Bretton Woods, New Hampshire.

The Fund is the crown jewel of the post–World War II international architecture. It was designed by idealists determined to construct a set of institutions to deter aggression among the major powers and prevent resumption of the interwar economic and financial unilateralism."

"The IMF’s principal purpose, according to its Articles of Agreement, is to promote international monetary cooperation by providing “the machinery for consultation and collaboration on international monetary problems.” In the turbulent period following the end of US dollar convertibility to gold in August 1971, members demonstrated that principle and quickly completed the Smithsonian Agreement by December. 

The agreement’s new par values for fixing currencies to the US dollar did not hold, though, and within two years, the Bretton Woods exchange rate regime dissolved into a system of managed floating exchange rates."

"The most enticing opportunity is the IMF’s global reserve asset, SPECIAL DRAWING RIGHTS (SDRs)."

"More than 50 years ago, members approved the first amendment to the Articles of Agreement authorizing the IMF to allocate special drawing rights. The negotiations lasted the better part of the 1960s. "

"SDRs are allocated in proportion to IMF members’ quotas. Each member receives an interest-bearing reserve asset and corresponding long-term liability on which it pays the same rate. The SDR’s value is based on a BASKET OF CURRENCIES with weights adjusted periodically by the IMF board. 

Its interest rate is a weighted average of the short-term government interest rates for the constituent currencies.An  SDR allocation adds to a member’s unconditional liquidity.

Unlike unconditional liquidity derived from borrowing or current account surpluses, the liquidity is costless until the SDRs are transferred to another holder."

"The initial allocation of SDRs annually over a three-year period starting in 1969 proved to be too little too late to save the Bretton Woods exchange rate regime, but nevertheless it was a pathbreaking and historic example of international monetary cooperation.

The second amendment to the articles, in 1978, not only preserved the IMF’s authority to allocate SDRs but also established a two-part obligation for members to collaborate on “better international surveillance of international liquidity” and “making the special drawing right the PRINCIPAL RESERVE ASSET of the international monetary system."

"SDRs are not a magic bullet that alone will solve today’s pressing global economic and financial challenges, but they are one of many instruments that can contribute."

