More Iraqi News Sunday PM 10-31-21

More Iraqi News Sunday PM 10-31-21

TLM724 Administrator BondLady’s Corner

Iraqi Messages To Return The Looted And Frozen Funds

Posted On 2021-10-31 By Sotaliraq   Cairo: Israa Khalifa   Despite the different estimates regarding the looted, smuggled and frozen Iraqi funds before and after 2003; However, they remain shocking numbers that could have played an important role in changing the reality of the country and the lives of millions of citizens, the lowest of which is estimated at $150 billion, and the highest at $1.1 trillion.

In light of the recent efforts to recover these funds, Minister of Justice Salar Abdul Sattar confirmed that “Iraq has sent letters through its embassies around the world to all countries where there are looted Iraqi funds, whether they were deposited in banks during the rule of the former regime or related to money laundering that occurred After 2003, committees were formed through the legal department in the ministry, in cooperation with the Ministry of Foreign Affairs, to address the authorities of those countries and recover these funds.

Abdul Sattar signed in Cairo the “Arab Protocol to Prevent and Combat Trafficking in Persons, Especially Women and Children,” which is the protocol supplementing and supplementing the “Arab Convention against Transnational Organized Crime,” and said: “Iraq is keen, by signing this protocol, to strengthen Iraq’s role in Cooperation with Arab countries in combating the phenomenon of human trafficking, especially women and children, which comes as a complement to the Arab Convention against Transnational Organized Crime.

He added that "this protocol will enter into force after the ratification of 7 Arab countries, and it is part of a comprehensive Arab agreement to combat organized crime."

He pointed out that "Prime Minister Mustafa Al-Kazemi seeks to speed up Iraq's return to its uniqueness and its return to its Arab world and to sign important agreements in several fields," noting that "organized crime, especially human trafficking, is widespread in the whole world, including the Arab region, so there must be a presence Agreements to limit its spread.

The protocol was signed on behalf of the Arab League by the Assistant Secretary-General for Legal Affairs, Ambassador Dr. Mohamed El-Amin Ould Akik. The signing was attended by the Secretary-General of the Arab League, Ahmed Aboul Gheit, the Iraqi ambassador to Egypt and the permanent representative to the Arab League, Ahmed Nayef Al-Dulaimi, and 15 Arab countries signed the protocol.   LINK

Al-Kazemi: Iraq Recorded The Largest Energy Production This Year

Today, Sunday, Prime Minister Mustafa Al-Kazemi directed the Ministry of Electricity to draw up plans for the coming summer, while noting that energy rationalization is a civilized phenomenon.

Al-Kazemi said in a speech during his visit to the Ministry of Electricity and his meeting with its advanced cadre, "We meet with you today to anticipate the coming summer, by developing plans that will overcome past mistakes regarding electricity," noting that "the Ministry of Electricity despite all the great challenges it faced last year, represented by Through terrorism and sabotage that targeted the towers, as well as other challenges, I managed to overcome many of them, and indeed, Iraq recorded the largest energy production during the current year.

He stressed, "There are many past mistakes in this vital file, without which factories and laboratories, even life, stop, and we will work with full force and responsibility to overcome the obstacles in this file."

He added, "The ministry has gone through many obstacles since its inception, represented by poor planning and corruption, as well as disruption due to administrative and bureaucratic procedures and laws," explaining, "I personally followed up with executive officials in the Ministry of Electricity and other ministries energy developments, and directed the formation of a crisis cell to address the shortage of hours of electricity production." in Baghdad and the provinces.

He pointed out, "We are working carefully and with deliberate plans for the future to diversify energy sources and expedite the establishment of clean energy plants with the best international companies, and we have made great strides in this context."

He explained, "Energy rationalization is a civilized phenomenon, as well as the importance of activating collection to ensure the continuity of production and nutrition," stressing "the importance of developing the cadre that the Ministry should pay attention to, to keep pace with the development taking place in the fields of energy, administrative matters and others."   https://www.radionawa.com/all-detail.aspx?jimare=26241

The Council of Ministers approves the recommendation for the agricultural plan for the whole country, including the Kurdistan region

Sunday 31 October 2021 10:23 | Economic Number of readings: 304   Baghdad / NINA / - The Council of Ministers approved the recommendation of the Ministerial Council for Economy regarding the approval of what was stated in the minutes of the Diwani Order Committee 57 of 2021 regarding the agricultural plan.

A statement by the Cabinet Secretariat stated, today, Sunday, that it was mentioned in the approval approving the amount of «375,000» tons of wheat in the Kurdistan region; To be handed over to the Federal Ministry of Trade for the winter agricultural season 2020-2021, taking into account the lack of rain for the current agricultural season.”/ End 2    https://ninanews.com/Website/News/Details?key=936219

South Korea Reveals The Desire Of Solid Companies To Invest In Iraq

Part of Finance Minister Ali Allawi's meeting with South Korean Ambassador to Baghdad Jang Kyung-wook and his accompanying delegation money and business   Economy News – Baghdad   Finance Minister Ali Abdul Amir Allawi discussed, on Sunday, with South Korean Ambassador to Baghdad Jang Kyung-wook and his accompanying delegation, ways to enhance joint cooperation between the two countries.

And the Ministry of Finance stated in a statement received by "Al-Iqtisad News", that "during the meeting, aspects of joint cooperation between the two countries were reviewed, and they emphasized strengthening the partnership aspect in the economic and commercial fields and opening new horizons for partnership between the two friendly peoples."

Allawi reviewed the “fundamental reforms achieved by the Ministry of Finance and raising the indicators of commercial activity in light of the current economic challenges and the Corona pandemic crisis.”

Allawi also explained that "the Iraqi government adopts a set of programs and plans that have an impact on stimulating the economic situation and enhancing development opportunities."

For his part, the Korean ambassador praised the "rising performance of the Iraqi economy," expressing "the country's government's tendency to raise levels of cooperation with Iraq, and the desire of sober Korean companies to expand their activities and partnership with Iraq in various fields, especially those related to investment and infrastructure aspects."

Views 84 Date Added 10/31/2021   https://economy-news.net/content.php?id=26687

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

 https://www.bondladyscorner.com/

KTFA Members "News and Views" Sunday PM 10-31-2021

KTFA:

Samson:  The Sadrist movement reveals a trend regarding the dollar exchange rate

28th October, 2021

The Sadrist movement, led by Muqtada al-Sadr, confirmed Thursday, its quest during the next stage to change the exchange rate of the dollar against the Iraqi dinar.

