Thursday Evening Iraq Economic News Highlights 8-31-23

Thursday Evening Iraq Economic News Highlights 8-31-23

Citizens Complain About "Impossible Conditions" Set By Banks To Obtain Dollars

2023-08-31 Shafaq News/ Obtaining the dollar at the official rate has become a haunting issue for citizens, despite the availability of the required conditions.

Duraid Salman, who underwent a liver transplant for his daughter in India, said, "For the second time, he had a medical trip to complete the recovery of his daughter and his donor wife. He went to a Rafidain bank to obtain dollars at the official rate for the purpose of paying the costs of treatment to the hospital instead of buying dollars from the parallel market at high prices."

He continued, "During his submission of the required documents for him, including an official visa, a travel ticket, and all the required conditions, he was surprised that he was not included in the dollar, justifying that he does not have a residence permit, and it was not mentioned in the ticket at the time of return."

He pointed out that "residency cannot be granted for such cases, but the patient is granted a visa for a period of 6 months, and the date of return is not determined by the patient, but rather by the hospital upon completion of treatment."

He asked about "the reasons for the complexity and routine in obtaining the dollar for the real person who needs the dollar in such humanitarian matters," noting that "the bank's auditors suffer from excessive crowding and staying under the hot sun to obtain 3 thousand dollars for the traveler."

He called on "officials to put an end to the suffering of citizens, especially for those who have a patient because he needs treatment and to provide medicine," noting that "these complications and routine push us to obtain dollars from the parallel market."  LINK

An Economist Expects The Continuation Of The "Gap" Between The Parallel And Official Dollar Prices

Time: 08/31/2023 Read: 663 times   {Economic: Al Furat News} Economist Nabil Al Marsoumi predicted, today, Thursday, that the gap between the parallel and official dollar prices will continue, pointing out that it may increase due to the release of large amounts of money included in the 2023 budget.

Al-Marsoumi said to {Euphrates News}: “The issue of Iraq’s exit from the dollar crisis is political and continues with the existence of sanctions, and thus it prevents bank transfers and documentary credits. on the expenses of traveling Iraqis.

He added, "More than 3 billion and 410 million dollars, these expenditures are not funded, so that travelers resort to the parallel market, so as long as the sanctions remain in place, the gap will continue and may increase due to the release of large amounts of money included in the 2023 budget."

From.. Raghad Dahham   LINK

After "Breaking The Local Collar"... What Is The New Economic Vision For Iraq?

Economy     Baghdad today – Baghdad  Today, Thursday (August 31, 2023), economic expert Mahdi Dawai considered Iraq to have succeeded in creating an economic partnership with its regional surroundings, as well as creating "spatial development" that will end many problems.

Dawai said in an interview with "Baghdad Today", that "the government of Muhammad Shiaa al-Sudani succeeded in creating an economic vision through openness to its regional surroundings,

and it was embodied in multiple steps, the most prominent of which is the development path that has three economic, social and tourism dimensions, starting from the port of Faw to Turkey, and the planned To open up towards other neighboring countries," considering that "breaking the local cordon towards the regional and global in a country in dire need for the entry of foreign investment and the creation of spatial development that will end many problems."

He added, "The rapprochement with the Gulf countries is another important step that has economic dimensions, accompanied by balance and careful dealing with the eastern and western camps, with the adoption of a financial and monetary policy aimed at stability despite the crises," stressing that "the rise in oil prices gave high flexibility to the Iraqi economy, and the possibility of providing financial resources." To finance investments to enhance the capabilities of the infrastructure, which is the most important in any future investment axes.

He pointed out that "Iraq, with its qualifications, economic wealth and important geographical location, is able to form a compass in the world of economy and international trade within years, if there is the ability, management and planning to proceed with all strategic projects that are a building block in the world of the country's largest economic change."

Since assuming the position in October 2022, Prime Minister Muhammad Shia al-Sudani has sought with great enthusiasm to complete the previous steps to complete economic deals, whether with Egypt, Jordan and Saudi Arabia, in addition to the path of development with Turkey.

However, security and political challenges may hinder the possibility of the Sudanese taking any steps beyond signing formal agreements, as it used to happen every time an Iraqi prime minister signed such agreements, according to observers.   LINK

A Parliamentary Committee Determines The Requirements For Approving The Oil And Gas Law

Policy - 08-31-2023 The Oil, Gas and Natural Resources Committee confirmed, on Thursday, that the oil and gas law requires a comprehensive agreement and in-depth discussion by the political parties.

Committee member Sabah Sobhi told the Official Gazette, “The oil and gas law is still in the process of writing its draft, which is the first stage in enacting any law. This law needs a comprehensive political consensus, being a sensitive law that needs deep study and discussion by the political parties.” ".

He added, "The law includes many dimensions, the most important of which is the economic dimension, which is the most important, because the enactment of this law leads to the restructuring of the Iraqi economy, and the second dimension is the legal one, because until now there is a legal vacuum with the existence of a constitutional article related to oil that requires the enactment of a law of its own."

He continued, "As for the third dimension, it is political, given that the issue of the oil commodity is very important from a political point of view, as it is the main revenue on which the economy and the Iraqi state depend, because 90% of the country's budget depends on oil imports, so we need to legislate this law, and another after It is the technical dimension because oil is full of techniques from exploration until we reach sale, so we are in the process of enacting an important, complex, sensitive and fateful law for Iraq.   https://www.dijlah.tv/index.php?page=article&id=333942[/size]

Iraq Is Advancing Globally And Settling In The Arab World With The Largest Economy In The World In 2023

2023-08-31 Shafaq News / Iraq ranked 49th in the world's largest economies for the year 2023, after it was ranked 52nd last year, within a list of 190 countries, according to a report by the International Monetary Fund.

According to the report, which was based on GDP data, for each country, and seen by Shafaq News agency, Iraq advanced three ranks globally compared to 2022, while it maintained fourth place among Arab countries for the second year in a row, with a GDP of $267.89 billion.

Saudi Arabia came first in the Arab world and 18th in the world with a gross domestic product of $1.06 trillion, followed by the UAE with a total of $498.98 billion, then Egypt with a total of $387 billion, then Iraq came fourth in 49th place globally, followed by Qatar with an output of $219 billion, then Algeria with $2.6 billion. Kuwait with $164 billion, then Morocco with $138 billion, then Oman with $104 billion, then Jordan with $52 billion, while Tunisia came in tenth place with a GDP of $49 billion.

According to the Fund's report, "the five largest economies in the world in 2023 were the United States, China, Japan, Germany and India.

The United States maintained its position as the leading global economy and the richest country, retaining its first position with a GDP of $26.85 trillion, followed by China in second place with a GDP of $19.37 trillion, then Japan third with a total of $4.41 trillion, and then Germany in fourth place. With a total of 4.31 trillion dollars, then India is in fifth place, with a total of 3.74 trillion.

The United Kingdom came sixth with a total of $3.16 trillion, France seventh with a total of $2.92 trillion, then Italy came eighth with a total of $2.17 trillion, followed by Canada in ninth place with a total of $2.09 trillion, and Brazil in tenth place with a total of $2.08 trillion.

The International Monetary Fund report indicated that Tuvalu was at the bottom of the ranking table with a total of $7 million, followed by Nauru with an output of $15 million, then Kiribati with a total of $25 million.   LINK

Al-Sudani's Advisor Tries To Explain The "Huge Figure" Of The World Bank On Iraq's Debt

Baghdad today – Baghdad  Today, Wednesday (August 30, 2023), the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, stated that Iraq’s debts of more than $150 billion to the World Bank are “exaggerated” and unreal, while he reviewed Iraq’s debts as a whole in an attempt to explain the source of the figure that the bank talked about. international.

Saleh told the official news agency, followed by “Baghdad Today,” that “the issue of the Iraqi public debt requires a professional distinction of its history and details, and not taking its numbers on their minds without a clear logical analysis.

