Iraqi News Highlights Sunday Evening 4-30-23

Iraqi News Highlights Sunday Evening 4-30-23

Tlm724 Administrator Bondlady’s Corner

Al-Alaq: The Central Bank Supported The (Bani) Platform With 50 Million Dollars

The Governor of the Central Bank, Ali Mohsen Al-Alaq, confirmed that the bank contributed to supporting the efforts of the Arab Monetary Fund.

A statement by the bank said: "The Governor of the Central Bank, Ali Mohsen Al-Alaq, and his accompanying delegation participated in the meetings of the Arab financial bodies that are held in the Moroccan capital, Rabat, for the days 29-30 April 2023."

The statement added, "During the speech of the Chairman of the Board of Directors of the Arab Fund, Abdul Rahman Al-Hamidi, he thanked the Central Bank of Iraq for its continuous support for the success of the regional institution for clearing and settlement of Arab payments, the Bani platform."

Al-Alaq confirmed, according to the statement, that "the bank contributed to supporting the efforts of the Arab Monetary Fund in voting to increase the platform's capital by an additional fifty million dollars to help expand the platform's business and support its activities."

And the statement continued, "The governor met with a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks by approving a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries."

The statement pointed out,   https://www.radionawa.com/all-detail.aspx?jimare=34203

The Central Bank: Government Measures Obligated The Payment Of Wages And Salaries Of Foreign Workers In Dinars

Economy| 02:48 - 04/30/2023  Baghdad - Mawazine News  The Central Bank of Iraq confirmed, today, Sunday, that the impact of growth was greatly reflected in the volume of requests, amounts and banks participating in the foreign currency sale window platform, while indicating that government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars.

"Growth has helped reduce the gap between the official and parallel exchange rate significantly over the past days," said Muhammed Yunis, deputy director general of the investment department at the Central Bank, in an interview with the official news agency.

Younes added, "The growth rate of banks participating in this platform reached 155%, while demand levels increased from 42 requests per week, to about 1,280 requests."

He explained, "This increase was accompanied by a significant increase in the volume of amounts for these requests, as it rose from approximately $44 million per week to more than $490 million per week, while the volume of executed amounts reached nearly 80%, and the 20% was Caused by delay in implementation, due to lack of information or requesting additional information.

He continued, "These amounts were distributed among a variety of commodities, the most important of which were foodstuffs, health, electrical and electronic appliances, construction materials, cars and their spare tools," noting that "despite the challenges and obstacles that accompanied the implementation of the new procedures, which some suffer from."

Banks and companies, as they represent a quantum leap in the process of financing foreign trade, and in line with international norms and standards, but today they have reached very advanced stages.

He pointed out that "the increase in the number of requests and the size of their development prompted the Central Bank to work to start new procedures that will contribute significantly to facilitating the transfer process, as the mechanism is based on strengthening the balances of banks that have accounts in solid foreign banks, for the purpose of meeting the requests of their customers in dollars, in addition to Other currencies such as (the euro) and (the Chinese yuan).

And Younes stated, "The banks' requests will be met faster and easier, given the reduction in the volume of transactions according to which the strengthening mechanism will be implemented in order to implement them," stressing, "These measures are supported by the government's approach and the Central Bank of Iraq's direction towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the Secretariat."

The General Assembly of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month, by relying on the Iraqi dinar, and collecting taxes, government fees and insurance. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=225748

Iraq's Oil Exports To America Increased

Economy| 09:03 - 04/30/2023   Follow-up - Mawazine News  The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America increased during the past week.

The administration said in a report, "Iraq's oil exports to America amounted to an average of 222,000 barrels per day last week, up by 42,000 barrels as a daily average from the previous week, in which oil exports to America reached an average of 180,000 barrels per day."

She added, "Most of America's oil revenues during the past week came from Canada at an average of 3.327 million barrels per day, followed by Mexico at an average of 728 thousand barrels per day, and oil revenues from Saudi Arabia amounted to 339 thousand barrels per day." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=225713

The Central Bank's Sales Of Foreign Currency Decreased In Today's Transactions

Economy  Sunday, 30 April 2023 12:47 PM  Baghdad / National News Center  Today, Sunday, the Central Bank of Iraq’s sales of foreign currency decreased, to record about $180 million.

According to the schedule of the currency sale window, followed by the National News Center, the Central Bank sold during its auction today 180,272,118 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar.

critically. Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits), amounting to $122,972,118 million, while the remaining $57,300,000 million went in the form of cash sales.    https://nnciraq.com/202571/

Dollar Exchange Rates In The Local Market

Economy  Sunday, 30 April 2023 11:22 AM  Baghdad / National News Center  Today, Sunday, the National News Center publishes the exchange rates of the dollar against the Iraqi dinar in the local markets.  Selling prices 142,250 dinars per 100 dollars   Buying prices 140,250 dinars per 100 dollars

https://nnciraq.com/202544/

Experts Call For Support For Manufacturing Industries

Economical 2023/04/26  Baghdad: morning  Experts in economic affairs called for supporting manufacturing and public industries and  creating real sustainable development for all sectors different productivity.

International energy expert Mustafa Abdul-Hussein said, in an interview with Al-Sabah:

“Ways to develop regional cooperation with countries of the world require a review of public policies in the field of energy economics and financial systems, and that

Iraq has great opportunities at the national and international levels for the economy page to be the framework.” To build a large workshop in all sectors of the Iraqi economy with the aim of reviving indicators of the national economy,

especially in the energy sector, which is one of the strategic and vital sectors of national income Iraqi and guarantor for the development of local industries ». 

He pointed out «  the importance of opening advanced dialogues aimed at discussing strategic ideas in the field of strengthening the energy sector, since

Iraq has a great opportunity in the field of investment, but

we need a deep discussion of the business climate and indicators of the energy business sector in Iraq and an analysis of the links with economic business indicators. affecting the energy sector.

