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

Gold Revaluation To Stomp Out Mounting Debt? | Andy Schectman

Liberty and Finance: 7-2-2024

Globally, central banks are preparing for a gold revaluation by amassing and repatriating physical gold at a record pace while their paper debts skyrocket, says Andy Schectman, CEO & president of Miles Franklin.

Schectman believes these nations are accumulating gold in order to revalue it and offset their debt.

Silver will likely not be left behind, he notes, and points to India’s latest massive silver imports.

In a recent interview with Liberty and Finance, Andy Schectman, CEO and president of Miles Franklin, made some striking observations about the current trends in global gold markets.

According to Schectman, central banks around the world are accumulating and repatriating physical gold at a record pace, even as their paper debts continue to skyrocket. This behavior suggests that these nations may be preparing for a gold revaluation, with the aim of offsetting their debt.

Schectman is not alone in his assessment.Many experts have noted the surge in central bank gold purchases and repatriation in recent years. According to the World Gold Council, central bank gold purchases in 2020 reached their highest level since 1967, with banks adding a net total of 272.9 tonnes to their reserves. This trend has continued into 2021, with countries like Turkey and Hungary adding significantly to their gold reserves.

At the same time, there has been a marked increase in gold repatriation, with countries seeking to bring their gold holdings back home. Germany, Austria, and the Netherlands are just a few examples of countries that have repatriated substantial portions of their gold reserves in recent years.

This movement suggests a lack of faith in the international financial system and a desire for greater control over national gold reserves.

But why are central banks so keen on accumulating and repatriating gold? Schectman believes that these nations are preparing for a gold revaluation, in which the price of gold would be significantly increased.

This move could help offset the massive debts that many countries have accumulated, particularly in the wake of the COVID-19 pandemic.

And it’s not just gold that’s seeing increased attention. Silver, too, is likely to be part of this trend. India, for instance, has recently reported massive silver imports, suggesting that the country may be looking to increase its silver holdings as well.

So what does this mean for investors? While it’s always difficult to predict market movements, the trend towards gold and silver accumulation and repatriation suggests that these precious metals could be poised for a significant revaluation. Investors who are looking to hedge against inflation or diversify their portfolios may want to consider adding physical gold and silver to their holdings.

It’s also worth noting that the trend towards gold and silver accumulation is not limited to central banks. Individual investors, too, have been increasingly turning to precious metals as a safe haven against economic uncertainty. In times of economic turmoil, gold and silver have long been seen as reliable stores of value, and this trend seems likely to continue.

In conclusion, the trend towards gold and silver accumulation and repatriation among central banks is a significant one, and suggests that these precious metals could be on the verge of a major revaluation.

While it’s impossible to predict market movements with certainty, investors who are looking to protect their portfolios against inflation and economic uncertainty may want to consider adding physical gold and silver to their holdings. As always, it’s important to do your own research and consult with a financial advisor before making any investment decisions.

https://youtu.be/7G31GW9NqKQ

16,000 Sanctions FAILED: World Bank UPGRADES Russia's Economy, Indicates Income Growth

Lena Petrova: 7-3-2024

https://www.youtube.com/watch?v=9-Jw5D9SR2k

Major Shift in Global Economy: Saudi Arabia Dumps US Dollar & BRICS Introduces New Currency

Cashegories: 7-3-2024

https://www.youtube.com/watch?v=h-ilsEeUY-s

Again.. The Dollar Rises In Baghdad

Economy | 02/07/2024 Baghdad - Mawazine News The US dollar exchange rate rose today, Tuesday, in Baghdad markets.

The dollar price rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,850 dinars for every 100 dollars, while it recorded 147,650 dinars for every 100 dollars yesterday morning, Monday.

Meanwhile, selling prices stabilized in local markets in Baghdad, where the selling price reached 148,750 dinars, while the purchase price reached 146,750 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=250620

All Decisions Of The Cabinet Session Held Today

Politics | 07:03 - 02/07/2024Baghdad - Mawazine NewsThe Iraqi Council of Ministers made several decisions today, Tuesday, during its regular session headed by Mohammed Shia Al-Sudani.

