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Iraq Economic News and Points To Ponder Wednesday Afternoon 6-12-24
The Dollar Continues To Rise In Local Markets
Economy | 10:27 - 12/06/2024 Baghdad - Mawazine News The exchange rates of the dollar against the dinar continued to rise today, Wednesday, on the main stock exchange in the capital, Baghdad.
The price of the dollar on the Al-Kifah and Al-Harithiya stock exchanges recorded 147,250 dinars for every 100 dollars.
While prices in banking shops in local markets in Baghdad also recorded an increase, as the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars.
Iraq Economic News and Points To Ponder Wednesday Afternoon 6-12-24
The Dollar Continues To Rise In Local Markets
Economy | 10:27 - 12/06/2024 Baghdad - Mawazine News The exchange rates of the dollar against the dinar continued to rise today, Wednesday, on the main stock exchange in the capital, Baghdad.
The price of the dollar on the Al-Kifah and Al-Harithiya stock exchanges recorded 147,250 dinars for every 100 dollars.
While prices in banking shops in local markets in Baghdad also recorded an increase, as the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars.
Global Oil Prices Record A New High
Economy | 09:14 - 06/12/2024 Oil prices rose on Wednesday, amid optimistic views on global demand from the US Energy Information Administration and OPEC, supported by industrial data that showed US crude oil inventories falling more than expected last week.
By 0400 GMT, Brent crude futures rose 37 cents, or 0.45 percent, to $82.29 per barrel, while US West Texas Intermediate crude futures rose 46 cents, or 0.6 percent, to $78.36.
The Energy Information Administration raised its forecast for global oil demand growth in 2024 to 1.10 million barrels per day from a previous estimate of 900,000 barrels per day, while the Organization of the Petroleum Exporting Countries (OPEC) maintained its 2024 forecast for relatively strong growth in global oil demand, citing With expectations. For travel and tourism in the second half.
Prices fell more than 2 percent last week after OPEC and its allies said they would phase out production cuts starting in October.
Meanwhile, US crude oil inventories fell by 2.428 million barrels in the week ending June 7, according to market sources citing American Petroleum Institute figures. The decline was larger than expected by analysts polled by Reuters.
The data from the Energy Information Administration, the statistical arm of the US government, is scheduled to be released at 10:30 a.m. EST (1430 GMT) on Wednesday.
Investors are also looking forward to the US CPI report, which will be released before the bell on Wednesday, and the US central bank's policy announcement, scheduled for later the same day. https://www.mawazin.net/Details.aspx?jimare=249564
Iraq Signs An Agreement With "IFC" To Develop The Stock Market
Money and business Economy News – Baghdad On Wednesday, the Securities Commission announced the signing of an agreement with the International Finance Corporation to develop the securities market, indicating that this agreement will bring investments and achieve sustainable development.
The head of the authority, Faisal Al-Haims, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the authority signed an agreement to develop the work of the Iraq Stock Exchange after discussions with the International Finance Corporation IFC,” indicating that “the agreement is advisory related to corporate governance and best practices.” Required by companies listed on the Iraq Stock Exchange.
He added, "This contract will be reflected on the Iraqi stock market at the international level, bringing investments and achieving sustainable development according to the plan of Prime Minister Muhammad Shiaa Al-Sudani."
He pointed out that "the project is the first cooperation between the Securities Commission and the International Finance Corporation," stressing that "there are other projects with them in the future."
For her part, Amira Ajaj, responsible for corporate governance and environmental and social standards programs in the Middle East region of the International Finance Corporation, affiliated with the World Bank, expressed her “pleasure with the signing of the agreement in a way that guarantees the authority the use of international expertise from the International Finance Corporation (IFC), affiliated with the World Bank.”
She continued, "The agreement will establish regulatory frameworks for practicing governance for environmental and social standards, which will reflect positively on the listed companies in terms of improved performance and sustainability, and will put Iraq on the path to further development and progress." Views 46 06/12/2024 - https://economy-news.net/content.php?id=44261
Iraq Confirms To The United Nations Fund The Success Of The Experimental Population Census Activities
Money and business Economy News – Baghdad Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, announced today, Wednesday, the success of the pilot census activities in Iraq, while the United Nations Population Fund confirmed its full readiness to provide all types of support to ensure the success of the general population census.
A statement from the Ministry of Planning, received by Al-Iqtisad News, stated that “Deputy Prime Minister - Minister of Planning Muhammad Ali Tamim received the Regional Director of the United Nations Population Fund, Laila Bakri, and her accompanying delegation, which included the Fund’s resident representative in Iraq, Nestor Ohanji, and a number of... Specialists and experts.”
He pointed out, "During the meeting, prospects for joint cooperation between the two sides were discussed, especially with regard to population issues, confronting climate change, and economic diversification."
The statement added, "The Minister reviewed the ongoing preparations and procedures to implement the general population and housing census, which is scheduled to be conducted next November."
The Minister of Planning confirmed, "The success of the pilot census activities, which will end tomorrow, Thursday," praising "the level of support provided by the United Nations Population Fund for the census activities."
For her part, Bakri expressed “the Fund’s readiness to provide all possible types of support to ensure the success of the population census, given the importance of this project in formulating policies and long-term development plans.” 06/12/2024 - https://economy-news.net/content.php?id=44255
Learn About The Central Bank's Sales Of The Dollar
Economy | 02:15 - 06/12/2024 Baghdad - Mawazine News The Central Bank’s sales amounted to more than 280 million dollars today, Wednesday, during the currency auction.
In its auction today, the bank sold 280 million, 112 thousand, and 118 dollars, which it covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards.
Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 256 million, 202 thousand, and 188 dollars, an increase of 91% over cash sales of 23 million, 910 thousand dollars. https://www.mawazin.net/Details.aspx?jimare=249591
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Necessity is often the spur to genius. -Honore de Balzac
Necessity is the mother of "taking chances." -Mark Twain
Necessity makes even the timid brave. -Sallust
People wish to be settled; only as far as they are unsettled is there any hope for them. -Ralph Waldo Emerson
Difficulties are meant to rouse, not discourage. The human spirit is to grow strong by conflict. -William Ellery Channing
Adversity causes some men to break, others to break records. -William A. Ward
I think there is this about the great troubles - they teach us the art of cheerfulness; whereas the small ones cultivate the industry of discontent. -Mary Adams
http://famousquotesandauthors.com/topics/adversity_quotes.html
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Economics, Gold and Silver, Goldilocks, News DINARRECAPS8 Economics, Gold and Silver, Goldilocks, News DINARRECAPS8
Goldilocks' Comments and Global Economic News Wednesday Afternoon 6-12-24
Good evening Dinar Recaps,
"BASEL COMMITTEE MUST STOP GLOBAL BANKS FROM CONTINUING TO CHEAT ON KEY REGULATORY TESTS AND ENDANGERING FINANCIAL STABILITY" |BetterMarkets
These tests includeexaminations of the bank's capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to systemic risk.
The above sentence is otherwise known as stress tests. A stress test determines how well a bank is capable of handling a liquidity crisis.
The OCC and FDIC conduct several tests to measure a bank's capacity to withstand transitional periods like we are in at the present time.