Haider Kazem al-Baghdadi, a specialist in economic affairs, stressed that  “the energy sector must be invested in a way that works to achieve the highest financial revenues for Iraq,

by adopting phased strategic plans that contribute to making the energy sector a greater contributor to the multiplicity of revenues,” pointing to

“the importance of advancing the reality of industries.” manufacturing in all its aspects, and making Iraq a major source of its products to global markets,

especially since Iraq has commercial relations with the world's major economies. 

He pointed out that « the energy axis represents an important step on the road to achieving international companies that contribute to the creation of advanced transformation industries,

especially since the country has successful experiences in this field and

it used to cover the local market with many important products that support other industrial and agricultural sectors».

The importance of investing in cooperation opportunities with specialized international companies to achieve effective economic development, in light of Iraq's possession of huge reserves of crude oil in various regions of Iraq.    https://alsabaah.iq/75759-.html

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Possible Questions To ask at your Exchange Appoinment From Holly

Holly From Telegram:

Questions to ask and things to know during your Appointment

1. Ask up front for a copy of all signed documents and agreements. 

 2. Get printed receipts of all transactions in regards to all accounts which includes deposits, debits and current balances. 

3. Ask to please give you the best rate possible! Are there any stipulations (conditions) on the contract rate if available?

4. Do I need any other accounts or sub accounts in addition to my new QFS account? What do I do with the accounts I have now?

5. Can I have multiple sub account with QFS accounts or must they be in a bank?

6. How much can I bring down under each sub account?

7. Will interest be paid on money if kept on the QFS and how many accounts can I get that interest in?

8. If so, how much interest are we getting and when does it start?

9. Can I get that in quarterly installments?

10. How much interest can I get on the Zim monies? If only allowed to pull down a certain amount when will I be able to get interest on the other monies?

11. Is there a max amount I can put into primary account that I will get interest on?

12. Will there be an QFS class to learn how to access, deposit, withdraw, etc.?

13. Will I need to purchase a separate computer just for QFS banking?

14. Am I being given an immediately active and secure debit card attached to my QFS Mother-load account today and if so, how do I keep the account safe?

15. I have never done a humanitarian project. Is there a team that can help with my set up and implementation needs? Do I need to start the process immediately?

16. Is there a need for any security measure to be put in place for me and my new QFS account?

17. Get business cards of everyone you speak to!

18. Make sure you see money in the account before you leave the building!! Count twice before signing off.

19. Get 100 checks for subaccounts (ask if that many is necessary, you do not want a big paper trail)

20. “Proof of Funds”-Clean Clear Certificates- get many denominations- and a Debit Card for Mother accounts. Only carry a debit card for lower amounts in case it is stolen (personal account). Change password from the one they give you.

21. All money should go into the QFS account (NONE to their bank). Set a limit of how much physical cash that will be allowed to take out of the bank and home with you.

22. Flag all accounts as “ACCESS RESTRICTED TO NON-ESSENTIAL PERSONAL”. Also, flag for accounts not to be in Test and Production.

23. Does FDIC still apply or do I need Lloyds Insurance over $250k? Make sure you are not paying a Spread fee (a reduction of the rate because the bank takes a fee for facilitating the transaction)

24. Is there lost/stolen card protection?

25. Do you need to get a new phone or wait for the new QFS phone?

26. Ask to fill out a POD (Payable on Death) and take with you.

27. What forms are needed to hire a team without violating our NDA?

28. For banking purposes/wealth managers (we do not need a wealth manager) all accounts should be Non-testing, Non-training accounts either online or offline. Require that the bank manager be the only person with direct access to your account. No general teller is to have access. Privacy and security need to be safeguarded.  ALL MONEY STAYS ON QFS SYSTEM!!

29. Is my money protected by the devaluation of the USD?

30. How soon can I make a Med-Bed appointment?

Recaps Note:  Not all information may apply to you and your personal situation…..Take what you like and leave the rest:  Some you may want to save for your own personal records!  Be Sure to consult a professional for all financial decisions.

News, Rumors and Opinions Sunday PM 4-30-2023

KTFA:

Clare:  The Iraq Stock Exchange announces the suspension of its work for tomorrow

4/30/2023

The Iraqi Stock Exchange announced, on Sunday, that it will stop its activity for a period of tomorrow, as it is an official holiday.

The market said in a statement, "Based on the Cabinet's decision to declare a one-day official holiday on the occasion of International Labor Day, it will not organize trading sessions for tomorrow, Monday, May 1, 2023." 

And between "it will be the first trading session after the holiday, starting on Tuesday, May 2, 2023, according to its official timing."

It is noteworthy that the Iraq Stock Exchange organizes five trading sessions per week, from Sunday to Thursday, and includes 103 Iraqi joint-stock companies representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services.   LINK

Sir:  Good Day KTFA family, Tomorrow, May 1st. is the 20th anniversary of the fall of Iraq and Sadam by the US forces ( 1-month / 1-week and 4 days) to complete take down of Sadam.
Although I didn’t agree with that military incursion, the fact is that it took place. 

This anniversary would be a great day for the Iraqi people if they were to reinstate the Dinar to its rightful place as they did for Kuwait.

We know from the studies here on KTFA that they are ready to do so. Let’s hope that they do this and give the Iraqi people what they were promised.  GOD bless all….

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Clare:  Central: Payment of wages and salaries of foreign workers in Iraqi dinars

4/30/2023  Baghdad

Today, Sunday, the Central Bank of Iraq confirmed that the impact of growth was greatly reflected in the volume of requests, amounts, and banks participating in the foreign currency sale window platform, while indicating that government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars.