The Prime Minister's media office stated in a statement received by Mawazine News that "Al-Sudani held the twenty-seventh regular session of the Council of Ministers today, Tuesday, during which the most important service and economic files were discussed and followed up, especially those related to the implementation of the government program. The items on the agenda were also discussed, and the necessary directives and decisions were issued regarding them."

During the session, Al-Sudani praised "all educational staff on the occasion of the end of the ministerial exams for the final preparatory classes, appreciating their efforts in ensuring the success of the exam process. His Excellency also praised the governmental and private universities and colleges that hosted sixth grade students and provided the necessary facilities to take their exams."

The Council of Ministers continued to consider its agenda, approving what was stated in the letter of the Ministry of Interior, dated (June 30, 2024), regarding granting citizens of the Gulf Cooperation Council countries and Yemen a regular entry visa through official border crossings, for a period of two months, in exchange for paying $75, or its equivalent in Iraqi dinars, and that electronic or regular payment be adopted.

In the context of preparations to receive arrivals to participate in the Arbaeen pilgrimage, the Council approved what was stated in the letter of Wasit Governorate on July 2, 2024 regarding leasing an area of​​​​(50) dunums in the Zurbatiya district, as an exception to Article 39 of the Law on the Sale and Lease of State Property.

Based on Al-Sudani's directives during the second meeting of the Higher Committee for Coordination between the Council of Ministers, Federations and Unions, to periodically host unions and federations in the Cabinet sessions, the Council hosted the Head of the Geologists Syndicate, Mr. Saad Obaid, and approved the Syndicate's working paper and the submitted proposals, as follows:

1- Allocating an annual grant of (150) million Iraqi dinars to the Geologists Syndicate, to pay the salaries of employees and activities of the General Secretariat Office of the Arab Geologists Union.

2- The Ministry of Finance shall undertake to provide the aforementioned Syndicate with land for the purposes of its branches in all governorates, to build its headquarters, in accordance with the provisions of the Land Ownership Law (3 of 1960) amended.

3- Adding the Geologists Syndicate to the membership of the Iraqi Construction Council.

In this regard, Al-Sudani directed the formation of a committee between the Ministry of Oil and the Geologists Syndicate to study the procedures stipulated in the Syndicate Law (197 of 1968), which require the approval of the Ministry of Oil.

His Excellency also directed that the Ministry of Interior take the necessary measures to allow the acceptance of graduates of geological departments in the courses of the Security and Administrative Development Institute, and that municipalities in all governorates allocate lands to geological employees in coordination with the Syndicate, in accordance with Legislative Order 12 of 2004,

as well as that all ministries and entities not affiliated with a ministry involve geological consulting offices when conducting tests for compliance with specifications and geological and geoengineering examinations, and when selecting sites for building housing, residential towers and infrastructure.

In the field of following up on stalled projects and infrastructure projects, the Council of Ministers approved the following:

1- Increasing the total cost of the project (construction of two bridges) in Baghdad, and including it in Cabinet Resolution No. 23017 of 2023, to address the conflicts facing implementation through a committee of the relevant ministries, the Baghdad Municipality, and the Baghdad Operations Command.

2- Increase the total cost and reserve amount for the project (establishing a 100-bed general hospital in Al-Karma district/Anbar, (construction, equipment and furnishing).

3- Increase the total cost of the component (general population and housing census), increase the total cost of the project (statistical surveys), and secure the annual allocations for the project from the allocations of the Ministry of Planning for the year 2024.

In the field of following up on energy and electricity sector projects, the Council approved increasing the financial allocations for the Ministry of Electricity, on account of the operating budget by (300) billion dinars, to cover the work as follows:

1- (125) billion dinars for the emergency plan bottleneck projects, which were launched based on the directives of the Prime Minister, to resolve the bottlenecks in the distribution sector, and include (critical projects, feeders, and rehabilitation of stations), and the Ministry bears the integrity of the procedures.