The internal public debt, which is approximately 71 trillion dinars, and which the government banking system still holds Those debts are in the form of government bonds and treasury transfers, when evaluated in foreign currency, it is estimated at about $54 billion, while the external debt payable until the year 2028 is estimated at about $23 billion, and there are debts due after the year 2028, so the external debt becomes about $30 billion.

He added, "There is a debt pending on the 2004 Paris Club agreement, i.e. sovereign debts before 1990 belonging to four Gulf countries and four other countries, which are about 40 billion dollars, and if they are activated, if they are correct (because they are, as is termed economically, reprehensible debts because they financed the Iraqi-Iranian war."

At that time, if it is correct again, it must be deducted by 80% or more under the Paris Club agreement for the year 2004, to be less than $ 9 billion or less.

And Saleh continued, commenting on what the World Bank mentioned in its new report that Iraq’s debt exceeds 150 billion dollars:  He said, “We do not know the method of calculating the debt in the World Bank report.

Aside from it, for the external debt to reach 50 billion dollars, as an expectation of the total internal public debt early, which was not achieved, and therefore the reading of Iraq’s internal and external debts, according to what was published by the World Bank, came to be about 152 billion dollars,

and this is exaggerated rather than being At about $84 billion (excluding the balance attached to the Paris Club agreement as an abhorrent debt) and what has been published about debt balances is unreal and discretionary.

He pointed out, "Nevertheless, the public debt-to-GDP ratio, even in light of its unjustified inflation, will remain between 54-57% of the estimated GDP for the year 2023, and it is within the current safe economic stability area, which is usually estimated at about 60%."

And the advisor to the Prime Minister for Financial Affairs warned, "The financial policy in Iraq adopts a highly disciplined system in adjusting the timing of payment of debt dues (annual installments and interest) or when extinguishing the debt once on its annual due dates, and there are fixed and accurately estimated annual allocations that are monitored in the budget."

The public early to pay debt services and dues, especially Iraq's foreign debts, and no failure has been recorded in Iraq during a decade and a half, and this is what made Iraq's credit worthiness high, as Iraq is located within Area B in the global credit rating tables that are evaluated by international credit rating companies. Known and periodically since 2015 until today.

Saleh explained, "The vast majority of internal public debt is in the possession of government financial institutions or the government banking system, which is an (exclusive) internal governmental matter.

There is a strategy in dealing with this debt, especially since the monetary authority currently acquires about 64% of the total internal debt and has the ability to In managing it in coordination with financial policy and with high accuracy, bearing in mind that the banking system annually obtains interest on that debt at a rate of 3%, and it falls within the annual allocations of the general budget.  LINK

4 Steps to Make Your Money Last a Lifetime

4 Steps to Make Your Money Last a Lifetime

By Jane Bryant Quinn, AARP Bulletin

A simple, easy-to-use formula to make sure you never run out of cash

As a financial columnist, I get asked the same heartfelt question over and over: “How do I make sure I don’t outlive my money?” And that makes sense. Surveys confirm that the No. 1 worry among older Americans is running out of cash.

 Fortunately, financial planners have come up with sound ways to prevent this. Collected here are their key rules for maintaining a livable income for life, plus case studies that show how to put these general rules into action. The goal is your peace of mind — knowing that you’re getting the most from the money you’ve saved and that you’ll always have enough.

The Magic Number

 The key to long-term planning is knowing one essential number: how much money you can afford to spend annually. From there, you can adjust your expenses to fit.

 You may be tempted to reverse the order — estimate your future expenses, then adjust your investment assumptions to make that spending appear possible. But that’s wishful thinking: a hope that big investment returns will rescue your budget. It leads to overspending early on, and regret later.

 Instead, let’s focus on the real, guaranteed money you’ll have. There are two main sources:

 Your personal savings and investments.

Your guaranteed income from other sources.

 Download this worksheet to help you find your sustainable income. The key steps:

 Step 1: Tally Your Guaranteed Income

The most common source is Social Security, which you may already be collecting. (If you’re not, get an estimate by calling Social Security or by opening a My Social Security account at ssa.gov.) You might also have a pension or annuity.

If you own a reliable rental property, include the amount of rent you receive after expenses.

Step 2: Estimate Your Income from Savings

How much annual income can you prudently take from your savings and investments? To get the answer, there’s a surprisingly simple rule of thumb:

Add up the current value of your spendable assets, such as bank accounts, mutual funds, stocks and bonds. Include both retirement and nonretirement savings.

 Subtract from that total a cash cushion to help cover near-term expenses.

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

https://www.aarp.org/retirement/retirement-savings/info-2018/make-money-last-lifetime.html 

Here's Why China's Yuan Will Never Be Able To Dethrone The US Dollar

Here's Why China's Yuan Will Never Be Able To Dethrone The US Dollar

Matthew Fox  Wed, August 30, 2023

Why China's Yuan, not the Euro, could become the dominant global currencyScroll back up to restore default view.  There's good reason why China wants to dethrone the US dollar with its yuan, or even a collective of other currencies. 

"The dollar's reserve status is a privilege that gives the US significant political, economic and market influence," TS Lombard said.   But China's yuan has little to no chance at replacing the dollar, especially as its economy struggles.

China's yuan has little to no chance of dethroning the US dollar, even as global de-dollarization happens at a slow and steady pace.  That's according to a Wednesday note from GlobalData TS Lombard's Skylar Montgomery, who outlined why it makes sense China wants its yuan, or at least a collective of other currencies, to break up the dominance of the dollar.

"The dollar's reserve status is a privilege that gives the US significant political, economic and market influence," Montgomery said, adding that America's gain from its reserve status also represents pain for other countries.  Dollar strength damages emerging markets especially, she noted. Because most emerging market trade is in dollars, any appreciation in the greenback means other countries pay higher import prices.

Additionally, a strong US dollar amplifies energy price shocks and gives the US government leverage in using it as a political weapon, including when the West froze Russia's currency reserves after Moscow invaded Ukraine.

"That weaponization of the dollar is part of the reason why Russia, China, and other BRICS nations have vied for an alternative to the dollar," Montgomery said.

To be sure, de-dollarization is still happening, but just at a very slow pace.

Montgomery highlighted that the clearest sign of de-dollarization is seen in the dollar's share of global currency reserves, which has dropped from 72% in 2000 to 59% today.

"A decrease of less than 1% a year is extremely slow-moving and the dollar still makes up the majority of currency reserves," she observed. "Moreover, the 13% decline has benefited [the] euro, British pound, Canadian dollar, Chinese yuan, and Australian dollar fairly evenly."

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

https://finance.yahoo.com/news/heres-why-chinas-yuan-never-020352361.html

Goldilocks' Comments and Global Economic News for Thursday afternoon, August 31, 2023

Good afternoon Dinar Recaps,

Goldilocks posted comments and news links on the global financial system

Our world is in the process of synchronizing many digital money networks into one Collective Quantum Financial/Technological System.

It is a collection of many ideas inspired from different cultures all over the world.

This is why a world-changing event such as this has the capacity to evolve the human race into another level of being.

The birth of our new economy is also the birth of a new human.

Many of the dynamics taking shape in this new economy of spirit have the capacity to motivate and secure a healthy environment.

It is an open banking source capable of making changes at any given moment when the direction is not for the well-being of the whole Global Nation.

It is a baptism by a fire in many ways for all of us, but our movement forward takes us on a journey into the unknown and mysteries of life never seen before in history.

