Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
TNT: CandyKissses: Integrity reveals moves to recover two of those involved in the theft of the century
Baghdad - Iraq Today: The head of the Federal Integrity Commission, Haider Hanoun, confirmed the move to recover two of those accused of stealing the century from one of the countries, involved in stealing more than 3 trillion dinars.
Hanoun said in a press statement: "The case of theft of tax trusts, currently in the possession of the Anti-Corruption Investigation Court, the Anti-Corruption Criminal Investigation Office," indicating that "the entire case is with the judiciary."
He added, "The Commission of Integrity has an important development is to work to recover two of the accused in the crime of stealing tax trusts from one of the countries," noting that "when we found opposition measures and the delay of work we asked the Prime Minister to intervene in the matter, and he is seeking great effort to recover the fugitive defendants in the case of theft of the century."
TNT:
CandyKissses: Integrity reveals moves to recover two of those involved in the theft of the century
Baghdad - Iraq Today:
The head of the Federal Integrity Commission, Haider Hanoun, confirmed the move to recover two of those accused of stealing the century from one of the countries, involved in stealing more than 3 trillion dinars.
Hanoun said in a press statement: "The case of theft of tax trusts, currently in the possession of the Anti-Corruption Investigation Court, the Anti-Corruption Criminal Investigation Office," indicating that "the entire case is with the judiciary."
He added, "The Commission of Integrity has an important development is to work to recover two of the accused in the crime of stealing tax trusts from one of the countries," noting that "when we found opposition measures and the delay of work we asked the Prime Minister to intervene in the matter, and he is seeking great effort to recover the fugitive defendants in the case of theft of the century."
He pointed out that "one of the defendants stole 2.6 trillion dinars, and the other 500 billion dinars, and when we can recover them, we will announce them and it will be a strengthened victory for this case; so that the judiciary can issue its speedy and fair verdict in the case, which will be considered a great victory over corruption."
CandyKisses: Deputy: Hidden hands working to prevent the rise of Iraq
Baghdad - Iraq Today:
Independent MP Kazem al-Touki confirmed that there are hidden hands trying to prevent Iraq from rising, commenting on the incidents of targeting restaurants and a number of brands in Baghdad.
Al-Toki said in a press interview that "Iraq has allocated sovereign amounts to guarantee foreign funds for investors and signed a number of agreements with international countries in order to secure funds in order to advance the economy."
"The development of the economy cannot take place without internal security, especially with regard to oil licensing rounds, as we have noticed the reluctance of a number of large international companies to enter into these rounds," he said.
"We have great confidence in the government of Prime Minister Mohamed Shia al-Sudani and Interior Minister Abdul Amir al-Shammari in following up on the issue of attacks on restaurants and brands," al-Touki said, noting that "there is a personal interference from them in this matter."
He explained that "all countries of the world are witnessing this kind of acts, but the situation of Iraq is somewhat different because security issues affect its economy," stressing that "there are hidden hands trying to prevent Iraq from rising."
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CandyKisses: The framework settles the controversy: Al-Issawi as Speaker of Parliament
Baghdad - Iraq Today:
The coordination framework, which includes Shiite political forces except the Sadrist movement, confirmed that the defection of a group of Taqadam deputies will speed up the election of the speaker of the House of Representatives in the coming days.
The MP for the framework Salem Al-Anbaki in a press interview, that "the defection of a group of deputies of the Progress Party lost the right to claim the representation of the Sunni parliamentary majority, and the majority has become clear to the other party, which between its cohesion and fixed deputies within the alliance of sovereignty, determination and decisiveness, and now has become with them part of the deputies of progress."
Al-Anbaki said that "the process of defection of deputies will accelerate the process of electing the speaker of the Iraqi Council of Representatives and progress can not object because he does not have any parliamentary majority, unlike the Sunni party opposed to him, and this means that Salem Issawi came closer to the position of speaker of parliament and will be elected by an absolute parliamentary majority after the Eid al-Adha holiday."
Eleven members of the Iraqi parliament and members of provincial councils announced their defection from the Taqaddam bloc headed by Mohammed al-Halbousi and the establishment of a political front called the "Initiative" bloc.
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CcandyKisses: After the assurances of OPEC Plus Oil prices rebound
BAGHDAD(Reuters) - Oil prices rose on Friday as assurances from OPEC Plus members Saudi Arabia and Russia indicated they were ready to halt or cancel production increases, but markets are heading for losses for the third week in a row.
Brent crude futures climbed two years to $79.89 a barrel, and U.S. West Texas Intermediate crude futures added four cents to $75.59.
Prices rose on Thursday when Saudi Arabia and Russia tried to reassure markets about production deals, but oil is on track to post losses for a third straight week.
The Organization of the Petroleum Exporting Countries and its allies, including Russia, have agreed to extend most output cuts until 2025, but have left open to eight members to phase out the voluntary cuts.
Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday that the OPEC+ alliance could halt or cancel production increases if it found the market was not strong enough.
Mot: .. Say ! - Do You Have any Kids????
Mot: .... Ya Knows What They Says - What Goes aRound - Comes Around!
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Iraqi News Highlights and Points To Ponder Thursday Evening 6-6-24
Kurdish MP: The Region’s Share In The Budget Is Fair And We Are Happy To See It Passed
Policy Al-Sumaria News – Politics The representative of the Kurdistan Democratic Party bloc, Sharif Suleiman, described today, Thursday, the Kurdistan region’s share in the federal budget as “fair,” indicating that prior political agreements decided its passage.
Suleiman said in an interview with: Alsumaria News “The political agreement that occurred between the governments of the center and the region is the basis for agreeing on the region’s share of the budget amounting to 12.67%,” adding, “We are happy that there were no bidding or arguments regarding voting on the budget tables and the region’s share in them.”
Iraqi News Highlights and Points To Ponder Thursday Evening 6-6-24
Kurdish MP: The Region’s Share In The Budget Is Fair And We Are Happy To See It Passed
Policy Al-Sumaria News – Politics The representative of the Kurdistan Democratic Party bloc, Sharif Suleiman, described today, Thursday, the Kurdistan region’s share in the federal budget as “fair,” indicating that prior political agreements decided its passage.
Suleiman said in an interview with: Alsumaria News “The political agreement that occurred between the governments of the center and the region is the basis for agreeing on the region’s share of the budget amounting to 12.67%,” adding, “We are happy that there were no bidding or arguments regarding voting on the budget tables and the region’s share in them.”
He added, "The region's share in the budget tables is fair and not bad in light of the reality it is experiencing."Iraq", indicating, "We hope that the budget will be implemented in the correct manner agreed upon and that it will not be subject to political quarrels and bidding or be used as a pressure card." LINK
An Economist Reveals The Positive Side Of The Budget
Economy Information / Baghdad.. Today, Thursday, economic expert Dargham Muhammad Ali revealed the positives of the current year’s budget, which was approved by the House of Representatives a few days ago.
Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..
Ali told Al-Maalouma: “The criticisms raised about the budget are normal, but most of them are based on bias towards the governorates, or perhaps for electoral goals sometimes.”
He added, "The real face of the budget has many positives, including that it is different from previous budgets, as it represented the highest investment ceiling among previous budgets."
He pointed out, "Allocating financial benefits for the development road project, supporting the private industrial sector, and supporting many infrastructure projects that will contribute in one way or another to activating various economic activities that will benefit in the near future."
He continued: “The government’s adoption, for the first time, of the principle of diversifying the distribution of projects between the local administrations of the governorates and between the ministries, will reflect positively on the implementation of projects by creating an atmosphere of competition between the ministries and governorates, especially since the government granted the implementation of the ministries’ projects directly.”
He continued, "The budget was based on distributing the governorates' funds according to deprivation and not on the basis of the proportion of the population, and this will establish the basis for revitalizing the economy of the governorates that suffer from a lack of services and others." Ended / LINK
Abdel Wahid: The Region’s Budget Allocations Do Not Fit Its Reality, And The Smuggled Funds Are No Longer Mere “Frauds.”
