Iraq Economic News and Points to Ponder Thursday Evening 4-25-24
Iraq Economic News and Points to Ponder Thursday Evening 4-25-24
The Most Difficult Option.. Warnings Of The Danger Of Floating The Iraqi Dinar Without Achieving An “Important Condition”
Economy | Baghdad today – Baghdad Economist Nabil Al-Marsoumi warned today, Thursday (April 25, 2024), of the dangers of floating the Iraqi dinar, noting that
such a step could lead to the dinar witnessing a violent collapse and rampant inflation that would jump prices to insane levels.
Al-Marsoumi said in a post on the social networking site “Facebook”, followed by “Baghdad Today”, that
“some are proposing a solution to address the double price of the dollar against the dinar and the existence of a large gap between the official and parallel prices through a free float of the Iraqi dinar,” indicating, “i.e. Turk.”
The dinar is in the market to find its price against foreign currencies through the interaction of the forces of supply and demand. Al-Marsoumi added, “Such a decision has some economic positives,” adding,
“But the economy should not be taken in its abstract aspect, but rather insofar as it relates to people, especially the poor.”
Iraq Economic News and Points to Ponder Thursday Evening 4-25-24
The Most Difficult Option.. Warnings Of The Danger Of Floating The Iraqi Dinar Without Achieving An “Important Condition”
Economy | Baghdad today – Baghdad Economist Nabil Al-Marsoumi warned today, Thursday (April 25, 2024), of the dangers of floating the Iraqi dinar, noting that
such a step could lead to the dinar witnessing a violent collapse and rampant inflation that would jump prices to insane levels.
Al-Marsoumi said in a post on the social networking site “Facebook”, followed by “Baghdad Today”, that
“some are proposing a solution to address the double price of the dollar against the dinar and the existence of a large gap between the official and parallel prices through a free float of the Iraqi dinar,” indicating, “i.e. Turk.”
The dinar is in the market to find its price against foreign currencies through the interaction of the forces of supply and demand. Al-Marsoumi added, “Such a decision has some economic positives,” adding,
“But the economy should not be taken in its abstract aspect, but rather insofar as it relates to people, especially the poor.”
He continued, "In light of Iraq's lack of a national private sector that could contribute to increasing the supply of dollars in the Iraqi market, and
because of the large volume of imports, which reach 67 billion dollars annually, the only party that owns the dollar is the government," explaining that
"in the event that the government decides not to intervene." In the exchange market, it is expected that the dinar will witness a violent collapse and rampant inflation that will cause prices to rise to insane levels that will cause severe damage to citizens’ living standards, and the poor will become more miserable, and will later lead to social tensions and a major rift in the social peace.”
It is noteworthy that the floating exchange rate or currency float is the currency exchange rate that has been floated so that it has become completely liberalized, so the government or the central bank does not interfere in determining it directly,
but rather it is released automatically in the currency market through the supply and demand mechanism that allows the price to be determined. Exchange the national currency against foreign currencies.
It is worth noting that the price of the dollar in the local markets is still experiencing a state of instability between rises and falls, even though the official price in the Central Bank of Iraq is 132,000 dinars per 100 dollars,
but in the local markets it is witnessing an increase of more than ten points and may at times reach double this.
The number is despite the numerous measures and packages launched by the Central Bank of Iraq, where
some attribute that the reason for this confusion in prices is the result of smuggling operations and speculation in the black market for currency. https://baghdadtoday.news/247930-الخيار-الأصعب.-تحذيرات-من-خطورة-تعويم-الدينار-العراقي-دون-تحقيق-شرط-مهم.html
Economist: Travelers' Dollars Are Leaking Into The Parallel Market...And This Is What The Central Bank Should Do
Time: 04/24/2024 Read: 2,925 times {Economic: Al-Furat News} The economic expert, Safwan Qusay, revealed the leakage of travelers’ dollars to the parallel market. Qusay said {to Al-Furat News} that:
“The current policy of the Central Bank of Iraq goes towards auditing the cash dollar, which was marred by many failures in the first periods, especially its leakage through travelers to the irregular market, and this issue needs a new and clear mechanism.”
He added, "It is assumed that travelers are dealt with through tourism and airline companies, and
the travel ticket is not allowed to be canceled unless the traveler returns the amount he purchased from the exchange outlets or banks." Qusay stressed,
“This measure will restore confidence in the cash dollar and the possibility of facilitating the mission of real tourists and filling the gaps that accompanied the process of establishing the electronic platform for the cash sale of foreign currencies.” He stated that
"the Central Bank will not hesitate to provide the dollar to those entitled to it, whether at the level of Hajj or other windows," noting that
"the Central Bank's emphasis on procedures for granting citizens the cash dollar ensures that it reaches those who need it." Qusay added,
“The Central Bank’s official sales during the previous 10 days rose to $270 million per day, which is an indication of the activation of the electronic platform,” adding,
“The more we reduce imports and analyze the irregular demand for the dollar, the more stable the dollar’s exchange rate will be.”
Meanwhile, travelers expressed their surprise at the Central Bank’s decisions to prevent government banks from selling dollars to travelers.
Travelers said, via {Al-Furat News}: “We are surprised by the Central Bank’s decisions to prevent government banks from selling the dollar to travelers and monopolizing it only with financial transfer and exchange companies.”
Travelers called on Parliament and members of the Parliamentary Finance Committee to “intervene and solve the problem and allow government banks to carry out the process of selling the dollar, especially in conjunction with the delegation of pilgrims to the Holy House of God, and they need to buy the dollar at the official price.”
Parliament Talks About The Mechanism For Recovering Smuggled Funds And Hints At The Next Stage
Politics |Today, 14:07 | Baghdad today – Baghdad Today, Thursday (April 25, 2024), the Parliamentary Integrity Committee confirmed that there is ongoing work to recover all Iraqi funds smuggled abroad, while indicating that the
next stage will witness the recovery of funds and more fugitives on charges of corruption and others.
Committee member Ghareeb Al-Muradli told “Baghdad Today” that
“there are real efforts by the Iraqi government in addition to the Federal Integrity Commission to recover Iraqi money smuggled as a result of corruption operations, and
this is very possible because of international cooperation in this file.” Al-Muradli stated,
"Iraq has good international relations, and through these relations it is able to track its money and follow up on those wanted by it on corruption charges," adding,
"For this reason, it was able during the last period to arrest a number of fugitives." He stressed that
"the next stage will witness the recovery of funds and more fugitives on charges of corruption and other charges."
It is noteworthy that the Parliamentary Integrity Committee commented, Thursday (March 28, 2024), on the activities of the Iraq Assets Recovery Fund and the slowness in recovering that money and some of those accused of fleeing on corruption charges or belonging to the previous regime.
Committee member Duraid Jameel told “Baghdad Today” that
“there is great and important work for the Iraq Money Recovery Fund and
there is a noticeable increase in the activities of this fund,” adding:
“But the slowness is not on the part of the Iraqi side, but rather on the part of countries, some of which are procrastinating in Implementing what Iraq demands.” Jamil stated,
“There are major legal and technical procedures undertaken by the Iraq Assets Recovery Fund, in order to recover smuggled funds or recover some of the fugitive defendants on corruption charges and others,
but the routine procedures by those countries are what delayed the resolution of many of these activities.”
A member of the Parliamentary Integrity Committee added,
"There is no accurate figure for the sums of money smuggled from Iraq abroad, whether through corruption operations or other funds of the former regime,
but there are government efforts being made to recover all that money, and there are practical steps in this regard."
Estimates indicate that the funds smuggled abroad amount to approximately $350 billion over the past twenty years, while
the Integrity Commission is working to recover some of the funds from other countries or recover the accused, but
some countries refuse to recover some of the corruption funds smuggled over the past years because they have entered into the economic cycle or Existing projects in those countries, according to observers.
Parliamentary Integrity Reveals An Agreement With Interpol To Recover Fugitive Corrupt People
Political| 04/23/2024 Mawazine News – Baghdad Member of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, revealed new moves to proceed with amending the election law again, noting that Parliament is coordinating an agreement between the Iraqi and international Interpol to arrest fleeing corrupt people. Al-Mayahi said in an interview followed by Mawazine News:
“There is an agreement between the Iraqi Interpol and the International Interpol, to pursue any wanted person in any country, in an effort by the Iraqi Interpol to arrest the wanted persons and hand them over to the Iraqi government, and there is effective coordination with Interpol in this regard.” He added.
“The Integrity Committee works independently and seeks to collect the required documents regarding those accused of corruption, and upon obtaining proof, the committee will work to request hosting the concerned official if he is present inside the country, while submitting recommendations to the relevant authorities.” He continued, “The committee is not responsible for prosecuting the wanted individuals.”
