“Tidbits From TNT” Monday 5-13-2024

TNT:

CandyKisses:  Minister of Commerce stresses the importance of creating a state of balance in the economy and enhancing financial stability

Economy News _ Baghdad

Trade Minister Atheer Dawood Al-Gheriri stressed on Monday the importance of creating a balance in the economy and enhancing financial stability.

According to a statement of the ministry received by "Economy News", that "Minister of Trade Atheer Dawood Al-Gheriri, headed the delegation of the Republic of Iraq in the meetings of the Economic and Social Council at the level of ministers that began in Manama under the umbrella of the League of Arab States in preparation for the holding of the 33rd session of the Arab Summit in Bahrain."

This meeting comes in light of many important and accelerated changes and developments in the world and our region, especially in light of the economic and social crises and their repercussions, which requires strengthening our Arab environment by coordinating our national policies to deal with international challenges positively and effectively in accordance with the developments of the global economy," Al Ghuriri added in his speech during the meetings.

He added that "the files on the agenda are of great importance, especially those related to the Greater Arab Free Trade Area and the establishment of the Arab Customs Union, in addition to files related to the health sector and financial security, which constitute basic pillars to support sustainable development and economic integration."

Al Ghurairi stressed the importance of supporting all efforts and cooperation in order to achieve the desired goals and enhance economic integration, stressing the importance of creating a state of balance in our economy and enhancing financial and economic stability.

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Tishwash:  5/11 Iraq , Tunisia sign bilateral agreements in several areas

The Iraqi government signed ,on Sunday, bilateral agreements with Tunisia in several areas.
 
The agreements and understanding memorandums included the following:

- The Ministry of Education signed an executive program memorandum for educational cooperation for the years 2024, 2025 and 2026, with the Tunisian Ministry of Education.
 
- The signing of the annex to the amendment of the memorandum of understanding in the fields of youth and sports between the minister of youth and sports Ahmed Al-Mubarqa, and the Tunisian Minister of Foreign Affairs and immigration Nabil Ammar .

- A memorandum of understanding in the field of pharmaceutical and health cooperation between the Iraqi and Tunisian ministries of Health, represented by the Iraqi Ministry of Health, Minister Saleh Al-Hasnawi, and the Tunisian Ministry of Health, Tunisian Foreign Minister Nabil Ammar.
  
- A memorandum of understanding in the security field between the Iraqi Ministry of Interior and the Tunisian Ministry of Interior, on the Iraqi side, minister Abdul Amir al-Shammari and the Tunisian side, Tunisian Foreign Minister Nabil Ammar.

- A memorandum of understanding in the field of Labor and social affairs between the Ministry of Labor and Social Affairs, represented by Minister Ahmed Al-Assadi and the Tunisian Ministry of Social Affairs represented by Tunisian Foreign Minister Nabil Ammar.
 
- Memorandum of understanding for technical cooperation between the Iraqi Ministry of Labor and Social Affairs and the Tunisian Ministry of Social Affairs.

- A memorandum of understanding in the field of vocational training and employment between the Iraqi Ministry of Labor and Social Affairs and the Tunisian Ministry of Social Affairs.

- A memorandum of understanding in the field of traditional industries between the Ministry of industry and minerals represented by its minister Khaled Batal and the Tunisian Ministry of industry and energy represented by Tunisian Foreign Minister Nabil Ammar.
 
- A memorandum of cooperation in the field of religious affairs between the Iraqi Ministry of Culture, Tourism and antiquities represented by Minister of Culture Ahmed Fakak Al-Badrani, and the Tunisian Ministry of Tourism represented by Tunisian Foreign Minister Nabil Ammar.

- A memorandum of understanding in the field of civil protection between the Iraqi Civil Defense Directorate, represented by its director, Major General Mohsin Kadhim Alak, and the Tunisian civil defense and protection service, represented by the Tunisian ambassador in Baghdad.
 
- A memorandum of understanding between the Baghdad Secretariat, represented by Secretary Ammar Moussa, and the municipality of Tunis, represented by the notary of the municipality of Tunis.
 
- A memorandum of understanding in the field of Archives between the Iraq National Library and Archive represented by the director general of the Department of cultural relations and the Tunisian National Archives represented by the Tunisian ambassador in Baghdad.

- Memorandum of understanding between the Union of Iraqi chambers of Commerce and the Union of Tunisian chambers
 
- Memorandum of understanding between the Union of Iraqi contractors and the Chamber of Tunisia.
 
- Signing the minutes of the meeting of the Joint Committee between Iraqi foreign ministers Fuad Hussein and Tunisian Foreign Minister Nabil Ammar.

- Memorandum of understanding in the field of developing trade exchanges between the Republic of Iraq and the Ministry of trade and export development of the Republic of Tunisia.
 
- Memorandum of understanding on the environmental side on the Iraqi side minister Nizar Mohammed and the Tunisian side Foreign Minister Nabil Ammar.
 