Goldilocks' Comments and Global Economic News Wednesday Afternoon 6-12-24
Good evening Dinar Recaps,
"BASEL COMMITTEE MUST STOP GLOBAL BANKS FROM CONTINUING TO CHEAT ON KEY REGULATORY TESTS AND ENDANGERING FINANCIAL STABILITY" |BetterMarkets
These tests includeexaminations of the bank's capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to systemic risk.
The above sentence is otherwise known as stress tests. A stress test determines how well a bank is capable of handling a liquidity crisis.
The OCC and FDIC conduct several tests to measure a bank's capacity to withstand transitional periods like we are in at the present time.
These tests are conducted to prevent crisis interventions and collapse situations that could become a contagion to other Banks.
Tighter controls on the new digital banking system are not only expected, but they will determine the compliance level a bank has in their standing going forward. BetterMarkets
© Goldilocks
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BRICS: BRICS calls for enhanced use of local currencies in trade between member countries -The Economic Times
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Joint Statement of the BRICS Ministers of Foreign Affairs/International Relations, Nizhny Novgorod, Russian Federation, 10 June 2024 - The Ministry of Foreign Affairs of the Russian Federation |Ministry of ForeignAffairs
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Call to Action: ISSB Global Adoption
"The International Sustainability Standards Board (ISSB) is an independent, private-sector organization that develops and approves IFRS Sustainability Disclosure Standards."
The International Financial Reporting Standards are intended to make financial statements consistent, transparent, and comparable around the world.
The IFRS S1 and IFRS S2 are climate standards on an economy looking to be accepted on a world wide basis by 2025.
"IFRS S1 requires companies to disclose material information on all sustainability-related risks and opportunities that could reasonably be expected to affect their prospects. IFRS S2 sets out the requirements for climate-related disclosures."
Sustainability-related risks deal primarily with liquidity issues surrounding the banking system such as Governmental risks and economic factors.
Greenhouse gas (GHG) emissions is a climate-related risk. It is a climate related disclosure being proposed, and how, the banking system will be a part of managing those risks ie car loans.
Many compliance rules are expected to shift inside the new digital economy along with climate risks that will affect banking operations. This is one of the new adaptations that is being called for to help us adjust to our changing world.
As you can see from the previous article, new changes are being developed and governed by the ruling bodies above and beyond the banking system to recommit their International compliance standards inside this new digital banking system. CorpGovLaw EY IFRS PWC Zurich
© Goldilocks
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National and International governing bodies are starting to get involved with their new policies that will govern the new digital banking system.
This gives us an indication that the governing bodies of our new banking system are beginning to shift their attention to new rules and regulations that will move our money going forward.
© Goldilocks
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How will Europe's elections impact digital euro legislation? -Ledger Insights - blockchain for enterprise
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Russia intends to perform its first cross-border payments using thedigital rublein the second half of 2025. Central bank digital currency (CBDC) transactions with China or Belarus are on the cards. That’s according to Anatoly Aksakov, who chairs the Financial Markets Committee of Russia’s State Duma. |LedgerInsights
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Panel perspectives: Navigating the new waves of supply chain finance |TradeFinanceGlobal
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Project Cedar, Explained (Wholesale Central Bank Digital Currency Prototype).How the 7 trillion dollar a day Forex Market will move its money. |Youtube
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We are moving from a World Reserve Asset transaction to Central Bank Digital Ledger Technological (blockchain) transactions. © Goldilocks
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🚨BREAKING: BRICS Says 59 Nations Plan to Join, New Financial System, Dedollarization Priorities |Youtube
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A Distributed Systems Reading List |Ferd CA
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Putin Says BRICS Developing Independent Payment System Free From Political Pressure –Featured Bitcoin News
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Ripple Completes Acquisition of Standard Custody & Trust Company –News Bytes Bitcoin News
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Saudi Arabia's petro-dollar exit: A global finance paradigm shift | The Business Standard
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Russia’s Moscow Exchange to stop trading in dollars after latest US sanctions |ARA TV
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FOMC Press Conference June 12, 2024 |Youtube
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TNT: Tishwash: Kuwait connects its “Fiber” network to Iraq
The Kuwaiti telecommunications company Zajil, revealed that its “Fiber” network had been delivered to the borders of the two countries with Iraq. The advisor to the company’s board of directors, Engineer Walid Saleh Al-Qallaf, told “Al-Sabah”: “The company is currently working on connecting from Kuwait to Al-Faw directly,” indicating “the operation of the Safwan port, which will be followed by the operation of the Al-Faw port, so that Iraq will be a major corridor for passing the network, not only in the Gulf.” But for the countries of East Asia, it will be synonymous with the Egyptian corridor.”
He added, "The Iraqi corridor needs full encouragement and government support to make it successful, as it is necessary and fundamental to the completion of these projects," noting that "Iraq has become the focus of attention of countries and major international companies due to the incidents that took place in the Red Sea and the fear of the cessation of communications through this corridor."
TNT:
Tishwash: Kuwait connects its “Fiber” network to Iraq
The Kuwaiti telecommunications company Zajil, revealed that its “Fiber” network had been delivered to the borders of the two countries with Iraq.
The advisor to the company’s board of directors, Engineer Walid Saleh Al-Qallaf, told “Al-Sabah”: “The company is currently working on connecting from Kuwait to Al-Faw directly,” indicating “the operation of the Safwan port, which will be followed by the operation of the Al-Faw port, so that Iraq will be a major corridor for passing the network, not only in the Gulf.” But for the countries of East Asia, it will be synonymous with the Egyptian corridor.”
He added, "The Iraqi corridor needs full encouragement and government support to make it successful, as it is necessary and fundamental to the completion of these projects," noting that "Iraq has become the focus of attention of countries and major international companies due to the incidents that took place in the Red Sea and the fear of the cessation of communications through this corridor."
Al-Qallaf stated that “the incidents that took place in the Red Sea are a warning bell to search for a backup corridor for the Suez Canal, as heading towards Iraq was to be a successful corridor for these projects.” link
Tishwash: Iraqis resort to “gold bullion” instead of money, and the banking system is dying
Today, Wednesday (June 12, 2024), financial affairs expert Mustafa Hantoush revealed the reason why Iraqis are resorting to purchasing gold bullion in abundance during the current period.
Hantoush said in an interview with "Baghdad Today" that "recently, the demand for buying gold bullion has increased significantly by citizens, especially those with large sums of money. They have begun to save that money through these bullion instead of depositing their money in banks."
He stated that "the reason why citizens resort to buying gold bullion to save their money is as a result of the weakness of the banking system, lack of confidence in this system, and fear for their money due to American sanctions. This is why we see the majority of Iraqis turning towards gold bullion, especially in light of the high prices of the yellow metal and the stability of this price and its lack of fluctuation like the dollar." .
From mid-December 2022 until now, the Iraqi dinar has continued to fall against the US dollar, until it reached the level of 1,610 dinars against one dollar at a time when the official price of the dollar is 1,300 dinars.
With the decline of the national currency and the rise in poverty and unemployment rates, Iraqi gold markets recorded a large demand from customers to buy the yellow metal amid warnings against buying counterfeit ones.
According to data from the specialized website “Bloomberg”,Iraq bought 33.9 tons of gold in the year 2022, while the Turkish Consul General in Erbil Hakan Karaçay revealed that Iraq imported Turkish gold worth $1.5 billion during the year 2021.
Iraq's gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.
This increase indicates Iraq's continued strategy to diversify its foreign reserves and enhance financial and monetary stability in the long term.
This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.
