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."
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
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.
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
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
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……..
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.
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
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Hong Kong’s Monetary Authority to replace ‘Virtual Bank’ with ‘Licensed Digital Bank’ to Boost Public Confidence | South China Morning Post
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Russia court allows seizure of $13 million of JPMorgan and Commerzbank assets | MSN
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Ripple and XRPL Labs Join Alliance to Develop Blockchain Recovery Standards – Bitcoin News
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Project Genesis 2.0 | Youtube
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Project mBridge | Youtube
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HK launches Project ‘Ensemble’ to support tokenization with wCBDC | Web3 | 3.0 TV | Youtube
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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
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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.
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.
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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.”
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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
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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
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
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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."
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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.
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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.”
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
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.
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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Thank you Dinar Recaps
Iraq Economic News and Points to Ponder Thursday Afternoon 5-9-24
Iraq Economic News and Points to Ponder Thursday Afternoon 5-9-24
Why Jordanian National Bank And Gulf Banks? Economist Explains
May 9, 2024 Baghdad/Iraq Observer Economic expert Abdul Karim Al-Issawi said:
“Today, foreign banks operating in Iraq, including banks owned by Jordanian shareholders, stand out for their confidence rooted in relations with international correspondent banks, and this makes them work in a more serious banking manner.
In contrast, Iraqi banks face... Local challenges in building relationships with correspondent banks due to their leadership that is unable to develop management professionally.”
Al-Issawi told the Iraq Observer Agency: “The leadership of Iraqi banks has affected the confidence of international bodies in them, in addition to concerns about their ownership and association with suspicious figures, which hinders their development and progress.”
He continued: “This was not limited to Jordanian banks only, as it revealed the adoption of other Emirati and Gulf banks in Iraq, and this reality will displace Iraqi banks because they are weak.”
Iraq Economic News and Points to Ponder Thursday Afternoon 5-9-24
Why Jordanian National Bank And Gulf Banks? Economist Explains
May 9, 2024 Baghdad/Iraq Observer Economic expert Abdul Karim Al-Issawi said:
“Today, foreign banks operating in Iraq, including banks owned by Jordanian shareholders, stand out for their confidence rooted in relations with international correspondent banks, and this makes them work in a more serious banking manner.
In contrast, Iraqi banks face... Local challenges in building relationships with correspondent banks due to their leadership that is unable to develop management professionally.”
Al-Issawi told the Iraq Observer Agency: “The leadership of Iraqi banks has affected the confidence of international bodies in them, in addition to concerns about their ownership and association with suspicious figures, which hinders their development and progress.”
He continued: “This was not limited to Jordanian banks only, as it revealed the adoption of other Emirati and Gulf banks in Iraq, and this reality will displace Iraqi banks because they are weak.”
He pointed out that: “The Iraqi banking reality may turn into an oligopolistic market.”
But he stressed that the United States of America has not lifted the sanctions on government banks that were imposed on some of them because they were accused of dealing with Iran and Syria, which are subject to strict American sanctions. https://observeriraq.net/لماذا-الاهلي-الاردني-والمصارف-الخليج/
The Governor Of The Central Bank And The French Ambassador Discuss Developments In The Banking Sector
May 09, 2024 The Governor of the Central Bank and the French Ambassador discuss developments in the banking sector His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received His Excellency the French Ambassador in Baghdad, Mr. Patrick Durel.
The meeting discussed ways to strengthen banking relations between the two countries, and
His Excellency the Governor gave 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,
explaining the plan to restructure government banks that enjoys regular support and follow-up from Before the Prime Minister, indicating that this plan will change the map of the banking sector and its reality in Iraq.
His Excellency also 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.
For his part, His Excellency the Ambassador expressed satisfaction with the developmental and economic developments he observed in Iraq, especially during his tour of the provinces,
expressing his country's readiness to strengthen and develop banking relations with Iraq,
explaining that economic relations between the two countries are growing at the level of entry of French companies and the use of their expertise in investment projects.
His Excellency the French Ambassador invited His Excellency the Governor of the Central Bank of Iraq, after making the necessary arrangements, to visit the financial and banking institutions in France, especially the Central Bank of France.
It is noteworthy that the Central Bank of Iraq owns deposits and accounts with the Central Bank of France, and they have had distinguished cooperation relations over many years.
