Goldilocks' Comments and Global Economic News Tuesday Evening 4-23-24

Goldilocks' Comments and Global Economic News Tuesday Evening 4-23-24

Good Evening Dinar Recaps,

"HANOI (Bloomberg): Vietnam’s central bank said it sold dollars to some banks, intervening in the foreign exchange market as the currency fell to a record low."

Today, Vietnam did a currency intervention. They sold some of their dollars to some banks. Let's take a look at why this move was made and why it makes sense.

Vietnam is currently applying for the BRICS system. The need to hold dollars in trade going forward does not make as much sense anymore. It would make more sense to hold the trading currency of the BRICS system that will carry enough weight to justify new Dong rates going forward.

At the same time, the BRICS Nations have a requirement that Nations who join them own gold. Gold increases the net worth of a country's own currency, and backing in Gold will enable Vietnam to trade under a Gold Standard.

You will notice in an article below that Vietnam has begun buying more Gold.

Currently, Europe and the US carry a lot of weight in trading values through the WTO. China and other countries who are part of the BRICS system are edging up to near-similar levels of trade that will equate the US and Europe.

This will level the playing field for countries such as Vietnam, and it makes sense for them to begin dumping their dollars for currencies inside the BRICS Nations and Gold.

Holding these new reserves in the BRICS Nations will allow Vietnam to raise the value of their currency through new trading mechanisms inside the new digital economy and more holdings in Gold.

The Star   RT Business   Investopedia1   JP Morgan  Investopedia2  The Investor VN  Vietnam Investment Review 

"All roads lead to gold, and 'digital gold' will set us free."

© Goldilocks

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The Commodities Futures Trading Commission has issued an announcement.

The CFTC is extending the comment period for new rules being applied on the swap execution facilities.

This affects the DCMs in Part 37 and 38. The Designated Contract Markets are boards of trade (or exchanges) that operate under the regulatory oversight of the CFTC.

"The proposed rule was published in the Federal Register on March 19, 2024. It had a 60-day comment period scheduled to close on April 22, 2024."

The following is what was considered in yesterday's meeting.

"Final Rule: Capital and Financial Reporting Requirements for Swap Dealers and Major Swap Participants

Final Rule: Adopting Amendments to the Large Trader Reporting Rules for Futures and Options"

May 13th, 2024 is the deadline for this comment period. At that time, we will be able to move forward with the final rules on executing foreign currency exchange swaps.  The final rule is the implementation phase.  CFTC1  CFTC2  CFTC3  CFTC4   Federal Register    Investopedia    CFTC5

© Goldilocks

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A new round of sanctions are being applied to Venezuela and their oil economy.

This article speaks of Venezuela moving to other payment methods such as cryptocurrencies as preferred payments.

This will shift payments from the dollar to new digital asset opportunities for this country.

It is a growing trend and opportunity for countries who wish to exercise their Sovereignty going forward. Reuters

© Goldilocks

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"Therefore, trading of foreign currency futures contracts, or options thereon, is lawful if it occurs on designated contract markets or derivatives transaction execution facilities."

* Designated Contract Markets (DCM)

* Derivatives Transaction Execution Facilities

Please ask if the facility you are trading at is one of the two above-approved designated exchange facility.

It will not be a legal facility to exchange your currency in unless it is. By the way, a bank is a designated facility that encompasses both of the above criteria and requirements.   CFTC

© Goldilocks

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👆One more thing, these designated facilities (banks) do have 1-800 #s.

Just look on the back of your debit card or call your bank if you have any further questions.

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Jim Willie: 'Gold's The Safe Haven When There's No Escaping The Debt Default' | Youtube

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The BRICS economic union is currently in the process of creating a single financial system in 2024 to facilitate trade within the bloc without using the US dollar.

Such an idea would be crucial to the implementation of the BRICS plans. Specifically, the effect of its de-dollarization would be greatly enhanced by a financial system that brings together the possibilities of using digital currencies. Moreover, it increases pressure on the dollar, which the US has already assured will not get a digital counterpart.    Crypto Dnes

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Kremlin says Russia and China have almost abandoned the dollar in trade

Russia and China have almost completely abandoned the US dollar in their mutual settlements, and more than 90% of transactions between the two countries are now carried out in their national currencies. | UNN

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The Copper Supply Shortage Is Here | SchiffGold

👆 Keep saving those copper nickels and pennies...

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The movement from brick and mortar sales continue to melt down as the online sales for the same merchandise is continuing to climb. | Wolf Street

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Vietnamese furniture products introduced at Milan Design Week - EIN Presswire

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Vietnam to have opportunities from digitalisation, green transformation: IMF | VOV VN

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Factors influencing Vietnam’s FMCG market | VOV VN

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Vietnam surpasses India, Thailand to become Singapore’s top rice supplier - VnExpress International | VN Express 

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Billionaire-Owned Media Has Gone Full Throttle to Save Fellow Billionaire, Jamie Dimon |  Wall Street on Parade

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Copper pennies at $3.00. Right NOW? | Youtube

👆  Goldilocks pointed to this article

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MESSAGE FROM SAM OLIVER ON COPPER

LISTEN HERE:

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Generative A.I. Arrives in the Gene Editing World of CRISPR   |  The New York Times

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A new legislation to regulate stablecoins filed in the US Senate may benefit the issuers as reported by investment banking firm TD Cowen.  | Crypto Times

👆 more on this tomorrow...

~~~~~~~~~

  ‘‘Lummis-Gillibrand Payment Stablecoin Act’’  

LIP24254.pdf CLICK HERE

~~~~~~~~~

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Ripple Offers to Pay SEC Penalty For XRP | Youtube

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Iraq Economic News and Points to Ponder Tuesday Afternoon 4-23-24

Iraq Economic News and Points to Ponder Tuesday Afternoon 4-23-24

New financial bonds...bank interest thwarts the government's plans to close the deficit
Monday, 04-22-2024, Karar Al-Assadi 356
The Iraqi government has resorted to issuing financial bonds and selling them to citizens with the aim of filling the financial deficit in the budget and also to enhance the state’s non-oil revenues, which is a slogan raised by Prime Minister Muhammad Shiaa Al-Sudani to his government, and while specialists praise this approach, others identify obstacles that do not encourage the success of this experiment due to the lack of interest.
 
Banking achieved by “freezing” millions of dinars in exchange for revenues does not constitute a temptation to attract the citizen.
 
Economic expert Mazhar Muhammad Saleh says, “The bonds currently in circulation (Injaz), which were recently issued by the Ministry of Finance, are one of the medium-term government debt instruments,
 
which differ from treasury transfers as a debt instrument also in terms of maturity dates and the interest granted or paid, as
 
treasury transfers are mostly directed.” To the banking system, while
 
Enjaz bonds are mostly a means of borrowing to the public.”

On April 15, 2023, Rafidain Bank announced the issuance of “Enjaz” bonds to citizens, offering them in two categories, the 
 
     first in the amount of 500 thousand dinars with an annual interest of 6.5 percent, paid every six months for a period of two years, and the
 
     second in the amount of one million dinars with an annual interest of 8.5 percent every six months for a period of four years.

 He added,   “These bonds were issued for the purposes of financing part of the planned deficit in the federal general budget for the year 2024, and engaging in direct borrowing from the public of lenders, especially those who have savings or financial surpluses, and
 
at the same time have the desire to invest their surplus funds in these highly collateralized sovereign bonds, as
 
they are subject to... (Injaz) bonds for the credit rating of the Republic of Iraq, which is currently set at grade B, similar to nearly 80 countries in the world.”

 He continues,   “We believe that the bonds finance 7 to 10 percent of the planned deficit in the annual general budget, through the contribution of the public of lenders by investing their available financial surpluses by possessing these bonds in return for the government receiving cash amounts that contribute to filling the deficit in public expenditures during the period.” Fiscal year 2024.”

