“Tidbits from TNT” Saturday 5-11-2024

TNT:

Tishwash:  A $700 million agreement is signed between Iraq and Italy to finance these projects

Today, Saturday, the technical advisor to the Prime Minister, Muhammad Al-Daraji, announced the signing of an agreement between Iraq and Italy to finance industrial projects worth $700 million, while he confirmed the signing of memorandums of understanding to equip Iraq with (6) Italian factories for the private sector.

Al-Daraji said in an interview followed by Al-Eqtisad News, “Under the guidance of Prime Minister Muhammad Shiaa Al-Sudani, an agreement was signed between the Supreme Committee for Sovereign Guarantees and the Italian Shasa Credit Corporation on behalf of the Italian government to finance industrial projects in Iraq worth $700 million,” noting that "The agreement was signed between the Trade Bank of Iraq (TBI) and two Italian banks to finance these projects."

He added, "As part of the government's initiative to support the private sector, memorandums of understanding were also signed between Iraqi businessmen and businessmen from Italian suppliers of production lines and factories to supply 6 factories to Iraq," indicating that "these factories include glass products, medicines, slaughterhouses, poultry and egg rearing, and gas processing." The facility, an iron factory, and a pharmaceutical factory.”  link

Shybaby:  Iraq requests end of UN assistance mission by end-2025

BAGHDAD (Reuters) –

Iraq has requested that a United Nations assistance mission set up after the 2003 U.S.-led invasion of the country end its work by the end of 2025, saying it was no longer needed because Iraq had made significant progress towards stability.

The mission, headquartered in Baghdad's heavily fortified Green Zone, was set up with a wide mandate to help develop Iraqi institutions, support political dialogue and elections, and promote human rights.

Prime Minister Mohammed Shia al-Sudani said Iraq wanted to deepen cooperation with other U.N. organisations but there was no longer a need for the political work of the U.N. assistance mission, known as UNAMI.

The mission's head in Iraq often shuttles between top political, judicial and security officials in work that supporters see as important to preventing and resolving conflicts but critics have often described as interference.

"Iraq has managed to take important steps in many fields, especially those that fall under UNAMI's mandate," Sudani said in a letter to U.N. Secretary-General Antonio Guterres.

Iraq's government has since 2023 moved to end several international missions, including the U.S.-led coalition created in 2014 to fight Islamic State and the U.N.'s mission established to help promote accountability for the jihadist group's crimes.

Iraqi officials say the country has come a long way from the sectarian bloodletting after the U.S.-led invasion and Islamic State's attempt to establish a caliphate, and that it no longer needs so much international help.

Some critics worry about the stability of the young democracy, given recurring conflict and the presence of many heavily armed military-political groups that have often battled on the streets, the last time in 2022.

Some diplomats and U.N. officials also worry about human rights and accountability in a country that frequently ranks among the world's most corrupt and where activists say freedom of expression has been curtailed in recent years.

Iraq's government says it is working to fight corruption and denies there is less room for free expression.

Somalia's government also requested the termination of a U.N. political mission this week. In a letter to the Security Council, the country's foreign minister called for the departure of the Nations Assistance Mission in Somalia (UNSOM), which has advised the government on peace-building, security reforms and democracy for over a decade. He provided no reason. 

Metro Portal (newsroomlabs.com)

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Tishwash: They prefer to put their money in their homes.. When will the banking sector gain the trust of Iraqis?

The citizen prefers that keeping his cash in his home is a guarantee of its security, rather than having it in institutions that they do not trust in to house this money, which has led to the impeding the growth of the banking system in the country, while the Iraqi government is trying to attract cash liquidity by automating the citizen’s daily transactions. Through electronic payment cards and other plans to restore this trust between the citizen and the Iraqi banking system.

Banks, in turn, increased the number of their bank branches. Many private banks were opened throughout Iraq to enhance accessibility and enhance financial inclusion, while observers explained that the citizen must give these banks an opportunity to achieve economic growth in the country, while others attributed the lack of this confidence to weakness. The scarcity of banking services made them unable to attract citizens and merchants, in addition to the high interest rates on loans and advances.

Support banks

While the majority of banks in Iraq represent 90.5% (67 out of 74 banks) of the total number of banks. It is owned by the private sector and also owns the capital of the banking sector in Iraq.

Banking expert Saif Jawad Al-Halafi confirms, “One of the foundations of banking is banking comprehensiveness in diversifying the banking services provided to the public, and that the bank does not depend in making profits on a banking operation that it monopolizes as a result of the availability of external regional factors affecting Iraq’s foreign trade movement.”

 Noting that, “The investor has the right to reap profits, but our banks also have the right, even if they are marred by some wrong banking behavior for a certain period, they have the right to be included with everyone in enjoying all the banking services available in the Iraqi banking arena and in foreign trade, from opening credits or transfers.” "External".

Maintaining the banking sector

Al-Halafi explains in an exclusive interview with Al-Mada that “all Iraqi banks must be supported without exception, whether they are fully owned by Iraqis or there are foreign contributions participating in Iraqi capital.” Pointing out, “There is a crowd of depositors and investors in these banks, and the government must provide all full support to all of them because one of the basics of the Iraqi national security standard, and one of the most important points, is to maintain the strength of the banking sector without being subjected to pressures or tremors that overthrow some.” Banks, because you will affect the rest of the Iraqi banks as a whole.”

Al-Halafi continues, “The journey of establishing Iraqi banks and the Baghdad stock market is an arduous journey, the journey of which began with the late Hassan al-Najafi, so we must support our banks, whether that is with constructive criticism or correction.” Stating, “What is sad is that the Iraqi banking sector is older than all neighboring countries, and for this reason we never allow our banks to let us down because they are our security and the future of Iraqi foreign trade, and they have the right to contribute to all banking and economic activities without exception, especially in the upcoming Al-Faw port project.” And also the path of development.

risk

While most Iraqis avoid crediting their assets to traditional commercial banks because of their doubts and the political differences that arise from time to time, in addition to the fact that there are those who have religious reservations.

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stated that “the vision of the government curriculum is moving towards implementation with consistent steps, all of which lead towards successive reform applications and according to a systematic and comprehensive structure that addresses the details of the national economy and according to the priorities drawn up from the beginning.” Pointing out, “It is known that the contribution of government sectors to the country’s gross domestic product is about 63%, as the Iraqi economy is the fourth economy in the world in terms of the government sector’s dominance in generating gross domestic product.”

Saleh added in an interview with Al Mada, “Economic reform inevitably begins with the government economy, which has the greatest contribution to the growth of the country’s national income.” Noting that, “With a closer look, the reform priorities started today from the government finance sector, and we mean government banking activity, which currently dominates 85% of banking operations in the country, but operates with capital or ownership rights that constitute only 22% of the total banking capital.” In the country, which made it restricted in the development of general economic activity and the development of the market economy, and since finance is an activity that precedes real productive activity in terms of importance and logic, Prime Minister Muhammad Shiaa Al-Sudani adopted a scientific and practical approach by moving towards reforming the government commercial banking system.

Achieving financial inclusion

The lack of experience, lack of services, and lack of banking culture led to a collective alienation from the entire banking sector, which hindered the development of this important system in the country.

As Saleh returns to update (Al-Mada), that “to begin with, one of the largest international companies specialized in reform studies and financial, accounting and administrative auditing was commissioned to prepare an accurate assessment of the reality of government banks in order to achieve comprehensive reform processes for the government banking system itself, and at the forefront of that is Generating a government commercial bank that directs directly towards the market economy and financing trade and investment, achieving financial inclusion, enhancing the levels of credit granted to the market, and introducing advanced technologies, financial applications and payment systems into this new banking system that will work on broad foundations of banking governance, compliance and driving growth and development rates. Sustainable economic growth, in addition to adopting the necessary legal applications to enhance property rights and raise their capital to record levels in accordance with the principles of banking (Bazal) that are applied globally.”