2- (100) billion dinars to purchase transformers (self-powered, capacity, distribution), for the transmission and distribution sectors, from the Ministry of Industry and Minerals.

3- (75) billion dinars to purchase specialized mechanisms for the distribution sector, According to the controls.

In the roads sector, it was approved to direct a direct invitation to specialized solid companies, as an exception to the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014), and no less than five to seven international companies to implement the project (the ring road in Basra Governorate), and the governorate has the authority to divide the first phase into more than one contract and destination; due to its large size and to find an important means of competition for completion.

In order to organize the work of construction laboratories, the Council of Ministers approved the recommendations of the committee to set controls and mechanisms for granting licenses to establish construction laboratories, accrediting and monitoring them, with the identification of the parties responsible for that, according to the following:

1. Adopting the mechanism for granting licenses and the monitoring mechanism mentioned in paragraphs (fifth and sixth) of the amended report of the aforementioned committee, and the Iraqi Engineers Syndicate is authorized to grant laboratory licenses.

2. Obligating all state institutions not to direct project administrations under their administrations to conduct testing in specific laboratories (governmental and private) without others, especially if they meet the conditions of establishment, practice and accreditation certificate and do not have anything that hinders their work, in accordance with the Competition and Anti-Monopoly Law (14 of 2010).

3. Obligating all resident engineer departments, laboratories and implementing agencies to carry out joint modeling.

4. The Ministry of Construction, Housing and Municipalities shall prepare a study to establish a mechanism for quality control work on construction projects implemented in the country.

5. Relevant agencies shall assume their responsibilities in protecting the consumer by controlling all construction material quarries, and obligating construction material factories and quarry owners to market products that comply with specifications, by providing the consumer with what ensures that the prepared material conforms to the specifications of the construction material, with the necessity of enhancing the capabilities of the Central Agency for Standardization and Quality Control to carry out its tasks in this field.

The Council of Ministers approved increasing the capital of the Iraqi Banking Services Company by an amount of (10,036,750,000) dinars, calculated on the account of the expansion reserve, based on the Public Companies Law (22 of 1997) as amended, and that the Ministry of Finance take the necessary measures to implement this.

In the agricultural sector, the recommendation of the Ministerial Council for the Economy (24172 Q) was approved, which includes approval of the minutes of the Coordination Committee meeting regarding the exemption of fertilizer contracts from the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014),

and from the instructions for facilitating the implementation of the federal general budget for the years (2023-2024-2025), regarding the contracting mechanism between the General Company for Agricultural Equipment and the General Company for the Southern Fertilizer Industry to supply urea fertilizer.

In the same context, the Ministry of Agriculture's letter dated July 1, 2024 was approved regarding the preparation of pesticides for dusting wheat seeds, and approval of the preparation through the contracts to be concluded, and shipping and preparation before opening the documentary credit, as an exception to the controls attached to the instructions for implementing government contracts,

in addition to granting the Minister of Agriculture the authority to follow the same method for preparation contracts related to agricultural seasons and campaigns of the Department of Crop Protection.

The Council of Ministers approved the General Company for Airports and Air Navigation to bear the expenses of feeding workers and living, technical and medical supplies for K9 teams, and the costs of maintenance materials related to sonar devices and baggage inspection for a period of one month, as an exception to the contracting methods in the instructions for implementing government contracts regarding the security company (Business Intel) staff.

The Cabinet discussed other topics on its agenda, and approved the following:

First: Approval of the recommendation of the Ministerial Council for Human Development (24010 of 2024), which includes allocating the properties mentioned in the Council’s recommendation (7 of 2021) to the universities of the Ministry of Higher Education and Scientific Research (usufruct),

while keeping the ownership in the name of the owning party, provided that the properties are occupied exclusively for the purpose for which they were allocated, and amending Cabinet Resolutions (239 of 2020) and (54 of 2022), by allocating the lands to the occupying government agencies, to exploit them according to the purpose for which they were allocated, while keeping their ownership in the owner’s name.

