Iraq Economic News and Points to Ponder Tuesday AM 4-30-24

Iraq Economic News and Points to Ponder Tuesday AM 4-30-24

A Fixed Or Fixed Exchange System For The Iraqi Dinar
 
Mahmoud Dagher
 
First: a fixed system:   Rentier countries seek to adopt a fixed exchange system (pegged) to a strong foreign currency or several currencies (a basket of currencies) to ensure the stability of foreign transactions, as long as they export one depleted commodity and import many goods and services, and
 
they are called “small open countries.”
 
 Despite the agreement that the floating currency system is considered the best in terms of
 
     relative response to the performance of the external economy and the
 
     lack of need for sometimes excessive use of foreign reserves to defend the official value in the peg system, the abundance of reserves and the need for stability in foreign transactions have a major impact on the economy.
 
Overall, rentier countries are likely to adopt a fixed exchange rate system.
 
Iraq is one of the economies whose monetary authority adopts an openly fixed exchange rate system (De jure) and strives to be realistically fixed (De facto).
 
The Iraqi dinar’s peg is classified as a “soft peg” peg that includes accepting a fluctuation of no more than 2% during the period.

The last 6 months of IMF audit and 1% average volatility continuously (ereare, IMF, 2021).
 
When dealing with the dinar exchange rate, a distinction must be made between the
 
     fixed exchange rate that affects the market, and the
 
     contractual exchange rate between the central bank and the Ministry of Finance when selling its dollars to the central bank (which is proven in the budget for the public revenue account), and
 
the market exchange rate remains the most important because it is dealt with in the markets as a value. Reference.
 
The official dinar exchange rate went through (roughly) the following stages:
 
From 2004 – December 2020: Buying: 1190 Selling: 1200
 
From the end of 2020 - February 2023: Buy: 1460 Sell: 1470
 
From February 2023 until now: Buying: 1310 Selling: 1320
 
It is noted that there are 10 points (10 dinars) between purchasing banking and non-banking financial units (exchange companies) and selling them to merchants (transfers/credits) or to individuals (in cash) (noting that there is a change within the ten points for motivational purposes, but it is not extensive)
 
Therefore, during the years 2020-2023, the monetary authority did not leave the fixed exchange system, but rather moved from one fixed exchange rate to another fixed exchange rate, according to what it saw fit in the interest of the overall economy and well-being.

It is natural that the repeated transfers from one constant to another over a short period of time had an impact on the balance levels of the dinar and the size of the gap between the official and market exchange rates.
 
This was reflected in the shifting of financial positions in favor of those holding the dollar again and again in favor of those holding the dinar.
 
It even had an impact in changing The financial positions of creditors and debtors at each change, noting that those with dinar salaries and income are most affected by the gaps and fluctuations between the official value and the market value of the dinar, especially since changing the amount of the assessment was reduced (12-20-2020) and then raised (2-7-2023).
 
It has a clear positive impact even on the macroeconomy, in addition to being a deviation from targeting stability by essentially adopting a fixed exchange rate system.
 
Second: An installed system
 
 There is no doubt that the dinar exchange rate is determined through the dealings of the banking or non-banking financial units that buy the dollar at a fixed dinar price from the central bank (cash or promotion) with the importing public (merchants) or travelers (cash), that is, whoever determines the market dinar exchange rate (Then the dollar exchange rate) these units deal with customers, and then
 
following up on what happened since entering the platform at the end of 2022 until now, we find that the dinar’s story took two stages:
 
- The merchants’ stage: In the beginning, the importing merchants were obtaining dollars (remittances, credits: which are the largest part of daily currency window sales), at a price of 1,320 dinars/dollar, but the merchants set the margins of their imported sales according to the (parallel) cash price, and thus the merchants practiced speculation.

The margin of the exchange rate gap, rather than the trading margins of their activity.
 
This behavior is consistent with the state of profit allowed by the market and the prevailing nature of control.
 
This stage witnessed a gap of up to (1320 - 1550), meaning a margin of 230 points and an exchange gap of (approximately 17%).
 
- Participation stage: After the banking and non-banking financial units that buy the dollar from the Central Bank (1310 dinars/dollar) became certain that the gap between what they sell (1320 dinars/dollar) and what their merchant customers sell for
 
(1500-1550), began intervening to share the margin with these clients, and by imposing commissions amounting to
 
(3%-7%) on dollar sales to customers, whether in cash or promotions.
 
Rather, it was transferred to cards and Western Union under the name of commissions.
 
