37 thousand factories stopped working in Iraq, a number that reflects the extent of the great deterioration that the private sector is suffering from as a result of the absence of government plans to improve it after 2003, which contributed to the destruction of this sector to be added to the rest of the sectors. Which was subjected to systematic destruction, according to observers.

As for those concerned, they confirmed that the current Prime Minister, Muhammad Shiaa Al-Sudani, relies heavily on the private sector, and that large numbers of factories have been restarted over the past two years, until the currently operating factories have reached 30,000 factories, and there are serious and signs of restoring the remaining numbers that have been suspended.

Iraqi News Highlights and Points to Ponder Friday AM 3-1-24

American Sanctions And Regional Countries Contributed To Its Destruction.. What Is The Secret Of Disrupting Iraqi Factories?

Posted On 03-01-2024 By Sotaliraq Industrial City in Diwaniyah Poles without wires 02-29-2024

Deterioration and penalties

The private sector in Iraq is witnessing a significant deterioration due to the absence of government plans to improve it, which has made it continue to decline continuously and its contribution to the national economy is very small, according to the economist, Omar Al-Halbousi.

During his speech, Al-Halbousi saw that the entry of politicians into the private sector made most of its fields monopolized and turned it into “a window to increase the wealth of a certain group of politicians, who exploited the private sector to form private institutions that are effective for money laundering as well as economic facades.”

According to Al-Halbousi, this is an indication of the American sanctions that affected the Iraqi private sector, in light of the absence of financing from private and government banks, and the monopoly of government initiatives for certain parties to the exclusion of others from the people.”

Foreign interventions also contributed to exacerbating the decline of the private sector, according to Al-Halbousi, who added: “Regional countries worked to destroy all Iraqi sectors in order for Iraq to remain a market for the sale of their goods, in light of the lack of decision-making sovereignty and the national will to advance the Iraqi economy.”

The above contributed, according to the economist, to a decline in job opportunities provided by the private sector, as well as a decline in wages despite long working hours and the burdens imposed on workers in the private sector, and in most cases workers are laid off for no apparent reason.”[/size]

The US sanctions on the banking sector also contributed to the lack of job opportunities and the decline in wages,” says Al-Halbousi.

In addition, according to Al-Halbousi, there is the abandonment of a large number of workers, so that the crisis of deterioration of the private sector and its reduced contribution to the gross domestic product continues, with a lack of job creation. Although the basis of the economic renaissance of countries is the private sector, as it is the most flexible and quickest to respond to changes, governments Successive projects from 2003 until now have contributed to the destruction of the private sector, adding to the rest of the sectors that have been subjected to systematic destruction,” according to the economic expert.

The suffering of the Iraqi worker

Iraqi workers face challenges and problems related to their legal rights and social and health security, which requires unifying efforts and redoubling work to develop concrete and real plans that address the deterioration of their conditions and the status of industry in their country.

On December 3, 2023, the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, announced that the retirement and social security law for workers in the private sector would enter into force, after the Iraqi Parliament voted on it, in May 2023, in a step that the government described as essential within the economic reforms that it promised. and to guarantee the rights of workers in this sector.

In this context, the Vice President of the Federation of Trade Unions in Iraq, Rahim Al-Ghanimi, stated that “the minimum wage for a worker is 450 thousand dinars per month, and the working time is 8 hours a day, 6 days a week.”

Al-Ghanimi explained, during his speech to the agency, that “the laws pertaining to the working class are broken, as the Iraqi worker does not receive the same rights as his peers in the Arab world, even though the Iraqi worker is distinguished by many skills.”

He stressed that “many factories, laboratories, and companies are idle, including the spinning and weaving factory in Kut and Babylon, the mixed sector, the industrial sector, and light industries. There is no local industry and even vegetables are imported, and what is currently operating are restaurants and hotels.”

Foreign labor employment offices contributed to the loss of the Iraqi worker’s job, and most of those brought to the country are not technicians and experienced, but rather their level is lower than the Iraqi worker, according to Al-Ghanimi.

Foreign labor

In a previous interview with the agency, the head of the General Federation of Trade Unions in Iraq, Star Denbos, pointed out that “there is chaos in the file of foreign workers, which is estimated at more than a million workers, and they entered the country randomly without conditions, restrictions, and supervision from the Ministry of Labor and Social Affairs, which had an impact.” “It negatively affects the percentage of unemployed people in Iraq.”

In turn, the legal expert, Ali Al-Tamimi, clarified the legality of the presence of foreign workers in Iraq by saying that “no law has been enacted specifically for foreign workers in Iraq, and the applicable law is Labor Law No. 37 of 2015 and Foreigners’ Residence Law No. 118 of 1978.”