Second: Approval of what was stated in the letter of the Ministry of Culture on (July 1, 2024) regarding the Opera House project, and its exception with regard to unifying the title deeds of the project, and from the conditions of advertising according to the standard document, and from the instructions for implementing government contracts (2 of 2014) as amended.

Third: Issuing the (Wages and Fines System for the Iraqi Supreme Maritime Authority), which was audited by the Council of State, based on the provisions of the Constitution and the provisions of the Iraqi Maritime Authority Law (18 of 2019).

Fourth: Approval for the Ministry of Foreign Affairs to deposit the ratification and accession documents to the Maternity Protection Convention and the 2014 Protocol supplementing the Forced Labour Convention (2 of 1930) to the International Labour Organization, in accordance with the provisions of the Treaty Conclusion Law (15 of 2015).

The Ministry shall prepare two memoranda including the inclusion of the aforementioned text in the letter of the Permanent Mission of Iraq to the United Nations, in line with the provisions of the Treaty Conclusion Law, and authorize the Minister of Labor and Social Affairs to sign the determination of the minimum period of time for maternity leave, in accordance with what is stated in the letter of our representation to the United Nations, in coordination with the Ministry of Foreign Affairs.https://www.mawazin.net/Details.aspx?jimare=250663

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

Provoking Thoughts and Points To Ponder On Adversity:

Forget the times of your distress, but never forget what they taught you.-Herbert Gasser

You can learn little from victory. You can learn everything from defeat.-Christy Mathewson

A smooth sea never made a skillful mariner.-English proverb

When a man is pushed, tormented, defeated, he has a chance to learn something; he has been put on his wits ... he has gained facts, learned his ignorance, is cured of the insanity of conceit, has got moderation and real skill.-Ralph Waldo Emerson

From their errors and mistakes, the wise and good learn wisdom for the future.-Plutarch

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

http://famousquotesandauthors.com/quotes_by_topic.html

TNT:

Tishwash: Including Iraq. US State Department warns citizens against traveling to 19 countries

The US State Department renewed its travel warning to 19 countries, including six Arab countries, led by Iraq.

The US State Department published on its account on the "X" platform and viewed it a reminder of the list of countries that warn American citizens against traveling to them, and classifies them as level four.

The list includes 19 countries, including 6 Arab countries: Iraq, Sudan, Syria, Yemen, Libya and Somalia.

The United States issues travel warnings on 4 levels, the fourth being the most dangerous due to life-threatening risks.

Afghanistan, Belarus, Burkina Faso, Burma (Myanmar), Central African Republic, Haiti, Iran, Mali, North Korea, Russia, South Sudan, Ukraine and Venezuela are also on the list.

The US State Department's publication of the reminder coincides with the summer holiday season, when foreign travel is increasingly popular. link

Tishwash: Al-Sudani and Saleh discuss the country's situation and economic and financial reforms

Prime Minister Mohammed Shia al-Sudani discussed, on Tuesday, with former President Barham Salih, the general conditions throughout the country.

The Prime Minister's media office said in a statement received by / Al-Maalouma /, "Prime Minister Mohammed Shia Al-Sudani received former President of the Republic Barham Salih.

The statement added, "The meeting discussed the general conditions in the country as a whole and the government's measures to implement the priorities of its executive program, which aims to provide services to citizens and implement economic and financial reforms, the results of which are reflected in general development projects."

He pointed out that "the meeting touched on supporting the holding of legislative elections in the Kurdistan Region of Iraq, scheduled to be held on the twentieth of next October." link

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Tishwash: Amni: America will not leave Iraq unless its economic goals are achieved

Security expert Safaa Al-Aasam said on Tuesday that America will not leave Iraq before fulfilling all its economic interests, while stressing that the political blocs are accused of remaining in Iraq.

Al-Aasam said in a statement to Al-Maalouma Agency, “The American occupation does not intend to leave Iraq until it achieves its economic gains through selling military equipment to the Iraqi security forces,” noting that “there are political blocs that do not "want the Americans to leave Iraq due to the convergence of interests."