So, the price of the dollar moved from (1320 to 1500) and thereabouts, being shared between banking and non-banking financial units and merchants, and
 
it was almost (1320-1400) the share of financial outlets (so 1400 is the cost of purchasing the new dollar instead of 1320.
 
More than 1,400 are owned by merchants.
 
Therefore, the natural and legal public is faced with:
 
- The official price is 1320.
 
The price for banks is about 1,400 for transfers and credits.
 
The price for banking companies is slightly higher than 1,400 for cash and transfer.
 
The price for merchants is between 1400 and 1500.

Therefore, the exchange system became fixed (by cap) (not fixed) and the cost became approximately 1400 dinars / dollar, due to the cap set by the banking and non-banking financial outlets, and in this situation the fixed exchange system was lost (1310-1320).
 
Therefore, the continuous stabilization has become dependent on the mutual pressure forces between the merchants’ margin of the currency and the margin of the financial outlets of the currency:
 
Leaving the real margin represented by the added value resulting from financial and commercial activity.
 
The reflection of this does not stop at the cracking of the fixed exchange system adopted by the monetary authority, which is published in the IMF documents through the Fund’s annual (ARERE) report, but rather goes beyond that to the disparity in the exceptional profits achieved by one financial outlet compared to another (due to commissions) in a way that approaches monopoly.

For the banking market, which is based on the difference in market share, due to the availability of important correspondents for this outlet compared to others.
 
Returning to stability has become limited to the efforts of the following:
 
• Follow up on commissions (Central Bank).
 
• Follow up with customs for the entry of goods.
 
• Follow up with the authorities responsible for financial crime (reporting office, economic crime) to follow up on unregistered commissions for fear of their incorrect use.
 
775 views     Added 04/29/2024 - https://economy-news.net/content.php?id=42981  

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

 Provoking Thoughts and Points To Ponder on Character:

Always do right. This will gratify some people, and astonish the rest.  - Mark Twain

Too often when conscience tries to speak, the line seems to be busy.  - Anonymous

You must look into people as well as at them.  - Lord Chesterfield

Talent is nurtured in solitude; character is formed in the stormy billows of the world.  - Goethe

Generous people are rarely mentally ill people.  - Karl Menninger

 Only what we have wrought into our character during life can we take away with us.  - Wilhelm von Humboldt

When wealth is lost, nothing is lost; When health is lost, something is lost; When character is lost, all is lost!  - Anonymous

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

http://famousquotesandauthors.com/quotes_by_topic.html

News, Rumors and Opinions Tuesday AM 4-30-2024

BRICS: $260 billion in trade without a single dollar

Mon 29 Apr 2024 –  by Luc Jose A., Cointribune

As the American debt’s wild growth of more than 34,600 billion dollars continues to raise concerns, the BRICS deliver another blow to the greenback. China and Russia, two founding countries of the alliance, plan to conduct 260 billion dollars of trade without resorting to a single American dollar. Only Russian ruble, Chinese yuan, and a little bit of euro.

 Other members of the coalition are expected to follow suit soon. Perceiving the immediacy of the threat, the USA reacts by combining threats and diplomacy. 

China and Russia accelerate the BRICS dedollarization plan

The threat of dedollarization of global trade has gone beyond the stage of rhetoric. Determined to dethrone the greenback, China and Russia plan to conduct this year 260 billion dollars of trade without using a single dollar.

The information was conveyed on X by the famous Indian geopolitical analyst S.L. Kanthan, who predicts that this initiative will soon become widespread within the BRICS. Indeed, last year, China and Russia had conducted several official trade transactions in yuan and ruble.

Likewise, Russia has for some time been conducting transactions in yuan with several countries, including Japan, the United Arab Emirates, Singapore, Malaysia, Thailand, the Philippines, Mongolia, and Tajikistan.

https://dinarchronicles.com/2024/04/30/china-and-russia-to-conduct-260-billion-worth-in-trade-without-using-the-us-dollar/

************

Courtesy of Dinar Guru:  https://www.dinarguru.com/

Frank26    [Iraq boots-on-the-ground report]     FIREFLY: We have Saleh the finance advisor to Sudani on television, Iraqi Channel One right now and he's saying that today the 2024 budget it's in full force.  He also says it's active and there's no need to send this budget to parliament for any approval.  We are very confused.  We thought it was being amended...Now saying no need to send.  FRANK:  The budget does not need parliament.  I keep telling you this over and over over.  The budget waits for the new exchange rate.  The exchange rate is not waiting for anyone or anything especially stupid parliament.

