“Tidbits From TNT” Tuesday 7-23-2024

TNT:

Tishwash:  IMF: Iraq, Qatar increase their gold holdings

Data from the International Monetary Fund showed an increase in gold reserves in Iraq and Qatar.

According to these data, in May 2024, Iraq increased its gold reserves by 2,644 tons to 148,305 tons.

The data showed that Qatar increased its gold reserves by 3,112 tonnes to 106,423 tonnes in June 2024, according to Reuters.   link

Tishwash:  Iraq eyes drawdown of US-led forces starting September, sources say

 Iraq wants troops from a U.S.-led military coalition to begin withdrawing in September and to formally end the coalition's work by September 2025, four Iraqi sources said, with some U.S. forces likely to remain in a newly negotiated advisory capacity.

The Iraqi position is being discussed with U.S. officials in Washington this week at a security summit and there is no formal agreement on ending the coalition or any associated timetable yet, the Iraqi sources and U.S officials said.

U.S. State Department spokesperson Mathew Miller told a news briefing that both sides were meeting in Washington this week to determine how to transition the U.S.-led coalition's mission based on the threat posed by Islamic State, adding he had no further details.

U.S.-led forces invaded Iraq in 2003, toppled former leader Saddam Hussein and then withdrew in 2011, only to return in 2014 to fight Islamic State at the head of the coalition.

The U.S. currently has around 2,500 troops in Iraq at the head of a more than 80-member coalition that was formed in 2014 to repel Islamic State as it rampaged across Iraq and Syria.

They are housed at three main bases, one in Baghdad, one in western Anbar province and another in the northern Kurdistan region.

It is unclear how many troops would leave under a deal, with Iraqi sources saying they expected most to eventually depart but U.S. officials saying many may remain under a newly negotiated advise and assist mission.

U.S. officials are keen to have some military footprint in Iraq on a bilateral basis, in part to help support its presence across the border in Syria, where it has around 900 troops.

The issue is highly politicized, with mainly Iran-aligned Iraqi political factions looking to show that they are pushing out the country's one-time occupier again, while U.S. officials want to avoid giving Iran and its allies a win.

There are also concerns about Islamic State's ability to regroup.

The jihadist group was declared territorially defeated in Iraq in 2017 and in Syria in 2019 but still carries out attacks in both countries and is on track to double its attacks in Syria this year compared to 2023, the U.S. military said.

The group and its affiliates have also in recent months carried out attacks in Iran and Russia, as well as in Oman last week for the first time.

While the coalition's mission is to advise and assist Iraqi forces in the fight against the Islamic State, Western officials say the U.S. and its allies also see its presence in Iraq as a check on Iranian influence.

Washington and Baghdad initiated talks on the future of the coalition in January amid tit-for-tat attacks between Iran-backed Shi'ite Muslim armed groups and U.S. forces that were sparked by the Israel-Hamas war.

An agreement to draw down the coalition could be a political win for Prime Minister Mohammed Shia al-Sudani, who has been under pressure from Iran-aligned factions to push out U.S. forces but has sought to do so in a way that balances Iraq's delicate position as an ally of both Washington and Tehran. link

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Tishwash:  The Oil and Gas Law has been imprisoned in Parliament for 19 years and is threatened with deportation to the next session

The secret lies in the consensus of political forces

Political disagreements and a lack of consensus since the first session of the House of Representatives made the draft oil and gas law a victim and locked in parliament's drawers.

In each session, conflicts prevent its approval in its final form, as five parliamentary sessions have passed and the law has not been released until today.

The Parliamentary Oil, Gas and Natural Resources Committee expects that the law will be transferred to the next parliamentary session, despite the visit of the head of the Kurdistan Democratic Party, Masoud Barzani, early this month, to the capital, Baghdad, and his meeting with political leaders.

A member of the Parliamentary Oil and Gas Committee, Ali Al-Lami, said in an interview with Al-Mada, “One of the reasons for obstructing the approval of the oil and gas law is the continuing disputes between the governments of Baghdad and Erbil “

He added that his committee "sent the law at the beginning of the current parliamentary session to the government, and we met with the Prime Minister, the President of the Republic, and all the heads of blocs and parties, and we explained the importance of this law."
The member of the House of Representatives points out, “The law is unlikely to be approved during the current session, as it requires study and reading,” suggesting that “the law will be transferred to the next parliamentary session.”

The draft Iraqi oil and gas law regulates Iraq's vital sector and the management of the country's oil fields through one national company, with imports being deposited in one account.

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasure's resources.

For her part, a member of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, said in an interview with Al-Mada, “The law is almost complete, and to a high degree, but there are some objections about some points, which are summed up in the delivery of oil imports and exploited and unexploited natural resources to Baghdad.”

Al-Mousawi adds, “The Oil and Gas Law is concerned with regulating the country’s natural resources and exploiting the largest possible amount of undiscovered oil fields.”

She points out that "the law will also contribute to achieving self-sufficiency in oil derivatives and optimal exploitation of wasted natural resources, valued at hundreds of billions of dollars, which contribute to diversifying the state's financial resources."

The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to and supervised by a national oil company.

In August 2023, the Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that “the draft oil and gas law is one of the basic and important laws, representing a factor of strength and unity for Iraq, and it has been stuck for years, At a time when the country today is in dire need of its legislation and to benefit from this natural wealth, in every way.” Fields and sectors, as well as the contribution of the legislation to solve many outstanding problems.”

He explained, “There are governorates that have not invested their wealth, which is considered negative for development endeavors in all their paths.”

In February 2022, the Federal Court in Baghdad ordered the region to deliver the oil produced on its lands to Baghdad, and to cancel contracts the region had signed with foreign companies.
The matter reached the point where the judiciary in Baghdad invalidated contracts with many foreign companies, especially American and Canadian companies.  link

Mot: .... Why Didn't it Happen???? - Why!!!????  