Many simultaneous factors are strengthening the record levels of gold, especially in light of the escalation of geopolitical tensions around the world, and in light of the state of “uncertainty” surrounding the global economy, which supports the trend towards the precious metal as a traditional safe haven in the face of market fluctuations and dire scenarios that impose themselves on the market. the scene.
Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as it ranks fourth after the Kingdom of Saudi Arabia, Algeria, and Morocco link
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Tishwash: Beijing: Iraq is the third largest Arab trading partner with China
Today, Wednesday, the representative of the Chinese Embassy, the Commercial Counselor of the People's Republic of China in Iraq, Xu Chun, revealed cooperation between the Ministry of Higher Education and Huawei to build the Information Technology Academy, while noting that Iraq is China's third largest trading partner among Arab countries.
During the conference on smart education, in cooperation with Huawei Technology, and attended by the Iraqi News Agency (INA) correspondent, Chun expressed his "happiness to attend the smart education event organized by the Ministry of Higher Education and Scientific Research in Iraq in cooperation with Huawei."
He added, "Iraq is one of the first Arab countries to establish diplomatic relations with China," noting that "the Iraqi government worked to actively manage governance and achieved remarkable results in maintaining social stability, advancing economic reform, and improving infrastructure and public services."
He pointed out that "China is Iraq's largest trading partner and China's third largest trading partner among Arab countries," noting that "the support from the two governments has led to progress in some projects of commercial and social value and a continuous deepening of cooperation in the fields of energy, infrastructure, and others." .
He added, "With the continuous development of information technology and its in-depth application, the demand for digital transformation in Iraq has increased. Since the end of last year, the Iraqi government has given great importance to accelerating the digital transformation process, and there have been a series of developments in the field of electronic passports and other government services."
He continued, "We are pleased to see cooperation between Huawei, the Ministry of Higher Education and Scientific Research, and local universities to build the ICT Academy, which aims to provide online lessons, provide a global exchange and competition platform for teachers and students, encourage students to obtain Huawei's professional and technical certificate, and develop talents." Innovation and technology applied to society and the ICT industry chain.”
He explained, "President of the People's Republic of China, Xi Jinping, stressed in his speech during the opening session of the tenth session of the ministerial meeting of the China-Arab Cooperation Forum, deepening cooperation, following up on the work of the past, paving the way for the future, and accelerating the pace of building the Chinese-Arab community for a common future."
He continued, "The digital age represents the key to accelerating the improvement of the digital infrastructure on a large scale, enhancing the infrastructure of networks, computing and applications in a coordinated manner and linking them with data for continuous economic and social development," expressing his "aspiration for more cooperation with Chinese companies." "To exchange experiences and cooperate with the Iraqi government and companies and actively participate in the digital transformation process in Iraq, in order to continue to advance the strategic partnership relations between China and Iraq to a higher level."
For his part, CEO of Huawei Iraq, William Yang, said: “We are keen to employ our global capabilities and expertise to develop and hone the skills of local talent and provide a full range of education digitization solutions designed for Iraq.”
He continued, "The partnership with the Ministry of Higher Education will provide Iraqi students with access to the latest technologies and recognized certificates in this field, instilling and strengthening a culture of innovation and entrepreneurship, as well as promoting the establishment of an effective smart campus by strengthening the basic education network and simplifying cloud platforms." And implementing smart classroom applications.
He added, "Given our confidence in the excellence of Iraqi talent at the regional and global levels, we are convinced that this cooperation will have a positive and sustainable transformative impact on the information and communications technology sector in Iraq, leading to bridging the digital gap, creating more job opportunities, and driving economic and social growth in Iraq." "The country."
He pointed out that “the Huawei ICT Competition, which is held annually, focuses on developing scientific and technological talent by highlighting realistic practices and needs in the technology sector, as well as urging participants to design innovative solutions that contribute to creating social and commercial value using modern technologies.”
The “Seeds for the Future” program also provides young talents with training courses and participation in international competitions that enhance the presence of intercultural exchange and the transfer of knowledge and experiences,” pointing out that “the programs include activities for graduates that focus on adopting the use of digital technology, in a way that enhances entrepreneurship and supports paths of development and growth.” Various sectors and industries.
He stressed, "Huawei, as a leading global company in providing infrastructure and smart devices for information and communications technology, is committed to putting its capabilities and expertise to develop the information and communications technology sector in the countries in which it operates, and its business strategy aims to harness technology to advance social and economic sustainability in the long term." link
Mot .. Bet Ya Didn't Knows This Stuff!!!
Mot: . oooooooooooh - What a cute little baby porcupine
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Iraq Economic News and Points To Ponder Wednesday AM 6-12-24
Expert: Dealing In The Dollar Remains And Speculation In Prices Is Temporary
Time: 06/11/2024 20:21:14 Read: 1,911 times {Economic: Al-Furat News} The economic expert, Bassem Jamil Antoine, considered the issue of price speculation “temporary,” while he believes that dealing in the dollar will remain in Iraq.
Antoine told {Al-Furat News} that:
“The dollar will not be cut off from the local markets because the rate of entry of the dollar into Iraq daily is no less than 3 million from the sale of oil.” He added, "Speculation in prices is temporary and short-lived because the government was able to maintain prices through the regularity of the food basket, and there is not much demand for the dollar.
The pumping continues, demands are met, and speculation operations have been controlled."
Iraq Economic News and Points To Ponder Wednesday AM 6-12-24
Expert: Dealing In The Dollar Remains And Speculation In Prices Is Temporary
Time: 06/11/2024 20:21:14 Read: 1,911 times {Economic: Al-Furat News} The economic expert, Bassem Jamil Antoine, considered the issue of price speculation “temporary,” while he believes that dealing in the dollar will remain in Iraq.
Antoine told {Al-Furat News} that:
“The dollar will not be cut off from the local markets because the rate of entry of the dollar into Iraq daily is no less than 3 million from the sale of oil.” He added, "Speculation in prices is temporary and short-lived because the government was able to maintain prices through the regularity of the food basket, and there is not much demand for the dollar.
The pumping continues, demands are met, and speculation operations have been controlled."
Antoine pointed out, "It is possible that there will be a slight increase during the Eid al-Adha period; unless the banks continue to take their share of it and pump it to the markets, we will be able to control it in general."
Today, Tuesday, selling prices in the field of banking in the local markets in Baghdad reached 148,750 Iraqi dinars for 100 dollars, while purchasing prices reached 146,750 dinars for 100 dollars.
https://alforatnews.iq/news/خبير-التعامل-بالدولار-باقي-والمضاربات-بالأسعار-وقتية
Unusual”... A Government Advisor Proposes The Idea Of Establishing A Sovereign Wealth Fund
Time: 06/11/2024 21:11:57 Read: 2,717 times {Economic: Al-Furat News} The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, proposed an “unusual” idea to establish a sovereign wealth fund.
Saleh said {to Al-Furat News} that:
“The SWF sovereign wealth funds, which Kuwait started with the Generations Fund since the 1950s, were followed by surplus countries exporting raw materials in general and oil in particular, on the basis of diversifying the investment of those financial surpluses in financial and real investment opportunities in major economies.”