On charges of corruption outside the country, it is the responsibility of the Federal Integrity Commission and the Iraqi and international Interpol if there are arrest warrants for certain figures of state employees who have committed corruption and of the Integrity Commission or the Public Prosecution.” https://www.mawazin.net/Details.aspx?jimare=246516
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Provoking Points To Ponder on Failures and Mistakes
Learn to see in another's calamity the ills which you should avoid.- Publilius Syrus
A man is fortunate if he encounters living examples of vice, as well as of virtue, to inspire him.- Brendan Francis
The line between failure and success is so fine that we scarcely know when we pass it; so fine that we are often on the line and do not know it.- Elbert Hubbard
A series of failures may culminate in the best possible result.- Gisela Richter
Failure is that early morning hour of darkness which precedes the dawning of the day of success.- Leigh Mitchell Hodges
People fail forward to success.- Mary Kay Ash
http://famousquotesandauthors.com/topics/failures_and_mistakes_quotes.html
Goldilocks' Comments and Global Economic News Thursday Evening 4-25-24
Goldilocks' Comments and Global Economic News Thursday Evening 4-25-24
Good Evening Dinar Recaps,
China's Payment Regulations Announcement: On December 9, 2023, Chinese Premier Li Qiang signed Decree No. 768 of the State Council. The People's Bank of China is giving us a look at their implementation rules for their new payment regulations. It covers risk management, e-commerce, faster mobile and computer payments, connections between central depository institutions, banking systems, monetary policies, guidelines, management of payment rules between Financial institutions, and various types of accounts. After implementation, these new regulations will be sent to Clearing House Institutions for Network inclusion and compliance directives to enforce this new payment system. This decree is China's regulations on the Supervision and Administration of Non-Bank Payment Institutions.
Goldilocks' Comments and Global Economic News Thursday Evening 4-25-24
Good Evening Dinar Recaps,
China's Payment Regulations Announcement:
On December 9, 2023, Chinese Premier Li Qiang signed Decree No. 768 of the State Council.
The People's Bank of China is giving us a look at their implementation rules for their new payment regulations.
It covers risk management, e-commerce, faster mobile and computer payments, connections between central depository institutions, banking systems, monetary policies, guidelines, management of payment rules between Financial institutions, and various types of accounts.
After implementation, these new regulations will be sent to Clearing House Institutions for Network inclusion and compliance directives to enforce this new payment system. This decree is China's regulations on the Supervision and Administration of Non-Bank Payment Institutions.
A non-bank entity provides similar services to a bank, but they do not hold a banking license. This merges the new Digital Economy with the Traditional Markets and Banking System inside our new digital economy. Peoples Bank of China
It will go into effect on May 1, 2024.
© Goldilocks
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Japan is the fourth-largest export market and trading partner of the United States with a 68 billion trading deficit.
Why this partnership is so important comes of its connection to US Dollars held within their accounts to support the Yen.
Japan is giving an imminent warning that they are going to have to prop up their currency by intervening into the markets.
This means they will be selling their dollars that they have bought over the years to support the Yen from continuing to fall in its price.
As the yen begins the process of leveling the playing field between the price of the dollar against the yen, it will begin to affect the global markets as well.
This move will cause trading deficits and appreciation with other countries around the world as the Yen begins to rise in its price.
Eventually, the move toward more reliance on their Basel 3 compliant policies over the dollar will stabilize the Yen as these temporary measures go into effect.
As we have spoke of recently in this room, we are moving into credit valuation adjustments. This is going to be a big one because of so many trading contracts take place between the US and Japan.
Volatility in the currency markets are about to begin, and they will end with the stabilization of all currencies based upon real values connected to them through gold.
If you think the recent actions to regulate and place laws on Stablecoins is a coincidence, you might want to look again. Reuters 1 Reuters 2 Trade
© Goldilocks
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This Louisiana Man Collected Over Half a Million Pennies in 45 Years | ABC News
I wish he would have sold it to an exchange center instead of a bank. Can you imagine how much he really lost on this exchange.
Copper is now a critical mineral and a global shortage metal. Know what you hold my friends. Know it's worth.
A wise investor explores exchange options.
👆4.49 per lb×2800 lb of copper= $12,572
The above is copper's current actual worth. The bank gave this man...$5,136. He lost over $7,000 on this deal.
Do your own research my friends.
© Goldilocks
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👆 Can you imagine how much this man would have had if he waited until next year to sell his copper? So sad.
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Nonbank Financial Institutions: What They Are and How They Work | Investopedia
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Stablecoin News: Top Democrat Predicts Imminent Deal On Stablecoin Regulation | Coingape
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Stablecoin Bill Could Be Ready for the U.S. House Soon Says Top Democrat Maxine Waters: Bloomberg
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Venezuela demands oil purchases to be paid in #USDT to Bypass U.S Sanctions 🤨 | Twitter
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What are the Bretton Woods 3 institutions? | UN
* International Monetary Fund (IMF)
* International Finance Corporation (IFC)
* Multilateral Investment Guarantee Agency (MIGA)
* The World Bank.
* The World Trade Organization (WTO)
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Ripple to Use Stablecoin for US ODL Customers, Not XRP | The Crypto Basic
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A new web3 network is being built right now that wants to end Big Tech’s control of your data | Tech Crunch
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Navigating The Generative AI Divide: Open-Source Vs. Closed-Source Solutions | Forbes
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Mannarino Market Risk Indicator
The Dow Index has lost over 3.82% the past 4 weeks. We talked about the Markets moving down for the next three to five weeks almost a month ago. How am I doing so far?
© Goldilocks
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China's March net gold imports via Hong Kong up 40% from Feb | Zawya
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Book of Zephaniah Summary: A Complete Animated Overview | Youtube
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👆 Sound familiar? It should, what we are going through is a Biblical prophecy.
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Meaning: Hidden by God.
Zephaniah is a masculine name of Hebrew origin that means "hidden by God." This is a biblical name shared with minor prophets in the Hebrew Bible and its meaning is symbolic of God's protection.
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Thank you Dinar Recaps
Iraq Economic News and Points to Ponder Thursday Afternoon 4-25-24
Iraq Economic News and Points to Ponder Thursday Afternoon 4-25-24
Economist: There Is Serious Work To Lift US Sanctions On Iraqi Banks
Economy | 04/25/2024 Mawazine News – Baghdad The expert in economic affairs, Safwan Qusay, confirmed that there is a joint committee between the US Federal Reserve and the Iraqi Central Bank in order to lift sanctions on some banks.
Qusay said, in a televised interview followed by Mawazine News, that “the joint committee is working to study the activities of the banks sanctioned by the US Federal Reserve.”
He added that “banks that have worked to purchase equipment or tools from sanctioned countries will have sanctions imposed on these banks.” A fine, indicating that the government must work to rehabilitate the banking sector so that it is internationally accepted.”
He pointed out that “the government of Muhammad Shiaa Al-Sudani directed the formation of a joint committee between the US Federal Reserve and the Iraqi Central Bank in order to move towards lifting sanctions on Iraqi banks and restoring the status of the Iraqi banking sector. ” to its global stature.
Iraq Economic News and Points to Ponder Thursday Afternoon 4-25-24
Economist: There Is Serious Work To Lift US Sanctions On Iraqi Banks
Economy | 04/25/2024 Mawazine News – Baghdad The expert in economic affairs, Safwan Qusay, confirmed that there is a joint committee between the US Federal Reserve and the Iraqi Central Bank in order to lift sanctions on some banks.
Qusay said, in a televised interview followed by Mawazine News, that “the joint committee is working to study the activities of the banks sanctioned by the US Federal Reserve.”
He added that “banks that have worked to purchase equipment or tools from sanctioned countries will have sanctions imposed on these banks.” A fine, indicating that the government must work to rehabilitate the banking sector so that it is internationally accepted.”
He pointed out that “the government of Muhammad Shiaa Al-Sudani directed the formation of a joint committee between the US Federal Reserve and the Iraqi Central Bank in order to move towards lifting sanctions on Iraqi banks and restoring the status of the Iraqi banking sector. ” to its global stature. https://www.mawazin.net/Details.aspx?jimare=246721
American Threats Close The Iraqi Stock Exchange At A Loss
Market Economy News – Baghdad The Iraqi Stock Exchange closed the weekend session, losing by 0.35%, as a result of security developments in northern Iraq after the United States threatened to launch strikes inside Iraq.
The main index of the stock exchange reached 1006.5, with 890 million shares traded, worth 1.1 billion dinars, through 817 transactions, on the shares of 40 companies.
As for the most active companies in terms of traded shares, the Middle East Bank led with 200 million shares, worth approximately 243 billion dinars, and the Iraqi Islamic Bank with 182 million shares.