Mot:  Beee Careful as Ya Become more Seasoned! - Slow down there, buddy! 

I’m Comfortably Middle Class: The Best Money Advice I Ever Took

I’m Comfortably Middle Class: The Best Money Advice I Ever Took

Andrew Lisa  Sun, July 21, 2024  GOBankingRates

Financial publications love interviewing billionaires to learn about the money advice that propelled people like Bill Gates, Beyonce, Jeff Bezos and Warren Buffett to 10-, 11- and 12-figure success.

But how many people do you really know on the Forbes Richest list?

It might be more practical to learn about the advice that helped people with typical backgrounds and average salaries achieve stability and security in America’s ever-shrinking middle class.

GOBankingRates spoke with a business owner who went from financially faltering to fiscally fabulous in just a few years after building her money mindset around a simple yet transformative quartet of financial wisdom that she received when times were tough.

Times are not tough anymore.

Retirement Planning: Whether you're planning for retirement, dealing with a significant life event or simply looking to make smarter financial decisions, a financial advisor can offer the expertise and guidance you need. Here are some compelling reasons why you should consider a financial advisor -- even if you're not wealthy.

There Isn’t a Secret To Achieving Financial Security. There Are 4 Secrets.

Lisa Rehurek is the CEO and founder of The RFP Success Company, which specializes in consulting, training, and support services for medium-sized service-based companies bidding on state, local and education (SLED) requests for proposals (RFPs).

She is, by any reasonable standard, comfortably in the middle class — and she credits her financial security to a four-part piece of money guidance that she had the good sense to follow.

“The best financial advice I ever received as a middle-class person was to always live below my means, automate savings by putting 15% of every paycheck straight into investments and savings, understand needs from wants and cut back on frivolous spending to make money for bigger, more meaningful goals,” Rehurek told GOBankingRates.

When she received these pointers, she was in the best possible place to put them to good use — the bottom.

Sound Advice Turns a Halting Start Into a Trot. Then a Gallop.

TO READ MORE: https://www.yahoo.com/news/finance/news/m-comfortably-middle-class-best-200200410.html  

Iraq News Highlights and Points To Ponder Tuesday AM 7-23-24

An Expert Warns Of A Return To Rising Inflation Rates Globally.. What Is The Connection To The Iraqi Markets?

Money  and business   Economy News – Baghdad  Economist Ziad Al-Hashemi warned on Monday of the possibility of inflation rates rising again globally with the continuation of Houthi attacks on commercial shipping vessels in the Red Sea region.

Al-Hashemi said in a post on the Ax website that there are "fears of inflation rates rising again globally with the continuation of Houthi attacks on commercial shipping vessels in the Red Sea region for the sixth consecutive month, and Iraqi markets are on the list of those affected!"

He added, "The global economy has begun to feel the pressures of rising costs and prices as a result of the continued disruption of transport chains between Asia and Europe, with the Houthi attacks continuing for the sixth month and the diversion of shipping routes away from the Red Sea.

Shipping prices have quadrupled on a monthly basis from $1,890 in the first month of 2024 to more than $8,000 during the seventh month, per FEU container."

He stated that "during the past period, many international economic and financial experts have downplayed the effects of the disruption of maritime transport routes due to Houthi attacks, and their negative repercussions on the prices of goods and services in Western economies, especially the consumer price index (one of the most important indicators for assessing the path of inflation),

 but with the continuation of security risks and threats in the Red Sea region, the continued rise in transport prices, and the imminent expiration of many long-term contracts with fixed freight rates, many convictions and analyses have changed."

Al-Hashemi stressed, "We have growing concern that the large increases in shipping prices will lead to significant increases in the prices of goods and products in Western markets, which will put pressure on inflation rates that have gradually begun to decline and reach the targeted levels."

He added, "These price pressures may lead to inflation rates rising again, which means that the efforts and endeavours of central banks to curb inflation in the West have faltered, and this will greatly hinder and delay the start of the process of reducing interest rates, which global markets are eagerly awaiting."

He pointed out that "concerns in the markets continue and are increasing with the continuation of military operations, the disruption of transportation routes, and the rise in transportation prices to significant levels, especially with the absence of light at the end of the tunnel of this crisis, and eyes will focus more on inflation rates, and waiting to see how things will develop."

Regarding the impact on the Iraqi markets, Al-Hashemi confirmed that they are “highly affected by changes in shipping prices coming from Asia, and increases in shipping prices can directly and quickly affect the prices of imported goods, and this may be one of the reasons for the rise in commodity prices in the Iraqi markets during the first half of 2024.”

189 views 07/22/2024 - https://economy-news.net/content.php?id=45479

Oil And Gas Law Stuck In Parliament's Drawers

Iraq   08:07 - 2024-07-23   Political differences and the absence of consensus since the first session of the House of Representatives have kept the draft oil and gas law stuck in the parliament’s drawers.

In each session, conflicts have prevented its approval in its final form. Five parliamentary sessions have passed and the law has not been released to this day.

The parliamentary Oil, Gas and Natural Resources Committee expects the law to be postponed to the next parliamentary session due to ongoing disagreements.

Ali Al-Lami, a member of the parliamentary Oil and Gas Committee, says that one of the reasons for obstructing the approval of the Oil and Gas Law is the ongoing disagreements between the governments of Baghdad and Erbil.

He adds that his committee sent the law to the government at the beginning of the current parliamentary session, but we do not expect it to be approved during the current session, as it requires study and reading, suggesting that the law will be postponed to the next parliamentary session.

For her part, Zainab Al-Moussawi, a member of the parliamentary oil and gas committee, says that the law is almost complete, and to a high degree, but there are some objections regarding some points, which are summarized in the delivery of oil revenues and exploited and unexploited natural resources to Baghdad.