Militia Man  Article:  "We will see the dollar decline in the black market soon...the central bank's credit rating [from the World Bank] is an A++ and exceeded the United Arab Emirates..."  That's the prime minister's advisor talking...That's phenomenal.  It's big.  It says a lot.  It says they have trust.  It says Iraq has the ability to pay back their bills.

************

Ariel:  Dinar On The Move- 

 Al Saleh stated that the 2024 budget is already in full force. 

 Iraq also announced a new platform (SAP) that allows their currency to go international.

 The parliament is no longer needed to make any amendments to the budget.

 The exchange rate supposedly ready to come out prior to May 9th. 

 They are now debating whether or not the rate should float or come out at a fixed price. 

The Parliamentary Integrity Committee confirmed that Iraq can track money laundering crimes, through its supervisory bodies, even outside the country.

The Parliamentary Finance Committee confirmed today, Monday (April 29, 2024), that the positive results of the Prime Minister’s visit to Washington will appear soon. (Rate Change?)

The Sudanese signed 18 memorandums of understanding during their visit to Washington 10 days ago.  

Mastercards are being given to the Iraqi citizens to purchase fuel, merchandise, and online shopping. 

Al-Awadi pointed out that "Iraq needs investments to exploit its wealth, as well as to develop the industrial and agricultural sectors, so that we can move from a rentier economy to a market economy, support the private sector, and provide more jobs in the private sector.

Fed. Chair Powell WARNS "There WILL BE MORE BANK FAILURES." And THE PUBLIC WILL PAY!

Greg Mannarino:  4-29-2024

https://www.youtube.com/watch?v=nkrD8TNRUEs

Top CFOs EXPOSE THE TRUTH about US Economy Failure, CBDC Launch by 2026 and AI Replacing Jobs

Lena Petrova:  4-29-2024

https://www.youtube.com/watch?v=cJD2vANwq2Q

MilitiaMan: Iraq Dinar Update - IQD news - Investment - Projects - Confidence Building - National Bank of Iraq

Iraq Dinar Update - IQD news - Investment - Projects - Confidence Building - National Bank of Iraq

MilitiaMan and Crew:  4-29-2024

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

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

https://www.youtube.com/watch?v=wD1wJcvy5iY

Iraqi Dinar Video Update Late Monday Evening 4-29-24

Iraqi Dinar Video Update Late Monday Evening 4-29-24

Iraqi Dinar Reinstatement 3.44$ - 3:12

Iraqi Dinar Big Massive Exchange Rate Today – 3:55

WOW Massive Update For IQD Investor's – 3:35

Iraqi Dinar Rising In Stock Market – 3:28

It's Good CBI Released New IQD Rate – 3:45

Iraqi Dinar Reinstatement 3.44$ - 3:12

https://www.youtube.com/watch?v=Vy9XiDloI40

Iraqi Dinar Big Massive Exchange Rate Today – 3:55

https://www.youtube.com/watch?v=MmLAOIzoC3g

WOW Massive Update For IQD Investor's – 3:35

https://www.youtube.com/watch?v=dGOA_Z_V8qA

Iraqi Dinar Rising In Stock Market – 3:28

https://www.youtube.com/watch?v=xBTtmSCXRU8

It's Good CBI Released New IQD Rate – 3:45

https://www.youtube.com/watch?v=SZHtaAqKA9Y

The Fed’s Game Of “Make Believe” Comes To An End

The Fed’s Game Of “Make Believe” Comes To An End

Notes From The Field by James Hickman (Simon Black)  April 29, 2024

It’s barely been a year since the 2023 bank crisis in which several large banks, including Silicon Valley Bank and Signature Bank, failed.

At the time, I wrote that the bank failures weren’t over, and that there would be more.

But it’s been quiet for most of the last year; the banking system has been pretty calm thanks in large part to an emergency program that the Federal Reserve created to bail out other troubled banks.

They called it the Bank Term Funding Program (BTFP), and it essentially expired a few weeks ago. In other words, no more emergency lending to troubled banks.

Barely a month later, we have already witnessed our first casualty: Pennsylvania-based Republic First (not to be confused with First Republic, which failed last year) was shut down by regulators on Friday afternoon.

Republic First had the same issues as the others that failed last year — too many ‘unrealized bond losses’ on their balance sheet.

Just like Silicon Valley Bank, Signature Bank, etc. last year, Republic First had used their customers’ deposits to buy US Treasury bonds in 2021 and 2022, back when bond prices were at all-time highs.

