News — Dinar Recaps Blog Page — Dinar Recaps (2024)

Iraq Economic News and Points To Ponder Monday Afternoon 6-10-24

International Monetary: We Support Iraqi Reforms That Keep The Oil Market Away From Crises

Economy Monday, June 10, 2024 10:05 AM Follow-up/National News Center The head of the International Monetary Fund mission in Iraq, Ghazi Shubaikat, said that the Fund supports Iraqi reforms that achieve financial sustainability, keeping Iraq away from any crises affecting the oil market, which Iraq relies on to cover its annual expenses, anticipating growth in the Iraqi economy during the coming years.

*What Does The Fund Expect For The Future Of The Iraqi Economy?

- The Fund expects growth in the Iraqi macroeconomy, in conjunction with the reforms adopted by the government with the aim of creating realistic solutions to all economic problems, and we sensed seriousness from the Iraqi government in the field of achieving economic reforms that strengthen the relationship with the Fund, and this encourages the strengthening of cooperation in a way that serves the Iraqi economy, which He suffers from chronic problems.

*How Does The Fund Support The Iraqi Economy And What Is The Support?

The International Monetary Fund supports Iraqi reforms that achieve financial sustainability, keeping Iraq away from any crises facing the oil market, which Iraq relies on to cover its annual expenses, especially since a country like Iraq needs large revenues to cover the needs of all sectors, and this needs to create Real financial sustainability through reviving the productive and service sectors and bringing the capital cycle into a local context.

*What Do You Advise Regarding Reducing Unemployment Rates?

Iraq must focus on the labor market and create advantages in the private sector equivalent to what it obtains in the public sector, so that employment can be directed to the private sector, which must be activated within limits commensurate with Iraq's economic capabilities.

*What Does The Iraqi Labor Market Need?

- It is necessary to work on training and qualifying human resources in all specializations in light of the presence of human wealth that can be employed in a way that serves Iraq, with the need to create skilled labor in all sectors and in a way that is consistent with the government’s reform policy.

*In Your Opinion, Where Are The Strengths In The Economy?

- The private sector represents an economic force that can overcome challenges and gradually advance the national economy. It addresses many problems, especially since Iraq can achieve a diversity of revenues from sectors, some of which are distinguished by achieving sustainable revenues.

*What About The Financial Sector?

Competitiveness in the financial sector can create a sound financial sector with advanced services and safe and transparent money paths that support the economy and the stages of development it seeks and works to achieve and reaches the most important goals of financial sustainability. https://nnciraq.com/257087/

The Ministerial Council For The Economy Decides To Support The Independence Of The Central Bank In Formulating Monetary Policy

Economy News – Baghdad On Monday, the Ministerial Council for the Economy took several decisions, including supporting the independence of the Central Bank of Iraq and approving recommendations regarding the import of vehicles.

The media office of the Ministerial Council for the Economy stated, in a statement seen by Al-Iqtisad News, that “Deputy Prime Minister, Minister of Foreign Affairs, and Chairman of the Ministerial Council for the Economy, Fouad Hussein, chaired the seventeenth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, Minister of Planning, and Ministers of Industry.”

Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, the Prime Minister’s advisors for economic and legal affairs, and the Chairman of the Securities Commission.”

He added, "The Council discussed the items on its agenda and took the necessary decisions regarding them, and hosted the President and Vice President of the Financial Supervision Bureau and the Director-General of the Legal Department in the Bureau to study and evaluate partnership contracts between the public and private sectors and demonstrate the economic feasibility of their continuation or termination."

He pointed out that "the head of the Bureau reviewed these contracts, which were divided between important contracts that benefit the state budget and contracts that lacked economic feasibility, and the Council decided to complete the discussions in the presence of representatives of the relevant ministries in order to resolve this important file."

The Council decided, according to the statement, “to approve the recommendations of the committee formed to study the adoption of Iraqi, Gulf, or higher specifications when importing vehicles in order to preserve the lives and safety of citizens and users of vehicles and roads.”

The Council discussed, “Determining the contribution of foreign capital to Iraqi banks, and in line with the state’s general policy in supporting the Iraqi and foreign banking sector and foreign investments in Iraq,” deciding to “support the independence of the Central Bank of Iraq in formulating monetary policy in accordance with its applicable laws and instructions.”

He hosted, “The Technical Undersecretary of the Ministry of Environment to discuss supporting the Ministry’s projects related to implementing the government program and removing obstacles that hinder its implementation.” 06/10/2024 - https://economy-news.net/content.php?id=44194

Implementing The Comprehensive Banking System Of Rafidain Bank In 29 Branches

Economy | 09:38 - 06/10/2024 Baghdad – Mawazine Rafidain Bank announced today, Monday, the implementation of the comprehensive banking system in 29 branches so far.

A statement from the bank, received by Mawazine News, stated, “In implementation of government directives to adopt modern methods in completing banking transactions and expanding the circle of banking activity using advanced technical devices, Al-Rafidain Bank announces the implementation of the comprehensive banking system in its branches (Anbar and Mosul University), thus joining the branches.”

The comprehensive system was activated in Baghdad and the governorates, in addition to the branches of the border crossings (Zurbatiyah - Safwan - Arar - Trebil) in an important step to abandon paper work and move completely towards electronic transformation.

The bank confirmed that “the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all branches of the bank in implementing the system, especially since one of the priorities and adoptions of the government program is electronic transformation in financial transactions, reducing episodes of red tape for citizens, and reducing time and effort in completing citizens’ transactions.”

https://www.mawazin.net/Details.aspx?jimare=249435

Find Out The Dollar Prices With The Closure Of Stock Exchanges In The Governorates

Economy | 07:10 - 06/10/2024 Baghdad - Mawazine News publishes an evening list of the dollar exchange rates against the local dinar in some Iraqi governorates. The list was as follows:

Baghdad: Selling prices: 147,000 Purchasing prices: 145,000

Basra: Selling prices: 146,000 Purchasing prices: 144,500

Erbil: Selling prices: 147,000 Purchasing prices: 146,000

Najaf: Selling prices: 146,000 Purchasing prices: 145,000

https://www.mawazin.net/Details.aspx?jimare=249485

Oil Prices Decline With The Rise Of The Dollar After US Data

Energy Economy News _ Baghdad Oil prices fell for the second session in a row on Monday, affected by a rise in the dollar if expectations of a cut in US interest rates were postponed in the wake of strong US jobs data on Friday.