Views 169 04/25/2024 - https://economy-news.net/content.php?id=42823
The Central Bank Warns Of The Dangers Of Misuse Of Electronic Payment Cards
Economy Thursday, April 25, 2024 Baghdad/National News Center
The bank explained in a statement received by the National News Centre, that “reports of misused cards are referred to the Supreme Judicial Council, to take the necessary legal measures in accordance with the Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015 and the instructions issued pursuant thereto.”
The statement indicated that “the bank’s efforts in this field resulted in the issuance of judicial rulings against violators, which included sentences of imprisonment and confiscation of cards.” The Central Bank called on https://nnciraq.com/254022/
The Iraqi Central Bank Sold More Than $270 Million At Auction Today
Economy News – Baghdad Today, Thursday, the Central Bank of Iraq's dollar sales amounted to more than $270 million in the currency auction.
In its auction today, the Central Bank sold 270 million, 897 thousand and 422 dollars, which it covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.
Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 264 million 37 thousand and 422 dollars, an increase of 97% over cash sales amounting to 6 million and 860 thousand dollars.
The number of banks that purchased cash dollars reached 6 banks, while the number of banks that responded to requests to enhance balances abroad reached 14 banks, and the total number of exchange and brokerage companies participating in the auction was 58 companies.
Views 104 04/25/2024 - https://economy-news.net/content.php?id=42824
The Bank Of Baghdad Is Moving To Increase Its Capital To 400 Billion Dinars
Bank of Baghdad The Chairman of the Board of Directors of the Bank of Baghdad, Majid Al-Saadi, announced that the meeting of the bank’s general assembly will be held next May 18 in Baghdad.
Al-Saadi said that the next general assembly meeting of the Bank of Baghdad will decide to increase the bank’s capital from 300 billion dinars to 400 billion dinars in response to the Central Bank’s decision, and the increase will be free shares.
He added that the meeting will also discuss concluding a management agreement between the Jordan Kuwait Bank and the Bank of Baghdad. 04/25/2024 - https://economy-news.net/content.php?id=42813
The Price Of Gold Rises And Brent Crude Falls Below $87 Per Barrel
Economy | 12:53 - 04/25/2024 Mawazine News – Baghdad The price of gold ended its decline in recent days, and rose to $2,313 per ounce at the opening in the Asian markets, this morning, Thursday (April 25, 2024), while the price of Brent crude fell below $87 per barrel.
The price of gold fell by about $100 per ounce during the last three days, but it received support from the anxiety prevailing in global stock exchanges.
Gold is a safe haven for investment and demand for it increases when anxiety prevails in the markets.
Financial markets analyst at FX Street, Zwane Mehta, believes that the US growth data for the fourth quarter that will be released on Friday “will have a significant impact on gold prices,” as any slowdown in the US economy will lead to a rise in the price of the yellow metal.
A slowdown in the US economy is prompting the US Federal Reserve to cut interest rates faster, providing further support to gold prices.
On the other hand, oil prices fell this morning amid concerns about the slowdown in the US economy and the future monetary policy of the US Federal Reserve.
Brent crude fell 9 cents to $86.95 per barrel, while the price of Texas Light, Light crude fell 7 cents to $82.74 per barrel. https://www.mawazin.net/Details.aspx?jimare=246696
Dollar Prices Fall In Baghdad With The Stock Market Closing
Economy Thursday, April 25, 2024 Baghdad/National News Center The exchange rates of the US dollar decreased today, Thursday, against the Iraqi dinar in the markets of the capital, Baghdad, with the stock market closed.
The National News Center correspondent said, “Dollar prices fell with the closure of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 146,300 dinars for every 100 dollars, as prices recorded 146,600 dinars this morning.”
He added, "Prices decreased in banking shops in local markets in Baghdad, where the selling price reached 147,000 dinars for 100 dollars, while the purchase price reached 146,000 dinars."
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Provoking Points To Ponder on Failures and Mistakes
Through failure, we learn a lesson in humility which is probably needed, painful though it is.- Bill W.
Nothing is a waste of time if you use the experience wisely.- Auguste Rodin
From the errors of others, a wise man corrects his own.- Publilius Syrus
Learn from the mistakes of others - you can't live long enough to make them all yourself.- Martin Vanbee
The entire history of science is a progression of exploded fallacies.- Ayn Rand
Don't use the conduct of a fool as a precedent.- Talmud
Wise men learn by other men's mistakes, fools by their own.- H. G. Bohn
http://famousquotesandauthors.com/topics/failures_and_mistakes_quotes.html
Some “Thursday News” Posted by TNT Members 4-25-2024
TNT:
CandyKisses: US threats close the Iraqi stock exchange at a loss
Economy News - Baghdad
The Iraqi stock exchange closed the weekend session, losing 0.35%, as a result of security developments in northern Iraq after the threat of the United States of America, strikes inside Iraq.
The bourse's main index reached 1,006.5, trading 890 million shares, worth 1.1 billion dinars, through 817 deals, on the shares of 40 companies.
As for the most active companies in terms of traded shares, the Middle East Bank topped the list with 200 million shares, worth about 243 billion dinars, and the Iraqi Islamic Bank with 182 million shares.
TNT:
CandyKisses: US threats close the Iraqi stock exchange at a loss
Economy News - Baghdad
The Iraqi stock exchange closed the weekend session, losing 0.35%, as a result of security developments in northern Iraq after the threat of the United States of America, strikes inside Iraq.
The bourse's main index reached 1,006.5, trading 890 million shares, worth 1.1 billion dinars, through 817 deals, on the shares of 40 companies.
As for the most active companies in terms of traded shares, the Middle East Bank topped the list with 200 million shares, worth about 243 billion dinars, and the Iraqi Islamic Bank with 182 million shares.
Tishwash: Analyst: Al-Sudani is the first prime minister to work around the clock
Political analyst Alaa Al-Azzawi confirmed today, Thursday, that Prime Minister Muhammad Shiaa Al-Sudani is considered the first prime minister to work around the clock, and his closeness to citizens increased his popularity, and Iraq has never seen a prime minister this close.
Al-Azzawi told the Iraq Observer Agency that the Prime Minister was on an official visit last week in the United States of America, and the world saw how he wandered here and there and the meetings and agreements that were concluded, as well as the meetings with senior officials in the United States of America, and when he returned to Iraq at the beginning of this week, he received On Monday, Turkish President Recep Tayyip Erdogan, in addition to holding intensive dialogues, and not least, Al-Sudani’s visit to Anbar Governorate yesterday, Wednesday, and his meeting with department directors.
He pointed out that this feeling and belonging in closeness to the citizen raised the level of trust that the citizen lost during two decades, in addition to the presence of general satisfaction with the general policy of the ministerial cabinet, which is considered the first government close to the people. link
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CandyKisses: Deputy: The development road will reduce the transport of goods from Basra to the heart of Europe by 72 hours
Deputy: The development road will reduce the transport of goods from Basra to the heart of Europe by 72 hours
Information / Baghdad
MP Mudar Al-Karawi confirmed on Thursday the existence of 3 advantages of the Iraqi development road.
Al-Karawi said in an interview with Al-Maalouma that "the development road is a strategic development project that will start from the ports of Basra towards Turkey and from there to the heart of Europe with land tracks, railways and investments that may reach $ 18 billion."
He added, "The road is characterized by 3 important points, most notably reducing the extent of transporting goods from Basra to the heart of Europe in 72 hours, while all similar projects in the region have a double trip in terms of time, cost and logistical challenges, which makes the development road the most important genealogy."
He pointed out that "many countries have expressed their desire to have significant investments in projects on the development road, which will be implemented in 2025."
The development road is one of the strategic projects in Iraq, which will launch its first phase during 2025.
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Tishwash: Will the agreements signed with the US Treasury reflect positively on the exchange rates?
Today, Thursday, economic expert Abdul Rahman Al-Mashhadani stated the possibility of Iraqi getting a green light to contract with Iranian companies that are not sanctioned by the United States, while anticipating the impact of the Central Bank’s agreement with the US Treasury on exchange rates.
Al-Mashhadani said, in an interview with Al-Iqtisad News, “The visit of the Prime Minister, Muhammad Shiaa Al-Sudani, to America is very positive, but so far the results of what was agreed upon in Washington have not appeared.”
He added: “It is hoped that the Central Bank of Iraq will announce the measures that were agreed upon in Washington, which could have a positive impact on the exchange rate,” pointing out that “the real problem of exchange rates has not yet been solved, which is dealing in trade with banned countries.” .
The economic expert explained, “The economic aspect was the main focus of Sudanese’s visit to Washington, and it became clear through the meetings and discussions held by the Central Bank of Iraq, with the US Treasury regarding the sanctions imposed on Iraqi banks or even the issue of financial transfers to Iran, in addition to the required investments, which "It is possible to sign in the energy field."