By early 2023, the situation had reversed. Bond prices had plummeted; even supposedly ‘safe’ and ‘stable’ US Treasury bonds had fallen substantially in price, and banks were sitting on huge losses.

Remember that bond prices fall when interest rates rise. So when the Fed jacked up interest rates from 0% to 5% in an attempt to control inflation, they were simultaneously creating huge losses in the bond market... which also meant huge losses for banks.

Silicon Valley Bank was just the tip of the iceberg. Plenty of other banks (including Bank of America) had racked up enormous bond losses. In fact the total unrealized losses in the banking sector last year amounted to a whopping $620 billion.

The Fed knew they had an enormous problem on their hands. So they created this Bank Term Funding Program, which was basically a giant game of ‘make believe’.

Through the BTFP, banks were allowed to borrow money from the Fed using their cratering bond portfolios as collateral. But instead of valuing the bonds at the actual market price, everyone simply pretended that the bonds were still worth 100 cents on the dollar.

In other words, the banks just made up prices for their assets, and the Fed allowed them to do it.

(It’s ironic that a certain former President is on trial in New York City for inflating the value of his assets, even though banks were inflating the value of their bonds through the BTFP.)

The Fed managed to prevent any further embarrassing bank failures last year by sprinkling this magical fairy dust across the banking system.

But now that the BTFP has expired, it has become obvious that problems in the banking system haven’t gone away. Republic First’s failure a few days ago is just one symptom.

Think about it: Bond prices are still down (because interest rates remain much higher than they were in 2021-2022). Banks are still sitting on massive unrealized losses.

And now that the Fed has stopped playing ‘make believe’, the bank failures have started up again.

It’s not to say that ALL banks are in terrible shape; some banks wisely used the last twelve months to get their financial houses in order.

Unfortunately most didn’t... which is why there’s still more more than HALF A TRILLION dollars in unrealized losses in the US banking system. This means that Republic First probably won’t be the only failure, unless the Fed steps in with its magical fairy dust again.

Also bear in mind that losses from their US Treasury portfolios aren’t the only problem in the banking system; for example, plenty of banks are sitting on huge potential losses from loans they made on office properties.

I don’t think the scope of this problem is anywhere near the 2008 financial crisis, which brought down some of the world’s largest banks. Not even close.

But the reality is that there are still a lot of banks with a lot of unrealized losses. And the biggest one of all happens to be the Federal Reserve.

According to its own financial statements, just released last month, the Fed’s total unrealized losses are almost $1 TRILLION — $948.4 BILLION to be more precise. And the vast majority of those unrealized losses come from US Treasuries.

So just like Silicon Valley Bank, Signature, First Republic, and now Republic First, the Federal Reserve has rendered itself completely insolvent.

In fact, total Federal Reserve capital is just $51 billion... versus $948 billion in losses. This means the Fed is insolvent 19 times over.

Think about that: the largest, most important central bank in the world... the steward of the global reserve currency... is completely insolvent on a mark-to-market basis.

You’d think that would be front page news. But no one ever talks about it. No one even wants to talk about it.

Of course plenty of people will insist that it doesn’t matter, just like they insist that the national debt doesn’t matter.

But this is yet more absurd fantasy; just look at the facts:

The FDIC’s published reports show more than $500 billion in unrealized losses in the US banking sector.

The Federal Reserve, which in theory would bail out the banking sector, is itself insolvent by $900 billion.

The US government, which would bail out the Fed, is insolvent by more than $50 trillion.

It’s just debt on top of debt on top of debt. Losses on top of losses on top of losses.

Just like the BTFP, everyone wants to play a giant game of ‘make believe’ and pretend that the Fed’s solvency is not a problem, that the US government’s enormous debt is not a problem.

On the contrary, they’re huge challenges. And the ultimate consequence is going to be the loss of the US dollar as the global reserve currency.

To your freedom,  James Hickman  Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/the-feds-game-of-make-believe-comes-to-an-end-150768/

KTFA Mon. Night CC: “FRANK26…..4-29-24……AGREED SOLUTION”

KTFA

Monday Night Conference Call

FRANK26…..4-29-24……AGREED SOLUTION

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#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE= IMPLEMENTATION

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

Economist’s “News and Views” Monday 4-29-2024

New Gold Standard Actually Seems Like A Possibility Today—Here's Why

Forbes Breaking News:  4-29-2024

Steve Forbes explains how a new gold standard may be taking hold across the globe, and why this is a very, very good thing for the economy.

https://www.youtube.com/watch?v=Xk76sYNQPnk

Why EU is Dying? BRICS on the rise

Fastepo:  4-29-2024

French President Emmanuel Macron has identified several major challenges facing the European Union that highlight the need for substantial reform and strategic redirection.