- Memorandum of understanding between the Iraqi federation of industries and the Tunisian Federation.   link

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CandyKisses: Iraq signs MoU with Honeywell to support energy sector

Baghdad today - follow-up

Today, Monday (May 13, 2024), Iraq signed a memorandum of understanding with the American company "Honeywell" to support the energy sector in the country.

Honeywell CEO Ken West said in a press statement, followed by Baghdad Today, that "these agreements allow the company to explore opportunities for strategic cooperation in Iraqi oil and gas fields, including stopping the burning of gas associated with production operations and providing development, automation and control services." Remote monitoring.

He added, "The memorandums of understanding were signed during a meeting hosted by the American Chamber of Commerce, accompanied by members of his team, with the participation of Prime Minister Muhammad Shiaa Al-Sudani, along with an elite group of high-level officials in the government and prominent companies in the private sector."

"Honeywell has made significant achievements in Iraq, and we look forward to bringing these agreements into effect," West said, stressing that "there is huge potential for growth and cooperation to enhance the levels of reliability and sustainability of the energy sector for Iraqis across the country."

"These agreements come as part of Honeywell's commitment to provide the best global solutions and expertise to help raise the levels of efficiency and sustainability within the country's energy sector. It also reflects the company's efforts to align and strengthen its portfolio with three mega trends, including the energy transition."

Mohammed Shabout, president of Honeywell in Iraq, said, "These agreements reflect the firm commitment of Honeywell and the private and public sectors in Iraq to continue working on modernizing and developing the local industry."

"The focus is increasing on the energy sector where we all have to invest in the necessary technology and work to provide a better energy future for the entire region," he said.

Honeywell has been operating in Iraq since the seventies and recently appointed Mohammed Shabout as the company's regional head of Iraq.

Mot: .. uh oh 

Mot: ... tough being a mum

Goldilocks' Comments and Global Economic News Monday AM 5-13-24

Goldilocks' Comments and Global Economic News Monday AM 5-13-24

Good Morning Dinar Recaps,

The link below provides information on Vietnam's review by the US Department of Commerce regarding Vietnam's ability to move into a Market Economy.

My understanding from the previous article on Vietnam reviewed is that this is not a graded review. It is simply a valuation of the types of goods and services they can provide comprehensively.

Vietnam is showing steady growth in several areas of their Market. Their potential to increase National Capital Investment opportunities on a Global scale is evident.

Clearly, hurdles are being cleared for Vietnam to move into a Market Economy. A Market Economy will allow them to freely move their money  through supply and demand.

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Credit Valuation Adjustments on their currency will be determined by Vietnam's ability to move their goods and services near and far at competitive rates.

© Goldilocks

https://vietnamnet.vn/en/vietnam-business-news-may-12-2024-2279536.html

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Vietnam's Foreign Exchange Rate Review:

HCMC (Saigon) inspects authorized foreign exchange agents.

The State Bank of Vietnam-Ho Chi Minh City Branch (SBV-HCMC) has urged commercial banks to conduct inspections of their authorized foreign exchange agents and submit reports on the findings to the SBV-HCMC no later than June 15, 2024.

The SBV-HCMC has issued a letter requesting commercial banks and branches of foreign banks authorized to engage in foreign exchange activities within the city to conduct inspections of the authorized foreign exchange agents appointed by commercial banks.

Accordingly, commercial banks are required to inspect their authorized foreign exchange agents, covering compliance with legal regulations, adherence to foreign exchange agency contracts, identification of any existing limitations or misconduct, and the outcomes of any corrective actions taken.

The SBV has urged commercial banks to conduct these inspections on authorized foreign exchange agents appointed by banks to ensure compliance with regulations governing foreign currency transactions and the appropriate use of foreign currency, thus contributing to promoting the development of production and business activities, import-export, tourism, and services.

Simultaneously, commercial banks authorized to delegate foreign exchange agents must strictly adhere to all legal regulations regarding the delegation of authority to economic organizations to ensure that the appointed agents comply with legal requirements, adhere to contracts, and play a crucial role in stabilizing foreign exchange rates, the foreign exchange market, and socio-economic development.