The leader of the movement, Riyadh Al-Masoudi, said, in a statement that followed (Al-Oula News), that "the Sadrist movement will work through the Sadrist Parliamentary bloc as well as the new Iraqi government to change the exchange rate of the dollar against the Iraqi dinar, as raising the exchange rate has a great impact on citizens, especially those with limited incomes. The fact that this rise affected the rise in food prices and other things in the Iraqi markets.”

And he indicated that "the rise in oil prices in the global market will be enough to provide financial abundance, instead of resorting to raising the exchange rate of the dollar, this is the economic solution, which Mustafa Al-Kazemi's government worked on," adding: "We will work to find other solutions other than him in a way that does not harm."

The Iraqi people, we are with the people in their aspirations and we will do everything that is in the interest of the people economically.”  LINK

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Samson:  Al-Hamidi: Reducing The Price Of The Dollar Is Related To The Economic Plan Of The Next Government

31st October, 2021

The Former Deputy of the Al-Fateh Alliance, Mithaq Al-Hamidi, indicated on Sunday that the decision to reduce the price of the dollar will be in the court of the next Government.

Al-Hamidi said in a statement followed by “Al-Ahd News” that “reducing the price of the dollar is related to the economic plan that the new government will come up with and oil prices, which if they remain at their current rates, it will be normal to reduce it.”

She added, "if oil prices fall with the increase in the fiscal deficit in the next budget, with the accumulated debts on Iraq, the dollar prices will remain at the same current rates."   LINK

Ryan1216:  Great! We just need the lip service (talk) fully backed by the action now. Hurry up!  

Clare:  YES... WE ALL WANT THEM TO HURRY UP!!! LOL  BUT THEY ARE DOING IT! imo

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Samson:  A government comment on the change in the dollar exchange rate after the rise in oil

31st October, 2021

Mazhar Muhammad Salih, the financial and economic advisor to Prime Minister Mustafa Al-Kazemi, commented today, Sunday, on the possibility of changing the dollar exchange rate against the Iraqi dinar, after the rise in oil prices.

Salih said, "Adjusting the dinar exchange rate in light of the improvement in oil revenues needs several requirements that the government must take. This requires the foreign currency to cover the local liquidity, and the superiority of foreign reserves over the cash reserve should not threaten the wealth of Iraq's foreign reserves." Shafak News.

He added that "foreign reserves should cover at least a number of import months, including at least 6 months, especially in the case of Iraq, which depends heavily on openness to foreign markets. If these factors are available, the issue of changing the exchange rate of the dollar against the Iraqi dinar can be studied."

It is noteworthy that the Iraqi government reduced the value of the Iraqi dinar against the US dollar in the Federal Budget Law for the year 2021, as the exchange rate of the dollar reached 1450 dinars to the dollar, after its price was 1200 dinars to the dollar.  LINK

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Samson:  Cabinet : Several countries have expressed their desire to invest in Iraq

29th October, 2021

The General Secretariat of the Council of Ministers confirmed today, Friday, that many countries have expressed their desire to invest in Iraq, while indicating that the government calls for bypassing bureaucracy and attracting investors.

A spokesman for the Cabinet Secretariat, Haider Majid, told the Iraqi News Agency (INA), that "the government encourages investment and calls for bypassing bureaucracy and attracting investors."

Majid added, "The government confirmed more than once, through the visits made by the Prime Minister and the ministerial delegation accompanying him to Arab and European countries, and during his reception of Arab and foreign officials in Iraq, that the doors of Iraq are open for investment, participation and active contribution to the reconstruction of Iraq in all sectors." 

He stressed, "There are many countries that have expressed their desire to invest in Iraq, in addition to the continuous and repeated assurances by the Secretary-General of the Council of Ministers to the ambassadors of Arab and foreign countries during his reception of them, that the doors of Iraq are open to them and that the land of Iraq is fertile for investment."  LINK

Samson:  Expect heavy resistance to oil prices before it reaches $90

30th October, 2021

 The oil expert, Hamza Al-Jawahiri, expected, on Saturday, a strong resistance to oil prices before one barrel reached $90.

  Al-Jawahiri told Al-Furat News, "Oil prices are global, and we expect oil prices to meet stiff resistance before they reach $90 per barrel."  He explained the decline in Basra crude and the variation in oil prices, to "the very large stock of speculators who are waiting for prices to rise as much as possible." Al-Jawahiri indicated, "It is in the interest of Iraq and the oil countries to deplete these oil reserves so that prices and natural production return to their level."

The price of Basra Light Crude declined to record a weekly loss, the first in two months, as the prices of oil raw materials fluctuated during the past week as a result of the shortage in demand and after the rise in gas and coal prices, which made oil prices less expensive on the one hand, and the rise in US crude stocks, and the economies of countries affected by the virus. Corona on the other hand.

Although Basra crude rose in its last session before closing Friday by 27 cents to reach $83.84, it achieved a weekly loss of 75 cents, or the equivalent of 0.89%. Brent crude also rose in its last session by 6 cents to reach $84.38, but it achieved a weekly loss of $1.15, or 1.34% in a week. The US West Texas Intermediate crude was also settled, up 76 cents, to reach $83.57 a barrel, but it also achieved a weekly loss of 19 cents, or 0.23%.   LINK

News, Rumors and Opinions Sunday Afternoon 10-31-2021

Holly Sunday Update:

Good morning roomies!

There are two ways to shine. You can be a candle or the mirror that reflects it. -unknown

Today is Halloween and the solar flares impact. Be gentle and kind with yourself and stay in love.

Avoid negative people and any arguments. Go in nature if you can.

We are so close to all things happening. We have never been this close.

Keep the faith.

Courtesy of Dinar Guru

Bruce   [via WiserNow]   My understanding is that in Iraq the lower denominations are already out – already in use – through their ATM’s and through their banks...

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NESARA / GESARA - the truth about the QFS system

Pimpy’s investment Chat :  Oct 31, 2021

https://www.youtube.com/watch?v=mfBumh-s2ak

Prepare for a Worldwide Shortage of Everything

The Nomad Economist:  Oct 30, 2021

Overstimulating the economy to fill the crater they created with money has brought so much demand forward that the inevitable reversal of this trend will be stupendous, particularly deflation in durable goods as demand drops off.