Mazhar points out that   “government bank branches undertake the sale of these bonds to the public and provide the holder of that bond with an electronic document first,
 
then he is provided with a paper document showing the details of the single bond that he will be in possession of.
 
The bond is also issued in several denominations, such as the half-million dinar denomination and the one million dinar denomination.” The maturity periods also vary.  

He explains that  “the one million dinar bond earns an annual interest rate of 8.5 percent and is paid every six months, and its maturity is four years, that is, the date of its amortization.

He also notes that the bond sale, which began on April 15, will continue to be offered until May 15 of next year.”

It is noteworthy that  “Enjaz bonds are the highest in interest after the (Emaar) bonds and (Building) bonds that were offered in previous years, in which the interest rate reached 7 percent annually, and the holder of the bond can transfer its possession back to another holder, as government bonds are among the Preferred debts cannot collect interest or at the time of their repayment, so they can be mortgaged as excellent collateral.
 
Thus, holders of government bonds can liquidate the bond as a financial instrument and convert it into cash immediately by promoting it for sale in the secondary financial market and at any time before its maturity date and recovering the principal amount of cash paid in return. “Possession.”
 
The Ministry of Finance had previously announced the launch of a new issue of government bonds under the name “Injaz” for public subscription, indicating that
 
they are government bonds denominated in the Iraqi dinar in the denomination of 500 thousand dinars, for a period of two years with an annual interest of 6.5 percent paid every six months, and a bond of the denomination of one million dinars for the term. Four years with an annual interest rate of 8.5 percent, paid every six months.

For his part, the economic expert and professor of management and economics at the Iraqi University, Abdul Rahman Al-Mashhadani, explains, “
 
This is a normal measure taken by most governments in the world, and  Iraq is not the first country to do it when it needs financing to fill the deficit or for investment projects, as it sometimes issues these bonds to achieve goals.” Specific, for example, building bridges, dams, or specific services,
 
but the purpose of these bonds in Iraq is to fill a deficit in the general budget and as a measure to withdraw liquidity from the market.”

 He added,   “These bonds have an issuance period.
 
For example, the half-million dinar bond has a duration of two years, and the million-dinar bond has an issuance period of four years
 

After that, the Ministry of Finance is obligated to return the bond amount to the buyer or extend it in the event of strong demand for it, but the interest is paid every six months.” By the Ministry of Finance, and it is certainly possible to sell them through the Iraqi Stock Exchange, just like the shares of companies that are sold in this market.”

Al-Mashhadani explains,   “When we talk about the deficit, we are talking about 80 or 92 trillion dinars, which is the value of the budget deficit, and
 
this issuance of bonds worth two trillion dinars, or even if it was worth four trillion dinars, it cannot cover the entire budget deficit, so it is an attempt.” To create a kind of culture for individuals to invest in financial instruments such as stocks, bonds, and banks in order to obtain financial interest.”

 He added,   “These policies are not considered to be very successful, and
 
this issuance can mainly benefit banks, but
 
the vast majority of citizens do not believe that they will benefit from purchasing these bonds.
 
For example, the average Iraqi family has the ability for a citizen to buy, for example, 10 million dinars in bonds, which means 10 bonds worth One million dinars, in order to obtain an interest of 8.5 percent, which is not a large percentage and does not constitute a rewarding return for what was invested.”

Al-Mashhadani points out that   “commercial work can achieve a profitable return much greater than government bond returns.
 
Investing one million dinars in the market, for example, enables an individual to recycle it several times in the market, in contrast, and obtain large profitable returns equal to or greater than the amount invested, as long as There is inflation, and there are high profits from investment returns in commercial markets.”
 
On June 12, 2023, the Iraqi Parliament voted on the federal budget law for the years 2023, 2024, and 2025, in an initiative that is the first of its kind in the country’s history in terms of the size of the budget as well as the number of fiscal years, with a value of 197 trillion and 828 billion dinars, with a financial deficit of 63 trillion. One dinar, which is approximately one-third of the budget.
 
In turn, the economic expert, Hammam Al-Shamaa, agrees with Al-Mashhadani, that
 
“the goal of announcing the sale of government bonds to citizens and institutions is to fill the deficit on the one hand and provide financial liquidity on the other hand, since the
 
total monthly spending at the present time exceeds eight trillion dinars, among the Central Bank’s sales.”
 
The currency selling window does not exceed five trillion dinars per month.”

 He continues,   “Therefore, they need liquidity to cover expenses, and this liquidity is expensive, and
 
the deficit is very large, reaching 35 percent of the gross domestic product, and
 
it is a cost that falls on the shoulders of future generations.
 
Government spending is now taking place at the expense of the future, and  this year itself must be recorded. It is an inaccurate financial policy with dimensions.” “More political than economic dimensions.”
 
It is noteworthy that the Ministry of Finance recently issued government bonds to contribute to society’s contribution to the development of the Iraqi economy, as the
 
subscription funds contribute to financing economic development projects and achieving financial stability in the country.    https://www.non14.net/public/166281

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

Provoking Points To Ponder on Failures and Mistakes

What is defeat? Nothing but education, nothing but the first step to something better.- Wendell Phillips

From their errors and mistakes the wise and good learn wisdom for the future.- Plutarch

Having harvested all the knowledge and wisdom we can from our mistakes and failures, we should put them behind us and go ahead.- Edith Johnson

I think success has no rules, but you can learn a great deal from failure.- Jean Kerr

Failure is just another way to learn how to do something right.- Marian Wright Edelman

There are no mistakes, no coincidences. All events are blessings given to us to learn from.- Elisabeth Kubler-Ross

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

http://famousquotesandauthors.com/quotes_by_topic.htm

“Tidbits From TNT” Tuesday 4-23-2024

TNT:

CandyKisses:  Parliamentary Foreign Ministry: The quadripartite agreement of the development road project will contribute to stimulating economic growth and enhancing regional and international cooperation

 Baghdad / Nina / The Parliamentary Foreign Relations Committee affirmed its support for the government's efforts and positive steps to build integrated strategic relations regionally and internationally, and pointed out the need for these steps to be a real turning point in Iraq's foreign policy.

The committee said, in a press statement, that "the quadripartite agreement between Iraq, Turkey, Qatar and the Emirates on the development road project, will contribute to stimulating economic growth and strengthening regional and international cooperation relations, by achieving economic integration and striving towards a sustainable economy between East and West."

The committee appreciated the efforts of Prime Minister Muhammad Shia Al-Sudani related to developing bilateral relations and building real long-term strategic partnerships between Iraq and Turkey, which culminated in the visit of Turkish President Recep Tayyip Erdogan and discussing the files of water, security, energy and economy, and the signing of important agreements and memoranda of understanding between the two countries

Including the signing of the strategic framework agreement between Iraq and Turkey, and the framework agreement for cooperation in the field of water, which includes mechanisms and radical treatments for the entire water system and achieves an effective partnership. aims to ensure the provision of water, water and food security to Iraq./Ends5

Tishwash:  After two decades of neglect... Iraq adopts a strategy to invest in phosphate

 Oil is not the only thing that Iraq owns, but due to the political and security conditions that the country has witnessed over the past years, successive governments have not succeeded in investing in mineral resources other than oil, which has made Iraq a hostage to oil export operations, which constitute the main source of the country’s budget with more than 95%.

With Iraq possessing a huge reserve of phosphate, amounting to 9 percent of the global reserve, Representative Mudar Al-Karawi revealed the adoption of a strategy to invest in phosphate and operate its factories.

It is noteworthy that phosphate, fertilizer, brick, paste and pharmaceutical factories are all stopped or almost stopped, although they are intertwined with the agricultural and industrial sectors.