He added, “There are regional and internal pressures to prevent the Iraqi government from implementing the decision to expel the Americans,” noting that America is remaining in Iraq to protect its interests inside the country and is supported by more than ten countries in the world. .

The arms contracts concluded for Iraq since 2003 amounted to more than 150 billion dollars, most of them with the United States of America, and according to diplomatic statements, not all of them reached Iraq and a quarter of them arrived despite Iraq fulfilling its obligations regarding those deals link

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Chairman of the Securities Commission: The value of traded shares during the first half of 2024 amounted to 321 billion dollars

The Chairman of the Securities Commission, Faisal Al-Haimas, announced today, Tuesday, the stock trading indicators on the Iraq Stock Exchange during the first half of 2024, as the value of traded shares amounted to 321,951,474,384 Iraqi dinars.

Al-Haimas said in a statement followed by "Al-Eqtisad News": "The number of shares traded during the first half of the current year amounted to 281,150,586,973 shares," noting that "the number of listed companies and companies registered in the market amounted to 109 joint-stock companies, distributed between regular and secondary trading platforms and unlisted companies."

Al-Haimas added: “The government bonds that were traded are construction bonds with two issues, and reconstruction bonds with three issues,” stressing that “the number of companies registered on the ISX-OTC platform for unlisted companies increased to 6 companies after accepting three new companies at the end of June 2024.”

The Chairman of the Securities Commission explained that “the number of companies whose shares were traded during the first half of this year amounted to 87 companies.”

The number of traded shares reached 281,150,586,973 shares, and the value of traded shares reached 321,951,474,384 dinars.

Al-Haimas pointed out that “the ISX60 index closed in the last session of June at 882.03, recording a decrease of 1.25% from the closing of 2023, while the ISX15 index closed at 1005.49 points, achieving an increase of 0.5% from its starting value in the base session.”

Al-Haimas concluded his statement by saying: “The number of contracts executed during the first half of the year reached 86,268 contracts, which reflects continuous activity and dynamic movement in the Iraq Stock Exchange.” link

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Expert identifies reasons for Iraq’s economic growth forecast to exceed 5% in 2026

Time: 2024/07/01 20:48:59 Read: 2,249 times

Expert identifies reasons for Iraq’s economic growth forecast to exceed 5% in 2026

{Economic: Al Furat News} The economic expert, Qusay Safwan, identified the reasons for expectations of economic growth in Iraq reaching more than 5% in 2026.

Safwan told {Euphrates News} that: "The International Monetary Fund's expectations went towards the external view of the Iraqi economy in light of the success of the government of Mohammed Shia al-Sudani in reducing external debts from $20 million to $9 million, which gives reassurance to the status of the Iraqi economy for the coming years, considering that the interest on those debts will be low."

He added, "There are also projects that the government of al-Sudani has started at the level of stopping gas flaring and investing associated gas in supplying electricity, meaning reducing outward cash flows to reduce the import of electricity and gas, as well as completing the Faw port in mid-2025 and entering the operational testing phase until it is linked to the European Union."

Safwan continued, "This means adding non-oil revenues, and these indicators indicate a positive outlook that could contribute to reclassifying Iraq's credit rating from C3 Plus to B Minus," noting that "the possibility of Iraq's GDP rising to 5% in the event of adding initiatives by the Central Bank to pay small and medium-sized projects, which is currently at a rate of $270 billion annually."

He added, "Iraq is currently a partner with the International Finance Corporation, which is trying to rebuild Iraqi airports, and there are two billion dollars that will be pumped into developing and expanding Baghdad International Airport, which indicates that there is confidence in Iraq's ability to operate these amounts and return them to lenders."

Safwan stressed that "the process of developing the energy sector in terms of gas and oil through licensing rounds will contribute to increasing Iraq's future revenues, as it is looking forward to 6 million barrels for export purposes, meaning that there is a possibility of increasing the ability to spend oil revenues on investment projects," noting "the importance of transforming understandings into a studied reality in the field of foreign investment."