These two laws stipulate that “the worker must obtain a work permit as a condition of presence, a passport, an entry visa, and other security conditions. The violator is usually fined an amount not exceeding $500 and then deported according to the decision of the investigating court,” according to Al-Tamimi.

During his speech, Al-Tamimi pointed out that “the presence of these workers, whose number is estimated at one million, without plans, is similar to the large number of imported cars, and has an impact on the economy, criminal security, unemployment, and the exit of money.”

He stressed the need to “legislate a special law for this that details all aspects of their presence and deportation, and information indicates that large numbers of them work without residency, and there is no solution before the judiciary other than deporting them to their countries.”[/size]

Investment obstacles

In previous statements, a member of the Parliamentary Investment and Development Committee, Hussein Al-Saabari, confirmed that investment in Iraq faces obstruction from ministries, departments and institutions in the country, including the problem of obtaining approvals from the Ministry of Industry to establish industrial factories, stressing the necessity of providing government support for projects and investments to employ the workforce and benefit from it. of money inside the country instead of going abroad.

A member of the Parliamentary Economy, Industry and Trade Committee, Soran Omar, stated that “Iraqi industry needs to grow, which requires the assistance of the Ministry of Industry by allocating a good budget for it, facilitating investment in the industry, and developing factories by providing fuel, electricity, and land for them.”

Omar added: “As well as issuing the law on partnership between the public and private sectors, which the government sent to protect the rights of both sectors in the partnership, and that the government pay attention to economic security and implement the law to protect the local product, and at the same time, control the border crossings, and punish smugglers, who have caused serious damage to the industry.” And Iraqi agriculture.”

He noted that “the Prime Minister himself was Minister of Industry until 2018,” noting that “the current Minister of Industry was Minister of Planning in the previous government, so it is expected that Iraqi industry will grow.”

Iraq needs factories in various industrial sectors, whether in medicine, food, construction, textiles, electrical, etc., in addition to services and production, according to the head of the Federation of Iraqi Industries, Adel Akab.

Regarding the classification of the importance of the sectors, Akab stated, “Medicine and food come in first place, but in return there is a need to build more than 4 million housing units, and these require various construction materials, so it is not possible to exclude one sector over another because all of them are important to the country.”

He pointed out that “Iraq has good purchasing power, and there is a thirst for true national industry that is distinct from the imported one, and meets the citizen’s ambitions,” noting that “the government has a vision to revive the industry, and has activated decisions that were previously suspended, and we hope to fully translate its vision into reality.”

Government interest

In this aspect, the chief advisor to the Federation of Industries, Aqeel Raouf Ahmed, confirmed that “the Prime Minister is relying heavily on the private sector in establishing one million housing units during the recent meeting with him, as Iraqi products will have priority in equipping these units.”[/size]

Regarding the reality of the factories and attempts to restore the stopped ones, Ahmed explained to the agency, “There are approximately 67 thousand registered factories, and - during the past two years - 30 thousand factories were restored with those that were previously operating, but there are still 37 thousand factories that have stopped working.”

He continued: “There is seriousness to return all of them to work, as it was requested during the meeting with the Sudanese to exempt raw materials from taxes, to contribute to the restoration of factories, reduce electricity and fuel, protect the product, own land for industrialists, and exempt accumulated taxes, and all of these requests were implemented within just two days.” .

He pointed out that “the decisions have been taken, and are awaiting their implementation, but the Prime Minister confirmed his intention to implement them, and if the stopped factories are restarted, all other factories will be activated, as the factories complement the others, which will lead to employing the workforce and reducing unemployment.”

Unemployment and the labor market

On the other hand, the spokesman for the Federal Ministry of Planning, Abdul Zahra Al-Hindawi, said, “The unemployment rate in 2021 reached 16.5%, which is a higher percentage than in previous years, due to the repercussions of the Corona pandemic, including the cessation of economic activities and development activities.”

During his speech to the agency, Al-Hindawi believed that unemployment rates would decrease, in light of the measures that were taken during the past two years, 2022 and 2023, including many appointments and the resumption of work on many projects, in addition to the start of new projects, which provided thousands of job opportunities for young people, concluding his speech by saying: “ A survey is currently being conducted to determine the new ratios.” LINK

Provoking Points to Ponder on Decisions

Full maturity ... is achieved by realizing that you have choices to make. - Angela Barron McBride

Wherever you see a successful business, someone once made a courageous decision. - Peter Drucker

Life is just a series of trying to make up your mind. - Timothy Fuller

Life is just an endless chain of judgements. . . . The more imperfect our judgement, the less perfect our success. - B. C. Forbes

To know just what has do be done, then to do it, comprises the whole philosophy of practical life. - Sir William Osier

Life is like a game of cards. The hand that is dealt you represents determinism; the way you play it is free will. - Jawaharlal Nehru

Somehow we learn who we really are and then live with that decision. - Eleanor Roosevelt

Living is a constant process of deciding what we are going to do. - Jose Ortega

http://famousquotesandauthors.com/quotes_by_topic.html

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

Dinar Recaps 20 3/1/24 Dinar Recaps 20 3/1/24

Top 10 weakest currencies in the world

TNT:

Cutebwoy: Top 10 weakest currencies in the world

by Alausa-Issa Zainab February 29, 2024

How many of the world’s strongest currencies do you know? On the flip side, here’s everything you need to know about the weakest currencies in the world.