That is, if inflation is not larger than the coming drop in demand. Maybe that’s the plan. I think our leaders have totally screwed the pooch on this one.

They will all say they had no choice and no one could have foreseen the consequences of their actions when the economy comes completely unraveled.

The historic stimulus from $5 trillion in government deficit-spending and from $4 trillion in Fed money-printing within a 16 month period resulted in a historic spike in consumer spending on goods. When the demand shock hit retailers and other companies, they were suddenly confronted with a multi-layered supply shock – after decades of corporate efforts to tighten “lean inventory” strategies ever further, all the way up the supply chain.

And there was no buffer for the disruptions. I can almost see the rationale for the stimulus back in March of 2020, when they thought that people would spend the extra money to keep businesses alive, but it turns out that people just used it to splurge on durable goods from large multinationals. Once they saw actual behavior, doing it again in December, and then again in March of 2021, was beneath contempt.

They learned from 2002 and 2008. Timid intervention results in a bear market in stocks. But right now, stimulus is wearing off and interventions are coming to an end.

This is the time the Fed needs to aggressively ramp up QE, and yet they’re talking about tapering. They knew a year ago that they had stimulated too much and needed to cut back, but the fear was that even a hint of tapering would crash markets.

The market only wants to hear about more stimulus and more QE, so the obvious solution was to announce one year ago that QE would be stopped immediately, but that they would gradually increase the pace of asset purchases going forward.

That way, they might have been able to create a more sustainable recovery. The unemployment bonuses, rent moratoriums, forbearance programs, etc haven’t even rolled off yet and various commodities already look like they’re crashing.

Now that they’ve made the mistake of doing too much fiscal stimulus, is there even any way to withdraw it gracefully?

https://www.youtube.com/watch?v=xBV59fmY1RY

7 Mistakes People Make When Choosing a Financial Advisor

7 Mistakes People Make When Choosing a Financial Advisor

Smart Asset  October 31, 2021

Choosing a financial advisor is a major life decision that can determine your financial trajectory for years to come.  A 2020 Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.

The value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns, but research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.

A recent Vanguard study found that, on average, a $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less. In other words, an advisor-managed portfolio would average 8% annualized growth over a 25-year period, compared to 5% from a self-managed portfolio.

1. Hiring an Advisor Who Is Not a Fiduciary

By definition, a fiduciary is an individual who is ethically bound to act in another person’s best interest. This obligation eliminates conflict of interest concerns and makes an advisor’s advice more trustworthy.

All of the financial advisors on SmartAsset’s matching platform are registered fiduciaries. If your advisor is not a fiduciary and constantly pushes investment products on you, use this no-cost tool to find an advisor who has your best interest in mind.

2. Hiring the First Advisor You Meet

While it’s tempting to hire the advisor closest to home or the first advisor in the yellow pages, this decision requires more time. Take the time to interview at least a few advisors before picking the best match for you.

3. Choosing an Advisor with the Wrong Specialty

Some financial advisors specialize in retirement planning, while others are best for business owners or those with a high net worth. Some might be best for young professionals starting a family. Be sure to understand an advisor’s strengths and weaknesses - before signing the dotted line.

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

https://article.smartasset.com/financial-advisor-mistakes-18/?utm_source=smartasset&utm_campaign=sma__falc_relatedposts_financial-advisor&utm_content=famistakes_rita

7 Situations When You Need a Financial Advisor Most

7 Situations When You Need a Financial Advisor Most

Matt Wiley MAR 28, 2019

Do you know enough about financial management to take care of all of your investing on your own? Or do you need help from a seasoned expert?

That question comes up for millions of Americans each year.

If any of these describe you, you could benefit from professional financial advice:

1. You’re retiring soon – Maximizing retirement income requires smart decisions around complex topics such as Social Security, 401(k) and IRA withdrawals.

2. You manage your own investments – Individual investors should check their strategies with unbiased third parties. You may be overlooking opportunities in your portfolio.

3. You have children – Whether you’re saving for college or planning their inheritance, there are several ways to ensure your children are taken care of.

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

https://smartasset.com/financial-advisor/7-situations-when-you-need-a-financial-advisor-most

MilitiaMan: "Launch of the New Digital System" Sunday 10-31-2021

KTFA:

MilitiaMan:  We can see (see article below)  from this they have launched the new system.

The Central Bank has ANNOUNCED that they integrated the new digital system.

The system is to make way for a cashless society. Not a no cash society. Therefore, the implications suggest they'll be changing the exchange rate to reflect an internationally accepted rate that will be or is now digitized.

That will imo require Article 8 compliance and New Small Category Notes to facilitate trade down to the street vendors. 

There will be new digital equipment necessary to facilitate the new systems, new equipment in place now.

They ANNOUNCED they launched the new system... They also are now and have been talking about the change of the exchange rate..

 The GOI is to approve of an exchange rate change and they clearly seem to be. The job of lifting the exchange of the Dinar to the Dollar is the CBIs job... I like what we see here and the timing couldn't be better.. imo ~ MM

Samson:  Enrollment and digital transformation

31st October, 2021 by Qasim Al-Gharawi

Successful global experiences in the field of financial digitization are based on the existence of comprehensive national visions for digital transformation according to a gradual framework that supports this transformation.

Digital enrollment is an integrated digital financial system that enhances financial independence and freedom from traditional financial systems.

The Central Bank of Iraq announced the launch of the digital enrollment service, which is the first of its kind in Iraq.

This system is working to transform Iraq into a country less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial transactions within banks operating in Iraq.

Digitizing public finances enables governments to increase tax revenues, combat tax evasion, and help raise the efficiency and transparency of public procurement systems.

 This service is considered a “modern and different trend due to its many advantages, including conducting financial operations in a modern digital electronic way, which shortens time and geographical distances and lifts traditional barriers in the Iraqi banking sector.

Therefore, we must work and emphasize the need for an integrated vision of digital transformation in light of the rapid technological changes and developments in the world, on one side, and on the other hand, it is an attempt to control corruption and tax evasion.  LINK

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Samson:  Mazhar Saleh : The rise in oil prices revives investment... and the financial surplus to reduce unemployment

28th October, 2021

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said on Thursday that the rise in oil prices will reflect positively on the investment side, especially in the framework of Iraqi-Chinese cooperation.