He added, "Also, providing mechanisms for its openness and integration with the global banking market. It is no secret that the other and important aspect of government banking reform will undoubtedly lead to the birth of banking specialized in government financial operations, exercising exclusively banking functions related to government operations, and at the same time helping in the development of treasury account mechanisms." The unified TSA is the account that gives public finance the real-time ability to know the country’s government cash flows with high efficiency.”

He concludes his speech by saying, “The reform processes will also include, in the stages of their work, specialized banks such as the Industrial, Agricultural, and Real Estate Bank, as they will operate in the future as a development bank, in which property rights will be strengthened by making them a profitable and strong public shareholding company that contributes to financing private investments in economic development through grants.” Flexibility and adequacy in granting credit for productive investment operations, with a view consistent with the targeted growth rates in gross domestic product, which is indicated today by the National Development Plan 2024-2028, and future national development plans.”

It is noteworthy that Iraq includes 72 registered banks, including 38 banks participating in the auction for selling American currency at the Central Bank. However, the US sanctions that recently affected 14 banks, and other banks that were subject to similar sanctions months ago, led to the number of banks participating in the The currency auction is now being sold by only 18 banks.  link

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Goldilocks' Comments and Global Economic News Saturday Evening 5-11-24

Goldilocks' Comments and Global Economic News Saturday Evening 5-11-24

Good Evening Dinar Recaps,

EUROPEAN BANKING AUTHORITY MICA ANNOUNCEMENT:

"The EBA publishes final draft technical standards under the Markets in Crypto-Assets Regulation (MICA)"

Specifically, stablecoins and tokenized assets are currently in the comment stage and ready for the white papers.

A white paper is a final document ready for implementation for business owners in an industry to utilize as a reference guideline. In this case, this particular white paper is for countries around the world to use these stablecoin and asset regulations as a guideline for creating a standardized stablecoins and digital assets they can use Globally.

Remember, Stablecoins and Market assets are a digital representation of a country's currency and the assets they pay for going forward. The standardization process of our Global currencies is currently in their final phases. EBA Europa    CorporateFinanceInstitute

© Goldilocks

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"On May 7, 2024, the European Banking Authority (EBA) published three final drafts of technical standards developed under Regulation (EU) 2023/1114 on crypto-assets, the so-called Market in Crypto-Assets Regulation (MICA), published in the Official Journal of the European Union on June 9, 2023.

With reference to the timeline for applicability of the MICA Regulation, it will be applicable in its entirety from December 30, 2024; however, the requirements set for asset-referenced tokens and e-money tokens will be applicable starting from June 30, 2024."

I know some of you look for dates and rates only, so I'm going to make the above articles more specific to those looking for important dates.

On June 30th, the digital markets and the e-money used to pay for those assets through the banking system are to be done by June 30th, 2024.   PwC TLS

© Goldilocks

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MICA activating new laws on June 30th, 2024 regarding our digital assets and stablecoins will begin the process of institutional money being moved across borders.

This will begin the process of putting price pressures on foreign currency exchange rates going forward. This does not mean we'll see those changes right away, but we will begin seeing movements of money in ways we have not seen before.

Credit valuation adjustments will be happening across the board throughout the second half of this year. Some assets will go up and others will go down. In the end all assets will be in process of finding their equilibrium inside the new digital economy.

© Goldilocks

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5 Major Banks Closing Many Locations in Idaho and Washington State | LiteOnline

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Treasury and IRS Release Final Regulations on Credit Transferability | JD Supra

On April 25, 2024, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations (the Final Regulations) regarding the election to transfer energy tax credits under Section 6418 of the Internal Revenue Code of 1986, as amended (the Code), pursuant to changes authorized by the Inflation Reduction Act of 2022 (IRA). The Final Regulations update the initial proposed regulations issued on June 14, 2023 (the Proposed Regulations), discussed by Wilson Sonsini, relating to the transfer of eligible credits.

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JPMorgan Chase Implements Quantum-Secured Network | IOT World Today

JPMorgan Chase researchers have successfully implemented a high-speed, quantum-secured crypto-agile network (Q-CAN), connecting two data centers over existing fiber optic cables.

The demonstration was conducted in an air-gapped environment over 29 miles of deployed telecom fiber across Singapore and achieved 45 days of continuous operation.

Quantum-safe communication is an increasingly pressing issue as large-scale quantum computers could break the cryptography used to secure transmissions.

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This Week in AI: Digital Agents, Quantum AI and Spy Chatbots | Pymnts

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Banking Giant Wells Fargo Holds Spot Bitcoin ETF on Behalf of Clients, According To New SEC Filing - The Daily Hodl

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Senate Urged to Swiftly Overturn SEC's 'Misguided' Crypto Rules – Regulation | Bitcoin News

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US Elections: Stand With Crypto forms committee to support pro-crypto candidates | FinExtra

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🚨*Ripple CEO Brad Garlinghouse Warns About A Blackswan Coming*🚨 | Twitter

He Discusses How The US Government Is Coming After Tether.

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Goldilocks Posts are Broken Down Weekly on Saturday Nights!

TONIGHT! Saturday Night Live Call with Freedom Fighter breaking down Goldilocks Posts from this Week, with Jester too!  Come join the call and learn what is happening with the new QFS!

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The Saturday Night Q & A room will be open an hour before the call and remain open during the call for Questions to be answered during the call at the end!

The calls are recorded and will be posted in the Archive room after the call

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Iraq Economic News and Points to Ponder Saturday Afternoon 5-11-24

Iraq Economic News and Points to Ponder Saturday Afternoon 5-11-24

The Exchange Rate Of The US Dollar Is Rising Again In Baghdad Markets

Economy |  05/11/2024   Mawazine News – Baghdad   Today, Saturday, the exchange rates of the US dollar witnessed an increase in Baghdad markets,

and dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 146,200 dinars per 100 dollars, while last Thursday, dollar prices recorded 145,700 Iraqi dinars per 100 dollars.

Regarding the selling prices in the exchange shops in the local markets in Baghdad, the selling price reached 147,250 dinars, while the purchasing price reached 145,250 dinars for every 100 dollars.https://www.mawazin.net/Details.aspx?jimare=247763

Deputy: Iraq Represents An Important Factor In The Stability Of The Global Oil Market

Economy | 05/11/2024   Mawazine News – Baghdad   MP Nour Nafie Al-Jalaihawi confirmed, on Saturday, that Iraq represents an important factor in the stability of international markets in the oil and energy file.

Al-Julaihawi said, in an interview followed by Mawazine News, that “developing Iraq’s oil and gas fields is an important strategy in order to strengthen the country’s economy, diversify its revenues, and seek to raise the efficiency of its production capacity in a way that contributes to increasing exports.”

She added, "The Prime Minister's launch of the fifth supplementary licensing round and the sixth round, which will include 29 projects in fields and exploratory patches, whether oil or gas, spread across 12 governorates, is a step in the right direction that will lead to achieving three positives at the same time: increasing its ability to pump oil and produce gas and reducing the bill." Importing the latter, in addition to revitalizing neighboring regions and providing more job opportunities, not to mention supporting the governorates and financing service projects.”

She stated that "Iraq represents an important factor in stabilizing international markets in the energy file and increasing its production capacity is a step in the right direction, especially gas fields, in order to reach the stage of sufficiency."   https://www.mawazin.net/Details.aspx?jimare=247775

Minister Of Oil: Soon We Will Announce The Increase In Iraq’s Oil Reserves To 160 Billion Barrels

Economy |  05/11/2024  Mawazine News – Baghdad  The Minister of Oil, Hayan Abdul Ghani, confirmed today, Saturday, that the Iraqi oil reserves will soon be announced to rise to more than 160 billion barrels.

Abdul Ghani said, in his speech during the launching ceremony of the fifth supplementary licensing round and the sixth round, followed by Mawazine News, that “the supplement to the fifth licensing round and the sixth licensing round are part of the government program.”

He added, "Today, the Ministry is offering 29 promising projects within these licenses to advance industry and gas wealth."

He continued, "Licensing rounds have the effect of adding two million barrels of oil to national production," stressing that "these projects will provide job opportunities, stimulate the economy in those areas, and meet the growing needs for gas."