 Macron points out the EU's over-reliance on external powers such as the US for defense, Russia for energy, and China for industrial production as a significant vulnerability that limits the EU's autonomy and undermines its sovereignty.

This dependence is particularly concerning given the ongoing war in Ukraine, which not only presents immediate security risks but also destabilizes the continent, emphasizing the need for the EU to develop an independent defense posture.

 Additionally, internal vulnerabilities within the EU itself, such as systemic weaknesses and a slow pace of change are on the rise. In light of these challenges, Macron advocates for the EU to expand its strategic influence in global affairs by fostering a global engagement strategy.

This would involve expanding relations with emerging economies and diversifying its diplomatic and economic partnerships to ensure a more balanced global presence.

Additionally, there is a strong push within the EU to enhance its military capabilities to operate independently of NATO and the US. This includes the development of a collective missile defense system to bolster its security autonomy.

However, Macron's vision for strategic autonomy has provoked a spectrum of reactions across Europe. While some member states, particularly those in Eastern Europe, express apprehension about distancing from the US, others are in favor of advancing towards greater self-reliance.

 Lastly, to become a more balanced global actor, the EU is urged to strengthen its technological and industrial base. This involves reducing reliance on non-EU countries for critical resources and technologies, thereby enhancing its capacity to act independently on the global stage.

These initiatives reflect Macron's broader agenda to rejuvenate the European project and secure its sovereignty and influence in an increasingly multipolar world.

https://www.youtube.com/watch?v=8iDRTk7vsGE

Fed. Chair Powell WARNS "There WILL BE MORE BANK FAILURES." And THE PUBLIC WILL PAY!

Greg Mannarino:  4-29-2024

https://www.youtube.com/watch?v=nkrD8TNRUEs

Iraq Economic News and Points to Ponder Monday Afternoon 4-29-24

Iraq Economic News and Points to Ponder Monday Afternoon 4-29-24

Telecommunications Announces The Imminent Issuance Of An Internationally Recognized Digital Signature For The First Time In Iraq

The Minister of Communications, Hiyam Al-Yasiri, announced the imminent issuance of a digital signature with internationally recognized global auditing.

The ministry said in a statement, “Minister of Communications Hiyam Al-Yasiri chaired a consultative meeting with a number of the Prime Minister’s advisors to discuss launching the electronic signature project in the presence of advanced staff in the ministry and the General Company for Communications and Informatics at the ministry’s headquarters.”

The statement added, "During the meeting, a presentation was given about the project, the stages of its implementation, and the procedures for creating a special platform to be launched on the mobile phones of employees and citizens to obtain an electronic signature."

The Minister stressed - according to the statement - “the importance of issuing a digital signature with global scrutiny, recognized and subject to international standards,” pointing out, “the importance of the project as it is one of the basic building blocks for automation and digital transformation projects, the implementation of which will begin in the Ministry of Communications and then in other ministries and institutions.”

She pointed out that "the meeting touched on extensive discussions of the observations made by the attendees, which enriched the topic and will be taken into consideration during the coming period."

Digital signature refers to an electronic authentication process in which signature techniques are used to confirm a person's identity and the authenticity of the signed document.

If the authenticity of this signature is verified on a global level, it will carry the necessary importance and trust in many contexts, such as international financial transactions or official authentication of documents in various countries and sectors.   https://www.radionawa.com/all-detail.aspx?jimare=38105

Decrease in dollar exchange rates in Baghdad, Basra and Erbil

Monday 29 April 2024 12:03 | Economical  Number of readings: 250   Baghdad / NINA / The exchange rates of the dollar against the dinar witnessed a decline on Monday morning in Baghdad, Basra and Erbil.   Below is a list of dollar selling prices:

$100 = 144,500 dinars in Baghdad   $100 = 144,600 dinars in Basra   $100 = 144,600 dinars in Erbil./End 9

https://ninanews.com/Website/News/Details?key=1123763

The Iraqi Central Bank Announces The Strengthening Of Banks’ External Accounts By $260 Million

Economy News – Baghdad  External remittances at the Central Bank of Iraq auction increased by 95% today, Sunday, at the expense of cash sales, to reach $261 million.