Al-Moussawi adds that the oil and gas law is concerned with organizing the country's natural resources and exploiting the largest possible amount of undiscovered oil fields.

She points out that the law will also contribute to achieving self-sufficiency in oil derivatives and optimal exploitation of wasted natural resources, estimated at hundreds of billions of dollars, which contribute to diversifying the state's financial resources.

The draft of the oil and gas law in Iraq available to parliament stipulates that the responsibility for managing the country's oil fields should be entrusted to a national oil company.

Prime Minister Mohammed Shia al-Sudani had previously confirmed that the draft oil and gas law is one of the basic and important laws, and represents a factor of strength and unity for Iraq. It has been pending for years, at a time when the country is in dire need of its legislation and to benefit from this natural wealth in all fields and sectors, in addition to the contribution of the legislation of the law in solving many of the outstanding problems.

He explained that there are governorates that have not invested their wealth, which is a negative thing for development efforts in all their paths.  https://kirkuktv.net/AR/Details/21690

IMF: Iraq, Qatar Increase Their Gold Holdings

Money  and business  Economy News – Baghdad  Data from the International Monetary Fund showed an increase in gold reserves in Iraq and Qatar.

According to these data, in May 2024, Iraq increased its gold reserves by 2,644 tons to 148,305 tons.

The data showed that Qatar increased its gold reserves by 3,112 tonnes to 106,423 tonnes in June 2024, according to Reuters.  93 views   07/23/2024 - https://economy-news.net/content.php?id=45500

3 Years Without Achievement.. Iraq Wastes Its Renewable Energies And There Is No "Seriousness" In Exploiting Them

Economy News – Baghdad   In 2021, the Iraqi government launched the Solar Energy and Emissions Reduction Initiative, and in 2022 confirmed its support, but it does not appear to be effective or fully completed to date.

The initiative stipulates the installation of solar energy systems on the roofs of state institutions, and the amount allocated for it is 90 billion Iraqi dinars for five years to support the national grid.

The Iraqi government sought to solve the electricity problem by contracting with major countries and companies in the field of renewable energy, including signing agreements with Arab and foreign companies to establish solar power projects in Iraq, but its efforts faltered, which keeps the wealth of solar energy under-exploited.

Energy expert Murtadha Hatem says, “Launching an initiative to support energy and reduce emissions through solar energy in Iraq is an important step towards achieving sustainable development and preserving the environment.”               

He added, "Relying on solar energy contributes to reducing dependence on fossil fuels, which ensures greater sustainability of energy sources, and reduces price fluctuations associated with oil prices."

He explains that "solar energy is a clean source of energy that helps reduce greenhouse gas emissions and improve air quality, which is important in confronting climate change," indicating that "reducing dependence on energy imports from abroad and increasing local production enhances the country's energy security."

He added, "Developing solar energy projects can provide many job opportunities in the fields of design, installation, and maintenance, in addition to stimulating innovation and investment in clean technology."

 Hatem confirms that “Iraq has abundant solar resources that can be exploited to provide sustainable and cheap energy, which contributes to improving the energy infrastructure.”

 He explained that “launching solar energy initiatives reflects the government’s commitment to shifting towards a green and sustainable economy, which enhances Iraq’s position in the international community as an environmentally responsible country.”

 Journalist and renewable energy expert Ali Naji says, “All the systems that were built in all their forms on the roofs of state institutions before this initiative were not successful and almost failed, including those installed on departments related to renewable energy.”

 He added, "There are instructions from the Civil Defense that specify the hours of use of renewable energy during official working hours only, which means there are losses in operating solar systems from the moment of sunrise until the moment of the start of official working hours and connecting the system to the national grid," explaining, "Generation losses from the end of working hours until sunset, due to the national grid being cut off after the end of working hours, in addition to holidays and occasions when it is out of service."

 He added, "Installing these systems on the roofs of buildings will hinder the process of roof maintenance in the event of damage," stressing that "these departments do not have sufficient personnel to manage and maintain these solar systems, and even if they are trained, partial training is not sufficient and does not cover the requirements of these systems."

 Regarding the obstacles that hinder the success of the initiative, Ali Naji explains that “these systems should be placed on the outskirts of cities in the form of farms (solar energy farms) divided into five regions, for example, between the northern, central and southern regions, as is the case in Egypt, the Emirates and others,” noting that “the number of employees to maintain them will be less and easier to control, in addition to these farms being planted with trees, which will increase afforestation operations.”

 He added, "The systems are connected in two ways: to the national grid, and also to charge batteries to support areas in the event of a lack of electricity or a lack of electricity supply."

Iraq, whose infrastructure is in shambles after decades of conflict and chronic corruption in public administrations, needs more than 32,000 megawatts to cover its needs, but the country's power plants produce only about 24,000 megawatts.

 On March 12 of last year 2023, Oil Minister Hayan Abdul-Ghani announced that preparations were underway to launch the first solar energy project in Iraq, with a capacity of about 1,000 megawatts, which coincided with the state’s efforts to enhance its investments in the renewable energy and natural gas sector.

Despite this need, renewable energy remains underutilized, with Iraq enjoying just over 3,000 hours of sunshine out of 8,700 hours per year. Meanwhile, more than 98 percent of Iraq’s electricity is generated by fossil fuels, according to a World Bank report.

 To encourage residents to install solar energy systems, the Central Bank of Iraq announced in 2022 the allocation of one trillion dinars (about $750 million) to secure subsidized loans for the private sector, including homes and private companies. But according to renewable energy specialists, this project is faltering due to the lack of cooperation from banks.

 Over the past years, Iraq has relied on Iran for electricity supplies, importing 1,200 megawatts, as well as gas fuel to feed local power plants.

 This year, the Iraqi News Agency quoted the authority’s advisor, Rahim al-Jaafari, as saying, “There are serious and practical steps to produce electricity from solar energy, as a plan has been developed to produce about 12,000 megawatts by the end of 2030,” adding that “it has been approved by the Council of Ministers.”