A currency becomes weak if a country’s exchange rate is regressing. This is as a result of internal policies, inflation and the economic situation of the country. It is possible for you not to be aware of the weakest currency in the world but I’m certain you know of the most popular which is the United States dollar. But surprisingly, the dollar is not the strongest

TNT:

Cutebwoy: Top 10 weakest currencies in the world

by Alausa-Issa Zainab February 29, 2024

How many of the world’s strongest currencies do you know? On the flip side, here’s everything you need to know about the weakest currencies in the world.

The value of a currency depends on the demand and supply while some are pegged – that is, the currency is valued at an agreed rate. The foreign exchange rate is an indicator of a country’s economic wealth. Through it, the economic future of a country is clearer Actually, the exchange rate is not usually stable, it fluctuates as dictated by the market. Let’s quickly talk about factors that determine foreign exchange. They are Inflation and Interest rates:

Inflation

If the level of inflation of a country is low, the currency will definitely have higher value but if it is the other way, the value will definitely drop. Inflation is a big influence on the currency exchange rates of a country.

Interest

A shift in interest can have an impact on the currency value. If it rises, lenders will want more interest and this would attract more international investment. This would automatically lead to a rise in exchange rates.

Now, let’s go back to the essence of this article. I’ll break down the weakest currencies in the world from the least weakest.

10. Iraqi Dinar (IQD)

Iraqi Dinar is the official currency of Iraq. Inflation has rendered the currency to one of the weakest currencies in the world. Political instability is a major contributor to the state of Iraqi Dinar. The currency is issued by the Central Bank of Iraq and its first circulation was on April 1, 1932, replacing the Indian Rupee which had been the country’s official currency since World War One. The United States one dollar equals 1,312 Iraqi Dinar.

9. Ugandan Shilling (USH)

Ugandan Shilling became weak due to Uganda policies that have had a negative impact on the economic status of the country. The East African Shilling was replaced with Ugandan Shilling in 1966. Another shilling was introduced in 1987 due to high inflation. One US dollar equals 3,938 Ugandan Shillings at the moment.

8. Paraguayan Guarani (PYG)

Paraguayan Guarani has been affected by high inflation, poverty, unemployment and corruption. Paraguay is one of the poorest countries in South America. Even though the country exports soybeans and cotton, the economic situation has overpowered its effect. Currently, one US dollar trades at 7,278 Paraguayan Guarani.

7. Guinean Franc (GNF)

Guinean Franc is the official currency of Guinea. Political instability and corruption led the currency to its weak state. Sadly, every year, the currency devalues despite having natural resources like gold, aluminum, and diamonds. One US dollar is currently equivalent to 8,597 Guinean Franc.

6. Uzbekistani Som (UZS)

So many efforts have been employed to improve the economy of Uzbekistan but have been fruitless. The industrial output of the country has really declined which is also affecting the currency value. Important to note that Uzbekistan is still grappling with the effect of Covid-19 pandemic on the economy. As of now, one US dollar is equivalent to 12,501 Uzbekistani Som.

5. Indonesian Rupiah (IDR)

The Indonesian Rupiah has failed to improve over the years. This can be traced to decreasing foreign exchange reserves and the dependence of Indonesia on the export market. All efforts to strengthen the national currency have been abortive. One US dollar equals 15,562 Indonesian Rupiah at the moment.

4. Laotian Kip (LaK)

Laotian Kip is the official currency of Laos People’s Democratic Republic. This currency was never devalued but issued at a very low rate in 1952. The Central Bank of Lao maintains the currency, but it’s among the weakest in the world. The current exchange rate of one US dollar in Laos People’s Democratic Republic equals 20,900 Laotian Kip.

3. Sierra Leonean Leone (SLL)

The value of Leone declined drastically due to corruption and other financial scandals in Sierra Leone. Poverty is also another factor, which led to the downfall of the economy. Leone was introduced in 1964 as a replacement of the British West African pound. 20,969 Sierra Leonean Leone is side-by-side with just one US dollar at the moment.