He stressed "the imminent announcement that Iraq's oil reserves will rise to 160 billion barrels."

https://www.mawazin.net/Details.aspx?jimare=247744

Brent Crude Rose Above $84 Due To Strong Demand

Saturday 11, May 2024 08:32 | Economical Number of readings: 203  Baghdad / NINA / Brent crude oil hovered above $84 a barrel after the release of data this week, indicating increasing demand in the United States and China, the largest consumers of crude in the world, while the raging conflict in the Middle East contributed to supporting prices.

By yesterday evening, according to Reuters, Brent crude futures rose 33 cents to $84.21 a barrel, while US West Texas Intermediate crude rose 42 cents to $79.68.

Crude oil inventories in the United States declined due to increased refinery work. This came at a time when data showed that China's oil imports in April were higher than last year's imports.

Chinese exports and imports returned to growth in April after contracting the previous month, indicating improved demand.

Attention will be focused on the US inflation data released next week, as it will affect the course of the Federal Reserve (the US central bank) regarding interest rates.

At the same time, it is increasingly likely that the European Central Bank will start cutting interest rates in June./End9      https://ninanews.com/Website/News/Details?key=1125816

Economist: Tax Revenues From The Private Sector Should Be 4 Trillion Dinars Annually

Economist Manar Al-Obaidi confirmed that “tax revenues from the private sector should be 4 trillion dinars annually.”

Al-Obaidi told Al-Iqtisad News, “There are more than 8 million economically active people working in the private sector, and based on the average monthly income being around 600 thousand dinars, the value of the revenues collected for people in the private sector amounts to about 4 trillion Iraqi dinars, taking an average of the income tax rate.” The monthly rate is 7%.

He pointed out that the value of the monthly tax that is supposed to be paid by economically active people in the private sector is approximately 280 billion Iraqi dinars, while the annual tax is approximately 3.5 trillion Iraqi dinars.

This does not include the income tax imposed on employees in the public sector and salaries amounting to 40 trillion dinars annually, with a tax rate of 7%, so it will be The amount of income tax from public sector employees is 3 trillion dinars.

He stressed that unfortunately there is no clear data on the amount of tax that is supposed to be achieved compared to what is achieved, but the tax alone is capable of generating revenues of a minimum value of 10 trillion dinars annually, and it may reach 15 trillion dinars. Views 46 05/11/2024 - https://economy-news.net/content.php?id=43326

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder on Character :

Generous people are rarely mentally ill people.  - Karl Menninger

When wealth is lost, nothing is lost; When health is lost, something is lost; When character is lost, all is lost!  - Anonymous

You must look into people as well as at them.  - Lord Chesterfield

Human improvement is from within outward.  - James Froude

Talent is nurtured in solitude; character is formed in the stormy billows of the world.  - Goethe

Only what we have wrought into our character during life can we take away with us.  - Wilhelm von Humboldt

Every man has three characters - that which he exhibits, that which he has, and that which he thinks he has.  - Alphonse Karr

Not in the clamor of the crowded street, Not in the shouts and plaudits of the throng, But in ourselves, are triumph and defeat.  - Henry Wadsworth Longfellow

Who knows nothing base, Fears nothing known.  - Owen Meredith

In men whom men condemn as ill I find so much of goodness still, In men whom men pronounce divine I find so much of sin and blot I do not dare to draw a line Between the two, where God has not. - Joaquin Miller

In this world a man must either be anvil or hammer.  - Henry Wadsworth Longfellow

http://famousquotesandauthors.com/topics/character_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Iraqi News Highlights and Points to Ponder Friday Evening 5-10-24

Iraqi News Highlights and Points to Ponder Friday Evening  5-10-24

Economist: The Fluctuation Of The Dollar Is “The Balance Of Speculators”

Time: 05/09/2024 Read: 2,834 times  Economist: The fluctuation of the dollar is “the balance of speculators” Rklhgerlkg-1-61

  {Economic: Al-Furat News} An economic expert attributed the continued fluctuation of the dollar’s ​​exchange rates against the dinar in local markets to the “balance” of currency speculators in the parallel market.

Bassem Jamil Antoine told Al-Furat News Agency, "The main reason behind the fluctuation of the dollar exchange rates between rise and fall is due to speculators, as they own large quantities of dollars."

He added, "If there had been a productive economic situation, the dollar exchange rates would have stabilized, so the financial need of the industry would be estimated and work accordingly."

Antoine stated that "the actual stability of the economy will occur if the local production is activated and the economy is developed and stabilized, which means stability of exchange rates."   LINK

The Kurdistan Region Demands That The Federal Government Spend 1.1 Billion Dinars.. What Is The Reason?

The Kurdistan region witnesses demonstrations from time to time 

Money  and business  Economy News – Baghdad  The Ministry of Finance of the Kurdistan Regional Government sent the names of university lecturers to the Federal Ministry of Finance to pay their financial dues for three months.

The Ministry requested, in the letter issued on (May 7, 2024), the disbursement of “contract dues for lecturers” working in the Ministry of Higher Education and Scientific Research in the Kurdistan Region for the months of February, March, and April, because they were not included in the lists of salaries of permanent professors sent earlier.

The spokesman for the Ministry of Higher Education and Scientific Research in the Kurdistan Regional Government explained that "the number of lecturers is 1,982 from all public universities." 

According to the book, the total salaries of lecturers for the three months amount to one billion and 198 million dinars per month.  Views 33 05/10/2024 - https://economy-news.net/content.php?id=43288

Iraq Has The Tenth Worst Economic Growth In The World During The Last 5 Years

Economy  05-10-2024 | 404 views  Al-Sumaria News - Economy

Iraq ranked highly globally among the countries with the least economic growth during the last 5 years, while poor economic growth was concentrated in the countries of Africa and the Middle East due to Corona and then the conflicts that have existed so far.

And solveIraqIt is ranked 10th globally out of 190 countries around the world, as the tenth worst country in terms of economic growth during the years between 2020 and 2024.  LINK

Iraq's economic growth during these last five years reached negative 0.8, ranking tenth globally, and the third worst Arab economic growth afterSudanAnd Yemen.

And she cameSudanIt ranked first as the worst country in terms of economic growth between 2020 and 2024, reaching negative 5.6%.

On the contrary, Albania ranked last on the list of countries with poor economic growth, which makes it first in the world in terms of economic growth during 2020 to 2024, with a growth   LINK

Budget Delay: The Cry For Help For Paralyzed Services And Disrupted Dreams

May 9, 2024  Baghdad/Al-Masala Al-Hadath: In light of the delay in approving the federal state budget for 2024, Iraq faces major challenges in the field of public services and infrastructure.

The size of the proposed budget is about 228 trillion dinars, and includes more than 1,300 development and service projects.

According to Iraqi law, the budget must be approved three months before the end of the fiscal year. It is expected that the budget items will be voted on in the Council of Ministers soon, and then they will be sent to Parliament for study and a final vote.

In June 2023, the Iraqi Parliament voted on the federal budget law for the years 2023, 2024, and 2025, which is a historic step for the country. However, the budget faces delays due to disagreements regarding the value of projects and the level of investment spending, and also due to disagreements in the allocations of ministries and governorate budgets that are not linked to the region.

The Finance Committee in the Iraqi Parliament holds the government responsible for the delay in sending the budget to the Council for study and final vote, as the committee needs to know the details of the financial disbursement and the laws that have been added to the budget.

The continuing delays in approving the budget raise fears of irrational spending and corruption in upcoming projects, as some reports indicate that there are parties aiming to benefit from the huge funds through the ministries under their control or through front projects.

Reliable sources indicate that some Iraqi parties are enthusiastic about approving the budget for the current year 2024. This enthusiasm is due to obtaining funding, as some parties control important government ministries, and approving the budget means ensuring the continued flow of funds to these ministries, allowing them to implement projects and programs that serve their interests and bases. Electoral.

Major budget projects, such as infrastructure projects, are used as a tool to distribute benefits to contractors and companies linked to some parties, which contributes to enhancing their influence and influence.