Time: 06/05/2024 Read: 2,548 times {Politics: Al-Furat News} The head of the New Generation Parliamentary Bloc, Sarwa Abdel Wahed, said that the region’s budget allocations do not fit its reality, while she believes that the smuggled funds that have returned are mere “fraud”.
Abdel Wahed said, during her hosting of the program {Free Speech} broadcast by Al-Furat satellite channel this evening, that: “
We voted as a new generation on the 2024 budget tables and we had observations regarding the region’s share on the basis of 3 governorates and not 4 {Sulaymaniyah, Dohuk, Erbil and Halabja}.”
- There is an article in the law that obligates the House of Representatives to vote on the budget without discussing it.
- The Kurdistan region’s budget allocations are not proportionate to the size of the region’s reality, but they are good for covering the salaries of the region’s employees.
- We are in favor of improving the governorates’ budgets, especially in Basra Governorate.
- Not all objections are based on schedules The budget is in good shape, but there are those who want to exploit this situation.
- Some politicians defend the contracts of the region’s governorates for personal gain.
- The issue of appeals against the budget is natural, and the judiciary is the one who determines whether it is valid or not.
- We communicate our objection to all Shiite and Sunni leaders, and we are not responsible for the mistakes of others -
The Chairman of the Parliamentary Finance Committee did not attend the voting session on the budget schedules due to the lack of allocations for some governorates.
- The central and regional governments bear the responsibility of delaying the payment of employees’ salaries as well as the resettlement.
- The current session of the House of Representatives is devoid of commitment to attending the sessions and their effectiveness and activity in legislating laws as a result of many problems and lack The harmony of the parties and the absence of Muhammad Al-Halbousi did not change the reality of Parliament.
The problem of resolving the position of Speaker of Parliament can be solved through settlement, as happened with the President of the Republic, in one session.
- What is returned to the state’s treasury of smuggled funds is merely “bankruptcy” relative to what was stolen, and no Iraqi institution has the right to withhold information from representatives, and the current session is witnessing a significant reduction in the follow-up of corruption files.
Prime Minister Muhammad Shiaa Al-Sudani is an honest person and he should be given a deadline to complete his work.
We transferred two documents containing suspicions of corruption related to Samarra medicines and the Ministry of Education to the Federal Integrity Commission and are awaiting investigations. Wafaa Al-Fatlawi LINK
Economic Warning From The Basra-Aqaba Pipeline.. How Much Is Its Value?
Economy News – Baghdad Today, Thursday, the economic expert, Hamza Al-Jawahiri, warned against the Basra-Aqaba oil pipeline project, and in what he described as a “Trojan horse” for normalization with Israel, he pointed to the value of its total cost.
Al-Jawahiri said, in an interview with Al-Iqtisad News, that “the Iraqi government is under intense pressure from America to implement the Basra-Aqaba oil pipeline project,” noting that “MPs must have a role in stopping the project because it represents the cornerstone of the so-called deal of the century.” In which the project will be a Trojan horse for normalization with Israel, which the people completely reject.”
He added, "The Basra-Aqaba oil pipeline and its annexes are projects that cost Iraq $28 billion and include the cost of building the line and Mustafa Oil to be established in Aqaba, along with a line that goes to Egypt to supply it with oil, in addition to building a port in Aqaba for export. All costs are borne by Iraq."
He pointed out, "Iraq bears all kinds of cruelty, especially since the line passes through Wadi Houran, which is considered a safe haven for ten thousand ISIS fighters," noting that "Iraq transports through it to Jordan 150,000 barrels of oil and 150,000 barrels to the refinery in Aqaba and a quantity of oil."
More than 300 thousand barrels per day to Egypt and Israel, while the line does not transport more than one million barrels to Jordan, meaning that Iraq will only export 400 thousand barrels per day to the world.
Al-Jawahiri stressed, “All the costs of building the line are paid by Iraq, as are the costs of operating the line, and it bears the cost of the oil’s passage through Jordan at the rate of two dollars and seventy cents per barrel.”
The economic expert stated, “When the oil is transported from the port of Aqaba, it will be in waters completely controlled by Israel, and if the latter creates any problem to impose normalization on Iraq, it will be forced to submit to its will, and thus the line will be a Trojan horse for normalization with the latter.” 06/06/2024 - https://economy-news.net/content.php?id=44066
Provoking Thoughts and Points To Ponder On Adversity:
Weeping may endure for a night, but joy cometh in the morning. -Bible
Night brings our troubles to the light rather than banishes them. -Seneca
Too much happens ... Man performs, engenders so much more than he can or should have to bear. That's how he finds that he can bear anything. -William Faulkner
A great man does not lose his self-possession when he is afflicted; the ocean is not made muddy by the falling in of its banks. -Panchatantra
There are three modes of bearing the ills of life: by indifference, by philosophy and by religion. -Charles Caleb Colton
http://famousquotesandauthors.com/topics/adversity_quotes.html
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KTFA, News Dinar Recaps 20 KTFA, News Dinar Recaps 20
KTFA: Clare: Nearly 80 trillion dinars disappear from the 2022 and 2023 budget.. Deputy: “No one knows where it went.”
6/4/2024 – Baghdad
Member of the Parliamentary Integrity Committee, Hadi Al-Salami, revealed today, Tuesday, that about 57 trillion Iraqi dinars remain from the 2023 budget, and no one knows where it went.
Al-Salami said, “The 2023 budget amounted to 206 trillion, the actual expenditure was 148 trillion, and the remaining 57 trillion. No one knows where that retained money went.”
He added, "There are 22 trillion in rounds in the 2022 budget as well, and no one knows where it went," noting that "there are problems and irregularities regarding the issue of actual revenues and actual expenses in the budget tables."
He explained, “The House of Representatives made many observations on the budget schedules that were passed without warning.” LINK
KTFA:
Clare: Nearly 80 trillion dinars disappear from the 2022 and 2023 budget.. Deputy: “No one knows where it went.”
6/4/2024 – Baghdad
Member of the Parliamentary Integrity Committee, Hadi Al-Salami, revealed today, Tuesday, that about 57 trillion Iraqi dinars remain from the 2023 budget, and no one knows where it went.
Al-Salami said, “The 2023 budget amounted to 206 trillion, the actual expenditure was 148 trillion, and the remaining 57 trillion. No one knows where that retained money went.”
He added, "There are 22 trillion in rounds in the 2022 budget as well, and no one knows where it went," noting that "there are problems and irregularities regarding the issue of actual revenues and actual expenses in the budget tables."
He explained, “The House of Representatives made many observations on the budget schedules that were passed without warning.” LINK
GEGDinar: This is simply devastating. The entire world is looking at Iraq, and if they haven't been able to show that they can get ahold of their endemic corruption, then what. If I'm looking at investing in Iraq, or a company holding an infrastructure contract with the Iraqi government, I'm going to seriously second-guess my decision and look to exit stage left. If what Frank says is true and they decide to come out with an operational budget at 1,310 rate with no Investment Budget, their credibility will take a massive hit. imo
BM532: I am fine with all of these "negative" articles on economists and "members" stating the disappearance if large sums of money and a less that satisfying budget. Kuwait did the same thing saying xyz and then come out with the new rate! IMO. I always said I would look for silence or little to know news, then what would be considered negative news, then BAM - the world celebrates. IMOx100
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DeepWoodz: Ain’t no way. Parliament doesn’t control the money in the budgets. I don’t even believe this is true.
TSM: Exactly my thoughts as well....WHO was allocating the funds to projects, etc...Seems like the floor is still pretty dirty and maybe instead of Sudani taking all of the victory laps he should have been paying more attention to the day to day operations of the gov't...IMO
DeepWoodz: Fake news. Agreed.Back to the real stuff.Census almost done. Great timing.