2. Vietnamese Dong (VND)

Vietnamese Dong is the official currency of Vietnam. The economic situation in the country devalues the currency. The transitioning from a centralized economy to a market based one devalued the currency. The State Bank of Vietnam manages the currency. Vietnam’s currency exchanges at 24,639 Vietnamese Dong to one US dollar.

1. Iranian Rial (IRR)

The Iranian Rial has been affected by different kinds of crises. In 1979, the termination of the Islamic Revolution made foreign investors withdraw from the country; the nuclear programme and political unrest are factors that contributed to the weakness of the currency. As of now, one US dollar is equivalent to 42,055 Iranian Rial.

https://tribuneonlineng.com/top-10-weakest-currencies-in-the-world/

Dinar Recaps 20 3/1/24 Dinar Recaps 20 3/1/24

MilitiaMan: Iraqi Dinar -- IQD Dinar Update -- Global Support - IMF - WB- Saudi Arabia - Digitial Transformation

Iraqi Dinar -- IQD Dinar Update -- Global Support - IMF - WB- Saudi Arabia - Digitial Transformation

MilitiaMan and Crew: 2-29-2024

The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man

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

Iraqi Dinar -- IQD Dinar Update -- Global Support - IMF - WB- Saudi Arabia - Digitial Transformation

MilitiaMan and Crew: 2-29-2024

The Crew: Samson, PompeyPeter, Petra, Angel1, Daytrader, Sunkissed, GIGI and Militia Man

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

https://www.youtube.com/watch?v=aBU2My9WyPw

DINARRECAPS8 2/29/24 DINARRECAPS8 2/29/24

Goldilocks' Comments and Global Economic News Thursday Evening 2-29-24

Good Evening Dinar Recaps,

"The legislation aims to foster innovation in financial services by establishing federal regulatory sandboxes that let entrepreneurs test new products and services while ensuring consumer protections, according to the release.". 1 day ago

As we have discussed in this room before, a federal regulatory sandbox allows new innovations to be tested in a private setting and in a controlled environment.

This testing of new digital assets will gain an insight into their functionality and operability. The findings will allow them to regulate their behavior under the supervision of qualified individuals capable of assessing their future use case scenarios.

Goldilocks' Comments and Global Economic News Thursday Evening 2-29-24

Good Evening Dinar Recaps,

The use of this new monetary legislation regarding regulation determinations through pilot programs inside a sandbox will come in handy with our new expansions of Quantum Technologies interfacing through Protocol 20.

The ability to study and test stablecoins, tokenized assets, and send them into the market is currently moving through the House of Representatives. House Financial Services Pymnts

© Goldilocks

~~~~~~~~~~

Bitcoin Announcement:

Wall Street is telling us that the demand for Bitcoin is greater than it's supply. When demand is greater than supply, prices rise.

This will affect many other assets in the crypto currency space. As you can see, liquidity is coming into the new digital economy as it's being formed.

Prices are beginning to change because of it. Movement of money and use case scenarios are expected to grow from here in the new digital economy. The first RV.

Remember, we spoke of two RVs. When the digital economy is solidified, payment systems on the local level will begin to signal new changes are needed. This is when we will see the paper currency begin to form new price patterns. Crypto Tips

© Goldilocks

~~~~~~~~~~

"Shafaq News/ The International Monetary Fund (IMF) indicated a "significant decline" in inflation rates in Iraq, which was reflected in the decline in food and energy prices and the stability of the foreign exchange market in Iraq.

According to the Ministry of Finance, an Iraqi delegation headed by Finance Minister Taif Sami concluded its discussions with the IMF's Article IV mission experts in Amman, Jordan, during which many issues were discussed, including the implementation of the economic reform program, the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and boosting non-oil revenues."

It looks like Iraq has been given permission to move forward with their economic reforms as we discussed in January this year was going to take place in February 2024 because of an announcement made during Article 4 consultation with the IMF.

This is why we are seeing the acceptance of Iraq in the WTO, and they can now join other countries in the WTO formulating new price mechanisms that will level the playing field in trade among other nations. Shafaq News

© Goldilocks

👆 Watch the water.

~~~~~~~~~~

Repost👇:

Goldilocks Highlights ™ 🌱🧂, [Jan 29, 2024 at 1:35 PM]
Iraq Banking Announcement:

"The Central Bank of Iraq has decided to restore the mechanism of financing Iraq’s foreign trade, starting next March."

Look what we have here. Iraq is planning to move forward with financing their foreign trade mechanism.

March 1st, 2024 is the day they expect to begin this process. They are telling their banks that they expect to do this with all currencies.

Iraq has been working with Governmental Agencies and Technological Developers to get them to this point.

They have tested their money and in process of testing their money this month on electronic mechanisms that will help them to move forward in the new Digital asset-based Trading System.

We are on the verge of witnessing them move into a global implementation stage of their currency. Search 4 Dinar

© Goldilocks

~~~~~~~~~~

"Over the past year or so, the Fed has been intensely discussing inflation in “core services,” which is where inflation had shifted to in 2022, from goods inflation which had spiked into mid-2022 but then cooled dramatically. So “core services” is where it’s at. Core services is where consumers spend the majority of their money. Core services are all services except energy services. Core services inflation has been behaving badly for months, and in January, it spiked out the wazoo."