By 0036 GMT, Brent and West Texas Intermediate crude futures fell 4 cents to $79.58 and $75.49 per barrel, respectively.

Data last Friday showed that the number of new jobs in the United States was more than expected last month, which prompted investors to reduce expectations of a rate cut and led to a rise in the dollar.

The rise of the dollar increases the cost of purchasing commodities denominated in the US currency, such as oil, for holders of other currencies.

The euro was also under pressure, reflecting the uncertainty in the euro zone, after French President Emmanuel Macron called for early legislative elections in June after his party lost in the European Parliament elections to Marine Le Pen's far-right party.

Markets are also focusing on the meetings of the Federal Reserve (US central bank) and the Bank of Japan this week.

Brent crude and West Texas Intermediate crude suffered a third weekly loss in a row last week, due to fears that a plan to reduce production cuts implemented by the OPEC+ group starting in October will add to an increase in global supply.

In Iraq, Oil Minister Hayan Abdul Ghani said that there is progress in talks with Kurdistan Region officials and representatives of international companies operating there to reach an agreement to resume oil exports through the Iraqi-Turkish oil pipeline, through which about 0.5% of global oil supplies passed.

Views 104 Added 06/10/2024 - 9:06 AM https://economy-news.net/content.php?id=44177

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

Provoking Thoughts and Points To Ponder On Adversity:

Whenever there is chaos, it creates wonderful thinking. I consider chaos a gift. -Septima Poinsette Clark

I have always been pushed by the negative.... The apparent failure of a play sends me back to my typewriter that very night, before the reviews are out. I am more compelled to get back to work than if I had a success. -Tennessee Williams

What we want is never simple. -Linda Pastan

For me life is a challenge. And it will be a challenge if I live to be a hundred or if I get to be a trillionaire. -Beah Richards

To be thrown upon one's own resources is to be cast into the very lap of fortune, for our faculties then undergo a development and display an energy of which they were previously unsusceptible. -Benjamin Franklin

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

http://famousquotesandauthors.com/quotes_by_topic.html

John Williams: Saudi Arabia Cancels 50 Year Deal with the US

June 10, 2024

In a recent episode of his YouTube channel ‘ThisIsJohnWilliams’, economic analyst John Williams discussed a seismic shift in the global financial landscape: Saudi Arabia’s cancellation of a 50-year-old deal with the USA, and the implications this could have for the future of the US dollar.

For those unaware, Saudi Arabia and the USA have been partners in the oil industry for over half a century. This partnership has been instrumental in maintaining the petrodollar system, where oil prices are quoted in US dollars, thereby supporting the global demand for the greenback.

However, as Williams discussed, this long-standing relationship appears to be on the brink of collapse. Saudi Arabia has recently signaled its intention to abandon the petrodollar system, instead looking to conduct its oil transactions in other currencies, such as the Chinese yuan.

This announcement has sent shockwaves through the financial world. The demise of the petrodollar system could lead to a significant decline in the demand for the US dollar, potentially causing a collapse in its value.

Moreover, Williams also highlighted the ongoing shift towards digital currencies. With countries like China already testing their digital yuan, the future of finance seems to be heading in a digital direction. The US, in order to maintain its financial dominance, needs to keep up with this trend and develop its own digital currency.

However, the US dollar’s status as the world’s reserve currency is not just about its dominance in the physical and digital world; it’s also about trust. And if the US continues to print money at an alarming rate, as it has been doing to cope with the economic impact of the COVID-19 pandemic, this trust could erode, further jeopardizing the dollar’s status.

So, what does this all mean for the average American? If the US dollar’s value were to decline significantly, the purchasing power of our savings and wages would also decrease. This could lead to increased inflation, making everyday items more expensive.

While these are unsettling prospects, it’s important to remember that these are potential outcomes, not certainties. The financial world is complex and ever-changing, and many factors could influence these outcomes.

John Williams’ discussion serves as a valuable reminder, though. We need to stay informed about the global financial landscape and consider how these changes could impact our personal finances. It may be time to start thinking about diversifying our savings, considering alternative investment options, and preparing for a potential shift in the value of the US dollar.

In conclusion, Saudi Arabia’s cancellation of its long-standing deal with the USA and the ongoing shift towards digital currencies could significantly impact the future of the US dollar. While these changes bring uncertainty, they also present opportunities for those who are prepared and informed. Let’s stay vigilant, stay informed, and stay ahead of the curve.

https://youtu.be/RDTKKLWqIZI

https://dinarchronicles.com/2024/06/10/john-williams-saudi-arabia-cancels-50-year-deal-with-the-us/

Goldilocks' Comments and Global Economic News Monday Afternoon 6-10-24

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Iraq Economic News and Points To Ponder Late Monday AM 6-10-24

Minister Of Oil: The Proportion Of Gas Investment Has Risen To 63 Percent, And We Plan To Build A Number Of Refineries

Economy Today, 22:17 Baghdad – ; Deputy Prime Minister and Minister of Oil, Hayan Abdul Ghani, confirmed that the proportion of gas investment has risen to 63 percent, while indicating that the government is planning to build a number of refineries.

Abdul-Ghani said to the “Duty of Frankness” program, which is shown on Al-Iraqiya News and affiliated with the Iraqi News Agency (INA), that the proportion of gas investment rose to 63%,” indicating that

“the quantities of gas invested reached 1,900 million cubic feet.”

He added, "One thousand million cubic feet of gas is burned daily," stressing that "gas burning will stop completely for the period from 2028 to 2030." He pointed out that "Iraq will not need to import gas in the future," noting that "the Okaz field produces 60 million cubic feet of gas."

He continued, "Iraq's gas reserves are estimated at 140 trillion cubic feet," pointing out that "gas is considered the cleanest type of energy and fuel currently." He stated,

"A refining capacity estimated at 360 thousand barrels per day was added during the life of the current government," explaining that "Iraq consumes 28 million liters of gasoline per day."