"Growth has helped reduce the gap between the official and parallel exchange rate significantly over the past days," said Muhammed Yunis, deputy director general of the investment department at the Central Bank, in an interview with the official news agency.

Younes added, "The growth rate of banks participating in this platform reached 155%, while demand levels increased from 42 requests per week, to about 1,280 requests."

He explained, "This increase was accompanied by a significant increase in the volume of amounts for these requests, as it rose from approximately $44 million per week to more than $490 million per week, while the volume of executed amounts reached nearly 80%, and the 20% was Caused by delay in implementation, due to lack of information or requesting additional information.

He continued, "These amounts were distributed among a variety of commodities, the most important of which were foodstuffs, health, electrical and electronic appliances, construction materials, cars and their spare tools," noting that "despite the challenges and obstacles that accompanied the implementation of the new procedures, which some suffer from." Banks and companies, as they represent a quantum leap in the process of financing foreign trade, and in line with international norms and standards, but today they have reached very advanced stages.

He pointed out that "the increase in the number of requests and the size of their development prompted the Central Bank to work to start new procedures that will contribute significantly to facilitating the transfer process, as the mechanism is based on strengthening the balances of banks that have accounts in solid foreign banks, for the purpose of meeting the requests of their customers in dollars, in addition to Other currencies such as (the euro) and (the Chinese yuan).

And Younes stated, "The banks' requests will be met faster and easier, given the reduction in the volume of transactions according to which the strengthening mechanism will be implemented in order to implement them," stressing, "

These measures are supported by the government's approach and the Central Bank of Iraq's direction towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the Secretariat."

 The General Assembly of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month, by relying on the Iraqi dinar, and collecting taxes, government fees and insurance.  LINK

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

Militia Man  At this stage of the game...everybody should be smiling, going, ' Iraq 's finally coming to the open market.'  What we're looking for is the Forex - the Iraqi dinar to be exposed to the international world at an internationally acceptable exchange rate.  We're probably going to see that, I would hope, any time.  It's pretty powerful stuff.

Frank26   I have a better idea of when to hold'm and when to fold'm.  Because at $1.50 I'm already half way there to the $3 I was seeking.  In reality I wouldn't be surprised if this thing goes into the $4 range.

Deepwoodz  All indications from reading up on parallel rates are that this means the illegal or black market rate. Just like in Iraq ...They are squeezing out the dollars. This eliminates the multi currency practice that goes against becoming article 8 compliant. I found it interesting that a country only has to notify the IMF that they will comply with article 8 to be article 8. Then simply comply.

FRC Collapse; CASCADE of Bank Failures Coming | Bob Moriarty

Liberty and Finance:  4-30-2023

First Republic will likely be gone by Monday.

Someone will take the hit for the tens of billions of dollars uninsured in the bank, says Marine, naval aviator, and financial author Bob Moriarty.

And the collapse of the bank could create contagion that puts the $500 trillion derivative bubble at stake, he says.

https://www.youtube.com/watch?v=JtMDDdV2eeY

First Republic expected to collapse by Monday, but Fed won’t pivot - Michael Lee

Kitco News:  4-29-2023

Michael Lee, Founder of Michael Lee Strategy, joins Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News to discuss the unfolding banking crisis in the U.S., including the fate of the beleaguered First Republic Bank.

They examine what the latest PCE inflation numbers may predict about the Fed's upcoming interest rate decision, and why Lee believes that Fed Chair Jerome Powell is unlikely to pivot. They also address broader macroeconomic trends and the impacts on gold, stocks, and bonds. 

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

4 Money Lessons From High-Net-Worth People That You Need Right Now

4 Money Lessons From High-Net-Worth People That You Need Right Now

Wola Odeniran, CEPF®  Tue, April 25, 2023

Advisors often work with high-net-worth clients and are able to understand the expectations wealthy clients have about managing their finances. The good news is that some of those takeaways can be applied to clients who are not high-net-worth individuals.

Read on to understand four lessons advisors can take from high-net-worth clients – and how they can be applied to any client.

If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform.

Almost Everyone Needs an Estate Plan

Estate-planning practices apply to every client, no matter their tax bracket, says Renee Fry, co-founder and CEO of Gentreo, a company that provides estate-planning document services.

“Financial advisors should take the example of their high-net-worth clients and apply estate-planning principles to all their customers, regardless of income bracket,” Fry says. “Every person has an estate, regardless of their income level, and thus, everyone should have a plan in place to ensure that their assets are distributed according to their wishes.”

Proper planning can help advisors build a bigger client base. “By doing so, advisors can help ensure their client’s financial security, build long-term trust and differentiate themselves from their competitors,” Fry says.

If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

Outside Advice Is Valuable, Even When Clients Are Knowledgeable

Some clients may be titans of business or professional heavyweights, which has helped them benefit financially. “But that doesn’t mean that they know how to budget, how much insurance to have, how to invest or what to do with their wealth in terms of estate and charitable giving,” says Amy Jo Lauber, a certified financial planner and founder of Lauber Financial Planning.

Lauber also says that non-high-net-worth clients, especially those looking to improve their financial situation, often have more financial awareness than those who are wealthy.

“I find people who are living paycheck-to-paycheck are much more aware of their financial situation because they need to be,” Lauber says.

Index Funds Can Be a Foundation for Client Portfolios

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/4-lessons-advisors-learn-high-170850089.html

The US-China Economic War is Coming-BRICS Will Strike Back

The US-China Economic War Is Coming | BRICS Will Strike Back

Sean Foo:  4-30-2023

The United States is moving fast to curb American investments to China. This is a type of economic sanction that could escalate to a full economic conflict.

 The consequences will be both disastrous for China, the United States and the dollar. Globalization is truly breaking down as we are moving towards a multi-polar world with the BRICS and G7 splitting the world apart.

Here's what you must know!

Timestamps & Chapters:

0:00 US Moves To Ban China

2:33 A Win For America?