The likelihood of another rate hike was mentioned today. These core readings give the FED an indication how much inflation is taking place and how much money consumers are spending.

Inflation tends to devalue a currency. As we have talked about in this room, the likelihood of currencies creating more purchasing power normally comes with a lowering of interest rates. Wolf Street

Let's watch their next moves.

© Goldilocks

~~~~~~~~~~

Ripple Announcement:

Enterprise blockchain solutions provider Ripple announced a new partnership this week with digital asset management leader Zoniqx, formerly Tassets. The strategic alliance integrates Ripple’s efficient XRP Ledger (XRPL) infrastructure with Zoniqx’s cutting-edge tokenization platforms.

The collaboration aims to simplify issuing real-world asset tokens on the high-speed XRPL blockchain, which supports both native XRP and customizable tokens. Watcher Guru

~~~~~~~~~~

Morgan Stanley is deciding whether to offer spot bitcoin ETFs to customers of its large brokerage platform.

The arrival of broker-dealers like Morgan Stanley as well as large registered investment advisor (RIA) networks could bring more investment into the new products. CoinDesk

~~~~~~~~~~

Ripple to unlock 1 billion XRP on March 1; What’s next? | FinBold
~~~~~~~~~~

Regulatory sandboxes can play an important role in fostering the innovation needed for overcoming the barriers to financial inclusion that keep poor and excluded customers marginalized from the formal financial system.

Sandboxes allow regulators to base their regulatory response to innovations on the results of live experiments. In frontier cases, this helps regulators to make faster and better informed decisions on how to appropriately regulate (and supervise) new services and providers reaching the marketplace.
CGAP

~~~~~~~~~~

"BlackRock bitcoin ETF trading volume surpasses $1B for second day in a row" | Blockworks