VietnamNet

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Peter Schiff: Gold, Silver 'Ready to Explode Higher' — Sees 'Biggest Precious Metals Bull Market in History' – Markets and Prices Bitcoin News

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US Scrutiny of Tether Could Disrupt Crypto Ecosystem, Ripple CEO Warns – News Bytes Bitcoin News

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Franklin Templeton CEO says all ETFs and mutual funds will be on blockchain | CoinTelegraph 

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JPMorgan’s Onyx to industrialize blockchain PoCs from Project Guardian |  CoinTelegraph 

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IMF Official: Countries Are Reevaluating Their Reliance on the US Dollar – Economics Bitcoin News

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BRICS joining hands with North Korea to fight against US dollar dominance?  | The News

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The Ticking Time Bomb Has Started For Tether! When It Erupts, EVERYTHING WILL FALL Including XRP!! | Youtube

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Recession has begun since October of 2023 | Youtube 

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Iraq Economic News and Points to Ponder Late Sunday Evening 5-12-24

Iraq Economic News and Points to Ponder Late Sunday Evening 5-12-24

Saleh Explains The Relationship Between The Rise In Gold And The Decline Of The Dollar And Warns Of A “Double-Edged Sword”

Time: 05/12/2024 19:25:25 Read: 351 times  {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained the reason for the rise in gold prices in local markets with the noticeable decline in the dollar exchange rate against the dinar.

Saleh told {Al-Furat News} agency, "It is observed at the level of the local market in our country that the dollar in the secondary market is gradually declining relative to the official exchange rate. Despite this, we find that there is a gradual rise in the price of gold in the local market."

He stated, "Gold is imported today and its imports are financed at the fixed official exchange rate of the dinar against the dollar through the Central Bank platform and at the rate of 1,320 dinars per dollar."

Saleh explained, “Due to geopolitical tensions around the world, especially the war in Ukraine and others, they have brought about major developments in the gold hedging policy on the part of some central banks in the world, which constituted an unprecedented rise in global demand for gold and led to a rise in its prices in the world.” Global markets, and here it is noted that the external factor is the basis for the rise in the price of an ounce of gold in the local market.”

He continued, "International financial institutions have issued expectations about the continued rise in gold prices in the coming months, and the expectations come despite the current strength in the levels of the dollar, which is trading at its highest levels in 5 and a half months according to the dollar index, in addition to the high US government bond yields at the highest level in the world."

5 months in light of expectations that the US Federal Reserve is on its way to keeping interest rates high for a longer period of time, which is supposed to represent negative pressure on gold prices.”

Saleh added, "But the strength of global demand for gold as a safe haven in light of the current geopolitical uncertainty, coupled with expectations that global central banks will continue to increase their gold reserves, has led international financial institutions to expect further gains in gold prices during the remainder of 2024." .

He pointed out, "For example, the German Deutsche Bank raised its forecast for gold prices in 2024 to the level of $2,400 per ounce, and expected the price of gold to rise to $2,600 per ounce at the end of 2025. Likewise, the American Citibank Corporation expected the price of gold to reach $3,000." per ounce in the period from the next 6 to 18 months, with gold breaching the level of $2,500 per ounce during the second half of 2024.”

He went on to say, "There is news circulating in global markets about an international group launching its central banks digital currencies denominated in gold to conduct commercial exchanges outside the currencies currently in place in the global monetary system, including China, Russia, and some countries in Africa, Asia, and Latin America. This is a trend that requires high hedging with gold, which has been formed." The other is an unprecedented wave of demand for the yellow metal globally.”

He said, "But we see from our point of view that adopting a global gold reserve system at global market prices for the yellow metal will make the demand for gold grow and rise with the growth of trade and the global economy, and if countries continue to hedge their reserve currencies with gold at open gold prices that are restricted by production and the limited global supply of gold in the face of open demand."

It will generate a monetary system with a high exchange rate, which may hinder its commercial competitiveness as countries that are hedged by gold and whose currency exchange rates are determined by the yellow metal.

He noted that "unless these groups adopt a fixed, moderate and competitive official price for gold itself, their competitive capabilities in their international trade with the countries of the world will be inevitably threatened, and here gold will be a double-edged sword.

At the same time, one should be wary of commercial gold policies in establishing a monetary system on its own, and finally and until... On May 11, 2024, an ounce of gold, which weighs 31 grams, rose to reach about $2,361 per ounce in global markets.   LINK

More Than One Billion And 400 Million Dollars...CBI Sales Within A Week

Economy News – Baghdad  The Central Bank of Iraq's total sales of hard currency for the US dollar amounted to more than one billion dollars during the last week in which the auction was opened.

During the past week and for the 5 days in which the auction was opened, the Central Bank sold one billion, 395 million, 25 thousand, and 507 dollars, at a daily rate of 279 million, 5 thousand, and 101 dollars, higher than what was recorded by the previous one, which amounted to one billion and 348 million. And 235 thousand and 509 dollars.

The highest dollar sales were last Monday, when they amounted to 283 million, 620 thousand, and 620 dollars, while the lowest sales were on Wednesday, when sales amounted to 275 million, 539 thousand, and 423 dollars.

Foreign remittance sales during the past week amounted to 1 billion 313 million 685 thousand 507 dollars, an increase of 94% compared to cash sales that amounted to 81 million 340 thousand dollars.