Al-Karawi said in a press statement, “Iraq possesses huge reserves of phosphate, which is used in various industries, including fertilizers of various kinds, and which constitutes an economic sector whose financial ceilings worldwide reach tens of billions of dollars annually.”

He added, "Despite the huge reserves of phosphate, Iraq imports 60-70% of its needs from abroad at double prices," pointing out that "the government has actually begun to adopt a strategy for investing in phosphate, operating its factories, and pumping its production, especially since phosphate represents the third largest natural wealth in the country." The country after oil and gas.

He pointed out that "the documented reserves in several regions of Iraq, especially the western one, indicate that they are sufficient for production for many decades, meaning that we are facing a wealth that will not be depleted in the short term, in light of the presence of dozens of markets to receive it in order to revive agriculture."

The specialized international economic website Statista published a report on the natural resources possessed by the countries of the world, where Iraq ranked ninth in the world, as it possesses 15.9 trillion dollars in natural resources, and its desert terrain contains oil, natural gas, phosphate and sulfur, according to the website.

Crude oil constitutes about 90 percent of state budget revenues, while other imports are marginal in the form of taxes and customs revenues, and some revenues from the transportation and communications sector, among others.

Iraq has a reserve amounting to 9 percent of the global reserve of phosphate, but this huge reserve has remained buried underground since 2003 and has not been invested or exported, at a time when the country depends on importing this material, which is used in many industries.

The annual export rate of phosphate products from Iraq abroad, especially to East Asian countries, before the Gulf War in 1991, amounted to half a million tons annually, with almost constant revenues that were included within the country’s non-oil resources.

Most of the phosphate reserves are located in the Al-Qaim region, and the area extending over 80 kilometers is known as “phosphate mines.”

Phosphate plants in Anbar have turned into rubble since 2003, despite the dependence of many industries on this material, in addition to its previously supplying the state treasury with 22 percent of its revenues during the previous regime.

The industrial sector in Iraq in general has been facing a major deterioration since the year 2003 until now, with most factories stopping and turning to imports. The Federation of Iraqi Industries estimated years ago the percentage of stalled projects at 40 thousand projects, and successive government programs always include a theme of revitalizing the local economy and industry. However, without achieving any promise, the wheel of trade exchange with the countries of the region continues while neglecting the local industry.  link

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Tishwash:  Oil sets 5 government goals for optimal investment of national wealth

Today, Tuesday, revealed a government strategy to maximize national production and enhance Iraq’s economic role in global oil markets, while stressing the keenness to increase national production of refining energy.

The spokesman for the Ministry of Oil, Assem Jihad, told the Iraqi News Agency (INA): “The strategy of the government and the ministry depends on the optimal investment of oil and gas wealth,” indicating that “the strategy requires not relying only on the export of oil, but rather diversifying the sources that enhance the Iraqi national income through... Developing mechanisms for dealing with wealth, which represents the main source of the national economy.”

Jihad added, "The government's strategy aims to maximize national production of petroleum products and the refining industry in Iraq, transform crude oil into white products, and achieve the priority of self-sufficiency, stopping imports, and gradually shifting to exporting these products to global markets," indicating that "the shift to marketing and product trade Al-Bayda achieves more revenues from exporting crude oil and contributes to strengthening Iraq’s position in the oil and commercial markets, and strengthens and supports the national economy, which depends directly on this wealth.”

He pointed out that "the Ministry of Oil adopted the strategy announced by the Prime Minister by converting 40% of crude oil into petroleum products, and last year it announced 7 investment opportunities in which it called on private sector companies and national and foreign investing companies to cooperate with the National Investment Authority and develop a promising program." Companies were invited to establish a number of investment refineries, including the Maysan Refinery Investment Project with a capacity of 150,000 barrels, the Qayyarah Refinery Project in Nineveh Governorate with a capacity of 70,000 barrels, the black oil hydrogenation project in Basra Governorate with a capacity of 30,000 barrels, and the Nasiriyah Refinery Project in Dhi Qar Governorate with capacity. 150 thousand barrels, and the Samawa refinery project in Al-Muthanna Governorate with a capacity of 150 thousand barrels, and also the Al-Kut Refinery project in Wasit Governorate with a capacity of 100 thousand barrels per day

And the rehabilitation of Al-Samoud refineries in Baiji, whose capacity reaches approximately 280 to 300 thousand barrels per day as refining capacities after... Rehabilitation and reconstruction operations, and after the Karbala refinery entered national production and also after the addition of the fourth unit with a capacity of 70 thousand barrels per day in the southern refineries, production became approximately 280 thousand barrels of refining capacity for the southern refineries in addition to other projects, and this will reflect positively on the national production of refining industries that represent the market and demand. Higher Petroleum Products.

He pointed out that “after achieving self-sufficiency, Iraq seeks to implement a strategy that enhances its economic role in the global oil markets,” noting that “the Ministry is keen to increase national production of refining energy and the announcement of inviting national and international companies to invest represents a shift in the government’s strategy towards encouraging... Investments in the crude oil settlement and refining sector open new horizons for national and foreign companies specialized in this field.”

He stated that "the government and the ministry are working on several axes for wealth, including the axis of internal use to meet local needs and attention to specifications, the axis of exporting crude oil and strengthening Iraq's role in global markets, and the axis of maximizing national production from refining industries and optimal investment of associated or natural gas," indicating that "the government's strategy depends on A contract for integrated project partnerships that include several axes, including integrated projects that include oil extraction and associated gas investment with the establishment of electric power stations, a refinery, petrochemical industries, and others that contribute to enhancing Iraq’s wealth.

Regarding the Al-Faw refinery, Jihad confirmed that “the Al-Faw refinery and petrochemical industries project is one of the promising projects in the refining industry in Iraq and the first project to be established in the ports of southern Iraq, and the government is working to accelerate its implementation,” explaining that “the refinery includes a petrochemical factory, tanks, export platforms and all related facilities.” Which contributes to achieving an integrated project aimed at investing and exporting these products.” 

He stressed that "establishing the refinery in the Iraqi oil export port represents high flexibility in the process of marketing oil products and guarantees high revenues," adding that "the government hopes that this project will be one of the promising projects that is being established by one of the largest Chinese government companies."

He pointed out that "the government and the ministry are working to expedite the signing of the final contract after completing the due procedures."
He explained, "The refinery will enhance the country's refining capacity by 300,000 barrels per day, as well as a petrochemical plant, tanks and facilities, and is considered one of the giant projects in the region." link

Mot: ... 3 Thingies bout ole tuesdays!! 

Mot: ....... its a sign!!! 

MilitiaMan: Iraqi Dinar - IQD Update - Development Road Project - Saviour of Global Banking & Financial System

Iraqi Dinar - IQD Update - Development Road Project - Saviour of Global Banking & Financial System

MilitiaMan and Crew:  4-22-2024

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=Md4klvgNnhY

Iraq Economic News and Points to Ponder Late Monday Evening 4-22-24

Iraq Economic News and Points to Ponder Late Monday Evening 4-22-24

Parliamentary Finance Expects The Dollar Exchange Rate To Stabilize Within Its Current Limits

Time: 04/22/2024 12:25:40 Read: 2,847 times  {Economic: Al-Furat News} A member of the Parliamentary Finance Committee expected the dollar exchange rates to stabilize at their current limits of 1,470 dinars.

Haitham Al-Zahwan told Al-Furat News Agency, "We expect that the dollar exchange rates will remain within these limits and prices."

He added, "We expect these prices to remain within the current rates, but we cannot witness a decline in them as long as there is currency smuggling.   LINK

The Iraqi Central Governor Reveals The Plan To Reform The Banking System And Talks About “Sanctions”

Economy News – Baghdad   Today, Monday, the Governor of the Central Bank of Iraq presented a plan to reform the banking sector in Iraq, and while he touched on the issue of sanctions on Iraqi banks, he stressed that these measures did not threaten the Iraqi economy.