5:38 China Will Retaliate

8:40 BRICS Could Counter This

11:00 The Big Winner

 13:23 Economic Chaos Is Coming

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

What Is a Decamillionaire?

What Is a Decamillionaire?

By Cassidy Horton  Updated on December 29, 2021

 Reviewed by Somer G. Anderson

Anyone with a net worth of at least $10 million is considered a decamillionaire. Because the word “millionaire” is such a broad term, people often use “decamillionaire” instead to describe exactly how much wealth someone has.

Someone with a net worth of $10 million to $99.99 million is considered a decamillionaire. Because the word “millionaire” is such a broad term, people often use “decamillionaire” instead to describe exactly how much wealth someone has.

Here’s a closer look at what it means to be a decamillionaire and how it works.

Definition and Examples of a Decamillionaire

A decamillionaire is someone with $10 million to $99.99 million in net worth. The word is a combination of “deca” or “deka,” meaning “10” in Greek, and “millionaire,” meaning anyone with at least $1 million in net worth. Therefore, a decamillionaire is anyone with a net worth of at least $10 million.12

The term doesn’t just apply to those with $10 million in U.S. dollars, either. It refers to anyone who has a net worth of at least 10 million in any currency. So, if you have 10 million in British pounds or 10 million in euros, you’re also a decamillionaire.

How a Being a Decamillionaire Works

Oftentimes, using the word “millionaire” alone doesn’t paint an accurate picture of someone’s wealth. Do they have $1 million? $10 million? $100 million? There’s a sizable difference between those amounts. Therefore, people use terms like “decamillionaire” to further classify how much wealth someone has.

But decamillionaire isn’t the only subclassification used to describe the size of someone’s wealth. This chart breaks down other common categories people use:

Classification                      Net Worth

Millionaire                       At least $1 million

Pentamillionaire               At least $5 million

Decamillionaire                At least $10 million

Hectomillionaire              At least $100 million

Billionaire                       At least $1 billion

To continue reading, please go to the original article here:

https://www.thebalancemoney.com/what-is-a-decamillionaire-5208325

"Tidbits From TNT" Sunday 4-30-2023

TNT:

CandyKisses:  Al-Alaq participates in the meeting of Arab financial institutions and announces the support of Buna platform with $ 50 million

Baghdad - Iraq Today:

The Governor of the Central Bank of Iraq and his accompanying delegation participated in the meetings of Arab financial institutions held in the Moroccan capital Rabat.

During the speech of the Chairman of the Board of Directors of the Arab Fund, Abdul Rahman Al-Humaidi, "he thanked the Central Bank of Iraq for its continuous support for the success of the Regional Corporation for Arab Payment Clearing and Settlement (Buna)."

The Governor of the Central Bank, Ali Al-Alaq, said that "the bank contributed to supporting the efforts of the Arab Monetary Fund in voting to increase the capital of the platform by an additional fifty million dollars to help expand the platform's business and support its activities."

The Governor also met with "a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks through the adoption of a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries.

Buna is a wholly owned inter-Arab payments system owned by the Arab Monetary Fund, of which Iraq is a founding member and active shareholder.

The platform also provides participants with modern payment solutions that comply with international standards and principles and international compliance requirements, since its launch has been an important step towards enhancing opportunities for economic and financial integration in the Arab region and supporting investment ties with trade partners of Arab countries around the world.

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Tishwash:   The Central Bank of Iraq explains the importance of the POS system for cash payments 

The Central Bank of Iraq clarified the importance of applying the (POS) system in the field of economic activity and combating money laundering and financing terrorism, and while specifying the ministries and institutions covered by the system, it confirmed that points of sale (POS) will be spread in all institutions that contain collection.

And the Central Bank said, in a statement: “Points of sale (POS) will spread to all institutions that contain collection, that is, the inclusion of every institution, ministry, authority, and companies contracting with ministries that have collection or have delivery or receipt of money, which will be covered by the application of the (POS) system.”

He pointed out that "the ministries covered by the system are the Ministry of Interior, Electricity, Transport, Oil, and the Hajj Authority, in addition to other ministries that will use the credit card for the purpose of electronic payment instead of (cash), which will reduce the risk of carrying money," noting: "If the card is lost, it can be disabled." And get a new card.

And he indicated that "the adoption of the (POS) system will raise the economic level of the country, and dealing with the bank will greatly expand, and it will transfer funds from funds hoarded in homes to funds stored in banks, which will reduce the problem of the deficit in financing housing projects or housing loans and economic projects."

He added, "The adoption of the (POS) system project was personally adopted by Prime Minister Muhammad Shia'a Al-Sudani through cabinet meetings and its decisions that obligated ministries to use the (POS) system."

He added, however, by saying: "The (POS) system will be used in the future, even in restaurants and delivery, and the company and shop owners will be punished if the devices are not provided, especially those that collect a lot of money."

He pointed out that "there is a decision that obliges everyone who sells a house that exceeds 500 million, to enter this money into the bank, and the owner of that money is asked about the source of the money, through the KYC account opening form, in order to get rid of the issue of money laundering and terrorist financing."  link

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CandyKisses:  US congresswoman calls for activating the agreement between Baghdad and Erbil

Baghdad - Iraq Today:

A member of the US Congress called for the resumption of oil exports from the Kurdistan region of Iraq, pointing to the need to implement the agreement between Erbil and Baghdad on the re-export of oil from the Kurdistan region of Iraq, saying: "The agreement cannot be kept ink on paper."

US Congresswoman Eliza Slotkin said on the issue of re-exporting oil from the Kurdistan region of Iraq, and the concern of oil companies operating in the region, that "this issue has reached several times to Congress and the State Department, but the Iraqi constitution stipulates that the revenues must be shared.