@ Newshounds News™

Read more:  IMF

~~~~~~~~~

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Iraq Economic News and Points To Ponder Thursday Afternoon 8-1-24

During July, The Iraqi Market Trades Shares Worth More Than 60 Billion Dinars

Banks  Economy News – Baghdad  The Iraq Stock Exchange announced on Thursday that it will hold 21 trading sessions in July 2024, at a rate of five sessions per week. The sessions will not be held on the first and tenth of Muharram, which falls during the month.

According to the trading indicators for the month of July, the number of traded shares reached (61,327,427,127) shares, an increase of (80%) over the month of June, with a financial value of (60,199,416,955) dinars, an increase of (76%) over the month of June.

According to the index, the number of executed contracts reached (11,309) contracts, an increase of (26%) over the month of June.

The ISX60 index closed at 896.25 points in the last session of July 2024, up 1.6% from its June closing of 882.03 points.

The ISX15 free float index closed at (1008.30) points in the last session of July 2024, achieving an increase of (0.2%) from its closing in June (1005.49) last. 218 views  Added 2024/08/01 - 11:31 AM   https://economy-news.net/content.php?id=45822

Iraqi Central Bank Sales Rise To Nearly $300 Million In Today's Auction

Economy | 03:05 - 01/08/2024   Mawazine News – Baghdad  The Central Bank of Iraq's sales recorded an increase in today's auction, Thursday, amounting to nearly 300 million dollars.

 https://www.mawazin.net/Details.aspx?jimare=252509

The Paper Is Above 150 Thousand Dinars.. The Dollar Exchange Rate Rises Against The Iraqi Dinar

Economy | 01/08/2024  Mawazine News – Baghdad  Mawazine News publishes today, Thursday, the exchange rates of the dollar against the Iraqi dinar in exchange shops in local markets in Baghdad.

- Selling 150250 dinars for every 100 dollars.   - Buying 148250 dinars for every 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=252518

Oil Jumps Nearly 3 Percent As US Inventories Fall

Thursday 01 August 2024 07:28 | Economic Number of readings: 315  Baghdad / NINA / Oil futures jumped about three percent amid investor concerns about the expansion of the conflict in the Middle East, and after a sharp decline in US crude inventories.

Brent crude futures for September delivery rose $2.09 per barrel, or 2.66 percent, to $80.72 per barrel at settlement, while the more active October contracts rose $2.77 to $80.84.

US West Texas Intermediate (WTI) crude futures rose $3.18 per barrel, or 4.26 percent, to $77.91 per barrel at settlement, in their biggest daily gain since October 2023.

However, Brent crude ended July with a monthly decline of seven percent, while WTI crude fell by about four percent during the month. "

Government data showed that US crude inventories fell by about 3.4 million barrels last week."

Stocks fell for the fifth week in a row, the longest streak of declines since January 2021./End2

https://ninanews.com/Website/News/Details?key=1144886

Iraq Signs Mou With British Company To Develop Kirkuk Fields

Money  and business  Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani sponsored, today, Thursday, the signing ceremony of a comprehensive petroleum memorandum of understanding between the Ministry of Oil and the British Petroleum Company (BP) to develop Kirkuk fields for oil and gas production.

According to a statement, the Iraqi side was signed by Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, while the BP CEO Murray Auchincloss signed on behalf of the company.

The statement added, “The memorandum includes the rehabilitation and development of the four fields of the North Oil Company in Kirkuk, which are the Kirkuk field with its two domes (Baba and Avana), the Bai Hassan field, the Jambur field and the Khabbaz field,

as well as the possibility of agreeing on other fields or exploration areas by agreement of the two parties, in light of the government’s efforts to optimally invest in promising opportunities in the energy sector, with the aim of increasing and enhancing oil production and gas and solar energy investments in this region.”

118 views   08/01/2024 - https://economy-news.net/content.php?id=45818

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Economist’s “News and Views” Thursday 8-1-2024

U.S. Banks Report Unprecedented 23% Surge in Delinquencies As Losses Increase

Atlantis Report:  8-1-2024

The U.S. banking sector is currently facing challenges as it deals with a significant surge in delinquency rates, leading to mounting losses.

Recent reports have revealed a shocking 23% increase in delinquencies, causing concern for both banks and borrowers nationwide.

This sharp rise in borrowers falling behind on their payments has increased bank losses, impacting their profitability and stability.

https://www.youtube.com/watch?v=4-ro9iJPJ3k

Jim Willie: ¨Rate Cuts & BRICS 'Unit' Will Drive Gold Higher¨

Arcadia Economics:  8-1-2024

In the midst of a chaotic election season, a Fed meeting, and more progress by the BRICS on their 40% gold backed 'Unit,' who better to check in with than Dr. Jim Willie.