The Governor of the Central Bank, Ali Al-Alaq, said in a televised interview followed by “Al-Iqtisad News” that “the current Iraqi government is very focused on the economic dimension and renaissance, and the expansion of infrastructure and services,” indicating that “this matter requires the presence of an active and effective financial sector that can To accompany, activate, organize and finance, so this file goes hand in hand with the government’s plan within the framework of economic reform.”

He added, "Iraq has a very large financial relationship with the United States of America, given that the oil resources that form the basis of the Iraqi state's budget come from the export of oil via the dollar, and this is what is agreed upon globally," pointing out that "the first stop for Iraqi funds is in the Federal Reserve." The central bank then deals with these funds by investing them in various areas inside the United States and abroad in central banks of other countries.”

The Governor of the Central Bank continued, “There is diversity in the nature of these reserves, such as geographical and qualitative diversity in these investments, which are in the form of bonds, gold, goods, and others.”

Regarding the issue of financial reform in Iraq, Al-Alaq explained, “Iraq has a multi-faceted program in this framework, as the first aspect is harmony, adaptation, the adoption of international standards in financial transactions, and the application of compliance rules and laws related to combating money laundering and terrorist financing,” stressing that “there is interest.” Dollin is very focused on ensuring that transactions are free of any violations, violations, or suspicious issues.”

He continues by saying: “Given that the financial relationship with the United States of America is broad and large, the Iraqi financial system must be protected, as well as the system in America, and any money laundering or terrorist financing operations must be prevented from entering through it,” noting that “there is continuous coordination and common understanding, throughout the years.”

The past in order to achieve this goal, which includes the presence of broad plans and programs, relying on international consultations and contracting with major offices specialized in this field, with which the Central Bank is organizing these matters in order to achieve the great goal, which gives positive messages to financial institutions all over the world.

As for the second matter, he stated, “This matter revolves around reforming the banking sector itself, and many details revolve around it with plans being worked on, starting with government banks such as Al-Rashid, Al-Rafidain, Al-Sina’i and Agricultural, which constitute 80% of the Iraqi banking sector,” adding by saying:

"If we want to think about the reform process, we have to start from the largest part, as it was agreed in direct coordination with the Prime Minister, the government, and the Central Bank to reform these banks, through a large plan that is now underway in contract with one of the large international companies, which includes restructuring."

He continued his speech, saying, “There is a great focus on targeting the structure to advance these banks by introducing strategic partners from outside Iraq, who have accumulated experience in this field,” stressing that “there are clear desires from some internationally accredited banks to participate in this field, and we are still awaiting a study.

” The company in charge of this matter in order to attract investors from inside Iraq, as it will be like public joint-stock companies that absorb capital from within the country, in addition to the necessity of having a strategic partner to modernize government bank departments in a way that reaches the advanced level.”

He pointed out, “Government banks were very late due to the circumstances that the country went through, and it is necessary to keep pace with the process of major changes,” explaining that “the detailed study of this project will be presented in the eighth month, and then there will be clarity about the road map and the next steps so that appropriate measures can be taken.” "In this regard."

Al-Alaq stated, “This is one of the things that was discussed during the meeting with the US Treasury, and it was very welcomed by all parties, not just in the United States, as it is an existing and ongoing question by the parties of international institutions.”

Regarding the US sanctions on Iraqi banks, he added: “We have a close relationship with the US Federal Bank, and what happened was the emergence of a list of bank names, where the issue was not imposing sanctions on these banks, or including them in the sanctions list, but rather depriving them of dealing in dollars only.”

Pointing out that “the Central Bank took a serious look at the merits of the issue and how to take future measures, and this is part of the dialogue that took place, whether it was in the presence of the Prime Minister with the US Treasury, or even during the meetings held by the Central Bank with the US Federal Reserve.”

He noted, "Violations in the banking sector exist, and may occur, and this is the work of the Central Bank constantly, as we have a committee specialized in fines and penalties, which receives inspectors' reports, and imposes these fines on an ongoing basis in accordance with the Money Laundering and Anti-Terrorism Law."

Regarding the repercussions of this suspension on the Iraqi economy, Al-Alaq stated, “This suspension certainly has negative effects, but it will not threaten the Iraqi economy, especially since external transfer operations and the exchange rate continue normally.”

As for the fictitious companies that sell the dollar, the Governor of the Central Bank stated, “These phenomena exist in other countries as well, and due to technical developments and dealing through websites, they are an opportunity for fraud at the same time, and the Central Bank has a careful follow-up of these matters and they are reported in the judiciary.” Considering the use of these means to trap others, we warn against them.”

Al-Alaq touched on government debts, explaining: “The current government focused on the external debt, which amounts to a minimum of $9 billion to multiple parties, which is the lowest over the past years due to continuous repayments. As for the domestic debt, it has reached approximately 70 trillion dinars.”   336 views 04/22/2024 - https://economy-news.net/content.php?id=42696

Iraq Sixth: The International Monetary Fund Expects Inflation Rates For Arab Countries During 2024

Economy | 11:58 - 04/22/2024   Mawazine News – Baghdad  On Monday, the International Monetary Fund revealed its expectations for the inflation index for Arab countries for the year 2024, as Iraq ranked sixth among the countries of the region.

According to the Fund’s report, which Shafaq News Agency reviewed, the inflation index in Sudan was 145.5%, Egypt was 32.5%, and Yemen was 16.9%, as the highest expectations for Arab inflation rates for the current year.

While Algeria ranked fourth in the Arab world with an expected inflation rate of 7.6%, followed by Tunisia in fifth place with an expected inflation rate of 7.4%.

Iraq came in sixth place with 4%, followed by Kuwait 3.2%, Mauritania 2.8%, Jordan 2.7%, Qatar 2.6%, Saudi Arabia 2.3%, and Morocco 2.2%.

While the UAE came at 2.1%, Bahrain at 1.4%, and Oman at 1.3%, achieving the lowest expectations for Arab inflation rates for the current year.

These ratios are affected by several factors, including currency exchange pressures in some Arab countries, fluctuations in energy and food prices, and other factors specific to each country.

Last year, the International Monetary Fund expected that inflation in Arab countries would witness a relatively high rate of 9.3% in 2023, affected by various factors such as the decline in currency exchange rates for a number of Arab countries, and fluctuations in energy and food prices.

However, the report expects inflation to decline to about 3.6% during the current year, and these inflation trends underscore the complex economic landscape in which Arab countries operate and the need for careful policy management.   https://www.mawazin.net/Details.aspx?jimare=246442

The Ministry Of Planning Discusses The Next Steps Of The National Development Plan (2024-2028)

Monday 22 April 2024 | Economical Number of readings: 325 Baghdad / NINA / Today, Monday, the Ministry of Planning held a meeting of the Preparatory Committee to prepare the National Development Plan for the next five years (2024-2028), as part of its ongoing series of meetings in this regard, headed by the Undersecretary for Technical Affairs, Maher Hammad Johan.

A statement by the Ministry of Planning stated: “The meeting witnessed a review and discussion of the next steps of the plan, and the procedures for designing, printing, reviewing and drafting the plan with the possibility of providing support in this regard, as well as the media campaigns dedicated to the plan, and a discussion of the results that will be presented through technical support to the private sector.”