He stressed, "Iraq got the other light by contracting with unsanctioned Iranian companies, which allowed the Ministry of Electricity to sign a contract to recover Iranian gas for a period of five years, at a time when the government is heading to end this file after 3 years, according to what was announced link
Tishwash: The most difficult option.. Warnings of the danger of floating the Iraqi dinar without achieving an “important condition”
Economist Nabil Al-Marsoumi warned today, Thursday (April 25, 2024), of the dangers of floating the Iraqi dinar, noting that such a step could lead to the dinar witnessing a violent collapse and rampant inflation that would jump prices to insane levels.
Al-Marsoumi said in a post on the social networking site “Facebook”, followed by “Baghdad Today”, that “some are proposing a solution to address the double price of the dollar against the dinar and the existence of a large gap between the official and parallel prices through a free float of the Iraqi dinar,” indicating, “i.e. Turk.” The dinar is in the market to find its price against foreign currencies through the interaction of the forces of supply and demand.
Al-Marsoumi added, “Such a decision has some economic positives,” adding, “But the economy should not be taken in its abstract aspect, but rather insofar as it relates to people, especially the poor.”
He continued, "In light of Iraq's lack of a national private sector that could contribute to increasing the supply of dollars in the Iraqi market, and because of the large volume of imports, which reach 67 billion dollars annually, the only party that owns the dollar is the government," explaining that "in the event that the government decides not to intervene." In the exchange market, it is expected that the dinar will witness a violent collapse and rampant inflation that will cause prices to rise to insane levels that will cause severe damage to citizens’ living standards, and the poor will become more miserable, and will later lead to social tensions and a major rift in the social peace.”
It is noteworthy that the floating exchange rate or currency float is the currency exchange rate that has been floated so that it has become completely liberalized, so the government or the central bank does not interfere in determining it directly, but rather it is released automatically in the currency market through the supply and demand mechanism that allows the price to be determined. Exchange the national currency against foreign currencies.
It is worth noting that the price of the dollar in the local markets is still experiencing a state of instability between rises and falls, even though the official price in the Central Bank of Iraq is 132,000 dinars per 100 dollars, but in the local markets it is witnessing an increase of more than ten points and may at times reach double this.
The number is despite the numerous measures and packages launched by the Central Bank of Iraq, where some attribute that the reason for this confusion in prices is the result of smuggling operations and speculation in the black market for currency link
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Tishwash: Will the US withdraw from Iraq?
For the Biden administration, the primary concern regarding Iraq is to avoid a recurrence of the chaotic scenes witnessed during the withdrawal from Afghanistan
It is being speculated that Israel's ongoing attacks on Gaza since October have prompted a reassessment of the United States' regional policies, sparking discussions within the Joe Biden administration about the potential withdrawal of U.S. troops from Syria and Iraq.
Allegations initially raised by major media outlets like Reuters earlier in the year have resurfaced in light of recent developments in the region.
While these claims have not been officially verified, conflicting statements are emerging from official sources regarding the matter. It is widely recognized that the U.S. Department of Defense (Pentagon) has been the most resistant to the notion of ending the "endless wars," a concept often debated during the tenure of former President Donald Trump but never actualized. However, this issue transcends mere institutional sovereignty; arguments such as the ongoing fight against Daesh no longer suffice to convince the American public to support the expenditure of their tax dollars beyond their borders.
Furthermore, the consistent support for withdrawal in Trump's stance, coupled with his rising popularity in polls leading up to the upcoming elections, adds pressure on the Biden administration to address this matter decisively.
According to reports in the international press, the issue of U.S. withdrawal from Syria has not yet been addressed. The current focus lies on the U.S. presence in Iraq. Iraqi Prime Minister Mohammed S. Al Sudani has repeatedly stated that the mission of the U.S.-led coalition forces in the country has concluded and they should withdraw.
Additionally, the Iraqi Foreign Ministry has announced an agreement between Baghdad and Washington to establish a commission aimed at initiating discussions about the future of the U.S.-led military coalition in Iraq. This commission will be tasked with determining a timetable for the gradual withdrawal of troops and the eventual termination of the coalition's presence.
Iraq vs. Afghanistan contexts
For the Biden administration, the primary concern regarding Iraq is to avoid a recurrence of the chaotic scenes witnessed during the withdrawal from Afghanistan. As Trump emphasized, such "ineptitude" not only undermined U.S. hegemony in Afghanistan but also had repercussions extending from the Gulf to Eastern Europe. The resulting power vacuum led to new regional alliances, such as the Saudi-Iran rapprochement, which excluded the U.S. Moreover, it emboldened China and Russia in their pursuit of expanding spheres of influence.
Hawks in the U.S. assert that a scenario akin to the "apocalypse" witnessed in Afghanistan would unfold should they withdraw from Iraq. However, the contexts of the two nations differ significantly. Despite enduring years of U.S. occupation, Iraq maintains a functional state apparatus and an integrated democratic political system, setting it apart from Afghanistan. Moreover, its economy is self-sustaining.
The impediments to normalization in Iraq include not only the presence of the U.S. and proxy groups like the PKK but also Iran's military presence in the region.
In this context, Türkiye's role proves invaluable. Ankara boasts seamless political, commercial and cultural ties not only with Iraq's central government but also with the Kurdistan Regional Government (KRG) in the north. President Recep Tayyip Erdoğan's recent visit to Iraq unequivocally underscored Türkiye's pivotal role in fostering stability in the country.
Should the mutual occupation by the U.S. and Iran in Iraq cease, Türkiye could naturally assume a significant role as a mediator in the transitional phase. Such dialogue would serve as a crucial cornerstone for regional peace. link
Iraq Economic News and Points to Ponder Wednesday Evening 4-24-24
Iraq Economic News and Points to Ponder Wednesday Evening 4-24-24
More Than 138 Billion Dinars In “Fines” Imposed By The Iraqi Central Bank On Banks And Exchange Companies
Economy breaking Central Bank of Iraq 2024-04-23 00:11 Shafaq News/ The Central Bank of Iraq announced on Tuesday that the fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 138 billion Iraqi dinars during the past three months.
A table of the bank, seen by Shafaq News Agency, showed that the fines imposed on banks and financial companies during the past three months, starting from January and until the end of last March, amounted to 138 billion, 377 million, 321 thousand, and 527 dinars, indicating that
“the fines It also included 49 administrative penalties for these banks and non-banking institutions, distributed between warnings, warnings, and grace periods. The table showed that
“the month of January witnessed the highest fines on banks and non-financial institutions, as these fines reached 98 billion, 277 million, 722 thousand, and 62 dinars, with administrative penalties amounting to 17 penalties, while the month of March witnessed the lowest fines, amounting to 5 billion and 462.”
Iraq Economic News and Points to Ponder Wednesday Evening 4-24-24
More Than 138 Billion Dinars In “Fines” Imposed By The Iraqi Central Bank On Banks And Exchange Companies
Economy breaking Central Bank of Iraq 2024-04-23 00:11 Shafaq News/ The Central Bank of Iraq announced on Tuesday that the fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 138 billion Iraqi dinars during the past three months.
A table of the bank, seen by Shafaq News Agency, showed that the fines imposed on banks and financial companies during the past three months, starting from January and until the end of last March, amounted to 138 billion, 377 million, 321 thousand, and 527 dinars, indicating that
“the fines It also included 49 administrative penalties for these banks and non-banking institutions, distributed between warnings, warnings, and grace periods. The table showed that
“the month of January witnessed the highest fines on banks and non-financial institutions, as these fines reached 98 billion, 277 million, 722 thousand, and 62 dinars, with administrative penalties amounting to 17 penalties, while the month of March witnessed the lowest fines, amounting to 5 billion and 462.”
One million, 451 thousand, and 344 dinars with administrative penalties amounting to 15 penalties.”
The table did not show the names of the banks on which fines and administrative penalties were imposed.
The Association of Investors in the Iraqi Stock Exchange had criticized, in early June, the Central Bank of Iraq's increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks.
https://shafaq.com/ar/اقتصـاد/كثر-من-138-مليار-دينار-غرامات-المركزي-العراقي-على-مصارف-وشركات-صرافة
Iraq And Switzerland Are Discussing The File Of Recovering Smuggled Funds And Assets
Policy 04-24-2024 | 388 views The Chairman of the Federal Integrity Commission and Chairman of the Board of Directors of the Iraq Assets Recovery Fund, Haider Hanoun, stressed the
need for all countries falling under the United Nations Convention against Corruption to cooperate in exchanging information and legal assistance to recover their smuggled funds and assets.
During his meeting with anti-corruption officials in the Swiss Ministries of Foreign Affairs and Justice, Hanoun pointed out
“Iraq’s compliance with its international obligations with regard to the provisions of the United Nations Convention against Corruption,”
calling for assistance and assistance to be provided to the Republic of Iraq in order to recover its smuggled funds and assets,
especially with regard to some bank accounts that the corrupt people were able to seize. Hiding the proceeds of corruption smuggled through it.”