Salih told Al-Masala that the Iraqi-Chinese cooperation framework agreement will be fed monthly with national resources, amounting to three million barrels out of the total monthly quantities exported to China, amounting to 25 million barrels of crude oil, according to the prevailing international oil prices.

In the opinion of the economic and financial advisor, there is a possibility to benefit from the surplus price of a barrel by containing the unemployment crisis in the country.

Saleh told Al-Masala that the surplus price of a barrel of oil in the budget should be taken advantage of, and after closing the financial deficit to investment projects, because of their paramount importance in containing the unemployment crisis in the country, employing manpower, and revitalizing this sector.

He added: The percentage of the surplus is transferred to investment projects and to enable the stalled projects, which amount to 6000 stalled projects, which vanished after huge sums of money were spent on them. He pointed out that restarting the projects under the current dollar exchange rate and changing global costs would be an additional cost to the state.

According to official data, unemployment rates in Iraq have risen to unprecedented levels in three decades, despite the country's huge oil wealth.    LINK

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MilitiaMan:  This is part of the security they need to support the value of the DINAR..

They are mentioning that to restart the projects at the current dollar exchange rate would be an additonal cost to the state. Hence, support again for the new exchange rate to be implemented now and not later. 

Which is supported by the CBI ANNOUNCING they launched a new digital system today.. (see article above)

One that is the first of it's kind.. That launch will require a level playing field and you can bet that is going to happen whether anyone likes it or not.

The digital international taxation has been approved and the UST even said so yesterday.  It sure looks like there is a go time and it looks like today could surely be a turning point.

Lets see what the days bring..~ MM

Iraqi News Sunday AM 10-31-21

Iraqi News Sunday AM 10-31-21

TLM724 Administrator BondLady’s Corner

Clear Optimism About An Economic Recovery After The Formation Of The New Government

Sunday 31 October 2021  77 Morning: Kazem Al-Hinnawi   There is a clear state of optimism among economists and observers in Iraq regarding a significant recovery of the Iraqi economy, thanks to the indicators that herald a new economic start.

After the year 2021 full of developments, which was marked by the start of economic recovery following the crisis of the Corona pandemic, many parties seem optimistic, with expectations of higher growth at the beginning of next year as a result of high oil prices and the increase in the percentage of tourist delegations heading to Iraq.

Expectations indicate an improvement in the growth rate by the end of the current year, reflecting the growth of the added value after providing water for the grain crop, and the increase in the number of workers in this sector.

Some economic observers, whom Al-Sabah met, confirmed that the improvement in the growth rate is also a result of the tangible progress made at the level of the vaccination campaign against the Corona virus, and the fiscal stimulus policy followed, in addition to the trend to facilitate loans in the real estate market.

In turn, the International Monetary Fund expects to record an enhanced recovery of the Iraqi economy thanks to the rise in oil prices, the good performance of the agricultural season and the results of the policies that have been implemented to confront the repercussions of the pandemic.

According to the latest report of the International Monetary Fund on "Regional Economic Prospects", Iraq's performance was average at the level of the vaccination campaign and investment in the future to get out of the crisis more robust, as the region faces chronic structural issues that have become a focus recently with the onset of the pandemic.

The economist, Ali Abu Khamisi, had confirmed in a statement to “Al-Sabah” that the assumptions on which the International Monetary Fund was based, if a new budget law was prepared close to these directives, would be realistic and ambitious expectations, and take into account future developments at the local and international levels.

Adding, there is no doubt that the cloud of the Covid-19 crisis has begun to clear, as indicated by the improvement in the epidemiological situation and the remarkable progress that has been made at the level of the national vaccination campaign, indicating that this depends on imposing the stability of the security situation and settling the pre-political blockage.

A situation that motivates investment companies and workers in all sectors to resume their activities to contribute to raising the economic level, which also depends on the performance of the new government, which will have to move forward with the implementation of various major projects.   LINK

Controversial Laws Await The Fifth Parliament

Sunday 31 October 2021   155  Baghdad: Shaima Rashid   The fourth parliamentary session completed its tasks and included important and controversial laws that were not voted on despite reading the first and second readings such as the Oil and Gas Law and the Information Crimes Law as well as the Federal Council Law and others, and these laws were automatically moved to the fifth session of the House of Representatives, which will have a new position on these laws either by returning them To the government or vote on it after reading it.

The winning member of the House of Representatives for the fifth parliamentary session, Majid Shankali, told "Al-Sabah": "All laws that were not voted on in the previous session are carried over to the new session, re-read for a first and second reading and discussed, and may be returned to the Council of Ministers to be reformulated."

He explained that "when the legislative term ends, the law that was transferred to the new parliament must be re-read before voting on it, because the laws that came to vote and were not voted on are considered as if they were not read, so they are re-read again, whether by returning them to the Council of Ministers, reformulating them, or reading them in the existing form. Currently, it is discussed and then voted on, and it proceeds as a new bill.”

He added, "If the new parliament is not convinced of the law, it is either returned to the party from which it came, or a draft law is presented parallel to it, and if there is conviction, the law will proceed," noting that "controversial laws such as the oil and gas law, the law of the Federation Council and others have their own status and Parliament will work on study and vote on it.

In turn, a member of the House of Representatives from the previous session, Abbas Al-Atafi, indicated that "these laws will be within the power of the next prime minister or cabinet by withdrawing them from the House of Representatives or giving them importance and priority so that there is a role for the new parliament in legislating and completing them."

Al-Atafi told "Al-Sabah": "The concerned committees in Parliament, which will be formed, will open all these laws and complete the path they ended in the fourth session, vote on and pass them, and this is possible, or they will be re-examined because each parliamentarian has a vision that differs from the other. , but the same laws are prepared by the executive governments, so there will be simple amendments and preparation of workshops in order for them to mature and be voted on.”   LINK

Dollar Exchange Rates In Local Markets Today

Market  Economy News _ Baghdad   Today, Sunday, the dollar exchange rates remained stable in the local markets.

The selling prices of the dollar were 148,000 dinars per 100 dollars, while the purchase prices of the dollar were 147,500 dinars per 100 dollars.

And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. Views 93 Date Added 10/31/2021   https://economy-news.net/content.php?id=26685

Central: Launching A Strategy That Advances The Reality Of Electronic Payment

Sunday 31 October 2021   93   Baghdad: morning   Economists and specialists unanimously agreed on solidifying the banking system in Iraq to be an effective supporter of the economic development process, and at the same time the Central Bank confirmed the imminent launch of a payment strategy, in addition to the stability of the current exchange rate of the Iraqi dinar against the dollar.

