Iraq Economic News and Points To Ponder Late Saturday Evening 5-25-24

Iraq Economic News and Points To Ponder Late Saturday Evening  5-25-24

The Government Sees Clear Indicators: The Parallel Dollar Will Be Equal To The Official One

Economy | Yesterday, 23:41 | Baghdad today – Baghdad   Today, Saturday (May 25, 2024), Mazhar Muhammad Saleh, the economic advisor to the Prime Minister, confirmed that

 the dollar exchange rate in the parallel market is close to matching the official price, in conjunction with the increased capacity of banks to meet requirements.

Saleh said in a press statement followed by “Baghdad Today” that

 “the price of the dollar will be 1320 dinars in the coming days,” noting that

 “the important factors that work to reduce the value of the US dollar against the Iraqi dinar in the parallel exchange market will remain centered on two important variables, the  first of which is the rise Capabilities of operating banks to comply with external transfer rules. 

He explained that  "the indicators are witnessing a cumulative increase, according to which the percentage of requested and executed requests in foreign currency for the benefit of financing foreign trade for the private sector through official transfer ports has increased, which has increased to more than 85%."

 For more than two months, the exchange rates of the dollar against the Iraqi dinar have stabilized around 145 thousand dinars per 100 dollars, after it was between 155 and 160 thousand dinars per 100 dollars, while the decline in the exchange rate coincided with an increase in the amount of the Central Bank’s sales of dollars.    

https://baghdadtoday.news/250170-الحكومة-تلمس-مؤشرات-واضحة-الدولار-الموازي-سيتساوى-مع-الرسمي.html

Launching The Activities Of The National Bank Lending Strategy 2024-2029

 May 25, 2024     His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, launched the National Bank Lending Strategy in Iraq 2024-2029, in the presence of a number of officials and representatives of diplomatic missions and organizations in Iraq, in cooperation with the German Agency for International Cooperation (GIZ).

     His Excellency the Governor said in a speech he delivered during the celebration:

The lending strategy started from the pivotal role of the banking sector in the financial system, by acting as an intermediary between depositors and borrowers, and

through it is achieved to support economic growth, strengthen the business sector and help individuals achieve their needs and ambitions, indicating that bank lending It is the cornerstone of economic activity, driving growth and achieving well-being.

     His Excellency added that there is an urgent need today to stimulate and diversify the Iraqi economy, stressing that the Central Bank of Iraq’s housing lending initiatives that it launched through the Real Estate Bank and the Iraqi Housing Fund have reached about (11) trillion dinars.

     His Excellency stressed the need to expand the base of financial inclusion in Iraqi society, especially the expansion of the activities of small and medium enterprises, which are the backbone of the economy,

 pointing out that employing the workforce is a matter of interest and focus for the Central Bank and the continuation of its initiatives for small and medium enterprises, which will culminate in the launch of Riyada Bank, supported by By the Central Bank of Iraq and with the contribution of private banks.

    He believed that developing and implementing the national lending strategy for the years 2024-2029 requires cooperation between a wide number of relevant parties and a shared interest, to achieve the desired goal.     Central Bank of Iraq    information Office    May 25, 2024  https://cbi.iq/news/view/2589     

Report: Arab Banks Expand In Iraq Because Of Washington!

 Economy |    25/05/2024  Mawazine News - Follow up  Al-Arabi Al-Jadeed newspaper published a report in which it talked about the expansion of the work of Arab banks in Iraq, while indicating an increase in investments in the country as a result of US sanctions on Iran.

 Report text:  Major Arab banks have expanded their presence in the Iraqi banking sector over the past months, through their cash investments and direct dealings with private Iraqi banks, amid efforts to enhance the financial and cash balances of Iraqi banks and attract foreign capital.

 Iraqi banks are facing major challenges against the backdrop of sanctions imposed by the US Treasury Department on 24 banks, banning their cash transactions in dollars, to limit currency waste and suspicious transfers.

 This ban affected banking services inside Iraq, which prompted the Central Bank of Iraq to issue its latest instructions to return to Law No. 4 of 2010, which stipulated the approval of one or more qualified shares for joint-stock banks, on the condition that this joint-stock bank be monitored by the central bank in its home country.

 Which contributed to opening the way for Arab and foreign banks to open their financial credits and cash investments with a number of Iraqi private banks.

The volume of external transfers to Iraqi banks and banks, directly or through correspondent and joint-stock banks, amounted to approximately 265 million dollars per day, by purchasing the dollar through the currency selling window at the official price of 1,310 dinars per dollar, while no official statistics were issued on the size of the cash masses that were pumped to buy. Shares in Iraqi banks.

 In details, the Central Bank of Iraq recently granted four new licenses to Jordanian banks, namely the Union, Housing, Jordan, and Arab Banks, and they were preceded by other licenses to Arab and foreign banks according to investment ratios contributing to the Iraqi private banking sector.

 A local newspaper published that the share of Arab banks in the National Bank of Iraq amounted to 76.7 percent of the bank’s shares, while the share of the Jordanian Capital Bank reached 61.85 percent, the share of Cairo Amman Bank reached 9.90 percent, while the share of the Palestinian Arcadia Investment Fund reached 5 percent.

This comes amid the efforts of the Jordanian Housing Bank to buy a stake in the Iraqi Al-Mansour Bank, to which Qatar National Bank contributed 54 percent. Earlier, the Jordan Kuwait Bank announced the signing of the agreement to purchase a 51.79 percent stake in the Bank of Baghdad’s shares.

 Acquisition opportunities

 Financial and banking expert, Abdul Rahman Al-Sheikhli, said that there are no specific numbers about the volume of Arab and foreign investments in Iraqi banks, but the Central Bank of Iraq has given foreign and Arab banks opportunities to acquire large shares in Iraqi banks at a rate of more than 50 percent.

 Speaking to Al-Araby Al-Jadeed, Al-Sheikhli stated that the goal of the Central Bank of Iraq in granting contributions at high rates is to try to bring non-Iraqi capital to the sector.

He added that Arab countries' investment in Iraqi banks is large, amid contributions from Jordanian, Kuwaiti, Qatari and Emirati capital.

 He pointed out that the Central Bank of Iraq's invitation to foreign banking investments came due to the migration of Iraqi capital abroad and the smuggling operations resulting from the financial and administrative corruption that has spread throughout the entity of government institutions.

 He added that the lack of cash liquidity in banks is due to the loss of citizen confidence in the Iraqi banking system, specifically private banks, which prompted the necessity of bringing in foreign investments.

 New investments support Iraqi oil

 Al-Sheikhli explained that Iraq today is witnessing relative stability in the political, security and economic system, and the investment environment has become safe and attractive for investment, especially after the emergence of real projects in the country, whether governmental or within the private sector.

Al-Sheikhli stressed the importance of using foreign investments, which will contribute to creating additional resources away from the oil that Iraq has relied on over the past years.

 The US sanctions imposed on private Iraqi banks and the restriction of dealing in foreign currencies gave the opportunity to foreign and Arab banks that hold accounts with international and American banks to contribute to the market share in Iraq in a very large proportion.

 Financial expert, Safwan Qusay, said that reconsidering restricting the movement of these Iraqi banks would prevent the monopoly of foreign banks operating in Iraq, which hold large accounts and credits with Iraqi banks at a rate exceeding 49 percent of the capital.

  During his conversation with Al-Araby Al-Jadeed, Qusay stressed the necessity of protecting the financial system and providing an integrated banking system that relies on reviewing the policies of the Central Bank of Iraq by preventing monopoly operations on the sale of foreign currencies, including the dollar.

Qusay stressed the importance of lifting the sanctions and restriction system and replacing it with the correction system, and guiding the restricted banks to enhance their ability to comply, meet the needs of customers, know the movement of the Iraqi dinar, and invest in technology.