Hanoun gave a brief presentation on the nature of the Commission’s work and its various departments, pointing out that the
Iraqi legislator did not limit himself to stipulating departments with deterrent and injunctive aspects, such as the investigation and recovery departments in the Commission’s law,
but rather went beyond that to stipulate more than one department carrying out the preventive, educational and awareness-raising aspects, pointing to the work of The Commission is working to develop the state’s oversight cadres through the Iraqi Anti-Corruption Academy, noting the step of launching diploma studies in specializations related to anti-corruption.”
During the meeting, they “reviewed the
aspects of joint work,
international cooperation and the provision of legal assistance, and the
points of similarity and difference in the anti-corruption strategy (Iraqi and Swiss), as well as the
possibility of exchanging experiences, information and training, and the
emphasis on strengthening ties and relationships between countries,
concluding memorandums of understanding and the role of this in
overcoming corruption.”
Money recovery and
extradition process.
Parliamentary Integrity Reveals An Agreement With Interpol To Recover Fugitive Corrupt People
Political| 10:52 - 04/23/2024 Mawazine News – Baghdad Member of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, revealed new moves to proceed with amending the election law again, noting that Parliament is coordinating an agreement between the Iraqi and international Interpol to arrest fleeing corrupt people.
Al-Mayahi said in an interview followed by Mawazine News:
“There is an agreement between the Iraqi Interpol and the International Interpol, to pursue any wanted person in any country, in an effort by the Iraqi Interpol to arrest the wanted persons and hand them over to the Iraqi government, and there is effective coordination with Interpol in this regard.” He added.
“The Integrity Committee works independently and seeks to collect the required documents regarding those accused of corruption, and
upon obtaining proof, the committee will work to request hosting the concerned official if he is present inside the country, while submitting recommendations to the relevant authorities.” He continued,
“The committee is not responsible for prosecuting the wanted individuals.”
On charges of corruption outside the country, it is the responsibility of the Federal Integrity Commission and the Iraqi and international Interpol if there are arrest warrants for certain figures of state employees who have committed corruption and of the Integrity Commission or the Public Prosecution.”
Türkiye: The Development Road With Iraq Will Link FAO To London
Economy Iraq Türkiye Development path 2024-04-22 Shafaq News/ The Turkish Minister of Transport and Infrastructure, Abdulkadir Oraloglu, confirmed on Tuesday that the
“Development Road” project will allow goods to be transported to all European countries without interruption via a land route and railway extending from the Iraqi port of Al-Faw to the British capital, London. Oglu said in a statement followed by Shafaq News Agency,
“Turkey, Iraq, Qatar, and the UAE signed in Baghdad a four-way memorandum of understanding for cooperation on the development road project, under the auspices of Turkish President Recep Tayyip Erdogan and Iraqi Prime Minister Muhammad Shia’a al-Sudani.” He pointed out that
"the large port of Al-Faw in Iraq is important in the project as a transit center," explaining that
"the project will significantly reduce travel time between Asia and Europe via Turkey." He continued:
"Through the development road project that we are implementing based on the advanced and growing volume of trade in the world and the strategic location of Turkey,
we will allow uninterrupted transportation to all European countries via land and railway from the port of Al-Faw to London."
The Turkish Minister stated that "the development road will shorten the time on the ship departing from the port of Al-Faw to Europe by 15 days compared to the Suez Canal," stressing that
"the project will open a new door with regard to regional trade."
Yesterday, Monday, Iraq, Turkey, the UAE, and Qatar signed a four-way agreement regarding the Iraq Development Road Project, under the auspices of Iraqi Prime Minister Muhammad Shia al-Sudani and Turkish President Recep Tayyip Erdogan.
The agreement aims to enhance cooperation regarding the Iraq Strategic Development Pathway Project, as the four countries will work to establish the necessary frameworks to implement the project, according to a statement issued by the Prime Minister’s Office.
The Iraqi Minister of Transport, Razzaq Al-Saadawi, the Turkish Minister of Transport and Infrastructure, Abdul Qadir Oraloglu, the Qatari Minister of Transport, Jassim Al-Sulaiti, and the Emirati Minister of Energy and Infrastructure, Suhail Mohammed Al-Mazrouei, signed the agreement. Agreement on behalf of their countries.
It is expected that the strategic development road project will contribute to stimulating economic growth and strengthening regional and international cooperation relations, as it will achieve economic integration and sustainability between East and West.
The project will also increase international trade, facilitate the movement of goods, provide a new competitive transportation route, and enhance regional economic prosperity.
The Iraqi Prime Minister had previously stated that the development road represents a global corridor for transporting goods and energy.
Al-Sudani explained that the project includes a railway line to transport goods with a capacity of 3.5 million tons in its first phase, which will rise to 7.5 million tons in the second phase.
The Iraqi Prime Minister explained that the project will also include a
land transport highway and
energy transport pipelines, in addition to the large Al-Faw port and the
industrial city expected to be one of the largest ports in the Middle East.
The project will generate many job opportunities for Iraq and the countries of the region, as well as opportunities for industries and businessmen, and will be a center for attracting global trade.
Many Arab, regional and European countries have expressed their willingness to participate in the Iraq Development Road Project, either by pumping investments or participating in construction work, as it constitutes an important link between Asia and Europe.
The value of the project is estimated at about 17 billion dollars.
It will link the large port of Al-Faw in southern Iraq to the border with Türkiye by extending the railway and road network.
The project is expected to turn the country into a transit hub by shortening travel time between Asia and Europe in an attempt to compete with Egypt's Suez Canal.
https://shafaq.com/ar/اقتصـاد/تركيا-طريق-التنمية-مع-العراق-سيربط-الفاو-بلندن
Financial Inclusion Indicators
April 24, 2024 To/all banks M/ Financial inclusion indicators
He was keen to prepare a database for financial inclusion indicators in Iraq. Which will be essential to measure Financial Inclusion Rates
We attach to you a database of financial inclusion statistics and loans granted to individuals
Companies will collect this data quarterly and add it cumulatively to previous periods.
The response will be within (51) days from the date of this circular.
We would also like to inform you that a training workshop will be held in the hall of the Central Bank of Iraq On Monday 4/22/2024 at ten in the morning for (one day only).
I hope to nominate specialized representatives Two people from your bank to attend the workshop for the purpose of training on how to enter data.
with respect.
Attachments:
- Excel table of financial inclusion statistics
- Excel table of statistics of loans granted to individuals and companies
[approximate and incomplete translation of https://cbi.iq/static/uploads/up/file-171394410086180.pdf]
Financial inclusion indicators.. For more, click here https://cbi.iq/static/uploads/up/file-171394410086180.pdf
https://cbi.iq/news/view/2551
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Provoking Points To Ponder on Failures and Mistakes
Through failure, we learn a lesson in humility which is probably needed, painful though it is.- Bill W.
A failure is a man who has blundered, but is not able to cash in the experience.- Elbert Hubbard
Like success, failure is many things to many people. With Positive Mental Attitude, failure is a learning experience, a rung on the ladder, a plateau at which to get your thoughts in order and prepare to try again.- W Clement Stone
Disappointment is the nurse of wisdom.- Sir Boyle Roche
When you make a mistake, don't look back at it long. Take the reason of the thing into your mind, and then look forward. Mistakes are lessons of wisdom. The past cannot be changed. The future is yet in your power.- Hugh White
What can any of us do with his talent but try to develop his vision, so that through frequent failures we may learn better what we have missed in the past.- William Carlos Williams
http://famousquotesandauthors.com/topics/failures_and_mistakes_quotes.html
“Tidbits From TNT” Thursday Morning 4-25-2024
TNT:
Tishwash: Al-Araji from Russia: Iraq still needs the support of the international community
Iraqi National Security Advisor, Qasim Al-Araji, confirmed on Thursday that his country still needs the support of the international community to achieve stability and sustainable development.
This came in a speech he delivered at the twelfth meeting of senior officials on security issues held in St. Petersburg, Russia 2024.
Al-Araji said in his speech, "Iraq's message to the international community is a message of reassurance that our people have overcome the challenges of violence, terrorism, and sub-identities and are moving forward on the path of peace and sustainable development."
He added, "We look forward to supporting the economic process and moving the wheel of development, education, and other aspects related to the future of Iraqis, by transforming crises into opportunities for success."
TNT:
Tishwash: Al-Araji from Russia: Iraq still needs the support of the international community
Iraqi National Security Advisor, Qasim Al-Araji, confirmed on Thursday that his country still needs the support of the international community to achieve stability and sustainable development.
This came in a speech he delivered at the twelfth meeting of senior officials on security issues held in St. Petersburg, Russia 2024.
Al-Araji said in his speech, "Iraq's message to the international community is a message of reassurance that our people have overcome the challenges of violence, terrorism, and sub-identities and are moving forward on the path of peace and sustainable development."