The meeting also dealt with technical support to the Statistics and Geographic Information Systems Authority regarding the labor market observatory, as well as a discussion about the steering committee for the economic reform project./    https://ninanews.com/Website/News/Details?key=1122403

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

Provoking Points To Ponder on Failures and Mistakes

Failure is only an opportunity to begin again more intelligently.- Henry Ford

Disappointments are to the soul what the thunder-storm is to the air.- J. C. F. von Schiller

The wisest person is not the one who has the fewest failures, but the one who turns failures to best account.- Richard R. Grant

One of the advantages of defeat in life - maybe the main advantage - is that it provides an excuse for change. Defeat... invariably leads to new adventures.- James Reston

Failure is God's own tool for carving some of the finest outlines in the character of his children.- Thomas Hodgkin

I quit being afraid when my first venture failed and the sky didn't fall down.- Allen H. Neuharth

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

http://famousquotesandauthors.com/quotes_by_topic.htm

Goldilocks' Comments and Global Economic News Monday Evening 4-22-24

Goldilocks' Comments and Global Economic News Monday Evening 4-22-24
Good Evening Dinar Recaps,

ISO 20022 UPGRADE OF SWIFT MESSAGES FOR MONEY SETTLEMENT ANNOUNCEMENT:

"To act in concert with the global standard of adopting ISO 20022 in SWIFT and Hong Kong RTGS for payment-related SWIFT messages, OTC Clear has planned to migrate money settlement messages from existing SWIFT MT messages to ISO 20022 XML-based message ("MX messages") on 22 April 2024."

On April 22nd, 2024, the Society for Worldwide Interbank Financial Telecommunications and Real Time Gross Settlements is upgrading to the ISO20022 messaging system.

The Hong Kong Interbank Clearing Limited and the Hong Kong Securities Clearing Company Limited will soon after do a market-wide testing to make sure the clearing systems of the East and West are synchronized.

Once this interface is complete and tested, the new settlement messaging system for tokenized assets through Stablecoins, already tested and regulated, in Hong Kong will be able to move digital money in cross-border International trades.   This will enable foreign currency exchanges to take place on this new Digital Financial Settlement System.   HKEX     Adenza

© Goldilocks

👆Today 

~~~~~~~~~

There's even more good news for Hong Kong's upgrade to ISO 20022 and their new listings.

The China Securities Regulatory Commission said it will facilitate Hong Kong listings by leading Chinese companies.

CSRC said it will expand the Stock Connect cross-border investment scheme by placing Hong Kong's new listings on the Shanghai Stock Exchange International Financial Centre.   SCMP

© Goldilocks

~~~~~~~~~

There are three trends taking place on our Global Markets. These three trends have not been seen before in history.

We have new tokenized assets onboarding the trading system through ETFs, we have the dollar that has continued to rise, and we have gold that is continuing to rally.

These two major assets (dollar and new ETFs) would have at one time held the price of gold down, but we are not seeing this take place and the repercussions of this fact tell us we are sailing into new headwinds inside our Global Markets.

So far, our markets seem to be pricing in these new changes or shall I say new transitions of our economy. This is why following the new digital economy as it completes its final phases of development is so important.

Old indicators and fundamentals no longer apply and new ones are beginning to surface. This indicates a transition is taking place inside the entire economy, but you have to know what you're looking for inside the new digital asset-based trading system.

Current indications are showing us that our new correlated asset trends are beginning to work together instead of adversely. If these new trends continue, our markets will have moved from negative correlations to positive ones.

What does this mean as far as watching for changes happening on the market in our current world? It means we have to look for and when the QFS is finally completed its connections. Once its development is complete, we will then know the real values as they are turned on inside the new digital economy. VanEck

Time will tell.

© Goldilocks

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"With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries."

Today, JP Morgan Chase's Jamie Dimon met with executives from the World Bank Group and several other multilateral development lenders.

They are currently working on ways to pull private money into new jobs through their new Green Bond initiatives across Emerging Markets. The World Bank and the IMF are actively involved in these meetings as well. The World Bank in the IMF are two major players that will announce the Bretton Woods III agreement.

This will provide liquidity for several countries outside of the United States and provide movement forward in resetting/leveling the playing field for their local economies across all market sectors including Forex.  Finance Yahoo   World Bank

© Goldilocks

~~~~~~~~~

Currency devaluations on a global scale is really picking up steam. We are about to see currency interventions begin to take place on a massive scale.

This does not mean we're about to see a revaluation many of you are looking for going forward. It just means that Credit Valuation Adjustments are about to begin on every sector of the market including Forex.

We could see some currency price adjustments, but we are looking for those CVAs to be backed by real values based on the release of caps on gold.   CNBC   Transwap

© Goldilocks

~~~~~~~~~

China is dumping U.S. treasuries and buying Gold | FX Street

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Are the days of dollar love ending? - Opinion News | The Financial Express

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Quant Network CEO: 2024 Is The Year Of Institutional Adoption Of Blockchain | Business Upturn
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Anthony Scaramucci remains bullish on Bitcoin’s long-term performance.

He compares its development to the beginnings of the Internet and Amazon shares. | Crypto News Flash

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Cryptocurrencies: Why You Shouldn't Overlook Dogecoin (DOGE) and Retik Finance (RETIK) in 2024 - Crypto Daily

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Are the BRICS and their New Development Bank offering alternatives to the World Bank, the IMF, and the policies promoted by the traditional imperialist powers? | CADTM

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The Progression of Exchange: Cryptocurrencies and the Future of Transactions - Eye On Annapolis

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What are Green Bonds and How Can They Fight the Climate Crisis? | The Climate Reality Project

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“Seeing some confusion on next steps with the SEC vs. Ripple case.

To clarify – Ripple will file its response to the SEC’s request for penalties by April 22nd and the SEC has until May 6th to reply.”

* KC Trader

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“The authorities substantially tightened macroeconomic policies in 2023 and into the first quarter of 2024. They are beginning to reap the fruits of the adjustment in the form of a stable exchange rate and declining inflation. Nonetheless, the remaining adjustment required to keep debt on a sustainable path is significant, financing needs are high, and foreign reserves have fallen.

“The authorities and the staff team reached an agreement on most policies to underpin the requested arrangement under the ECF. They reached an understanding on the authorities’ development objectives and reforms needed to achieve macroeconomic stability and maintain debt sustainability.