"I will try to increase the U.S. government's focus on Iraq, and put more pressure, to work from the ambassador and the State Department's consul general on these issues and use their influence on Baghdad," the U.S. official said.

Slutkin pointed to the existence of a dialogue between the President of the Kurdistan Regional Government of Iraq Masrour Barzani and Iraqi Prime Minister Mohammed Shia Sudani, noting: "They have to advance this agreement, it cannot be kept ink on paper."

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CandyKisses:  Budget 2023. MP talks about salaries, deficit and Kurdistan's quota

 Baghdad - Mawazine News
A member of the parliamentary finance committee, Jamal Kojar, confirmed on Sunday that the committee is conducting an in-depth study for the purpose of reducing the fiscal deficit in the budget.

"After hosting the Minister of Planning and the minister's remarks, we realized that the investment budget should be kept as it is and should - if there is a reduction - be on the operational side, and here salaries will not be manipulated at all, but in other aspects," Koger said.

He added: "The three-year budget was also discussed with the Minister of Planning, and the picture of the budget for three years only became clear in the paragraph not to stop and wait for the government and go towards disbursing 1/12 after the beginning of the year," noting that "despite that, the government is obligated to send the 2024 budget tables at the end of this year, and the 2025 budget schedule at the end of next year."

According to the official newspaper, "the minister explained that the ministry submitted these tables to the government, but the government did not attach them to the draft budget."

He continued: "As for the share of the region, 12.67 percent has been adopted until the general census scheduled for this year, and then the settlement is made, whether the percentage is less or more," noting that "the Minister of Planning indicated that 400 billion dinars have been allocated for the work of the census to know the shares of all governorates," noting that "within the budget there is a paragraph called allocation to conduct a general census, and if the census is done, there will be a statement of the percentages for all governorates, so the minister demanded not to change or manipulate this amount."

Koger stressed that "the Finance Committee, since last Wednesday, began amending paragraphs and articles within the federal budget according to its constitutional powers."

"The committee is conducting an in-depth study for the purpose of reducing the fiscal deficit in the federal budget and bringing it to reasonable figures," he said. 

Mot:  ....... fer those Special Friends Ya Have!!!

Mot:  .. ooooh Nooooooo

Goldilocks "MultiCurrency Accounts and Digital Platforms" Sunday 4-30-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted explanatory comments with links this morning:

Europe is showing us their new project. After completing digital regulation procedures, they are now implementing their wholesale settlement process through digital ledger transmissions.

Wholesale settlement is the actual transfer of funds between Banks or Central Banks. 

This digital process along with digital protocols and mechanisms to secure both sides of a trade through artificial intelligence is now going live in Europe.

© Goldilocks

Ledger Insights LINK

FedNow Service LINK

Alchemy Pay is a digital payment platform. 

It's purpose is to make crypto currency payments easier for the general public. 

It is designed to bridge fiat currency exchanges with the digital economy.

"Recently, Bank Indonesia granted licenses to Alchemy Pay and PT Berkah Digital Pembayaran (BDPay) to operate their money transfer and remittance businesses."

© Goldilocks

Indian Rupee Alchemy Pay LINK

What is Alchemy Pay LINK

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The House Financial Services Subcommittee is currently examining stablecoins' role in the new digital asset-based payment system. 

And, they are working on proposed legislation that will enable federal protocols in issuing stablecoins. 

These digital currency reforms are beginning to reach an implementation status that will allow them to become law. 

© Goldilocks

JDSUPRA LINK

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Standard Charter is allowing people to apply for new multi-currency accounts that can be utilized on a debit card.

This multi-currency debit card allows you to hold several foreign currency accounts that can be utilized for payments. 

You can order this card by June 30th with the ability to make transactions by July 31st. 

I could not find an article on it, but I did find two promotional pieces. This article is to inform and not to recommend. Do your own research. 

The world is going digital at a very rapid pace now.

© Goldilocks

Multicurrency Debit Card LINK

Multicurrency Master Card LINK

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Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Sunday Morning Iraqi News Highlights 4-30-23

Sunday Morning Iraqi News Highlights 4-30-23

An Economist Who Explains How To Overcome The Fiscal Deficit In The Budget

Today 09:32  Information / Baghdad...  The economist, Dr. Safwan Qusay, explained that Iraq needs the price of a barrel of oil in the budget to be $90 in order to overcome the deficit and avoid resorting to internal borrowing.

Qusai said to Al-Maalouma, “The financial deficit in the budget is rounded up through the financial surplus, which amounts to 20 billion dollars, and there is also a possibility to reduce the financing of the deficit so that the Ministry of Finance does not finance the allocated allocations, and also that the budget opened the window for internal borrowing from Iraqi banks at the expense of the bank’s reserves.” central".

He added, "It is hoped that oil prices will rise in order to cover the deficit, as Iraq needs the price of a barrel of oil to be $90 in order for there to be financing for the deficit away from borrowing."

And he indicated that "the positive outlook for oil prices during the current year may be that Iraq will achieve a rise in prices, so that the price of a barrel during the current year is 82 dollars." LINK

Disclosure of a parliamentary government contact to end the inflation crisis within the budget[/size]

Information / Baghdad..   The representative of the State of Law coalition, Muhammad Al-Ziyadi, revealed the existence of parliamentary government discussions for the purpose of ending the state of inflation in the financial budget, indicating that the survival of inflation rates for the next three years threatens the Iraqi economy.

Follow the "information" channel on Telegram.. news that does not need to be documented..

Al-Ziyadi said, in a statement to Al-Maalouma, that "the Finance Committee is preparing the draft budget law for voting by holding intensive meetings and hosting parties for stakeholders, especially government agencies."

He added, "The most important problem facing the Finance Committee at the present time is the high rates of inflation in the budget compared to the past two years 2021 and 2022," noting that "the amendments that the Finance Committee will make in the budget , especially those on the financial side, need the approval of the government.” 