PJSMan: I also agree ....it is fake news......if Sudani let 57 trillion Dinars slip out the door on his watch.....while the dinar is at a program rate......then he does not have good systems in place .......sounds like controlled mis information…….OR If it is true, but Sudani already located the 57 Trillion .....and this is to expose Parliament there is no way he sets up a conference call/meeting to tell people that "57 Trillion is missing and I hope we can find it in the coming days"
GEGDinar: So the way I look at this is what does this 57 Trillion that has disappeared tell people like the WTO, IMF, BIS, Word Bank, U.S Fed, global contractors, etc. about the condition of Iraq right now? Can they really be trusted? Or are they seeing a corrupt society that is unwilling to change? If Sudani and his government cannot resolve this case of the missing 57 trillion in "The Coming Days" then important entitles that I've mentioned will probably want to slam on the emergency brakes and bring everything to a halt. I guess the next few weeks will show us how serious Sudani and his anti-corruption will be at going after whomever has perpetrated this crime. I pray this gets resolved quickly. If not, it's back to square one.
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Harlequinc3: Old timers, help me out here, I don't think I'm crazy. I distinctly recall way back when we thought the budget mattered under Maliki, a very similar situation came up -- X amount of dinar has gone missing from the leftover budget! The surplus is all gone! What can we do???
And I have a very strong memory of Saleh at the behest of Shabibi calmly replying there was a 'slush fund' of sorts that the excess funds from previous budgets went in to -- a set of separate accounts from what Parliament had -- they weren't lost, they were removed out of Parliament's hands, for all intents and purposes, to protect them. That 'discretionary fund' is what they used to run the government the next year because they could never get a real budget activated -- the operational budget Frank was talking about.
This was back when they were meeting day after day, walking out to protest Maliki, and never had quorum. I wanna say 2010-ish? Anyway, I am almost positive I remember the same scenario way back when, and a couple days later here's Saleh explaining, wow, don't worry, we're not THAT inept.
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6/4/2024
Member of the Parliamentary Integrity Committee, Hadi Al-Salami, revealed today, Tuesday, that about 57 trillion Iraqi dinars remain from the 2023 budget, and no one knows where it went.
Al-Salami said in an interview with Al-Maalouma, “The 2023 budget amounted to 206 trillion, the actual expenditure was 148 trillion, and the remaining 57 trillion. No one knows where that retained money went.”
He added, "There are 22 trillion in the 2022 budget as well, and no one knows where it went," noting that "there are problems and irregularities regarding the issue of actual revenues and actual expenses in the budget tables."
He explained, "The House of Representatives made many observations on the budget schedules that were passed without warning." LINK
Clare: An Iraqi economist criticizes the 2024 budget: operational par excellence
6/6/2024
Thursday, economic expert Nabil Al-Marsoumi criticized the federal budget for the year 2024, which is the largest in the history of Iraq, describing it as operational par excellence, considering that it is not part of the development plan.
Al-Marsoumi told Shafaq News Agency, “The budget has abundant funds, amounting to 211 trillion Iraqi dinars, and this is a very large amount, but as is the case in previous Iraqi budgets, it was allocated to social care, salaries, and other expenses, and therefore it is an operational budget that does not change the quality and structure of the Iraqi economy.” .
He added, "The budget is dependent on oil and the extent of the backwardness is large in the sectors of industrial and agricultural production and operational services. The budget was not part of the development plan, as there is supposed to be a development plan in the country every four or five years."
Al-Marsoumi continued, "There is no strategic tool that distributes oil revenues to the people and to the governorates, as the financial allocations to the governorates range between 7-20% of the budget."
He pointed out that "operational spending took up 74% of the approved budget, with about 95% on oil export imports, while investment spending amounted to 55 trillion dinars, including 1,321 projects, 470 of which were lagging in implementation due to the lack of financial allocations. The government is also completing implementation." Major projects related to infrastructure and other commercial and industrial projects that have important future economic roles, such as Al-Faw Port and the development road.” LINK
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Clare: Plasschaert's replacement raises controversy.. Who is he?
6/6/2024 Baghdad -
Arab reports revealed today, Thursday, that the United Nations has nominated the permanent representative of the Sultanate of Oman, Mohammed bin Awad, to fill the position of head of the UN mission in Iraq.
This comes after the UN Security Council unanimously approved ending the United Nations political mission in Iraq, and ending the duties of the head of the mission in Iraq, Jeanine Plasschaert.
A report by the Emirati network Eram, followed by Mawazine News, said, “There are some unnamed political parties that had reservations about the candidate, Muhammad bin Awad, and demanded that the United Nations bring in a foreign, non-Arab person for this position,” without disclosing the reasons for the rejection.
The Iraqi government had asked the Council, in a letter dated May 8, to end the mission of the United Nations Mission in Iraq at the latest by the end of 2025.
According to this request, the UN Security Council voted unanimously, last Friday, to end the United Nations mission in Iraq, which was established In 2003, which aimed to coordinate humanitarian efforts and post-war reconstruction efforts.
According to the resolution, the United Nations extended the mandate of the United Nations Assistance Mission for Iraq (UNAMI) for 19 months until December 31, 2025, and then developed a “transition and liquidation plan” in consultation with the Iraqi government to transfer its tasks and withdraw employees and assets. LINK
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Economics, Gold and Silver, Goldilocks, News DINARRECAPS8 Economics, Gold and Silver, Goldilocks, News DINARRECAPS8
Goldilocks' Comments and Global Economic News Thursday Afternoon 6-6-24
Good Evening Dinar Recaps,
Digital Currency Project Announcement: Saudi Arabia joins China and UAE in digital currency project. The kingdom is joining the Switzerland-based Bank for International Settlements' central bank digital currency platform."
Saudi Arabia is the latest country to join this multi-country initiative utilizing wCBDC as a form of payment.
This announcement came on Wednesday as Saudi Arabia joined Project mBridge as a “full participant.”
This means that Saudi Arabia will be moving to a wCBDC payment regimen joining many countries in the Eastern half of our world in payments through local currencies.
This will significantly minimize the use of the Petro Dollar if not completely over time. Currently, Saudi Arabia still services the United States along with China who uses the Petro Yuan to trade in oil agreements.
Goldilocks' Comments and Global Economic News Thursday Afternoon 6-6-24
Good Evening Dinar Recaps,
Digital Currency Project Announcement:
Saudi Arabia joins China and UAE in digital currency project. The kingdom is joining the Switzerland-based Bank for International Settlements' central bank digital currency platform."
Saudi Arabia is the latest country to join this multi-country initiative utilizing wCBDC as a form of payment.
This announcement came on Wednesday as Saudi Arabia joined Project mBridge as a “full participant.” This means that Saudi Arabia will be moving to a wCBDC payment regimen joining many countries in the Eastern half of our world in payments through local currencies.
This will significantly minimize the use of the Petro Dollar if not completely over time. Currently, Saudi Arabia still services the United States along with China who uses the Petro Yuan to trade in oil agreements.
This will level the playing field a great deal in the use of currencies moving from a Petro Dollar regimen to wCBDC payment source. Remember, well over 80% of trade around the world is done on the water where exchange rate quotas and percentages are currently under pressure from new demands on local currencies to begin looking at resetting their prices. Al-Monitor State Gov
WATCH THE WATER.
© Goldilocks
👆 Goldilocks pointed to this article
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The word is on the street and in the back rooms of the trading markets that the US may not lower interest rates until just before the election. We will see if we can wait that long.
The surrounding countries we trade with will put significant pressure on the dollar if we do not make this monetary policy change ourselves. It is important to note that these recent changes may not be permanent anyway, but it will give some breathing room for countries who need an opportunity to gather in more loans as we approach a Gold Standard Regimen.
Holding interest rates at higher levels will strengthen currencies as we approach a Gold Standard support system. Many countries are already making this shift into gold gradually, but the pace may soon pick up.
When you combine strong technical fundamentals with a real value through gold, it creates new movement in the opposite direction we are going at the present time.
Unless things change for the European Union, they are still planning on going to a Gold Standard Protocol January 1st, 2025. Countries will begin following suit in the process between now and then in preparing their countries for this change.
Gold will set us free!
© Goldilocks
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Silver Technical Scoop: Precious Benefit, Market Divergences |SilverSeek
Gold and silver have been taking a divergent path as of late, and it may do so until the end of July. This is normal, but the timing of this is impeccable.