 He pointed out the need to review the mechanism for obtaining the dollar and the share of foreign banks from it.     https://www.mawazin.net/Details.aspx?jimare=248623    

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

Provoking Thoughts and Points to Ponder on Money

I haven't heard of anybody who wants to stop living on account of the cost.  - Kin Hubbard

It isn't enough for you to love money - it's also necessary that money should love you.  - Baron Rothschild

Philanthropist: a rich (and usually bald) old gentleman who has trained himself to grin while his conscience is picking his pocket.  - Ambrose Bierce

The darkest hour of any man's life is when he sits down to plan how to get money without earning it.  - Horace Greeley

The petty economies of the rich are just as amazing as the silly extravagances of the poor.  - William Feather

 http://www.famousquotesandauthors.com/topics/money_quotes.html

http://www.famousquotesandauthors.com/

Goldilocks' Comments and Global Economic News Saturday Evening 5-25-24

Goldilocks' Comments and Global Economic News Saturday Evening 5-25-24

Good Evening Dinar Recaps,

HKMA is making changes to their USD liquidity facility.

"A liquidity facility is a committed, undrawn backup facility that can be used to refinance a customer's debt obligations if they are unable to roll it over in financial markets."

HKMA is moving their money settlement process from T+1 to T+0. The Hong Kong Monetary Authority is making this policy change to give them instant access to money flows.

Hong Kong has been in pilot programs in the new digital economy that enables them to process their digital money instantly.

This will give them a trading advantage that many countries will want to catch up to going forward. This is why I told you a while back that the movement from T+1 settlements at the end of this month would not last long.

It looks like the new digital asset-based trading system has now become a driver for the rest of the global economy to interface new electronic settlement protocols just to keep pace.

The new digital payment system has now become a competitive edge for countries who are further along in the new QFS.   HKMA   ADGM

© Goldilocks

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HKMA Announcement:

"HKMA Updates Social Performance Module (SPM) to Drive Banking Sector Upskilling"

We have recently been talking about many banks going through logistics training and especially in their foreign currency exchange departments.

Here, we have a report that Hong Kong is Upskilling their banking practitioners.

Part of the reskilling of their banking employees deals with The Exchange Stabilization Fund. The ESF deals with three types of assets:
* The US Dollar
* Foreign Currencies
* Special Drawing Rights

The SDR  is an international reserve asset. It is created by the International Monetary Fund. This particular asset class is a transitional currency. It will help stabilize and redistribute monetary volumes and access expansion to various currencies to aid in the process of moving from a World Reserve Asset to a local currency regimen backed by gold.

This process will begin to create price pressures on global currencies. Credit valuation adjustments will be a part of this process.

As of August 2023, the SDR basket of currencies consists of the following percentages:
* US dollar: 43.38
* Euro: 29.31
* Chinese yuan: 12.28
* Japanese yen: 7.59
* British pound sterling: 7.44

These percentages will shift during the transition as new alliances have been formed the last few years through new trading partners. Don't be surprised if we do not see a digital currency added to this list.

Hong Kong is an open market economy driven by supply and demand. Currently, the United States dollar is their main asset to drive their Market, but a shift change to a gold backed regimen will immediately change everything for Hong Kong and those who trade with them which is many countries.

Hong Kong has been through several digital pilot programs and completed many of their projects. They are well equipped for the new shift in our economy.

China is currently driving the gold market to new highs along with new BRICS Nations. These changes will come at a heavy price on the US Dollars' performance.

We are in a transition that has taken a lot of time, but the shifts to the global economy are beginning to take a different shape.  Investopedia   HKMA   Linkedin   Home  Treasury.  RegulationAsia

Gold will set us free.

© Goldilocks

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Hong Kong | Imports and Exports | World | ALL COMMODITIES | Value (US$) and Value Growth, | Trend Economy

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UK Approves First Physically Backed Bitcoin and Ethereum ETPs for Listing on London Stock Exchange – Bitcoin News

UK Approves First Physically Backed Bitcoin and Ethereum ETPs for Listing on London Stock Exchange. At this time, these Exchange Traded Products will only be available for professional traders.

Its 100% physically backed Bitcoin and Ethereum ETPs, Wisdomtree Physical Bitcoin and WisdomTree Physical Ethereum will be listed on the LSE at the earliest date possible which is expected to be on Tuesday, May 28th.

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Swap Connect: new tools, enhanced products and more solutions | HKEX Group

👆 Hong Kong is ready to transition folks.

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RIPPLE XRP HOLDERS THIS IS HOW XRP BECOMES BIGGER THAN BITCOIN | Youtube

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UBS distributes first fund issued on iCapital's DLT infrastructure - Ledger Insights 

iCapital, the marketplace for alternative investment funds, has launched its distributed ledger technology (DLT) solution. The first fund issued using the technology is being distributed by UBS Wealth Management and administered by Gen II, although it did not disclose the asset manager.

https://www.ledgerinsights.com/ubs-distributes-first-fund-issued-on-icapitals-dlt-infrastructure/

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Hong Kong is one of the few open market economies that we have. Vietnam is about to become one in July.

There will be many more, and the changes in currency rates will be determined by these changes.

© Goldilocks

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This is CRITICAL | Youtube

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Join the Seeds of Wisdom Team SNL call with Freedom Fighter breaking down Goldilock's weekly posts!  Jester will be joining too!   SNL Call Link

9 pm EDT / 8 pm CDT / 6 pm PDT

The SNL Q & A room will be open at 8 pm ET, 7 pm CT, and 5 pm PT to ask questions that will be answered on the call!

The call will be recorded and you can find it in the Archive Call Room after the call is over.

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“Tidbits From TNT” Saturday 5-25-2024

TNT:

CandyKisses:  Taif Sami in the House of Representatives next week

Baghdad - Iraq Today:

The Chairman of the Finance Committee, Atwan Al-Atwani, confirmed that the Minister of Finance will host early next week on the 2024 budget tables.

The media office of the Chairman of the Finance Committee quoted in a press statement as saying: "The Minister of Finance will be hosted early next week on the 2024 budget tables."

He added that "the Minister of Finance will discuss the reasons for the increase in operating expenses as well as the financing file."

"We agreed to complete the discussions of the law amending the staff in the next meeting in order to submit it to the House of Representatives for a vote," he said.

CandyKisses:  Ending the UNAMI Mission Marks a Step for Iraq Regaining Full Sovereignty

Farhad Alaaldin-The Iraqi Prime Minister's Advisor for Foreign Affairs

Saturday - 25 May 2024 

In a formal letter, dated 8 May 2024 and addressed to the United Nations Secretary-General, Antonio Guterres, Iraqi Prime Minister Mohammad Shia al-Sudani called for “ending the mandate of the United Nation’s Assistance Mission in Iraq (UNAMI) on 31 December 2025", emphasizing that "after more than 20 years of democratic transition and overcoming great and diverse challenges, the justifications for a political mission in Iraq are no longer present".

This letter was delivered in time, by the Iraqi Charge d'Affaires at the United Nations, before the Security Council (SC)’s scheduled meeting on 30 May 2024, to vote on UNAMI's fate. Iraq is not a member of the Council, however, it will be difficult for the existing SC members to ignore the wishes of an elected Government of Iraq. 

The strategic review

In May 2023, Iraq made a formal request to the SC to reduce the UNAMI mandate. In response, the Council set up a three-man committee, headed by Volker Perthes of Germany, to carry out a “Strategic Review” of UNAMI's mandate, based on the SC resolution 2682 (2023). The committee visited Iraq in Nov 2023 and conducted 250 interviews with various stakeholders, including the Federal Government, the Kurdistan Regional Government, political parties, civil society organizations, think tanks and the UNAMI staff all over Iraq. They also reviewed the papers and work of UNAMI both in Iraq and New York, before submitting their report to the Secretary General in Feb 2024.

The ‘Perthes’ report unequivocally acknowledged the progress made in Iraq, and that: "the Iraqi political system has, at least over the past eighteen months, increasingly demonstrated its ability to manage crises". It further adds "no UN political mission should stay in a country forever. Prolonged third-party presence may discourage local solutions and national ownership". Perthes therefore recommend that “the Mission begin to transfer its functions to national institutions and the United Nations country team in a responsible, orderly and progressive manner within an agreed time frame."

Thus, both the Iraqi Government and Perthes’ Strategic Review agree on ending the mission, with a slight variation in the timing and process, as the Iraqis want to end the mission by Dec 2025 with an immediate winding down and switching the focus away from the political file, to "economic reform, service provision, sustainable development, and climate change”. Perthes’ report, however, recommends ending the mission by June 2026 while keeping the political files with a gradual weaning process.