He pointed out that

"Iraq produces 21 million liters of gasoline per day," noting,

"We will achieve self-sufficiency in gasoline during the next year." He pointed out that

"gasoline is subsidized by 50 percent from the state," stressing that

"the price of gasoline in Iraq is much lower than in other countries."

He explained, "We have achieved self-sufficiency in white oil and gas oil," noting that "for the first time in the history of Iraq we have achieved self-sufficiency in gas oil." He continued, "Iraq produces 4 million barrels of oil per day," noting that "Iraq exports 3 million and 400 thousand barrels of oil per day, and sometimes 3 million and 450 thousand barrels." He went on to say:

"We hope to have multiple outlets for exporting Iraqi oil abroad," pointing out that

"OPEC decisions are issued in coordination with Iraq." The minister continued,

"We are looking for other sources to deliver Iraqi oil to global markets," adding:

"We were exporting 400,000 barrels of oil per day through Turkish Ceyhan before it stopped." He stated that "we are conducting negotiations with Turkey to resume oil exports through Ceyhan," noting that

"there is progress in negotiations between the center and the region regarding the Iraqi-Turkish oil pipeline." He pointed out that "the Aqaba pipeline project has been on the table since 1983," stressing that

"we went towards activating the Basra Haditha pipeline all the way to the Iraqi-Turkish pipeline."

He continued, "We plan to build a number of oil refineries in Nasiriyah, Samawah, and a number of governorates," explaining that "the strategic pipeline project will feed the refineries with oil." He pointed out that "there is a plan to move the Doura refinery to Jurf Al-Nasr," stressing that "450 thousand barrels of oil per day go to local consumption." https://www.ina.iq/210531--63-.html

The Investor Sells To A Financier By “Defaulting” The Finances.. The Secrets Of The High Prices Of Investment Housing Units

Economy 2024-06-09 3,128 views Alsumaria News-Economy Today, Sunday, the Parliamentary Investment Committee reviewed the reasons for the “dilemma” of high prices for investment housing units, which were supposedly created to solve the housing crisis in the country, while indicating that the

most prominent reason is that the investor did not obtain a contract with the Ministry of Finance and therefore sold the units to “financiers.” “ They can set selling prices without any restrictions.

The Vice Chairman of the Committee, Hussein Al-Sabari, said in an interview with Al-Sumaria News,

“There are several reasons behind the rise in the prices of investment housing units, especially in Baghdad,” noting that the higher the prices.”

He added, "The other side of the rise in prices is that every investor who applies for a residential investment project provides economic feasibility by determining the construction price and the purchase price," noting that

"investment bodies, whether national or in the governorates, did not follow up and monitor the different numbers between reality and feasibility." "Economic, and therefore

we did not witness any punitive measures or warnings issued by investment authorities against violating companies."

He explained that the main reason behind the lack of monitoring and rising prices is that some investors circumvent this mtter by selling housing units to banks or financing financial institutions, and

they in turn sell at higher prices and in the numbers they want, as

they are not a party to the contract related to economic feasibility. He points out that

“the investor’s justification for selling the units to a financier or bank is that he did not obtain a loan or contract with the Ministry of Finance and the State Real Estate Department,” noting that

“there is negligence in the Ministry of Finance regarding this issue, represented by the problem of not signing contracts, which... The investor pays to sell the housing units to banks, which finance the construction, acquire the housing units, and sell them at the prices they want.”

He explained, "If the pace of work in new cities is fast and starts offering reasonable prices, it is possible for the middle classes to obtain housing units.

However, with this climate and investment environment in this way, it is difficult for the middle class to obtain apartments, especially within the capital, Baghdad."

https://www.alsumaria.tv/news/economy/490731/المستثمر-يبيع-لممول-بـتقصير-من-المالية-أسرار-ارتفاع-أسعار-وحدات-السكن

Reconstructing Iraq: The role of banks in financing the future

Time: 06/08/2024 20:27:26 Read: 2,730 times {Economic: Al-Furat News}Reconstructing Iraq after years of wars and conflicts represents a great challenge,

but it also represents an opportunity to rebuild a strong and sustainable economy.

Banks play a crucial role in financing reconstruction, by providing the loans and credit facilities necessary to finance construction and infrastructure projects.

TheIraqi Deposit Insurance Companyplayed an important role in enhancing the confidence of investors and depositors in the Iraqi banking system,

which made it easier for banks to obtain the necessary financing for reconstruction.

It is estimated that Iraqi banks have provided loans worth more than $10 billion to finance reconstruction projects in recent years.

Germany's experience after World War II is an inspiring example of how banks can play a crucial role in the country's reconstruction.

TheKfW German Development Bank has contributed to financing many vital projects in Germany, such as rebuilding industrial and residential infrastructure, and providing financing for small and medium-sized companies.

https://alforatnews.iq/news/إعادة-إعمار-العراق-دور-المصارف-في-تمويل-المستقبل

After Depriving About 200 Commercial Companies Of The Dollar... Will Some Goods “Disappear” From The Market?

Economy 2024-06-08 | 4,496 views Alsumaria News-Economy Today, Saturday, the Baghdad Chamber of Commerce outlined the expected effects of the Central Bank of Iraq’s recent decision to deprive 197 general trading companies from the currency auction, due to violations, while indicating the possibility of these companies returning to the auction.

Baghdad Chamber of Commerce spokesman, Rashid Al-Saadi, told Al-Sumaria News,

“The suspension of 197 companies and deprivation of obtaining the dollar at the official rate from the Central Bank of Iraq came after violations were flagged and the provision of unreal and exaggerated information about their trade and imports,” noting that“

some of their transactions The information you provided is fictitious, and in light of these violations, this penalty was imposed and they were removed from the list for obtaining dollars.”

Regarding whether depriving these companies will have expected effects on the market or the possibility of the “disappearance” of some types of goods and merchandise, especially since these companies are all general trade and cigarette import companies, Al-Saadi said,

“This number does not represent anything, as there are thousands of companies entering the currency auction for the purpose of obtaining dollars.”