A great deal of attention will be placed on transitioning this economy into digital assets. Gold and silver will have competitive asset classes to draw from these next two months, but they will merge together as the year goes on complimenting one another.
The merging of the traditional economy into a gold standard protocol through digital assets is the next move. Look for credit valuation judgments along the way to form new patterns of behavior on Market structures as they correlate their prices into a real value.
© Goldilocks
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ISO 20022 in bytes for payments: Supporting your CBPR+ readiness |Swift
Swift Announcement:
"The community continues to make steady progress with Global ISO 20022 adoption and with only 18 months to go until the end of coexistence, the daily average number of CBPR+ messages exchanged now exceeds one million.
At its March 2024 meeting, the Swift Board re-confirmed the community’s commitment to November 2025 as the end of the MT/ISO 20022 cross-border coexistence period, emphasizing that priority should be given to instruction messages to ensure operational continuity and ongoing interoperability."
This gives us ISO 20022 coverage through the Swift System until November 2025 when the Swift System gives way to the new digital messaging system.
Countries seeking to join the ISO 20022 messaging system have until November of 2025 to do so. Until then, Swift is extending itself as a bridge for countries needing to make this transition.
This does not mean that the transition of the new banking system has to wait until November 2025. It just means that the banking messaging system will be able to go ahead and transition as we wait for this date.
© Goldilocks
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Israel advances digital shekel initiative with new innovation challenge |Crypto Reporter
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Interest rates are likely headed down, at least in Europe |AP News
European Central Bank Announcement:
FRANKFURT, Germany (AP) — The European Central Bank cut its key interest rate Thursday by a quarter point, moving ahead of the U.S. Federal Reserve as central banks around the world lean toward lowering borrowing costs - a shift with far-reaching consequences for home buyers, savers and investors.
The ECB cut its benchmark rate to 3.75% from a record high of 4% at a meeting of the bank’s 26-member rate-setting council in Frankfurt.
The ECB said in a statement that “price pressures have weakened, and inflation expectations have declined at all horizons,” allowing it to start loosening credit.
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Bank of Canada cuts key interest rate to 4.75% |CBC News
The Bank of Canada announcement:
The Bank of Canada has lowered its key interest rate to 4.75 percent, marking the bank's first rate cut since March 2020.
Bank governor Tiff Macklem said in opening remarks that the bank's monetary policy no longer needs to be as restrictive.
"We've come a long way in the fight against inflation. And our confidence that inflation will continue to move closer to the two percent target has increased over recent months," Macklem said.
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SBV vows to fight Vietnam's goldization |SGGP English Edition
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Temenos and Mastercard join forces to expand cross-border payment capabilities through Mastercard Move |Morningstar
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The Unitas Protocol for emerging market currency stablecoin |Ledger Insights
Emerging Market Stablecoin Announcement:
Tether recently announced its funding of XREX, which targets emerging market trade payments. This spotlighted the Unitas Protocol for emerging market currency stablecoins, co-founded by Wayne Huang, XREX’s CEO.
Today stablecoins are dominated by dollars. It can be useful for SMEs to pay with local currencies as well. Hence, the aim is to provide stablecoins that match the unit of account in emerging economies.
The Unitas Protocol involves the issuance of individual currency stablecoins that are over-collateralized by US dollar stablecoins, a little reminiscent of MakerDAO’s DAI, but with some major differences.
While most fiat currency stablecoins are redeemable for the same currency, the Unitas Protocol aims to back emerging market currencies with US dollar stablecoins.
Provided Unitas gains traction, cryptocurrency exchanges will act as on- and off-ramps. Hence, even though a Unitas currency is redeemable for dollars, users may choose to exchange Unitas currencies directly for local currencies without necessarily needing to go the US dollar route.
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Project mBridge reaches minimum viable product stage and invites further international participation |BIS
Private sector participants are invited to propose value-added solutions that can be connected to the mBridge MVP platform.
More central banks and commercial banks can join the platform through the mBridge MVP legal framework and perform real transactions on it.
Project expands international cooperation with a new full member and observers.
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More details on Project Agorá—the plan to tokenize correspondent banking |CoinGeek
In April, the Bank for International Settlements (BIS)announced Project Agorá, a project in which seven central banks aim to transform cross-border payments via tokenization.
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Turning trash into a golden opportunity. |Youtube
👆 In the future, when someone says your house is a dump, there may be some truth to it. 😂
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Comparing IMF Economic Report to Iraq's Actual Plans |Youtube
👆Goldilocks pointed to this video
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This report is showing us that the markets are contracting. |Youtube
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Iraq Economic News and Points To Ponder Thursday Afternoon 6-6-24
Plasschaert's Replacement Raises Controversy.. Who Is He?
Political | 06/06/2024 Baghdad - Mawazine News Arab reports revealed today, Thursday, that the United Nations has nominated the permanent representative of the Sultanate of Oman, Mohammed bin Awad, to fill the position of head of the UN mission in Iraq.
This comes after the UN Security Council unanimously approved ending the United Nations political mission in Iraq, and ending the duties of the head of the mission in Iraq, Jeanine Plasschaert.
A report by the Emirati network Eram, followed by Mawazine News, said, “There are some unnamed political parties that had reservations about the candidate, Muhammad bin Awad, and demanded that the United Nations bring in a foreign, non-Arab person for this position,” without disclosing the reasons for the rejection.
Iraq Economic News and Points To Ponder Thursday Afternoon 6-6-24
Plasschaert's Replacement Raises Controversy.. Who Is He?
Political | 06/06/2024 Baghdad - Mawazine News Arab reports revealed today, Thursday, that the United Nations has nominated the permanent representative of the Sultanate of Oman, Mohammed bin Awad, to fill the position of head of the UN mission in Iraq.
This comes after the UN Security Council unanimously approved ending the United Nations political mission in Iraq, and ending the duties of the head of the mission in Iraq, Jeanine Plasschaert.
A report by the Emirati network Eram, followed by Mawazine News, said, “There are some unnamed political parties that had reservations about the candidate, Muhammad bin Awad, and demanded that the United Nations bring in a foreign, non-Arab person for this position,” without disclosing the reasons for the rejection.
The Iraqi government had asked the Council, in a letter dated May 8, to end the mission of the United Nations Mission in Iraq at the latest by the end of 2025.
According to this request, the UN Security Council voted unanimously, last Friday, to end the United Nations mission in Iraq, which was established In 2003, which aimed to coordinate humanitarian efforts and post-war reconstruction efforts.
According to the resolution, the United Nations extended the mandate of the United Nations Assistance Mission for Iraq (UNAMI) for 19 months until December 31, 2025, and then developed a “transition and liquidation plan” in consultation with the Iraqi government to transfer its tasks and withdraw employees and assets. https://www.mawazin.net/Details.aspx?jimare=249264
Despite Its Rise Internationally... Basra Oil Prices Fell
Economy | 02:46 - 06/06/2024 The prices of Basra Heavy and Medium Crude oil fell on Thursday, despite the rise witnessed in the international market.
Basra Heavy crude prices fell by 36 cents to reach $76.08, and Basra Medium crude prices fell by 36 cents to reach $79.03, according to economic media.
Global oil prices rose amid growing expectations that the Federal Reserve (the US central bank) will cut interest rates next September, despite curbing prices against the backdrop of rising US inventories and the OPEC+ alliance’s plan to increase supplies. https://www.mawazin.net/Details.aspx?jimare=249262
The Central Bank Sells More Than $275 Million At Auction Today
Economy | 01:54 - 06/06/2024 Baghdad - Mawazine News The Iraqi Bank’s dollar sales amounted to more than 275 million dollars today, Thursday, in the currency auction.
In its auction today, the bank sold 275 million and 66 thousand and 650 dollars, which it covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,305 dinars per dollar in cash.
Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 253 million 556 thousand and 650 dollars, an increase of 92% over cash sales amounting to 21 million 510 thousand dollars. https://www.mawazin.net/Details.aspx?jimare=249254
Dollar Prices Are Rising In Local Markets
Economy | - 06/06/2024 The dollar exchange rates rose today, Thursday, in the local markets in the capital, Baghdad.
Prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 145,750 Iraqi dinars for every 100 dollars, while yesterday, Wednesday, prices recorded 145,500 dinars for every 100 dollars.
While selling prices in banking shops in local markets in Baghdad rose, the selling price reached 146,750 dinars, while the purchasing price reached 144,750 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=249256
It Includes 4 Stages.. The Ministry Of Interior Determines The Impact Of Digital Transformation On Citizens
money and business Economy News – Baghdad The Ministry of Interior announced today, Thursday, that managing the digital transformation file includes 4 stages, while indicating that digital transformation has reduced the burden on citizens and removed the similarity of names to controls.
Director of the Information Systems Directorate in the Ministry, Thamer Al-Amiri, said: “Managing the digital transformation file in the Ministry of Interior includes several stages, building the ministry’s own systems and managing strategic projects, including the passport project and the visa project, as well as the electronic gates at airports as well as the digital data center.”
He explained, "These projects led to reducing the burden on the citizen and removing the similarity of names in the detention centers, as a special system was launched to investigate and measure the efficiency of implementing arrest warrants at the state level."
He added, "We contributed to tracking the crime, by quickly sharing information between the security services and providing communications to facilitate the tracking of terrorism, as well as the presence of cameras and the preparation of special studies in this regard." 120 views Added 06/06/2024 - https://economy-news.net/content.php?id=44078
Canadian Foreign Ministry: We Will Reduce Our Diplomatic Presence In Iraq In 2025
Thursday 06, June 2024 20:13 | Political Number of readings: 107 Baghdad / NINA / The Canadian Ministry of Foreign Affairs announced its intention to reduce its diplomatic presence in Iraq, after the end of its country’s strategy to confront the threat of ISIS in the coming year.
A Canadian Foreign Ministry spokesperson told the Kurdish media network Rudaw: “Canada’s Middle East strategy, which was originally created to confront the direct threat posed by ISIS in Iraq and Syria, and its effects on neighboring countries Lebanon and Jordan, will end in March 2025.”
The spokesman added, "When the strategy ends, Canada's diplomatic presence in Jordan and Iraq will be reduced, and our office in Erbil in the Kurdistan region will be closed."
He stressed that Canadian embassy officials in Iraq will “actively” maintain regular communication with officials and people in the Kurdistan region.
A Canadian Foreign Ministry spokesman explained that these changes are consistent with the process of refocusing government spending, indicating that in the 2023 budget, the Canadian government committed to reducing spending by $14.1 billion over the next five years, starting from 2023-2024.
Canada is a member of the US-led international coalition against ISIS, which was formed in 2014 after the organization took control of large areas of Syrian and Iraqi territory./End 9 https://ninanews.com/Website/News/Details?key=1131079
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Weeping may endure for a night, but joy cometh in the morning. -Bible
Night brings our troubles to the light rather than banishes them. -Seneca
Too much happens ... Man performs, engenders so much more than he can or should have to bear. That's how he finds that he can bear anything. -William Faulkner
A great man does not lose his self-possession when he is afflicted; the ocean is not made muddy by the falling in of its banks. -Panchatantra
I've had an unhappy life, thank God. -Russell Baker
Do not show your wounded finger, for everything will knock up against it. -Baltasar Gracian
http://famousquotesandauthors.com/topics/adversity_quotes.html
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
Breaking! 97 Countries Coming To Attend BRICS 2024 In Russia!
We Love Africa: 6-5-2024
97 Countries Prepare To Attend BRICS 2024 in June in Russia
A total of 97 countries have confirmed their presence in the BRICS 2024 Games in June this month. The event will be hosted by Russian President Vladimir Putin in the Kazan region between June 12 to 24.
“97 countries had already confirmed their participation,” said Russia’s Prime Minister Dmitry Chernyshenko. The minister added that the BRICS 2024 Games are an integral part of the development of the country.
“The BRICS Games 2024, which were ordered to be organized following the decree of the Russian President Vladimir Putin, are an important part of our country’s chairmanship in this organization,” he said.
He added that all eyes will be on the BRICS Games in 2024.
Breaking! 97 Countries Coming To Attend BRICS 2024 In Russia!
We Love Africa: 6-5-2024
97 Countries Prepare To Attend BRICS 2024 in June in Russia
A total of 97 countries have confirmed their presence in the BRICS 2024 Games in June this month. The event will be hosted by Russian President Vladimir Putin in the Kazan region between June 12 to 24.
“97 countries had already confirmed their participation,” said Russia’s Prime Minister Dmitry Chernyshenko. The minister added that the BRICS 2024 Games are an integral part of the development of the country.
“The BRICS Games 2024, which were ordered to be organized following the decree of the Russian President Vladimir Putin, are an important part of our country’s chairmanship in this organization,” he said.
He added that all eyes will be on the BRICS Games in 2024. “The upcoming tournament must be organized at the highest possible level,” he said. The sporting event will host 20 different sports with 97 countries participating in Russia.
Apart from the 97 countries that are participating in the BRICS Games 2024, more than 40 nations are also looking to join the alliance.
In 2024 alone, seven new countries have expressed their interest and submitted formal applications to enter the bloc.
The 16th BRICS summit will also be held in Russia’s Kazan region in October this year. The alliance will decide on the prospects of the applications in the upcoming BRICS summit.
All decisions will be taken on a consensus basis after weighing the pros and cons of a particular application.
BRICS is the only bloc that is looking to end reliance on the US dollar and push local currencies for cross-border transactions.
BRICS IS EXPANDING: Turkey, a NATO Member, Announces Plans to Join BRICS Bloc in 2024
Lena Petrova: 6-5-2024
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
TNT: CandyKisses: Land Acquired for $1.5bn Baghdad Golf Development
Arabian Businessreports that Abu Dhabi-based property developerEagle Hillshas bought land in Baghdad for a $1.5-billion golf real estate project.
It says theBaghdad Golf Course and Spawill feature a world-class golf course, high-end residential neighbourhoods, a five-star hotel, and an exclusive resort club.
Eagle Hills was founded by Mohamed Alabbar, who also foundedEmaar Properties, which developed projects such as the Burj Khalifa and the Dubai Mall.
TNT:
CandyKisses: Land Acquired for $1.5bn Baghdad Golf Development
Arabian Businessreports that Abu Dhabi-based property developerEagle Hillshas bought land in Baghdad for a $1.5-billion golf real estate project.
It says theBaghdad Golf Course and Spawill feature a world-class golf course, high-end residential neighbourhoods, a five-star hotel, and an exclusive resort club.
Eagle Hills was founded by Mohamed Alabbar, who also foundedEmaar Properties, which developed projects such as the Burj Khalifa and the Dubai Mall.
CandyKisses: Will employees' salaries be released before Eid al-Adha?
Baghdad Today - Baghdad
An official source in the Iraqi Ministry of Finance revealed today, Wednesday (June 5, 2024), the possibility of distributing the salaries of employees before Eid al-Adha.
The source told "Baghdad Today" that "there is no trend so far regarding the distribution of salaries of Iraqi state employees before Eid al-Adha, corresponding to (16) June."
He added that "the salaries of employees as well as retirees will be paid during the current month, on their normal date without any submission to do so, so there is no decision to do so by the Prime Minister or the Minister of Finance."
The Iraqi government was often accustomed to paying the salaries of state employees before the holidays if the holidays coincided with the last days of the month, or if the date of payment of salaries coincided in the middle of the holidays, which prompted the government to pay salaries a day or two before their date.
However, Eid al-Adha will start between 16 and 17 and end between 19 and 20, and the official working hours begin on Sunday, June 23, before the official salary date.
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CandyKisses: Iraqi-Saudi-Kuwaiti discussions in Riyadh
Shafaq News/ The Saudi capital hosted discussions that brought together Saudi Foreign Minister Prince Faisal bin Farhan, Iraqi Fuad Hussein, and Kuwaiti Abdullah Ali Al-Yahya.