This came on the sidelines of the "Miri" conference, which was organized by the Middle East Research Foundation, and dealt in its economic detail with the role of the financial sector in achieving development and standing up to the challenges it faces.

President of the Middle East Foundation d. Dlawer Aladdin said: {Iraq is important to the countries of the region and contributes to achieving balance, which requires maintaining its stability}, indicating {the importance of benefiting from the experiences that despite the epidemic managed to achieve success in its economic sectors.}

As for the Deputy Governor of the Central Bank of Iraq d. Ammar Hamad Khalaf indicated that the Central Bank is heading to launch a strategy for payments aimed at upgrading payment mechanisms to global and shifting from cash to electronic payment in cooperation with specialized international organizations, pointing out that “the citizen is interacting with this trend after the base of beneficiaries expanded from the settlement of salaries, for employees and retirees.

Khalaf said, "There are no trends to change the exchange rate and reduce the value of the national currency, and changing the exchange rate during close periods destroys the economy and has significant negative effects."

And he said, "Since 2015, the Central Bank has provided lending initiatives to reach the real beneficiaries, and during the two years it has loaned 2,000 citizens to purchase housing units."

The Lending Process

As for the head of the Association of Private Banks in Iraq, Wadih Al-Handal, he addressed the reality of the Iraqi economy, describing it as rentierism, and depositing 90% of revenues in government banks, pointing out that “banks cannot lend half of their capital.”

He pointed out that the initiatives of the Central Bank activated the lending process to the beneficiaries of the society groups, especially the youth,” noting that “the youth have orientations that serve the country through pioneering projects that have a positive impact on the economy and can benefit from successful experiences.”

He focused on “the training detail and its role in refining young talents in various disciplines, in addition to paying attention to education, developing its tools and curricula, and stabilizing all its pillars, as well as instilling the spirit of performance as a team to achieve success in the job".

Liquidity Management

The money specialist, Hamila Abdul-Sattar Kurdi, confirmed that “the banking system operates according to the instructions of the Central Bank of Iraq and faces a number of challenges, foremost of which is the lack of public confidence in the banking system, as strengthening the public’s relationship with banks is an important step to raise the capabilities of banks.”

She pointed out that "communicating with the global financial sector represents an important step and creating an advanced banking sector capable of providing the best services to the audience of beneficiaries, pointing to the importance of advancing the reality of financial liquidity management in Iraq".

And she cautioned that «creating a database of the public of borrowers is necessary and enhances the financial services provided to the public».   LINK 

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

 Bond Ladys Corner

"Tidbits From TNT" Sunday 10-31-2021

TNT:

Tishwash: The government's financial advisor: Adjusting the price of the dinar against the dollar needs several requirements that the government must take

The government's financial advisor, Mazhar Muhammad Salih, confirmed that adjusting the dinar exchange rate in light of the improvement in oil revenues needs several requirements that the government must take.

Muhammad Salih said in a statement to the National Iraqi News Agency ( NINA ) that adjusting the exchange rate requires the foreign currency to cover the local liquidity, indicating that the superiority of foreign reserves over the cash reserve should not threaten the wealth of the country’s foreign reserves.

” He added: “Foreign reserves should cover at least A number of import months, including no less than 6 months, especially in the case of Iraq, which is adopted and very open to foreign markets.  link

Tishwash:  Finance Minister: The Government Is Adopting A Set Of Programs And Plans To Stimulate The Economic Situation

Today, Sunday, Finance Minister Ali Abdel Amir Allawi Confirmed That The Government Is Adopting A Set Of Programs And Plans To Stimulate The Economic Situation.

The Ministry Said In A Statement Received By Al-Ahed News That "Minister Ali Abdul-Amir Allawi Received Today The South Korean Ambassador To Baghdad, Jang Kyung-Wook, And His Accompanying Delegation," Noting That "During The Meeting, Aspects Of Joint Cooperation Between The Two Countries Were Reviewed, And The Strengthening Of The Aspect Of Cooperation Between The Two Countries Was Emphasized, Partnership In The Economic And Commercial Fields And Opening New Horizons For Partnership Between The Two Friendly Peoples.

He Added, "The Minister Reviewed The Fundamental Reforms Achieved By The Ministry Of Finance And Raising The Indicators Of Commercial Activity In Light Of The Current Economic Challenges And The Corona Pandemic Crisis."

Allawi Stressed, According To The Statement, That "The Iraqi Government Is Adopting A Set Of Programs And Plans That Have An Impact On Stimulating The Economic Situation And Enhancing Development Opportunities."

For His Part, The Korean Ambassador Praised The “Rising Performance Of The Iraqi Economy,” Expressing “The Direction Of His Country’s Government Towards Raising Levels Of Cooperation With Iraq, And The Desire Of Sober Korean Companies To Expand Their Activities And Partnership With Iraq In Various Fields, Especially Those Related To Investment And Infrastructure Aspects.  link

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Cutebwoy:  Digital transformation in the central bank and the banking sector

Economic and banking advisor Samir Al-Nusairi *

With determination and high confidence in the ability of the Iraqi financial and technical cadres to overcome the challenges of the technical gap that Iraq suffered due to the repercussions of the siege, wars and instability during the information revolution period. 

The Central Bank, banks and specialized technical companies were able to overcome the challenges that stand in the way of the digital transformation of the banking sector and stand in the right direction in the darkest economic and security conditions that our country has experienced during the past years and draw a sound road map to catch up with technical developments in the countries of the world. 

The observer of the situation in Iraq during the years (2016-2021) notes the extent of belief in the Iraqi capabilities and competencies to bring about change and bridge the technical gap between us and the developed world. This is evident in the important achievements that have been achieved, as follows:
1 – The methodology adopted by the Central Bank and implemented by banks and electronic payment companies always focuses on working under a sound legislative, regulatory and legal umbrella, as well as strengthening the concepts of governance and global standards with regard to information technology and financial technologies.

2‐ Issuance of the electronic money payment system No. 3 of 2014 and the establishment of the National Payments Council, governance controls, institutional management of information and communications technology, and legal regulations and instructions that regulate the work of banks and electronic payment service providers. 

3- The central bank plays a pivotal role in establishing advanced infrastructure, pursuing the latest global technologies, and developing the bank’s financial and banking systems, payment systems, and advanced communication networks according to the latest technologies. 