Jim talks about the the policies that Trump is going to implement if elected, how that will affect the gold market, and the latest he's hearing about the BRICS plan for their 'Unit' payment currency.

Especially at such a volatile time in the financial and political markets, you'll want to hear the latest from Jim. So click to watch the video now!

https://www.youtube.com/watch?v=9JGuBsC8C5U

BRICS Trade 23.9% UP Amid US and EU Decline: What next?

Fastepo:  8-1-2024

The growth of trade volume between China and BRICS member states has seen a remarkable upward trajectory, significantly reshaping global trade dynamics.

 In 2022, trade between China and the BRICS countries reached unprecedented levels, reflecting robust economic partnerships and strategic collaborations. China’s trade with the existing BRICS nations has been characterized by substantial increases across various sectors.

For instance, trade with Russia alone hit $190 billion in 2022, while bilateral trade with Brazil reached $165.6 billion. Trade with India and South Africa also showed significant growth, indicating deepening economic ties despite political and geographical challenges.

 Collectively, China’s trade with BRICS members totaled 2.38 trillion yuan (about $325.7 billion), up 19.1% year-on-year. Exports reached 1.23 trillion yuan, up 23.9%, while imports were 1.15 trillion yuan, up 14.3%.

 The inclusion of new BRICS members, each bringing unique economic strengths, is expected to further diversify and expand trade volumes.

Saudi Arabia and the UAE, as major oil producers, will enhance energy trade. Ethiopia and Egypt will add to Africa’s representation, potentially increasing infrastructure investments and economic development projects across the continent.

Conversely, trade between China and Western economies has shown signs of decline. In the first half of 2023, trade between China and the EU fell for the first time in four years, reflecting increasing geopolitical tensions and economic sanctions.

 Similarly, trade with the United States experienced a downturn, with bilateral trade declining by 11.6% in 2022 compared to the previous year. These declines highlight the shifting trade dynamics as China pivots towards stronger economic relationships with BRICS countries and other emerging markets.

 In this video, we delve into the transformative shift in global trade patterns, moving away from the traditional East-West axis towards a burgeoning South-South framework.

This emerging trend is reshaping not only trade routes but also the broader global order. The increasing trade and economic cooperation between countries in the Global South is heralding a new era of geopolitical influence, challenging the longstanding dominance of Western powers.

This shift signifies a profound change in the global economic landscape, with significant implications for international relations and economic policies worldwide

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

Iraq News Highlights and Points To Ponder Thursday AM 8-1-24

{Theft Of The Century} Returns To The Forefront... And The Integrity Commission Reveals Shocking Information

Time: 2024/08/01 Read: 2,405 times  {Local: Al Furat News} The head of the Integrity Commission, Judge Haider Hanoun, announced today, Thursday, the extradition of one of the major defendants in the tax deposit theft case.

Hanoun said in a press conference, followed by {Euphrates News}, that "the accused Nour Zuhair is bailed and will be tried. The theft of tax deposits is deposited with the judiciary, and the Integrity Commission is only responsible for implementing the laws. This case will not die and the government gives it full priority."

He added, "The accused Qasim Muhammad Muhammad was extradited from the Kurdistan Region after he had been a fugitive in Turkey. He holds the position of Managing Director of the Humpbacked Whale Company. The theft recorded against the accused is 988 billion Iraqi dinars, and these are not final figures."

He added, "Another accused was arrested, namely Mohammed Falah Al-Janabi, the managing director of Al-Qant Company. He is accused of stealing more than a trillion dinars through 79 forged checks. The third accused of stealing tax deposits is detained in the Emirates and we will recover him soon."

"Abdul Mahdi Tawfiq, who is accused of stealing more than two trillion, was arrested. He is also the managing director of the Humpbacked Whale Company. The fourth accused of stealing tax deposits is Alaa Khalaf Maran, who is now a fugitive in Lebanon or Turkey.

He was affiliated with Al-Kadhimi's office and had 890 billion dinars in his pocket," he explained, adding that "two dual nationals were arrested by the Kuwaiti authorities and the amounts owed to them amounted to 124 million dollars and will be returned to Iraq."

He concluded his speech by saying, "The final amount of the theft of tax deposits exceeds what was announced, and the recovery of more than two million dollars and 155 million that had been buried underground in Babylon, in addition to 9 properties of a former general manager in the General Directorate of Railways, and we are in the process of investigating him regarding the inflation of funds." LINK

Judge Hanoun: The Final Amount Of The Theft Of Tax Deposits Exceeds What Is Announced