The Saudi Foreign Ministry stated in a statement on the “X” platform that during the discussions, “ways were discussed to enhance and develop aspects of cooperation in many fields,” and “the ministers also touched on the importance of intensifying bilateral and multilateral coordination on issues of common interest.”
The meeting comes days after Prince Faisal bin Farhan met with Abdullah Al-Yahya in Kuwait, last Sunday, and issued an announcement about the outcomes of the second meeting of the Saudi-Kuwaiti Coordination Council.
The announcement said at the time that the two sides stressed “the importance of cooperation in the political fields and joint coordination at all bilateral, regional and international levels, and the crystallization of positions in a way that serves the common interests of the two sides, and in a way that brings security and stability to the two countries, their peoples, and the peoples of the region,” according to the Saudi Press Agency (SPA).
The last meeting between the Saudi Foreign Minister and his Iraqi counterpart was in the Chinese capital, Beijing, at the end of last May.
During the Beijing meeting, “ways to strengthen and develop relations in various fields were reviewed, in addition to discussing the latest developments in issues on the regional and international arenas, most notably the developments in the Gaza Strip and its surroundings and the efforts made in this regard,” according to SPA.
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CandyKisses: President Rashid: Iran is a very important neighbor of Iraq and our relationship with it is good and strong
Baghdad Today - Baghdad
On Thursday (June 6, 2024), the President of the Republic, Abdul Latif Jamal Rashid, promised the Republic of Iran that it is a very important neighbor of Iraq, while noting that Iraq's relationship with it is good and strong.
Rashid said in a television interview followed by "Baghdad Today," that "Iraq has witnessed a remarkable transformation since the end of the hot phase of violence and terrorism," noting that "the country is currently witnessing security stability, peace and security in Iraq has become a reality now."
"The international community has a duty to exert more pressure to recognize the right of Palestinians to self-determination." , stressing "the need to stop the genocide committed every day against the Palestinian people."
He pointed out that "the relationship between the federal government and the Kurdistan Regional Government is full cooperation."
"Iran is a very important neighbor of Iraq and our relationship with it is good and strong and is being developed continuously in various fields," he said.
Mot: Can YOu Believe its only ~~~~~
Mot: . Just Saying Ya Knows!!!
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Iraq Economic News and Points To Ponder Late Wednesday Evening 6-5-24
Fintech In Iraq: How Is Iraq Reshaping Its Financial Future?
Time: 06/05/2024 Read: 1,248 times {Economic: Al-Furat News} Financial technology (FinTech) has become a major driver of innovation in the global banking sector, providing innovative solutions to facilitate financial services and increase their efficiency.
In Iraq, banks have begun to adopt these technologies, which has contributed to improving customer experience and expanding the scope of financial services provided. The Iraqi Deposit Insurance Company plays an important role in supporting this trend, as it is a pillar of financial stability, by encouraging banks to adopt financial technology and providing a regulatory environment supportive of innovation.
Financial technology has demonstrated its ability to enhance financial inclusion in Iraq, as it can provide affordable and accessible financial services to wide segments of society, especially in remote and rural areas.
Iraq Economic News and Points To Ponder Late Wednesday Evening 6-5-24
Fintech In Iraq: How Is Iraq Reshaping Its Financial Future?
Time: 06/05/2024 Read: 1,248 times {Economic: Al-Furat News} Financial technology (FinTech) has become a major driver of innovation in the global banking sector, providing innovative solutions to facilitate financial services and increase their efficiency.
In Iraq, banks have begun to adopt these technologies, which has contributed to improving customer experience and expanding the scope of financial services provided. The Iraqi Deposit Insurance Company plays an important role in supporting this trend, as it is a pillar of financial stability, by encouraging banks to adopt financial technology and providing a regulatory environment supportive of innovation.
Financial technology has demonstrated its ability to enhance financial inclusion in Iraq, as it can provide affordable and accessible financial services to wide segments of society, especially in remote and rural areas.
Through mobile applications and online banking, individuals and businesses can access a variety of financial services, such as money transfers, paying bills, and obtaining loans, without having to visit bank branches.
The Iraqi Deposit Insurance Company is working to enhance the use of financial technology in Iraq, through cooperation with banks and financial technology companies to develop innovative solutions that meet the needs of the Iraqi market. The company is also working to provide the necessary regulatory framework to ensure the security and safety of digital financial services, and to protect consumer rights. LINK
Dollar Prices Decline In Baghdad
Economy | 06/05/2024 The dollar exchange rates decreased today, Wednesday, in the markets of the capital, Baghdad.
Dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 145,500 Iraqi dinars for every 100 dollars, while yesterday, Tuesday, prices recorded 145,850 dinars for every 100 dollars.
While selling prices also decreased in banking shops in local markets in Baghdad, as the selling price reached 146,500 dinars, while the purchasing price reached 144,500 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=249179
Oil Prices Continue To Decline Amid The Increase In US Crude And Fuel
Energy Economy News _ Baghdad Oil prices extended losses in early Asian trading on Wednesday, after a report showed an increase in US crude and fuel inventories, raising concerns about demand growth.
Brent crude futures fell 14 cents, or 0.2 percent, to $77.38 per barrel by 0005 GMT. US West Texas Intermediate crude futures also fell 18 cents, or 0.3 percent, to $73.07 per barrel.
Both contracts fell about a dollar in yesterday's session on Tuesday and about three dollars a barrel on Monday, under pressure from the OPEC+ coalition announcing plans to increase supplies starting in October, despite recent indications of weak demand growth.
Data from the American Petroleum Institute showed that stocks of crude oil, gasoline and distillates in the United States rose last week. High inventories are usually a sign that supplies are exceeding demand.
Figures from the American Petroleum Institute showed that crude inventories rose by more than four million barrels in the week ending May 31, compared to analysts’ expectations of a decline of 2.3 million barrels in a Reuters poll.
Gasoline stocks also rose by more than four million barrels, which is much more than the two million barrel increase that analysts expected.
The US Energy Information Administration will publish official inventory data on Wednesday at 14:30 GMT. Views 105 06/05/2024 - https://economy-news.net/content.php?id=44028
Iraq's Foreign Loans Decreased To $9 Billion
Economy | 03:15 - 06/05/2024 Baghdad - Mawazine News The Iraqi government announced, today, Wednesday, that the value of foreign loans to Iraq decreased to about 9 billion dollars, after canceling about 31 loans from 2003 until the end of last year 2023.
The technical advisor to the Prime Minister, Muhammad Sahib Al-Daraji, said on the sidelines of an economic forum He resides in Baghdad and was followed by Mawazine News.
He said, “A specialized committee has been formed to reveal the amounts borrowed by Iraq from 2003 to the end of 2023, and to track the fate of this money and the projects that were completed thanks to these loans, and which are still under completion, and what are the faltering projects among them?” ".
He added, "Iraq was able to cancel about 31 external loans, leaving those loans worth 8 billion and 900 million dollars remaining," explaining that "these efforts aim to enhance transparency and monitor public spending, and ensure that loans are directed towards vital projects that contribute to developing the infrastructure." Infrastructure and basic services in the country.
He stressed that "the committee will continue its work to follow up on the use of the borrowed funds and ensure that the desired goals are achieved." https://www.mawazin.net/Details.aspx?jimare=249201
Central Bank Sales Exceed $272 Million Today
Wednesday 05, June 2024 14:49 | Economical Number of readings: 210
Baghdad / NINA / The Central Bank of Iraq announced, today, Wednesday, its total sales of foreign currency through the electronic window.
The window recorded the total amounts of transfers abroad (remittances, credits) at $249,648,467, while the total amount of cash sales amounted to $22,830,000, and the total amount of sales amounted to $272,478,467.