Al-Ziyadi explained that "the ongoing negotiations between the two parties are taking place very smoothly, and it will be agreed to pass the budget in the middle of the next month." LINK

Abdul Hassan Al-Shammari To / NINA /: The Delay In Approving The Budget Is A Negative Matter And Evidence Of The Differences Of The Political Blocs

Sunday, April 30, 2023 | Economical Number of readings: 217 Baghdad / NINA / - The economic expert, Abdul Hassan Al-Shammari, confirmed: The delay in approving the budget is a negative matter and evidence of the differences of the political blocs. Noting: In light of this situation, its approval may take nearly a month.

And he told the National Iraqi News Agency / NINA /: If the balance between push and pull remained without a tight economic construction, it would not be a tight budget.

Al-Shammari added: The most important budget problems are the large deficit, which exceeds 63 trillion dinars, which is a large number.. indicating that it is true that the oil price of $86 may cover the deficit, but in the coming months it may decrease.

And he explained: One of the negatives accompanying the budget is also that until now, the appointment in the departments of the state, which will become a state of employees, has not stopped without production. https://ninanews-com.translate.goog/Website/News/Details?key=1050184&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Per Capita Income Exceeds 50,000 Dinars Per Day.. "Begging" In Iraq Is A "Profession" Run By "Mafias"

2023-04-30 Shafaq News/ Begging is a widespread phenomenon in Iraq, despite the campaigns launched by the Ministry of Interior, ministries and other concerned authorities in order to address and reduce it.

Specialists attribute the continuation of this phenomenon to several reasons, the most prominent of which is poverty, which has not increased by 20 percent for more than 10 years, despite the plans and initiatives launched, but they did not address the roots of the problem, and therefore it remains.

The most serious issue in begging is its entry into human trafficking crimes, as there are gangs that trade in beggars, and groups that practice beggary, so it overlaps with other crimes targeting the Iraqi individual, especially in poor areas that suffer from economic, social and psychological problems, according to specialists.    

Anti-Begging

The Ministry of Interior, in cooperation with the Supreme Judicial Council and other supporting sectoral bodies, recently launched a campaign to combat beggary in Baghdad and the provinces, but the fight against beggary does not stop at this campaign, according to the spokesman for the Ministry of Interior, Major General Khaled Al-Muhanna.

He added to Shafaq News agency, "It is related to many sectoral agencies, including the Ministry of Labor, to secure social protection for beggars, especially those who are in dire need of sums of money from the helpless and unemployed to meet their daily needs."

Al-Muhanna points out that "there are those who take beggary as a profession, and operations were carried out to combat human trafficking gangs, and six large groups were arrested in Baghdad, and they were referred to the competent courts."

And while confirming the continuation of operations to combat these gangs, he explained that "there are foreign beggars, and these are their fate after being caught and deported outside the country, and thus his case ends, unlike the local beggar who may be released after the expiration of his detention period and return to begging again."

According to reliable statistics, the poverty rate in Iraq in the past year 2022 exceeded 25%, which is the highest since 2003, and therefore the government faces a challenge to help about 10 million Iraqi citizens below the poverty line.

From Reality

A 12-year-old girl who practiced begging in Karbala governorate, an orphan of her father and her mother left her, said, "I had to stay with my father's second wife, who took care of me in the early days, but after a while she asked me to go out to beg to earn a living, as she was a housewife, not She has a breadwinner."

The girl, who refused to reveal her identity, explains to Shafaq News Agency, that she used to live in one of the southern governorates and came to Karbala because of the crowded population there and the visitors who come from different regions.

The girl earns from begging between 15,000 and 30,000 dinars on a daily basis, and in the season of visits it reaches 100,000 dinars, pointing out that these sums are "taken by my stepmother and spent part of it on me."

Begging in Karbala is a negative phenomenon suffered by the people of the province and the tourists who flock to it, at a time when statistics indicate that more than 85 percent of those who practice begging are not poor, and some of them are from Islamic and non-Arab countries, according to Majid Al-Khayyat, director of the Iraqi Center for Media Studies and Research.

Regarding the reasons for the arrival of some beggars from other regions to Karbala, Al-Khayyat explained to Shafaq News Agency, that this comes "with the aim of not knowing them in this province, as well as the presence of foreign tourists," stressing that "most of these beggars have social protection salaries, but they are used to easy earning money by begging."  

The social researcher Raghad Sabbar stands close to what Majed Al-Khayyat said about the degradation of begging, and while the concerned authorities are calling for tougher punishment to deter beggars, she identified the causes of widespread beggary to two main factors: the economic situation and family disintegration.

During her speech to Shafaq News agency, she warned the importance of "not always blaming the government, as there is a mafia that benefits from beggars, and some of them are accustomed to collecting money without working", calling on beggars to find a job that preserves their dignity and at the same time secures their daily sustenance. .

Begging Processing

Ali al-Bayati, a former member of the High Commission for Human Rights, calls for the need to take real measures that amount to the seriousness of the problem, which always receives partial solutions and reactions from state institutions, which are limited to putting some beggars in detention centers and then releasing them, without searching for reasons. Which prompted them to beg and be present in the arena of human trafficking, and to address these causes, in addition to providing them with opportunities for a decent life, including a shelter and a source of livelihood, and protecting them from human trafficking gangs.

He assures Shafaq News agency that state institutions and ministries of interior, labor, planning, health and others must involve civil society organizations and the media to combat beggary, and strengthen the capabilities of law enforcement agencies, and without these measures, this problem cannot be solved. 