4‐ The central bank, banks, and electronic payment companies possess advanced payment systems as well as retail payment structures, and the national exchange was one of its most important parts. Up to 12 million credit cards were issued and approximately 1,300 ATMs were distributed  
 and more than 5,000 points of sale.

5‐ Granting work licenses to many electronic payment service providers (card issuers, collectors, mobile payment companies, bill presenters, and payment gateways through various channels). 

6- Extensive interest in implementing the first objective of the Bank’s first strategy (2019-2020) and second (2021-2023), which is to achieve monetary and financial stability and enhance digital transformation in the banking sector through a sound financial system with interest in achieving financial inclusion and reducing risks, as well as adopting a localization project Employee salaries, which increased from 11% to 23%, and expected to achieve the target percentage in 2023.

 It is clear from the above achievements that the Central Bank, the banking sector and electronic payment companies have overcome the challenges of the technical gap due to the siege, occupation and terrorism, and it is moving today at a steady pace to achieve digital transformation in the comprehensive financial and banking sector towards achieving financial stability and moving from the cash society to the cashless society, which is also one of the curriculum objectives Government reform in the white paper for the transition to the digital economy.

Future plans for digital transformation

 1- Enhancing research and development activities for the manufacture of new banking products that are spread across governorates, districts, districts, and small cities. 

2- Improving the performance of banks through new inputs based on modern technologies, as well as the development of patterns and policies that adopt modern banking techniques that the countries of the developed world preceded us to. 

3- Capacity building and qualification of digital transformation leaders and human resources in the field of modern banking sciences, technology and innovation with the aim of achieving sustainable development goals. 

4- Develop plans and programs that aim to transform society into a society that deals with criticism, into a non-cash society and into an information society, so that plans and strategies for economic and social development are produced while working to achieve sustainable development goals. 

5- Preparing national policies and strategies consistent with the plans of the monetary authority in management, supervision and control, and in coordination with information and communication technology.

* Economic and banking consultant

Digital transformation in the central bank and the banking sector

Mot:  aaaaahhhhhhhh --- the Irony of Ironies!! ~~~

Mot:  ~~~ Everyday I Get More Insight into My Excercise Program! ~~~ from Mot of Course! ~~~

Zig’s Place Chatroom News Saturday 10-30-21

Zig’s Place Chatroom News Saturday 10-30-21

Zig: Welcome to zig's place, a chat room for dinar speculators and others....discuss any topic that you wish here

Butterfly   The government's financial advisor to / Nina /: Adjusting the price of the dinar against the dollar needs several requirements that the government must take

Saturday 30 October 2021 The government's financial advisor, Mazhar Muhammad Salih, confirmed that adjusting the dinar exchange rate in light of the improvement in oil revenues needs several requirements that the government must take.

Muhammad Salih said in a statement to the National Iraqi News Agency ( NINA ) that adjusting the exchange rate requires the foreign currency to cover the local liquidity, indicating that the superiority of foreign reserves over the cash reserve should not threaten the wealth of the country’s foreign reserves.

” He added: “Foreign reserves should cover at least A number of import months, including no less than 6 months, especially in the case of Iraq, which is adopted and very open to foreign markets. https://ninanews.com/Website/News/Details?key=936081

butterfly   Chihod: The current government is expired, and the next government will have great responsibilities

Saturday 30 October 2021 The former representative of the State of Law coalition, which won the parliamentary elections, Muhammad Saadoun Al-Sihoud, confirmed: "The current government is a caretaker, and it is not entitled to issue decisions, conclude agreements and conclude treaties because it is expired."

He added: "There are great and dangerous challenges represented in drawing the country's internal and external policy, restoring Iraq's prestige to the Arab, regional and international front, and the file of raising currency rates that exhausted the Iraqi citizen," noting that "this government has caused a heavy legacy in various fields, so it is our responsibility to Parliament to form a strong national government based on integrity, professionalism and independence, and to be headed by a shameless Iraqi.

Chihod said in a press statement: "The next government will have great responsibilities that are embodied in correcting mistakes and addressing violations, especially with regard to the file of positions that were overthrown by the abhorrent quotas, as well as with regard to the files of security, services, health, education, appointments, and confronting the Corona epidemic." https://ninanews.com/Website/News/Details?key=936008

butterfly   2021-10-30 03:44  Shafaq News/ Dollar exchange rates climbed today, October 30, 2021, on the Iraqi market.   The Kifah Stock Exchange recorded 147,800 dinars for $ 100.

•The Al-Harthiya Stock Exchange recorded 147,800 dinars for 100 dollars.

In Baghdad   The Selling prices at bank stores on local markets:

•Sale price: 148,250 dinars per $100.  •Purchase price: 147,250 dinars per $100. https://www.shafaq.com/en/Economy/Dollar-exchange-rates-in-Iraq-5-6-1-9

Butterfly   Iraq is pressing to recover its looted money: its value is estimated at 300 billion dollars

10-30-2021   Iraq is pressing to recover its looted money - its value is estimated at 300 billion dollarsThe Iraqi government continues its efforts to recover the looted and smuggled funds outside the country, despite its transformation into caretaker duties after the legislative elections were held on the tenth of this month, from which a new government is scheduled to emerge.

Officials and specialists estimate the money wasted and smuggled out of the country due to corruption operations at more than 300 billion dollars since 2003. Local media quoted informed sources as saying yesterday, Friday, that the amounts recovered since the formation of the investigation committee in corruption and major crimes cases last year until today exceeded 8.5 trillion dinars. Iraqi (equivalent to $5.7 billion), explaining that the accused are officials, businessmen and employees in various positions.

A senior government official confirmed to Al-Araby Al-Jadeed that the efforts of the investigation committee into corruption cases are continuing, and have nothing to do with the end of the government’s tasks, explaining that the committee frequently receives many reports of corruption cases, but implementation requires multiple procedures, including access to evidence. Verify them and obtain judicial approvals.

The Iraqi Minister of Justice, Salar Abdul Sattar, said that his country sent letters through its embassies around the world to all countries in which there are looted Iraqi funds, whether they were deposited in banks before the occupation of Iraq by the Americans before 2003, or resulting from money laundering that happened after this date.

butterfly   Traditional agriculture contributes to the waste water (Ahmad al – Rubaie / AFP)

Arab economy   Iraqi water crisis: tendency to skip the means of irrigation primitive

said in remarks quoted by the official newspaper “Sabah” to the formation of committees through the legal department at the Ministry of Justice in collaboration with the Ministry of Foreign Affairs to directly address The authorities of those countries and the recovery of these funds.