Iraq faces serious challenges in the field of development and improving infrastructure, and delaying the approval of the budget reinforces these challenges and hinders the country’s progress towards sustainable development and the well-being of citizens.

The Iraqi government and parliament must work quickly and adopt appropriate decisions to complete the budget and implement projects. Reuters: Delaying the Iraqi budget hinders the implementation of projects and opens the door to corruption.  https://almasalah.com/archives/90467

JP Morgan Forecasts An Increase In The Oil Capacity Of Iraq And Other Countries In 2025

2024-05-09 Shafaq News/ JP Morgan believes that there are three main countries in the oil alliance that deserve to upgrade their supplies for the year 2025.

Natasha Caneva, an analyst at JP Morgan, said in a recent report that the United Arab Emirates, Kazakhstan and Iraq intend to increase their total capacity by more than 300,000 barrels per day starting next year, but the planned expansions may represent risks to the cohesion of the alliance and oil prices in general. .

Caneva said: “The main issue for OPEC lies in 2025. Even if the alliance keeps supply restrictions as they are this year, it “does not address the imbalances in 2025.”

The price of Brent crude is expected to remain in the range of $75-90 per barrel in most scenarios, with average prices reaching $82 per barrel in 2025, according to Goldman Sachs.   LINK

Points To Ponder on Character :

A person's reputation is a mixture of what his friends, enemies, and relatives say behind his back. - Anonymous

Always do right. This will gratify some people, and astonish the rest.  - Mark Twain

He's an honest man - you could shoot craps with him over the telephone.  - Earl Wilson

The man whose conscience never troubles him must have it pretty well trained.  - Anonymous

Conscience is a treacherous thing, and mine behaves badly whenever there is a serious danger of being found out.  - Margaret Lane

Too often when conscience tries to speak, the line seems to be busy.  - Anonymous

 http://famousquotesandauthors.com/topics/character_quotes.html

http://famousquotesandauthors.com/

Iraq Economic News and Points to Ponder Friday Afternoon 5-10-24

Iraq Economic News and Points to Ponder Friday Afternoon 5-10-24

Report: Jordanian And Palestinian Banks Swallow The Iraqi Dollar
 
Reports| 05:53 - 04/30/2024   Mawazine News - Baghdad 
Once again, the Central Bank grants Jordanian banks licenses to deal in dollars and restrict foreign transfers to them, which economists see as a “big mistake” that will contribute to losing control over the banking system, which will remain in the hands of the United States and Jordanian banks, warning against exploiting this file politically. In the future.
 
An informed source reveals to Mawazine News that,  “During the current period, the Central Bank of Iraq granted four new licenses to Jordanian banks, which are the      Union Bank, the     Housing Bank, the     Jordan Bank, and the     Arab Bank.” 

The source adds,  “The Jordanian Capital Bank and the Cairo Amman Bank have strengthened their control over the National Bank of Iraq, by acquiring approximately 72 percent of the bank’s shares, with the former’s share amounting to 61.85 percent, and the latter’s share 9.90 percent,” pointing out that  
“The share of the Palestinian Arcadia LLC amounts to 5 percent, bringing the total non-Iraqi shares to about 77 percent.

This is a very major violation of the Iraqi investment law, which limits foreign ownership to 49 percent of any Iraqi company.”  He reveals,
 
“The efforts of the Jordanian Housing Bank also recently began to acquire the shares of the Iraqi Al-Mansour Bank, which is controlled by Qatar National Bank by 54 percent,” noting that
 
“Iraq has had a bad experience in entering foreign banks, as
 
it had previously entered Iranian banks, all of which were stopped due to sanctions, as well as Enter the
 
Lebanese banks that declared bankruptcy and seized Iraqi deposits estimated at $20 billion.”
 
The National Bank of Iraq accounts for a third of foreign currency sales, which is considered the main source of the Iraqi economy.
 
Since the US Treasury imposed sanctions on Iraqi banks, as a result of dollar smuggling to Iran, foreign banks have dominated the financial arena, as an Arab bank controlled a large percentage of dollar sales in Iraq.
 
For his part, the expert in banking affairs, Ahmed Al-Tamimi, believes that
 
“the Central Bank of Iraq made a big mistake when it worked to hand over to Jordanian banks the dollars owned in Iraq, and limited dealing with foreign transfers through those banks at the beginning of next year in accordance with the directions of the US Treasury.”  Al-Tamimi explains,
 
 “Dollar transactions by Iraqi banks will be non-existent during the new year, and the matter will be limited to the Iraqi Trade Bank and Jordanian banks.
 
This means that all Iraqi banks will be prohibited from any dealings in dollars, which gives Jordanian banks precedence at the expense of the Iraqi banking system.”.

The expert in banking matters calls on the Central Bank of Iraq to “negotiate urgently and before the end of the current year, in order to reach an understanding with the US Treasury to grant exceptions to some Iraqi banks, and not to limit dollar dealings to Jordanian banks, under the pretext that Iraqi banks do not have accounts in international correspondent banks.”. 
Al-Tamimi warns,
 
“According to this American decision, the Central Bank of Iraq will lose control over the banking system, and
 
the system will remain managed by the Americans and Jordanian banks, and
 
this file may be exploited politically in the future by the Americans or even the Jordanians because foreign transfers will be exclusively in their hands, and
 
Iraq is not He has nothing to do with it, other than supervision and follow-up.”
 
The number of banks in Iraq reached 81, while the branches of foreign banks in Iraq reached 21, most of which are from Turkey, Jordan, Iran and the Emirates.
 
The Central Bank of Iraq pumps dollars to banks through the currency selling window, which it says has several functions, the
 
     first of which is achieving stability in the exchange rate and the
 
     second is meeting the requirements of foreign trade,
 
because “the Iraqi commodity sector is unable to provide the requirements of the local market,” according to the bank, which indicated that
 
“The window meets 87 percent of Iraq’s merchandise import requirements.” 
 
https://www-mawazin.net/Details.aspx?jimare=247052 

Al-Sudani: The Financial And Economic Reform Process Cannot Take Place Without A Banking System
 
May 7, 2024  Baghdad/Iraq Observer   Prime Minister Muhammad Shiaa Al-Sudani confirmed during his meeting with the delegation of the Union of Arab Banks that the process of financial and economic reform cannot take place without a banking system.
 
The Prime Minister’s media office stated that “Prime Minister Muhammad Shiaa Al-Sudani received, today, Tuesday, the delegation of the Union of Arab Banks, headed by the Secretary-General of the Union, Mr. Wissam Hassan Fattouh. Al-Sudani welcomed, at the beginning of the meeting, the holding of the Arab Banks Conference in Baghdad, expressing Iraq’s happiness in hosting the conferences.”

Arabic, which confirms the return of Iraq to its natural position in the region and the world.”
 
The Prime Minister stressed that the process of financial and economic reform, which was adopted by the government, cannot occur without a solid banking system that is in harmony with the world,
 
indicating that the government has placed this matter within its work of development and reform since its first day, and that
 
Iraqi banks are proceeding today on a The right path in its transactions regarding financial transfers, and that

coordination of financial and monetary policy with the Central Bank continues, while preserving the bank’s independence.”
 
The Prime Minister pointed out that the policy of clarity, which was adopted by the government, helped identify the deficiencies in the banking system and worked to fix them, noting that
 
the Development Road Project is one of the aspects of economic integration in the region.
 
His Excellency welcomed holding a banking workshop to discuss the role of banks in the project. And in establishing industrial cities on the path of the road.”
 
For its part, the delegation of the Union of Banks praised the government’s measures to reform the banking sector.
 