He added, "We look forward to supporting the economic process and moving the wheel of development, education, and other aspects related to the future of Iraqis, by transforming crises into opportunities for success."
Al-Araji pointed out that "Iraq still needs the support of the international community, to achieve the paths and requirements of managing diversity and pluralism and enhancing its national security in order to achieve sustainable stability and development." link
Tishwash: Sudanese Advisor: $450 billion value of future investment projects in Iraq
The Prime Minister's Advisor for Investment Affairs, Muhammad Al-Najjar, revealed on Wednesday the value of the investment projects that will be implemented in Iraq during the coming period.
Al-Najjar said in a televised statement, followed by “Al-Eqtisad News,” that “the economic growth that Iraq is currently witnessing is due to a number of reasons, the most important of which is the maintenance of stable oil prices, as this contributed to achieving financial abundance, in addition to the calm and political stability, which prompted the private sector.” To pump very large sums of money into strategic projects.”
He added, "The value of the investment projects that will be implemented in Iraq is estimated at 450 billion dollars, most of which are related to infrastructure and climate change," noting that "Qatar, Saudi Arabia, and the United States are the most prominent investing countries during the coming period, as Iraq has signed several agreements with those countries."
Al-Najjar continued, "Iraq, according to these data, will record the highest levels of economic growth in the world," noting that "the government's vision includes involving the private sector in achieving sustainable development through the implementation of various projects, especially in the areas of health and housing."
He confirmed the existence of "a package of important changes that will occur in Iraqi commercial and economic laws, as these packages were presented by the Council of Ministers to auditing bodies to be later presented to the House of Representatives."
He revealed that "the Iraq Fund for Development is in the process of launching a project (rent and own), which means owning the property for its residents, and it is a project proposed for the first time in Iraq." link
************
Tishwash: Iraq alone possesses 9% of the world's reserves...a magical material to stimulate agriculture and the economy, awaiting investment
Economic researcher Salah Al-Moussawi revealed today, Wednesday (April 24, 2024), that phosphate is a wealth that will not be depleted in Iraq for hundreds of years, while noting that it achieves a double benefit.
Al-Musawi is one of those who worked for years in the phosphate sector in western Iraq at the end of the seventies of the last century, and he is familiar with the numbers and studies that took place for years about this enormous natural wealth and how it can be invested in a way that leads to a qualitative shift in supporting the agricultural sector.
He said in an interview with “Baghdad Today” that “fertilizer prices in global markets approached $1,200 per ton, but in Iraq it can be produced for only $200, and this difference gives farmers momentum to reduce production costs at significant rates,” stressing that “phosphate factories are capable of Producing at least one million and 200 thousand tons annually, but the numbers may double with the presence of new lines, and it could constitute a resource not only for the country but also for neighboring countries due to the difference in prices and quality.”
He pointed out that "the phosphate reserves in Iraq are sufficient to operate at current production levels for hundreds of years without being depleted, meaning that we are facing great wealth," stressing that "the Sudanese government has actually begun to move towards investing Iraq's capabilities in several areas away from the oil file because it is aware of the seriousness of the changes." The importance of diversifying the economy, giving greater importance to agriculture, and ensuring its tools, including fertilizers, for survival and growth.”
Optimally investing in phosphate would achieve two main goals at the same time, which is providing fertilizer at prices equivalent to approximately 15% of the import cost, in addition to finding a new export resource away from oil.
Iraq ranks second in the world in phosphate reserves, as Iraq alone possesses 9% of the total global reserve, according to the Iraqi Geological Survey. link
Mot: Bet Ya Didnt Knows ~~~~~
Mot: .. Yeppers!! - Frustrating When This Happens
Iraq Economic News and Points to Ponder Wednesday Afternoon 4-24-24
Iraq Economic News and Points to Ponder Wednesday Afternoon 4-24-24
Iraq Completes The Completion Of The Files For The Initial Offer Of Goods And Services To Join The World Trade Organization
Wednesday 24, April 2024 23:03 | Economical Number of readings: 115 Baghdad / NINA / The Ministry of Commerce announced the completion of the files for initial offers for goods and services and their official submission to the Secretariat of the World Trade Organization through official channels.
Minister of Commerce Atheer Al-Ghurairi, Chairman of the National Committee concerned with Iraq’s accession to the World Trade Organization, said: “This important step comes in the context of the Iraqi government’s efforts and its program aimed at promoting international trade and achieving sustainable development, which reflects its commitment to ensuring global economic integration and expanding economic partnerships.” .
He added “The National Committee, the technical committees emanating from it, and the accession team in the Ministry were able, within a short period of time, to complete these files and submit them to the organization in preparation for holding the third meeting of the working group on Iraq during the current year, 16 years after the date of the second meeting of the group in 2008.”
Iraq Economic News and Points to Ponder Wednesday Afternoon 4-24-24
Iraq Completes The Completion Of The Files For The Initial Offer Of Goods And Services To Join The World Trade Organization
Wednesday 24, April 2024 23:03 | Economical Number of readings: 115 Baghdad / NINA / The Ministry of Commerce announced the completion of the files for initial offers for goods and services and their official submission to the Secretariat of the World Trade Organization through official channels.
Minister of Commerce Atheer Al-Ghurairi, Chairman of the National Committee concerned with Iraq’s accession to the World Trade Organization, said: “This important step comes in the context of the Iraqi government’s efforts and its program aimed at promoting international trade and achieving sustainable development, which reflects its commitment to ensuring global economic integration and expanding economic partnerships.” .
He added “The National Committee, the technical committees emanating from it, and the accession team in the Ministry were able, within a short period of time, to complete these files and submit them to the organization in preparation for holding the third meeting of the working group on Iraq during the current year, 16 years after the date of the second meeting of the group in 2008.”
He pointed out that the World Trade Organization (WTO) and international circles welcomed Iraq's return to the negotiating table.
Al-Ghurairi stressed: “The two files for the initial offer of goods and services, which were submitted, included a wide range of products and services that reflect the diversity and competitiveness of the Iraqi economy and their negotiation,” noting: “
Work is underway to prepare the Iraqi negotiating team and build the team’s negotiating capabilities for the purpose of initiating a contract.” Negotiating rounds with member states of the organization in order for Iraq to obtain membership in the organization.
He explained: “The Department of Foreign Economic Relations, through official channels of dealing with the organization, is working on completing all requirements for accession in order for Iraq to obtain membership in the organization and to enhance Iraq’s integration into the multilateral trading system.”
It is worth noting that the World Trade Organization (WTO) has issued the annual report on the accession of observer countries, and praised the efforts led by the Ministry of Commerce through its chairmanship of the National Committee, and that Iraq is the only Arab country whose accession process has become active, and has passed advanced stages among the Arab countries that have It holds the status of an observer member. https://ninanews.com/Website/News/Details?key=1122971
Increase In Foreign Remittance Sales At The Central Bank Auction
Money and business Economy News – Baghdad External remittances at the Central Bank of Iraq auction increased by 95% today, Wednesday, at the expense of cash sales, to reach $266 million.
In its auction today, the Central Bank sold 279 million and 556 thousand and 200 dollars, which it covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.
Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 266 million 256 thousand and 200 dollars, an increase of 95% over cash sales amounting to 13 million and 300 thousand dollars.
The number of banks that purchased cash dollars reached 6 banks, while the number of banks that responded to requests to enhance balances abroad reached 12 banks, and the total number of exchange and brokerage companies participating in the auction was 117 companies. 96 views 04/24/2024 PM https://economy-news.net/content.php?id=42783
Sudanese Advisor: $450 Billion Value Of Future Investment Projects In Iraq
Advisor To The Prime Minister For Investment Affairs, Executive Director Of The Iraq Fund For Development, Muhammad Al-Najjar
Reconstruction and building Economy News – Baghdad The Prime Minister's Advisor for Investment Affairs, Muhammad Al-Najjar, revealed on Wednesday the value of the investment projects that will be implemented in Iraq during the coming period.
Al-Najjar said in a televised statement, followed by “Al-Eqtisad News,” that “the economic growth that Iraq is currently witnessing is due to a number of reasons, the most important of which is the maintenance of stable oil prices, as this contributed to achieving financial abundance, in addition to the calm and political stability, which prompted the private sector.” To pump very large sums of money into strategic projects.”
He added, "The value of the investment projects that will be implemented in Iraq is estimated at 450 billion dollars, most of which are related to infrastructure and climate change," noting that "Qatar, Saudi Arabia, and the United States are the most prominent investing countries during the coming period, as Iraq has signed several agreements with those countries."
Al-Najjar continued, "Iraq, according to these data, will record the highest levels of economic growth in the world," noting that "the government's vision includes involving the private sector in achieving sustainable development through the implementation of various projects, especially in the areas of health and housing."