Today, during its auction for buying and selling the US dollar, the Central Bank sold 275 million, 227 thousand and 267 dollars, which the bank covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash. .

Most of the bank's dollar sales went to strengthening balances abroad in the form of (transfers, credits) which amounted to 261 million and 37 thousand and 267 dollars, an increase of 95% over cash sales of 14 million and 190 thousand dollars. 04/28/2024 - https://economy-news.net/content.php?id=42920

Central Bank Sales Exceed $278 Million...Today

Monday 29 April 2024 | Economical Number of readings: 127  Baghdad / NINA / The Central Bank of Iraq announced, today, Monday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) at $261,578,540, while the total amount of cash sales amounted to $16,520,000, and the total amount of sales amounted to $278,098,540.

The cash sale was set at 1,305 dinars to the dollar, while the bond credits, international settlements for the electronic card, and foreign transfers were set at 1,310 dinars to the dollar. /https://ninanews.com/Website/News/Details?key=1123795

The Iraqi Stock Exchange Traded More Than 4 Billion Shares During One Session

Market  Economy News – Baghdad  During today's session, Monday, the Iraq Stock Exchange traded more than 4 billion shares, while the Palestine Hotel Company topped the shares that rose the most.

The number of shares traded reached 4.009 billion shares, while the value of shares traded amounted to 14.2 billion dinars,   and 869 trading deals were concluded during the session.

Palestine Hotel shares topped the list of shares that rose the most, with 2.7 million shares traded at a value of 4.55 dinars.

The Iraq Stock Exchange announced today, Monday, that it will suspend its activity for one day next Wednesday, coinciding with International Labor Day. Views 47  04/29/2024 - https://economy-news.net/content.php?id=42970

Oil Prices Declined In Early Global Trading

Economy | 08:53 - 04/29/2024  Mawazine News – Baghdad  Oil prices rose in early Asian trading on Monday, giving up gains made in Friday's session, as peace talks between Israel and Hamas in Cairo eased fears of a widening conflict in the Middle East.

US inflation data also reduced expectations of a reduction in interest rates soon.

Brent crude futures fell by one dollar, or 1.1 percent, to $88.50 per barrel, before rising to $88.55 by 0149 GMT.

West Texas Intermediate crude futures fell 84 cents, or 1 percent, to $83.01 per barrel.

In this context, Tony Sycamore, an analyst at IG Market, believed that the intensification of mediation efforts in a truce agreement between Israel and Hamas eased geopolitical tensions and contributed to the weak opening of the markets on Monday.  https://www.mawazin.net/Details.aspx?jimare=246917

Al-Sudani Directs The Updating Of The National Energy Strategy

Energy  Economy News – Baghdad  Today, Monday, Prime Minister Muhammad Shiaa Al-Sudani directed the updating of the national energy strategy.

The Prime Minister's Media Office stated, in a statement received by Al-Iqtisad News, that "Prime Minister Muhammad Shiaa Al-Sudani chaired a meeting devoted to discussing the plans of the Ministry of Electricity and the National Energy Strategy file, in the presence of the Ministers of Electricity and Oil."

Al-Sudani directed, "to form a specialized team from the ministries of planning, electricity, oil, and finance, and a body of advisors, to work on an urgent update of the integrated national energy strategy, on the basis of reviewing the energy file and what Iraq needs at the level of productive energy and fuel energy, and at the same time ensuring the sustainability of financing energy projects." To prevent its delay or stop.

He stressed, "It is necessary to take into account, in updating the strategy, the integration of energy projects with each other, that sources of gas security be available to operate gas electricity stations once they are completed, that gas transmission pipelines be available once its production from oil fields is completed, and that electrical stations that benefit from it are available."

He stressed "the importance of the strategy taking into account the path that the state is supposed to take to reduce the burdens of the energy file on state funds," directing "the need for the specialized team to submit its report updating the strategy after consultation with the relevant ministries and with the consultant to the Ministry of Planning, KBR Company."

The statement continued: The meeting witnessed a discussion of resolving the pipelines transporting the gas produced from the gas stations, especially since within six months gas will be produced in West Qurna, which requires work on introducing this carrier pipeline to the national network.