Iraq facing its own challenges

This year will see the end of three significant missions in Iraq that were all set up under various Security Council Resolutions, namely the UNITAD, the UNAMI and the International Coalition to fight ISIS. As a result, Iraq will be a step closer to taking full responsibility for its destiny as a confident and fully sovereign state. Critics might see the ending of these missions, all in one go, leading to Iraq’s isolation. However, the Iraq of 2024 is not the same Iraq of 2003 when the regime collapsed, or the Iraq of 2014 when ISIS ripped through the country and took over one-third of it. Today’s Iraq is more stable, confident and forward looking.

Iraq is now seeking to confront its own challenges directly, but with international cooperation. Many of the key challenges have persisted for over two decades when the UNAMI was operational in the country. Clearly the issues are complex but experience shows that solutions come primarily from within, as acknowledged and encouraged by the Strategic Review Report. The report emphasized that "ownership of these issues is now in the hands of Iraqi institutions. They have the capability to advocate for peace and stability within the country and with external actors." Indeed, such capability was vividly illustrated in Kirkuk, where the Prime Minister presided over the meetings of the various political parties to hold Kirkuk provincial elections, which have not taken place since 2005. Another example is the border security agreement signed with Iran, and the Strategic Cooperation Agreement signed with Türkiye to deal with the most difficult challenges relating to both Water and Security.

Thank you UNAMI

The Iraqi Government deeply appreciates the UNAMI and other UN agencies' positive roles in Iraq over the past two decades. In a statement issued on May 12, the Iraqi Government expressed "gratitude to UN Secretary-General Mr. Antonio Guterres, the Special Representative of the UN Secretary-General in Iraq, Ms. Jeanine Hennis-Plasschaert, and all UNAMI staff for their support over the past years." Undoubtedly, Ms. Hennis-Plasschaert’s dynamic and energetic engagement and significant contributions to Iraq have been instrumental and widely acknowledged.

However, many critics within Iraq often highlight the failure of UNAMI to execute some of its mandates over the past two decades, despite ample national and international support. Some go as far as accusing the UNAMI of systematically ignoring the shortcomings of Iraq’s political system, the widespread election fraud and human rights abuses that the Iraqi government itself had recognized. It was during the UNAMI’s presence that Al-Qaeda flourished, ISIS invaded the country, violence erupted in the aftermath of the Kurdish Referendum of independence and Iraq suffered the worst political deadlock after the 2021 election which led to the withdrawal of the Sadrist Movement from the political process. Other outstanding processes that fall within the UNAMI’s mandate that remain unaccomplished, include the Kuwaiti’s missing persons and national archives in Iraq, the implementation of the Sinjar agreement and the failure of Kurdistan Region to hold general elections for two years.

That said, the Iraqi Prime Minister firmly believes that these ongoing issues can only be resolved through national efforts, by bringing together Iraq’s political leaders to hammer out practical solutions. This is exactly what recently led to breakthroughs in Baghdad – Erbil cooperation, and the holding of Iraq’s first and most peaceful provincial elections since 2013.

Furthermore, Iraq is going to ask for UN help in some of the files, such as elections, Iraq would seek UN help with a team of experts to provide technical support as they have done in the past, however, such help would be temporary and only for the duration of the election process. Another example would be the continuation of the tri-partite process of the Kuwait file, where the Iraqi government will work diligently to conclude this file with the help of the International Red Cross and technical support of the UN if needed.

The future

PM Al-Sudani has frequently asserted that “the guiding principle” of his foreign policy is "Iraq first", via building strong partnerships based on common interests with friendly countries in the region and beyond. Iraq will work with all its international partners to forge bilateral alliances that help its security and stability, and will open up to business and economic partnerships. Signing the Development Road agreement with Türkiye, Qatar, and the United Arab Emirates is a good example of using economic opportunities as launching pads for future regional cooperation.

The Iraqi government is working hard on addressing the three areas of concern that is highlighted in Perthes’ Strategic Review, where he concludes that “the stability of Iraq today is fundamentally threatened by three phenomena: (a) the fragility of institutions; (b) the proliferation of armed actors; and (c) the potential for the emergence of a new ISIS or other forms of terrorism and violent extremism.”

Significant strides have been achieved in bolstering the institutions, fighting corruption and depoliticizing the institutional leadership positions. On the proliferation of armed actors, the Prime Minister made it clear that “these groups grew out of the complex circumstances that Iraq encountered while confronting terrorism. But little by little, as security and stability are restored, the need for weapons outside the control of the state and its institutions will disappear. We are working concertedly toward that end”. As for terrorism and violent extremism, the Iraqi government believes that ISIS is now defeated and no longer poses a threat to the state of Iraq. Its comeback is rendered even more difficult by the enhanced capability of Iraqi security forces, the new stability that Iraq enjoys, and the economic boom which no part of Iraq is feeling left out.

Iraq is now poised to play the pivotal role it is destined to play in the region, and regaining its sovereignty is the first step. Ending international missions such as UNAMI will strengthen Iraq further by relying on its own institutional capacities to tackle the various challenges it continues to face.

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

CandyKisses:  Iraq announces investments amounting to about $1.5 billion

Economy News - Baghdad

Today, Friday, the Iraq Fund for Development outlined three achievements it has achieved since its founding, while announcing investments amounting to about $1.5 billion.

The Executive Director of the Iraq Fund for Development, Advisor to the Prime Minister for Investment Affairs, Muhammad al-Najjar, said, “Since its establishment less than a year ago, the Fund has achieved three achievements, the first of which is: signing 17 memorandums of understanding with 17 different companies (Saudi, British, and American) to enter into... Iraq".

Al-Najjar added, "The value of the total investments achieved by these memorandums approached one and a half billion dollars," pointing out that "these imports for the first time enter Iraq, not in the field of energy, but in the field of industry, agriculture, and gas production, that is, industrial gases."

He pointed out that "the second achievement was the launch of the investment schools project, and applications were submitted to build 2,000 schools through investment, and the state rents them from investors, which saves huge sums of money, since for the price of 100 schools we can build 1,000 schools in a much shorter period of time than was thought." That is, school crises will be resolved as quickly as possible.”

He continued: “As for the third achievement, it represented the launch of social projects for the first time, such as building schools and so on, implemented through the private sector, and for the first time we can attract the private sector to this number and this number of investments related to the state, which is considered a fundamental change that the government and the Fund have succeeded in establishing.” For him, under the government of Prime Minister Muhammad Shia al-Sudani.”

He pointed out that "there is an international desire to enter the fund, but our tendency is for participation to be through companies investing in Iraq, and not directly in the fund, because the fund has the peculiarity of being financed from the general budget and subject to the laws of the Iraqi state."

He stated that "funds and companies often prefer to operate under the laws of the private sector, so we have attracted investments for companies," stressing that "the amount of investments that entered compared to the fund's capital is very large."

He concluded by saying: "We are currently working according to the rule that for every dinar we attract ten dinars, meaning that if a trillion is allocated, we try to set investment rates worth ten trillion dinars in return."

Mot: ..... I Try and ~~~~

Mot: . Already fur da Camping Season I Is!!! 

MilitiaMan: Iraq Dinar-IQD Enhanced Value to Currency-Gold-Reserves-2024 Budget-HoR Vote-WTO Accession

Iraq Dinar-IQD Enhanced Value to Currency-Gold-Reserves-2024 Budget-HoR Vote-WTO Accession

MilitiaMan and Crew:  5-24-2024

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=35pj0RkYnww

Iraq Economic News and Points To Ponder Late Friday Evening 5-24-24

Iraq Economic News and Points To Ponder Late Friday Evening  5-24-24

The Dollar Is Leaking”... Central Bank Sales In Numbers And An Expert Raises Several Questions

Time: 05/24/2024 Read: 2,054 times   {Economic: Al-Furat News} An economic expert raised several questions regarding the Central Bank of Iraq’s dollar sales and their comparison with previous years.