Outside their countries through a fund called the Sovereign Wealth Fund (SWF) whose function is to manage the investment of surpluses in financial and real assets outside their countries, and
the reason is due to an issue called “weak absorption capacity.” He explained,
"That is, the weakness of the ability to transfer those surplus savings from revenues from exporting natural resources into investments within the state itself due to many internal structural factors
(because the surplus saving resources resulting from a surplus in the current accounts of its balance of payments exceed its available capabilities to spend or spend on internal development projects or investment."
Those revenues from exports are immediately invested in operations within the economy, noting that
those surpluses are capital assets that can be reinvested and generate value-added chains that multiply the national income of their countries many times over.
Saleh added, “Based on the above, sovereign funds have emerged in the world (which today are governed by standard operating rules called the Santiago Principles (which are principles established by the International Monetary Fund to evaluate and govern the work of these funds),” noting that
“Iraq (unfortunately) has exhausted Its balance of payments surpluses were consumed by wars and conflicts during the same period, 1980-2003, in which the world’s sovereign wealth funds increased, while during those arduous decades our country turned into a group of “deficit” countries and fell into the trap of foreign debt, specifically since the year 1980 and the escalation of the Iran-Iraq war.". He went on to say,
"So far, our country is not considered one of the countries of financial surplus, and the
reserves of the Central Bank of Iraq supporting the stability of the Iraqi dinar, which currently amount to more than 100 billion dollars, are invested in a very specific portifolio investment portfolio, which is a semi-sovereign wealth fund, and foreign reserves are assets."
Financial instruments are always semi-liquid and do not involve long-term investments, such as shares in factories or real estate, as other sovereign wealth funds do.
Rather, reserves are invested in short-term, low-interest financial instruments, such as US Treasury bonds and others with a high credit rating of Aaa, and they tend to be always semi-liquid and low-risk. Through safe investments, but usually with low or fixed returns. Saleh said,
“However, the foreign reserves of central banks are not considered among the sovereign wealth funds (such as the Norwegian, Saudi, Chinese, and other funds currently),” stressing,
“We should think from outside the box, as it is said, by establishing a sovereign wealth fund for Iraq.” Although our country is not classified as a group of surplus countries.”
Waad, Iraq “currently is the ninth country in terms of natural wealth and is among the world’s countries of more than 188 countries, and
the natural wealth of the race in the ground is estimated at approximately 16 trillion US dollars,” explaining,
“If we exclude oil and gas, it is possible to establish an effectiveness to manage a sovereign wealth fund.” As follows:
A- Establishing an Iraqi government holding company with global partnerships to help invest these natural resources.
B- The holding company undertakes to reinvest the returns from natural resources
(i.e., which are in the possession of the holding company) and
direct them to various internal investments,
directing their profits towards the accumulation of assets of a *sovereign wealth fund* and the
holding company undertakes reinvestment activities for the benefit of the internal sovereign wealth fund itself, i.e.
The fund's returns are in reinvestment in investment opportunities to diversify the national economy.
That is, through (managing an internal sovereign wealth fund for reinvestment, but within the economy itself). Saleh concluded by saying,
“This is the summary of my idea that I am defending in establishing an Iraqi sovereign wealth fund,
but within the national economy, and
it is responsible for reinvesting the proceeds of the fund itself in development projects, with two parts, a
part that remains for the benefit of the fund itself and a
part that goes for the benefit of the national economy within the development program.
Also, The method of managing investments through a joint public holding company affiliated with the internal sovereign fund itself is the mechanism used to invest the fund’s resources by diversifying some aspects of the national economy into agriculture, industry, services, and available economic opportunities.”
https://alforatnews.iq/news/غير-مألوفة-مستشار-حكومي-يطرح-فكرة-تأسيس-صندوق-للثروة-السيادية
The Center For Banking Studies Organizes An Educational Workshop On Anti-Money Laundering Procedures
June 11, 2024 The Center for Banking Studies at the Central Bank of Iraq organized an educational workshop on the Anti-Money Laundering and Terrorist Financing (GOAML) system for workers in exchange companies.
The center confirmed that the workshop aims to increase the awareness of officials and workers in the field of reporting suspected cases of money laundering in exchange and electronic payment companies.
The workshop focused on the other goal, which was to introduce the Financial Action Task Force (FATF) standards to the participants and urge them to apply them in their areas of work.
The workshop will last for three days, and
workers in category (A) exchange companies participate on its first day, while
workers in category (B) exchange companies participate on its second day, and the
third and final day witnesses the participation of workers in electronic payment companies.
Central Bank of Iraq information Office June 11, 2024 https://cbi.iq/news/view/2606
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Necessity is often the spur to genius. -Honore de Balzac
Necessity is the mother of "taking chances." -Mark Twain
Necessity makes even the timid brave. -Sallust
People wish to be settled; only as far as they are unsettled is there any hope for them. -Ralph Waldo Emerson
Difficulties are meant to rouse, not discourage. The human spirit is to grow strong by conflict. -William Ellery Channing
Adversity causes some men to break, others to break records. -William A. Ward
I think there is this about the great troubles - they teach us the art of cheerfulness; whereas the small ones cultivate the industry of discontent. -Mary Adams
http://famousquotesandauthors.com/topics/adversity_quotes.html
Read More
News DINARRECAPS8 News DINARRECAPS8
Iraq Economic News and Points To Ponder Tuesday Evening 6-11-24
Expert: Dealing In The Dollar Remains And Speculation In Prices Is Temporary
Time: 06/11/2024 Read: 637 times {Economic: Al-Furat News} The economic expert, Bassem Jamil Antoine, considered the issue of price speculation “temporary,” while he believes that dealing in the dollar will remain in Iraq.
Antoine told {Al-Furat News} that: “The dollar will not be cut off from the local markets because the rate of entry of the dollar into Iraq daily is no less than 3 million from the sale of oil.”
He added, "Speculation in prices is temporary and short-lived because the government was able to maintain prices through the regularity of the food basket, and there is not much demand for the dollar. The pumping continues, demands are met, and speculation operations have been controlled."
Iraq Economic News and Points To Ponder Tuesday Evening 6-11-24
Expert: Dealing In The Dollar Remains And Speculation In Prices Is Temporary
Time: 06/11/2024 Read: 637 times {Economic: Al-Furat News} The economic expert, Bassem Jamil Antoine, considered the issue of price speculation “temporary,” while he believes that dealing in the dollar will remain in Iraq.
Antoine told {Al-Furat News} that: “The dollar will not be cut off from the local markets because the rate of entry of the dollar into Iraq daily is no less than 3 million from the sale of oil.”
He added, "Speculation in prices is temporary and short-lived because the government was able to maintain prices through the regularity of the food basket, and there is not much demand for the dollar. The pumping continues, demands are met, and speculation operations have been controlled."
Antoine pointed out, "It is possible that there will be a slight increase during the Eid al-Adha period; unless the banks continue to take their share of it and pump it to the markets, we will be able to control it in general."
Today, Tuesday, selling prices in the field of banking in the local markets in Baghdad reached 148,750 Iraqi dinars for 100 dollars, while purchasing prices reached 146,750 dinars for 100 dollars. LINK
Oil Prices Rise Thanks To Hopes Of Increased Demand For Fuel
Energy Economy News Baghdad Oil prices rose at the beginning of trading on Tuesday, continuing their gains for a second day thanks to hopes of rising seasonal demand for fuel and potential US purchases to increase the strategic petroleum reserve, despite the rise in the dollar that limited the gains.