 The Ministry of Environment has identified 3 types of pollution, including waste, that represent a challenge during the current stage in Iraq, calling for the adoption of modern technologies and renewable and clean energy as an alternative to fossil fuels. 

85 views 07/23/2024 - https://economy-news.net/content.php?id=45489

News, Rumors and Opinions Tuesday AM 7-23-2024

Note From Dinar Recaps:

To our newest readers,

If you are new to the Dinar and Currency investment and wish to educate yourself further please go to Dinarrecaps .com . At the top of our blog page click on the categories button and go to The Dinar Recaps Archives or Post RV Categories for all our past posts on history of past RV’s, Exchange tips, Security and other valuable information.

We hope all of our dreams come true very soon.

Your Dinar Recaps Team

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Tues. 23 July 2024

Compiled Tues. 23 July 2024 12:01 am EST by Judy Byington

Judy Note:

Greatest Financial Bubble in Human History was about to pop.

One month left of US Petroleum Reserves.

Global Currency Reset Funds (allegedly)  Due Liquid on Tues. 23 July 2024.

Global Currency Reset: (Opinions/Rumors)

Mon. 22 July 2024 Wolverine (his Tues. 23 July):

“It is Tuesday afternoon here, and it is very cold. I am letting you know the Precatorios has started today from 3 o’clock onward and will actually be releasing their opera. They sent a note saying, “Tomorrow we will have a wonderful complete opera concert.”

“They will send me their opera so their people can celebrate. Finally a huge platform is going to be releasing funds to many people with billions of dollars involved. A lot of people will be astronomically blessed.

“Reno and Zurich are moving. Some whales are flying to Zurich, one huge Whale is now purchasing his airline ticket to fly down there.

“We are waiting to hear more news from bond holders. Waiting to get the miracle call this week.

“Nothing for 4B group – this is a letdown. I was told that some 4A groups have received payments, but not liquid money yet.  It is a start. Hopefully, those accounts will become liquid this week. 

“That is about it. The big news is that the Precatorios have started. I talked to the owner and he said “Wolvie, I am at the bank at the moment.” They have their green light and they will be released by tomorrow.

“I am waiting to receive the call so I can fly out. When that happens Carpathia and Shelby will be looking after the channel. I hope to have better news for all of you tomorrow.   

“Story about a couple I just received: This couple was just about to hand over their house as they could not afford the mortgage, and that same day they saw the figures for their mortgage and they had zero balance. Their account has actually been cleared, so maybe Nesara is working and people are getting their accounts cleared. This was the same day they were to lose their home and this miracle occurred.   

“I received a call this morning. Funds will be released tomorrow Tues. 23 July (later he changed it to Wed.) They will be liquid. I received an email saying the RV was imminent and about to commence. It’s official. Keep an eye on your emails.”

Mon. 22 July 2024: ALERT: Imminent Great Reset Exposed – Bank Crash and the Rise of XLM, XRP, ALGO, and XDC in the New Quantum Financial System (QFS) – amg-news.com – American Media Group