Begging Penalty

Legal expert Ali Al-Tamimi explains the penalty for recruiting children for the purposes of begging and the law to combat human trafficking by saying, "The Iraqi Penal Code, in Articles 392, 391, and 390 thereof, is punishable by simple imprisonment and fines for beggary or placement in the state's role in the event of repetition," noting that when examining the text The above articles permit begging for those who have no work. This is how the text is understood, stressing, "I am not with penalties, but when alternatives are found, punishment can be imposed."

He added to Shafaq News agency, "Law 28 of 2018 punishes human trafficking with imprisonment to death and fines from 5 to 10 million dinars for human trafficking." He answered a question: Can recruiting and begging young people be considered human trafficking? "I agree with that because it is a trade in small tools." It is not possible to take a decision, and it kills their future, and if this was implemented, the begging mafia would have ended.”

He points out that "Iraqi Juvenile Welfare Law No. 76 was issued in 1983, and it needs to be amended in this aspect to address the problem of dying children in Iraq," pointing out that "the application of the Anti-Human Trafficking Law requires high intelligence effort, community cooperation, and activation of communications, and it needs an amendment in this regard." the side".   LINK

Parliamentary Finance: The Main Suspect In The "Theft Of The Century" Case Is In This Place

Sunday, April 30, 2023 06:44 | politics Number of readings: 471  Baghdad / NINA / - The Parliamentary Finance Committee revealed that the travel ban badge had been lifted from the main suspect in the case of theft of the century, “tax secretariat revenues,” Nour Zuhair.

Committee Member Representative Mustafa Sanad, through his personal account on the Facebook social networking platform, published an official document issued by the Real Estate Registration Directorate to the Basra Real Estate Department demanding that the seizure badge be lifted on the property of the sponsored defendant,” Nour Zuhair" and his wife in Basra Governorate, stressing that the latter is currently in the city of Dubai.

And the former Minister of Interior, Othman Al-Ghanimi, announced, on October 24, 2022, the arrest of the so-called “Nour Zuhair Jassim Al-Muzaffar,” the main accused of stealing (3) trillion and (700) billion dinars from public tax funds, and depositing him in a police station, where he was removed from the private plane at Baghdad International Airport before his escape./ End 5

https://ninanews-com.translate.goog/Website/News/Details?key=1050160&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en[/rtl]

Iraq's Oil Exports To America Increased To 222 Thousand Barrels Per Day

Energy  Economy News – Baghdad  The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America increased during the past week.

The administration said in a report, "Iraq's oil exports to America amounted to an average of 222,000 barrels per day last week, up by 42,000 barrels as a daily average from the previous week, in which oil exports to America reached an average of 180,000 barrels per day."

She added, "Most of America's oil revenues during the past week came from Canada at an average of 3.327 million barrels per day, followed by Mexico at an average of 728 thousand barrels per day, and oil revenues from Saudi Arabia amounted to 339 thousand barrels per day."

https://economy-news.net/content.php?id=33908

The Iraqi Stock Exchange Will Stop Trading Tomorrow

Market     Economy News – Baghdad  The Iraqi Stock Exchange decided to stop trading tomorrow, Monday, on the occasion of Labor Day.

And the stock exchange said, in a statement, "It was decided not to organize a session tomorrow on the occasion of Labor Day."

"The session will resume on Tuesday," she added.

Many investors criticize the suspension of trading in the stock exchange, due to the large number of holidays in the Iraqi state, which negatively affects the performance of the market.

https://economy-news.net/content.php?id=33914

Dollar Prices Recorded A Noticeable Decline In The Local Markets

Economy  |Today  Baghdad today – Baghdad   Today, Sunday, the exchange rates of the dollar against the dinar recorded a noticeable decrease in the main stock exchange and local markets in the capital, Baghdad .

The (Baghdad Today) correspondent said, "The exchange rate of the dollar for today, on the stock exchange, reached 141,400 Iraqi dinars for every 100 dollars .  "

And he added, "The selling price reached 141,750 dinars per 100 dollars, and the purchase price reached 140,750 dinars per 100 dollars in local exchange offices.  LINK

Iraqi News Highlights Saturday Evening 4-29-23

Iraqi News Highlights Saturday Evening 4-29-23

Tlm724 Administrator Bondlady’s Corner

The Ministry Of Finance Participates In The Meetings Of The Economic Development Fund And The Arab Investment Guarantee Corporation

Baghdad – conscious  Today, Saturday, the Ministry of Finance participated in the meetings of the Board of Governors of the Arab Fund for Economic and Social Development and the Arab Corporation for the Guarantee of Investment and Export Credit.

The media office of the Ministry of Finance said, in a statement received by the Iraqi News Agency (INA), that  "Finance Minister Taif Sami participated in the meeting of the Board of Governors of the Arab Fund for Economic and Social Development as the governor of Iraq in the fund," noting that

"Iraq is one of the countries that contribute the most to the Arab Fund." for economic and social development, and contributes to the capital of the special account at a rate of 9.2 percent to finance small and medium private sector projects in the Arab countries. 

He added, "The fund's agenda was discussed, the council's decisions were voted on, and support was given to the Palestinian people. The Arab Republic of Egypt's project to generate electric power (Al-Bukhari) won the Abdel Latif Youssef Al-Hamad Award, as it is one of the environmentally friendly development projects."

And she continued, "The Ministry of Finance participated in the meeting of the fiftieth session of the Arab Corporation for the Guarantee of Investment and Export Credit," explaining that "

Iraq is one of the contributing countries to this institution that established this institution to guarantee Arab and foreign capital invested in development projects in the Arab countries," pointing out that

The Foundation's agenda was discussed and the Council's decisions were voted on.

https://www.ina.iq/183942--.html

The Governor Of The Central Bank Of Iraq Participates In The Joint Annual Meetings Of Arab Financial Institutions In Rabat

April 29, 2023       His Excellency the Governor of the Central Bank of Iraq and his accompanying delegation participated in the meetings of Arab financial institutions that are being held in the Moroccan capital, Rabat, for the days 29-30 April 2023.