The sales were in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of transfers abroad and the cash sale price reached 1,310 dinars per dollar. 122 views  05/12/2024 - https://economy-news.net/content.php?id=43331

Iraq's Oil Reserves Rise To 160 Billion And 22 International Companies Compete To Develop Gas Fields

Economy | 12:24 - 12/05/2024  Mawazine News – Baghdad  The Ministry of Oil announced today, Sunday, that Iraq's oil reserves have risen to more than 160 billion barrels, while indicating that 22 international companies are competing for gas field development projects, stressing that Iraq has achieved self-sufficiency in liquid gas and has begun exporting the surplus.

The ministry’s spokesman, Assem Jihad, told the official agency: “The fifth and sixth round of supplementary licenses comes in line with the government program that aims to optimize the investment of oil and gas wealth.”

He added, "The Ministry aims to maximize national production, especially of hydrocarbon and gaseous compounds found in the ground," noting that "there are 22 international companies competing for projects to develop these fields."

He pointed out, "Most of the exploration blocks nominated for competition are gas exploration blocks, and therefore this will support the energy sector in Iraq."

Jihad stressed, "The Ministry of Oil has achieved important steps in optimal gas investment projects in Maysan Governorate, at 300 cubic feet, and in Dhi Qar / Nasiriyah and Al-Gharraf Governorates, at 200 million standard cubic feet per day."

He continued, "The contracts concluded by the Ministry regarding the Nahran Omar field will provide 300 million standard cubic feet in two stages, while the contract with Total will provide 600 million standard cubic feet per day."

He pointed out, "The fifth licensing round will achieve more than 800 million standard cubic feet of gas, in addition to the efforts of the Basra Gas Company, where gas investment has reached 1,200 million standard cubic feet per day."

He went on to say: "It is hoped that 200 million standard cubic feet will be added this year, so in total Iraq aims to achieve self-sufficiency to support the energy sector and reach the self-sufficiency stage."

He stressed, "Iraq has achieved self-sufficiency in liquid gas, and the surplus was exported outside the country," noting that "this step is important in strengthening the Iraqi national economy."

According to him, “the government effort focused during the last period on intensifying exploratory operations, and therefore this will lead to maximizing the Iraqi oil reserve,” adding, “It is hoped that during the coming period it will be announced that the Iraqi oil reserve will increase to more than 160 billion barrels, which will enhance the role of Iraq in the global oil market.

Regarding the activities of the fifth supplementary and sixth licensing round for the second day, Jihad explained, “The activities of the second day included competition for 11 fields and exploration plots, and these patches and fields began with the Abu Khaimah field in Al-Muthanna Governorate, which was transferred to the Chinese company Zenoa.”

Jihad added: “Now there is competition for the goat patch in Anbar Governorate. Competition will also take place today for patch No. 7 in Diwaniyah Governorate, Al-Dhafriyah field in Wasit Governorate, Sumer patch in Al-Muthanna Governorate, Tal Hajar in Nineveh Governorate, Al-Khanah in Salah al-Din Governorate, and Anah in Anbar.” Patch No. 11 in Najaf Al-Ashraf, Al-Anbar Plot in Anbar Governorate, and Qalat Saleh Field in Maysan.”

He expressed his hope that “these projects will be referred to competing international companies, in a way that will achieve a major transition in this context,” and tomorrow “the competition will be for another group of fields and exploratory patches.”

Yesterday, Saturday, Prime Minister Muhammad Shiaa Al-Sudani sponsored the ceremony of announcing licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas fields and exploration blocks, distributed among 12 governorates. https://www.mawazin.net/Details.aspx?jimare=247810     

The Iraqi Government Submits A Request To Reduce The Mandate Of The United Nations Mission And Close It Permanently

Political | 05/12/2024  Mawazine News – Baghdad  Today, Sunday, the Iraqi government submitted a request to the Security Council and the Secretary-General of the United Nations to reduce the mandate of the United Nations Mission (UNAMI) and to conduct an objective evaluation of its work in preparation for ending its mission and closing it permanently during the month of May 2023.

The Iraqi government spokesman, Bassem Al-Awadi, said in a statement received by Mawazine News: “The government is committed to its program voted on by the House of Representatives, and within the framework of strengthening the role of constitutional institutions, and during its endeavor to regulate Iraq’s relations with international bodies in a manner consistent with the developments that occurred since 2014.”

 2003, and in order to contribute to employing these relations in a way that serves the national interests, I submitted, during the month of May 2023, a request to the Security Council and the Secretary-General of the United Nations, to reduce the mandate of the United Nations Mission (UNAMI) and to conduct an objective evaluation of its work, in preparation for ending its mission and closing it permanently, due to the absence of "The circumstances under which this mission was established 21 years ago."

Al-Awadi added, “As a result of the Iraqi government’s request, the Security Council formed the Independent Strategic Review Team, which conducted an independent evaluation of the UNAMI mission, in which it concluded that there was no need for its continuation of its work, in view of the positive developments and important achievements that have been achieved in Iraq and in various security, political, economic and social fields.” and its regional and international relations.