Thursday 01 August 2024 13:53 | Politics Number of readings: 73

Judge Hanoun: The final amount of the theft of tax deposits exceeds what is announced 1144975-9b3b2da0-be23-4f5b-9b11-6249dcb26a3e

Baghdad / NINA / Judge Haider Hanoun, head of the Integrity Commission, confirmed: "The final amount of the theft of tax deposits exceeds what is announced, because the Tax Authority has not yet informed us of the actual amount of stolen money.

Hanoun called on the Ministry of Finance and the Tax Authority to provide the Integrity Commission with the names and accounts of the companies from which those funds were stolen and have now become Iraqi money owned by the people. Otherwise, after 15 days, the head of the Tax Authority will be asked to hand over those documents or proceed with all legal measures.

He pointed out: "The amount offered today belongs to the former Director General of the Railway Directorate, which is more than two million dollars and another amount in Iraqi dinars in addition to 9 properties, 5 of which are worth more than 8 billion Iraqi dinars."

He continued: "We are coordinating with the State of Kuwait to extradite two other accused, who are two brothers who were working with the main accused, Nour Zuhair. https://ninanews.com/Website/News/Details?key=1144975

Will America Resort To Tightening The Economic Noose On Baghdad?

2024-08-01 | 1,515 views   Following repeated security breaches, observers: Washington may resort to tightening the economic noose on Iraq

Observers expect that it will resort toWashingtonTo tighten the economic stranglehold onIraqAfter the deadline with the factions expired and the targeting of military headquarters resumed, others hold the government responsible for the delay in liberating the Iraqi economy from American control. Follow the full details in this report from Alsumaria   LINK

Urgent Study To Localize Gold In Iraq

Time: 2024/08/01 Reading: 377 times  {Economic: Al Furat News} Minister of Trade Athir Dawood Al Ghurairi discussed this morning, Thursday, with a number of gold traders the obstacles they face in their work inside Iraq and working to provide the necessary facilities to localize the gold industry in the country.

During the meeting, the Minister of Trade confirmed, according to a statement by the ministry, a copy of which was received by {Al-Furat News}, that “the Ministry of Trade, within its ministerial program and concerned with formulating trade and foreign policy, is working to support and organize the work of commercial sectors, including the gold trade sector, due to its great weight in the country’s economy.”

Al-Ghariri said, “Through this meeting, we want to identify the work mechanisms and obstacles in order to provide the appropriate environment for economic growth and develop policies that contribute to strengthening the position of the gold sector in the local and international market.”

The Minister of Trade pointed out that "the Ministry is ready to cooperate with traders and begin taking steps to overcome obstacles and provide the appropriate environment to achieve the localization of the gold industry within Iraq according to the needs of the market and the consumer, so that this industry returns as it was before, and even stronger, in light of the government's direction to support the commercial and industrial sector in the country."

Minister Al-Ghariri announced, "While speaking about regulating commercial sectors, instructions will soon be issued to regulate e-commerce in Iraq. This is a step towards updating commercial policies and keeping pace with developments in this area to provide a safe and prosperous commercial environment that contributes to driving the national economy."

For their part, the gold traders thanked the Minister for his interest and support, and raised a number of problems and challenges facing their work, expressing their hope that these meetings would contribute to improving and developing this sector.

According to the statement, the meeting resulted in “an agreement to submit a comprehensive study to localize this industry, following the example of developed countries that have been famous for this industry in recent decades.

A period of fifteen days was set to prepare the study, and another meeting will be held to explain the study, its basic aspects, and its returns, in order to come up with recommendations to be presented to the relevant government agencies and take the appropriate decision.”  LINK 

With The Document.. The Central Bank Prohibits The Sale Of Dollars To Travelers Through Sanctioned Travel Companies Locally Or Internationally

Time: 2024/08/01 Read: 1,664 times  {Economic: Al Furat News} The Central Bank of Iraq informed government and private banks and exchange companies not to accept travel tickets issued by airlines and travel and tourism companies included on local or international sanctions lists in the sale of cash dollars for travelers.  LINK

“Tidbits From TNT” Thursday Morning 8-1-2024

TNT:

Tishwash:  Parliamentary Committee: Parliament will host the Central Bank Governor for this reason

The Presidency of the Council of Representatives agreed to host the Governor of the Central Bank of Iraq, Ali Al-Alaq, during the upcoming sessions of the Council of Representatives.