Manar Al-Obaidi said in a statement, a copy of which was received by {Al-Furat News}, “By reviewing the Central Bank’s sales of the dollar, both cash and remittances, it is noted that the bank’s sales of foreign currency cash to the local market were not greatly affected in 2023, which is the year in which the crisis of American restrictions on dollar sales began.” ".

He added, "According to Central Bank data on foreign currency sales to local markets, the value of dollar cash sales in 2023, the year of the dollar crisis, amounted to 8.4 billion US dollars, noting that the average foreign currency sales of the dollar from 2006 until 2022 amounted to 6.1 billion dollars."

He pointed out that “the Central Bank’s sales of cash are higher than the average sales of the Central Bank over all the past years, and the ratio of cash sales to total foreign currency sales in 2023 was 25%, while the average ratio of cash sales to total foreign currency sales was over Extension of years (2006-2022) 18.7%.

Al-Obaidi stated, “What actually decreased and was affected were the Central Bank’s sales of dollars through the remittance window, as the value of the Central Bank’s sales through the remittance window for the past year amounted to 25 billion dollars, while the average foreign exchange sales of dollars from 2006 until 2022 was 31 billion US dollars and amounted to The highest value of the Central Bank’s sales from the remittance window in 2019, amounting to 45 billion dollars.”

He explained, "From these numbers, it is clear that what affects the exchange rate in the local market is the decrease or increase in the Central Bank's sales of foreign currency through the remittance window, and not cash sales, which were not greatly affected over the previous years."

The economic expert pointed out, “Based on these numbers, two questions arise. The first is: If the majority of the Central Bank’s sales of foreign currency over the years from 2006 to 2023 were through the remittance window, at a rate of 84% of the Central Bank’s total sales, then what is the source of foreign currency?”

Which was available in the local markets? Why was the parallel exchange rate affected by the remittance sales window if the demand was to cover the internal need, given that the remittance window sales deliver hard currency outside Iraq?

He said, "The sales of the Central Bank through the cash window from 2006 until 2023 amounted to more than 113 billion US dollars, and where was this mass of hard currency consumed? Was it all consumed outside Iraq to cover the travel expenses of Iraqis? Or was it done to cover specific types of merchants that were not Can you enter the external transfer window, or was it used for other purposes?

Al-Obaidi continued, "These data and questions require a deep analysis to know what the foreign currency cycle is in Iraq and who is responsible for the continued demand for it in the local market despite the high remittance window. Does Iraq really need cash sales of the dollar amounting to $9 billion annually, and what are the reasons for this demand? Is it really to cover foreign trade with countries that are prohibited from dealing with?

The Central Bank's management plans to gradually cancel the dollar auction during the year 2024, leading to its complete cancellation by the end of the year, and to maintain it for audit and statistical purposes, in an effort to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full commitment. According to international standards and requirements.

Iraq relies on the platform for selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms for preserving the value of the Iraqi dinar and combating speculative operations in the parallel market.   LINK

The Government Reveals The New Formula For Dealing With The United Nations: UNAMI's Work Will End Politically

Political |  05/24/2024   Today, Friday, government spokesman Bassem Al-Awadi revealed the new formula for dealing with the United Nations, stressing that the work of the UNAMI mission will end on the political side.

Al-Awadi said in a statement, “The UNAMI mission was formed in the eighth month of 2003, after the overthrow of the former regime, the presence of the international coalition, and the absence of a government, but rather a governing council carrying out its new work in Iraq,” indicating that “the idea is for the United Nations to send a group of Experts to provide advice in the areas of political, transitional justice, social reconciliation, etc., in order to help the Iraqi government and provide advice, consultations and opinions, and they are considered as advisors to the government.”

He added, "Dossiers have been identified for these experts, most notably supporting the government politically, especially with the formation of the government, elections, the relationship with the Kurdistan region, the Kirkuk issue, the conflict of the components, the formation of parliament, support for the judicial and legal framework, independent bodies and civil society organizations, in addition to providing advice and assistance regarding border disputes, whether with Iran."

Or Turkey, Saudi Arabia, Kuwait, or Jordan," and the work continued because the conditions in Iraq at the time required such assistance.

He continued, "The mission worked in Iraq and provided great services to the Iraqi people, and tried to push towards the stability of the political process, and submitted important reports to the United Nations. ”

On the basis of which important decisions were issued to support successive Iraqi governments, the political process, and the Iraqi people,”  he explained, explaining that “the Iraqi government and people remember these great services, and they will remain immortal in Iraqi memory, and we will not forget the painful incident, which was the first explosion to which the United Nations building was exposed at that time.”

And the departure of the head of the UNAMI mission in Iraq, Sergio de Mello, along with 30 members of the mission.

He stated that “Prime Minister Muhammad Shiaa Al-Sudani thanked all the figures who received UNAMI up to Jenin-Plasschaert on behalf of the government and the Iraqi people,” explaining that “this case has been going on for 21 years.”

Therefore, if we say that the previous post-2003 Iraqi governments needed some assistance, then the Iraqi government in recent years has become mature and political experience has accumulated, and Iraqi institutions are moving towards specialization, professionalism and exercising full roles, and we have active figures and senior political experts.”

He pointed out that "the state has developed and stabilized during the last two years, as the government manages internal and external political affairs entirely through official institutions. As an example, the parties in Kirkuk Governorate are now asking the Prime Minister to be the guarantor in the process of selecting the governor," in arranging affairs. This file.

He continued, "The security agreement that was concluded with Iran dealt with important aspects. The Iraqi government was the one who concluded it, in addition to developing relations with Turkey, the latest of which was President Erdogan's recent visit to Iraq," pointing out that "the process of forming the government was managed by the Iraqi parties themselves without the need for assistance."

“And developing the relationship with the Kurdistan region, which is carried out through the leadership of Erbil and Sulaymaniyah with the head of government in Baghdad, represented by the Prime Minister.”

He stated that "what is related to the political aspect is that it has become a state of stability, and countries are dealing directly with the Iraqi government," pointing out that "all political forces believe that we have reached a stage of political maturity in which we can give thanks to the UNAMI mission, the United Nations, and the ability of the Iraqis to manage files." politics themselves.

He stressed that "the United Nations Mission (UNAMI) has two tasks in Iraq. The first is the political work that was mentioned, and the second has non-political work, which is providing support in the elections, in the human rights file, in development issues, consultations, and other aspects," adding, "We do not want to dispense with it." About services and relations with the United Nations, but we want to focus on the political aspect and end the mission.”

He pointed out that "Iraq will request the support of the United Nations in the files of human rights, elections, development, and everything in which we need an international role later."

Regarding the human rights file, Al-Awadi stressed, "We need the United Nations to be present and to help with this, and in the climate and environment file."

And other files, but in a new format that includes not having a permanent presence inside Iraq, but it is possible to form committees for a certain period that will come to Iraq and participate in this file and then after that their work will end, without the need for a committee present in Iraq to submit an annual report to the United Nations

. Until “the Iraqi government’s proposal is for UNAMI to remain until after the next parliamentary elections, because the government requested that the last period of the mission’s presence be December 31, 2025, and that the next parliamentary elections are in the month of November, and thus the mission will be present in the elections in accordance with the request.”

The Iraqi government,” explaining that “if the mission is forced to be dissolved before this date, the Iraqi government will be the one that will submit a request to the United Nations to form a specialized committee for elections that will come to assist the Independent High Electoral Commission and supervise, monitor, and then certify the results of the parliamentary elections, as this is necessary for the political process and the government.” ".

He pointed out that “the United Nations’ ratification of the election results is international legitimacy,” pointing out that “Iraqi governments have always enjoyed international legitimacy in every election, most notably the government of Muhammad Shiaa al-Sudani, which enjoyed great popular and international acceptance and support.”

He stressed, "We are keen to have an international committee that helps, monitors and works jointly with the Supreme Independent Election Commission."  https://www.mawazin.net/Details.aspx?jimare=248572

An International Group Considers Iraq To Be One Of The Countries Committed To Combating Money Laundering And Terrorist Financing

The Middle East and North Africa Financial Action Task Force (MENAFATF) decided, in its general meeting held in the Kingdom of Bahrain for the period from 19-23 May this year, to consider Iraq as one of the countries highly committed to the recommendations of the Financial Action Task Force in the field of combating money laundering and the financing of terrorism.