      During the speech of the Chairman of the Board of Directors of the Arab Fund, Dr. Abdul Rahman Al-Hamidi, he thanked the Central Bank of Iraq for its continuous support for the success of the Regional Corporation for Arab Payments Clearing and Settlement (Bunna platform).

    His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said that the bank contributed to supporting the efforts of the Arab Monetary Fund in voting to increase the platform’s capital by an additional fifty million dollars to help expand the platform’s business and support its activities.

    His Excellency also met with a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks through the approval of a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries.

    It is noteworthy that (Bani platform) is a system for inter-Arab payments wholly owned by the Arab Monetary Fund, in which Iraq is a founding member and an active shareholder.

    The platform aims to enable Arab financial institutions, central banks, and commercial and Islamic banks to perform payments among themselves in a timely and reliable manner, at an appropriate cost and with high efficiency, facilitating cross-border payments.

    The platform also provides participants with modern payment solutions that comply with international standards, principles and international compliance requirements.

Since its launch, it has constituted an important step towards enhancing economic and financial integration opportunities in the Arab region and supporting investment ties with trading partners of Arab countries around the world   Central Bank of Iraq   information Office   29 - April – 2023   https://cbi.iq/news/view/2315

Al-Sudani's Financial Advisor Determines The Fate Of Iraqi Deposits In US Banks.. What Is Their Value?

  Information / special.  Today, Thursday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the fate of the reserves of the Central Bank of Iraq located in American banks, while determining the value of the "sovereign portfolio."

In an interview with Al-Maalouma Agency, Salih said, "Diversifying the central bank's reserves from various foreign currencies and various safe investment tools ensures its protection from legal and price risks," stressing:

"There is no pressure exerted on diversifying reserves."  He added, "These reserves are usually invested in semi-liquid sovereign foreign debt instruments, such as remittances and treasury bonds managed by the governments of countries in the first industrialized world, especially debt instruments with high credit ratings and with appropriate interest, whether they are American, European, Japanese and Chinese."   Al-Sudani's financial advisor explained,

"The investment portfolio of the Central Bank of Iraq   (which includes the country's foreign reserves of various currencies and gold) is managed according to the optimal global standard ratios, which are formed in the currencies of the dollar, the euro, the pound sterling, the Chinese yuan, the Japanese yen and gold."

Regarding the value of the sovereign portfolio, Saleh stated that "these currencies are worth about $115 billion in total," pointing out that "the US dollar invested in US bonds and transfers constitutes a weight of no less than 35-40% of those reserves, since dollar oil revenues are The basic origin of the reserves, and that the oil market is mainly a dollar market, since its inception before the First World War until now.

The Ministry of Oil announced, today, Thursday, the final statistics for the revenues of last March, while confirming that it amounted to more than 7 billion dollars.

And the revenues from oil exports and sales from Iraq to the rest of the countries go to the Federal Central Bank, which controls the form of Iraqi deposits, which causes popular and political anxiety as a result of Washington’s control of the hard currency.

https://almaalomah.me/news/economy/مستشار-السوداني-المالي-يحدد-مصير-الودائع-العراقية-بالبنوك-ال

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

It’s Okay to Be in Debt, Just Not Okay to Stay in Debt

It’s Okay to Be in Debt, Just Not Okay to Stay in Debt

APRIL 26, 2023  Financial Pilgrimage

Ever since college, I have always thought I was good with money. At least, that’s what I’d tell myself in my 20s. At the age of 25, I was completely debt-free! Yet, we accumulated nearly $200,000 in debt by age 30.  Most purchases were normal today: a house, student loans, newer cars, a wedding, a condo at the lake. Oh wait, a lake house is not typical, but it happened. While getting into debt was not ideal, I don’t regret any of it, and thankfully we had the financial means to dig out. However, I know not everyone is as fortunate. Regardless, this is our story.

Going Nearly $200,000 in Debt

After graduating with a master’s degree at 25, I started life with a clean slate. I had a little bit of savings in the bank that I could scrape together over the years. My “college fund” was $6,000, and since I never had to use it, my parents gave it to me after graduating.

In addition, I had saved a few thousand dollars more over the years from my job, waiting tables and bartending in college. So at age 25, I had no debt and a decent amount of money to start my life.

If I could do it all over again, there are things I would do differently. Regardless, by my 30th birthday, we had accumulated nearly $200,000 in debt. How did this happen?

Our road to accumulating this debt is not all that uncommon. Many life events can take place soon after graduating from college.

First was the newer car “needed” since I had a better-paying job and could afford it. That, of course, came with a five-figure loan.

Next was planning for a wedding. This included purchasing an engagement ring and paying for our wedding. In total, this cost us somewhere between $20,000 and $25,000. We mostly paid with savings, but it still set us back financially.

Along the way, Mrs. FP returned to school to get her teaching certificate. But unfortunately, we stared at almost $50,000 in student loan debt once she graduated.

Then, of course, we needed to live somewhere. We purchased my grandparents’ old house shortly after my grandmother passed away. The house was purchased below market value though we still ended up with a $100,000 mortgage and a home that needed completely renovated. We are still spending money renovating this house ten years later.

And last but not least, we ended up buying a lake house with family. This also included buying a wave runner and chipping in to buy a boat. My parents paid for the down payment, and we’ve split the monthly payments with my two other brothers for nearly ten years.

Shortly after agreeing to buy the lake house, we found ourselves in a bank lobby taking out a home equity loan because two bathrooms were leaking into our basement.

More debt.

And yes, we went in on the lake house purchase already nearly $200,000 in debt. I’m a terrible personal finance blogger, I know.

Drowning in Debt

To continue reading, please go to the original article here:

https://financialpilgrimage.com/okay-to-be-in-debt/