~~~~~~~~~~

Stablecoins Hit Highest Market Cap Since 2022 | CNN

~~~~~~~~~~

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Thank you Dinar Recaps

Dinar Recaps 20 2/29/24 Dinar Recaps 20 2/29/24

Economist's "News and Views" Thursday 2-29-2024

5 Factors Leading To Economic Crisis In America | Peter Grandich

Liberty and Finance: 2-28-2024

Peter Grandich says there are five major factors leading America into crisis: the national debt, retirement and aging population, immigration, the BRICS, and political paralysis.

The biggest factor is the national debt, he says. He points out how even the Congressional Budget Office continues to revise their projections higher.5 Factors Leading To Economic Crisis In America | Peter Grandich

Liberty and Finance: 2-28-2024

Peter Grandich says there are five major factors leading America into crisis: the national debt, retirement and aging population, immigration, the BRICS, and political paralysis.

The biggest factor is the national debt, he says. He points out how even the Congressional Budget Office continues to revise their projections higher.

5 Factors Leading To Economic Crisis In America | Peter Grandich

Liberty and Finance: 2-28-2024

Peter Grandich says there are five major factors leading America into crisis: the national debt, retirement and aging population, immigration, the BRICS, and political paralysis.

The biggest factor is the national debt, he says. He points out how even the Congressional Budget Office continues to revise their projections higher.

INTERVIEW TIMELINE:

0:00 Intro

1:19 Five factors

11:40 US debt problem

13:21 Immigration

20:16 Preparedness

27:15 Gold update

https://www.youtube.com/watch?v=ZDv0ZSSsOTQ

LIVE! TOtaL SHockER!!! INFLATION CONTINUES TO RISE! More Billionaires DUMPING STOCKS!

Greg Mannarino: 2-29-2024

https://www.youtube.com/watch?v=-RX_ZJ_4tHc

Macron Wants The Impossible, FARMERS PROTESTS Collapsing EU, German Property Crisis Erupts

Sean Foo: 2-29-2024

The Eurozone is in a horrible economic crisis and things are getting worse. The farmers' protests are escalating, Germany is facing a real estate crisis that threatens their banks. And Macron has said the unthinkable, that sending troops in can't be ruled out. Here's how dangerous things have become.

Timestamps & Chapters:

0:00 EU Farmers Protests Worsen

3:04 Europe Food Crisis Hits Hard

6:07 German Real Estate Crisis

9:57 Macron's Russian Meltdown

13:13 EU Total Panic

https://www.youtube.com/watch?v=jqihL1oKXww

Dinar Recaps 20 2/29/24 Dinar Recaps 20 2/29/24

KTFA Thursday Night CC: "FRANK26….2-29-24……CALM DOWN"

KTFA

Thursday Night Conference Call

FRANK26….2-29-24……CALM DOWN

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163 PIN: 156996#

KTFA

Thursday Night Conference Call

FRANK26….2-29-24……CALM DOWN

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163 PIN: 156996#

https://www.youtube.com/watch?v=1h8DQ25D26g

DINARRECAPS8 2/29/24 DINARRECAPS8 2/29/24

Iraqi Dinar - Dong Video Updates Thursday Evening 2-29-24

Iraqi Dinar - Dong Video Updates Thursday Evening 2-29-24

Breaking News Vietnam Dong Latest Update Today 2024 - 2:41

Finally Wait Is Over IQD & VND Exchanged Now – 2:58

Iraqi Dinar - Dong Video Updates Thursday Evening 2-29-24

Breaking News Vietnam Dong Latest Update Today 2024 - 2:41

Finally Wait Is Over IQD & VND Exchanged Now – 2:58

Breaking News Vietnam Dong Latest Update Today 2024 – 2:41

https://www.youtube.com/watch?v=q6Jr0TuwK_Q

Finally Wait Is Over IQD & VND Exchanged Now – 2:58

https://www.youtube.com/watch?v=KC3SV48s26A

DINARRECAPS8 2/29/24 DINARRECAPS8 2/29/24

Iraq Economic News and Points to Ponder Thursday Afternoon 2-29-24

Tlm724 Administrator Bondlady’s Corner

The Central Bank Sends A Warning To Exchange Companies
Economy News – Baghdad The Central Bank issued a warning to exchange companies about some people impersonating people to pressure some employees to obtain dollars for travelers.

The bank said in the directive, “We would like to inform you that individuals and networks have been detected carrying out fraudulent operations claiming that they work in this bank or that they have a certain influence on officials or employees of this bank and are trying to impersonate them to put pressure on some institutions in order to obtain the dollar for travelers or others.” Conducting money transfers or other activities.

He added, "In this regard, the Central Bank of Iraq confirms that all allegations made by these parties are false and baseless and must be reported immediately through available means, regardless of the status of the person or group, and that the bank's management and employees at all levels do not represent them, represent them, or mediate on their behalf by any person."

Iraq Economic News and Points to Ponder Thursday Afternoon 2-29-24

Tlm724 Administrator Bondlady’s Corner

Regardless of their connection to it, this bank does not bear responsibility towards those who are subjected to fraudulent and fraudulent operations, as they are essentially illegal, in addition to the caution, caution, and investigation of the validity of the allegations and documents.”
116 views 02/29/2024 - https://economy-news.net/content.php?id=40994

207 Trillion Dinars.. How Can The Assets Of The Central Bank Of Iraq Be Preserved And What Are The Risks?

Economy 02-29-2024 1,011 views Al-Sumaria News – Economy After the assets of the Central Bank of Iraq rose to 207 trillion Iraqi dinars, questions arose about how to preserve them and whether the political positions of the Iraqi state are related.

The assets of the Central Bank of Iraq rose to 207 trillion Iraqi dinars, according to new economic statistics seen by Al-Sumaria News.

According to the head of the Future Iraq Foundation for Economic Research and Consultation, Manar Al-Obaidi, the mechanism of formation of these assets must be known, as the first process carried out by the Central Bank of Iraq is the issuance of cash currency, which it usually sells to various government and private agencies, “if any.”

Al-Obaidi added, “The largest buyer of the exported cash currency is the Iraqi government, which needs the local monetary mass as a result of a major dilemma that it has not been able to solve for years, which is that most of the state’s revenues are in US dollars as a result of the state’s revenues being dependent on oil, while most of the state’s expenditures are in Iraqi dinars.”