He pointed out that "the meeting discussed the issue of electricity collection, and followed up on the implementation of the directives issued at previous meetings." Views 61   04/29/2024 - https://economy-news.net/content.php?id=42960

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

 Provoking Points To Ponder on Failures and Mistakes

Failure at a task may be the result of having tackled it at the wrong time.- Brendan Francis

We fail more often by timidity than by over-daring.- David Grayson

Failure is more frequently from want of energy than want of capital.- Daniel Webster

Losers have tons of variety. Champions take pride in just learning to hit the same old boring winners.- Vic Braden

Lack of will power has caused more failures than lack of intelligence or ability.- Flower A. Newhouse

The word fate ... is the refuge of every self-confessed failure.- Andrew Soutar

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Monday Evening 4-29-24

Goldilocks' Comments and Global Economic News Monday Evening 4-29-24

Good Evening Dinar Recaps,

How EU’s ‘complete mess’ on stablecoin regulation risks delistings with MiCA deadline approaching

"Experts worry that the regulations are so onerous and confusing that they will drive out some stablecoins starting on June 30 when the laws kick in."

On June 30th, 2024, Stablecoins and Cryptocurrency Regulations will become law. At that time, we will have a digital economy capable of running the banking system and the markets.

This is when we are going to see utility drive the new digital market in these new digital assets. It will move the prices of these assets into real values.

Market values will move to fundamental correlations based upon supply and demand bringing in new prices on every sector of the market. This includes the Forex Market where Stablecoins will represent them.

At that time, credit valuation adjustments will begin the process of floating values up or resetting their values entirely.   | CoinStats