Gold Backed Currency Exchange Rates Revealed: https://ai3d.blog/new-podcast-gold-backed-currency-exchange-rates-revealed/

~~~~~~~~~~

Global Financial Crisis:

Mon. 22 July 2024 Report from the Office of the Comptroller of the Currency finds that half of large U.S. Banks are failing on operational risk.

This year interest on the US National debt will eat up 76% of the taxes collected. America is going bankrupt.

Read full post here:  https://dinarchronicles.com/2024/07/23/restored-republic-via-a-gcr-update-as-of-july-23-2024/

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

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

Frank26   Once they remove these 3 zeros from the exchange rate...it's going to gain in the new value.  But that's not where they wanted at the RI.  They will float it and they will re-denominate and then it will hit an RV as it floats from an RI back to the RV.  

SkyWalker  Currency value and an exchange rate are two totally different things and are determined differently. Changing the exchange rate does not make value. Value is made by the monetary policies that CBI and Iraqi government have put in place...Now, the inflationary zeros will be removed because the government has met the requirements of the CBI and made an economic environment that will support both the value of the dinar and keep the economy humming along. Value through policies must be restored first which will be represented with new notes being lower denominations... Meaning the three zero notes will be physically removed from circulation and the lower notes without the extra zeros will be issued. Then and only then the exchange rate reflects an increase in the relative price of the Iraqi dinar compared to the price of another currency.

Iraq bank sector

Nader:  7-22-2024

https://www.youtube.com/watch?v=jZnI7glT40Q

CBI Sells $274 Million Sundays Trading; Iraqi PM Fights for Iraq's Sovereignty

Edu Matrix:  7-23-2024

CBI Sells $274 million in Sundays Trading… Military Growth… Iraqi PM Fights for Iraq's Sovereignty.

https://www.youtube.com/watch?v=BoF81yK0jjM

MilitiaMan: Iraq Dinar-Prime Minister Advisors-Saleh-Al-Nusairi-Facts bringng facts-Reforms Economic & Financial

Iraq Dinar-Prime Minister Advisors-Saleh-Al-Nusairi-Facts bringng facts-Reforms Economic & Financial

MilitiaMan and Crew:  7-22-2024

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=rwDhmomNbWI

Iraq Economic News and Points To Ponder Monday Evening 7-22-24

 Is The Central Bank Leading Iraq Towards An Economic Crisis?
 
July 22, 2024 Last updated: July 22, 2024

A Financial Report Reveals And Reality Confirms... Is The Central Bank Leading Iraq Towards An Economic Crisis?
 
Al-Independent/- Informed sources said that the financial policy of the Central Bank of Iraq faces sharp criticism from financial experts and economic observers, amid a continuous rise in operational costs and a noticeable increase in expenditures.
 
According to the financial situation tables as of 6/30/2024 published on the Central Bank’s website, the financial statements show that there is a clear imbalance.
 

The financial report revealed a slight increase in total assets, which reflects an apparent stability in the bank’s financial performance.
 
However, the financial statements showed some points that call for criticism and questioning the effectiveness of the financial management of the Central Bank of Iraq.
 
The report indicated that gold reserves rose to 14,672,164,921 thousand Iraqi dinars from 14,475,189,559 thousand Iraqi dinars.
 
Although this strengthens the bank's position, the question remains about the adequacy of these reserves in the face of potential economic crises.
 
As for the bank’s balances with banks outside Iraq, they increased to 2,011,145,122 thousand Iraqi dinars from 1,827,075,442 thousand Iraqi dinars, which reflects a diversification of assets, but the question remains about the risks associated with relying on foreign banks.
 
Foreign currencies witnessed a noticeable increase to 24,688,182,816 thousand Iraqi dinars from 23,838,913,348 thousand Iraqi dinars, which enhances foreign exchange reserves, but how these reserves are managed effectively must be monitored.
 
In terms of expenses, currency issuance expenses increased to 10,588,686 thousand Iraqi dinars from 9,897,229 thousand Iraqi dinars, raising questions about the effectiveness of managing issuance costs.
 
Foreign currency valuation differences also increased significantly to 188,168,707 thousand Iraqi dinars from 151,874,481 thousand Iraqi dinars, which indicates fluctuations in the value of foreign currencies that may negatively affect financial stability.
 
Also, general administrative expenses increased to 52,643,698 thousand Iraqi dinars from 39,692,228 thousand Iraqi dinars, which reflects an increase in operational costs that need to be carefully reviewed to ensure that resources are not wasted.
 
In terms of profits and losses, interest and commission income increased to 2,968,280,621 thousand Iraqi dinars from 2,495,021,601 thousand Iraqi dinars, which reflects a good performance,
 
but the question remains about the sustainability of these revenues in light of the economic challenges.

Total interest expenses increased to 2,684,950,171 thousand Iraqi dinars from 2,271,995,595 thousand Iraqi dinars, which indicates an increase in interest costs that need better management.
 
As for the final budget, the exported currency rose to 102,311,666,715 thousand Iraqi dinars from 100,791,930,154 thousand Iraqi dinars, which may indicate inflationary pressures if not properly monitored.
 
Bank deposits increased to 54,434,578,910 thousand Iraqi dinars from 47,851,676,798 thousand Iraqi dinars, which reflects an increase in deposits,
 
but the stability of these deposits in the long term must be verified.
 
strength point:
 
The report showed an increase in total assets, reflecting the central bank's apparent financial stability.
 
Gold reserves and external bank balances also increased, which significantly strengthens the bank's monetary position. In addition,
 
interest and commission income witnessed a significant increase, reflecting a good performance in the bank's financial returns.
 
Weaknesses and doubts:
 
Despite the apparent stability, outstanding outstanding debts amounting to 530,499,124 thousand Iraqi dinars did not change, indicating challenges in debt collection.
 
Administrative expenses also increased to 52,643,698 thousand Iraqi dinars, which may indicate poor management of operational costs.
 
In addition, Central Bank transfers decreased to 0 from 5,110,240,000 thousand Iraqi dinars, raising questions about the efficiency of liquidity management.
 
Finally, the balances of government institutions decreased to 10,750,719,726 thousand Iraqi dinars from 13,353,688,408 thousand Iraqi dinars, indicating challenges in government financing.

Recommendations:
 
To improve the financial position of the central bank, it is important to develop effective plans to collect outstanding debts to reduce financial risks.
 
Operational costs must also be reviewed and controlled to avoid any unjustified increase in expenses.
 
It is necessary to establish policies to monitor currency issuance to ensure that unwanted inflation does not occur.
 
Finally, the reasons behind the decline in the balances of government institutions must be studied and the necessary measures taken to strengthen government financing.
 
Based on this analysis, it is clear that the central bank needs improvements in several aspects to ensure actual financial stability and effectiveness in resource management.
 
To view the financial situation table, click here: Central Bank of Iraq       