He confirmed the existence of "a package of important changes that will occur in Iraqi commercial and economic laws, as these packages were presented by the Council of Ministers to auditing bodies to be later presented to the House of Representatives."
He revealed that "the Iraq Fund for Development is in the process of launching a project (rent and own), which means owning the property for its residents, and it is a project proposed for the first time in Iraq."
Views 117 04/24/2024 - https://economy-news.net/content.php?id=42789
The Stock Market Closed 2.48% Higher After The Iraqi Openness With Türkiye And America
Market Economy News – Baghdad The Iraqi Stock Exchange closed today, Wednesday, up by 2.48%, after the positive developments in the Iraqi economy as a result of the signing of agreements with Turkey and America.
The stock exchange traded shares of 44 companies, with 3.6 billion shares worth 1.5 billion dinars, through 866 transactions.
The Bank of Baghdad continued its rise since the beginning of the week, as it rose today by 6.55% and reached 4.39 dinars, and the Iraqi Islamic Bank also rose by 10.57% and reached 1.36 dinars, after announcing the date of the General Assembly meeting and increasing its capital to 325 billion dinars.
The banking sector ranked first among the most traded companies, with shares traded reaching 3.5 billion shares. 98 views 04/24/2024 - https://economy-news.net/content.php?id=42778
Oil Rises After A Decline In Us Inventories
Economy | 08:39 - 04/24/2024 Mawazine News – Baghdad Oil prices rose in early trading, today, Wednesday, continuing their gains in the previous session after industry data showed a sudden decline in US crude inventories last week, in an indicator... Demand increased and attention shifted away from hostilities in the Middle East.
Brent crude oil futures rose nine cents, equivalent to 0.1 percent, to $88.51 per barrel by 00:31 GMT. US West Texas Intermediate crude futures also increased. Ten cents, or 0.11 percent, to $83.45 per barrel. According to reports seen by Al-Naeem News.
Market sources, citing figures from the American Petroleum Institute, reported that US crude inventories fell by 3.237 million barrels in the week ending April 19. In contrast, six analysts polled expected... Reuters reported an increase of 800 thousand barrels.
Traders are awaiting official US data on oil inventories and products scheduled to be released at 10:30 am US time. United States (1430 GMT) to confirm the significant decline in inventories.
Meanwhile, expectations are growing that the UK and EU will cut. Interest rates in June, which may help support economic growth, thus increasing demand for oil.
https://www.mawazin.net/Details.aspx?jimare=246586
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Provoking Points To Ponder on Failures and Mistakes
There are no mistakes. The events we bring upon ourselves, no matter how unpleasant, are necessary in order to learn what we need to learn; whatever steps we take, they're necessary to reach the places we've chosen to go.- Richard Bach
Failure is instructive. The person who really thinks learns quite as much from his failures as from his successes.- John Dewey
Failure is a school in which the truth always grows strong.- Henry Ward Beecher
The important thing is to learn a lesson every time you lose.- John McEnroe
It's good to fail now and again - you learn a lot more out of failure than you do out of success.- Ian Hunter
One of the reasons mature people stop learning is that they become less and less willing to risk failure.- John W. Gardner
http://famousquotesandauthors.com/topics/failures_and_mistakes_quotes.html
Goldilocks' Comments and Global Economic News Wednesday Evening 4-24-24
Goldilocks' Comments and Global Economic News Wednesday Evening 4-24-24
Good Evening Dinar Recaps,
I see two things that have to happen before we see an RV on our paper money. Gold has to be able to withstand anything that is thrown at it, and the QFS has to be completed my friends.
We are looking at the CFTC being able to take us in soon, BUT as they have said in their own words yesterday:
“as soon as technologically practicable.”
Going forward, connections to those who are actually creating the system in the field of technological development are the people who provide us with real Intel.
Everything else, is just simply getting the word around that everything is done and secondary intel.
What is going on behind the scenes in technological advancement is our path forward. The old world has passed away and all things are becoming new.
Let me introduce to you the new World Reserve Asset going forward. Ripple is the new dollar. When Ripple is set free backed by gold, so are we. The Banker
© Goldilocks
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Goldilocks' Comments and Global Economic News Wednesday Evening 4-24-24
Good Evening Dinar Recaps,
I see two things that have to happen before we see an RV on our paper money. Gold has to be able to withstand anything that is thrown at it, and the QFS has to be completed my friends.
We are looking at the CFTC being able to take us in soon, BUT as they have said in their own words yesterday:
“as soon as technologically practicable.”
Going forward, connections to those who are actually creating the system in the field of technological development are the people who provide us with real Intel.
Everything else, is just simply getting the word around that everything is done and secondary intel.
What is going on behind the scenes in technological advancement is our path forward. The old world has passed away and all things are becoming new.
Let me introduce to you the new World Reserve Asset going forward. Ripple is the new dollar. When Ripple is set free backed by gold, so are we. The Banker
© Goldilocks
~~~~~~~~~
US to take aim at Chinese banks aiding Russia war effort — WSJ - BusinessWorld Online
👆 Can you see how this is pushing the digital economy forward and new payment system especially in the east?
© Goldilocks
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BRICS weighs in on using stablecoins in settlements, Russian official says | Crypto News
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US Senate Introduces Stablecoin Regulation Bill | The Crypto Times
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Crypto ETFs Make Great Headlines, But Stablecoins Are Key To Mass Adoption | Forbes
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Spring Meetings 2024 Wrap Up: Despite mounting crises, persistent lack of political will to match rhetoric with action remains - Bretton Woods Project
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Message from Freedom Fighter on Iraq's RV Process 2024-04-24
LISTEN HERE:
👇Reposted from this morning:
CBI Banker in Iraq Contact:
Dee and I just finished a conversation with our CBI Banker in Iraq with ties to the Foreign Remittance Department.
Iraq is currently increasing the amount of Gold they hold that will support their currency.
Iraq is encouraging people to use a debit (Visa & Master) Card as much as possible, so they can get used to becoming a cashless society.
As far as a rate is concerned, they are looking to move from 1,310 to 1,000 soon.
Many new agreements have been signed with other countries to increase the demand for their currency as of late.
He expressed that they still need more goods to sell to increase their money velocity.
Iraq has not moved to a position of removing the three zeros on their currency just yet.
It was mentioned that they are still working with their Foreign Corresponding Bank to complete their banking reforms this year.
© Goldilocks
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Iraq is telling us on the CBI website that they are meeting their Financial Inclusion Requirements.
G20 has standard guidelines for what this means.
"Financial inclusion is measured in three dimensions: (i) access to financial services; (ii) usage of financial services; and (iii) the quality of the products and the service delivery." https://cbi.iq/news/view/2552
© Goldilocks
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G20 Set of Financial Inclusion Indicators.pdf
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RIPPLE XRP SEC CASE COULD END VERY SOON $20 XRP COULD BE NEXT! | Youtube
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Russian court orders seizure of $440m from JPMorgan | Luxembourg Times
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Ripple vs. SEC: Trial Resumes as Crypto Industry Braces for Impact | Finance Magnates
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Indonesia Releases Exports of Moringa Leaves, Coconut Charcoal to Asia and Europe - News En.tempo.co
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Russian court orders seizure of $440m from JPMorgan | Luxembourg Times
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Gold Price Today Will Look Different Soon | Youtube
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Two SEC attorneys resign after ‘gross abuse of power’ sanctions | Banking Dive
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“Tidbits From TNT” Wednesday 4-24-2024
TNT:
CandyKisses: Turkish Transport Minister announces a four-way summit on the "development road" project soon
ISTANBUL (NINA) - Turkish Minister of Transport and Infrastructure Abdulkadir Uroglu announced that a four-way ministerial summit between Turkey, Iraq, the UAE and Qatar will be held soon regarding the "development road" project.
The Turkish minister said in a press statement: The memorandum of understanding signed yesterday between Turkey, Iraq, Qatar and the UAE in Baghdad to cooperate on the "development road" project was a bilateral agreement, but with joint Turkish and Iraqi efforts that also included the UAE and Qatar.
He added that weekly meetings are taking place between officials of both Turkey and Iraq, and a four-way summit will be held in the next two months.
Uraloglu said they would open offices in Iraq and Turkey as part of the project in the coming months, noting that with the operation of the development road, trade volume will rise from $20 billion to $40 billion.
TNT:
CandyKisses: Turkish Transport Minister announces a four-way summit on the "development road" project soon
ISTANBUL (NINA) - Turkish Minister of Transport and Infrastructure Abdulkadir Uroglu announced that a four-way ministerial summit between Turkey, Iraq, the UAE and Qatar will be held soon regarding the "development road" project.
The Turkish minister said in a press statement: The memorandum of understanding signed yesterday between Turkey, Iraq, Qatar and the UAE in Baghdad to cooperate on the "development road" project was a bilateral agreement, but with joint Turkish and Iraqi efforts that also included the UAE and Qatar.