The World Bank expected Iraq to achieve economic growth of more than 5% in 2026, noting that the recovery in the oil sector in 2025 will contribute significantly to enhancing this growth.

In its report, the bank stated that Iraq's economic growth for the year 2022 reached 7.6%, and in 2023 it decreased to -2.9.

The report also expected that Iraq's economic growth would decline to -0.3% in 2024, achieve growth of 3.8% in 2025, and reach 5.3% in 2026.

The report indicated that oil-exporting countries outside the Gulf Cooperation Council, such as Iraq and Algeria, would benefit from the expected recovery in the oil sector in 2025, which would help boost economic growth in these countries. LINK

Chairman Of The Securities Commission: The Value Of Traded Shares During The First Half Of 2024 Amounted To 321 Billion Dinars

Market Economy News – Baghdad The Chairman of the Securities Commission, Faisal Al-Haimas, announced today, Tuesday, the stock trading indicators on the Iraq Stock Exchange during the first half of 2024, as the value of traded shares amounted to 321,951,474,384 Iraqi dinars.

Al-Haimas said in a statement followed by "Al-Eqtisad News": "The number of shares traded during the first half of the current year amounted to 281,150,586,973 shares," noting that "the number of listed companies and companies registered in the market amounted to 109 joint-stock companies, distributed between regular and secondary trading platforms and unlisted companies."

Al-Haimas added: “The government bonds that were traded are construction bonds with two issues, and reconstruction bonds with three issues,” stressing that “the number of companies registered on the ISX-OTC platform for unlisted companies increased to 6 companies after accepting three new companies at the end of June 2024.”

The Chairman of the Securities Commission explained that “the number of companies whose shares were traded during the first half of this year amounted to 87 companies.”

The number of traded shares reached 281,150,586,973 shares, and the value of traded shares reached 321,951,474,384 dinars.

Al-Haimas pointed out that “the ISX60 index closed in the last session of June at 882.03, recording a decrease of 1.25% from the closing of 2023, while the ISX15 index closed at 1005.49 points, achieving an increase of 0.5% from its starting value in the base session.”

Al-Haimas concluded his statement by saying: “The number of contracts executed during the first half of the year reached 86,268 contracts, which reflects continuous activity and dynamic movement in the Iraq Stock Exchange.” 07/02/2024 - https://economy-news.net/content.php?id=44820

Implementation Of The Comprehensive Banking System Of Rafidain Bank In 31 Branches

Economy | 08:47 - 02/07/2024 Baghdad - Mawazine News Rafidain Bank announced today, Tuesday, the implementation of the comprehensive banking system in the Pharmacists Branch in Basra, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil).

The bank confirmed in a statement today that "the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings to include all the bank's branches in the implementation of the system, especially since one of the priorities and adoptions of the government program is the electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions."

He added, "Thus, the number of branches that have implemented and completed the system becomes (31) branches, in an important step to strengthen the banking system, achieve its requirements, and leave paper work and move completely to electronic systems." https://www.mawazin.net/Details.aspx?jimare=250611

Global Oil Price Stability

Economy | 10:12 - 02/07/2024 Follow-up - Mawazine News

Oil prices stabilized on Tuesday, remaining near their highest levels in two months reached in the previous session, driven by expectations of increased fuel demand during the summer travel season and the possibility of a cut in US interest rates.

Brent crude futures rose slightly by 20 cents to $86.80 a barrel, after rising 1.9% in the previous session to record the highest closing level since April 30.

US West Texas Intermediate crude rose 13 cents to $83.51 a barrel, after rising 2.3% to its highest level since April 26. https://www.mawazin.net/Details.aspx?jimare=250618

Central Bank Sells About $269 Million In Auction Today

Banks

Economy News – Baghdad The Central Bank of Iraq announced on Tuesday its sales of hard currency, which amounted to more than $269 million in today's transactions, according to the official exchange rate of 1310.