Central Bank of Iraq information Office May 9, 2024 https://cbi.iq/news/view/2574
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Provoking Points To Ponder On Chance and Fortune
I make the most of all that comes, And the least of all that goes. - Sara Teasdale
If you do not expect it, you will not find the unexpected, for it is hard to find and difficult. - Heraclitus
Two roads diverged in a wood and I - I took the one less travelled by, And that has made all the difference. - Robert Frost
Unless a man has trained himself for his chance, the chance will only make him ridiculous. - W. Matthews
Chance is always powerful. Let your hook be always cast. In the pool where you least expect it, will be a fish. - Ovid
Chance is the pseudonym of God when he did not want to sign. - Anatole France
The harder you work, the luckier you get. - Gary Player
I think we consider too much the good luck of the early bird and not enough the bad luck of the early worm. - Franklin D. Roosevelt
Fortune favours the bold. - Terence
The luck of having talent is not enough; one must also have a talent for luck. - Hector Berlioz
In the field of observation, chance favours the prepared mind. - Louis Pasteur
http://famousquotesandauthors.com/topics/chance_and_fortune_quotes.html
Some “Thursday News” Posted by Clare at KTFA 5-9-2024
KTFA:
Clare: The House of Representatives adjourns its session
5/9/2024 Baghdad
Today, Thursday (May 9, 2024), the House of Representatives adjourned its 24th session, chaired by Al-Mandalawi and attended by 170 delegates.
The Council's Media Department stated in a statement, received by "Baghdad Today", that "First Deputy Speaker of Parliament Mohsen Al-Mandalawi adjourned the work of Session No. 24 of the fifth electoral session of the third legislative year/first legislative term, in the presence of 170 deputies."
The session culminated in a vote on the Iraqi National Security Law, in addition to a report and discussion of other laws, according to a previous statement.
KTFA:
Clare: The House of Representatives adjourns its session
5/9/2024 Baghdad
Today, Thursday (May 9, 2024), the House of Representatives adjourned its 24th session, chaired by Al-Mandalawi and attended by 170 delegates.
The Council's Media Department stated in a statement, received by "Baghdad Today", that "First Deputy Speaker of Parliament Mohsen Al-Mandalawi adjourned the work of Session No. 24 of the fifth electoral session of the third legislative year/first legislative term, in the presence of 170 deputies."
The session culminated in a vote on the Iraqi National Security Law, in addition to a report and discussion of other laws, according to a previous statement.
He also completed the report and discussion of the draft law to return real estate to its owners, which is covered by some decisions of the (defunct) Revolutionary Command Council, in addition to completing the first reading of the law on the second amendment to the Independent High Electoral Commission Law No. (31) of 2019. LINK
Suzie: I can only assume by the "loud" silence, that nothing happened today with the WTO, just IMO
Margarita: a quick google search of iraq wto found this-
Will Iraq join the WTO?
ABU DHABI, 27th February, 2024 (WAM) -- Atheer Daoud Al Ghurairi, Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment.Feb 27, 2024
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Clare: Erbil receives the 27th branch of the International Development Bank
5/9/2024
The International Development Bank announced on Tuesday the opening of its new branch in the city of Erbil in the Kurdistan Region, which is the twenty-seventh branch in the country.
In his speech during the opening ceremony, the bank’s authorized director, Saad Faiq, said, “The opening of our new branch in Erbil reflects our commitment to providing innovative and advanced financial services that meet the needs of our customers,” noting that “this opening is part of our strategy to enhance the presence in vital areas and support development.” economic in Iraq.
Faeq praised what he called "the vital role played by the Central Bank of Iraq in supporting the bank's endeavors, which enables it to provide advanced financial solutions and enhance confidence between the bank and its customers."
For his part, Director of the Marketing, Sales and Product Development Department, Wissam Al-Amri, said that this opening confirms the International Development Bank’s commitment to continuing innovation and development in the financial services sector, aiming to achieve excellence in performance and striving to fulfill the aspirations and needs of its customers everywhere.
The International Development Bank has the largest ATM network in Iraq, with 400 ATMs, 5,000 direct points of sale (POS) in all Iraqi governorates, and 7,000 POC outlets.
According to him, the bank has thus acquired a large market share in Iraq from the total commercial financing and comprehensive banking operations.
He has significant and continuous contributions to supporting SMEs (medium, small and large companies), by financing a large number of huge projects in various economic sectors and granting loans and credit facilities.
Its management says that the bank today has a wide network of correspondent banks around the world and in more than 20 countries, which supports commercial financing operations and foreign transfers for the bank’s customers. LINK
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Clare: Sudanese announces the signing of an agreement with Japan to finance small and medium enterprises in Iraq
5/9/2024 Baghdad
Prime Minister Muhammad Shiaa Al-Sudani announced today, Thursday, the signing of a financing agreement with Japan to finance small and medium enterprises in Iraq.
This came in a speech conveyed by his media office on the sidelines of his visit to Babil Governorate and the inauguration of a number of projects there.
Al-Sudani pointed out, in his speech, that this development is a success story in the private sector, stressing the unlimited support from the government.
For the sake of more job opportunities, as it currently accommodates approximately 4,000 opportunities within the company’s activities, in addition to increasing production and providing its surplus in the future for export outside Iraq.
The Prime Minister called on businessmen and private sector companies to take advantage of the investment opportunities offered and the sovereign guarantees provided by the state through the three-year budget law.