By 0038 GMT, Brent crude futures rose 28 cents, or 0.3 percent, to $81.91 per barrel, and US West Texas Intermediate crude futures increased 31 cents, or 0.4 percent, to $78.05.
Crude prices rose about three percent, on Monday, to their highest level in a week, supported by expectations of increased demand for fuel in the summer, despite the rise in the dollar and expectations that the Federal Reserve (the US central bank) will keep interest rates high for a longer period. Views 71 06/11/2024 - https://economy-news.net/content.php?id=44205
A New Boom For (The Green Leaf)... Find Out The Exchange Rate In Baghdad And Erbil
Economy | 10:21 - 11/06/2024 Baghdad - Mawazine News The dollar exchange rates rose today, Tuesday, in the markets of Baghdad and Erbil.
Dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,150 dinars for every 100 dollars, while yesterday, Monday, prices recorded 146,750 dinars for every 100 dollars.
Selling prices also increased in banking shops in local markets in Baghdad, where the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars.
As for Erbil; The dollar also recorded an increase in banking shops, the selling price was 146,900 dinars compared to 100 dollars, and the purchase price was 146,800 dinars compared to 100 dollars.https://www.mawazin.net/Details.aspx?jimare=249507
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Every failure made me more confident. Because I wanted even more to achieve things, as revenge. To show that I could. -Roman Polanski
Adversity is, to me at least, a tonic and a bracer. -Sir Walter Scott
Difficulties should act as a tonic. They should spur us to greater exertion. -B. C. Forbes
There are times in everyone's life when something constructive is born out of adversity ... when things seem so bad that you've got to grab your fate by the shoulders and shake it. -Anonymous
Brave men rejoice in adversity, just as brave soldiers triumph in war. -Marcus Annaeus Seneca
Some minds seem almost to create themselves, springing up under every disadvantage and working their solitary but irresistible way through a thousand obstacles. -Washington Irving
Every calamity is a spur and valuable hint. -Ralph Waldo Emerson
Treasure the memories of past misfortunes; they constitute our bank of fortitude. -Eric Hoffer
If you will call your troubles experiences, and remember that every experience develops some latent force within you, you will grow vigorous and happy, however adverse your circ*mstances may seem to be. -John Heywood
http://famousquotesandauthors.com/topics/adversity_quotes.html
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Economics, Gold and Silver, Goldilocks, News DINARRECAPS8 Economics, Gold and Silver, Goldilocks, News DINARRECAPS8
Goldilocks' Comments and Global Economic News Tuesday Evening 6-11-24
Good EveningDinar Recaps,
"Project mBridgecontinues its development and has reached the minimum viable product (MVP) stage, while broadening its international reach."
This project has reached its minimum requirements that will allow it to work with early adopters on this Digital Ledger Technology enabling instant payments through cross-border International (CBDC) trades. This system will allow foreign currency exchanges through local currencies.
There are now over 26 observing members and Saudi Arabia has just recently joined as a full participant. This DLT will allow payments to be settled in local currencies of those who are early adopters of this new digital payment system.
Goldilocks' Comments and Global Economic News Tuesday Evening 6-11-24
Good EveningDinar Recaps,
"Project mBridgecontinues its development and has reached the minimum viable product (MVP) stage, while broadening its international reach."
This project has reached its minimum requirements that will allow it to work with early adopters on this Digital Ledger Technology enabling instant payments through cross-border International (CBDC) trades. This system will allow foreign currency exchanges through local currencies.
There are now over 26 observing members and Saudi Arabia has just recently joined as a full participant. This DLT will allow payments to be settled in local currencies of those who are early adopters of this new digital payment system.
"Project mBridge is the result of extensive collaboration “starting in 2021 between the BIS Innovation Hub, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the People’s Bank of China, and the Hong Kong Monetary Authority.”
In 2022, real value transactions took place on a pilot program and were successful. This project has been coordinated with the Bank of International Settlements, and it is expected to be available by mid-2024.
Since mbridge has reached its minimum viable product stage, it is now able to invite the International community to begin interfacing onto this section of the QFS.
© Goldilocks
Crowdfund Insider
As of June 2024, the observing members to Project mBridge include: Asian Infrastructure Investment Bank, Bangko Sentral ng Pilipinas; Bank Indonesia; Bank of France; Bank of Israel; Bank of Italy; Bank of Korea; Bank of Namibia; Central Bank of Bahrain; Central Bank of Chile; Central Bank of Egypt; Central Bank of Jordan; Central Bank of Malaysia; Central Bank of Nepal; Central Bank of Norway; Central Bank of the Republic of Türkiye; European Central Bank; International Monetary Fund; Magyar Nemzeti Bank; National Bank of Cambodia; National Bank of Georgia; National Bank of Kazakhstan; New York Innovation Centre, Federal Reserve Bank of New York; Reserve Bank of Australia; South African Reserve Bank; and World Bank. BIS Ledger Insights Product Plan
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According to this report, supply and demand issues in trade are currently in an imbalanced state. The demand for goods and services has steadily grown since the Covid-19 pandemic, and first quarter numbers show a significant growth for the United States and for China. Yet, we are not out of the woods, and supply and demand need to be brought into equilibrium.
High demand is good for traders, and it looks good on the Markets. It is the supply side that is lacking at the present moment due to inflated prices on goods and services. In order to balance the economy and make it grow steadily and forward, there needs to be more attention on moving the products across the country. This will increase money flow and demands on our Stablecoins that in turn gives more purchasing power to our currencies.
Here is where monetary policies come into play. As we move into a tokenized asset and gold token regimen for payment, this will stimulate the process of deflating the economy. A shift in interest rate reduction or remaining steady will give our suppliers liquidity capable of catching up to the demands of companies across the United States and China.
We are at a wait-and-see approach on the FOMC meeting. The changes made at this meeting and the next one are critical to the transition of our economy and it's moving back into profitable status. Supply Chain Brain Investopedia
WATCH THE WATER.
© Goldilocks
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When will the next fed rate cut be? Look ahead to future FOMC meetings |Investopedia
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Mastercard Launches Open Banking Solutions in Partnership With Atomic to ‘Enhance User Experiences’ |The Fintech Times
Payments giant Mastercard has integrated Deposit Switch and Bill Pay Switch into its open banking platform, in a move that enables consumers to automatically switch their direct deposits and update their recurring bill payments, when opening a digital account or when updating information on an existing account.
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XRP COULD BECOME THE WORLD'S RESERVE CURRENCY - RIPPLE XRP NEWS |Youtube
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Iraq Seeks $2.5 Billion Missile System from South Korea #iqd #vnd #htg #ZiG Rates |Youtube
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Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements|Coin Trust
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Italian Banking Association trials two styles of wholesale CBDC -Ledger Insights - blockchain for enterprise
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Fidelity Intl tokenizes fund on JPM Tokenized Collateral Network -Ledger Insights - blockchain for enterprise
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Solar-Powered Planes Are Ready to Take Off (And Fly for Months at a Time) -WSJ
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BREAKING NEWS: Apple unveils "tap to pay" between iPhones! 📲 Apple is interconnected with Ripple's Interledger Protocol! 🤝🏼 All the roads lead to one destination and the destination is called #XRP 💎
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Iraq News Highlights and Points To Ponder Tuesday Afternoon 6-11-24
Parliamentarian: The Basra-Aqaba Oil Pipeline Does Not Achieve Economic Feasibility For Iraq
Economy Information/Baghdad.. On Tuesday, the representative of Basra Governorate, Rafiq Al-Salhi, considered the agreement to extend the oil pipeline from Basra to the Jordanian port of Aqaba as a failed project that does not achieve any economic benefit for Iraq, and the only beneficiary from it is the Jordanian side.