As they are clear measures aimed at strengthening and enhancing the work of this sector,
 
the delegation also expressed its appreciation for the government’s steps in supporting the private sector and enhancing its role in sustainable development and international and regional partnerships.   
 
https://observeriraq.net/السوداني-عملية-إلاصلاح-المالي-والاقت/

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Points To Ponder on Failures and Mistakes

Apparent failure may hold in its rough shell the germs of a success that will blossom in time, and bear fruit throughout eternity.- Frances Ellen Watkins Harper

The causes of mistakes are "I didn't know"; "I didn't think"; and "I didn't care."- Henry H. Buckley

Failures are divided into two classes: those who thought and never did, and those who did and never thought.- John Charles Salak

A failure establishes only this, that our determination to succeed was not strong enough.- Christian Bovee

Self-distrust is the cause of most of our failures. They are the weakest, however strong, who have no faith in themselves or their own powers.- Christian Bovee

Defeat is a thing of weariness, of incoherence, of boredom.- Antoine de Saint-Exupery

http://famousquotesandauthors.com/topics/failures_and_mistakes_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Iraqi Dinar - IQD Update - International - Iraq Timing - 2024 Budget Schedule - Speaker of House Vote

Iraqi Dinar - IQD Update - International - Iraq Timing - 2024 Budget Schedule - Speaker of House Vote

MilitiaMan and Crew:  5-10-2024

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

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=lbEz20M9lkc

Goldilocks' Comments and Global Economic News Friday Evening 5-10-24

Goldilocks' Comments and Global Economic News Friday Evening 5-10-24

Good evening Dinar Recaps,

"The U.S. is in a dilemma about whether to upgrade the non-market economy status of Vietnam to that of a market economy."

The U.S. Department of Commerce has until late July to complete this review and decision.

A market economy would bring with it significant trade relationship opportunities.

Vietnam would become a country where supply and demand would determine prices on their goods and services.

A shift in a monetary policy such as this would bring more power back to the people and less to the government.

It would move from government intervention powers for the stabilization of their currency to incentives toward supply and demand determined by the people and the industries they promote.

A move like this tends to put price pressures on a country's currency. One of the hallmarks of a market economy would be a stronger Vietnamese Dong.

This would make imports cheaper for them and exports more expensive for other countries determining new exchange rates for all parties involved in trade.  Vietnam Briefing   HickmanMills

WATCH THE WATER.

© Goldilocks

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EU Basel 3 Standards Announcement:

"The legislative package to implement the International Basel III Standards is now adopted by the European Parliament Plenary and Council."

This is the signal for banks to move urgently towards CRR3 compliance deadlines. These mandates include Credit Risk, Market Risk, Output floor, ESG Pillar III and Reporting rules.

The new regulations will begin to shift their economy affecting trade relations around the world by these decisions.

The full implementation of EU's Basel 3 has to be completed by January 1st, 2025. This will begin to shift all economies around the world into new price pressures on everything.

"The European Union collectively has $8.1T in circulation, making it the fourth largest in the world, behind Japan ($8.9T)."

As you can see, the changes currently being made by the above two countries will have a significant impact on money flow going forward. These new changes will be in fluctuation for the rest of this year determining new price pressures on all economies around the world.   Wolters Kluwer 1   Wolters Kluwer 2   Bank of America   Linkedin

WATCH THE WATER.

© Goldilocks

~~~~~~~~~

Hong Kong Market Tokenization Announcement:

"Project Ensemble is the HKMA’s new wholesale central bank digital currency (wCBDC) project to render support to the development of the tokenization market in Hong Kong."

Project Ensemble is another digital currency initiative. It is one of many pilot programs that are currently being executed in Hong Kong.

mBridge and Genesis are currently being executed inside Hong Kong. These projects will support the underlying infrastructure of the Hong Kong economy.

Project Genesis and mBridge will provide liquidity and a multi-CBDC platform developed to support real-time, peer-to-peer, cross-border payments and foreign exchange transactions using CBDCs. AFP  Bitcoin News  BIS 1  BIS 2

© Goldilocks

~~~~~~~~~

Hong Kong’s Monetary Authority to replace ‘Virtual Bank’ with ‘Licensed Digital Bank’ to Boost Public Confidence | South China Morning Post
~~~~~~~~~

Russia court allows seizure of $13 million of JPMorgan and Commerzbank assets | MSN

~~~~~~~~~

Ripple and XRPL Labs Join Alliance to Develop Blockchain Recovery Standards – Bitcoin News

~~~~~~~~~

Project Genesis 2.0 | Youtube

~~~~~~~~~

Project mBridge | Youtube

~~~~~~~~~

HK launches Project ‘Ensemble’ to support tokenization with wCBDC | Web3 | 3.0 TV | Youtube

~~~~~~~~~

The Global Digital Currency Market is currently in pilot programs that will transition us and our currencies into real values.

This is a digital process and not a date. Stay tuned as new information develops.

© Goldilocks

~~~~~~~~~

CFTC Chair Says ‘Another Cycle of Enforcement Actions’ Coming As Crypto Enters New Phase of Asset Appreciation - The Daily Hodl