Al-Sudani announced the signing of an agreement with Japan to finance small and medium enterprises, amounting to $300 million, which will contribute to revitalizing and establishing the national industry. LINK
Clare: The Association of Private Banks counts the percentage of shares traded on the stock market during a month
5/9/2024 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.”LINK
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Clare: Government Advisor: The Securities Commission represents the governance base for promoting financial market reform
5/9/2024 Baghdad
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. LINK
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Clare: Al-Sudani launches a package of new service projects in Babylon
5/9/2024
Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani launched a package of new service projects in Babil Governorate worth (1,276,740,000,000) dinars.
Al-Sudani’s media office said in a statement received by {Al-Furat News}, “Prime Minister Muhammad Shia’ al-Sudani, during his visit to Babil Governorate, today, launched a package of new service projects worth (1,276,740,000,000) dinars.”
He added, "The projects include:
-Integrated projects for sewage, sewage, and rainwater in (Al-Qasim, Al-Hashimiyeh, and Al-Madhatiya districts), with a total amount of (364,500,000,000) dinars.
-An integrated project for sewage, sewage and rainwater networks for Al-Kifl district, amounting to 134.2 billion dinars.
-A link road with the highway (Basra - Baghdad), via the Imam - Anana district - to Al-Ibrahimiya in the Hindiyah district, at a cost of 320 billion dinars.
-Management and operation of Imam al-Sadiq Hospital (peace be upon him), by a specialized foreign company for $60 million.
- Referring the large Hilla sewer project/second phase to implementation at a cost of $287 million. LINK
“Tidbits From TNT” Thursday 5-9-2024
TNT:
Tishwash: JP Morgan forecasts an increase in the oil capacity of Iraq and other countries in 2025
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
TNT:
Tishwash: JP Morgan forecasts an increase in the oil capacity of Iraq and other countries in 2025
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
Tishwash: Sudanese announces the signing of an agreement with Japan to finance small and medium enterprises in Iraq
Sudanese announces the signing of an agreement with Japan to finance small and medium enterprises in Iraq
The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, announced this morning, Thursday, the signing of an agreement with Japan to finance small and medium enterprises, amounting to $300 million, which will contribute to revitalizing and establishing the national industry.
This morning, Al-Sudani launched work on the Al-Ittihad Mills Project, in the city of Al-Madhatiya in Babil Governorate, one of the private sector projects, to produce zero-grade flour locally, with a production capacity of one million tons.
He also opened the sugar factory expansion project at Al-Ittihad Company, after adding new production lines for sugar production, raising the factory’s production capacity from (4,200) tons per day to (6,000) tons per day.
He also opened a vegetable oil extraction plant, a plant feed production plant, and a premix plant in the company.
Al-Sudani pointed out, in his speech, that this development is a success story in the private sector, stressing the unlimited support from the government. For the sake of more job opportunities, as it currently accommodates approximately 4,000 opportunities within the company’s activities, in addition to increasing production and providing its surplus in the future for export outside Iraq.
He called on businessmen and private sector companies to take advantage of the investment opportunities offered and the sovereign guarantees provided by the state through the three-year budget law.
Al-Ittihad Food Industries Company Limited in Babil Governorate is one of the largest industrial companies in Iraq, and includes six factories: Sugar refining plant, vegetable oil refining plant, vegetable feed production plant, soybean meal extraction plant, premix production plant, and yellow corn crushing and drying plant. link
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Cutebwoy: NY Times article from 1991 reporting the revaluation of the Kuwaiti dinar
Jul 19, 2013
When Iraq invaded Kuwait in August of 1990, the value of the Kuwaiti dinar dropped to about 5 cents. In other words, it took 20 Kuwaiti dinars to buy one dollar.
In February of 1991 Iraq was expelled from Kuwait, and a month later, the banks revalued their currency to $3.47, the highest valued currency in the world. When this occurred, the New York Times reported the event on March 25, 1991.
It still has no water and little electricity or food, but Kuwait revived its banking system today, introducing a new currency.
Banks reopened for the first time since Iraqi occupation forces shut them down in December. Thousands of people lined up to exchange their old Kuwaiti dinars for crisp new ones and to withdraw a limited amount of money….
All other old dinars can be exchanged for new ones on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.
At the same time, the UN put Iraq under trade sanctions, crashing the value of the Iraqi dinar (IQD) from $3.22 to about 4000 to the dollar. Their currency could only be spent in Iraq itself, and people had to carry around wads of 25,000 dinar notes to buy groceries.
Then in 2003 coalition forces invaded Iraq and overthrew Saddam Hussein. By 2004 we gave them a new currency without Saddam’s picture on it. The value soon doubled and went up to 2000 to the dollar. A few years ago the Central Bank of Iraq managed to stabilize the value at 1166 per dollar.
On June 27, 2013 the UN removed Iraq from Chapter VII sanctions, allowing Iraq to regain control of close to $80 Billion in frozen funds that had been sitting in western banks since 1990. This also allowed Iraq to be reinstated on the world’s banking network, as soon as they are ready. At the same time many expect to see the IQD revalued at or near its former position
Mot: .. I Say!!! -- I Say!!! -- I Say!!! –
Mot: and You Thought You were Busy!!!!.................
