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

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

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Tuesday Evening 6-11-24

Good EveningDinar Recaps,

~~~~~~~~~

When will the next fed rate cut be? Look ahead to future FOMC meetings |Investopedia
~~~~~~~~~

~~~~~~~~~

XRP COULD BECOME THE WORLD'S RESERVE CURRENCY - RIPPLE XRP NEWS |Youtube

~~~~~~~~~

Iraq Seeks $2.5 Billion Missile System from South Korea #iqd #vnd #htg #ZiG Rates |Youtube

~~~~~~~~~

Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements|Coin Trust

~~~~~~~~~

Italian Banking Association trials two styles of wholesale CBDC -Ledger Insights - blockchain for enterprise

~~~~~~~~~

Fidelity Intl tokenizes fund on JPM Tokenized Collateral Network -Ledger Insights - blockchain for enterprise

~~~~~~~~~

Solar-Powered Planes Are Ready to Take Off (And Fly for Months at a Time) -WSJ

~~~~~~~~~

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 💎

~~~~~~~~~

Follow Goldilocks'Roadmap

Follow Goldilocks'Timeline

Goldilocks'Telegram Room

Q & ATelegram Room

Goldilocks on theSeeds of Wisdom Team™Website

Subscribe toNewsletter

Thank youDinar Recaps

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

http://famousquotesandauthors.com/quotes_by_topic.html

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.

https://www.youtube.com/watch?v=CkCrb1T227M

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.

https://www.youtube.com/watch?v=fWW_Sd-X6b4

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

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

Tishwash: Al-Rafidain: Al-Khader branch joins the branches that operate with the comprehensive system

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

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.

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

https://www.iraqinews.com/wp-content/uploads/2024/06/A-map-showing-the-path-of-Chinas-Belt-and-Road-initiative.-Photo-Asia-Green-Real-Estate-850x537.jpg

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.

https://www.iraqinews.com/iraq/baghdad-thinks-of-linking-chinas-belt-and-road-with-iraqs-development-road/

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

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

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……..

https://www.youtube.com/watch?v=Gt8TEYVvwyU

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

Good Evening Dinar Recaps,

"Core Banking Systems Market Now Well-Established, Cloud Infrastucture to Drive Innovation – Report" |Crowdfund Insider

~~~~~~~~~

Foreign Exchange |Five Degrees

~~~~~~~~~

China's New Investment Play: Shifting Away from US Treasuries to Global Opportunities" |MSN

~~~~~~~~~

As US Treasury bonds are being sold around the world, we have a growing interest in Stablecoin use case scenarios designed to minimize the risk factors of a falling monetary system as it embraces a new digital asset-based trading system.

© Goldilocks

👆 Soft landing potential for the dollar...

~~~~~~~~~

What is Core Banking System |Youtube

~~~~~~~~~

~~~~~~~~~

Managing Risk With Trade Compliance In Global Supply Chains -Global Trade Magazine

~~~~~~~~~

Leaving the US dollar behind, embracing digital currency |The Jerusalem Post

~~~~~~~~~

~~~~~~~~~

iTrustCapital | The #1 Crypto IRA Retirement Platform |iTrustCapital

iTrustCapital is a software platform that allows users to buy and sell cryptocurrencies and precious metals through tax-advantaged retirement accounts.It's considered a leading digital asset IRA software platform and offers a selection of over 25 cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin.iTrustCapital also offers gold and silver.

~~~~~~~~~

XRP Ledger Ready to Adopt Tokenized Gold, Silver in Q3, 2024 |U Today

~~~~~~~~~

ECB In Focus Webinar with Stuart J. Russell - AI: Concepts, Trends, and Coexistence |Youtube

~~~~~~~~~

Follow Goldilocks'Roadmap

Follow Goldilocks'Timeline

Goldilocks'Telegram Room

Q & ATelegram Room

Goldilocks on theSeeds of Wisdom Team™Website

Subscribe toNewsletter

Thank youDinar Recaps

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