Therefore, the increase in these companies will not have a significant impact on the market, whether in terms of goods or in terms of the rise in the price of the dollar.”

He explained that "the number of companies and merchants who enter through the currency platform is large and increasing day after day, after the facilities of the Central Bank and the increased experience of bank employees, as

previously merchants were facing problems and did not accept to buy dollars from the Central Bank due to the difficulty of dealing. However, employees...

"The banks have entered into training courses and the process has become easier."

Regarding the future of these companies and whether they will stop their work or go to buy the dollar from the parallel market, he stressed that

“these companies can adjust their legal status and submit a request to the Central Bank to reconsider the decision after these companies apply the required standards,” noting that “this matter

This happened earlier with 5 major and well-known companies in Iraq, where they were deprived of the dollar after a penalty was imposed on one of the banks,

but these companies submitted a request to the Central Bank, met the required standards, and returned to the currency auction easily.”

https://www.alsumaria.tv/news/economy/490639/بعد-حرمان-نحو-200-شركة-تجارية-من-الدولار-هل-تختفي-بعض-السلع-من-السوق؟

The European Union Mission Expresses Its Readiness To Cooperate With The Iraqi Banking Sector

June 09, 2024 His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the European Union mission headed by His Excellency Ambassador Mr. Thomas Seiler in Baghdad.

His Excellency the Governor discussed the role of the Central Bank of Iraq and its interest in developing the banking sector, and its diligent measures in structuring government banks and addressing problems therein with direct support and follow-up from the Prime Minister.

His Excellency explained that these banks used international auditing companies.

Pointing out that the Central Bank is working to establish a “Riyadah Bank” specialized in

financing small and medium enterprises, in order to

facilitate and develop credit capacity, in consolidating loans, with support and supervision from the Central Bank and

financing from private banks, and

seeking the expertise of international organizations in this field.

In his speech, His Excellency the Governor focused on the bank’s interest in

strengthening and developing electronic payment systems and

internal and external electronic financial transfers, and

developing supervisory practices in the field of combating money laundering in accordance with international standards.

For his part, Mr. Siler praised the role of the Central Bank of Iraq in the steps it took to develop the

banking sector,

conomic stability, and

confront difficulties and challenges.

Expressing the readiness of the European Union to provide support and joint cooperation in developing systems and expertise for the staff of the Central Bank of Iraq and to open areas of cooperation with the Iraqi and European banking sectors through official communication methods between them.

Central Bank of Iraq information Office June 9, 2024 https://cbi.iq/news/view/2604

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

Provoking Thoughts and Points To Ponder On Adversity:

Every difficulty slurred over will be a ghost to disturb your repose later on. -Fridiric Chopin

Fire tries gold, misfortune men. -Anonymous

The fiery trials through which we pass will light us down in honour or dishonour to the latest generation. -Abraham Lincoln

Thou hast shown thy people hard things: thou hast made us to drink the wine of astonishment. -Bible

A wounded deer leaps the highest. -Emily Dickinson

The difficulties which I meet with in order to realize my existence are precisely what awaken and mobilize my activities, my capacities. -Jose Ortega y Gasset

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

http://famousquotesandauthors.com/quotes_by_topic.html

TNT:

Tishwash: Politician: American forces will remain in the military bases, with only their description changing

Political analyst Qasim Balshan said on Monday that American forces will not leave Iraqi territory and will remain in the camps while changing the capacity in which they are present inside Iraq.

Balshan told the Maalouma Agency, “There is no actual move to end the presence of American forces in military bases, and what will happen is to change the capacity in which these forces are present.”

He added, “The Sudanese visit to Washington did not involve an agreement with the American administration to withdraw its forces from Iraq, as there is no official request submitted by the Iraqi government to its American counterpart to withdraw its forces from military bases inside Iraq. "

He promised, “The talk about ending the American military presence will not be implemented on the ground, since the government did not approach the American administration in this regard.” link

CandyKisses: China displaces European companies from Iraq's energy sector

The Iraqi government is setting increasing the country's oil reserves to more than 160 billion barrels, a strategic goal for the next stage, on a strong path to support its steps in terms of ongoing economic reforms, and support its ability to achieve sustainable development and improve its economic reality.

Iraq has high hopes for its crude oil exports, especially with the formation of more than 90 percent of the Iraqi budget revenues, which prompted it to launch a set of projects to increase production and open the way for investments in the field of oil and gas field exploration.

In this context, Chinese companies have emerged as a major player in the oil investment arena in Iraq, in contrast to the absence of American and European companies, through the acquisition of many new investments by a number of companies to explore oil and gas fields in Iraq, as part of the licensing round launched by the Ministry of Oil to develop the oil and gas sector in the country

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CandyKisses: Saudi Arabia and America are putting the final touches to an unprecedented alliance. Surprise details revealed

Baghdad today - follow-up

American and Saudi officials said today, Sunday (June 9, 2024), that the administration of President Joe Biden is close to finalizing an unprecedented defense agreement with the Kingdom of Saudi Arabia, according to the American Wall Street Journal.

The newspaper reported that the Biden administration is about to finalize a treaty with Saudi Arabia, under which Washington commits to helping defend the Kingdom as part of a deal aimed at advancing diplomatic relations between Riyadh and Israel (normalization).

The potential deal, which has been widely debated between US and other officials for weeks, is part of a broader package that will include a civilian nuclear deal between Washington and Riyadh and steps toward Palestinian statehood and an end to the war in Gaza.

The newspaper quoted US and Saudi officials as saying that the draft treaty was modeled after the joint security agreement between the United States and Japan.

The draft treaty would give Washington the possibility to use Saudi territory and the kingdom's airspace to protect US interests and partners in the region in exchange for a US commitment to help defend Saudi Arabia in the event of an attack.

It quoted officials as saying the treaty was also aimed at strengthening ties between Riyadh and Washington by preventing China from building bases in the kingdom or continuing security cooperation with Riyadh.

Approval of the treaty, which the Wall Street Journal said would be called the Strategic Alliance Agreement, would require a two-thirds majority vote in the US Senate in favor, something that would be difficult to achieve unless the agreement provided for normalization of relations between Israel and the kingdom.