Al-Salhi said in a statement to the Al-Ma’louma Agency, “The project to extend an oil pipeline from Basra to Aqaba is a failed project and will cost the country large sums of money because it has no economic benefit for Iraq and the only beneficiary is the Jordanian side.”
Iraq News Highlights and Points To Ponder Tuesday Afternoon 6-11-24
Parliamentarian: The Basra-Aqaba Oil Pipeline Does Not Achieve Economic Feasibility For Iraq
Economy Information/Baghdad.. On Tuesday, the representative of Basra Governorate, Rafiq Al-Salhi, considered the agreement to extend the oil pipeline from Basra to the Jordanian port of Aqaba as a failed project that does not achieve any economic benefit for Iraq, and the only beneficiary from it is the Jordanian side.
Al-Salhi said in a statement to the Al-Ma’louma Agency, “The project to extend an oil pipeline from Basra to Aqaba is a failed project and will cost the country large sums of money because it has no economic benefit for Iraq and the only beneficiary is the Jordanian side.”
He added, "The shipping and pumping costs operations will drain large amounts of money and costs compared to exporting it from the ports of Basra, as the cost of exporting one barrel from the ports of Basra is estimated at 6 cents, while the cost of a barrel from the port of Aqaba exceeds four dollars. This is a waste of money, in addition to its security risks related to protecting... Pipeline from terrorism or international targeting.”
Al-Salhi pointed out that "the project faces widespread criticism from oil specialists, so we categorically refuse to initiate the project now or in the future."
It is noteworthy that the Basra-Aqaba oil pipeline project is a proposed project to transport crude oil from the Rumaila field, in southern Iraq, to Aqaba, in southern Jordan. Its length is 1,700 km. LINK
After Returning It For The Purpose Of Auditing...The Iraqi Facts Address Parliament To Send The Budget Schedules
Shafaq News/ Ministry of Justice spokesman, Ahmed Laibi, said on Tuesday that the Iraqi Facts Department addressed the House of Representatives with an official letter in order to send the schedules of the Federal Financial Budget Law for the year 2024 in order to publish them in the Official Gazette.
Laibi explained in a statement to Shafaq News Agency, that there are communications between the Facts Department and the House of Representatives to complete the procedures and publish the budget tables in the Iraqi Facts newspaper.
For his part, a parliamentary source told the agency that this measure comes after the Real Estate Department returned the budget law schedules to the House of Representatives for the purpose of scrutinizing some articles and paragraphs of the law, but the House was late in sending them again.
The source added that the Council must return the budget law schedules before the end of this week and the Eid al-Adha holiday to avoid further delays.
At the beginning of last May, the Iraqi Council of Representatives voted on the budget schedules for the current year, 2024.
The budget included securing scholarships for university and school students, and increasing employee allocations by 4 trillion to secure the salaries of employees, new appointees, and retirees, and implementing the terms of contracts, appointments, and those whose contracts were terminated.
It also included allocating an amount of one trillion and 250 billion dinars to secure the increase in retirees' salaries, and allocations for disbursing end-of-service rewards to civilian and military retirees.
As well as increasing social welfare allocations to include more than 650,000 new families, increasing the capital of the Real Estate Bank by 500 billion dinars to cover citizens’ lending requests for housing, and allocating an amount of 5 trillion dinars to secure farmers’ entitlements to purchase wheat and barley crops.
At the beginning of this June, a member of the Parliamentary Finance Committee, Jamal Cougar, revealed an important step towards approving Iraq’s budget for the current year.
Koçer told Shafaq News Agency at the time that the House of Representatives voted on the budget law schedules and sent them in an official letter to the Ministry of Justice for the purpose of publishing them in the Iraqi newspaper Al-Waqe’i.
He stated that the budget schedules do not need to be approved by the Presidency of the Republic, given that Parliament voted last year on the three-year budget law.
He added that after publishing the budget tables in the Official Gazette, the Ministry of Finance and the Ministry of Planning will disburse operational and investment expenses, allocations and financial dues to ministries, institutions, bodies and government agencies, in addition to disbursing the governorates’ dues as specified in the budget tables. LINK
Al-Muttalabi: The 2024 Budget Was Fair To The Ministries At The Expense Of The Provinces
Policy Information / Baghdad... The former member of the Baghdad Provincial Council, Saad Al-Muttalabi, confirmed on Tuesday that there was an imbalance in directing budgets towards ministries instead of directing them towards local governments as they are concerned with service projects in their areas.
Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..
Al-Muttalabi told Al-Maalouma Agency, “The ministries’ projects differ from the governorate’s projects, which is considered a local administrative unit that has its direct needs from the municipal directorates spread throughout the regions.”
He added, "Each municipality affiliated with the governorate has its own projects, needs, and plan, and they are presented to the advisory and engineering body in the governorate to be studied and drawn up. Its plan is sent to the Ministries of Planning and Finance, where the sent plan includes realistic solutions for the area in question, while the ministry does not look at such matters, but rather works." According to a federal strategic plan.
He stated, "It is a mistake for the budget to be directed to the ministries and the governorates and their projects and service plans are ignored. In addition, it is considered a constitutional flaw, as the projects must be primarily local, with the exception of security." LINK
After OPEC's Decision To Reduce Cuts... Iraq Increases Its Production By 40 Thousand Barrels Per Day
Energy Economy News _ Baghdad Iraq increased its production by 40,000 barrels per day during the month of May, after OPEC’s decision to reduce cuts, according to a survey conducted by S&P Global Commodity Insights on June 10.
The nine OPEC members subject to quotas boosted crude oil production by 100,000 bpd in May, led by Nigeria and Iraq, pushing the group 320,000 bpd above their collective targets, while the bloc's allies led by Russia cut production.
Iraq increased its production by 40,000 barrels per day to reach 4.28 million barrels per day, which is 280,000 barrels per day more than its current target, despite its agreement in May to compensate for the surplus production. The Platts survey estimates current oil production in the Kurdistan Region of Iraq at 210,000 barrels per day.
Iraq's production reached 4.28 million barrels per day, up from the previous month, which reached 4.24 million barrels per day. Views 36 06/11/2024 - https://economy-news.net/content.php?id=44222
Provoking Thoughts and Points To Ponder On Adversity:
Every failure made me more confident. Because I wanted even more to achieve things, as revenge. To show that I could. -Roman Polanski
Adversity is, to me at least, a tonic and a bracer. -Sir Walter Scott
Difficulties should act as a tonic. They should spur us to greater exertion. -B. C. Forbes
There are times in everyone's life when something constructive is born out of adversity ... when things seem so bad that you've got to grab your fate by the shoulders and shake it. -Anonymous
Brave men rejoice in adversity, just as brave soldiers triumph in war. -Marcus Annaeus Seneca
http://famousquotesandauthors.com/topics/adversity_quotes.html
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
42 Countries Joining BRICS: What Next
Fastepo: 6-10-2024
Delegates from 22 countries are gathering for the BRICS foreign ministers meeting in Nizhny Novgorod, Russia, taking place on June 10 and 11, 2024.