© Goldilocks

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Is the World Prepared for Central Bank Digital Currencies? | Fintech Singapore
https://fintechnews.sg/77571/blockchain/is-the-world-prepared-for-central-bank-digital-currencies/

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ISO 20022 Crypto: List of Compliant Coins in 2023 – Cryptopolitan
https://www.cryptopolitan.com/iso-20022-compliant-crypto-list/

~~~~~~~~~~

Sometimes I like to do a review for myself and others. Today, I would like to remind you of a few articles that have been written in the past to clarify the use of Central Bank Digital Currency.

So far, CBDCs are for wholesale use only and Central Banks. On the retail level of CBDCs, we have a problem.

Retail CBDCs do not scale as fast as other coins, and they are not private. All of this has been written about in articles outlining where we are in this process. AI is currently working on a mechanism to give us privacy, but they are a long way from its adoption even if passed through public adoption.

Stablecoins that represent a country's currency is much further along, and the SEC and CFTC are requiring the full backing of these coins to be made by gold and other commodities.

Anyone who has been following this room is aware that I have backed this information by articles from legitimate sources. This is just a reminder as to where we are in the process.

© Goldilocks

~~~~~~~~~~

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Iraqi News Highlights Thursday Afternoon 8-31-23

Iraqi News Highlights Thursday Afternoon 8-31-23

Tlm724 Administrator Bondlady’s Corner

High Oil Prices Thanks To The Shortage Of American Supplies

Thursday 31 August 2023 | Economical Number of readings: 296  Baghdad / NINA / - International oil prices rose in early trading, today, Thursday, supported by the scarcity of US supplies, and at the same time, attention is drawn to factory activity data in China, which will be issued later today, amid data on weak economic expansion in the second largest economy in the world. .

Brent crude futures for October delivery (which expires today) rose 14 cents, or 0.16 percent, to reach $86 a barrel. November contracts, the most active, rose by 10 cents, or 0.12 percent, to $85.34.

West Texas Intermediate crude futures increased by 10 cents, or 0.13 percent, to $81.74.

Prices rose this week thanks to US government data that showed a drop in crude supplies more than expected, as well as developments in Gabon, a member of the Organization of the Petroleum Exporting Countries (OPEC), which raised fears of disruption to oil supplies and provided additional support for prices on Wednesday.    https://ninanews.com/Website/News/Details?key=1074543

The Stability Of Dollar Prices In Baghdad With The Closing Of The Stock Exchange

Economy   Thursday, August 31, 2023 Baghdad / The National News Center The US dollar prices stabilized against the Iraqi dinar, today, Thursday, in the Baghdad markets, with the closing of the stock exchange.

The correspondent of the National News Center said, “The dollar prices stabilized with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 153,000 Iraqi dinars against 100 dollars, while the prices this morning were 153,100 dinars.”

He added, "The selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 153,500 dinars, while the purchase price reached 152,500 dinars for every 100 dollars."   https://nnciraq.com/224377/

Central Bank Sales Amounted To More Than 201 Million Dollars

Economy News-Baghdad   Today, Thursday, sales of the Central Bank of Iraq in the foreign currency sale window amounted to more than 201 million dollars.

The Central Bank's website published a table of its dollar sales, and "Al-Iqtisad News" reviewed it, as it included the participation of 28 banks and 91 exchange companies, and covered external transfer requests of $154.5 million, while cash requests amounted to more than $46.5 million.

And the Central Bank of Iraq sells the dollar for documentary credits and international settlements of electronic cards at a price of 1305 dinars per dollar, per dollar for documentary credits and international settlements of electronic cards and at a price of 1310 dinars per dollar for external transfers and at a price of 1310 dinars per dollar in cash.

Views 33   08/31/2023 - https://economy-news.net/content.php?id=36104

The Iraq Stock Exchange.. Trading Indicators Of Joint-Stock Companies Rose 38% In August

Market  Economy News-Baghdad  The Iraqi Stock Exchange announced, on Thursday, the trading indicators for the shares of joint-stock companies for the month of August 2023

The Executive Director of the market, Taha Ahmed Abdel Salam, said in a statement that the Iraq Stock Exchange organized (23) trading sessions for the shares of the listed (103) Iraqi joint-stock companies during the month of August 2023.

The number of trading days was (23) trading session. The number for the current year, up to August 31, reached (159) sessions, which represents (67%) of the number of days planned for the year 2023, which correspond to the official working days.

The number of traded shares was (67 billion shares). The number for the current year, until August 31, reached (475) billion shares, which represents (84%) of their number for the year 2022.

The value of traded shares amounted to (444) billion dinars. For the current year, up to August 31, it amounted to (371) billion dinars. It represents (85%) of its value for the year 2022.

The ISX60 traded stock price index closed at (809.Cool points. Compared to the close of 2022, the index increased at the close of August 2023 by (38%). Compared to the close of July 2023, the index increased for August 2023 by (13%). Views 64  08/31/2023  https://economy-news.net/content.php?id=36108

Trade: The Window For Electronic Registration Of Companies Has Met With Wide Acceptance And Success

Money  and business  Economy News _ Baghdad  Today, Thursday, the Ministry of Commerce confirmed that the electronic registration window for companies has met with wide acceptance and success, while indicating the adoption of a mechanism for selling cars that achieved 8 percent profits.

A spokesman for the Ministry of Commerce, Muthanna Jabbar, said in an interview with the Iraqi News Agency, followed by "Al-Iqtisad News", that "there is a promising program that is being followed up by the government, and it was an initiative of the Prime Minister's Office to automate and create a window for registering companies according to complaints submitted by lawyers and many company owners."

Pointing out that "there is an electronic registration program in the world that starts from an electronic window and ends with the applicant obtaining a registration or creating a company, and ends with results through the window."

Jabbar added, "The Ministry of Commerce has started relying on this program, and it has been activated and implemented for more than two years, in addition to having met with wide acceptance and success," noting that "the archive in the Registrar of Companies, which has more than 45,000 registered companies, has been transferred and archived from The approved paper-based systems to the electronic systems lasted two years and were not completed until the end.

He pointed out that "6 months ago, the applicant who wanted to register a company, add an activity, transfer, sell, or exit one of the founders, through the electronic window and through the approved program," expressing his hope for "the ratification of the electronic signatures law, to overcome all obstacles that It is possible that you will face the company and its electronic window.”

Regarding the sale of cars, Jabbar said, "The General Company for Car Trade has gone through periods similar to the ebb and flow, as after all cars were purchased through the company that used to adopt Japanese, German and American origins, the purchase turned today to a competitive market and a change in the purchase policy."

He continued, "Iraq's openness to the free market took the advantage of the number that was enjoyed by the General Motors Company, as it was granting the number directly with the car, but now its capabilities have been transferred to the private sector, which has freedom of decision and negotiation, in addition to being not bound by the Iraqi standard, although The opposite of the General Motors Company.

He pointed out, "The existence of partnerships between the General Motors Company and the private sector by the fact of selling on a disposal fee that achieves a profit of 8 percent for the company and the rest for the private sector.

And he added, "Now the company has offers in installments for a group of cars, including (Sunny) cars with an engine size of 1300, at a good price and very low installments, in agreement with Iraqi banks that are sold to employees and holders of electronic payment cards, and everyone can enter the company's website and know its offers." He stressed that "there is a good turnout, especially since the number of cars is available." Views 46  08/31/2023 https://economy-news.net/content.php?id=36110

Visa Cooperates With The Central Bank Of Iraq To Raise Awareness Of The Importance Of Digital Payments

Money  and business  Economy News-Baghdad  On Thursday, the leading company in the field of global digital payments, Visa announced its cooperation with the Central Bank of Iraq to raise awareness of the importance of digital payments, pointing out that the campaign has the support of Prime Minister Muhammad Shiaa al-Sudani.

A company statement, received by "Al-Iqtisad News", stated that "the world's leading company in the field of digital payments, Visa, launched, in partnership with the Central Bank of Iraq, an initiative to introduce merchants and consumers in Iraq to the benefits of digital payments, and to raise awareness about the safety and security of these transactions."

He added, "This initiative enjoys the support of the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, and aims to encourage the Iraqi population to adopt the financial independence provided by the non-cash payment system."