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Tishwash: International Monetary Fund mission: We expect growth in the Iraqi economy

IQD Update-Iraq Dinar-Provide Hard Currency-Exit from the FATF-Restoring Confidence Globally-CBI-IFC

MilitiaMan and Crew: 6-9-2024

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=4xi9TOUcMYQ

Iraq Economic News and Points To Ponder Late Sunday Evening 6-9-24

Al-Sudani: The Government Has Provided A Safe Investment Environment And Financial And Banking Facilities That Are Attractive To Experienced Companies

Sunday 09, June 2024 13:08 | Economical Number of readings: 478 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that the government has provided a safe investment environment, and financial and banking facilities that are attractive to experienced companies, which opens horizons for continuous cooperation, reflects positively on the local economy, creates job opportunities, and maximizes Iraq’s oil resources, in light of The goal of converting at least 40% of Iraq's oil exports into derivatives and refining products, in addition to gas investment.

A statement from his media office said that today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani, Chairman of the Board of Directors of Al Hilal Companies, Mr. Hamid Jaafar, and his accompanying delegation, indicating that the meeting witnessed a review of the progress of work in the projects undertaken by the company in Iraq, especially the company’s project within the fifth round of licensing.

In addition to confirming the government’s vision to expand productive partnerships with companies and regional and international economic groups, in cooperation with the Iraqi private sector, within the government’s platform for economic reform.

For his part, Hamid Jaafar expressed his appreciation for the government’s steps in facilitating all aspects of fruitful work, and the Prime Minister’s directives to remove obstacles and impediments that hinder the work of investment companies, and to prepare everything that would raise levels of cooperation./End 7 https://ninanews.com/Website/News/Details?key=1131529

Iraqi Oil Exports To America Decreased During The Past Week

Sunday 09, June 2024 10:29 | Economical Number of readings: 252 Baghdad / NINA / The US Energy Information Administration announced today, Sunday, that Iraq’s oil exports to America decreased during the past week.

The administration said in a table, “The average US imports of crude oil during the past week from 7 major countries amounted to 5,757 million barrels per day, an increase of 290 thousand barrels per day from the previous week, which amounted to 5,467 million barrels per day.”

She added, "Iraq's oil exports to America amounted to 126,000 barrels per day last week, down by 107,000 barrels per day from the previous week, which amounted to 233,000 barrels per day."

The administration indicated that "most of America's oil revenues during the past week came from Canada, Mexico, Colombia, and then Saudi Arabia."

According to the table, “the amount of American imports of crude oil continued, from Brazil and Ecuador, while Libya and Nigeria did not export any amount of oil to the United States during the past week.”/End https://ninanews.com/Website/News/Details?key=1131488

Today...The Central Bank Sells $250 Million

Economy | 06/09/2024 Baghdad - Mawazine News Central Bank data revealed today, Sunday, the sale of more than 245 million dollars through the currency auction window.

During its auction for buying and selling the US dollar, the Central Bank sold 269 million 320 thousand and 104 dollars, which it covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for external transfers.

Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 245 million 90 thousand and 104 dollars, an increase of 90% over cash sales amounting to 24 million 230 thousand dollars. https://www.mawazin.net/Details.aspx?jimare=249403

Evening List Of Dollar Prices.. Get To Know Them

Economy | 04:17 - 06/09/2024 Baghdad - Mawazine News publishes an evening list of the dollar exchange rates against the local dinar in some Iraqi governorates. The list was as follows:

Baghdad: Selling prices: 148,000 Purchasing prices: 146,000

Basra: Selling prices: 146,500 Purchasing prices: 146,000

Erbil: Selling prices: 147,000 Purchasing prices: 146,000

Najaf: Selling prices: 147,000 Purchasing prices: 145,500

https://www.mawazin.net/Details.aspx?jimare=249412

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

Provoking Thoughts and Points To Ponder On Adversity:

Trouble will rain on those who are already wet. -Anonymous

They say a reasonable amount o' fleas is good for a dog - it keeps him from broodin' over bein' a dog mebbe. -Edward Noyes Westcott

There is nothing the body suffers which the soul may not profit by. -George Meredith

The burden is equal to the horse's strength. -The Talmud

Nothing befalls a man except what is in his nature to endure. -Marcus Aurelius

I am escaped by the skin of my teeth. -Bible

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Goldilocks' Comments and Global Economic News Sunday Evening 6-9-24

Good evening Dinar Recaps,

Saudi Arabia joins BIS- and China-led central bank digital currency project |Reuters

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Breaking the Bank: Sen. Lee Introduces Bill to Abolish the Federal Reserve |Lee Senate

READ PDF HERE

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Central Banks of the World Explained

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Remember the Golden Rule! Whoever has the gold, makes the rules! |Economic Sociology

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DTCC testifies to Congress on opportunities to advance financial markets |Asset Servicing Times

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The New York Fed acts as the guardian and custodian of the gold on behalf of account holders, which includes the U.S. government, foreign governments, other central banks, and official international organizations.No individuals or private sector entities are permitted to store gold in the vault. |NewYorkFed

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What Central Banks Do |Investopedia

On a macro basis, central banks influence interest rates and participate in open market operations to control the cost of borrowing and lending throughout an economy. Central banks also operate on a micro-scale, setting the commercial banks' reserve ratio and acting as lenders of last resort when necessary.

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Central Bank |Wikipedia

In some countries a central bank, through its subsidiaries, controls and monitors the banking sector. In other countries banking supervision is carried out by a government department such as the UK Treasury, or by an independent government agency, for example, UK's Financial Conduct Authority.

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Steady as we go: results of the 2023 CPMI cross-border payments monitoring survey |BIS

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Cash isn't going away, despite declining use | PaymentsSource |American Banker

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Russia and China to cooperate on Arctic shipping route |Ship Technology

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New Law Grants U.S. President Sweeping Powers to Block Digital Asset Access, Sparking Concerns -Crypto Daily

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Iraqi News Highlights and Points To Ponder Sunday AM 6-9-24

Reconstructing Iraq: The Role Of Banks In Financing The Future

Time: 06/08/2024 20:27:26 Read: 2,067 times {Economic: Al-Furat News} Reconstructing Iraq after years of wars and conflicts represents a great challenge, but it also represents an opportunity to rebuild a strong and sustainable economy.