                 https://mustaqila.com/wp-content/uploads/2024/07/البنك-المركزي-العراق.pdf
 
https://mustaqila.com/تقرير-مالي-يكشف-والواقع-يؤكد-هل-يقود-ا/   

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

Robert Kiyosaki: Why Saving Money Is the Wrong Way To Prepare for Retirement

Robert Kiyosaki: Why Saving Money Is the Wrong Way To Prepare for Retirement

Yaël Bizouati-Kennedy  Sun, July 21, 2024  GOBankingRates

Robert Kiyosaki, the bestselling author of “Rich Dad Poor Dad,” has argued — against conventional wisdom — that “the historical advice to ‘save’ is no longer a sufficient way to prepare for retirement.”

According to the “Rich Dad” blog, you won’t be able to retire if you rely on saving money alone. Instead, Kiyosaki said adjusting your mindset is the key to preparing for retirement in the right way.

That, in addition to investing and creating steady cash flow, is his preferred method of staying financially secure during retirement.

Retirement Planning: Whether you're planning for retirement, dealing with a significant life event or simply looking to make smarter financial decisions, a financial advisor can offer the expertise and guidance you need. Here are some compelling reasons why you should consider a financial advisor -- even if you're not wealthy.

401(k)s Are the Problem

According to Kiyosaki, the biggest problem with the 401(k) is that it requires people with no financial education to be in charge of their retirement investing.

His blog read, “Because people had no financial education, a whole new industry was created — financial planning. The problem with financial planners is that they’re salespeople, not investors. They push the products of their employers, usually paper assets.”

How To Prepare for Retirement — the Right Way

According to Kiyosaki’s blog post, Americans need to shift their mindset. For instance, instead of saying, “I can’t afford that,” ask instead: “How can I afford that?”

To read more:  https://www.yahoo.com/finance/news/robert-kiyosaki-why-saving-money-120024273.html

FRANK26……7-22-24…..LET’S HAVE DINNER

KTFA

Monday Night Conference Call

FRANK26……7-22-24…..LET’S HAVE DINNER

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

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

The World Trade Organization opens its doors to it.. The Iraqi economy returns strongly to international competition

KTFA:

Clare: The World Trade Organization opens its doors to it.. The Iraqi economy returns strongly to international competition

7/22/2024

The World Trade Organization has accelerated Iraq's steps to join it, following the resumption of negotiations that had been suspended for more than 16 years. The Iraqi delegation is preparing for the next round of negotiations that are expected to resolve this issue, which will open up global trade horizons for Iraq and return it to strong economic competition, in the region and the world, under a multilateral economic system.

According to official officials, the government of Mohammed Shia al-Sudani has only addressed all the previous obstacles that prevented Iraq from joining the international organization, as for the first time the import program was voted on, which includes setting controls for chaos and identifying real traders, in addition to other details related to customs tariffs as well as the necessary legislation for it.

Economic reform and exchange rate adjustment

 Economic expert Naji Al-Obaidi, in an interview with Al-Ahd News, believes that Iraq’s accession to the World Trade Organization will have positive effects, attributing this to the fact that “it will increase pressure on the government to initiate the long-awaited economic reforms.”

Al-Obaidi added that "the World Trade Organization usually intervenes in the exchange rate policy when the concerned country deliberately keeps the value of its local currency low in order to improve the competitiveness of local production and encourage exports at the expense of foreign goods," indicating that "this does not apply to Iraq, where previous governments resorted to raising the exchange rate of the dinar in an artificial and arbitrary manner with the aim of gaining political and popular support."

He pointed out that joining the international organization would contribute to controlling this file.

Customs restrictions and agricultural support

In this regard, the financial advisor to the Prime Minister, Mazhar Mohammed Salih, stated in an interview with “Al-Ahd News” that Iraq has adopted broad open policies towards the world since 2003 and has sought to establish important economic and legislative rules that operate according to the mechanisms of the market system

Most of which have helped improve Iraq’s foreign trade, after an economic blockade that lasted for more than a decade and led to Iraq’s marginalization on the map of the global economic system and deprived it of investment opportunities, progress, development and technological knowledge that should have helped it confront the rapid developments and changes that international markets have witnessed and whose competitive capabilities have changed
dramatically over the past two decades at least.

Saleh pointed out that "the World Organization imposes on the new members of the developing countries group to work under conditions, the first of which is to reduce customs restrictions by 24% and cancel non-customs restrictions for a period of 6 years from the date of joining, and the second is to reduce agricultural support by 13.3% over a period of ten years from joining."

 Saleh explained that "these regulatory conditions of the World Trade Organization clash with the conditions and situations of the agricultural market and the global food stock exchange itself. If we look at the agricultural monopolies in the world in light of the deterioration of agricultural development in Iraq, we find a real threat to national food security that restricts the country in the event of joining the organization unless it is preceded by starting or following an agricultural program for self-sufficiency immediately.

We will really need a green revolution similar to what Mexico and many Latin American countries have done, especially if we know that there are between 3 and 6 major monopolistic companies in the world that control 80 to 90% of agricultural crop trade and control prices and quantities such as wheat, sugar, tea, coffee, cotton and jute, at a time when ten multinational companies still dominate a third of the production and trade of seeds and pesticides in the world."

Breaking international isolation

Saleh pointed out that "despite the above, Iraq's entry and integration into the global economic space through the World Trade Organization and its dealings with international groups on terms that apply to everyone from a formal standpoint at a time when the world is still divided between the countries of the North and the South or the countries of the advanced industrial center and the developing periphery, Iraq has no choice but to leave its international isolation that it inherited since the siege and placing Iraq under the burden of Chapter Seven, the effects of which still provide a negative economic environment hostile to development and perhaps obstructing natural integration into the global market."

Accelerate joining steps

For his part, Minister of Trade Athir Dawood Al-Ghariri confirmed the resumption of negotiations for Iraq’s accession to the World Trade Organization and the acceleration of its steps, which is a qualitative event and a confirmation of what the government promised through its program to reform the economic situation, considering the private sector an essential part and the backbone of the Iraqi economy.