The statement indicated that "the campaign seeks, in partnership with the Central Bank of Iraq, to ​​build a secure digital payment system for merchants and consumers by limiting the use of paper money, promoting non-cash payments and contactless payment solutions, and empowering people through financial inclusion."

Commenting on the matter, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, said: “We at the Central Bank of Iraq are pleased to cooperate with Visa in the framework of this awareness campaign for merchants and consumers.

We have always been keen to support financial inclusion initiatives in various parts of the country, in addition to regulatory frameworks and related supervision processes.Iraq remains a major supporter of digital financial services in line with the strategic plan of the Central Bank of Iraq.

He added, “In its first phase, the campaign will focus on educating the growing community of Visa merchants and customers. Throughout history, merchants have shown clear caution in using direct point of sale devices, and this explains the high reliance on cash payment solutions.

However, there is an increasing demand for payments In Iraq, it is expected to grow by 14.23% between 2023 and 2027. This initiative will increase financial literacy and enhance financial inclusion, especially since about 80% of the Iraqi population still do not have bank accounts, or do not have access to digital payment solutions. ".

"The campaign will introduce merchants and customers to the process of issuing cards, including obtaining and activating Visa cards, and using them for daily transactions, while applying realistic use cases such as online shopping payments, supermarkets and fast food restaurants.

Visa's efforts also include hosting training workshops and developing Easy-to-use toolkits for merchants and consumers to accelerate acceptance and use of digital payments.

In this regard, Mario Makari, General Manager of Visa for the Arab Levant region, said in the same statement: “There are wonderful advantages to the cashless economy. We at Visa are striving to provide these benefits to the Iraqi population, of whom 80% still do not have bank accounts and do not have sufficient access to The digital payment services they need.

Our new campaign, which has the support of the Prime Minister and the Central Bank of Iraq, is in line with the goals of Iraq Vision 2030 to promote financial inclusion and build a diversified economy."

He added, "The world's economies are witnessing rapid development in conjunction with the increasing use of digital technology in all fields of life. Based on our deep belief in the importance of education and education for development and moving forward, we urge all our merchants and consumers to help build this cashless system in Iraq, and enjoy all its economic benefits." Visa has been collaborating for years with the Central Bank of Iraq and key players in the sector to advance financial literacy by providing tools that facilitate digital commerce.

He pointed out that "the Iraqi government has recently been seeking digital transformation in the country to achieve diversified economic growth in response to Iraq's vision for the year 2030. And last January of 2023, the Prime Minister's Office issued a mandate to use points of sale in all governmental and non-governmental institutions, which enhances Visa's efforts in Iraq".

The statement concluded, "Visa is always striving to stay at the forefront of innovation in its endeavors to create the largest open and dynamic global network of technology, partnerships and people. By establishing many initiatives and partnerships from Iraq, Visa has achieved a pioneering achievement represented in launching the first digital payment card and multiple cards." From this ancient country, Visa has succeeded in achieving advanced, secure and world-class capabilities, including providing customers with a rich and rewarding experience.”

Views 147  08/31/2023 - https://economy-news.net/content.php?id=36102

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

https://www.bondladyscorner.com/

News - Rumors & Opinions Thursday 8-31-3

News - Rumors & Opinions Thursday 8-31-3

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

Restored Republic via a GCR: Updates By TerraZetzz -Thursday, 31 August 2023

Compiled Thurs. 31 Aug. 2023 12:01 am EST by Judy Byington, MSW, LCSW, Therapist ret, Journalist, Author: “Twenty Two Faces: inside the extraordinary life of Jenny Hill and her Twenty Two Multiple Personalities”

It is only wise to have a month’s supply of food, water, cash and essential supplies for yourself and to share with others.

An Urgent Plea For Help   Be Careful Where You Donate - The Kingdom of Akua Foundation’s Malama Lahaina Website was the only official and authorized site solely dedicated to and run by the Hawaiian Native Peoples   Donate: https://www.malamalahaina.org/

Global Currency Reset:

Wed. 30 Aug. TNT Call:  Sometime Tues. 29 Aug, the 72 hours to Global Currency Reset completion was started.  All financial establishments were given 72 hours. Later on, three letter agencies thought it would happen in the next 24 hours. On Wed. 30 Aug. all countries involved were at the UN discussing everything, including that it could happen as soon as Wed. evening.

Last Mon. they told us Wednesday morning or evening. I checked with Banks in Florida, Atlanta, Illinois and Washington State. They received the same memo – that it would be anywhere between Wed. afternoon and Friday. All were excited at all levels. This was our final week, down to our final hours.

Tues. 29 Aug. Bruce: Bond Holder emails should come out Wed. 29 Aug. with access to funds on Thurs. 30 Aug. Tier4b (us, the Internet Group) will be notified to set redemption/exchange appointments within 24 hours of Bond Holder notification.

On Tues. 29 Aug. a Treasury person on a Zoom call said Tier4b should be notified to set appointments on Wed. 30 Aug. or Thurs. 31 Aug. and start exchanges on Thurs. 31 Aug. or Fri. 1 Sept.

Wed. 30 Aug. MarkZ: Bond people were still expecting contracts at any time. On Fri. night 25 Aug. a couple of humanitarian projects received full funding.

Mon. 28 Aug. Texas Snake: On Wed. 30 Aug, very positive news about appointment notifications possibly being released. A banker was told to have all his trained exchange personnel at their exchange locations starting Wednesday and forth going.

Charlie Ward: “Months ago everything was completed for the Global Currency Reset, it just hasn’t been announced. The BRICS nations, BRICS bank and QFS have been fully trading in gold-backed digital currency for 8-9 months.”

Wolverine claimed that on Fri. 18 Aug. Wells Fargo Bank received the cash release codes and the global launch of the funds took place across the Planet, marking the beginning of the registered global asset redemption program.

The Global Currency Reset appeared to be announced on Tues. 22 Aug. 2023 when the BRICS Summit launched BRICS Pay, a decentralized multicurrency digital international payments system. https://www.brics-pay.com/.

Global Economic Collapse:

World’s Largest Bank Credit Suisse Collapses, keeps files locked for 50 years: 

www.reuters.com/business/finance/credit-suisse-inquiry-will-keep-files-secret-50-years-paper-2023-07-15/

8 Signs That We Are Right On The Verge Of A Major Credit Card Debt Crisis

These Major Βanks Are Now Clοsing Thousands Of Βranchs & Remοving ATMS Αcross America & Australia! 

https://beforeitsnews.com/economy/2023/08/these-major-βanks-are-now-clοsing-thousands-of-βranches-remοving-atms-αcross-america-australia-must-video-3093841.html

Timeline

On Fri. 1 Sept. Announcement of the gold/asset-backed US Note with the full integration of the Quantum Financial System.

The EBS, Benjamin Fulford: Emergency Broadcast System, Pentagon exposure connected to Plandemic worldwide lockdown, Agenda 21 2023.

All is scheduled to happen, so get prepared. Circle the date on your calendar.

There must be a test and then a review of all occurrences and activities. The possible implications on a NATIONAL and GLOBAL level can be quite COMPLICATED so things must be in ALIGNMENT to the PROTOCOLS. Yes there are many consequences if things aren’t done with PRECISION and perfection.

This is the PRACTICE run before the REAL ONE to see responses and accuracy to what is FORTHCOMING which changes HUMANITY.

We hear the SCHEDULE is now FINALLY firm, but again I’m just the MESSENGER. Be READY to adjust if needed in regards to possible TIME changes. Only a SELECT few know the MOMENT of exact and precise TIMING of EVENTS. For SECURITY and other obvious reasons it must be properly kept PRIVATE.

People are urged to STOCK up on at least THREE WEEKS of FOOD and WATER.

We will have new CURRENCY called the USN US NOTE and GOLD backed.

The TIME is now to ALERT as many who will LISTEN. Do not have too much PRIDE. Go WARN those you LOVE even though they think you’re CRAZY. Your GOAL for OTHERS is TRULY to HELP absorb the SHOCK of what is COMING.