A useful summary of important news can be found on the Al-Furat News channel on Telegram. To subscribe, click here

Banks play a crucial role in financing reconstruction, by providing the loans and credit facilities necessary to finance construction and infrastructure projects.

The Iraqi Deposit Insurance Company played an important role in enhancing the confidence of investors and depositors in the Iraqi banking system, which made it easier for banks to obtain the necessary financing for reconstruction. It is estimated that Iraqi banks have provided loans worth more than $10 billion to finance reconstruction projects in recent years.

Germany's experience after World War II is an inspiring example of how banks can play a crucial role in the country's reconstruction. The KfW German Development Bank has contributed to financing many vital projects in Germany, such as rebuilding industrial and residential infrastructure, and providing financing for small and medium-sized companies. LINK

The Immaturity Of The Baghdad And Washington Agreements Prompted America To Extend State Of Emergency

Policy Political: Information / Baghdad...Political analyst Ibrahim Al-Sarraj believed that the immaturity of the agreements between Iraq and America was behind the US administration’s move towards extending the state of emergency for the presence of its forces inside Iraq.

Al-Sarraj told Al-Maalouma, “Biden renewed the state of emergency for the presence of his military forces inside Iraq, and he based this extension on the outcomes of his meeting with Prime Minister Muhammad Shiaa Al-Sudani during his recent visit to Washington.”

He added, "The government's talk about scheduling the withdrawal of foreign forces from Iraqi territory never culminated and did not reach the level of an official agreement with the American administration." Ended 25 n. LINK

Baghdad Praises Its Financial Budget And Confirms: We Have Important Projects In 2024

Reconstruction and building Economy News – Baghdad Today, Friday, the Governor of Baghdad, Abdul Muttalib Al-Alawi, announced a package of projects in various sectors within the budget for the current year 2024, while confirming that the governorate’s allocations in the budget were good.

Al-Alawi said, “The financial allocations to Baghdad Governorate within the current year’s budget, 2024, are good,” explaining that “the government and the Parliamentary Finance Committee have an understanding and knowledge of the real needs and required resources in Baghdad.”

He added, "There is continuous communication with the government to meet the special needs required for the projects that will be implemented."

He pointed out that "the governorate has several important projects during the 2024 budget, including projects in the water sector and building schools and roads, as well as the construction of pedestrian bridges that will be implemented in all areas of Baghdad, the paving of main roads, and strategic projects for sewers at the four entrances to the capital, in addition to the almost completed hospitals, which are “Health centers and strategic water projects will be opened soon.”

He stressed that "all project packages will be placed on the list of priorities of Baghdad Governorate in stages of implementation, whether within last year's 2023 budget or in the 2024 budget."

219 views Added 06/07/2024 https://economy-news.net/content.php?id=44096

The Region Is Saturated With An Explosive Budget.. Since When Is “Laqmat Al-Sayyad” Kurdish?

Policy: June 8 Information/private.. The southerners learned from the Sumerians to fish in order to live on the flesh of fish in the rivers and marshes, and to provide a decent life for themselves and their children. We have not heard of a Kurd in the mountains of Iraq who is more skilled than a southerner in this profession, and every rule has its exceptions in this matter. Then the most prominent thing that distinguishes a fisherman during eating What he caught was a favorite morsel called the “fisherman’s morsel,” which was boneless and tasted the most beautiful of all the meat in the fish.

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

Except in the 2024 budget, the regional government clearly excelled in a wonderful fishing method through which it was able to reap 12-17% of the Iraqi money fish, and this percentage is what we called “the fisherman’s bite,” a round that the Kurds won with the approval of the center or against its will.

*Little Revenue

Speaking about this file, a member of the Finance Committee in the House of Representatives, Moin Al-Kadhimi, revealed that the region’s share in the 2024 budget amounts to 12.67%, excluding governing and sovereign expenses.

Al-Kadhimi said in a statement to the “Al-Ma’louma” Agency, “The regional government only handed over 85 billion to Baghdad in non-oil revenues, which is an amount that is not proportionate to the actual revenues,” noting that “the region’s share of the budget amounted to 12.67, of the actual budget expenditure, which is excluded.” “Governing and sovereign expenses.”

He continues, “The region is not honest with the Baghdad government, and there is significant oil smuggling, in addition to the failure to control border crossings and non-compliance with General Customs Authority fees, which greatly affects the country’s economy,” pointing out that “the regional government’s lack of transparency with Baghdad is not in its interest.” "It will cost her a lot."

Al-Kadhimi concluded by saying: “The central government in Baghdad must monitor the work of the border crossings in the region periodically by sending committees to inspect and audit those crossings and find out the entry fees for materials into Iraq.”

The region is saturated with an explosive budget.. Since when is “Laqmat al-Sayyad” Kurdish? E91f5d58-1a96-4cbd-8a7d-eb2d1b00d5c4The region is saturated with an explosive budget.. Since when is “Laqmat al-Sayyad” Kurdish?

In addition, a member of the State of Law coalition, Saad Al-Muttalabi, revealed the region’s share of the 2024 budget, while confirming that it is considered the largest “explosive budget” in the history of the region, describing it as explosive.

Al-Muttalabi said in a statement to the “Al-Ma’louma” agency, “The region’s budget for this year is the highest in its history, as it reached more than 17% of the general budget, which totals 211 trillion dinars,” noting that “the region’s salaries are paid directly from Baghdad at a rate of 70%.” , of the region’s budget, and 30% that no one knows anything about.”

He continues, “The political blocs in the House of Representatives voted on the budget tables and witnessed no objection except from independent representatives, which means that the political blocs are involved in increasing the region’s share in exchange for a reward and large projects,” pointing out that “the political blocs are involved in granting the region an explosive budget.” Because of their vote on the budget and its passage.”

Al-Muttalabi concludes in a recent statement: “The amendment of the schedules by the government and granting the region an explosive budget was followed by support from the political blocs by voting on them, indicating that the government and political parties are involved in this unfair financial distribution.”