© Goldilocks
~~~~~~~~~

"A Treasury buyback is a purchase of United States Treasury debt by the Treasury and subsequent cancellation of that debt."

My understanding is that the United States is buying back its own debt from bonds that have been on the books for a long time. It could move to some of the short-term debts if needed.

These Treasury Bonds can provide liquidity due to the fact they are bought and sold in a pre-sale event of their maturity date canceling that debt instrument and providing liquidity for the markets.

This move will help manage debt objectives by holding the US dollar at a stable rate to prevent trade deficits taking place with the exchange rate of the dollar among other countries.

This is a form of currency intervention for the US dollar to keep it at a stable foreign exchange rate. This is happening because many countries are beginning to sell their dollars for their own currencies, but this is a temporary fix.

The inevitable is happening my friends, and moves like this give us an idea that a Level Playing Field in currency markets are growing close to a Global Currency Reset.  Morning Star   TreasuryDirect

Watch the water.

© Goldilocks

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"Zimbabwe bid farewell to its old Zimbabwean dollar notes on Friday, marking the transition to the new gold-backed Zimbabwe Gold (ZiG) currency."

This is the first day that Zimbabwe is using their new gold-backed currency. This will shift their monetary policies.

No references have been made that they are backing their bonds by gold at this time. More on this at the end of the article...

Their trading mechanisms will shift into free trade agreements between countries. Supply and demand trades will do away with tariffs and put the countries they trade with on a Level Playing Field.

Using gold as a means of exchange for equal value trades, rather than, uneven weighted values through tariffs will make their trading partnerships far more appealing going forward.

Special note: All we have been told is that their currencies are being backed by gold, but we have heard nothing about gold backing their bonds or historical bonds yet.  ReportFocusNews  C Bonds

Watch the water.

© Goldilocks

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BRICS Eye Stablecoin Launch To Reduce The Influence Of The US Dollar — Will Ripple's XRP Be Utilized? ⋆ ZyCrypto

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De-dollarisation gains traction among Brics | Khaleej Times

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BRICS makes headlines with new expansions – Here’s where and who |  Cryptopolitan

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Austin, Texas-based start-up Episode Six is banking on Hong Kong demand for virtual payments, SME lending | SCMP

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International Trade Announcement:

"The International Chamber of Commerce’s Digital Standards Initiative (DSI) has completed the mammoth task of attempting to find common digital data standards for a raft of widely used trade documents."

The Digital Standards Initiative (DSI) is the International Governance Board that is currently setting standards for international trading relationships around the world.

They are telling us they have completed this all-encompassing set of Global Standards. This will be applied to their new digital bills of lading that will determine new price correlations on cargo ships moving products around the world.

These new price correlations will be tokenized assets that hold a weight of gold in their determining price for movement.

Credit Valuation Adjustments are now becoming possible in 80% of our trades around the world that determines, through supply and demand, new exchange rates that will be forthcoming. GT Review   Investopedia    PackageX

WATCH THE WATER.

© Goldilocks
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The Iraqi Dinar | Youtube

👆  Goldilocks pointed to this article

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Printing error makes $1 banknotes worth $150,000 each — check yours | The News

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Here’s How EU Nations Are Preparing to Enforce MiCA | Coin Desk

European Union member states are gearing up to enforce MiCA, the landmark crypto law that requires national regulators to license and supervise service providers.

MiCA is an EU-level regulation but nations can implement slightly different technical standards, which crypto firms should follow closely, policy watchers say.

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WOW President Joe Biden Best Time Exchange Your IQD/VND Old Dinars – 3:56

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Its, Massive Exchange Rate Done Update Today April 29th – 4:11

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Good News AL-SUDANI Say's it's Finally Done Wait is End| - 4:25

 WOW President Joe Biden Best Time Exchange Your IQD/VND Old Dinars – 3:56

https://www.youtube.com/watch?v=oj0brK024Cc

Al Sudani Massive Statement About IQD New Rate – 4:02

https://www.youtube.com/watch?v=pLum84UEz_U

Its, Massive Exchange Rate Done Update Today April 29th – 4:11

https://www.youtube.com/watch?v=EDR6eLj1IDw

CBI Announced  Officially On TV IQD Rv And New Exchange Rate – 3:15

https://www.youtube.com/watch?v=sSjpfHYS10Q

Good News AL-SUDANI Say's it's Finally Done Wait is End| - 4:25

https://www.youtube.com/watch?v=Pxey6Zfnavw

Warren Buffett’s Top 20 Tips That Will Save You From Financial Disaster

Warren Buffett’s Top 20 Tips That Will Save You From Financial Disaster

Kellan Jansen   Sun, Apr 28, 2024,

Warren Buffett is one of the most widely trusted investors of the modern era. When he offers financial advice, it’s worth listening to — especially if it can help you avoid financial disaster.

Put yourself on the right track for financial success by studying Buffett’s best everyday money tips.

Start an Emergency Fund

Buffett says you should start an emergency fund before investing. Try to fund it with three to six months’ worth of expenses. That way, if you suddenly lose your job or have to allocate your paycheck elsewhere, you won’t have to sell your assets to get back on track.

You can’t time financial emergencies — if they occur when the market is down, you could be forced to sell for a loss unless you have enough in savings to cover the cost.

Avoid Debt

Buffett is strongly against debt. In a 2004 Berkshire Hathaway meeting, he said, “It’s very tempting to spend more than you earn. It’s very understandable. But it’s not a good idea.” This puts him in line with other personal financial experts, like Dave Ramsey, on the subject.

When you’re in debt, unexpected expenses can be devastating. They can force you to miss installment payments, which may hurt your credit score and delay you from reaching your financial goals.

Pay Yourself First

Next, Buffett recommends making saving your first priority. He said, “Don’t save what’s left after spending, but spend what is left after saving.”

You can summarize his mindset as paying yourself before you pay others. This shift in approach can improve your spending habits and make sure you’re always primarily focused on building wealth.

Think Long Term

When it comes to investing, Buffett prides himself on taking the longest view in the room. In a 2022 shareholder letter, he said, “Our favorite holding period is forever,” and “having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage.”

For the average person, this is a reminder to only invest in companies and assets you’re comfortable holding for many years. When you adopt this strategy, you’re less likely to make financial decisions based on short-term market fluctuations. This ensures you benefit from the long-term growth of great companies instead of selling too soon and missing out on gains.

Recognize What You Don’t Know

One reason people struggle with investments is they buy stocks they don’t really understand. When you don’t understand an asset, it’s harder to make good decisions about when to buy, sell and hold it.

Buffett is a firm believe in never investing in what you don’t understand.

Create Opportunities for Yourself

Buffett was a big believer in side hustles before the term existed. In his early years, he made extra money by delivering newspapers, selling used golf balls and even buffing cars.

Stories from Buffett’s early years show that he was always looking for new opportunities for himself. When they didn’t exist, he created them. Adopting a similar approach could help you bring in more income, which means more cushion for scary financial situations.

Be OK With Sitting Out

Buffett’s company, Berkshire Hathaway, has $168 billion in cash and short-term investments. If you had that much extra cash lying around, you’d probably invest a good chunk of it. But Buffett doesn’t. He’s OK with waiting on the sidelines until the right opportunity emerges.

His famous “20-slot rule” is a great example of the philosophy. He says to imagine you had a card with only 20 slots in it — those slots represent all of the investments you could make in your lifetime. You’d probably think a little more carefully about the assets you buy and sell. This is how Buffett always thinks.

Admit Your Mistakes

To Read More:

https://finance.yahoo.com/news/warren-buffett-top-20-tips-140115339.html