Stay strong PATRIOTS and STOCK BACK UP ON FOOD, RESOURCES, SUPPLIES for the EVENTS happening and coming.

(Note: Only financial related content was included in this report. You can view and download the full report on Operation Disclosure Official. ~ Dinar Chronicles)

Source: Operation Disclosure Official

Goldilocks' Comments and Global Economic News for Thursday, August 31, 2023

Good morning Dinar Recaps,

Goldilocks posted comments and news links on the global financial system

Bitcoin has no real backing, gold is the future of digital currency - World Gold Council Chair 

Kitco News Link

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India’s Prime Minister Narendra Modi called for a global framework on cryptocurrency, artificial intelligence, and other emerging technologies. 

Days ahead of the G20 summit scheduled to begin September 8 in New Delhi, Modi was asked in a recent interview with Business Today about a potential worldwide framework for regulating cryptocurrencies.

https://decrypt.co/154043/global-crypto-regulation-ai-emerging-technology-economies-india

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The major stablecoin company CIRCLE said it will launch its USDC stablecoin natively on two blockchains in the first week of September.  The company said on  AUG30 that it will launch USDC on Optimism’s OP Mainnet. It said that this new, native version of USDC will gradually replace OP Mainnet’s current version of the stablecoin, which is bridged from the Etherium blockchain.  The symbol for Optimism’s bridged version of USDC will be changed to USDC.e, while the new native version will be labeled USDC.  Previously, Circle announced a native version of USDC on Coinbase’s Layer 2 Base network on AUG29 Just like in the other launch, the new version of USDC on Base will gradually replace an existing version bridged from Ethereum. The bridged version will be renamed USDbC, while the new native version will be labeled USDC.  Circle said that these native versions of USDC will allow for institutional on- and off-ramps and will help ensure that USDC is always fully backed and redeemable.

~~~~~~~~~~

"Paxos Acquisition Marks a New Era for Stablecoin Landscape. Binance’s strategic decision to phase out its stablecoin, BUSD, by the end of 2024 marks a significant turning point within the cryptocurrency space."

This announcement is a sign of things to come. The acquisition of BUSD by Paxos allows us to know what is on the horizon.

Paxos is a stablecoin backed by gold. It is a new regulation requirement expectation of stablecoins going forward. Stablecoins represent a country's currency in digital form.

The standardization of the new digital economy is dependent on protocols that allow stable exchanges from one country to the next. In this case, it will be done with stablecoins backed by gold.

© Goldilocks

https://thecurrencyanalytics.com/crypto-exchanges/paxos-acquisition-marks-a-new-era-for-stablecoin-landscape-67208.php

~~~~~~~~~~

"The more crypto regulations evolve, the higher the chances are for them to reshape investor sentiment."

Crypto regulations are beginning to shape the way we live, invest, and even think. Just two years ago, you hardly heard anyone talk about a new digital economy. And now, it is commonplace.

The use of AI and other digital mechanisms to ensure a secure and certain movement forward on the growth of money is capturing the sentiments of people young and old.

Many governing regulations have surfaced to give guidance for the movement of this new decentralized banking system. It serves as a reminder of the ever-evolving nature of money itself.

An economy has a life of its own, and what we spend our money on says a lot about those who invest in it.

This is why the movement of money is an ever-changing creative act that expresses who we are as a Global Nation.

These new digital regulatory developments are shaping the Crypto Market in ways none of us could have imagined. It is giving us direction for a future expressed by those who participate in it.

When people decide to buy certain cryptocurrencies, it becomes a sentiment or bias towards the network's philosophy and ideas that come with it.

New laws and regulations support each Network that is interfaced onto the new Quantum Financial System. It has the ability to influence the world in a way it never has before. We are currently in an ever-evolving evolutionary event that will change the way we live forever.

© Goldilocks

https://www.techopedia.com/how-crypto-regulations-shape-market-sentiment-and-drive-prices

https://www.techopedia.com/crypto-regulation-challenges

~~~~~~~~~~

Banking Announcement:

The State Bank of Vietnam has joined an alliance of Asian central banks that has been working together to link up their domestic payment systems.

The State Bank of Vietnam signed a memorandum of understanding to become a member of the Regional Payment Connectivity (RPC) initiative on August 25, according to a joint statement issued by six central banks. The event was held on the sidelines of a high-level meeting organized by the Association of Southeast Asian Nations (ASEAN).

The central

Central Banking Link

~~~~~~~~~~

Blockchain Adoption: Stellar Development Foundation Comments on Decision to Join Bytecode Alliance
August 29, 2023

One of the first decisions made when building Soroban, the Stellar network‘s smart contract platform, was “choosing a platform for it to run on.”

The developers say they decided “to build on WebAssembly (Wasm) in April of 2022.” As noted in a blog post, Wasm offers a robust execution environment “for smart contracts and a thriving ecosystem.”

It also contributes “to building a safe, scalable system that promotes equitable access.” Choosing Wasm, or any platform really, is “a foundational decision because it informs just about every decision that comes next.” Which is why it was “a no-brainer for the Stellar Development Foundation (SDF) to join the Bytecode Alliance.”

As only the second blockchain in the Alliance, SDF can now help “shape the future and development of WebAssembly to include blockchain’s point of view.”