The media center of the Supreme Judicial Council explained in a statement, “The residents’ report on Iraq and the adequacy of the procedures followed by the Iraqi authorities in the field of combating money laundering and terrorist financing was accepted, and this means it will continue to not be included on the gray list, which is the list of high-risk countries in the field of combating money laundering.”

And terrorist financing, after the Iraqi team succeeded in convincing the general meeting of the MENA FATF organization of the adequacy of the measures taken by it in this field.”

It is noteworthy that Judges Ali Hussein Jafat and Dhia Jaafar, deputies of the Karkh Court of Appeal, and Judge Iyad Mohsen, vice president of the Rusafa Court of Appeal, participated in the meeting with a group of representatives of the Anti-Money Laundering Office at the Central Bank of Iraq, as well as representatives of the rest of the relevant Iraqi institutions.

https://www.radionawa.com/all-detail.aspx?jimare=38332

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

Provoking Thoughts and Points to Ponder on Money

 Money is the poor people's credit card.  - Marshall McLuhan

A man is rich in proportion to the things he can afford to let alone.  - Henry David Thoreau

Money is like a sixth sense, and you can't make use of the other five without it.  - W. Somerset Maugham

Money swore an oath that nobody who did not love it should ever have it.  - Irish proverb

I'm so happy to be rich, I'm willing to take all the consequences.  - Howard Ahmanson

 http://www.famousquotesandauthors.com/topics/money_quotes.html

http://www.famousquotesandauthors.com/

Goldilocks' Comments and Global Economic News Friday Afternoon 5-24-24

Goldilocks' Comments and Global Economic News Friday Afternoon 5-24-24

Good Evening Dinar Recaps,

" Chairman of the Securities Commission in Iraq, Faisal Al-Haims, confirmed today, Wednesday, that the authority is studying the possibility of licensing brokerage companies to trade in shares on international stock exchanges."

Forex is sold "in shares" through exchange-traded products (ETPs) and exchange-traded notes (ETNs).

Licensing brokerage companies to trade on the global exchange, also known as a foreign exchange (forex) market, is a necessary process that allows companies to operate in the market.

As long as global financial standards and International digital norms/regulations are followed, a forex license can be issued by regulatory authorities.

This procedure guarantees a company's compliance with International regulatory standards. Without a license, a broker's work is considered illegal. 

These procedures will allow the Iraqi Dinar to be bought and sold on Forex when they are done. At the present time, banks are in process of learning how to do foreign currency exchanges through an electronic process.  

Now, it makes sense why my friend told me they were doing foreign currency exchange training with every currency except the dinar, but this is about to change with the reclassification of the Iraqi dinar by the end of this month.   Economy   Gofaizen & Sherle   FinJuris

© Goldilocks

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House Passes CBDC Anti-Surveillance State Act | Financial Services Committee

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The Middle East and North Africa Financial Action Task Force (MENAFATF), at its general meeting, held in the Kingdom of Bahrain for the period from 19-23 May 2024, approved the mutual assessment report for the Republic of Iraq, which reflects its great commitment to applying international standards to combat money laundering and the financing of terrorism. | CBI

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"Commissioner Pham Announces CFTC Global Markets Advisory Committee Meeting on June 4"

Time:
* 10am to 3pm

Where: 
* CFTC’s New York Regional Office

Who:
*Global Markets Advisory Committee

Agenda:
* To advance three recommendations from the March meeting

Topics:
* Global Market Structure Subcommittee Recommendation - Inclusion of U.S. Treasury ETFs as Eligible Initial Margin Collateral
* Technical Issues Subcommittee Recommendation – Publication of Resource Document to Support Transition to T+1 Securities Settlement
* Digital Asset Markets Subcommittee Recommendation – Adoption of an Approach for the Classification and Understanding of Digital Assets (Iraqi Dinar will be one of these)

As we have seen by following the news, these topics for review are already underway inside the new QFS.

I am simply sharing this report to let you know that the Commodities Futures Trading Commission (CFTC) is the governing body of the new QFS based on its ties to the commodity sector of the markets.

Each of our tokenized assets and opportunities for banking portfolios will have been reviewed and approved through the CFTC.    CFTC 1    CFTC 2   

This meeting gives us a good idea of where we are in the implementation stages of the QFS.

© Goldilocks

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DTCC Announcement:

"DTCC Completes Blockchain Pilot for Mutual Fund Data"

Depository Trust & Clearing Corporation completes fund data tokenization pilot with Chainlink.

Chainlink is a Smart Contract Network that enables the beginning and conclusion of a trade through the linking of assets wanting to be cleared in a transaction.

The pilot explored the ease of access in determining Net Asset Value (NAV) data for mutual funds across different blockchain networks.

In other words, various stocks, bonds, and other investments are being tested to be listed with new NAV values on the DTCC. (Reset)     Investors Observer    Wikipedia  

© Goldilocks

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Russia signs decree allowing seizure of US assets in Russia | Jurist

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Ether ETFs Clear Major Hurdle, Though SEC Hasn't Cleared Them for Trading Yet | Coindesk

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Elon Musk predicts AI will take everybody's jobs | 9News

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Digitalization of trade and maritime transport accelerates thanks to UNECE tools | UNECE

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Third Conference on the International Role of the U.S. Dollar: Welcoming Remarks by Governor | Youtube 

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Iran's Supreme Leaders Promise to Iraq IQD Rate | Youtube

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~~~~~~~~

👆Oh My God. This Bank just told us about when they are going to move onto the QFS.

First action date: June 21, 2024 before 3:00 p.m. MT

Second action date: June 24, 2024 for the remaining steps.

Is important to note that this is one bank's timeline, but I can't help from notice that this one is before the June 30th, 2024 laws that are taking effect on crypto regulations and stablecoins at the end of the month.

© Goldilocks

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CSI Partners with TruStage%2 Compliance |  Valdosta Daily Times

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👆 Banking Systems are moving to digital. Several of them are beginning to make announcements. You may be getting a notice yourself soon.

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SEC approves rule change to allow creation of ether ETFs | CNBC

The SEC has approved a rule change that paves the way for ETFs that buy and hold ether. The commission approved bitcoin ETFs less than six months ago - those funds have proven a big success for the industry.

Many of the companies that sponsor bitcoin ETFs have already started the process of launching an ether fund. The approval of ether ETFs is a sign that the SEC's stance toward crypto may be softening. The approval for ether ETFs does not extend to other crypto projects on the Ethereum network.

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Bitcoin and Ethereum are both considered a commodity. More on this tomorrow with Ethereum.

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Bionic Eye Gets a New Lease of Life | IEEE Spectrum

Pixium Vision, a company with an innovative retinal implant that tackles vision loss, has been acquired by Science, a bioelectronics startup run by Neuralink's co-founder, Max Hodak. Pixium was in danger of disappearing completely after running out of money last November. Studies suggest that its technology is safe and potentially effective. Science will push to get the technology approved in Europe as quickly as possible.

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World now multipolar! | Youtube

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Thank you Dinar Recaps

“Tidbits From TNT” Friday 5-24-2024

TNT:

CandyKisses:  Parliamentary Finance pledges to quickly pass budget tables

Information / Baghdad.

The Parliamentary Finance Committee confirmed voting on the 2024 budget tables before the end of the current legislative term.

Committee member Khalil Dosky told Al-Maalouma that "the parliamentary finance committee aims to study the items of the budget tables to include many aspects, including determining government spending."

He added that "his committee began to discuss the paragraphs of the budget tables to prepare a detailed report and enter proposals and discussions in order to complete and mature all opinions," pointing out that "budget tables will be presented to political forces."

He pointed out that "there is a great desire among members of the House of Representatives in order to approve the tables as soon as possible," stressing that "voting on the 2024 budget tables before the end of the current legislative term." 

CandyKisses:  The Iranian General Staff publishes the initial report on the causes of the president's helicopter crash

Information / Baghdad  Today 08;33

On Thursday evening, the Iranian General Staff published the preliminary report issued by the Supreme Investigation Committee to examine the causes of the crash of the helicopter of the martyr Iranian President, Mr. Ebrahim Raisi and his companions.