The cash sale price 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. / https://ninanews.com/Website/News/Details?key=1130820
Al-Sudani sponsors the signing of a cooperation agreement between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation
Wednesday 05, June 2024 11:33 | Economical Number of readings: 521
Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani sponsored the signing of a cooperation agreement between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation, to finance private sector development projects within the government’s sovereign guarantees initiative./End 9 https://ninanews.com/Website/News/Details?key=1130785
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
An earthquake achieves what the law promises but does not in practice maintain - the equality of all men. -Ignazio Silone
I don't deserve this award, but I have arthritis and I don't deserve that either. -Jack Benny
I have an inward treasure born within me, which can keep me alive if all the extraneous delights should be withheld; or offered only at a price I cannot afford. -Charlotte Bronte
Nothing is more desirable than to be released from an affliction, but nothing is more frightening than to be divested of a crutch. -James Baldwin
People don't ever seem to realize that doing what's right is no guarantee against misfortune. -William McFee
The struggle to the top is in itself enough to fulfill the human heart. Sisyphus should be regarded as happy. -Albert Camus
There are three modes of bearing the ills of life: by indifference, by philosophy and by religion. -Charles Caleb Colton
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-Tripartite Budget-Economic Decision-Digital Banks-Global Tax Systems-Approval
MilitiaMan: 6-5-2024
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-Tripartite Budget-Economic Decision-Digital Banks-Global Tax Systems-Approval
MilitiaMan: 6-5-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Read More
Economics, Gold and Silver, Goldilocks, News DINARRECAPS8 Economics, Gold and Silver, Goldilocks, News DINARRECAPS8
Goldilocks' Comments and Global Economic News Wednesday Evening 6-5-24
Good evening Dinar Recaps,
NEW YORK, N.Y.— "The Commodity Futures Trading Commission’s Global Markets Advisory Committee (GMAC), sponsored by CFTC Commissioner Caroline D. Pham, advanced two recommendations to examine the impacts of proposed U.S. bank capital requirements and to improve collateral and liquidity management for non-centrally cleared derivatives." |CFTC
Recommendations:
1. Global Market Structure Subcommittee Recommendation – "Report on the Impact of the US Bank Capital Proposals on End-Users that Rely on Cleared Derivatives Markets"
This first recommendation deals with Capital Requirements and corresponding collateral that is put up to ensure that both sides of a trade moves through the system. In many cases, this will represent gold for large transactions inside of large foreign currency exchanges. The London Clearing House and the Chicago Mercantile Exchange are two examples of Clearing Houses that will process our transactions.
Goldilocks' Comments and Global Economic News Wednesday Evening 6-5-24
Good evening Dinar Recaps,
NEW YORK, N.Y.— "The Commodity Futures Trading Commission’s Global Markets Advisory Committee (GMAC), sponsored by CFTC Commissioner Caroline D. Pham, advanced two recommendations to examine the impacts of proposed U.S. bank capital requirements and to improve collateral and liquidity management for non-centrally cleared derivatives." |CFTC
Recommendations:
1. Global Market Structure Subcommittee Recommendation – "Report on the Impact of the US Bank Capital Proposals on End-Users that Rely on Cleared Derivatives Markets"
This first recommendation deals with Capital Requirements and corresponding collateral that is put up to ensure that both sides of a trade moves through the system.
In many cases, this will represent gold for large transactions inside of large foreign currency exchanges.
The London Clearing House and the Chicago Mercantile Exchange are two examples of Clearing Houses that will process our transactions.
2. Technical Issues Subcommittee Recommendation – "Variation Margin Processes in Non-Centrally Cleared Markets"
Non-centrally cleared markets happen in markets where transactions are moved through the system without the involvement of a central counterparty or custodian.
Examples of non-centrally cleared markets include:
* Non-centrally cleared bilateral repo (NCCBR) market
This concept deals with credit given on both sides of a trade to execute the process allowing a trade to go forward.
* Non-centrally cleared derivatives (NCCDs)
And, this concept deals with clearing derivative product details such as interest rates, foreign exchange trades, credit, commodity, and Equity trades.
On the new Digital Asset Based Trading System, Smart Derivative Contract Clearing can now be done through digital mechanisms capable of processing these informational data points at the touch of a button.
Here, we haveGold and Technology merginginto synchronized partnerships designed to clear a market transaction or a banking portfolio with a few strokes of a keyboard. CFTC
© Goldilocks
~~~~~~~~~
Instant Cross-Border Payments Announcement:
"The BIS unveiledProject Rialto (https://www.bis.org/about/bisih/topics/cbdc/rialto.htm)a new foreign exchange (FX) module looking to improve FX settlement for instant cross border payments. It will use wholesale central bank digital currencies (wholesale CBDC) as the settlement asset. The FX module could be used as an add on for solutions that interlink instant payment solutions, such as Project Nexus, or as part of a digital asset settlement solution."
Wholesale CBDC will be utilized in foreign currency exchanges. I know many of you will have a question about this procedure, so I looked into it a little bit further to give you the following sentence. Once your funds reach your personal banking account, it does not transition into Retail CBDC.
A retail CBDC is for general public use, and wholesale CBDC is for the banking system to utilize. It remains to be seen at what level we will see a retail CBDC if at all. If retail CBDC is adopted, the public has made it known that the government is going to have to continue working on the privacy issue. Time will tell on this one. BIS Ledger Insights World Economic Forum
© Goldilocks
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Deutsche Bank has joined the Monetary Authority of Singapore’s (MAS) Project Guardian (as part of the asset and wealth management workstream). The collaborative initiative is dedicated to testing the feasibility of asset tokenization applications in regulated financial markets. |The Tokenizer
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Tokenized Exotic RWAs Are Piquing Investor Interest |Forbes
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The U.S. Faster Payments Council (FPC) has recognized Ripple among companies like Visa and Mastercard set to compete for dominance in currency conversion for digital assets. |The Crypto To Basic
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France’s prudential regulator advances work on certification of smart contracts |Ledger Insights
As part of aspeech (https://www.banque-france.fr/en/governors-interventions/future-money-regulatory-and-policy-issues-related-introduction-cbdcs)earlier this week, the First Deputy Governor of theBanque de France (https://www.banque-france.fr/), Denis Beau, revealed that the ACPR is working with the industry to certify smart contracts. The Autorité de Contrôle Prudentiel et de Résolution, ACPR, is the prudential regulatory arm of the central bank.
“Work is continuing in 2024 with stakeholders on one of the ACPR’s key proposals, namely the mandatory certification of smart contracts prior to their use,” he said. Mr Beau noted that early French crypto-asset regulations had heavily influenced the MiCA regulations.
Last April the ACPR shared some proposals on the possibility of regulating DeFi. They fell into three buckets:
* Security standards for private DLTs and public blockchains
* Certifying smart contracts
* Regulating DeFi entry points such as websites.
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Can Ripple take over SWIFT? WhileRipple might have the potential to take over SWIFT, it is also possible that SWIFT might leverage its considerable resources and reputation and pivot its services to include blockchain technology in some format. |Daily Coin
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Bretton Woods 3 - New World Monetary Order |Youtube
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5 yr projections |US Debt Clock
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"Tokenization can leverage the efficiency and transparency of blockchains to help modernize U.S. markets." |Twitter
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UAE Central Bank Approves Stablecoin Licensing –CryptoMode
~~~~~~~~~
“Iraq to Start Mining Bitcoin with UAE on Nation-State Level” |Youtube
~~~~~~~~~
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KTFA, News Dinar Recaps 20 KTFA, News Dinar Recaps 20
KTFA: Clare: Sudanese Advisor: Iraq's external debt has fallen to 9 billion dollars
6/5/2024 Baghdad
The technical advisor to the Prime Minister, Muhammad Sahib Al-Daraji, said that the value of foreign loans to Iraq amounted to about 9 billion dollars.
Al-Daraji added: “A specialized committee has been formed to reveal the amounts borrowed by Iraq from 2003 to the end of 2023.”
He pointed out that "the committee is monitoring where the money went and what projects were completed with these loans and which are still being completed? And what is lagging behind?"