https://www.crowdfundinsider.com/2023/08/212055-blockchain-adoption-stellar-development-foundation-comments-on-decision-to-join-bytecode-alliance/

~~~~~~~~~~

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Thank you Dinar Recaps

KTFA: Wednesday Night Conference Call 8-30-23

KTFA:  Wednesday Night Conference Call 8-30-23

Video is in Frank’s and his team’s opinion only - Frank - Walkingstick- Eddie in Iraq and guests 

Playback Number:  605-313-5163 PIN: 156996# -  What Frank’s Suit Color’s Mean:

WHITE = New Info   SILVER = Intel Frozen    RED = High Alert   PURPLE = Guest    BLUE = Air Force

BLACK = Ground/FF’s   GREEN = MR OR FAB 4    GOLD = Change   ORANGE = Implementation

https://www.youtube.com/watch?v=cO3Wv_5Gmug

Militia Man: Iraq Dinar - Ministry of Labor - 1.9 Million Effected - Exchange Rate Change? 1310 or less?

Militia Man: Iraq Dinar - Ministry of Labor - 1.9 Million Effected - Exchange Rate Change? 1310 or less?

Militia Man & Crew   Aug 31, 2023

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

Be sure to listen to entire video for all the news.

https://www.youtube.com/watch?v=mcKFyoU1mto

Thursday Morning Iraq Economic News Highlights 8-31-23

Thursday Morning Iraq Economic News Highlights 8-31-23

Economic Proposals To Reduce The Differences Between The Official And Parallel Dollar Price

Information / Baghdad...The researcher in economic affairs, Muhammad Al-Saadi, explained how to reduce the differences between the official dollar exchange rate and the one sold in the parallel market through government procedures and decisions.

Al-Saadi told Al-Maalouma, that "there is a commission that exchange companies receive when buying and selling dollars, and it is assumed that there will be a commitment to the specified commission according to the Central Bank's policies."

He added, "The competent authorities can reduce the demand for the dollar by reducing money transfers and pushing for imports through documentary credits, so that the process of obtaining the dollar at the official price takes place smoothly, away from any complications that push the merchant to resort to the black market."

And he indicated that "there are many options available to the government in order to reduce the withdrawal of the dollar from the markets, especially the parallel one, impose control and monitor any cases of manipulation or speculation, and support the dinar in the local markets, as well as providing more facilities for merchants to push them towards registering on the electronic platform in order to obtain dollars in order to import their goods. LINK

A Parliamentary Committee Reveals The Latest Developments In The Oil And Gas Law: 4 Dimensions In Front Of Its Legislation

Time: 08/31/2023 Read: 2,496 times  {Economic: Al Furat News} The Parliamentary Oil, Gas and Natural Resources Committee revealed that the draft oil and gas law, which has been stalled for years, is still "in the process of writing its draft."

Committee member Sabah Sobhi said, in a press statement, "The draft oil and gas law is still in the process of writing its draft, which is the first stage in enacting any law. This law needs a comprehensive political consensus, as it is a sensitive law that needs deep study and discussion by the parties." political".

He added, "The law includes many dimensions, the most important of which is the economic dimension, which is the most important, because the enactment of this law leads to the restructuring of the Iraqi economy, and the second dimension is the legal one, because until now there is a legal vacuum with the existence of a constitutional article related to oil that requires the enactment of a law of its own."

He continued, "As for the third dimension, it is political, given that the issue of the oil commodity is very important from a political point of view, as it is the main revenue on which the economy and the Iraqi state depend, because 90% of the country's budget depends on oil imports, so we need to legislate this law, and another after It is the technical dimension because oil is full of techniques from exploration until we reach sale, so we are in the process of enacting an important, complex, sensitive and fateful law for Iraq.

Many explain the reason for the delay in enacting the oil and gas law to the political dimension that is governed by consensus between the parties to the political process, while relying on the law being approved in the current parliamentary session if it is completed by the government.

It is noteworthy that Prime Minister Muhammad Shia' al-Sudani held a meeting on the second of August to discuss the draft oil and gas law, and witnessed the review of the latest drafts of the draft law, its details and clauses. In the meeting, al-Sudani affirmed that "the draft oil and gas law is one of the basic and important laws, and the law is part of the commitment to the ministerial curriculum. " to his government.  LINK

Parliamentary Oil: The Oil And Gas Law Is Still In The Process Of Writing Its Draft

Energy  Economy News _ Baghdad  Although years have passed since the talks about the oil and gas law and the arguments about it, it is still a draft of the government and has not been completed yet. It is being relied upon that the law will be approved in the current parliamentary session if it is completed by the government.

A member of the Oil, Gas and Natural Resources Committee in the House of Representatives, Sabah Sobhi, said, in an interview with “Al-Sabah” followed by “Al-Iqtisad News”, that “the oil and gas law is still in the process of writing its draft, and it is the first stage in the legislation of any law, as this law needs political consensus.” Comprehensive, because it is a sensitive law that needs deep study and discussion by the political parties.

He added, “The law includes many dimensions, the most important of which is the economic dimension, which is the most important, because the legislation of this law leads to the structuring of the Iraqi economy, and the second dimension is the legal one because until now there is a legal vacuum with the existence of a constitutional article related to oil that requires legislation of its own law.”

And he continued: “As for the third dimension, it is political, given that the issue of the oil commodity is very important from a political point of view, as it is the main revenue on which the economy and the Iraqi state depend, because 90% of the country’s budget depends on oil imports,

so we need to legislate this law, and another after It is the technical dimension because oil is full of techniques from exploration until we reach sale, so we are in the process of enacting an important, complex, sensitive and fateful law for Iraq and for the parties involved in the issue of oil production, since this commodity is linked to the producing region and provinces and it has rights and obligations at the same time Therefore, there must be a conscious and practical view that is compatible with the Iraqi federal constitution.”

And Sobhi indicated, “The law is still with the government until now, and there is no official draft by the government, and what is currently in circulation is the draft that was written by the Iraqi Federal Ministry of Oil, and it came from only one party, and this draft must include the ideas of the Kurdistan region and the oil-producing provinces as well.”

So that it is integrated and can be discussed in the Council of Ministers and voted on, and then sent to Parliament and work on it.

He stressed, “The law is sensitive, and if a political agreement is not reached on it, it will be the same as the previous sessions, but we believe that the current session will be decisive for the law.” He added, “It is true that the conditions are not appropriate for the issuance of the law; But the will of the Prime Minister and the Prime Minister of the region to issue the law exists in order to overcome the problems that Iraq suffers from regarding oil ». Views 77  08/31/2023 - https://economy-news.net/content.php?id=36088

{Oil And Gas}.. Postponed Until Further Notice

The first  2023/08/31   Baghdad: Shaima Rasheed  Many explain the reason for the delay in legislating the oil and gas law to the political dimension that is governed by consensus between the parties to the political process, while it is being relied upon that the law will be approved in the current parliamentary session if it is completed by the government.

A member of the Oil, Gas and Natural Resources Committee in the House of Representatives, Sabah Sobhi, told Al-Sabah: “The oil and gas law is still in the process of writing its draft, which is the first stage in enacting any law. This law needs a comprehensive political consensus, as it is a sensitive law.” It needs deep study and discussion by the political parties.

He added, "The law includes many dimensions, the most important of which is the economic dimension, which is the most important, because the enactment of this law leads to the restructuring of the Iraqi economy, and the second dimension is the legal one, because until now there is a legal vacuum with the existence of a constitutional article related to oil that requires the enactment of a law of its own."

And he continued, "As for the third dimension, it is political, given that the issue of the oil commodity is very important from a political point of view, as it is the main revenue on which the economy and the Iraqi state depend, because 90% of the country's budget depends on oil imports,

so we need to legislate this law, and another after It is the technical dimension because oil is full of techniques from exploration until we reach sale, so we are in the process of enacting an important, complex, sensitive and fateful law for Iraq.   https://alsabaah.iq/83492-.html

Oil and Gas Law.. Postponed until further notice

Iraq  2023/08/31   Baghdad: Shaima Rasheed  Although years have passed since the talks about the oil and gas law and the arguments about it, it is still a draft with the government and its writing has not been completed yet. Many explain the reason for the delay in enacting this important law to the political dimension that is governed by consensus between all parties. The political process, while it is being relied upon that the law will be approved in the current parliamentary session if it is completed by the government.

A member of the Oil, Gas and Natural Resources Committee in the House of Representatives, Sabah Sobhi, told Al-Sabah: “The oil and gas law is still in the process of writing its draft, and it is the first stage in enacting any law. This law needs a comprehensive political consensus, because it is a sensitive law that needs To a deep study and discussion by the political parties ».