This comes while the Iraqi presidency adheres to the law to recover the proceeds of corruption, which it had previously sent to Parliament in order to pass it. Adviser to the Presidency of the Republic, Abdullah al-Zaidi, said that “the law for recovering corruption proceeds was written in the corridors of the Presidency of the Republic by Iraqi experts, judges, lawyers and university professors, in addition to the contribution of advisers to the Presidency of the Republic by law.”

He explained to the Iraqi News Agency, “Conscious” that “the bill to recover corruption proceeds was sent to the House of Representatives, and went to the Legal Committee in the House of Representatives, but it was not voted on in this parliamentary session.”

He expressed his hope that the law will be studied objectively and extensively by the House of Representatives in the next session, with the possibility of amendment, making observations and sending it to the Presidency of the Republic again, pointing out that “the law for recovering corruption proceeds is important for Iraq and provides the state treasury with the money that was stolen, after the parliament votes on it.” Representatives.”

Mikati Al-Kazemi, Dalati, Nahra, Taqah,  Lebanon, asks Iraq to increase the quantities of oil derivatives.

On Thursday, the Iraqi authorities announced the arrest of the losing candidate in the elections, former member of the Sadrist movement, Sabah Al-Kinani, red-handed for receiving a bribe in Baghdad, explaining that Al-Kinani was caught red-handed.

butterfly   At the end of August 2020, Prime Minister Mustafa Al-Kazemi formed a committee to “investigate corruption and important crimes” headed by Lieutenant-General Ahmed Abu Ragheef, with the membership of officers from the Ministry of Interior, the Intelligence and National Security Services, and the Integrity Commission, which was granted wide powers, and the Counter-Terrorism Service was assigned a task Execution of decisions issued by investigative judges or specialized courts in matters pertaining to the investigation committee in corruption cases, in accordance with the law.

Al-Kazemi also authorized the Commission to investigate corruption cases, the right to request any information related to the cases it is considering, from ministries, or institutions not affiliated with the ministries, and to summon those whose conduct the investigation requires to be summoned after determining their capacity, with the exception of the accused who cannot be brought without a decision from the competent judge. .

rawabetcenter.com

butterfly   Al-Asadi vows to hold the commission accountable for fraud and forgery

Saturday 30 October 2021 | 11:05 am   Al-Asadi vows to hold the commission accountable for fraud and forgeryOn Saturday, the Secretary-General of the National Depth Coalition, Khaled Al-Asadi, called on the Independent High Electoral Commission to announce its failure, and otherwise we will take legal methods to hold it accountable, vowing to hold the commission accountable for fraud and fraud. Al-Asadi said in a statement, “There are widespread protests rejecting the Commission’s procedures for announcing questionable results,” noting that “there is a legal trend towards the judiciary to hold the Board of Commissioners accountable.”

 Al-Asadi held the commission “responsible for manipulation and fraud,” noting that “in the event that the commission does not respond, we will have legal methods to hold it accountable.” The State of Law coalition had earlier questioned the intentions of the Independent High Electoral Commission because of its insistence on not re-counting and manual counting of all stations.   aynaliraqnews.com

butterfly   2021-10-30 14:47

Shafaq News/ The leader of the Sadrist Movement, Muqtada Al-Sadr, indicated, on Saturday, that regional countries are intervening in the Iraqi internal affairs, calling it an "insult" to Iraq and its people.

Al-Sadr said on Twitter, "We receive confirmed news of regional interventions in the Iraqi electoral affairs and pressure on blocs and political parties for external interests that cause great harm to Iraq and its people,” adding, “I call on all countries who intervene clearly to withdraw their hand immediately. ".

"I also refused to engage in dialogue with them. The blocs should not resort to them and include them in our internal affairs. We are Iraqis and we solve our problems among us.” He concluded.. https://shafaq.com/en/Iraq-News/Al-Sadr-we-should-solve-our-problems-without-external-intervention

butterfly   An Analysis on Iraqi Parliamentary Election

October 30, 2021 - 1:41 PM https://en.abna24.com/news/an-analysis-on-iraqi-parliamentary-election_1193509.html?__cf_chl_jschl_tk__=pmd_9sD5UMc.GSUXKww_sIvj1h.xrGG858JiPd1ZFYhoS9M-1635632261-0-gqNtZGzNAmWjcnBszQil

butterfly   THE ILL-FATED CANADIAN BEHIND SADDAM HUSSEIN'S SPACE GUN

https://www.grunge.com/647587/the-ill-fated-canadian-behind-saddam-husseins-space-gun/?utm_campaign=clip

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More Iraqi News Saturday PM 10-30-21

More Iraqi News Saturday PM 10-30-21

TLM724 Administrator BondLady’s Corner

The government's financial advisor to / Nina /: Adjusting The Price Of The Dinar Against The Dollar Needs Several Requirements That The Government Must Take

Saturday 30 October 2021 13:56 | Economic Number of readings: 231  Baghdad / NINA / - The government's financial advisor, Mazhar Muhammad Salih, confirmed that adjusting the dinar exchange rate in light of the improvement in oil revenues needs several requirements that the government must take.

Muhammad Salih said in a statement to the National Iraqi News Agency ( NINA ) that adjusting the exchange rate requires the foreign currency to cover the local liquidity, indicating that the superiority of foreign reserves over the cash reserve should not threaten the wealth of the country’s foreign reserves.

” He added: “Foreign reserves should cover at least A number of import months, including no less than 6 months, especially in the case of Iraq, which is adopted and very open to foreign markets./End 8

https://ninanews.com/Website/News/Details?Key=936081

Dollar Exchange Rates In Local Markets Today

Market  Economy News _ Baghdad  Today, Saturday, the dollar exchange rates remained stable in the local markets.   The selling prices of the dollar were 148,000 dinars per 100 dollars, while the purchase prices of the dollar were 147,500 dinars per 100 dollars.

And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar.