It is noteworthy that the region’s share in the 2023 budget amounted to 16 trillion and 690 billion dinars, while former member of the Kurdistan Regional Parliament, Jihad Hassan, stated that the region’s share in the year 2024 amounted to 20 trillion and 900 billion dinars, an increase estimated at 4 trillion and 210 billion dinars. LINK

Provoking Thoughts and Points To Ponder On Adversity

Prosperity tries the fortunate; adversity the great. -Pliny the Younger

Be willing to have it so; acceptance of what has happened is the first step to overcoming the consequences of any misfortune. -William James

If all our misfortunes were laid in one common heap, whence every one must take an equal portion, most people would be content to take their own and depart. -Solon

I never knew any man in my life who could not bear another's misfortunes perfectly like a Christian. -Alexander Pope

When the world has once begun to use us ill, it afterwards continues the same treatment with less scruple or ceremony, as men do to a whor*. -Jonathan Swift

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TNT:

Tishwash: Al-Sudani: The government has provided a safe investment environment and financial and banking facilities that are attractive to experienced companies

Tishwash: Iraq bids farewell to the list of “high-risk countries”

Observers and specialists in political affairs expressed their optimism about Iraq’s exit from the list of “high-risk countries” that was officially announced by the International Task Force (FATF) last week, noting that the international declaration represents an important step in the correct path that the Sudanese government is taking in achieving reforms. Financial and economic along with political stability.

Political affairs analyst, Qasim Balshan Al-Tamimi, told “Al-Sabah”: “Iraq’s exit from (the follow-up area) and from the list of (high-risk countries), according to the announcement of the International Task Force (FATF), is a very important step,” noting that “the announcement The International Bank came as a result of the reforms carried out by the Central Bank of Iraq, as well as the procedures and reforms of the Office of Combating Money Laundering and the Financing of Terrorism.”

He added, "Iraq's exit from the list also comes as a result of the legislation of the Anti-Money Laundering Law No. 39 of 2015, and also the establishment of the Anti-Money Laundering Council," and explained that "Under the announcement of the International Working Group, Iraq has become outside the monitoring and follow-up process, and this means that it has regained the confidence of the group."

"By restoring this confidence, Iraq can play a major and pivotal role in the region and in the world, and this step would also make Iraq a destination and a source of interest for major international development and investment companies." The International Financial Action Task Force (FATF) officially announced Iraq’s exit from the follow-up area, due to the significant progress achieved by the Central Bank of Iraq and the Anti-Money Laundering and Combating the Financing of Terrorism Office in improving and addressing deficiencies and in fulfilling all its obligations towards the recommendations of the Financial Action Task Force and addressing the requirements of the strategy to combat money laundering and financing of terrorism. Terrorism, and thus Iraq is no longer subject to monitoring and follow-up by the international Financial Action Task Force (FATF).

For his part, the political analyst, Ali Al-Baidar, stated in an interview with “Al-Sabah” that “Iraq’s exit from the list of the most corrupt countries is evidence that the Sudanese government is not a government of services - as it is referred to - but rather a reform government that has achieved many political and governmental aspects and prevented "A lot of cases of corruption."

He noted that "Iraq's exit from the list confirms the important steps that the government has worked on, and from here we can look at the deep vision with which the authority dealt with and the method of implementing its service programs in a reform manner, many of which were directed towards preventing corruption, such as activating electronic automation, and there is also awareness Socially, it contributed to rejecting cases of rampant corruption in recent years.”

He explained that "the fingerprints that Al-Sudani placed on the wheel of reform were reflected positively on the projects and the clarity of vision for many matters related to services and reform. It also appears that Prime Minister Muhammad Shia Al-Sudani laid the foundation for basic visions and ideas that are reflected in the lives of Iraqis, including creating a culture of transparency and integrity, and this The matter affects Iraq's reputation positively, and also affects international support and the creation of an investment environment in Iraq to attract companies, and these are the first fruits of reform that Sudanese reaped as a result of the positive repercussions of his government program.” link

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CandyKisses: Within months. Jump in Indian merchandise exports to Iraq

According to data from the Indian Ministry of Commerce and Industry, the value of direct Indian exports to Iraq amounted to 3.4 billion US dollars, up from 2.7 billion dollars for the same period last year.

According to a report released by the institution today, India's rice exports rose 131 percent to $910 million, up from the same period last year, which was worth US$392 million.

Fossil fuels decreased by 9.15% to $799 million from $879 million.

Indian meat exports increased by 41.5% to US$329 million from US$232 million for the same period last year.

Iron exports also increased by 153%, tea exports by 141%, fruit exports by 114%, clothing exports by 106%, and vegetable oil exports by 103%.

The commodities that fell were sugar, whose exports from India to Iraq fell by 85%.

The report indicates that India is the fifth exporter to Iraq of goods after the UAE, China, Turkey and Iran, and the establishment of India's exports is considered direct to Iraq, and may rise if it is added to the value of re-exported goods from the UAE, which is represented by a large percentage of Indian products.

On the other hand, the value of Iraq's exports to India, mainly of crude oil, decreased from 34 billion US dollars compared to 30 billion US dollars in the period from April 2023 to March 2024.

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Tishwash: Association of Private Banks: Iraq witnessed a major revolution and widespread change in electronic payment tools

The Iraqi Private Banks Association confirmed today, Sunday, that Iraq has witnessed a major revolution and a wide change in the level of use of electronic payment tools since 2023, while indicating a significant increase in the size and number of electronic payment operations.

The Executive Director of the Iraqi Private Banks Association, Ali Tariq, told the Iraqi News Agency (INA): “The Iraqi Private Banks Association Foundation and the Iraqi banking sector are fully prepared to cooperate within the directions of the Central Bank of Iraq, which are greatly supported by government directions, especially after the recent visit to the United States.” The American efforts resulted in framing the process of working to solve the problems related to preventing the use of the dollar for a group of Iraqi banks.”

Tariq added, “The role of the Association of Private Banks believes in implementing these trends related to amending work mechanisms, using modern technical tools, and reviewing previous accounts,” stressing that “the Association will be very supportive of these trends.”