He added, “The law includes many dimensions, the most important of which is the economic dimension, which is the most important, because the legislation of this law leads to the structuring of the Iraqi economy, and the second dimension is the legal one because until now there is a legal vacuum with the existence of a constitutional article related to oil that requires legislation of its own law.

And he continued: “As for the third dimension, it is political, given that the issue of the oil commodity is very important from a political point of view, as it is the main revenue on which the economy and the Iraqi state depend, because 90% of the country’s budget depends on oil imports, so we need to legislate this law, and another after It is the technical dimension because oil is full of techniques from exploration until we reach sale,

so we are in the process of enacting an important, complex, sensitive and fateful law for Iraq and for the parties involved in the issue of oil production, since this commodity is linked to the producing region and provinces and it has rights and obligations at the same time Therefore, there must be a conscious and practical view that is compatible with the Iraqi federal constitution.”

And Sobhi indicated, “The law is still with the government until now, and there is no official draft by the government, and what is currently in circulation is the draft that was written by the Iraqi Federal Ministry of Oil, and it came from only one party, and this draft must include the ideas of the Kurdistan region and the oil-producing provinces as well.” So that it is integrated and can be discussed in the Council of Ministers and voted on, and then sent to Parliament and work on it.

He stressed, “The law is sensitive, and if a political agreement is not reached on it, it will be the same as the previous sessions, but we believe that the current session will be decisive for the law.” He added, “It is true that the conditions are not appropriate for the issuance of the law; But the will of the Prime Minister and the Prime Minister of the region to issue the law exists in order to overcome the problems that Iraq suffers from regarding oil ». Edited by: Muhammad Al-Ansari   https://alsabaah.iq/83475-.html

Kurdistan Oil Companies Are Challenging The Center: We Will Not Export Even If Baghdad And Ankara Agree

Money  and business     Economy News-Baghdad  Today, Thursday (August 31, 2023), the Kurdistan Petroleum Industries Union announced its refusal to resume production and pumping of oil from the region, even if the government reached an agreement with the Turkish authorities.

The union, which includes a group of foreign and local companies working in the field of oil production, said, according to statements to the American newspaper, "The Cradle," that "oil-producing companies refuse to return to work again within the region,"

stressing that "the production and export of oil will be stopped completely, even if they reach The Iraqi government has reached an agreement with the Turkish side to re-pump through the port of Ceyhan until the conditions are fully implemented."

The Federation of Companies, according to what the newspaper showed, called on the Kurdistan Regional Government of Iraq to "provide guarantees that fully protect the rights of companies, including financial rights,"

stressing that they were "significantly affected" by the Kurdistan Regional Government of Iraq's breach of the official agreements governing the export of oil and the resulting suspensions. For export, it caused damages worth “billions” to companies, according to its description.

It is noteworthy that the threats of the companies coincide with continuous announcements from the Iraqi and Turkish government hinting that they are close to signing an agreement that guarantees the export of oil from the Kurdistan region of Iraq through the port of Ceyhan without problems, as the American newspaper confirmed that the companies’ implementation of their threat will mean the continuation of the current crisis even if Baghdad and Ankara reach an agreement agreement.

It is noteworthy that a responsible source in the Kurdistan region revealed, on (August 18, 2023), an arrangement for a meeting between the Prime Minister, Muhammad Shia al-Sudani, and the Kurdish oil companies, and with the mediation of the American ambassador in Baghdad, Elena Romanowsky, for the purpose of ensuring her fate and financial dues after the entry of the oil sector in Kurdistan into an unknown tunnel.

The source told "Baghdad Today" that "the reason for the meeting is for Al-Sudani to preserve the financial dues of these companies and their wages in the new agreement between Baghdad and Erbil on oil."

The source confirms that "the Kurdish oil companies in the region have not received their financial dues as well as their monthly wages since September of last year."

He pointed out that "the work of these companies is distributed in the regions of Kurdistan by filtering, extracting, investing and selling oil, and they used to receive their wages from the regional government, but the wages stopped with the cessation of oil export business and the reduction of extraction,

while they are now trying to guarantee the payment of their dues and wages in the event that the oil and gas law was enacted and also in If the oil export through Turkey resumes, or if the suspension continues for a longer period.

The official of the Foreign Relations Office of the Kurdistan Regional Government, Sven Dizyi, said on Tuesday, August 29, that Turkey supports the export of Kurdistan's oil, noting that the suspension of the region's oil exports "caused financial losses of more than $5 billion to the government."

 Source / Baghdad Today Agency   https://economy-news.net/content.php?id=36094

Sovereign Fund And The Problem Of The Iraqi Economy

2023.08.30 - Thamer Al-Ani  Baghdad - Nas    Savings and investment funds currently account for the largest percentage of sovereign wealth funds, according to the classifications of funds registered at the International Institute of Sovereign Funds, followed by development funds in second place. Sovereign wealth funds contribute to diversifying the economies of the countries that own them by converting the financial or cash surpluses of those countries into assets with economic return and using them in investment fields (stocks, bonds, real estate...etc). 

Iraq has previous experience in establishing a sovereign wealth fund, through the establishment of the Iraqi Fund for Foreign Development, which was established under Law No. 77 of 1974, but after that the work of this fund was limited to managing Iraq’s financial contributions to regional and international organizations and bodies, and there was also an attempt To establish two sovereign funds for Iraq in 2018, but they remained without practical implementation. 

In terms of the source of revenue, the economies of countries are divided into 3 sections; Economics with diversified revenue sources, and economies with a single revenue source “one-basket economies” and what is between them Section III.

Iraq falls within the second group, as Iraq is considered one of the rentier countries, due to its almost total dependence on revenues from the sale of crude oil, as oil revenues constitute about more than “90 percent” of the total revenues of the general budget, and they also contribute about “45-60 percent.” percent of the gross domestic product. 

This led to a major structural imbalance in the sources of financing the general budget, and as a result of unwise policies, and the difficult circumstances that Iraq witnessed, this imbalance deepened. To extend to all economic indicators, until crude oil revenues became a function of the level of general revenues of the state, and more generally a function of the level of activity of the national economy. 

 Depleted natural resources are a double-edged sword. Because it depends on the nature of the management and use of these resources, these resources may appear in a country with a sound economic thought and are used as a basis for the advancement and development of its national economy and its financial sustainability, which requires allocating the surplus or a certain percentage of the revenues of these resources in the development and development of other economic sectors through the Wealth Fund Sovereign,

and these same resources may be available to a country that is unable to adopt and apply an economic thought that helps it exploit these resources in a way that enables it to develop its economic sectors and sustain its finances and revenues, which leads to waste of these resources.

With the huge revenues that crude oil generated in Iraq after 2003, these revenues were not properly exploited, and successive governments were unable to develop and diversify their sources of public revenues, and they remained dependent on depleted rent revenue. 

Therefore, some oil countries, such as Saudi Arabia, the UAE, Kuwait, and Qatar, realized the great danger they might face if they were unable to diversify their sources of public revenues, and given that oil is a depleted commodity, and in order to achieve the principle of optimal exploitation of resources, most countries tended to devise a method for managing oil revenues, through Establishing sovereign funds to achieve national goals; And financed either by foreign exchange reserves, exports of natural resources, or surplus public revenues of the state. 

It should be noted that the Saudi Public Investment Fund rose to the sixth position in the world among sovereign wealth funds, according to the latest statistics from 2023 “SWF Institute”, and the fund’s assets increased from $ 690 billion to $ 776.7 billion.

It is noteworthy that the Norwegian Wealth Fund sits on the top of sovereign funds with total assets of $1.47 trillion, followed by the Chinese Cooperative Investment Fund, with total assets of $1.35 trillion, and in third place in the world came the Chinese Sovereign Wealth Fund “SAFE” with net assets of $1.019 trillion.

While the Abu Dhabi Investment Authority Fund was the fourth in the world and the first in the Arab world, with assets amounting to $853 billion, followed by the Kuwaiti Wealth Fund with net assets of $803 billion, then the Qatari Investment Authority Fund with $475 billion. 

The importance of these funds lies in their consideration as a tool of financial policy to achieve financial stability and reduce the possibility of resorting to borrowing. They are also an important tool in investing the state’s financial surpluses, in addition to considering them as a precautionary tool against the effects resulting from the fluctuations of the global oil market, and preserving the future of future generations.  Accordingly, and based on the need to use the country's resources in the best way, so the time has come to establish the Iraq Sovereign Fund, or to activate alternatives that may play the same role, to take advantage of the financial surplus in oil prices, which is expected to provide a large financial surplus.   https://www.nasnews.com/view.php?cat=113559