IMF Staff Concludes Mission to Sierra Leone | IMF

~~~~~~~~~

XRP NEWS  PROOF RIPPLE & SWIFT ARE UNLOCKING $27 TRILLION | Youtube

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“Tidbits From TNT” Monday 4-22-2024

TNT:

CandyKisses:  Investors from 145 countries at Abu Dhabi Investment Summit

Abu Dhabi (Nina) - Investors from 145 countries will participate in the AIM Investment Summit 2024, which will be held under the theme "Adapting to the Transformation of the Investment Landscape: Harnessing New Potential for Global Economic Development", from May 7 to 9, at the Abu Dhabi National Exhibition Centre. During the summit, the best investment opportunities for the global business community will be reviewed and discussed.

25 ministers, 45 mayors, 12 central bank governors, 900 speakers, 9 global stock exchanges, more than 50 unicorns, and more than 12,000 participants from 175 countries around the world will participate in 27 joint events organized in cooperation with more than 304 international partners.

The summit aims to provide an ideal platform that enables all participants to exchange experiences and ideas to stimulate global economic growth, discuss the challenges facing the world and come up with innovative solutions. 

Tishwash:  Exclusive.. The Iraqi government: A big surprise in Erdogan’s historic visit to Baghdad

The Iraqi government revealed, on Sunday evening, the details of Turkish President Recep Tayyip Erdogan’s visit to the capital, Baghdad, tomorrow, Monday morning, noting that “there is a big surprise” related to the agreements and memorandums of understanding to be signed in various fields.

The government spokesman, Bassem Al-Awadi, told Shafaq News Agency, “The Turkish President’s visit to Baghdad is a historic visit, and this visit will chart a path for Iraqi-Turkish relations that did not exist previously at all. This is not an attempt to exaggerate, but rather it is real, and tomorrow’s visit is Monday.” "I will reveal this matter to everyone."

Al-Awadi added, “The visit will witness the signing of two agreements, in addition to approximately (25) memorandums of understanding, and these will advance the nature of Iraqi-Turkish relations, and there is a big surprise during the visit, especially with regard to the water file, and those agreements and memorandums will focus on security, the economy, and the path to development.” ".

He explained, "Erdogan's visit to Baghdad tomorrow, Monday, is of great importance, especially since it is his first visit in 13 years, and the visit was worked on by various joint committees throughout the past year, in order to arrange the papers in the economic and security files and in the development road project."

The Iraqi government spokesman confirmed, "Tomorrow, Monday, will be an important day in shaping the nature of relations between Baghdad and Ankara, and there will be a surprise and signed agreements that are the first of their kind between the two countries."

Informed sources told Shafaq News Agency that Erdogan will sign about 37 multifaceted memorandums of understanding, the most important of which is the strategic framework memorandum for cooperation between the two countries, from which five committees are divided, as follows: security, water, economic, energy, and transportation.

Erdogan is visiting the capital, Baghdad, after a visit he made in 2011, and the Iraqi-Turkish talks focus on security, military and economic files, in addition to expanding trade cooperation.

Turkey says it is seeking greater cooperation from Baghdad in its war against the Kurdistan Workers' Party, a file that has further strained relations between the two countries due to Turkish military operations in northern Iraq, as well as disputes over oil exports and sharing scarce water supplies.

The dispute over oil exports from the Kurdistan Region is particularly thorny, and the two sides disagree over the resumption of oil exports from a pipeline through Turkey.

After nearly a decade of seeking international arbitration, the Iraqi government won recognition of its right to control oil exports, and Ankara was ordered to pay $1.5 billion in compensation for transporting them without Baghdad's approval. In protest, Ankara closed the export pipeline.

Ankara later began maintenance work on the pipeline, which contributes about 0.5% of global crude oil supplies. The two countries agreed to wait until the pipeline maintenance assessment is completed to resume flows while they continue to engage in a legal battle over the arbitration awards.  link

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

Tishwash:  Parliamentary Finance: We are awaiting the arrival of the 2024 budget schedules during this month

Today, Sunday, the Parliamentary Finance Committee confirmed that the 2024 budget schedules will reach the House of Representatives during the current month

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, said in a statement received by Al-Rabaa: “We are awaiting the arrival of the 2024 budget schedules during this month,” stressing “the effort to correct the path of the budget by maximizing non-oil revenues, encouraging the private sector, and reducing operational spending.”

The Parliamentary Finance Committee confirmed today, Sunday, that the House of Representatives is awaiting the arrival of the 2024 budget schedules during the current month.

The committee stated in a statement received by the Iraqi News Agency (INA), that "The Chairman of the Finance Committee, Atwan Al-Atwani, received today the Chargé d'Affaires of the German Embassy."

Al-Atwani pointed out, “We are awaiting the arrival of the 2024 budget schedules during this month,” stressing “the effort to correct the path of the budget by maximizing non-oil revenues, encouraging the private sector, and reducing operational spending.”

He called on "German companies to enter Iraq and invest in various sectors, most notably the production and improvement of electrical energy," calling on "the German embassy to follow up on the implementation of the agreements and memorandums of understanding that the Sudanese signed during his visit to Germany."

While the Chargé d'Affaires of the German Embassy confirmed that "the stability of the situation in Iraq encourages the entry of our companies to invest in various fields."   link

Mot: ..... Still Amazes Me What Ya Can Learn on the INternet!!!

Mot:  ... heee heeee heeee -- More and More Tricks We Can learn from da INternet!!! 

MilitiaMan: Iraqi Dinar - IQD to be valued in a new value - Al-Alaq - CBI Gov. Interview - Bullet points - Real

Iraqi Dinar - IQD to be valued in a new value - Al-Alaq - CBI Gov. Interview - Bullet points - Real

MilitiaMan and Crew:  4-22-2024

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=r3SO5GFBb_k

Iraq Economic News and Points to Ponder Late Sunday Evening 4-21-24

Iraq Economic News and Points to Ponder Late Sunday Evening 4-21-24

The First Iraqi Bank To Reap A Realistic Result From Al-Sudani’s Visit To Washington

The US International Development Finance Corporation (DFC) and the US Agency for International Development (USAID) signed a $50 million loan agreement for the National Bank of Iraq (NBI), with the aim of expanding access to finance for entrepreneurs.

Prime Minister Muhammad Shiaa Al-Sudani witnessed the signing ceremony of the agreement on the sidelines of the meeting of the Iraqi-American Supreme Coordination Committee in Washington.

This loan, which was attended by the CEO of the American International Development Finance Corporation, Scott Nathan, and the Chairman of the Board of Directors of the National Bank of Iraq, Bassem Khalil Salem, is the first loan provided by the American International Development Finance Corporation to a commercial bank in Iraq.  https://www.radionawa.com/all-detail.aspx?jimare=38020

Central Bank: The Volume Of Trade With The UAE Reaches $17 Billion

Economy  Sunday, April 21, 2024 9:30 AM  Baghdad/National News Center The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the amount of the bank’s reserves of US dollars and gold.

Al-Alaq told the CNBC Arabic website that the Central Bank has a foreign reserve of more than 100 billion dollars, indicating that the bank’s gold reserves amount to more than 130 tons, most of which are located in England.

Speaking about Iraqi foreign trade, Al-Alaq pointed out that the volume of trade with the UAE amounts to $17 billion and is paid in UAE dirhams, pointing out that the First Abu Dhabi Bank is the one responsible for the trade transfers in UAE dirhams.   https://nnciraq.com/253612/

US International Development Allocates $50 Million To The National Bank Of Iraq To Finance Entrepreneurs In Iraq

Economy News – Baghdad  The US International Development Finance Corporation (DFC) and the US Agency for International Development (USAID) signed a loan agreement worth $50 million for the benefit of the National Bank of Iraq (NBI), with the aim of expanding access to financing for entrepreneurs.

 Iraqi Prime Minister Muhammad Shiaa Al-Sudani witnessed the signing ceremony of the agreement. On the sidelines of a meeting of the Iraqi-American Supreme Coordination Committee.

This loan, which was attended by the CEO of the American International Development Finance Corporation, Scott Nathan, and the Chairman of the Board of Directors of the National Bank of Iraq, Bassem Khalil Salem, is the first loan provided by the American International Development Finance Corporation to a commercial bank in Iraq.

After signing the agreement, Al-Salem said: “We are proud to be the first commercial bank in Iraq to sign a loan agreement from the US International Development Finance Corporation and the US Agency for International Development, and we see this partnership as an important step and a unique opportunity to support economic and investment growth in Iraq by enhancing the capabilities of Ruwwad.” businesses and increase their opportunities to obtain the necessary financing to support their projects.”

Al-Salem extended his thanks to the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, to His Excellency the Governor of the Central Bank of Iraq, Dr. Ali Mohsen Al-Alaq, and to the international financial institutions for their continued support for entrepreneurs and small and medium-sized companies, stressing the National Bank of Iraq’s commitment to achieving the two sides’ shared vision for progress and prosperity in the country, pointing out that this The agreement will be a strong incentive to achieve these goals.

CEO of the US International Development Finance Corporation, Scott Nathan, affirmed the company’s commitment to unleashing Iraq’s economic potential and empowering its private sector by providing meaningful financial support to small projects.

He said: “Today’s announcement is an important step in advancing our efforts. This investment will contribute to increasing access to... First-time female borrowers and entrepreneurs access financing across Iraq.”

For her part, USAID Mission Director in Iraq, Ellis Jensen, said: “Access to financing is the main driver in the process of innovation, economic growth, and job creation, so USAID’s support will enable private banks to overcome liquidity challenges and provide affordable business loans.”

For small projects, and through our partnership with the National Bank of Iraq and the US International Development Finance Corporation, we will help create a stronger, more diverse, and more inclusive private sector in Iraq.”

In turn, the Managing Director of the National Bank of Iraq, Ayman Abu Dhaim, said: “The Iraqi government’s commitment to creating an environment conducive to growth, and the strategic focus of the Prime Minister and His Excellency the Governor of the Central Bank of Iraq on empowering small and medium enterprises, is a major focus in our reaching this important achievement.

We are confident “This cooperation will support the creation of a more inclusive and dynamic economy in Iraq.”

It is expected that this loan will contribute to increasing opportunities for small Iraqi companies to obtain financing through the largest private sector bank in Iraq. This initiative will give priority to first-time borrowers and will allocate funding to projects owned by women, which attests to the increase in the number of small projects in Iraq.

In addition to financing, during the project preparation, USAID provided advisory services to facilitate loan negotiations between the National Bank of Iraq and the American International Development Finance Corporation and accelerate the completion of the deal, while the American International Development Finance Corporation is considered the official lender.

189 views 04/21/2024 - https://economy-news.net/content.php?id=42657

Surpassing Saudi Arabia...Iraqi Oil Exports To America Increased During The Past Week

Economy |  04/21/2024  Mawazine News – Baghdad  The US Energy Information Administration announced on Sunday that Iraq's oil exports to America rose over the past week.

The administration said in a table seen by Mawazine News, “The average US imports of crude oil during the past week from 8 major countries amounted to 4.832 million barrels per day, down by 265 thousand barrels per day compared to the previous week, which amounted to 5.097 million barrels per day.”

She added, "Iraq's oil exports to America came in second place after Canada, reaching 308,000 barrels per day last week, an increase of 166,000 barrels per day from the previous week, which reached 142,000 barrels per day."

The administration also indicated that "the majority of America's oil revenues during the past week came from Canada at an average of 3.458 million barrels per day, followed by Colombia with an average of 246 thousand barrels per day, and from Saudi Arabia at an average of 229 thousand barrels per day."

According to the table, “the amount of American imports of crude oil, from Mexico, was at a rate of 208 thousand barrels per day, from Brazil at a rate of 189 thousand barrels per day, from Nigeria at a rate of 173 thousand barrels per day, and from Libya at a rate of 21 thousand barrels per day.”

https://www.mawazin.net/Details.aspx?jimare=246358

The Dollar Declines Against The Dinar In Baghdad And Erbil

Economy | 04/21/2024  Mawazine News – Baghdad  The exchange rates of the US dollar decreased this morning, Sunday, in the markets of Baghdad and Erbil.

Dollar prices dropped with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,200 dinars for every 100 dollars.

While the selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars.

As for Erbil, the dollar also recorded a decline in exchange shops, as the selling price reached 147,150 dinars against the dollar, and the purchase price reached 147,000 dinars against 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=246369

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

Provoking Points To Ponder on Failures and Mistakes

There is much to be said for failure. It is more interesting than success.- Max Beerbohm

Failure sometimes enlarges the spirit. You have to fall back upon humanity and God.- Charles Horton Cooley

It is often the failure who is the pioneer in new lands, new undertakings, and new forms of expression. - Eric Hoffer

Let us not be needlessly bitter; certain failures are sometimes fruitful. - E. M. Cioran

If I win several tournaments in a row, I get so confident I'm in a cloud. A loss gets me eager again.- Chris Evert Lloyd

There's nothing that cleanses your soul like getting the h*** kicked out of you.- Woody Hayes

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Sunday Evening 4-21-24

 Goldilocks' Comments and Global Economic News Sunday Evening 4-21-24
Good Evening Dinar Recaps,

Hong Kong Digital Banking Announcement:

Hong Kong is offering new guidance on their TM Systems Technology currently in development.

TM System's "goal is to become global leaders in security consulting services and location-based analytics along with software development."

This new technology will help them with their new in-house Derivatives Platform. It will run on the Orion Derivatives Platform. And, it has enhanced trading and clearing capabilities that will enable them to run almost 24 hours a day.

Hong Kong already has their own electronic security system, and this new system is currently in process of being developed for added security protection going forward on their derivatives platform.  Mayer Brown   Finance Feeds   Linkedin   Trade Easy

© Goldilocks