He continued, "Based on what was stated in the report of the Independent Strategic Review Team and the government’s conviction that it shared with the countries of the Security Council and the United Nations since last year, the government has requested to end the work of the UNAMI mission by the end of 2025, which is considered a sufficient period during which responsible closure can be achieved."

Stressing that "the government emphasizes that ending the mission's work in Iraq came, in addition to the above, as a natural result of the development of the relationship between Iraq and the United Nations, and a deepening of cooperation at various other levels."

He stated, "The Iraqi government hopes that a Security Council resolution will be issued at the end of this month that includes a response to the Iraqi government's request and the recommendation of the independent UN team, and also organizes the follow-up of some files through a mechanism to be agreed upon, in a way that also ensures the continuation of the work of international agencies operating in Iraq."

At the end of his statement, Al-Awadi thanked the Secretary-General of the United Nations, António Guterres, and his representative in Iraq, Jeanine Plasschaert, and all the workers in the mission, for “the support they provided to Iraq during the past years,” recalling “the great sacrifices made by the workers in the UN missions in Iraq, and in Their introduction is the late Sergio de Mello and his companions, who were victims of a terrorist attack that targeted the mission’s headquarters in August 2003.” https://www.mawazin.net/Details.aspx?jimare=247812

Iraq Recorded An Increase In Its Oil Exports To The United States Last Week

Sunday 12, May 2024 09:23 | Economical Number of readings: 349

Baghdad / NINA / The US Energy Information Administration announced on Sunday that Iraq's oil exports to the United States rose during the past week.

The administration said in a table: “The average US imports of crude oil during the past week from 9 major countries amounted to 5,997 million barrels per day, an increase of 432 thousand barrels per day compared to the previous week, which amounted to 5,565 million barrels per day.”

She added, "Iraq's oil exports to America amounted to 326 thousand barrels per day last week, an increase of 19 thousand barrels per day from the previous week, which amounted to 307 thousand barrels per day."

The administration indicated that “most of America’s oil revenues during the past week came from Canada, followed by Mexico, Saudi Arabia, then Nigeria, while imported quantities of crude oil continued, from Brazil, Ecuador, Colombia, and from Libya, at a rate of one thousand barrels per day.”/ End 11   https://ninanews.com/Website/News/Details?key=1126016

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

Goldilocks' Comments and Global Economic News Sunday Evening 5-12-24

Goldilocks' Comments and Global Economic News Sunday Evening 5-12-24

Good Evening Dinar Recaps,

Breaking: Ripple CEO Brad Garlinghouse on SEC Lawsuit, Crypto Predictions, XRP Victory | CoinGape

If you think that cryptocurrency is not part of the Presidential race this year, you might want to think again. The population is watching very closely on how Congress deals with our new digital economy.

At the end of June, our Markets in Crypto Assets and Stablecoins are about to become law. We have some coins that just simply won't cut the mustard after that date.

These new regulations becoming law will set directives on their use and their value going forward. Gold and other Commodities will back these tokenized assets and stablecoins that are going to be backed with enough gold and other commodities to keep these digital currencies at a stable value to represent their countries' currency.

Quite simply, unless you hold a digital asset that is part of the new QFS, you may find some of your assets being either banned or just simply going away.

At the end of June, utility case digital assets will begin to drive the market over speculation, and the cryptocurrencies that survive going forward will have a purpose.

This could cause a Black Swan Event temporarily in the markets as new Tokenized Assets become adopted on a massive scale. Every sector of the market will begin feeling the pressures of movement into a real value in the second half of this year.

Ripple will begin to move assets across borders near and far. It will begin creating a level of competition with the dollar and other currencies, but the ability to level off Currency Market opportunities will commence at that time.

Ripple will be the common currency used to make currencies around the world have a real chance at going to a real value based on demand and supply backed by commodities.   CoinGape

WATCH THE WATER.

© Goldilocks
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US House Committee set to address regulatory issues over digital assets through review of FIT21 Act | FX Street

The House Committee on Rules publicly announced intentions to address digital asset regulatory issues.

Financial Innovation and Technology for the 21st Century Act would be reviewed to better address the state of digital assets. 

Billionaire Mark Cuban says that crypto is the way to win the votes of younger and independent Americans. 

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Vietnam welcomes US consideration of market economy's status for VN |  VietnamNet

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Vietnam: Market-economy status shouldn’t require a ‘perfect score’ | InsideTrade

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📈 Facing Today's #stagflation Reality | Youtube

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Uphold CEO On XRP, ODL & Mass Adoption! | Youtube

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FYI: I only post in this room, and people are welcome to take any information out of this room to other places.

I do not post outside of dinar land, but I have seen this information throughout the internet inside professional business venues.

This is a free gift to the group of people that I am a part of and always will be.