~~~~~~~~~

Research and Analysis - working paper: Evolution of Asia's outward-looking economic policies: Some lessons from trade policy reviews | WTO

~~~~~~~~~

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Thank you Dinar Recaps

KTFA Members “News and Views” Friday 5-10-2024

KTFA:

Clare: Urgent... The House of Representatives extends its legislative term by 30 days

5/9/2024

 The Presidency of the House of Representatives decided to extend the current legislative term for a period of 30 days

 The Parliamentary Finance Committee had previously expected an extension of the legislative term with the imminent arrival of the budget schedules to the House of Representatives.

There is also a political movement to elect a new speaker of the House of Representatives, which requires the continuation of Parliament's work.   LINK

DCDriver:  Don’t recall them ever extending sessions for that long IMO. Interesting

DeepWoodz:  I for one am glad for this news. Authority or not, they need to play their part. Iraq is all out of excuses for not releasing a “worth more than a dollar” rate. They have been making fools of all the gurus up to this point. We all know this should have been finished years ago. 

DMcCall:  Many felt disappointment about the lack of confirmation regarding the status of Iraq's WTO membership. I too felt some frustration.

I felt May 9th had some value. I tried to find reliable information but drew a blank.

 I personally felt that a lack of information didn't change what Frank told us some time back, and told us tonight. The requirements were met, period. The rate doesn't have to be exposed to receive all the advantages of being a member.

As many reasons there are to make the change right now, there are reasons that this is taking this time frame.

They are at a crossroads in time. And quite frankly, they can go in any direction. Their citizens are ready to enjoy what they see the UAE is enjoying. They want to enjoy what Saudi Arabia is enjoying, and others.

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

Clare:  {Al-Furat News} publishes the text of Al-Sudani’s request to Guterres to end UNAMI’s work in Iraq

5/10/2024

the request of the Prime Minister, Muhammad Shiaa Al-Sudani, to the Secretary-General of the United Nations, Antonio Guterres, to permanently end the work of the United Nations mission in Iraq. 

 "the justifications for the presence of a political mission in Iraq are no longer available, especially after more than 20 years have passed since the democratic transition and overcoming great and diverse challenges."  LINK

Deep Woodz:  I don’t know about y’all but I’m loving this! First Plaschart and now Guterres. LEAVE ALREADY!

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

Clare:  Floating the dinar" returns to the forefront.. Will the Central Bank of Iraq resort to it and what are its risks?

5/9/2024

From time to time, calls for floating the Iraqi dinar float on the surface of the Iraqi financial market, in order to bridge the gap between the prices of the dinar and the dollar, and these calls meet every time they return to the forefront, with supporters who see it as saving the Iraqi economy, and opponents who see it as the most dangerous stage that Iraq will pass through because of its Of risks to his economy.

Floating currencies is known as liberating the exchange rate of the currency, so that it becomes completely liberated, so the government or central banks do not interfere in determining its value directly, but rather it is automatically sorted into the currency market through the supply and demand mechanism that allows determining the exchange rate of the national currency against foreign currencies. 

Critical vision

Financial expert Safwan Qusay said in an interview with Al-Ahed News, “The Central Bank of Iraq adopted a fixed price policy, that is, so that every dollar became equal to 1,320 dinars, and there are calls to release the price and not fix it at a specific rate. This means that demand and supply are what determine the exchange price.” ".

He added that "the measure, in light of the absence of economic diversification, will harm the Iraqi market and will reflect negatively on economic stability," noting the necessity of "diversifying the economy first and then liberalizing the fixed price later and providing a basket of different currencies for the exports of different countries."

Qusay stated, “We can have a price that is proportional to export, supply, demand, need, processing, and consumption, as such measures are far from the Iraqi economy,” considering that “activating flotation will create a market of speculation that cannot be controlled.”

In turn, financial expert Saif Al-Halafi saw the necessity of “supporting the Iraqi dinar instead of floating, but in a way closer to the language of floating.”

He explained in an interview with Al-Ahed News, “There is a possibility for the central bank to follow the same mechanisms as the American Federal Bank. Strengthening the dollar in the market is determined by the American Federal Reserve, and it depends on the market mechanisms of supply and demand.

Therefore, the Central Bank of Iraq and its law allow the strengthening of the dinar, because Monetary policy is under his authority and he is responsible for the value of the dinar against the dollar.”

Al-Halafi notes, “Raising the value of the dinar against the dollar will put the government before another test, which is raising the value of the dinar again to protect the citizen from rising prices,” adding, “This incident occurred when Iraq fixed the price of the dollar at 1,320 dinars, and it was compensated by the export of goods in a manner Huge waves from neighboring countries to Iraq, and the government and the central bank took responsibility for controlling the dollar.”

He points out the possibility that “there will be two exchange rates for the dollar against the dinar and it will change according to the actual need of the daily situation,” explaining that “the Iraqi market has two exchange rates, the first at the central bank, which is 1,320 dinars to the dollar, while the second price is the market price or the parallel price.”

He shows that “all attempts carried out by the Central Bank and the government to control and curb the parallel price have failed, and that this price emerged due to the geopolitical challenges surrounding Iraq, and the distancing of importing merchants from Iran, Syria, Russia, and other countries subject to sanctions from America, who cannot enter their goods through Transfers and credits.

Al-Halafi confirms that “raising the value of the dinar will have an advantage, as it will provide a large labor market in Iraq due to the price difference, so raising the value of the dinar’s price against the dollar, even if only slightly, will protect Iraqi workers,” pointing to “the possibility of the influx of large foreign workers due to the size of the projects.” in which the government will work.

Crazy risks

For his part, researcher in financial affairs, Nabil Al-Marsoumi, believes that “the decision to float the dinar has some economic positives, but the economy should not be taken in its abstract aspect, but rather insofar as it relates to people, especially the poor.”

The decree says in a Facebook post, “In light of Iraq’s lack of a national private sector that can contribute to increasing the supply of dollars in the market and because of the huge volume of imports, which reach 67 billion dollars annually, the only party that owns the dollar is the government.”

He adds: "If the government decides not to interfere 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. The poor will become more miserable and will later lead to social tensions and a major rift in the social peace."

Previous experiences

In this regard, financial expert Manar Al-Obaidi points out, “The experience of floating the currency was successful in one of the Arab countries and supported its economy positively.”

He added in an interview with Al-Ahed News, “In 2018, Morocco adopted a new monetary policy represented by what is known as the managed float policy. This policy is a combination between the fixed rate policy and the floating rate policy, through which central banks set minimum and upper limits for movement by determining the exchange rate against... currency or a group of foreign currencies, and one of these banks was the Central Bank of Morocco.”

Al-Obaidi explains, “The managed float policy aims to gradually liberalize the currency until complete liberalization of the exchange rate is achieved.

Indeed, the Central Bank of Morocco has begun to set a fluctuation range, which is known as the margin of rise or fall in the exchange rate, which initially reached 0.3%, meaning that the Central Bank is allowed to rise above the specified exchange rate.”

By 0.3% or decreasing according to supply and demand until it reached a fluctuation range of 5% in March 2020, and this policy was accompanied by a support policy represented in canceling customs tariffs on some basic materials such as food and supporting funds that support vulnerable classes.”

Al-Obaidi believes that “this policy may be a successful alternative in Iraq by following a managed float policy that controls the range of volatility and works to gradually increase it until the currency is completely liberalized,” noting that “there is no study linking inflation rates to the exchange rate.” In the parallel market, the best way to know the effect is through a deliberate experiment with a managed float of the exchange rate.”

Government advice 

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, had previously explained the danger of the exchange rate becoming unstable if the demands to float the dinar were achieved.

 Saleh said in a statement followed by Al-Ahed News, “Calls for floating the dinar to end the gap between the official exchange rate and the parallel market may be possible in an economy in which the free market alone influences the movement of the balance of payments, and not in an economy in which the rentier government sector is dominant and generates currency reserves.”

Foreign currency, as the monetary authority alone is the main source of supply of foreign currency that meets the desired demand for foreign exchange in the money market, to provide stability in this market and achieve a desired and homogeneous exchange rate through the interventionist role played by monetary policy.

He added, "Claims for flotation mean in all cases adopting the prevailing exchange rate in the parallel market to achieve the goal of stability and balance in the official exchange rate itself at a new point reached by the market at the end of the supposed flotation policy and returning to stability again.

Also, the flotation scenario means in all cases the withdrawal of the authority." Cash from being an essential central supply of foreign currency, to be replaced by new forces supplying foreign currency from free market makers, which only have a weak, limited supply of foreign exchange, and at the same time they carry an uncontrolled package of inflationary expectations and are called in economic literature the forces generating expectations. Inflationary

He continued, "The hypothetical new supply forces for foreign exchange adopted by the exchange market in that scenario will mean the dominance of supply forces from speculators with very limited quantities of foreign exchange available for supply in the parallel market

Matched by an open demand for foreign currency on the part of the market that undoubtedly exceeds that limited parallel supply." of foreign exchange, perhaps by more than 10 times at least in our estimation, and such a policy of floating to achieve a homogeneous equilibrium exchange rate would be an open and perhaps unruly situation, as long as the central government supply of foreign currency would be absent from the market

And we would not then obtain any equilibrium point in the exchange rate. An exchange rate that is sought to float except with a widespread deterioration of the exchange rate as long as it is controlled by forces that generate inflationary expectations, as we noted in a highly unilateral rentier economy, and it is an exchange rate whose mechanisms will move in a market that is incomplete in terms of productivity in compensating it for the required supply of goods and services.

Saleh warned, “Then no one knows how much the new exchange rate resulting from the flotation will be, which will undoubtedly be accompanied by a prior wave of inflationary expectations, which is a dangerous wave whose directions are difficult to control, which may force monetary policy according to this floating scenario by intervening in foreign reserves.”

 It is an unjustified extravagance in foreign exchange to impose a state of stability in the general level of prices again just to adopt it when exchange rates reach low rates, and no one knows how much they will reach.”  LINK

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Deep Woodz:  Talking about the float again. Frank must be right. That’s what’s coming or these guys wouldn’t be putting their two cents in. Some of what they say is true, some not.
Even Saleh commenting on not knowing where it will end is a load of crap. The CBI can start/stop, change, maneuver the rate any way they like at any time. Frank has mentioned a cap many times. OF COURSE they can do whatever they want! They are a sovereign country again. Pretending like they have no control. Gets on my nerves. 

~~~~~

Paulette: IMO.....it is great to see more articles regarding the "Float"......I strongly believe this is the early stages of the last push by the CBI to educate the Citizens prior to implementing the "Delete the Zeros" project.....Patience all.....this is slowly coming together.......