~~~~~~~~~

 "Putin Orders Developing Grain Exchange Mechanism between BRICS Countries"

This new "Grain Exchange Mechanism" involves the BRICS group being encouraged to buy from local producers directly.

This proposal is being submitted to The BRICS summit in October. Russia has already shared with us last week that they are evolving into a Gold Standard economy in the country.

This collective shift in trade mechanisms has the capacity to transition the Global Trading Economy as the BRICS system grows.

It has ripple effects on how the Federal Reserve's suppression of gold will play out in the releasing of caps on gold in order to be competitive in Global Trading.

This move by Russia has the power to challenge the dollar under a Gold Standard regimen.

A revaluation in the gold price will profoundly affect our new tokenized assets that are backed by gold including our Stablecoins that are backed by gold.  See News   Youtube

"All roads lead to gold, and "digital gold" will set us free.

WATCH THE WATER.

© Goldilocks
~~~~~~~~~

Yesterday, the Deutsche Bundesbank announced plans to work with the Massachusetts Institute of Technology’s Digital Currency Initiative (MIT DCI) to explore privacy and security solutions for central bank digital currency  (CBDC).|   Ledger Insights

~~~~~~~~~

On 3 March 2024, the EU co-legislators adopted Regulation (EU) 2024/886 on instant credit transfers in euro, often called the ‘Instant Payments Regulation’ (IPR). 

The IPR was published in the Official Journal of the European Union on 19 March 2024 and entered into force twenty 20 days thereafter (i.e. on 8 April 2024) the text is available here (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L_202400886). 

Of course, it doesn’t mean that payment service providers (PSPs) will have to comply with all IPR rules right away, but instead, the IPR goes together with a number of key implementation deadlines.   TwoBirds

~~~~~~~~~

Canada's Real-Time Rail program resumes with renewed momentum | Payments

~~~~~~~~~

"Project FuSSE (Fully Scalable Settlement Engine, pronounced as fyooz) is a BIS Innovation Hub project that aims to modernize financial market infrastructures for the demands of the digital age. In the face of a rapidly digitizing economy, the traditional systems face myriad challenges. FuSSE offers an open-source solution designed to meet these evolving demands head-on.

Project FuSSE marks the first collaboration between the BIS and the Inter-American Development Bank (IDB), following an agreement signed by the two institutions in September 2023. The presentation of FuSSE's progress and the official start of technical cooperation between both entities took place in Washington, D.C., in an event attended by the BIS general manager, Agustín Carstens, the president of the IDB, Ilan Goldfajn, and the governors of central banks from Chile, Colombia, and Uruguay."  BIS

~~~~~~~~~

What the Iraqi PM Told Iraqi People Living in the US on Thursday | Youtube

👆  Goldilocks pointed to this video