© Goldilocks

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Leading European bank to halve oil and gas exposure by 2025 | Offshore Technology

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Standard Chartered Bank to fund green Chinese firms in Africa-Xinhua | English News

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Scaling AML compliance with AI to prepare for the next black swan event | BAI
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Iraqi News Highlights and Points to Ponder Sunday Afternoon 5-12-24

Iraqi News Highlights and Points to Ponder Sunday Afternoon  5-12-24

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

Economy | 05:40 - 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

90 Billion Dinars Were Recovered From Social Protection Violators

Posted On05-12-2024 By Sotaliraq   Yesterday, Saturday, the Social Protection Fund in the Ministry of Labor and Social Affairs counted the money recovered from transgressors since its establishment and during the current year 2024, while explaining the reason for the cessation of its projects.

The Director General of the Fund, Siham Abdel Wahab, said, “(90) billion dinars have been recovered from the beginning of the Fund’s establishment in 2015 until now, while the funds recovered during the current year from the period 1/1/2024 to 4/30/2024 amounted to a limit of (5) billion dinars after the intersection of information and extracting the names of the transgressors.” LINK

In Numbers: The Rise In Internal Debt In Iraq

Time: 05/12/2024 Read: 624 times   {Economic: Al-Furat News} An economic expert revealed that the total internal debt in Iraq increased during the month of last April.

Manar Al-Obaidi said in a statement, a copy of which was received by {Al-Furat News}, that "the total internal debt last April rose to 76.9 trillion dinars, up from the previous month of March by 5%, as the total internal debt of Iraq was 73.2 trillion dinars."

He pointed out that the total debt increased "by 10.39% compared to April 2023, as the total internal debt at that time was 69.7 trillion dinars."   LINK

Iraq Is The Largest Producer.. OPEC+ Is Pumping Higher Than Scheduled And In Anticipation Of The June Meeting

Energy  Economy News _ Baghdad  OPEC+ crude oil production decreased by 210,000 barrels per day on a monthly basis, to 41.04 million barrels per day last April.

This came according to a survey conducted by S&P Global Commodity, as Russia began implementing a deeper production cut amid a series of Ukrainian drone attacks on its refineries.

However, this decline is unlikely to be enough to calm tensions over compliance, with Russia failing to meet its target, and Iraq and Kazakhstan continuing to produce quantities well above their quotas, according to the survey.

However, this decline is unlikely to be enough to calm tensions over compliance, with Russia failing to meet its target, and Iraq and Kazakhstan continuing to produce quantities well above their quotas.

The two countries exceeded excess production by nearly 1 million barrels per day in early 2024, and committed to compensate for this between May and the end of December 2023, and these plans were adjusted depending on future production and OPEC+ policy decisions based on the data.

Iraq and Kazakhstan continued to produce beyond quotas, despite their pledge to compensate for their surplus production in early 2024.

As for the June meeting, the production data for last April will be the talk available to OPEC+ ministers when they meet to determine production levels, and analysts expect the group to extend the current quotas and voluntary cuts.

Iraq produced above its quota last April, when production reached 4.24 million barrels per day, a decrease of only 4%, compared to the previous month, which amounted to 4.28 million barrels per day. Thus, it produced above its quota by 240 thousand barrels per day. Views 20 05/12/2024 - https://economy-news.net/content.php?id=43343

The Discovery Of 10 New Oil And Gas Fields In The Anbar Desert

Economy   Information / Anbar..   Anbar Governor’s Advisor for Energy Affairs, Aziz Khalaf Al-Tarmouz, announced today, Sunday, the discovery of 10 new oil and gas fields in the Anbar desert in western Iraq.

Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..

Al-Tarmouz told Al-Maalouma, “The Oil Exploration Company affiliated with the Ministry of Oil conducted exploration operations in the desert of Al-Nukhayb district towards the Arar border crossing with Saudi Arabia and the areas south of Tharthar, which resulted in the discovery of 10 new oil and gas fields that were not registered with the Ministry of Oil.”

He explained, “These fields contain large quantities of petroleum derivatives, minerals, and phosphates,” noting that “expectations indicate that these areas float on lakes of oil.”

He denied that “exploration operations for oil and gas fields have stopped for security reasons,” indicating that search and exploration operations will continue. According to a plan drawn up by the concerned authorities. Ended / 12A   LINK

Oil: Iraq Achieved Self-Sufficiency In Liquid Gas And Began Exporting The Surplus

Energy  Economy News _ Baghdad   The Ministry of Oil announced today, Sunday, that Iraq's oil reserves have risen to more than 160 billion barrels, while indicating that 22 international companies are competing for gas field development projects, stressing that Iraq has achieved self-sufficiency in liquid gas and has begun exporting the surplus.

The ministry’s spokesman, Asim Jihad, said in an interview with the Iraqi News Agency, followed by Al-Iqtisad News, that “the fifth and sixth round of supplementary licenses come in line with the government program that aims to optimize the investment of oil and gas wealth.”