The authority said in the results of the report that the president's helicopter continued its pre-planned course and did not depart from it, adding that the helicopter pilot made contact with the two helicopters within the president's convoy.

The results of the report confirmed that no trace of bullet or similar injuries was observed on the wreckage of the helicopter carrying the Iranian president.

The results also showed that the president's helicopter burned after colliding with the slopes, adding that "search operations continued until five o'clock in the morning due to the ruggedness of the area, dense fog, and cold weather."

The Iranian staff pointed out that "the operation ended after finding the site of the helicopter crash through Iranian drones, and then the rescue teams headed towards the site," noting that "no suspicious point was detected in the helicopter crew's communications and dialogues with the control tower."

The staff said a large part of the documents and effects associated with the incident had been collected, but that more time needed to be studied deeper.

A few days ago, Iranian television announced the martyrdom of Iranian President Ebrahim Raisi, Foreign Minister Hossein Amir-Abdollahian and their companions in the crash of the helicopter they were carrying in East Azerbaijani airspace.

Searches for the wreckage of the helicopter were hampered by fog and heavy rain, while the temperature touched minus 15 degrees.25

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

Tishwash:  Parliamentary Finance is confused by the large difference between the 2023 and 2024 budgets... and warns against stopping provincial projects

Member of the Parliamentary Finance Committee, Mustafa Al-Karawi, revealed today, Thursday (May 23, 2024), that service and urban projects, some of which are ministerial, have been halted due to the reduction in governorate allocations in the financial budget tables for the year 2024.

The Council of Ministers voted in an extraordinary session last Sunday on the budget schedules and referred them to the House of Representatives, which received them the day before yesterday, Tuesday.

Al-Karaawi said in a televised statement, followed by “Baghdad Today,” “We noticed in the budget tables that there was a reduction in allocations to the governorates, some of which reached 80% compared to what was allocated to them in last year’s budget, and this may cause projects to stop and not lead to covering their expenses and contractors’ dues, and this may be what may happen.” "It causes a problem and a gap in the issue of financing."

He stressed, "Projects, including ministerial ones, have been halted due to lack of funding," pointing out that "there is a turbulent indicator between the 2024 budget and last year in terms of project financing, and we will host the Ministers of Finance and Planning next week."

Al-Karaawi pointed out, “Preparing a list of clarifications and sending them to the Ministry of Finance about the reasons for the increase in expenditures, the mechanism for collecting oil and non-oil revenues, and the inflation of the financial deficit in the budget.”

He added, "The government has committed itself to collecting 27 trillion dinars in non-oil revenues during the year 2024, and we requested clarification from the Ministry of Finance about the mechanism for achieving this goal," noting that "there is an increase in the operating budget that reached 156 trillion dinars."

The parliamentary finance member expected that “the maximum time limit for approving the budget schedules will be before the end of the current legislative term on next June 9, so there will be an intensive program for the Finance Committee to discuss these schedules and find solutions to the problems in them.”

It is noteworthy that Prime Minister Muhammad Shiaa Al-Sudani revealed in a press conference following the cabinet session last Sunday the details of the budget schedules and said in the most prominent contents:

- Table (A) includes revenues totaling (144.336) trillion dinars, and Table (B) concerns total planned expenditures totaling (210.936) trillion dinars.

- The planned budget deficit amounted to (63.599) trillion dinars, and Table (C) is the centrally funded workforce table, amounting to (4,079,906) employees, and governing expenditures amounted to (10.042) trillion dinars.

- The investment budget for 2024 is (54.298) trillion dinars, and may reach 55 trillion dinars.

- Governorate allocations to local government programs with an investment allocation amounted to (10.633) trillion dinars in 2023, and we financed (3.333) trillion, based on fundamental requests from the governorates.

- The remainder of the allocation (7.333) trillion dinars is in a trust account, at the disposal of the provincial governments.

- Allocating approximately (8) trillion dinars to ongoing projects, including allocations in 2024.

- For the first time in the history of budgets, we exceeded spending by 50%.

The increase in debt repayment amounted to 3.9 trillion dinars. In 2023, the debt repayment was 12,751, and in 2024, we repaid 16.725 trillion.  link

Mot:  ... Are We there Yet!!!!?????

Mot: .... I Get it!!!

Iraq Economic News and Points To Ponder Late Thursday Evening 5-23-24

Iraq Economic News and Points To Ponder Late Thursday Evening 5-23-24

Mazhar Muhammad Saleh: Increased Bank Lending Activity Increases Growth And Prosperity
 
Economical 05/23/2024   Baghdad: Al-Sabah  Yesterday, Wednesday, the Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Saleh, identified three benefits and advantages of bank credit, while noting that the increase in bank lending activity increases growth rates and economic well-being.  Saleh said to the Iraqi News Agency (INA):
 
“The function of credit, in its monetary and pledged forms, is one of the most important aspects of banking activity in spreading a sound financial system, so bank credit, or granting bank loans specifically, is the vital financial tool that banks use to provide the required cash liquidity.” And financing the economic activity of individuals and companies. 

He added, "The feasibility of bank credit lies in several main economic and social aspects, including:
 
First: supporting small and medium enterprises, as bank credit plays an important role in financing small and medium enterprises, and at the same time helps in
 
     generating new job opportunities,
     stimulating innovation,
     enhancing economic and social growth, and
     raising Growth rates in the incomes of individuals and projects. 

He pointed out that “stimulating economic growth can only be achieved by mobilizing the necessary funds for economic activities to expand the businesses of individuals and projects,” noting that
 
“bank credit enhances economic activity and increases the level of productivity and investment rates, whether in the industrial, real estate, commercial, agricultural, or other fields.”  He continued:
 
“Secondly: granting loans helps encourage saving, as
 
bank credit activity is linked to increasing bank savings rates for the public through higher bank deposit rates, as
 
banks provide distinct savings or savings accounts to customers who will use their borrowing or credit products.”  He continued:
 
“Thirdly: Bank loans have an effective role in organizing financial resources among real activities within the overall economy and
 
meeting the needs of productive sectors for financing in order to create capital accumulation by investing in real assets.
 
However, bank credit, or granting bank loans, also meets the needs of individuals to generate benefit.

Bank credit allows them to access financing to
 
     purchase residential real estate, transportation, or to
     cover educational or medical expenses, which improves the standard of living.” 

He pointed out that “the greater the activity of lending or bank credit, the greater the economic activity and the higher the rates of growth and economic well-being,
 
provided that these activities do not conflict with the overall objectives of monetary policy in
 
  achieving stability in the general level of prices and
  combating monetary inflation, and that they do not conflict with the
  policy of high employment in the labor force and promoting.. Economic growth rates. https://alsabaah.iq/97137-.html   

Statement Issued By The Presidency Of The Anti-Money Laundering And Terrorist Financing Council
 
May 22, 2024   Statement issued by the Presidency of the Anti-Money Laundering and Terrorist Financing Council
 
    The Middle East and North Africa Financial Action Task Force (MENAFATF), at its general meeting, held in the Kingdom of Bahrain for the period from 19-23 May 2024,

approved the mutual assessment report for the Republic of Iraq, which reflects its great commitment to applying international standards to combat money laundering and the financing of terrorism.
 
The report issued by the organization highlighted the
 
     ability of the committed system to combat money laundering and terrorist financing in Iraq, and the
 
     great efforts made by the state in combating these crimes, in accordance with solid international standards.
 
The report stressed
 
     understanding the risks of money laundering and terrorist financing, and the
     effectiveness of implementing measures to combat these crimes, including
     international cooperation and
     confiscation of proceeds of crime, as well as
     investigation and prosecution.

    The Presidency of the Anti-Money Laundering and Combating the Financing of Terrorism Council takes advantage of the opportunity to extend sincere thanks and appreciation to His Excellency the Honorable Prime Minister and the Honorable President of the Judicial Council,

 for the support they provided to raise the evaluation process, as well as to extend its thanks to the members of the Anti-Money Laundering and Terrorist Financing Council and the Anti-Money Laundering and Terrorist Financing Office.

Money and terrorist financing, and all judicial and governmental bodies and all formations of the Central Bank of Iraq, which have contributed and worked over the past two years to provide the evaluation requirements in a way that reflects the real reality of effective judicial and government procedures in developing the system to combat money laundering and terrorist financing.
    