The Sudanese advisor confirmed, "Iraq was able to cancel approximately 31 external loans, leaving those loans worth 8 billion and 900 million dollars." LINK
KTFA:
Clare: Sudanese Advisor: Iraq's external debt has fallen to 9 billion dollars
6/5/2024 Baghdad
The technical advisor to the Prime Minister, Muhammad Sahib Al-Daraji, said that the value of foreign loans to Iraq amounted to about 9 billion dollars.
Al-Daraji added: “A specialized committee has been formed to reveal the amounts borrowed by Iraq from 2003 to the end of 2023.”
He pointed out that "the committee is monitoring where the money went and what projects were completed with these loans and which are still being completed? And what is lagging behind?"
The Sudanese advisor confirmed, "Iraq was able to cancel approximately 31 external loans, leaving those loans worth 8 billion and 900 million dollars." LINK
Clare: Prime Minister: The coming period will be the beginning of major projects
6/5/2024
Prime Minister Muhammad Shiaa Al-Sudani confirmed: “The coming period will be the beginning of large projects.” LINK
Ryan1216: I pray a new rate is introduced along with the beginning of the major projects
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Clare: FinTech in Iraq: How is Iraq reshaping its financial future?
6/5/2024
Financial technology (FinTech) has become a major driver of innovation in the global banking sector, providing innovative solutions to facilitate financial services and increase their efficiency.
In Iraq, banks have begun to adopt these technologies, which has contributed to improving customer experience and expanding the scope of financial services provided. The Iraqi Deposit Insurance Company plays an important role in supporting this trend, as it is a pillar of financial stability, by encouraging banks to adopt financial technology and providing a regulatory environment supportive of innovation.
Financial technology has demonstrated its ability to enhance financial inclusion in Iraq, as it can provide affordable and accessible financial services to wide segments of society, especially in remote and rural areas. Through mobile applications and online banking, individuals and businesses can access a variety of financial services, such as money transfers, paying bills, and obtaining loans, without having to visit bank branches.
The Iraqi Deposit Insurance Company is working to enhance the use of financial technology in Iraq, through cooperation with banks and financial technology companies to develop innovative solutions that meet the needs of the Iraqi market. The company is also working to provide the necessary regulatory framework to ensure the security and safety of digital financial services, and to protect consumer rights. LINK
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Clare: Iraq intends to purchase 8 air defense systems for $2.5 billion
6/4/2024 Baghdad -
Military sources revealed, today, Tuesday, Iraqi negotiations with Korea, through which Iraq seeks to purchase the "M-Sam 2" anti-missile and anti-aircraft system from South Korea, as part of a deal that could be worth about 2.56 billion dollars.
Iraq has expressed in an “urgent” request its desire to possess 8 systems of these air defense batteries, also known as “Xionggong-2,” according to the sources.
The Cheonggong-2 system provides effective defense against aircraft, cruise and ballistic missiles, intercepts incoming threats with direct collision, and features an advanced radar for simultaneous detection and tracking of multiple targets. It has an operating range of up to 40 km, and can confront missiles at altitudes of up to 15 km. LINK
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Clare: The Iraqi budget is moving toward “publishing and disbursing” without presidential approval
6/5/2024
Member of the Parliamentary Finance Committee, Jamal Kujar, revealed on Wednesday an important step towards approving Iraq’s budget for the current year.
Koger told Shafaq News Agency 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, 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.
The Iraqi Parliament voted, the day before yesterday, Monday (May 3), 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. LINK
Clare: Signing a cooperation agreement between an Iraqi bank and a German institution to finance private sector projects
6/5/2024
Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani opened the work of the second specialized workshop to support the private industrial construction sector, during which a cooperation agreement was signed between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation, to finance private sector development projects, within the sovereign guarantees initiative. Governmental.
A letter of authorization was also signed to finance the project to establish a plate glass factory in the Najaf Governorate in the amount of 110 million euros, between the Iraqi Trade Bank and the German banks (Commars Bank) and (Aka Bank).
Mr. Al-Sudani viewed an exhibition that included the private industrial sector’s products of construction materials, praising the efforts made to provide them.
The Prime Minister said in his speech during the opening of the workshop that sovereign guarantees provided financial support from German, Italian and Japanese financial institutions, amounting to 200 million dollars, adding that there are understandings with the French side in the amount of 1 billion euros, for the construction of industrial projects within the sector. private.
He added that the steps of networking and implementing the ASYCUDA system are an important step in automating customs and facilitating the entry of goods, stressing that tax accounting procedures have witnessed a jump due to the facilities provided.
Al-Sudani went on to say, “We are on the verge of a qualitative shift in the procedures for registering companies within the electronic procedures,” noting that “a vision will be reflected in the form of procedures on the financing side and facilitating borrowing from banks.”
The Prime Minister revealed that the government is conducting a study to reform the Industrial Bank to be an effective tool in implementing plans and programs that drive industrial development.
He considered that these agreements are an important indicator of external contributions to the Iraqi economy, specifically in the industrial sector.
Al-Sudani continued by saying, "We are continuing in the housing and construction sector in general, and this requires extensive construction materials."
He concluded his speech by saying that the available factories for various construction materials cover only a quarter of the need according to the projects that will be undertaken, especially residential city projects. LINK
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Clare: Al-Sudani: Understandings with France amounting to one billion euros to build industrial projects... and it promises a qualitative shift
6/5/2024
Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani opened the work of the second specialized workshop to support the private industrial construction sector, during which a cooperation agreement was signed between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation, to finance private sector development projects, within Government Sovereign Guarantees Initiative.
A letter of authorization was also signed to finance the project to establish a plate glass factory in Najaf Governorate in the amount of 110 million euros, between the Iraqi Trade Bank and the German banks (Commars Bank) and (Aka Bank).
Al-Sudani viewed an exhibition that included the private industrial sector’s products of construction materials, praising the efforts made to provide them.
He stressed, during his speech, that the main goal of this workshop is to emphasize the need for construction industries, pointing to government support for the industrial sector, and removing the problems and obstacles facing this vital sector, which represents a fundamental engine of the economy, and helps address the problem of unemployment by providing job opportunities, Noting that the support of the Ministry of Industry and industrialists and all the decisions required by the Council of Ministers are on their way to implementation, he confirmed that 8 projects are on their way to implementation in light of the provision of sovereign guarantees to support the private sector.
The Prime Minister referred to the important package issued by the Council of Ministers yesterday, which included measures related to supporting the industrial sector, including those related to providing land for the construction of projects, and providing the necessary fuel for operation. He stressed that the government has put in place measures to improve the business environment, expand electronic payment and collection, and improve Tax accounting procedures and automation of customs procedures.
Al-Sudani explained that this package was completed through discussion with the relevant departments as it was discussed in the Council of Ministers, and greater powers were granted to the competent departments in the Ministry of Industry to overcome any red tape or delay, and he directed that a periodic report be presented to monitor procedures in the event of obstruction or diligence.
In appreciation of the Prime Minister’s position in support of industrialists, which resulted in a package of decisions taken by the Council of Ministers yesterday, the Federation of Industries decided that June 4 would be National Industry Day.
The following are the most important things that were stated in the Prime Minister’s speech during the opening of the workshop:
Sovereign guarantees provided financial support from German, Italian, and Japanese financial institutions, amounting to $200 million.
There are understandings with the French side amounting to 1 billion euros, for the construction of industrial projects within the private sector.
- Networking steps and implementing the ASYCUDA system are an important step in automating customs and facilitating the entry of goods.
- Tax accounting procedures witnessed a jump due to the facilities provided.
We are on the verge of a qualitative shift in company registration procedures through electronic procedures.
We have set a vision that will be reflected in the form of measures on the financing side and facilitating borrowing from banks.
We are studying the reform of the Industrial Bank to be an effective tool in implementing plans and programs that drive industrial development.
These agreements are an important indicator of external contributions to the Iraqi economy, specifically in the industrial sector.
We are working in the housing and construction sector in general, and this requires extensive construction materials.
The available factories for various construction materials cover only a quarter of the need according to the projects that will be undertaken, especially residential city projects. LINK
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