 He added, "The Ministry aims to maximize national production, especially of hydrocarbon and gaseous compounds found in the ground," noting that "there are 22 international companies competing for projects to develop these fields."

He pointed out, "Most of the exploration blocks nominated for competition are gas exploration blocks, and therefore this will support the energy sector in Iraq."

Jihad confirmed, "The Ministry of Oil has achieved important steps in optimal gas investment projects in Maysan Governorate, at a rate of 300 cubic feet, and in Dhi Qar / Nasiriyah and Al-Gharraf Governorates, at a rate of 200 million standard cubic feet per day."

He continued, "The contracts concluded by the Ministry regarding the Nahran Omar field will provide 300 million standard cubic feet in two stages, while the contract with Total will provide 600 million standard cubic feet per day."

He pointed out, "The fifth licensing round will achieve more than 800 million standard cubic feet of gas, in addition to the efforts of the Basra Gas Company, where gas investment has reached 1,200 million standard cubic feet per day."

He went on to say: "It is hoped that 200 million standard cubic feet will be added this year, so in total Iraq aims to achieve self-sufficiency to support the energy sector and reach the stage of self-sufficiency."

He stressed, "Iraq has achieved self-sufficiency in liquid gas, and the surplus was exported outside the country," noting that "this step is important in strengthening the Iraqi national economy."

According to him, “the government effort focused during the last period on intensifying exploratory operations, and therefore this will lead to maximizing the Iraqi oil reserve,” adding, “It is hoped that during the coming period it will be announced that the Iraqi oil reserve will increase to more than 160 billion barrels, which will enhance the role of Iraq in the global oil market.

Regarding the activities of the fifth supplementary and sixth licensing round for the second day, Jihad explained, “The activities of the second day included competition for 11 fields and exploration plots, and these patches and fields began with the Abu Khaimah field in Al-Muthanna Governorate, which was transferred to the Chinese company Zenoa.”

Jihad added: “Now there is competition for the goat patch in Anbar Governorate. Competition will also take place today for patch No. 7 in Diwaniyah Governorate, Al-Dhafriyah field in Wasit Governorate, Sumer patch in Al-Muthanna Governorate, Tal Hajar in Nineveh Governorate, Al-Khanah in Salah al-Din Governorate, and Anah in Anbar.” Plot No. 11 in Najaf Al-Ashraf, Al-Anbar Plot in Anbar Governorate, and Qalat Saleh Field in Maysan.

He expressed his hope that “these projects will be referred to competing international companies, in a way that will achieve a major transition in this context,” and tomorrow “the competition will be for another group of fields and exploratory patches.”

Yesterday, Saturday, Prime Minister Muhammad Shiaa Al-Sudani sponsored the ceremony to announce licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas exploratory fields and patches, distributed among 12 governorates.

Views 52    05/12/2024 - https://economy-news.net/content.php?id=43338

Provoking Thoughts and Points to Ponder on Wealth

True abundance is not about gathering more things, it's about touching the place in us that is connected to the divine source of abundance, so that we know what we need in the moment will be provided.  - Mary Manin Morrissey

The ideal social state is not that in which each gets an equal amount of wealth, but in which each gets in proportion to his contribution to the general stock.  - Henry George

I'll fares the land, to hastening ills a prey, Where wealth accumulates, and men decay; Princes and Lords may flourish, or may fade - A breath can make them, as a breath has made - But a bold peasantry, their country's pride, When once destroy'd can never be supplied.  - Oliver Goldsmith

Riches either serve or govern the possessor.  - Horace

The wealth of nations is men, not silk and cotton and gold.  - Richard Hovey

Life is short. The sooner that a man begins to enjoy his wealth the better.  - Samuel Johnson

Our Lord commonly giveth Riches to such gross asses, to whom he affordeth nothing else that is good.- Martin Luther

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

http://famousquotesandauthors.com/quotes_by_topic.html 

“Tidbits From TNT” Sunday 5-12-2024

TNT:

Tishwash:  Al-Sudani confirms Iraq's readiness to hold the next conference of the Arab Network in Baghdad

Prime Minister Muhammad Shiaa Al-Sudani received, this Sunday morning, the Secretary-General of the Arab Network for National Human Rights Institutions, Sultan bin Hassan Al-Jamali, and his accompanying delegation.

The meeting witnessed, according to a statement by the Prime Minister’s Office, a copy of which {Al-Furat News} received, “discussion of the human rights file, the work of local, regional and international organizations in this field, and a review of the development witnessed by the Iraqi legal and constitutional environment, in ensuring the rights of individuals and groups and general civil rights.” .

During the meeting, the Prime Minister affirmed, “Iraq’s readiness and welcome to hold the next conference of the Arab Network in the capital, Baghdad, as part of the government’s efforts to create the general climate for the work of human rights institutions and organizations, and to hold conferences and development workshops that support their activities.”