He added that weekly meetings are taking place between officials of both Turkey and Iraq, and a four-way summit will be held in the next two months.
Uraloglu said they would open offices in Iraq and Turkey as part of the project in the coming months, noting that with the operation of the development road, trade volume will rise from $20 billion to $40 billion.
Turkey, Iraq, Qatar and the UAE signed in Baghdad yesterday a four-way memorandum of understanding for cooperation on the "development road" project, under the auspices of Turkish President Recep Tayyip Erdogan and Iraqi Prime Minister Muhammad Shia al-Sudani.
The "Development Road" project is a road and railway extending from Iraq to Turkey and its ports, with a length of 1,200 km inside Iraq, and aims to transport goods between Europe and the Arab Gulf countries.
Tishwash: Venezuela Hires Rothschild as Adviser on Defaulted Debt Pile
Venezuela’s government has hired Rothschild & Co. as a financial adviser to provide an overview of its foreign debt obligations, according to people familiar with the matter.
Rothschild is working to map out what the administration owes and to whom, said the people, who asked for anonymity to discuss a contract that has not been made public. Debt mapping is normally a preliminary step taken by a government before it prepares to start a restructuring.
Representatives for Paris-based Rothschild declined to comment. A press official for Venezuela’s Finance Ministry did not respond to messages seeking comment.
Venezuela owes roughly $154 billion to overseas lenders — according to an estimate from economist Francisco Rodriguez, a professor at the University of Denver — including global bonds issued by the government and state oil company, which have been in default for more than six years. It’s been accumulating interest on those bonds and court judgments for unpaid commercial loans.
Sovereign bonds trade for around 20 cents on the dollar, while defaulted notes issued by Petroleos de Venezuela SA exchange hands for around 11 cents, according to indicative pricing compiled by Bloomberg. The debt has rallied since JPMorgan Chase & Co. laid out a plan to re-weight the securities in widely followed emerging-market debt indexes back in February.
REDD Intelligence first reported Venezuela mandated Rothschild as an adviser. The hiring comes amid a recent push by President Nicolas Maduro’s administration to reengage with global markets, mulitilateral institutions and ratings firms after years of international isolation. Over the years, the president has made overtures that it was willing to work with creditors, though those talks have never progressed.
Washington doesn’t recognize Maduro, and sanctions prohibit the government from selling debt on US markets. Sanctions would need to changed before a debt restructuring could be carried out.
Relations between the two countries worsened last week as the US reimposed sanctions on the oil and gas industries, citing Maduro’s failure to live up to promises to hold a fair election later this year. Venezuela, in turn, said Washington had breached a political agreement signed last year in Doha.
Read more: US to Reinstate Venezuela Sanctions, Says Maduro Broke Deal
The country is set to vote on July 28 in an election that will pit Maduro against a candidate for the opposition, likely ambassador Edmundo Gonzalez. link
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Tishwash: Al-Sudani directs the ministers to follow up on the implementation of the memorandums of understanding concluded with America and Turkey
Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani directed the ministers to follow up on the implementation of the memorandums of understanding and agreements signed with the United States and Turkey.
Al-Sudani’s office stated in a statement received by Mawazine News, “Prime Minister Muhammad Shia’ al-Sudani reviewed, at the beginning of the Council of Ministers today, the results of his official visit to the United States this month, which produced results that are in favor of Iraq in terms of economy, politics, security, and regional stability.”
In the interest of building bilateral strategic relations, in addition to signing a number of memorandums of understanding and partnership between the Iraqi public and private sectors on the one hand, and between major leading American companies and financial and banking institutions on the other hand.”
The statement added, "Al-Sudani also reviewed the visit of the Turkish President to Baghdad yesterday, which witnessed the signing of the bilateral strategic framework agreement, and the signing of 26 joint memorandums of understanding for various institutions between the two countries, which will be reflected in the economic and development partnership, in addition to the quadripartite understanding that included Iraq, Turkey and Qatar."
And the UAE, regarding the development road project, the investment opportunities it brings, and entering into a new phase of security and economic understandings and in the field of water management and water shares in the Tigris and Euphrates rivers, all of which will push relations forward.”
During the session, the Prime Minister directed the ministers to “follow up the implementation of the memorandums of understanding, and provide the utmost efforts in order to achieve the highest levels of mutual benefit, for all sectors and activities covered by the memorandums of understanding, in addition to assigning the committees concerned with securing the requirements for success and good implementation of the agreements and understandings signed with the states.” United States and Turkey. link
Mot: .... Say Do Ya Know what day
Mot: . OK -- Fess Up!! --WHOOOOOOOOO is Holding This UP!!???
Goldilocks' Comments and Global Economic News Wednesday AM 4-24-24
Goldilocks' Comments and Global Economic News Wednesday AM 4-24-24
Good Morning Dinar Recaps,
Recently, gold has found its own path. It is becoming increasingly bold in determining its own path.
There have been recent attempts to short the market in gold, and there just doesn't seem to be anything powerful enough to do it.
Gold has awakened into a life determined by real fundamentals unlike anything else on the market.
Our tokenized assets and Stablecoins will be supported by a commodity of real value going forward, and nothing seems to be able to stop it from realizing its potential going forward. Schwab
© Goldilocks
Goldilocks' Comments and Global Economic News Wednesday AM 4-24-24
Good Morning Dinar Recaps,
Recently, gold has found its own path. It is becoming increasingly bold in determining its own path.
There have been recent attempts to short the market in gold, and there just doesn't seem to be anything powerful enough to do it.
Gold has awakened into a life determined by real fundamentals unlike anything else on the market.
Our tokenized assets and Stablecoins will be supported by a commodity of real value going forward, and nothing seems to be able to stop it from realizing its potential going forward. Schwab
© Goldilocks
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MESSAGE FROM FREEDOM FIGHTER ON THE COMMODITY EXCHANGE ACT
LISTEN HERE:
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CBI Banker in Iraq Contact:
Dee and I just finished a conversation with our CBI Banker in Iraq with ties to the Foreign Remittance Department.
Iraq is currently increasing the amount of Gold they hold that will support their currency.
Iraq is encouraging people to use a debit (Visa & Master) Card as much as possible, so they can get used to becoming a cashless society.
As far as a rate is concerned, they are looking to move from 1,310 to 1,000 soon.
Many new agreements have been signed with other countries to increase the demand for their currency as of late.
He expressed that they still need more goods to sell to increase their money velocity.
Iraq has not moved to a position of removing the three zeros on their currency just yet.
It was mentioned that they are still working with their Foreign Corresponding Bank to complete their banking reforms this year.
© Goldilocks
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Institutional Digital Assets: The Future of Finance Is Here | CoinDesk
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SEC Lawyers Resign After Judge Sanctions the Regulator for 'Gross Abuse of Power' – Legal Bitcoin News
👆 Goldilocks pointed to this article
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Institutional Digital Assets: The Future of Finance Is Here | CoinDesk
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SEC Lawyers Resign After Judge Sanctions the Regulator for 'Gross Abuse of Power' – Legal Bitcoin News
👆 Goldilocks pointed to this article
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"CFTC Approves Final Rules on Swap Confirmation Requirements for Swap Execution Facilities (SEFs)"
These rules go into effect 30 days after they have been placed in the Federal Register. "An essential component of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) is its framework for the regulation of swaps, including central clearing and trade execution requirements, registration and comprehensive regulation of swap dealers, and recordkeeping and reporting requirements."
The final rules amend CFTC Regulation 37.6(b) to require such confirmation to take place “as soon as technologically practicable.”
We have two things holding us back at this point in moving forward with the newly amended and final rules of swap executions on Securities such as Foreign Currency.
1) This amendment and final rule has to go to the Federal Registry which doesn't take long.
2) This new amendment can be implemented as soon as "technologically practicable.”
Yes, as soon as the QFS is completely finished. Stay tuned, this room will keep you updated on QFS developments as they are happening each and "every day" as we have done for the last 3 years. CFTC 1 CFTC 2 Investopedia
© Goldilocks
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RIPPLE XRP TO DOMINATE OVER $454 TRILLION🚨WAKE UP NOW | Youtube
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HEDERA HBAR HOLDERS TODAY WE MADE HISTORY! | Youtube
~~~~~~~~~
Follow Goldilocks' Roadmap
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Thank you Dinar Recaps
MilitiaMan: IQD Update - Iraqi Dinar - Global Deals - Support - USA- Turkey - Timing- Currency Value - Tabled
IQD Update - Iraqi Dinar - Global Deals - Support - USA- Turkey - Timing- Currency Value - Tabled
MilitiaMan and Crew: 4-23-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
IQD Update - Iraqi Dinar - Global Deals - Support - USA- Turkey - Timing- Currency Value - Tabled
MilitiaMan and Crew: 4-23-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..