    Ali Mohsen Ismail
    Chairman of the Anti-Money Laundering and Terrorism Financing Council
    Governor of the Central Bank of Iraq  https://cbi.iq/news/view/2588   

Advisor To The Prime Minister Highlights The Importance Of Bank Credit In Strengthening The Economy

 May 22, 2024  Baghdad/Iraq Observer  Today, Wednesday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, identified three main benefits of bank credit, stressing that
 
increasing bank lending activity 
     raises growth rates and 
     economic well-being.  Saleh explained,
 
 “Bank credit is a vital financial tool for providing liquidity and financing economic activity to individuals and companies.” He pointed out
 
three main benefits of bank credit, which are that it contributes to financing it,
     generating job opportunities,
     stimulating innovation, and
     promoting economic and social growth.
 
It is linked to an increase in bank savings rates through an increase in bank deposits, as banks provide distinct savings accounts.
 
It also contributes to
     meeting the needs of productive sectors and
     financing the purchase of real estate and educational and medical expenses,
 
which improves the standard of living.

Saleh added that increased lending activity
     enhances economic activity and
     raises growth rates and prosperity,
 
provided that it does not conflict with the goals of monetary policy and economic stability. 
 
https://observeriraq.net/مستشار-رئيس-الوزراء-يبرز-أهمية-الائتم/   

Minister Of Electricity: We Are Working To Support The Private Sector By Establishing National Production Lines

Minister of Electricity Ziad Ali Fadel  energy  Economy News – Baghdad  The Minister of Electricity, Ziad Ali Fadel, confirmed on Thursday that the ministry is working to support the private sector in the country by establishing national production lines.

The media office of the Minister of Electricity said in a statement, seen by Al-Eqtisad News, that “the Minister met with a delegation from the Riyadh Cable Company and a coalition of Al-Rowad companies for the production of electrical wires and cables.”

The Minister of Electricity confirmed, according to the statement, that “we have an intention to support the private sector and stimulate the industrial movement in the country by establishing national production lines that attract labor and contribute to meeting the electricity sector’s need for spare parts.”

He added: “We need to produce wires and cables (11, 33, and 132 kV) to keep up with demand and address bottlenecks.”

He pointed out that "there are controls for laboratory and factory tests conducted by the Ministry to proceed with competitive transactions in accordance with the approved specifications."

The Minister of Electricity continued, "Private sector companies have successful experiences with the ministry's formations, and we hope to strengthen them and develop production facilities in a way that serves and achieves the public interest."

Views 75 05/23/2024 - https://economy-news.net/content.php?id=43682

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

Provoking Thoughts and Points to Ponder on Money

 Money is the poor people's credit card.  - Marshall McLuhan

A man is rich in proportion to the things he can afford to let alone.  - Henry David Thoreau

Money is like a sixth sense, and you can't make use of the other five without it.  - W. Somerset Maugham

Money swore an oath that nobody who did not love it should ever have it.  - Irish proverb

I'm so happy to be rich, I'm willing to take all the consequences.  - Howard Ahmanson

http://www.famousquotesandauthors.com/topics/money_quotes.html

http://www.famousquotesandauthors.com/

MilitiaMan: Iraq Dinar - IQD Update -Al-Sudani - Resolutions & Approvals -Digital Payments - Multi Currency Card

Iraq Dinar - IQD Update -Al-Sudani - Resolutions & Approvals -Digital Payments - Multi Currency Card

MilitiaMan and Crew:  5-23-2024

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=fzBo7QyxbU0

Iraq Economic News and Points To Ponder Thursday Evening 5-23-24

Iraq Economic News and Points To Ponder Thursday Evening 5-23-24

An Economic Expert Explains The Reasons For The Turmoil In Gold Prices In Iraq

Economy | 05/23/2024   Baghdad - Mawazine News  The economic expert, Nabil Jabbar Al-Tamimi, revealed today, Thursday, the reasons for the change and turmoil in gold prices in Iraq.

Al-Tamimi said in an interview with "Mawazine News", "The gold market in Iraq is directly linked to international gold prices. The rise and fall of global prices is the only one that has an impact on the local gold market."

He added, "We are currently witnessing a global rise in prices, as the price of an ounce of 24-karat gold has exceeded more than $2,400, which represents the highest global gold prices throughout history. Waves of inflation, lax monetary policies around the world, and a group of geopolitical turmoil have led to a rise in gold prices during the three years." Which resulted in the spread of the Corona virus more than doubling.”

He pointed out that "the prices of one ounce in 2020 ranged near $1,300 per ounce, while today's trading is near $2,400 per ounce.   https://www.mawazin.net/Details.aspx?jimare=248536

The American Ambassador Affirms Her Country's Commitment To Supporting The Security And Stability Of Iraq

Thursday, May 23, 2024 3:47 PM  Baghdad/National News Center The United States affirmed The Presidency’s Media Department stated

During the meeting, Rashid stressed “the importance of working to strengthen and develop relations in various fields, especially economic, commercial, cultural and environmental, in a way that achieves the common interests of the two countries and peoples.”

He pointed to “the positive developments that the country is witnessing at various levels,” pointing out that “security stability is being consolidated thanks to the efforts of the Iraqi security forces in their various formations.”

For her part, Elena Romanski expressed her country’s “commitment to supporting the security and stability of Iraq and strengthening relations of cooperation and friendship in various fields.” https://nnciraq.com/256316/

The Prime Minister Calls On The Private Industrial Sector To Invest In The Raw Materials Available In Iraq
Thursday 23, May 2024  Economical Number of readings: 292  Baghdad / NINA / Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani called on the private industrial sector to invest in the raw materials available in Iraq.

A statement from his media office stated that Al-Sudani launched, in the Al-Najaf Governorate, today, Thursday, the executive work on the Al-Diyar Al-Iraqiyya Glass Production Factory project.

According to the statement, the project is the first to be implemented in accordance with the sovereign guarantees approved in the budget, and in cooperation between the Iraqi Trade Bank and the Iraqi Trade Bank. TBI and the German Export Bank, and it represents the most important forms of cooperation between Iraq and Germany, the foundations of which were laid during his visit to the German capital, Berlin.”

Al-Sudani blessed the launch of work on this important project, and appreciated the efforts of the Industrial Estates Authority, the Ministry of Industry, and other supporting parties, stressing:

“This factory is being implemented in an industrial city by an investor who has undertaken to provide all services. The industrial city is also preparing to embrace industrialists and provide land and services, which is an advantage.” We aspire to have it implemented in all governorates.”

The Prime Minister indicated that the new project is the first to produce glass, with a capacity of 800 tons per day, which means 25% of the local market’s need. The factory will rely on silica available in Iraq, stressing the availability of many raw materials that have not been invested. He also directed the necessity of implementation according to Plan and schedule.

The Prime Minister affirmed the government’s support for the private sector, and the provision of guarantees for all projects that represent a priority, especially the housing and construction sector, which represents a large demand for construction materials, indicating the country’s need to triple the existing factories for coverage, calling on the serious private sector to invest in this important opportunity.

As the government continues to remove obstacles and bureaucracy, this path will provide real job opportunities, and larger industries will settle in this city and other industrial cities.”/ https://ninanews.com/Website/News/Details?key=1128297

Al-Handal Stresses Iraq's Commitment To Combating Money Laundering.. What About Inflation?

Economy News – Baghdad   The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed today, Thursday, that Iraq is committed to combating money laundering, pointing to the role of the Central Bank of Iraq in reducing inflation to 3.8%.

Al-Handal said during a speech he delivered at the Arab-Turkish summit in Istanbul, followed by Al-Iqtisad News, that “Iraq’s policy is focused on economic openness to all countries, to build a network of strong economic relations, and to attract foreign investments in infrastructure development.”

He added, "Bilateral relations between Iraq and Turkey are going through their golden age. Trade exchange reached 20 billion dollars last year, and cooperation is great between Iraqi and Turkish companies in implementing strategic projects inside Iraq," noting that "the visit of Turkish President Recep Tayyip Erdogan last month To Iraq, it will reflect positively on the Arab region, starting with the development road project.”