The statement added, "The meeting also witnessed a review of the current events in the Gaza Strip and the continued aggression against our Palestinian people, the human rights violations that violated all international moral standards, and the role of the international community, with its human rights and legal institutions and organizations, in stopping these organized crimes."  link

Tishwash:  Iraq is the largest producer.. OPEC+ is pumping higher than scheduled and in anticipation of the June meeting

 OPEC+ crude oil production decreased by 210 thousand barrels per day on a monthly basis, to 41.04 million barrels per day last April.

This came according to a survey conducted by S&P Global Commodity, as Russia began implementing a deeper production cut amid a series of Ukrainian drone attacks on its refineries.

However, this decline is unlikely to be enough to calm tensions over compliance, with Russia failing to meet its target, and Iraq and Kazakhstan continuing to produce quantities well above their quotas, according to the survey.

However, this decline is unlikely to be enough to calm tensions over compliance, with Russia failing to meet its target, and Iraq and Kazakhstan continuing to produce quantities well above their quotas.

The two countries exceeded excess production by nearly 1 million barrels per day in early 2024, and committed to compensate for this between May and the end of December 2023, and these plans were adjusted depending on future production and OPEC+ policy decisions based on the data.

Iraq and Kazakhstan continued to produce beyond quotas, despite their pledge to compensate for their surplus production in early 2024.

As for the June meeting, the production data for last April will be the talk available to OPEC+ ministers when they meet to determine production levels, and analysts expect the group to extend the current quotas and voluntary cuts.

Iraq produced above its quota last April, when production reached 4.24 million barrels per day, a decrease of only 4%, compared to the previous month, which amounted to 4.28 million barrels per day. Thus, it produced above its quota by 240 thousand barrels per day.  link

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Tishwash:  Al-Sudani: Dozens of international companies compete to invest wealth in Iraq

On Saturday, Prime Minister Muhammad Shiaa Al-Sudani sponsored the ceremony of announcing licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas fields and exploratory blocks, distributed among 12 governorates, as these strategic projects will contribute to increasing investments in those governorates, which will help... Improving its economic and service reality.

Iraq expects to obtain more than 3,459 million standard cubic feet per day of gas, and more than one million barrels of oil per day, through these two rounds.

In a speech he delivered during the ceremony, according to a statement by his media office, Al-Sudani welcomed representatives of Arab and foreign companies, praising the efforts made by the Ministry of Oil, which is the beginning of greater efforts and opportunities that will be reflected in every aspect of our national economy.

He also expressed his appreciation for the efforts made by the relevant agencies and ministries, which resulted in creating the appropriate environment for launching these projects.

The Prime Minister referred to the government program that devoted a wide scope to the government’s vision of achieving the slogan (towards optimal investment of oil and gas), by adopting a new policy in investing oil wealth. He also stressed the commitment of the government and all state institutions to work away from bureaucracy and complex routine, in order to Facilitating the business and investment environment.

 The statement summarized the highlights of the Prime Minister’s speech:

The expected revenues must be used to advance the rest of the economic fields that our people are waiting for.

Iraq is a difficult number in the world's energy and oil wealth equation.

Our goal is to invest this wealth, starting with ending the burning of associated gas, which will stop within 3-5 years, and stopping the devastating environmental effects of this process.

We are heading to invest our oil production and transform it into petrochemical manufacturing industries.

Our goal is to convert 40% of oil production over the next 10 years into oil products.

Free gas investment, which is being implemented through the sixth round, is the most important investment for this idle wealth.

We are proceeding with integrated oil projects, which have been announced, and are being discussed with companies regarding them.

The establishment of a fixed gas platform in the Grand Al-Faw Port, together with the development road project, which includes an oil and gas transportation line, will establish a new situation for Iraq in the operating energy market.

The Ministry of Oil worked to prepare for these tours, through workshops and meetings with consultants.

We have dozens of international companies competing to invest wealth, and this is evidence of Iraq's increasing interconnectedness with the global economy.

We have initiated real reforms in tax, customs, and banking reform, to complete the ideal investment environment for the work of oil companies.

We direct the Ministry of Oil to formulate this policy and rush strongly without hesitation to develop optimal plans for investing wealth, and you will find full support from the government and the House of Representatives.

We will not pay attention to obstructive voices, and we stress the Ministry of Oil to take confident and expressive measures.

We call on investing companies to begin their tasks as soon as possible.

We were keen to distribute the projects in more than one governorate. To achieve the broadest development in all governorates of Iraq.  link

Mot:  . Seeeeeeeeeeeee - Told Ya!!! 

Mot:  ........ sorry 

Mot:  . whats its All about 

“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)

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

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

~~~~~~~~~

"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

~~~~~~~~~

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!

SNL Call Link       Freedom Fighter's Bio

9 pm EDT / 8 pm CDT / 6 pm PDT

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

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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

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