Therefore, the Central Bank buys foreign currency from the Iraqi government and converts it into assets in exchange for giving the exported cash currency to the Iraqi government to spend according to the sections set in the budget, according to Al-Obaidi, who confirmed that this money is in foreign currency, and the Central Bank resells it through banks for foreign commercial transactions and to collect the dinar. From banks.

Al-Obaidi stated that if there is a surplus of foreign currency at the Central Bank, it invests it in a way that ensures, first, the absence of any kind of risk, and second, investing it in institutions that provide the greatest amount of benefits and returns.

Therefore, according to its established policy, the Central Bank cannot invest this money except in guaranteed international bodies and institutions, or it can invest it in precious and stable metals, specifically gold, since the origin of all monetary currencies is gold, according to Al-Obaidi.

The division of the bank’s assets according to their investment locations represents the strength of the central bank and therefore the strength of the issued monetary currency, according to Al-Obaidi, who revealed that it is not possible in any way to put all the money in one basket, such as buying gold, although buying gold is the safest reserve, but the fluctuation of gold prices against the dollar It may lead to not creating a significant interest from the investment, so the bank resorts to distributing its assets into gold reserves, deposits in foreign banks with very high credit ratings, deposits in foreign central banks of countries with very high credit ratings, bonds and securities, and deposits with various financial institutions.

Al-Obaidi explained, “The most dangerous section of the bank’s assets currently in terms of non-recovery are the obligations of the Ministry of Finance amounting to 44 trillion dinars. In previous years, as a result of the state’s weak revenues from oil due to its low prices and the high government expenditure bill, the Iraqi government was forced to borrow from the Central Bank of Iraq to cover its expenses, and with improvement.” Oil prices and increased government revenues.

The government has not reduced its obligations to the Central Bank, and in the event of a return to a decline in oil prices, it may be very difficult to return this money,” indicating that the rest of the other investments, such as bonds and deposits in foreign banks, are the safest and there are no major risks. economically".

Risks may result from the presence of an emergency political circumstance that causes the central banks of the countries in which these funds and deposits are located to reserve and freeze these reserves, as happened to Iraq in the nineties and also what happened to Iran and Russia, according to Al-Obaidi, and he adds that preserving the components of the central bank, which includes a large part of it. Its reserves depend on the political position of the state and the political dealings of the state before it is economic.

In response to the question that is always asked why the Central Bank of Iraq does not invest its assets in institutions outside American control, such as Chinese or Asian institutions, Al-Obaidi explained that the answer, as I mentioned, depends on the credit strength of these institutions and countries, and there are also some investments in financial institutions in Singapore, Malaysia, and China. But not all investments can be placed and withdrawn from Western banks because of their impact on Iraqi-Western relations.

Al-Obaidi said, “The problem is not how investments are distributed and the attempt to withdraw them from Western banks.

The problem is American hegemony over the world, which makes the first country economically, namely China, invest more than $800 billion in American treasury bonds and is considered the second holder of these bonds after Japan, despite... All economic conflict cannot completely abandon the dominance of the US dollar,” he added, “Whenever major and giant countries are able to get rid of American hegemony, then let us think about getting rid of this hegemony as well if it conflicts with the interests of Iraq.”

He stated, “Demanding that Iraq, which is politically, economically and security-fragile as a unit, detach itself from American hegemony and the dominance of the dollar, without a global trend to create another economic pole, is a type of economic and political suicide currently. So let us wait what the results of BRICS will be, as it is the only initiative today to find an alternative to the dollar.

Will this be able to do so?” Countries can break away from the dominance of the dollar, and then a direction and strategy can be developed for Iraq to distribute its investments among various countries. Is it really in Iraq’s interest to break away from the American dollar?

Earlier, the head of the Future Iraq Foundation for Economic Research and Consultation, Manar Al-Obaidi, revealed the assets of the Central Bank of Iraq and said, they were as follows:

* Securities and bonds 71 trillion Iraqi dinars

* Debts to the Ministry of Finance 45 trillion Iraqi dinars

* Balances with external banks 26 trillion Iraqi dinars

* Balances with external central banks 24 trillion Iraqi dinars

* Loans granted within the Small and Medium Enterprises Initiative 12.6 trillion dinars

* Existing gold reserves 12 trillion dinars

* Accounts with international organizations 12 trillion Iraqi dinars

* Foreign exchange reserves in bank vaults 443 billion dinars

* Balances with banks Local 153 billion dinars

*Total assets 207 trillion Iraqi dinars. LINK

The International Monetary Fund Promises To Support Digital Transformation In Iraq

Money and business Today, Thursday, the Iraqi delegation, headed by Finance Minister Taif Sami, concluded its discussions with the Article IV mission of International Monetary Fund experts in Amman.

The Ministry of Finance said in a press statement, “During the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”

The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” "

The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.”

welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”

The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”

According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.

It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials.

Views 128 02/29/2024 - https://economy-news.net/content.php?id=41010

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

Provoking Points to Ponder on Decisions

Men and women everywhere must exercise deliberate selection to live wisely. - Robert Grant