Al-Ghariri said in a statement followed by "Al-Ahd News" that the fourth round of negotiations will be held during the first quarter of next year, stressing that this acceleration means that the negotiations are proceeding very quickly towards Iraq's accession to the World Trade Organization, considering Iraq an important economic bloc and all countries keen for Iraq to return as an economic player in a multilateral system.

For his part, the Saudi Ambassador to the World Trade Organization, Saqr Abdullah Al-Muqbil, said that there is a positive view that we will find Iraq joining the multilateral trading system as it is one of the largest economies outside this organization, and Al-Muqbil confirmed that "the Kingdom of Saudi Arabia has a priority that Iraq's desires to join the organization be fulfilled.  LINK

More News, Rumors and Opinions Monday PM 7-22-2024

DJ: DID YOU KNOW?

July 21st Post 2024 (Procrastination)

With the troubles of the world in full swing daily, and the relentless narratives of Intel providers spewing exaggerated or expanded information of the engagement of the GCR, our minds go to a place of hope. But not the good kind.

Hope, while often a virtue, can foster procrastination when it becomes an expectation of future rewards rather than an active motivator for present action. When we hope for an ideal outcome, such as a sudden windfall or a perfect opportunity, we may convince ourselves that waiting is the best course of action.

This kind of hope can lead to a false sense of security, making us believe that our desired future will materialize on its own, without the need for our immediate effort.

Consequently, we delay taking steps toward our goals, assuming that circumstances will eventually align in our favor. This passive hope, detached from action, transforms into a subtle but powerful form of procrastination, where the anticipation of future success undermines the imperative to act in the present.

Procrastination steals time and opportunity highlighting our tendency to delay tasks despite knowing their eventual necessity. While we waste our time hesitating and postponing, life is slipping away. While we may delay, time will not. At its core, this is the damage done by Intel providers with their misleading dialogs and exaggerations.

Whether it’s waiting for a perfect opportunity, a financial breakthrough, or a stroke of inspiration, this waiting game often leads to complacency. The idea of waiting for a windfall can be seductive. It offers the comfort of a future where everything falls perfectly into place without effort and often results in missed opportunities and unfulfilled potential. The belief in an imminent windfall can create this dangerous complacency. By postponing action, we often find ourselves unprepared when our supposed windfall arrives. This delay can lead to regret and the painful realization of wasted time.

As Aristotle suggested, “We are what we repeatedly do. Excellence, then, is not an act, but a habit.” By developing habits of consistent effort and incremental progress, we can overcome the damage of procrastination and build a life of achievement and fulfillment.

The point is, absorb this information as it comes but don’t be so preoccupied with it that it changes the course your life might have otherwise taken. Be mindful of the stagnation and complacency it can cause and devote your efforts and time to it when you have it in hand.

If you know how to swim, waiting on the bank for a boat to show up may not be the best way across the water. These Intel providers keep telling you the boat is on the way, don’t let yourself get left on the bank stuck in the mud.

DJ

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KTfA

Henig: Vietnam: New decree on cashless payments

BY OANH H. K. NGUYEN, THUY VAN T. PHAM AND VIET TRUNG NGUYEN  JULY 16, 2024 

In brief

On 15 May 2024, the Government officially issued the new Decree No. 52/2024/ND-CP to regulate cashless payments (“Decree No. 52“). Decree No. 52 takes effect from 1 July 2024 and replaces the previous Decree No. 101/2012/ND-CP on cashless payments, as amended from time to time (“Decree No. 101“).

Among other things, Decree No. 52 sets forth regulations mainly on opening and using payment accounts, cashless payment services and intermediary payment services (IPS). Decree No. 52 aims to promote non-cash payments, facilitating the digital transformation of the banking industry and developing superior payment products and services.

Key takeaways

Decree No. 52 provides a number of significant changes and novel provisions, some of which are highlighted below.

Decree No. 52 imposes stricter requirements on entities wishing to provide the services. In addition, electronic money remittance support services are no longer considered a kind of IPS.

Decree No. 52 provides more detailed guidelines on how payments in foreign currencies and international payments are made. It also sets forth the conditions for entities wishing to participate in the international payment system.

The definition of electronic money (e-money) is introduced for the first time, and e-wallets and prepaid cards are accordingly regulated as a mean to store e-money.

More in-depth in the rest of the story at the link--this is a fairly long article, didn't want to take up too much bandwidth on this site.

https://www.globalcompliancenews.com/2024/07/16/https-insightplus-bakermckenzie-com-bm-financial-institutions_1-vietnam-new-decree-on-cashless-payments_07032024/

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

Frank26  [Iraq boots-on-the-ground report]   FIREFLY:
TV saying Iraqis are keeping 90 trillion dinar at home hoarding them from the banking system still.  We say make the dinar worth something and we will bring them in.  FRANK:  Why does the CBI want the 3-zero notes back?  Because they need to replace them with the lower notes.  Why are you getting lower notes?  Because you're getting a new exchange rate.

Jeff   There was a perception out there that the rate was going to change before the July 18th accession date to the World Trade...This was their 3rd accession World Trade meeting.  There's a 4th meeting coming in Q1 of next year of '25...Many thought Iraq would become a full member as of July 18th.  None of that happened.  

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Banks Are Closing Branches Fast

Economic Ninja: 7-22-2024

https://www.youtube.com/watch?v=a85Mp3bkVDY

Seeds of Wisdom RV and Economics Updates Monday Afternoon 7-22-24

Good Afternoon Dinar Recaps,

Seven-State Coalition Opposes SEC’s Cryptocurrency Regulation

The Office of the Attorney General of Iowa announced earlier this month that Iowa Attorney General Brenna Bird led a seven-state coalition in filing an amicus brief opposing the U.S. Securities and Exchange Commission’s (SEC) attempt to regulate cryptocurrencies. The amicus brief, supported by Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma, was filed on July 10 to challenge the SEC’s overreach.

“SEC’s power grab may stop states from protecting their citizens from scams, and it hurts the free market,” the announcement details, adding:

SEC’s policing of cryptocurrency will stifle innovation and devastate the cryptocurrency industry.

States like Iowa, which have been at the forefront of protecting scam victims and prosecuting scammers, view the SEC’s actions as a significant overreach.

“The Biden SEC is trying to prevent states like Iowa from doing their job to hold robbers to the law and protect families from the dangers of cryptocurrency scams. This power grab will also hurt the free market and allow the SEC to take the regulatory reins over the cryptocurrency industry with no accountability,” the announcement continues.