Views 94 Date added 10/30/2021   https://economy-news.net/content.php?id=26674

Iraq:  Iraqi Diplomatic Moves To Restore Money And Real Estate In These Countries

Sat, 30 Oct 2021 11:21 AM   Baghdad/National News Center  Today, Saturday, the Ministry of Justice revealed diplomatic moves to restore Iraqi funds and real estate in Jordan, Switzerland and other countries, while summarizing its role in preserving citizens' properties in the liberated areas.

The ministry’s spokesman, Ahmed Laibi, said, “The role of the Ministry of Justice in preserving citizens’ real estate in the liberated areas was to transfer records to safe areas during that period, and to refer to the central records to make any sale or purchase on these real estate, in addition to placing Signs of confiscation of some of them until proof of return.”

Laibi added that "the Ministry of Justice organized a conference to recover the looted funds in mid-September under the supervision of the Minister of Justice, Judge Salar Abdul Sattar Muhammad, and it was agreed to hold several memoranda of cooperation and agreements in the recovery of funds and real estate abroad as well as through the Office of Foreign Litigation."

He stressed that "the ministry has a lot of diplomatic moves to recover money and real estate, including Jordan, Switzerland and others."    https://nnciraq.com/97945/

Cougar To / Nina /: The Kurdish Parties Have Not Yet Decided How To Deal With Baghdad

Saturday 30 October 2021 09:28 | political Number of readings: 455  Baghdad / NINA / - The winning Kurdish candidate, Jamal Cougar, confirmed that there are efforts to unite the Kurdish parties before the start of negotiations with Baghdad.

Cougar said in a statement to the National Iraqi News Agency / NINA /: "Negotiations began between the Kurdish parties to come up with a unified position and form one Kurdish bloc as before for the purpose of starting negotiations with the winning bloc after the issue of the next prime minister was resolved," noting: "The Kurdish parties have not been resolved." Until now, how to deal with Baghdad, whether it is united or divided."

He explained: "The Kurds in general decided not to enter into the internal conflicts of the Shiite house, and they are waiting for the matter to be resolved by assigning a certain party as the largest bloc to form the government, after which there will be a Kurdish position."

Cougar expressed his hope that there will be a unified Kurdish direction in order to discuss with the Shiite and Sunni parties the issue of forming the next government./ https://ninanews.com/Website/News/Details?Key=936028

The Changing Wealth of Nations 2021 : Managing Assets for the Future

·       left Link ‘Download English PDF’*

 “Policies and Investments Increasing Low-Carbon Transition Risks

Many countries with high rents from nonrenewable natural capital have not invested sufficiently to offset the depleting asset.

This is expressed in terms of negative adjusted net savings.

This is true not only for hydrocarbon-rich countries, such as Iraq and Nigeria, but also for some mineral-rich countries, such as Guinea and Sierra Leone.

The negative adjusted net savings in these countries is a lead indicator of unsustainable wealth management.

If continued, it will negatively impact the value of future wealth.

This is because the value of a depleting nonrenewable asset is being consumed rather than invested in offsetting asset accumulation— such as via human capital or productive capital investment.

Therefore, governments may need to consider policies that would better preserve and build wealth or look for alternative sources of income to raise their net savings.

Investments in renewable natural capital and human capital could help countries to diversify their asset portfolio and reduce their dependence on nonrenewable natural capital.

Peszko et al. (2020) suggest that an asset diversification strategy where a country invests in renewable natural capital and intangible assets, like knowledge, innovation, and institutions, could help reduce the exposure to low-carbon energy transition risks.

They also suggest that this strategy increases the flexibility, resilience, productivity, and climate mitigation co-benefits.”

Nonrenewable Natural Capital and Human Capital Distortions: Impact on Accumulation, Gender, and the Public Sector

Introduction

“The accumulation of human capital and its increasing share in total wealth is widely considered an important component of achieving sustainable development and prosperity according to the 2018 edition of The Changing Wealth of Nations (Lange, Wodon, and Carey 2018).

As discussed in chapter 9, nonrenewable natural capital wealth forms a large share of some countries’ wealth endowments: for example, 30 percent in high-income non-OECD countries.

This can be as high as 65 percent of total wealth in fossil fuel–rich countries (Iraq, for example) and as high as 24 percent of total wealth in mineral-rich countries, such as Mongolia.

Converting nonrenewable natural assets into sustainable productive assets, such machines, infrastructure, and an educated, healthy population with quality jobs, is a challenging task.

Nonetheless, economists identify this as an important requisite for sustainability (Hartwick 1977).”

https://openknowledge.worldbank.org/handle/10986/36400

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

 https://www.bondladyscorner.com/

15 Things To Help Kids Be Good With Money

15 Things A Personal Finance Expert Suggests Parents Do To Help Their Kids Be Good With Money

Thu, October 28, 2021,

I like to imagine I was raised to be financially intelligent (thanks ma and pa) but now that I have a kid of my own, I was curious what an expert had to say about raising kids to be good with money.

I write about personal finance and money, so you'd hope I have it together — and for the most part, I think I do. I owe my love of saving money and my abhorrence of debt to my parents who set me up with a bank account at birth, had me get a job as soon as it was legal, and made me save up for the dumb plastic toys I thought I just had to have.

So I chatted with Beth Kobliner, the New York Times bestselling author of Make Your Kid a Money Genius (Even If You're Not).   Sometimes you've gotta pull out the big guns.

Here are her tips:

1. Start talking about money early on.

There's a lot of shame, stress, and worry surrounding money, so it makes sense that many parents shy away from the topic. But Kobliner says that to raise financially intelligent kids, you'll want to start talking about money early on.

"And not only should it be early, but financial education also needs to be ongoing. Here’s why: A study out of the University of Wisconsin showed that by age 3, children can grasp basic economic concepts such as value and exchange. And a University of Cambridge survey found that by age 7, many of the habits that help kids manage their money are already set."

There's a lot of shame, stress, and worry surrounding money, so it makes sense that many parents shy away from the topic. But Kobliner says that to raise financially intelligent kids, you'll want to start talking about money early on.

"And not only should it be early, but financial education also needs to be ongoing. Here’s why: A study out of the University of Wisconsin showed that by age 3, children can grasp basic economic concepts such as value and exchange. And a University of Cambridge survey found that by age 7, many of the habits that help kids manage their money are already set."

2.  Show them how money works and teach them the difference between wants and needs.

The act of trading money for goods and services will be completely foreign to them. They may literally think money, and the things it buys, grows on trees.

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

https://www.yahoo.com/lifestyle/15-ways-parents-help-kids-194602014.html