He pointed out that "the Association of Private Banks hopes for the return of banks that can meet the above requirements," pointing out that "the issue that occurred on the private banking sector had negative effects," adding that "the general trends and the banks' directions must be to repair the damage that occurred in the stage." previous".

He stressed that "Iraq has witnessed a major revolution and a wide change since the previous year until now in the level of use of electronic payment tools, which the government has approved the adoption of electronic payment in government or private institutions," noting that "Iraq has also witnessed a significant increase in the volume of operations and the number of operations related to electronic payment, In addition to an increase in the number of bank cards, and doubling the number of electronic payment points (pos), therefore there is a big change.”

He stressed that "the current year will witness significant and tangible change by the citizen."

Tariq pointed out that "the institution seeks as much as possible to strengthen relations between electronic payment companies and banks on the one hand and between government institutions and the Central Bank of Iraq on the other hand, in addition to educating the community on the continuous use of electronic payment tools link

Iraq Economic News and Points To Ponder Sunday AM 6-9-24

Investment Law In The Balance Of The Economy

Economical 06/06/2024 Dr.. Adnan Hadi Jaaz

There is no doubt that investment is one of the most important factors that can contribute effectively to

correcting the defect in the structure of the Iraqi economy,

diversifying sources of income, and

reducing dependence on oil.

Reaching this goal is one of the most important strategic goals that contribute to Iraq’s stability and development and confronting economic, political and social crises.

Therefore, the law that is drawn up to

attract investment must direct the financial surpluses of Iraqi society and

make them move in the direction that uses capital efficiently and

achieves the maximum for Iraq. Possible benefit.

Private sector investments, whether local or foreign, are among the most important factors that can be relied upon to solve the problems of the Iraqi economy.

The private sector is the second wing of the economy, and

reality and history have proven that its distance from the economic scene was one of the biggest historical mistakes in Iraq.

However, in a quick reading of the new investment law, we are disappointed according to our vision and economic ambitions, and fears have increased for the future of this country’s economy, and

in this article we try to explain the reasons for this not optimistic vision.

According to our reading, the proposed investment law is nothing more than a law for investment in residential cities, which is not considered a channel for transferring the financial surpluses of Iraqi society into the hands of a small, non-productive group, some of whom are foreign.

The investor in building residential cities can import all the materials he needs for the project without any return to the state or the state treasury.

He can grant the land for free, and we all know that the lands overlap and there is no difference between what is inside the basic design and outside it.

Obtaining financial facilities and soft loans.

After 25% of the project is completed, he has the right to withdraw the capital and profits in full.

He has the right to employ foreigners, and of course these facilities will be used to import many times the materials and goods that the investor needs, which is the biggest source of increasing his profits and exporting foreign exchange many times the amount he obtained. Return as well as remittances of foreign workers.

As for what was mentioned in the privileges, he has the right to use what he increased from the land after the completion of the residential project without restricting or even specifying the land

This is a lot of talk.

If we assume that he decided to build facilities that are not appropriate for the privacy of Iraqi society, or any of the investments that are not appropriate for them to be in residential areas.

Does the law allow us to prevent it?

The second question is: He has the right to invest the surplus, regardless of its size: five, ten, or even twenty dunams, and perhaps more!

All of this is for the sake of producing housing units that are so far beyond the capacity and capacity of the middle class and even those with above-average incomes, and so far we only see from it an increase in the well-being of the wealthy by isolating them and settling them in private cities and in return absorbing the community’s financial surpluses and exporting them abroad.

Is this goal worth all these high economic costs?

Yes, it can stimulate the economy and increase growth if Iraq produces what the real estate sector needs, and

therefore we say that it is an expansionary financial policy that aims to increase growth rates and income by increasing production rates and thus increasing employment and income rates in a way that contributes to solving the unemployment problem that haunts the political class and always threatens it. By failure.

If we give the land for free with exemptions from taxes and fees, in addition to an interest-free loan to the investor, and we allow the employment of foreigners, and

we allow the export of foreign exchange, which is the financial surpluses of citizens and the loans that came from the Central Bank and Iraqi banks,

then all these sacrifices are for the sake of increasing the well-being of the wealthy, nothing more and nothing less.

There is a real solution to the problem of housing the poor and the middle class, and even if the needs of these segments are to be met, there are shorter and much less expensive ways, as the cost is great and very significant for the economic policy in general.

If we assume for the sake of argument that the visionary aims to increase the supply of housing units until it exceeds demand, then the gradual decline in prices will begin.

I believe that with the presence of crazy financial surpluses, including money laundering and the legalization of corruption funds, and some segments on which there are no restrictions, and

they are many without detail, this is what I call the effect.

The double negative of this money is that it deducts from public funds and exploits citizens.

It works to increase prices in a way that cannot be kept up with in the real estate sector, and real estate in Baghdad and Basra are the best examples.

Therefore, this goal is difficult to achieve and requires a long period of time or for these cities to reach remote areas. Too far.

We must be patient in approving this law, and we must push financial surpluses of all kinds in another, more efficient direction, as

they are an important financial resource and the key to solving many of Iraq’s economic, political and social problems.

We push them towards industry, especially with goods that meet the needs of the real estate sector and modern agriculture that meets the market’s need, and this is something that can be achieved.

Easily with the very large profit opportunities from the very large movement of the real estate sector due to the support of the financial and monetary policies represented by the initiatives of the Central Bank,

then it can be said that Iraq is pursuing a financial and monetary policy with clear features and results for the present and the future, and that these reasons for the investment law are somewhat logical.

https://alsabaah.iq/97948-.html

Provoking Thoughts and Points To Ponder On Adversity:

From a fallen tree, all make kindling. -Spanish proverb

The virtue of prosperity is temperance; the virtue of adversity is fortitude, which in morals is the heroical virtue. -Francis Bacon

The keenest sorrow is to recognize ourselves as the sole cause of all our adversities. -Sophocles

No untroubled day has ever dawned for me. -Seneca

You can't have more bugs than a blanketful. -Spanish proverb

Even in the deepest sinking there is the hidden purpose of an ultimate rising. Thus it is for all men, from none is the source of light withheld unless he himself withdraws from it. Therefore the most important thing is not to despair. -Hasidic saying

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