Member of the Parliamentary Integrity Committee Hadi Al-Salami confirmed, in a statement to the National Iraqi News Agency / NINA /, that "the Presidency of the Council of Representatives approved hosting the Governor of the Central Bank in the session of the Council of Representatives, the date of which will be determined later, within the framework of the supervisory role of the work of the Central Bank and its Governor, and in accordance with the Council of Representatives Law No. 13 of 2018, Articles 27-29 thereof."

He added, "Hosting the Governor of the Central Bank will be to answer the oral question before the Council of Representatives regarding the exchange rate in the parallel market, and the large financial difference from the official exchange rate, as well as what is related to the application of the standards of transparency and confidentiality and not announcing the daily bulletin of the Central Bank."  link

US State Department: We will take all measures to protect our interests in the Middle East

 The US State Department announced today, Wednesday, July 31, 2024, that Washington will take every possible measure to protect American individuals and interests in the Middle East.

The US State Department said in a statement, "We have seen Hamas' statement regarding Haniyeh, but we do not want to speculate on any repercussions or reactions to the incident," referring to the assassination of Ismail Haniyeh.

She pointed out that "the US commitment to Israel's security and its defense against any reckless attacks that Iran may launch is firm and unwavering."

She noted that "her efforts to reach a deal and bridge the gaps are still ongoing and represent a priority for us and for the region."  link

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Tishwash:  Official to Reuters: US carried out strike in Iraq

 The United States carried out a strike in Iraq on Tuesday in self-defense, a U.S. official told Reuters, hours after Israel struck Iranian-backed Hezbollah in Lebanon and as tensions escalated in the Middle East.

The official, who spoke on condition of anonymity, said the strike was caused by a threat to US-led coalition forces.

Explosions took place on Tuesday inside a base used by Iraq's Popular Mobilization Forces south of Baghdad, killing four of its members and wounding four others, police and medical sources told Reuters.

The Popular Mobilization Forces is an official security agency that includes several armed groups allied with Iran.

Hospital sources said the initial death toll was one, but two people who were seriously injured in the blasts later died, and another body was recovered from the blast site.

The explosions came after several missiles were fired at Iraq's Ain al-Asad air base, which houses US-led forces, late Thursday, causing no damage or injuries, US and Iraqi sources said.

In a statement issued after the explosions, the Popular Mobilization Forces did not make any accusations, referring to an explosion of unknown origin.

Later, another statement by the Popular Mobilization Forces said that missiles launched by drones targeted two Popular Mobilization Forces patrols in the town of Jurf al-Sakhar, south of Baghdad.

An Iraqi military official said the cause of the explosion was still unclear and authorities would begin investigating the incident.

Two local leaders of Iraq's Popular Mobilization Forces accused the United States of carrying out airstrikes targeting the Popular Mobilization Forces base. There was no immediate comment from the US military.

Witnesses said ambulances rushed to the area where the camp is located, 50 kilometres south of Baghdad.

Iraq has seen a surge in tit-for-tat attacks since the war between Israel and Hamas broke out in October. It is a rare ally of both Tehran and Washington, hosts 2,500 US troops and has Iranian-backed militias linked to its security forces.  link

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Tishwash:  Iraqi Army receives seven Bell 505 helicopters from US

The Iraqi Army Aviation Command announced Tuesday that it has received seven Bell 505 helicopters from the United States.

The Bell 505 Jet Ranger X is an American/Canadian light helicopter developed and manufactured by Bell Helicopter.

In a statement, the Iraqi Ministry of Defense said the delivery is part of "pre-arranged contracts aimed at advancing the country's military training programs. The handover ceremony was attended by the representative of the Commander-in-Chief of the Armed Forces, the Air Force Commander, senior officers from the Ministry of Defense, the US Military Attaché, and a representative from Bell Helicopter."

"This batch will significantly update and improve our training system with modern aircraft," said Major General Mohammed Abdul Karim Awfi, Commander of Army Aviation. "It will also help in preparing skilled pilots capable of protecting Iraq's airspace and executing missions with high efficiency."

In turn, the US Military Attaché described this step as "a pioneering to enhance the command's capabilities and train pilots under ambitious and advanced plans."  link

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