Clare:  WHO HAS BEEN TELLING US ABOUT A MANAGED FLOAT !!!    WALKINGSTICK & FRANK.... WAY BEFORE THEY EVEN TALKED ABOUT IT IN THE ARTICLES imo

Al-Obaidi believes that “this policy may be a successful alternative in Iraq by following a managed float policy that controls the range of volatility and works to gradually increase it until the currency is completely liberalized,” noting that “there is no study linking inflation rates to the exchange rate.” In the parallel market, the best way to know the effect is through a deliberate experiment with a managed float of the exchange rate.”

~~~~~~~~~~

Clare: Post #32:  The dollar is reeling from a fatal blow and there are fears of a collapse of the dinar LINK

UNDERSTAND POST #32 IS DIFFERENT OPINIONS.......

"Deputy Chairman of the Parliamentary Finance Committee, Ahmed Mazhar Al-Janabi, said {to Al-Furat News} that “the Central Bank’s decision to cancel the currency auction at the end of the year will open space for exploitation and a problem will occur. If the auction is canceled and ends, the exchange rate in the markets may double, and if the Central Bank goes towards this option, the dollar exchange will "It will reach 200 thousand dinars," according to his opinion."       

 FROM PARLIAMENT - THIS IS NOT GOING TO HAPPEN!! THEY DON'T KNOW AS MUCH AS SUDANI, ALAQ & SALEH DO! 

"The Central Bank of Iraq's cancellation of the currency {auction} window at the end of 2024" 

WE KNOW THIS ... SUDANI & ALAQ HAVE ALREADY AGREED WITH DC ON THIS! IT IS TRUE

Saleh stated, “As for the developments taking place in the gold commodity market or gold filigree, especially the sudden price developments therein, up and down, they are not considered an alternative directly affecting the improvement of the exchange rate because they are limited in impact and impact on the movements of the parallel exchange market, and that the main gold trade is financed as foreign trade through Transfers from the banking system and the official exchange market.

THEY (ARE) AND WILL BE ASSET BACKED....  WILL FLOAT AND THERE WILL BE A MANAGED CAP... LIKE WS & FRANK HAVE BEEN TELLING US IN THEIR OPINION..   IMO

~~~~~~~~~~

Cal and LQ: I could be 100% wrong, partially correct or totally right, but IMO this reads like a final announcement or precursor if you will, to what many are expecting. It’s like they are explaining what’s about to happen. WS told Frank who told us they will put out a slew of detailed information to the citizens and again IMO this reads like a precursor to that information. Just my two cents. I’d love to hear your positive thoughts/perspectives if anyone care to share. Also, thanks for sharing your thoughts Clare. I find it insightful. 

Anyway, wishing you ALL a great day! 

“Tidbits From TNT” Friday 5-10-2024

TNT:

Tishwash:  The House of Representatives decides to extend its first legislative term by 30 days

The Presidency of Parliament decided, today, Thursday, to extend the first legislative term of the House of Representatives by 30 days.

The Parliament’s Media Department stated in a statement received by the Iraqi News Agency (INA), that “based on Article 58 of the Constitution, the Presidency of the House of Representatives decided to extend the first legislative term, for the third legislative year, in the fifth electoral cycle, for a period of thirty days.  link

Tishwash:  Publishes the text of Al-Sudani’s request to Guterres to end UNAMI’s work in Iraq

Our agency publishes the text of the request of the Prime Minister, Muhammad Shiaa Al-Sudani, to the Secretary-General of the United Nations, Antonio Guterres, to permanently end the work of the United Nations mission in Iraq.

Al-Sudani indicated in his letter, a copy of which was obtained by {Al-Furat News}, that "the justifications for the presence of a political mission in Iraq are no longer available, especially after more than 20 years have passed since the democratic transition and overcoming great and diverse challenges."

To view the text of Al-Sudani’s letter to Guterres, click here   link

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

CandyKisses:  A call for the Sudanese to remove the American forces from Iraq

Information / Baghdad...

The head of the organizing body of the popular movement for the Belt and Road, Hussein al-Karawi, on Friday, called on Prime Minister Mohammed Shia al-Sudani to speed up the removal of US forces from Iraq.

Al-Karawi told Al-Maalouma that "the Iraqi people and the resistance will not remain silent in the face of US violations of Iraqi autonomy and the abuses it commits against Iraq."

Al-Karawi predicted that "the US forces will be subjected to blows from the resistance, if they do not comply with the fait accompli and leave Iraq, pointing out that America continues its encroachments on Iraq and its autonomy." 

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

CandyKisses:  Setting the opening dates of 5 projects within the bottleneck package

Economy News - Baghdad

The Ministry of Construction, Housing and Municipalities announced on Friday the opening dates of 5 projects within the package of breaking traffic jams.

The ministry's spokesman, Istabraq Sabah, said in a statement seen by "Economy News", that, "The ministry is proceeding with projects to break traffic jams and implement the commitment listed for the projects of the first package within the government program," noting that "the projects of the first package consist of 16 projects and on more than one area on the sides of Karkh and Rusafa."

Sabah explained that "the Fine Arts Bridge and Cordoba Intersection have been opened, and two other projects are in the process of opening, the first project is the Shaljia Bridge and it is hoped that it will be opened this month, as well as the project to link the Mohandessin neighborhood inside, which includes two bridges, the first on the side of the engineers and the second on the inside side and a small bridge linking them, as work is underway on it and will be opened in the coming period."

He added that "next June, will witness the opening of the bridge linking from a beautiful area to the street neighborhood jihad - Bab Al-Muadham, and in July will open bridges Aden and Sanaa," noting that "the rest of the projects will be opened successively."

"A number of water and sanitation projects will be inaugurated this year, in addition to finalising a number of residential complexes that fall under low-cost housing in the southern and central provinces," he said.

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

CandyKisses:  Gold is heading for its best weekly performance in a month

Economy News - Follow-up

Gold prices rose during trading, on early Friday, heading towards recording the best weekly performance since the fifth of April, after economic data strengthened bets that the Federal Reserve (US central bank) will cut interest rates.

By 0212 GMT, spot gold was up 0.2 percent at $2,350.87 an ounce, after hitting a more than two-week high earlier. Prices have risen about 2.2 percent since the start of the week.

U.S. gold futures rose 0.7 percent to $2,356.90.

Data on Thursday showed the number of Americans filing new applications for unemployment benefits increased more than expected last week.

Traders are likely to start the Federal Reserve's easing cycle in September. Lower interest rates reduce the opportunity cost of holding the yellow metal.

Data from the US Producer Price Index and CPI are due next week.

Among other precious metals, spot silver rose 0.2 percent to $28.38 an ounce, and is on track to record its best weekly performance since April 5 as well.

Platinum rose 0.6 percent to $983.78 and palladium rose 0.5 percent to $971.50. Both metals are heading for weekly gains.

Mot . Yaaaaaaaaaaaaaaaaaaaaaaaa!!!!!! 

Mot:  ...... Get Ready!!!!  

Iraq Economic News and Points to Ponder Thursday Evening 5-9-24

Iraq Economic News and Points to Ponder Thursday Evening 5-9-24

It Will Change The Reality Of Iraqi Banks.. Al-Alaq Reveals A Plan That Enjoys Sudanese Support

Economy | 09/05/2024  Mawazine News – Baghdad  The Governor of the Central Bank, Ali Mohsen Al-Alaq, revealed today, Thursday, the progress of a plan supported by the government to change the map of the banking sector and its reality in Iraq.

The Central Bank stated in a statement received by Mawazine News, “The Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, received today the French Ambassador to Baghdad, Patrick Durel.”

He added, "The meeting discussed ways to strengthen banking relations between the two countries, and His Excellency the Governor provided a comprehensive explanation of the relations and economic conditions, as well as the government's directions in consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq."

Al-Alaq confirmed that “the plan to restructure government banks is supported and monitored regularly by the Prime Minister,” noting that “this plan will change the map of the banking sector and its reality in Iraq.”

He pointed to "the rapid developments in organizing, monitoring and analyzing foreign transfer operations and covering foreign trade in accordance with best international practices and standards, which are receiving great praise and attention from international and regional organizations."

It is noteworthy that the Central Bank of Iraq owns deposits and accounts with the Central Bank of France, and they have been linked by cooperative relations over many years. https://www.mawazin.net/Details.aspx?jimare=247687

The Association Of Private Banks Counts The Percentage Of Shares Traded On The Stock Market During A Month

Economy News – Baghdad  The representative of the Iraqi Banks Association, Ali Tariq, confirmed today, Thursday, that the Iraqi stock market relies heavily on the banking sector, while he counted the value of banking shares traded during the month of last April.