~~~~~~~~~

If you missed the SNL call last night with Freedom Fighter and Jester breaking down Goldilocks posts, you can find the mp3 recording in the Archive Room Here:  https://t.me/c/1570377332/39328/39735

~~~~~~~~~

Follow Goldilocks' Roadmap

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Iraq Economic News and Points to Ponder Sunday Afternoon 4-21-24

Iraq Economic News and Points to Ponder Sunday Afternoon 4-21-24

Bush Signed It And All Presidents Implemented It. Iraq’s Funds Have Been Under America’s Guardianship For 21 Years

 Reports And Analyses     USA President     George Bush     Iraqi Money     Signing An Executive Order

2024-04-18 Shafaq News/ Successive American administrations are still renewing the implementation of the presidential executive order issued by former President George W. Bush regarding the protection of the “Development Fund for Iraq”, in which the proceeds of oil sales were deposited with the aim of protecting it from any legal prosecutions, in addition to other orders related to Iraq and aiming to protect its money.

 This happened more than two decades after the regime changed in the country.

 The current US President, Joe Biden, signed the decree extending the state of national emergency related to the situation in Iraq for another year, which stated:

 “There are still obstacles to the orderly reconstruction of Iraq, restoring and maintaining peace and security in the country, and developing political, administrative and economic institutions in Iraq.”"

 The statement added that  these obstacles "pose an extraordinary threat to the national security and foreign policy of Iraq and the United States of America as well.

 Therefore, (Joe Biden) has decided that it is necessary to continue the state of national emergency declared under Executive Order 13303 regarding the stability of Iraq."

 Order 13303

 The executive order aims to protect the Development Fund for Iraq and some other properties in which Iraq has an interest. According to the text of the executive order, then-US President George W. Bush saw that there was a threat to seize or take other judicial measures against the Development Fund for Iraq, Iraqi oil and petroleum products, and the revenues that arise. about her".

 The executive order also stated that this situation “poses an extraordinary threat to the national security and foreign policy of the United States, and therefore a national emergency has been declared to deal with this threat.”

 The order stipulates that any seizure, judgment, decree or other judicial action against the Development Fund for Iraq or Iraqi oil and petroleum products, and the proceeds and obligations relating to their sale or marketing, shall be considered null and void.

 The executive order prohibits all US citizens and residents of the United States, as well as any entity organized under US laws, from filing lawsuits against Iraqi funds.

 According to the US National Emergency Law, failure to renew the executive order within a period of 90 days from the date of the previous renewal means that it will become invalid.

 Development Fund For Iraq

 The Development Fund for Iraq was established after 2003, and  before that, money from Iraqi oil sales was placed in an account managed by the United Nations within what is known as the Oil for Food Program.

 In the mid-nineties of the last century, the UN Security Council resolution related to oil for food was issued and stipulated the sale of a portion of Iraqi oil in exchange for the purchase of medicines and food during the era of Saddam Hussein’s regime, which suffered international sanctions as a result of its invasion of Kuwait in 1990.

 This situation continued until 2003, when a new Security Council resolution was issued under which most of the economic sanctions were abolished, provided that issues related to the invasion of Kuwait were resolved, such as compensation, prisoners, and others.

In this regard, Iraqi writer and political researcher Aqeel Abbas said,

“When the sanctions were lifted, a problem arose, which is that there are cases filed against Iraq by dozens or hundreds of companies that were harmed by Iraq’s invasion of Kuwait in European countries and others.” Abbas added to the Al-Hurra website that

 "Iraqi embassies at the time did not attend court sessions to defend or reduce compensation, and thus the courts issued judgments in absentia for very high amounts." Abbas, who resides in Virginia, confirmed that

 "there are judicial seizure orders on Iraqi funds until the amounts of the lawsuits ruled by the courts are satisfied."

 “Thus, what saved Iraq from these lawsuits was the protection decision issued by former US President George Bush in 2003,” according to Abbas, who pointed out that

 “under the presidential executive order, Iraqi funds in the Development Fund for Iraq became protected as if they were American funds.”

 American Influence

 In 2010, the Development Fund for Iraq was canceled by a UN decision, which also ended all international guarantees of immunity granted to Iraq from claims for compensation.

 Instead of the canceled fund, an account affiliated with the Central Bank of Iraq was opened at the US Federal Bank in which all proceeds from the sale of Iraqi oil were placed.

 However, the United States continued to renew the presidential executive order, issued in 2003, annually with the aim of protecting Iraqi funds from any judicial prosecutions.

The former member of the Iraqi Parliament’s Finance Committee, Ahmed Hama Rashid, said,

“The situation remaining as it is means that the fate of Iraq’s money will remain tied to the United States, which represents a strong pressure card in the hands of Washington,” indicating that

 “this issue cannot be resolved except by paying all debts.” "This will take years, if not decades."

 On the other hand, Aqeel Abbas pointed out that linking the issue of protecting Iraqi funds from prosecution to the United States “gives Washington great influence over Baghdad,” adding that

“resolving the crisis requires a political decision, as happened with Greece and Argentina, for example, by seeking the help of a reputable and reputable law firm.” "She is given full powers."

The spokesman for the Iraqi Prime Minister apologized for the comment, and  it was not possible to obtain a comment from the White House or the US State Department until the publication of this report, according to the Al-Hurra channel.  

 https://shafaq.com/ar/تقارير-وتحليلات/وقعه-بوش-وعمل-به-جميع-الر-سا-موال-العراق-تحت-وصاية-مريكا-منذ-21-عاما   

The Ministry Of Finance Specifies Steps That Must Be Taken Before Canceling The Currency Selling Window In Iraq

 Economy     Parliamentary Finance     Dollar selling window

2024-04-20 04:54 Shafaq News/ The Parliamentary Finance Committee confirmed, on Saturday, that the

Central Bank of Iraq had taken a decision to cancel the currency sale window, indicating the necessity of taking steps prior to implementing this decision.

 Member of the Parliamentary Finance Committee, Hussein Moanis, told Shafaq News Agency,

 “There is a decision issued by the Central Bank to cancel the window for buying and selling foreign currency in the year 2024, but it did not specify the exact time to start the decision.” He explained that

 "canceling the currency selling window is linked to the

     reliance of private banks on correspondence with international banks and the

      method of currency conversion."

 This comes after the Central Bank of Iraq gave up its status as a “correspondent” and granted it to several foreign banks, a step with unclear definitions and results, and some observers have warned against it.

 In November 2023, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the start of importing dollars into the country through Iraqi bank accounts abroad.

 Munis asserts that   "this step must be preceded by an increase in the classification of Iraqi banks, and

 this is what qualifies them to deal with international banks,

 but the real problem that we face is that Iraqi banks

     do not have a correspondent and

     are not accredited outside the country."

 The member of Parliamentary Finance pointed out that  “the government and the Central Bank are seeking to strengthen and increase the classification of private banks,” indicating “an intention by the banks to engage in correspondence and external transfers.”  

 https://shafaq.com/ar/اقتصـاد/المالية-تحدد-خطوات-يتعين-اتخاذها-قبل-الغا-نافذة-بيع-العملة-في-العراق   

The Governor Of The Iraqi Central Bank Reveals The Amount Of The Bank’s Reserves Of Dollars And Gold

 Economy     Central Bank of Iraq  2024-04-20 Shafaq News/ The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the amount of the bank’s reserves of US dollars and gold.

 Al-Alaq told the CNBC Arabic website that the Central Bank has a foreign reserve of more than 100 billion dollars, indicating that

 the bank’s gold reserves amount to more than 130 tons, most of which are located in England.

 Speaking about Iraqi foreign trade, Al-Alaq pointed out that the volume of trade with the UAE amounts to 17 billion dollars and is paid in UAE dirhams, pointing out that the

 First Abu Dhabi Bank is the one responsible for the trade transfers in UAE dirhams.

 https://shafaq.com/ar/اقتصـاد/محافظ-المركزي-العراقي-يكشف-كمية-احتياطات-البنك-من-الدولار-والذهب     

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

Provoking Points To Ponder on Failures and Mistakes

A stumble may prevent a fall.- Thomas Fuller

A life spent making mistakes is not only more honorable but more useful than a life spent doing nothing.- George Bernard Shaw

It is defeat that turns bone to flint; it is defeat that turns gristle to muscle; it is defeat that makes men invincible. Do not then be afraid of defeat. You are never so near to victory as when defeated in a good cause.- Henry Ward Beecher

Besides the practical knowledge which defeat offers, there are important personality profits to be taken. Defeat strips away false values and makes you realize what you really want. It stops you from chasing butterflies and puts you to work digging gold.- William M. Marston

No experiment is ever a complete failure. It can always be used as a bad example.- Paul Dickson

Failure is the foundation of success, and the means by which it is achieved.- Lao-Tzu

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