The head of the Association of Iraqi Private Banks stated, “The Iraqi Development Road Project is one of the projects that will transform the form of transporting goods between East Asian countries and Europe, because it will contribute to shortening the time on the ship departing from the port of Al-Faw to Europe by fifteen days compared to other transport lines.”

 As well as reducing the cost in terms of insurance and transportation fees, which will be reflected positively on the final price of the goods, in addition to the fact that the project will provide more than 100,000 direct job opportunities with the establishment of large factories inside the country.”

He pointed out, "The development road will link the countries of China, India, the Emirates, Qatar, Iraq, and Turkey, all the way to Britain, through rail and land lines to transport goods and people.

It is the leading project in the region currently, as it will contribute to transporting fifteen million passengers annually and more than 22 million tons of food." Goods, and will cost seventeen billion dollars, with revenues for Iraq amounting to about 5 billion dollars annually.”

Al-Handal called on Arab and foreign banks to “contribute to financing investments while continuing to work on providing sovereign guarantees, in a way that contributes to accelerating work and achieving development for all.”

He stated, "The Central Bank of Iraq worked with its Turkish counterpart, during the previous stage, to adopt the Turkish lira and the euro to finance trade exchange between the two countries."

He stressed that "the private banking sector is progressing rapidly in growth, despite the great challenges surrounding it, and that some banks that faced difficulties in dealing in the dollar continue to work in other currencies, in implementing the aspirations of their customers, in addition to increasing the types of banking services, which... “It reflects positively on the sector’s work in increasing the rate of financial inclusion.”

He explained, "The monetary policy, led by the Central Bank of Iraq, during the current stage, has worked very successfully, contributing to reducing inflation from 7.5 percent to 3.8 percent," noting, "Iraq's foreign currency reserves have reached more than 111 billion." $, and gold 145.6 tons, which makes it ranked fifth in the Arab world.”

Al-Handal thanked the Union of Arab Banks, praising this two-day Arab-Turkish summit, wishing to come up with urgent decisions that contribute to changing the face of the region economically and give hope to our people, who are suffering from the effects of inflation, high prices, and the migration of foreign investors.

He concluded by saying: “Iraq is one of the countries committed to combating money laundering and terrorist financing, according to what was announced by the Financial Action Task Force for the Middle East and North Africa (MINFATF), which is an indicator that all countries rely on,” praising “the role of the Central Bank and the Iraqi judiciary in preserving To classify Iraq globally as one of the countries committed to combating money laundering and terrorist financing.

Views 131 05/23/2024 https://economy-news.net/content.php?id=43664

252 Million Dollars In Sales From The Iraqi Central Bank Within A Day

Economy News – Baghdad  Foreign remittance sales at the Central Bank of Iraq auction, on Thursday, increased by 90% at the expense of cash sales, reaching more than $252 million.

Today, during its auction for buying and selling the US dollar, the Central Bank sold 277 million, 354 thousand and 736 dollars, which the bank covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,305 dinars per dollar in cash. .

Most of the bank's dollar sales went to strengthening balances abroad in the form of (remittances, credits), which amounted to 252 million, 154,736 dollars, an increase of 90% over cash sales of 25 million and 200 thousand dollars.

Views 91 05/23/2024 - https://economy-news.net/content.php?id=43667

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

Provoking Thoughts and Points to Ponder on Money

Riches are for spending.  - Francis Bacon

Some people's money is merited and other people's is inherited.  - Ogden Nash

There is only one thing for a man to do who is married to a woman who enjoys spending money, and that is to enjoy earning it.  - Edgar Watson Howe

To be clever enough to get all that money, one must be stupid enough to want it.  - G. K. Chesterton

Why is there so much month left at the end of the money?  - Anonymous

http://www.famousquotesandauthors.com/topics/money_quotes.html

http://www.famousquotesandauthors.com/

Goldilocks' Comments and Global Economic News Thursday Evening 5-23-24

Goldilocks' Comments and Global Economic News Thursday Evening 5-23-24

Good Evening Dinar Recaps,

What Is a Private Wealth Manager?

A bank's ledger balance is a record of all transactions that have been processed and approved at the end of a business day, including deposits, withdrawals, interest income, and bill payments.

That being said, is it really a stretch to anyone's imagination that we are moving into a digital processing center on a Global scale, and the banking system is just simply one section interfaced onto a Quantum Technological Systematic set of protocols designed to run numbers on equations until a balance between two parties are cleared?

Yes, we are finding that many positions in the banking system and around the world can be automated. Still, the need for a personal touch remains. This would account for why Personal Wealth Manager positions are on the rise and Banks are currently making these changes to meet the needs of a new society.

The synchronization of human behavior and technological advances are currently being held at a balance. Where we go from here will be determined by the choices both AI and Human Nature co-create in this new world. 

There will always be pros and cons to each choice we make going forward, but the integration of the Techno-Human Race is forging a new path. It is an experimentation beyond everything we have encountered so far in history.

Movement forward is both scary and filled with opportunity. Yet, inside each of us is an explorer of space and time. We are walking into new frontiers and decisions will have to be made by each of us how far we are willing to go.

The transition into digital money and sudden wealth is a much larger step than many realize. We will cross over into a dimension of life few have seen in this lifetime.

We are at a crossroads, and movement into a new digital world that moves our money and the choices we make is rapidly approaching.

True freedom will not be the result of sudden wealth. Freedom comes from a much deeper place. The more that is given to us, the more is required for us to reach into those places hands can no longer touch. Here, we ask for wisdom and guidance from a place of creativity. Our creative nature knows how to walk beside the presence of our Creator forming a relationship that always has, is, and will be with us to the end.

The time to evolve is right in front of us now, and the choice to become creative entrepreneurs exploring New Frontiers is calling on us to resonate with new vibrations capable of moving our attention into higher ground.  |  CFA Institute

© Goldilocks 

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"XRP Price Nears Major Converging Point: Analyst Predicts 3,600% Jump To $20" |  Trading View

When you take a look at some of the technical analysis on the price of XRP, it currently has a Relative Strength Index potential of moving into a bull run.

"An RSI is a technical tool used to measure the speed and change of price movements in a cryptocurrency. It is also used to determine the short-term momentum of a cryptocurrency’s market."

Twenty dollars would be just a beginning point of reference to obtain on its way to integrating its full demand over time at much higher levels.

Remember, Ripple is the liquidity coin that allows the movement of our money to take place in the digital economy. Ripple uses its cryptocurrency, XRP, as a liquidity bridge for cross-border payments. Financial institutions can convert fiat currency into XRP, send it across the XRP Ledger blockchain, and then convert it back to the destination currency.

It is necessary for Ripple to have a much higher price range than it is currently displaying to bring in a catalyst for its movement.

Ripple is moving from a speculative investment to one that is based on demand. This shift in its purpose and its role in the new economy will raise it to much higher levels to meet these new demands inside the new digital asset-based economy.

From a trading perspective, the movement of Ripple in its price and demand will pull us into the next economy.

Watch Ripple.

© Goldilocks

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Central banking: embracing change | BIS

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ABCs of Banking - Banks and Our Economy | CT Department of Banking

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Imaging a better climate future in China: Greenpeace-hosted climate change forum - Greenpeace East Asia

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Lawmakers Push to Make IRS Direct File Program Permanent After Successful Pilot - Franklin County Free Press

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US Debt Clock: Elon Musk’s Revolutionary Vision! Transforming the American Economy with Blockchain and AI, the New US Treasury Dollar, and Precious Metals Backing Currency! - American Media Group

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#Ripple’s $XRP is a military operation. | Twitter

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IMPORTANT IMF Report on Iraq's Economy GDP Prediction Good News | Youtube

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Text - H.R.4763 - 118th Congress (2023-2024): Financial Innovation and Technology for the 21st Century Act | Congress.gov | Library of Congress 

👆Now, we can move forward.

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LIVE | FOMC Meeting Minutes Data Release - LIVE | 5/22/2024 | Youtube

👆  Goldilocks pointed to this article

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(ZiG/USD) IMF Calls Zimbabwe Switch to Gold-Backed ZiG an ‘Important’ Step - Bloomberg

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