Noting that the SEC’s “bypassing Congress to give itself new power is illegal, stifles innovation, and will let scammers off the hook,” the Iowa Attorney General’s Office noted, emphasizing:

The Biden SEC is attempting to abuse its power and put itself in charge of regulating cryptocurrency, bypassing state consumer-protection laws.

“Congress never gave the SEC power to regulate cryptocurrency, and there is no accountability to ensure the actions the SEC takes are legitimate and necessary,” the Iowa Attorney General’s Office stressed.

The amicus brief explains that the SEC is violating the Administrative Procedure Act and the Major Questions Doctrine by bypassing Congress. The states argue that typical cryptocurrencies are not investment contracts under the Securities Act of 1934, urging the court to prevent the SEC from exceeding its authority.

@ Newshounds News™

Read more:  Bitcoin 

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Japan’s Fast And Early Approach To Crypto Regulation Is Paying Off

Japan was a rare exception when it came to regulating crypto. Following the catastrophic collapse of Mt.Gox in 2014 – a Japan-based company – the government moved fast and early to clamp down on what was seen as an excessively risky industry. It introduced strict rules for operators, putting them under the oversight of the country’s financial regulator.

That decision means that ten years on, Web3 in Japan is evolving quite differently compared to the startup culture that’s characterized the sector in other countries. Instead, we’re seeing a more prevalent trend of large corporations levering their way into Web3 via strategic M&A and investment activities.

To date, banking giant Softbank has been one of the
most active players, acquiring a controlling stake in crypto trading platform BITPoint in 2022 and becoming a key investor in a dedicated Web3 venture fund initially set up by Deutsche Bank.

However, the latest news, that Sony is gearing up to launch a rebranded crypto exchange called. S.BLOX, as a result of a 2023 acquisition of local platform Whalefin, has created a froth in the crypto community.

I recently spoke to Mai Fujimoto, co-founder of INTMAX, who was fresh from the Japan Blockchain Week Summit which she hosted in early July. She confirmed that, based on the lineup of this year’s event, the corporate move into Web3 is becoming a trend:

“This [Sony] is just one such example. We just hosted many speakers from large corporations [at Japan Blockchain Week], which stood out on the Web3 conference circuit. I believe this is unique to Japan. In the United States, Coinbase and Base

Chain have significantly contributed to the penetration of Web3 in the country, so we can expect similar synergies to occur in Japan as well.”

@ Newshounds News™

Read more:  Forbes

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IOTA’s Product Passport Could Be Used by Tesla, Audi, Porsche, BMW, and VW After Eviden Partnership

—IOTA’s Product Passport with Eviden enhances transparency for Tesla, Audi, Porsche, BMW, and VW, letting consumers track vehicle history and build trust.

—IOTA’s Digital Product Passports optimize production, maintenance, and recycling, improving supply chains for major automotive brands.

When it comes to cutting-edge data solutions while securing privacy to the highest level, IOTA is at the forefront as highlighted in one of our previous coverages. 

According to the latest update from IOTA on the newly established partnership, the IOTA Foundation and Eviden, a subsidiary of Atos, are collaborating on the Eviden Digital Passport Solution (EDPS), which is “Powered by IOTA.”

EDPS is one of the first ready-to-use, DLT-based Digital Product Passports (DPPs) on the market and the first at this scale to utilize IOTA technology.  

This upgrade provides detailed lifecycle information about products, enhancing transparency, traceability, and sustainability. Dominik Schiener, Co-Founder and Chair of the IOTA Foundation, stated:

This partnership leverages our unique joint benefits and creates a strong combination of capabilities, ready for the market to use. This is a long-term collaboration between Eviden and the IOTA Foundation, and we will work closely together to explore further use cases in domains such as construction materials, textiles, and consumer electronics, amongst others. We expect millions of passports to be registered on the IOTA network by the end of the decade.

IOTA and Eviden Enhancing Transparency and Traceability for Major Automakers

Eviden, with leading positions in computing, security, AI, and digital platforms, provides expertise across various industries in more than 47 countries. Importantly, the collaboration with the IOTA Foundation is expected to significantly impact major automakers, including Tesla, Audi, Porsche, BMW, and Volkswagen.

This partnership will enhance transparency and traceability throughout their supply chains, allowing consumers to track the origin and history of their vehicles, building trust in these brands. At the same time, manufacturers can optimize production processes, streamline maintenance, and improve recycling efforts.

At the time of writing, IOTA is trading at $0.1769, with a decrease of 0.43% and a surge of 7.48% in the past week.

@ Newshounds News™

Read more:  Crypto News Flash

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WHAT IS A CURRENCY RE-DENOMINATION?

"Redenomination is the recalibration of a country's currency, typically due to hyperinflation and currency devaluation, whereby an old currency is exchanged for a new one at a fixed rate. "

"While significant inflation is the main reason for a country to redenominate its currency, other reasons include decimalization or joining a currency union. When redenomination occurs, old banknotes and coins are typically taken out of circulation and a new currency is issued. Sometimes, the old currency continues to circulate at a fixed value against the new notes. "

"When redenomination occurs, a new value is established for the new banknotes and coins. For example, in 2006, Zimbabwe redenominated its currency at a rate of 1,000 old Zimbabwe dollars to one new Zimbabwe dollar."

"When hyperinflation is involved, redenomination becomes necessary because it requires too many old notes to facilitate commerce. Small bills essentially become useless if you need a wheel barrel of them to buy a loaf of bread. "

" Probably the most famous redenomination has been the Zimbabwean dollar, which circulated in Z$100 trillion bills—the largest denomination of currency ever issued—thanks to an annual inflation rate of more than 231 million percent.

The Zimbabwe government redenominated its currency several times starting in 2006. In that year, the country's first currency reform was launched in an effort to contain inflation. The Zimbabwean dollar was redenominated at a rate of 1,000 to one."

" In August 2008, the government launched another redenomination. Old notes could be exchanged for new ones at a rate of 10 billion to one. Inflation continued unabated, and new issues of currency with staggering face amounts continued to appear. In January 2009, Z$10 trillion, Z$20 trillion, Z$50 trillion, and Z$100 trillion notes were issued.

In February 2009, the government redenominated a third time. Old currency could be exchanged for new currency at a rate of one trillion to one. By then, most people had quit the Zimbabwe dollar in favor of the U.S. dollar and South African rand."

@ Newshounds News™

Read more:  Investopedia

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CFTC Chairman Behnam Urges Congress For Increased Crypto Regulation: We Are 'On The Front Lines' |  Youtube

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