Who Murdered God’s Banker?

Who murdered God’s Banker? 

The Final Wake Up Call By Peter B Meyer 8-29-23

The apparent suicide in June, 1982 of an Italian financier known as ”God’s banker,” who was found hanged beneath London’s Blackfriars Bridge, has added to the mystery of a major Italian financial scandal in which the Vatican appears heavily involved.

Five days after he vanished, his secretary jumped to her death from a window of the Milan bank. Mr. Calvi 61 years old was found in London hanging from a rope under Blackfriars Bridge on June 18, 1982.

He had joined Milan’s Banco Ambrosiano as a clerk, worked his way up to become its president and, along the way, through a series of spectacular deals, transformed what had been a modest regional bank into a major financial power, with assets of $18.7 billion in 1981.

”The Ambrosiano affair makes everyone wonder about the Vatican’s finances, but it really illustrates the fragility of the international banking system that we are all trying to preserve,” said Guido Carli, a former governor of the Bank of Italy and now a prominent industrialist.

As usual with such scandals in Italy, there are also unverifiable reports of the involvement of organised crime figures and even a recently discovered secret Masonic lodge opposed to the government that are somehow involved.

There are also reports that Banco Ambrosiano may have been a target of the British secret service, which is said to suspect it of financing Argentine arms purchases during the war over the Falkland Islands.

The Bank of Italy first became suspicious about Banco Ambrosiano in 1978 during a general crackdown on bank fraud, but immediately ran into a heavy political opposition.

This Vatican bank is officially known as the Institute of Religious Relations, from 1971 to 1989 its President was Archbishop Paul Marcinkus from Cicero, Illinois. Before that, he worked as a bodyguard for Pope Paul VI. However, he will be remembered for a scandal that broke out in 1982.

 Suicide Corrected as Murder

The scandal began with the collapse of Banco Ambrosiano, one of Italy’s largest private banks, with a debt of $1.4 billion. Soon after, Roberto Calvi, the bank’s managing director and friend of Marcinkus, was found dead hanging under a bridge over the river Thames in London, in England.

The location of Blackfriars bridge was seen as indicating a link to P2 because members of the illegal group referred to themselves as ‘frati neri’, Italian for ‘black friars’.

The death of Calvi, the bank’s chairman and a P2 member, was initially deemed to have been a suicide. But subsequent investigations pointed to it having been a murder which Italian prosecutors believe was the work of the Sicilian Mafia.

The organised crime syndicate had used Ambrosiano to recycle funds, some of which were moved out of Italy via the Vatican bank. No-one was ever convicted for carrying out or commissioning Calvi ‘s murder.

Five people, including mafia boss Masonic grand master Licio Gelli  were tried in connection with his murder, but were all acquitted. It is best known internationally for having been at the heart of a murder mystery involving both the Mafia and the Vatican that centred on the death of “God’s banker”!

It appears that the Vatican, through the Vatican Bank, is the main shareholder of Banco Ambrosiano and that they have channelled a billion dollars from the bank to 10 subsidiaries. Several rumours surrounding the scandal were, that other shareholders at the bank were involved  in this organised crime and some were even members of the secret Masonic lodge-P2. When Italian investigators tried to interview Marcinkus about the scandal, he was uncooperative. He refused to leave the Vatican and even refused to answer questions, referring to his diplomatic immunity.

Marcinkus was eventually indicted, but he never went to trial because the charges against him were dismissed. He remained in charge of the Vatican bank for seven years.

Prince Bernhard vetoed Pope John Paul I

The scandal even gave rise to some conspiracy theories. The most famous was used in the plot of Godfather Part III, as Pope John Paul I was assassinated by the mafia on orders in August 1978. John Paul I had been chosen as Pope in 1978, but Prince Bernhard the prince of the Netherlands vetoed it. He was found dead in bed after only 33 days in office. The official cause of death was a heart attack, but no autopsy was performed. According to the conspiracy theory, he was killed because he wanted to end the relationship between the church and the private bank.

According to senior officials investigating the scandal who do not wish to be identified, the Banco Ambrosiano affair centres on the close but ambiguous relationship between Mr. Calvi and Archbishop Paul C. Marcinkus, a 60-year-old native of Cicero, Ill., who for the last 10 years has run the Vatican’s free-wheeling but extremely secretive bank. The bank’s formal name is Instituto per le Opere de Religione, the Institute for Religious Works, and it is commonly referred to as I.O.R.

Archbishop Marcinkus, a former chief of papal security, has been a controversial figure in financial circles because, as head of the Vatican bank, he was responsible for the Vatican’s losing a reported $30 million in the collapse in 1974 of the business empire of Michele Sindona, the Sicilian financier.

During 1980 and 1981, investigating officials say, the late Mr. Calvi mounted an extensive lending program to the Peruvian, Nicaraguan and Nassau subsidiaries of the Banco Ambrosiano group, using funds borrowed in the Eurodollar market that eventually totalled some $1.2 billion to $1.4 billion.

Most of this money was then lent to a series of Panamanian companies with names such as Bellatrix Inc., Manic Inc. and Astrolfine Inc., most of which are thought to have no more than mail addresses. The loans were granted roughly evenly by Banco Ambrosiano in Milan and by its Luxembourg subsidiary, Banco Ambrosiano Holdings.

But Mr. Calvi lent these funds, investigators say, only after receiving what bankers call ”letters of comfort” from the Vatican bank. These letters, though vaguely worded, implied that the Vatican had an interest in the companies and was aware of their borrowing plans. Although such letters do not constitute a legal guarantee that the signatory will repay the loans, they are often issued to reassure lenders that a borrowing company has reputable backing.

But the Vatican bank also demanded and received what investigators call a ”counter letter” signed by Mr. Calvi and absolving it from all legal and financial responsibility for the loans to the Panamanian companies.

Investigating officials believe the Vatican did have an interest in the Panamanian companies and probably controlled a number of them. But they are convinced that Mr. Calvi was also part owner and effective manager of most of the companies and used the money they borrowed to buy shares in Banco Ambrosiano and probably in other companies as well.

By now, one senior official involved in the investigation estimates, the Panamanian companies own around 20 percent of Banco Ambrosiano.

House of Cards

As interest rates rose and the dollar strengthened, investigators found it likely that it became increasingly difficult for Mr Calvi to pay his loans in dollars with the dividends from his shares, which were often paid out in weak Italian lira. To remain solvent, he was forced to borrow more.

 ”It was a house of cards that was bound to fall down,” one official said.

There is speculation that the Archbishop may have agreed to the deal to help out an old colleague and financial adviser since Banco Ambrosiano is regarded as one of Italy’s ”Catholic” banks with longstanding links to the Vatican. He may also have wished to protect the Vatican’s own stake in Banco Ambrosiano, which is assumed to be far more than the 1.8 percent shown by the latest official figures.

In the view of the Italian Treasury Minister, Nino Andreatta, and of Mr. Campi, the central bank’s governor, the Vatican acted improperly in issuing letters of comfort to Banco Ambrosiano at the same time as it asked the bank to absolve it from any responsibility for the Panamian companies. They believe it must therefore bear at least a moral responsibility for any losses incurred, according to senior officials.

Toward the end of his life, Mr. Calvi is said to have become increasingly involved with suspected underworld figures as his needs for ready cash increased. There are also rumours that he lent Peru $200 million to buy Exocet missiles for the Argentine forces during the Falkland war and thus became a target for the British secret service.

 In light of the rumours, officials at the normally staid Bank of Italy and Finance Ministry expressed amazement at the finding by a London coroner that Mr. Calvi did indeed commit suicide by hanging himself under the bridge. The common reaction was:   ”Why bother to go to London to do that?”

 Scandalized Money Laundering

Paolo Cipriani, director of the bank, and his deputy Marco Tullio have resigned after the arrest by Italian tax police of a Vatican monsignor who used to work as a senior account manager in the Administration of the Patrimony of the Apostolic See (APSA), which manages Vatican real estate holdings. The monsignor, Nunzio Scarano, is being questioned in jail over allegations of money laundering, corruption and fraud.

 Pope Francis is scandalised and angry at the goings on behind the scenes at the IOR. He has decided to begin his planned clean-up of the Roman Curia, the central government of the Church, with a complete shakeup at the IOR.

 Vatican security officers have been instructed to freeze any attempt to meddle with IOR documents, while an internal commission of inquiry with wide powers prepares a secret report on the current financial shenanigans, for the eyes of Pope Francis only.

The Vatican Bank has a damaged image at a time when the Pope is urging his flock to turn their attention to the plight of the world’s poor. There is speculation that one of Pope Francis’ options could be to dissolve the IOR altogether and transfer all Vatican banking to a reliable commercial bank.

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Watch the documentary God’s Banker about worldwide money laundering, The Vatican bank, Masonic secret service and the Italian mafia.  https://sflix.to/watch-tv/free-murder-of-gods-banker-hd-95965.9582313

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