This significant event and one of the largest ones in BRICS history is set to discuss various topics related to global economic governance, multilateralism, and the ongoing development of BRICS cooperation.
This represents another step towards the further expansion of the BRICS bloc in the near future.
42 Countries Joining BRICS: What Next
Fastepo: 6-10-2024
Delegates from 22 countries are gathering for the BRICS foreign ministers meeting in Nizhny Novgorod, Russia, taking place on June 10 and 11, 2024.
This significant event and one of the largest ones in BRICS history is set to discuss various topics related to global economic governance, multilateralism, and the ongoing development of BRICS cooperation.
This represents another step towards the further expansion of the BRICS bloc in the near future.
BRICS Beyond Borders: Dedollarization, Common Currency, and Global Expansion
Think BRICS: 6-11-2024
Discover the latest BRICS news and developments in financial matters, expansion, and cooperation. In this insightful video, Clive Ettia from Think BRICS and Rhod Mackenzie from @SCOBRICSInsight discuss pivotal topics such as dedollarization, BRICS common currency, and digital currency initiatives. In the opening segment, we dive into Russia's push for dedollarization in Latin America trade.
Understand the geopolitical implications and the benefits and challenges this brings to Latin American countries. We then explore the broader BRICS strategy for economic sovereignty and mitigating dollar dependency.
Next, we cover the ambitious move towards a BRICS common currency. Learn about the feasibility, timeline, and potential economic and political implications of this initiative. We compare it with digital currency projects involving Saudi Arabia, China, and the UAE, highlighting how these efforts align with BRICS' financial sovereignty goals and global trade strategies.
We also touch upon regional security issues, focusing on the tensions in the Horn of Africa over a naval base in Somaliland. This discussion outlines the strategic importance of the region, BRICS interests in Africa, and potential diplomatic solutions. Lastly, the video reviews the recent BRICS Foreign Ministers' meeting in Nizhny Novgorod, discussing strategic alignments and the growing influence of BRICS.
With around 30 countries showing interest in joining or cooperating with BRICS, we analyze the strategic advantages and the future growth potential of this powerful alliance.
While this video provides an in-depth analysis of BRICS financial matters, expansion, cooperation, and the specific geopolitical and economic implications of de-dollarization and a common currency, it does not cover the technical details of implementing a BRICS digital currency or the exact strategies behind each country's involvement in these initiatives.
The discussion on regional security and naval base conflicts in the Horn of Africa is thorough, but it does not delve into the specific military strategies or detailed political negotiations taking place behind the scenes.
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
TNT: Tishwash: Al-Sudani will visit Jordan tomorrow, Tuesday
A government source revealed today, Monday (June 10, 2024), that Prime Minister Muhammad Shiaa Al-Sudani will visit Jordan tomorrow, Tuesday.
The source told "Baghdad Today" that the Sudanese "will pay a visit to Jordan tomorrow, Tuesday, at the head of a high-ranking government delegation."
He pointed out that "the visit will discuss a number of security and economic files and developments in the region." link
TNT:
Tishwash: Al-Sudani will visit Jordan tomorrow, Tuesday
A government source revealed today, Monday (June 10, 2024), that Prime Minister Muhammad Shiaa Al-Sudani will visit Jordan tomorrow, Tuesday.
The source told "Baghdad Today" that the Sudanese "will pay a visit to Jordan tomorrow, Tuesday, at the head of a high-ranking government delegation."
He pointed out that "the visit will discuss a number of security and economic files and developments in the region." link
Tishwasj: Iraq expects to reach an agreement to resume oil exports through Türkiye within days
The Iraqi government expects to soon reach a final agreement with the Kurdistan region and international oil companies there, to resume oil exports, according to what Bloomberg reported.
The Iraqi Oil Minister, Hayyan Abdul-Ghani, said in a televised interview on the government “Al-Iraqiya” channel, “There is progress in these negotiations, and we hope that we will reach, within the next few days, a final understanding in this regard.”
He added that the Iraqi Ministry of Oil, the Ministry of Natural Resources in the Kurdistan Region, and international oil companies met on Sunday in Baghdad to discuss the resumption of production and exports, noting that the revenues will be deposited in an account in the Central Bank of Iraq.
Abdul Ghani expressed his hope that there will be multiple outlets for exporting Iraqi oil abroad, and he said: “We are looking for other sources to deliver Iraqi oil to global markets... We were exporting 400 thousand barrels of oil per day through Turkish Ceyhan before it stopped.” He added: “We are conducting negotiations with Turkey to resume oil exports through Ceyhan,” noting that “there is progress in the negotiations regarding the Iraqi-Turkish oil pipeline.”
Sunday's meeting in Baghdad, which was attended by Abdul Ghani and officials from the Ministry of Natural Resources in the Kurdistan Region, came after an invitation sent by the Ministry of Oil, last month, to the Kurdish authorities and international energy companies. To meet and discuss the resumption of northern oil exports.
A senior official at the Ministry of Oil, who requested anonymity due to the sensitivity of the talks, said on Sunday that the talks are expected to focus on the Kurdistan Regional Government’s energy production sharing contracts, which Baghdad wants to amend, and the oil production costs demanded by foreign oil companies. In exchange for oil extracted from the Kurdistan region.
Iraq says that foreign companies and the authorities of Iraqi Kurdistan are behind the delay in resuming crude oil exports. Because it has not yet submitted its contracts to the Federal Ministry of Oil for review.
Crude oil exports from Kurdistan stopped more than a year ago, after they were closed in March 2023. Due to the dispute over who allows exports from the Kurdistan region.
The impasse came on the heels of the International Chamber of Commerce's March 2023 ruling on a dispute between Turkey and Iraq over Kurdistan's oil. The ICC ruled in favor of Iraq, which said Turkey should not allow Kurdish oil exports through the Iraq-Turkey pipeline and the Turkish port of Ceyhan, without the approval of the Iraqi federal government.
Months of tense negotiations between Iraq and Turkey, and between Iraq and Kurdistan, followed, with an agreement remaining elusive. In January of this year, foreign companies operating in Kurdish oil fields called on the US Congress to take immediate action to help solve the problem of the cessation of crude oil exports from the autonomous Iraqi region. The group said, in a letter to Congress, that “oil export is the foundation of Iraq’s economy, and all Iraqis will benefit when full production and global sales from the Kurdistan region resume.” link
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Tishwash: Al-Rafidain: Al-Khader branch joins the branches that operate with the comprehensive system
Al-Rafidain Bank announced the implementation of the comprehensive banking system in the Al-Khader branch in Al-Muthanna.
The bank stated in a statement: “With the addition of the Al-Khader branch, the number of branches in force and operating the system has become (29), in an important step to strengthen the banking system, achieve its requirements, abandon paper work, and move completely to electronic systems.”
The bank confirmed: “The digital transformation plan and adoption of the comprehensive banking system is proceeding according to the set timings to include all the bank’s branches 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, reducing time, simplifying procedures, removing obstacles, and intensifying efforts to raise the level of Services provided to customers and completion of their transactions.” link
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CandyKissses: Corporate governance in Iraqi banks. Enhancing transparency and efficiency
{Economical: Al-Furat News} Corporate governance is one of the most important factors that contribute to enhancing the performance and safety of the banking sector. By applying the principles of sound governance, banks can improve their efficiency and risk management, and enhance investor and customer confidence.