Tariq said, during a dialogue session, on the twentieth anniversary of the founding of the Securities Commission, under the slogan (The Importance of the Financial Services Sector in Supporting the Iraqi Economy) and attended by the “Al-Iqtisad News” correspondent, that “the profitability of private sector companies is the first motivator for every investor, and the strength of the market and the growing movement Trading comes from companies' profitability and revenues."

He added, "The market relies heavily on the banking sector, which traded during last April 17.6 billion shares out of 21.6 billion shares in the entire market, which constitutes 81% of the total trading in the month."

He explained that "the banking sector is considered the most important in the stock market," pointing out that "the citizen is able to use the mobile phone to trade and view share prices, and the need to focus on reaching the citizen at his home and workplace."

Tariq stated, “All private banks are listed in the Iraq Stock Exchange according to the instructions of the Central Bank of Iraq,” stressing that “preventing some banks from dealing in dollars directly affected the market and the prices of their contributions in the market.” 155 views 05/09/2024 https://economy-news.net/content.php?id=43257

Government Advisor: The Securities Commission Represents The Governance Base For Promoting Financial Market Reform

Economy | 12:08 - 09/05/2024  Today, Thursday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, summarized the importance of the Securities Commission and its tasks, while noting that the Commission represents the governance base in promoting financial market reform, and is responsible for supervising the correct rules in the Iraqi market.

Saleh said, in his speech during the twentieth anniversary of the founding of the Securities Commission, under the slogan (The Importance of the Financial Services Sector in Supporting the Iraqi Economy):

“In the name of Prime Minister Muhammad Shiaa Al-Sudani, we extend to the Securities Commission, its Chairman and its staff, our warmest congratulations on the occasion of the twentieth anniversary of the founding of this edifice.”

The important financial supervisory authority that assumed the duties of regulating the Iraqi Stock Exchange securities, which is the basis for ensuring high, stable, organized and growing financial markets through the application of regulations designed to protect the rights of users and maintain the integrity of the financial market.

He added, "The Securities Commission, with its regulatory, supervisory, and auditing apparatus, constitutes the central body responsible for supervising the correct rules, monitoring irregular activities, and investigating market violations."

He continued: “The Securities Commission also represents the governance base in promoting transparency and reform in the work of the financial market, and the important role of the Securities Commission is evident in regulating broker-dealers and other market participants by supervising the depository center and updating the data of persons associated with brokerage companies.”

He added: “There is no secret of the important role played by the Securities Commission in coordination with international securities organizations and bodies, especially in adopting standards in the field of strengthening the efficiency of financial markets and communicating with international organizations related to financial markets, which has strengthened the role of the Securities Commission and the Iraqi Stock Exchange.”

Finance in preparing Iraq for the World Trade Organization, which is the international organization that essentially emerged from the system of financial globalization, as the trade in financial services became an integral part of global trade.  https://www.mawazin.net/Details.aspx?jimare=247654

American Bank: Expectations To Increase Iraq’s Oil Capacity In 2025

Energy   Economy News – Baghdad  JP Morgan Bank expected that Iraq, the United Arab Emirates and Kazakhstan intend to increase their oil capabilities by 2025.

Natasha Kaneva, an analyst at JP Morgan, said in a report seen by Al-Iqtisad News, “The United Arab Emirates, Kazakhstan and Iraq intend to increase their total capacity by more than 300,000 barrels per day as of next year, but the planned expansions may constitute risks to Coalition cohesion, and oil prices in general.

She added, “The main issue for OPEC lies in 2025. Even if the alliance keeps supply restrictions as they are this year, it “does not address the imbalances in 2025.”

The price of Brent crude is expected to remain in the range of $75-90 per barrel in most scenarios, with average prices reaching $82 per barrel in 2025, according to Goldman Sachs.159 views 05/09/2024 - https://economy-news.net/content.php?id=43264

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Points To Ponder on Failures and Mistakes

There is no failure except in no longer trying.- Elbert Hubbard

Men do not fail; they stop trying.- Elihu Root

Most people live and die with their music still unplayed. They never dare to try.- Mary Kay Ash

It is a very dangerous thing to have an idea that you will not practice.- Phyllis Bottome

If you risk nothing, then you risk everything.- Geena Davis

Men must try and try again.- Lawson Purdy

http://famousquotesandauthors.com/topics/failures_and_mistakes_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Thursday Evening 5-9-24

Goldilocks' Comments and Global Economic News Thursday Evening 5-9-24

Good Evening Dinar Recaps,

"Based on the decision of the Board of Directors of this bank No. (191) of 2023, it was decided to give the mediation companies that buy and sell foreign currencies under category (C) to merge to be classified as (A) or (B) until 3/31/2024."

Do you remember this article from the CBI? I remember talking with you about this particular article and how it was a reclassification of the Iraqi dinar. There is more information that is important for us to know at this time, so I have saved it to share with you now.

Moving to an A/B from a C classification essentially means that holders of the Iraqi Dinar is now a registered security. Registered Securities are freely tradable, and they can be sold to public investors on a much more broader scale.

Banks are generally owned by stockholders. This is what forms most of the Equity Capital that comes into a bank. Our foreign currency exchange with banks helps to build liquidity for them and the markets.

Since banks are privately owned for-profit institutions, this makes our foreign currency exchange with them a private exchange.

Jester and Freedom Fighter do a "Saturday Night Live" call each week to explain the importance of getting to know your "Relationship Managers" whom will participate in your exchange at some level, and they will continue to participate in your banking success through periodic reviews of your account.

Each week, Freedom Fighter and Jester have live conversations with people who are going out to establish banking relationships that will guide them in the exchange process, and they come back to tell people what they found.

You do not want to miss these calls.

© Goldilocks
SEC
CBI
Westlaw
Connecticut Portal Department of Banking
Wise - Foreign Currency
Investopedia - Capital Markets 

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"A federal-covered security can be legally sold in a state once the proper documents and filing fee are submitted. Sales may occur on the day SEC registration is effective or when the notice filing was filed, whichever occurred last."

In other words, the Iraqi Dinar can be bought and sold as a "registered security" close to the end of May.

This article is a continuation of the first one printed today. I just simply wanted to be clear about a particular point that is of interest to all of us who hold the Iraqi Dinar.

It does not mean that we are going to exchange any foreign currencies at the end of this month, especially the Iraqi Dinar, but it will become possible. Achievable -  Finra-Series SEC Archives

© Goldilocks

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Freedom Fighter Breaks Down Goldilocks Posts today with Q & A

 Freedom Figjter breaksw down Goldilocks Posts from today 5.9.24.mp3

LISTEN HERE:

The world’s economic order is breaking down | Economist

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How is Currency Valued - Overview, History, Measurement |  Corporate Finance Institute

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Central bank business models are being forced to change as the economy digitalizes, Joachim Nagel, Deutsche Bundesbank governor, said on May 6.

“If you would have asked me 20 years ago, is the central bank model destroyable?” Nagel told the Bank for International Settlements (BIS) Innovation Summit in Basel, “I would have said no.” But, now: “I’m not so sure anymore.”   Central Banking

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Best states for taxes | Fidelity

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Lloyds collaborates with Red Hat on InnerSource engineering programme | Finextra 

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Mastercard, Citi, JPMorgan Test Ledger for Settling Bank Money | Bloomberg Law

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SEC Labels Upcoming Ripple Stablecoin Unregistered Crypto Asset |  The Crypto Basic

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A/B Exchange Offer Definition | Law Insider
An A/B exchange offer involves the exchange of unregistered, privately placed securities for SEC-registered securities. The original restricted securities, which are typically debt securities, would likely have been issued to holders in a private placement transaction.     1 day ago

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Silver Price Analysis: Silver is now probably in an uptrend | FXStreet

Silver price has probably reversed its short-term downtrend and begun a new uptrend. 

It has broken above the May 7 highs – a key sign the short-term trend has reversed. 

The possibility now exists for the precious metal to rise back up towards the $30.00 mark. 

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IBM Expands its Software Availability to 92 Countries in AWS Marketplace | DQ

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