Decision and determination are the engineer and fireman of our train to opportunity and success. - Burt Lawlor

The last of the human freedoms: to choose one's attitude in any given set of circumstances, to choose one's own way. - Viktor Frankl

Choice of attention ... is to the inner life what choice of action is to the outer. In both cases, a man is responsible for his choice and must accept the consequences, whatever they may be. - W. H. Auden

You are the one who must choose your place. - James Lane Allen

Man does not simply exist, but always decides what his existence will be, what he will become in the next moment. - Viktor Frankl

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Dinar Recaps 20 2/29/24 Dinar Recaps 20 2/29/24

Some "Thursday Iraq News" Posted by Clare at KTFA 2-29-2024

KTFA:

Clare: Iraq signs a memorandum of understanding with the Japanese company Toyota

2/29/2024- Baghdad

The Minister of Electricity, Ziyad Ali Fadel, sponsored today, Thursday, the signing of a memorandum of understanding with the Japanese company Toyota. To develop the networks and capabilities of the electrical system.

A statement from the ministry, received by Mawazine News, said: “The memorandum was signed in the presence of the Japanese ambassador and stipulates that the Japanese company will finance and implement a number of special projects in the production, transportation and distribution sectors, and joint committees will be formed between the two parties to determine the list of projects proposed for implementation and their priorities.”

KTFA:

Clare: Iraq signs a memorandum of understanding with the Japanese company Toyota

2/29/2024- Baghdad

The statement continued, “After concluding the memorandum of understanding, the Minister of Electricity expressed his great appreciation for Japan’s role in supporting Iraq and the contribution of Japanese companies to its reconstruction operations, especially in the energy sector,” reiterating his “call on foreign companies to seize the available investment opportunities and implement various projects in the electricity sector.” LINK

Clare: The launch of the Erbil International Motor Show with the participation of 120 international companies (photos)

2/29/2024

Today, Thursday, the city of Erbil witnessed the opening of the ninth edition of the Erbil International Motor Show, while 120 companies participated, half of them Chinese and eight international companies, most notably Mercedes-Benz, Ford and BMW.

Shafaq News Agency correspondent said, today, the ninth Erbil International Exhibition for cars, spare parts and accessories was opened with the participation of 120 car companies, and it specializes in spare parts and includes 200 brands.

He added that 60 companies from China and eight major international companies such as Ford and Mercedes-Benz are participating, consisting of 13 brands, and the event will continue until the 3rd of next month.

The reporter added that the exhibition opens daily from 11-7 p.m., and provides the possibility of buying and selling cars, spare parts, and registering commercial car agencies. LINK

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Clare: The International Monetary Fund promises to support digital transformation in Iraq

2/29/2024

Today, Thursday, the Iraqi delegation, headed by Finance Minister Taif Sami, concluded its discussions with the Article IV mission of International Monetary Fund experts in Amman.

The mission noted “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”

Clare: Al-Sudani: The investment environment in Iraq has become promising, welcoming and open

2/29/2024

On Thursday, Prime Minister Muhammad Shiaa Al-Sudani described Iraq’s investment environment as “promising, welcoming and open after the financial, administrative and banking reforms carried out by the government he heads.”

This came during his reception of a delegation from the Turkish company Limak, which specializes in transportation and construction projects, headed by the company’s founder Nihat Ozdemir, according to a statement issued by the Presidency of the Council of Ministers.

At the beginning of the meeting, Al-Sudani pointed out the investment and development opportunities that the company can contribute to in Iraq, especially in the areas of infrastructure and transportation projects, and what is related to the development road projects and the Grand Al-Faw Port, as well as road, bridge and industrial city projects in various governorates.

The Iraqi Prime Minister reiterated the government's welcome of companies with high technical and operational experience, explaining that the investment environment in Iraq has become a promising, welcoming and open environment, especially after the financial, administrative and banking reforms took their course, and the private sector was qualified to conclude fruitful partnerships with international companies. LINK

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Clare: The International Monetary Fund indicates a decline in inflation rates and the stability of the foreign exchange market in Iraq

2/29/2024

The International Monetary Fund indicated a “significant decline” in inflation rates, which was reflected in the decline in food and energy prices, in addition to the stability of the foreign exchange market in Iraq, as announced by the Ministry of Finance.

The ministry stated in a statement that an Iraqi delegation headed by Finance Minister Taif Sami concluded today, Thursday, its discussions with the Article IV mission of International Monetary Fund experts in Amman, during which the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing... Non-oil revenues.

The statement quoted the delegation as confirming that the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction, indicating its intention to continue discussions and consultations during the Fund’s periodic annual meetings.

The statement added that the Fund's mission praised "the strong return of growth in the non-oil sector during 2023, with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices."

According to the statement, the mission “noted the positive developments in the return of trade financing operations to their normal course and the stability of the foreign exchange market following the implementation of anti-money laundering and anti-terrorist financing controls on cross-border payments.”

It is noteworthy that the International Monetary Fund’s Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets with the member country and conducts formal consultations with its officials. LINK