In Iraq, banks have come a long way in applying corporate governance principles, with the support of the Central Bank of Iraq and the Iraqi Deposit Insurance Company. These efforts have contributed to improving the performance of the banking sector and increasing its transparency, which reflected positively on the Iraqi economy in general.
Singapore’s experience in corporate governance in the banking sector is an example.
The Monetary Authority of Singapore (MAS) has applied a set of strict governance standards, including disclosure and transparency requirements, defining the responsibilities of the board of directors and executive management, and periodically evaluating the performance of banks.
These efforts have contributed to making Singapore a global financial centre with an excellent reputation for transparency and integrity.
In Iraq, the Iraqi Deposit Insurance Company can play a greater role in strengthening corporate governance in banks, by encouraging banks to adopt international best practices in this field, and providing training and guidance to board members and executive management.
The Iraqi Deposit Insurance Company is arguably an inspiring success story under difficult circ*mstances. Through its vital role in protecting depositors' funds and promoting confidence in the banking system, so that the company contributes to building a strong and stable national economy.
As its efforts in development and innovation continue, the Iraqi Deposit Insurance Company promises to be a key pillar in achieving sustainable economic development in Iraq.
Mot: .... Already it's Been ~~~~~
Mot: . ooooooooooooooh Deeeeer - Da Dog Daze ~~~~~
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Iraq Economic News and Points To Ponder Tuesday AM 6-11-24
Corporate Governance In Iraqi Banks... Enhancing Transparency And Efficiency
Time: 06/10/2024 Read: 1,378 times {Economic: Al Furat News} Corporate governance is one of the most important factors that contribute to enhancing the performance and safety of the banking sector.
By applying sound governance principles, banks can improve their efficiency and risk management, and enhance investor and customer confidence.
In Iraq, banks have made great strides in applying corporate governance principles, with support from the Central Bank of Iraq and the Iraqi Deposit Insurance Company.
These efforts have contributed to improving the performance of the banking sector and increasing its transparency, which has had a positive impact on the Iraqi economy in general.
Iraq Economic News and Points To Ponder Tuesday AM 6-11-24
Corporate Governance In Iraqi Banks... Enhancing Transparency And Efficiency
Time: 06/10/2024 Read: 1,378 times {Economic: Al Furat News} Corporate governance is one of the most important factors that contribute to enhancing the performance and safety of the banking sector.
By applying sound governance principles, banks can improve their efficiency and risk management, and enhance investor and customer confidence.
In Iraq, banks have made great strides in applying corporate governance principles, with support from the Central Bank of Iraq and the Iraqi Deposit Insurance Company.
These efforts have contributed to improving the performance of the banking sector and increasing its transparency, which has had a positive impact on the Iraqi economy in general.
Singapore's experience in the field of corporate governance in the banking sector is an example to follow.
The Monetary Authority of Singapore (MAS) has implemented a set of stringent governance standards, including
disclosure and transparency requirements,
defining the responsibilities of the board of directors and executive management, and
periodically evaluating banks' performance.
These efforts have made Singapore a global financial center with an excellent reputation for transparency and integrity.
In Iraq, the Iraqi Deposit Insurance Company can play a greater role in enhancing corporate governance in banks, by encouraging banks to adopt international best practices in this field, and providing training and guidance to members of the boards of directors and executive management.
It can be said that the Iraqi Deposit Insurance Company represents an inspiring success story under difficult circ*mstances.
Through its vital role in protecting depositors’ funds and enhancing confidence in the banking system, the company contributes to building a strong and stable national economy.
As its efforts in development and innovation continue, the Iraqi Deposit Insurance Company promises to be an essential pillar in achieving sustainable economic development in Iraq.
https://alforatnews.iq/news/حوكمة-الشركات-في-المصارف-العراقية-تعزيز-الشفافية-والكفاءة
Baghdad Plans To Link China’s Belt And Road With Iraq’s Development Road
Amr Salem June 10, 2024
A map showing the path of China’s Belt and Road initiative. Photo: Asia Green Real Estate
Baghdad (IraqiNews.com) – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, confirmed on Sunday that it is possible to link China’s Belt and Road with Iraq’s strategic project of the Development Road.
Al-Sudani’s statement took place during his meeting with Dai Houliang, the chairman of China National Petroleum Corporation (CNPC), which is the government-owned parent company of PetroChina.
The meeting addressed Iraq’s interest in developing gas projects, fertilizer industries, and energy projects, in addition to the construction of a power plant and a petrochemical factory, according to a statement issued by the Prime Minister’s Office (PMO).
The Belt and Road Initiative, also known as the New Silk Road, is a worldwide infrastructure development project launched by the Chinese government in 2013 with investments in more than 150 countries.
According to the World Bank, the Belt and Road Initiative has the potential to increase trade flows in 155 participating countries by 4.1 percent while also lowering global trade costs by 1.1 to 2.2 percent and increasing the GDP of East Asian and Pacific developing countries by an average of 2.6 to 3.9 percent.
The Chinese initiative aims to build an integrated large market that fully utilizes both international and domestic markets through cultural exchange and integration to improve member countries’ mutual understanding and trust.
The New Silk Road bridges an infrastructural gap and has the potential to boost economic growth across Asia, the Pacific, Africa, and Central and Eastern Europe.
Iraq’s $17 billion Development Road project will connect the Al-Faw Grand Port in southern Iraq to the border with Turkey by extending a railway and road network.
Many Arab, regional, and European countries have expressed their willingness to participate in Iraq’s Development Road project, either by pumping in investments or taking part in the construction works, as it constitutes an important link between Asia and Europe.
The project is expected to turn the country into a transit center by shortening the travel time between Asia and Europe in an attempt to compete with Egypt’s Suez Canal.
Al-Sudani illustrated earlier that the project includes a railway to transport goods, with a capacity of 3.5 million tons in its first phase that will be increased to 7.5 million tons in the second phase.
The Iraqi Prime Minister mentioned that the project will also include a highway for land transport and pipelines to transport energy, in addition to the Al-Faw Grand Port and the industrial city expected to be one of the largest in the Middle East.
As a global corridor to transport goods and energy, the project will generate many job opportunities for Iraq and the countries of the region, as well as opportunities for industries and businessmen, and it will be a center attracting global trade.
More Than $273 Million...Central Bank Sales Today
Monday 10, June 2024 12:43 | Economical Number of readings: 204
Baghdad / NINA / The Central Bank of Iraq announced, today, Monday, its total sales of foreign currency through the electronic window.
The window recorded the total amounts of transfers abroad (remittances, credits) at $255,000,000, while the total amount of cash sales amounted to $18,600,000, and the total amount of sales amounted to $273,600,000.
The cash sale was set at 1,305 dinars to the dollar, while the bond credits, international settlements for the electronic card, and foreign transfers were set at 1,310 dinars to the dollar. /End 11
https://ninanews.com/Website/News/Details?key=1131721
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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
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Militiaman, News Dinar Recaps 20 Militiaman, News Dinar Recaps 20
Iraq Dinar-IQD Update-2024 Budget Dispurse-Legally Resolved-CBI- EU-IMF Support-Set Timings in play
MilitiaMan and Crew: 6-10-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraq Dinar-IQD Update-2024 Budget Dispurse-Legally Resolved-CBI- EU-IMF Support-Set Timings in play
MilitiaMan and Crew: 6-10-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Read More