The bank's data showed that the total internal cash withdrawals amounted to $30,250,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $239,000,000, while the total sales amounted to $269,250,000. https://economy-news.net/content.php?id=44821

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

Provoking Thoughts and Points To Ponder On Adversity:

Adversity has ever been considered as the state in which a man most easily becomes acquainted with himself, being free from flatterers.-Samuel Johnson

In all things preserve integrity; and the consciousness of thine own uprightness will alleviate the toil of business, soften the hardness of ill-success and disappointments, and give thee an humble confidence before God, when the ingratitude of man, or the iniquity of the times may rob thee of other rewards. -Barbara Paley

He knows not his own strength who hath not met adversity.-Samuel Johnson

Adversity leads us to think properly of our state, and so is most beneficial to us.-Samuel Johnson

In the depth of winter, I finally learned that there was in me an invincible summer.-Albert Camus

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

http://famousquotesandauthors.com/quotes_by_topic.html

TNT:

Tishwash: This article is from 2016. It’s a great reminder of how far we have come.

Raising the three zeros from the Iraqi currency and the interim evaluation (2016 Article)

Amer Al-Abadi

The value of the Iraqi dinar began to be worth (7) grams of gold at the beginning of its issuance according to the issuance law in the year 1931, and in 1959 a new law was issued for the Iraqi national currency, and the Iraqi monetary and banking system continued to develop, and the value of the Iraqi dinar reached (3.3) dollars until the beginning of the war. With Iran, which led to a major collapse in the Iraqi currency

In 2004, the former Governing Council replaced the previous currency, which symbolized the previous regime, with a new currency that is currently in circulation, and the currency was dealt with in seven denominations: 50, 250, 500, 1,000, 10,000, and 25,000 dinars.

Unlike Arab countries, there have been no coins in Iraq for about 25 years.

The project to delete the three zeros was scheduled to be completed in 2011, but it was not completed, then it was postponed to 2013, then postponed to 2015, and now the plan is scheduled to be implemented in early 2017, noting that the process of deleting the zeros took place in several countries.

Three zeros were deleted from the Zimbabwean dollar in 2006. Romania deleted four zeros from its currency in 2005. Bolivia deleted three zeros from its currency in 2008. Turkey deleted six zeros from its currency in 2005. Sudan deleted two zeros from its currency in 2007.

Central Bank Director Mahdi Al-Alaq said, saying: “The central bank began the first steps of the project by choosing the designs, companies and country in which the currencies will be printed.”

He pointed out that "the introduction of the new currency does not mean destroying the old currencies, but they will continue in circulation for about ten years," pointing out that "this period will enable the central bank to withdraw the old currency according to the known dynamics in order to preserve liquidity in the market."

Justifications for the replacement process

1. The existence of a large monetary block worth 30 trillion dinars, with a number of 4 billion notes.

2. Currently, the largest denomination of cash is 25 thousand dinars, equivalent to approximately 21 dollars, and this requires a large volume and effort to settle daily transactions, so the amounts that exceed 20 in value are now Million is made in dollars.

3. The presence of damage to a large percentage of the currency, especially the small denominations, and their inadmissibility in circulation, which constitute approximately one-third of the monetary mass.

4. The difficulty of performing calculations in light of numbers with more than 14 zeros from a practical and technical standpoint, and the possibility of an error occurring, whether adding or deleting a zero.

Benefits of the exchange process

1. Security: It reduces the risks resulting from carrying large sums of money.

2. The costs of counting, sorting, and auditing will decrease if larger denominations are issued.

3. Raising the zeros will create a psychological impact on the citizen by strengthening his currency and adopting it more widely instead of foreign currency

4. Including the Iraqi dinar in the basket of global currencies and dealing in it officially on the world’s stock exchanges and financial markets.

5. The possibility of concluding economic agreements to deal in the national currency, and this will cover a very large portion of foreign transfers, which are a waste of the national wealth of hard currencies.

6. Manipulation of the currency exchange market will be eliminated

7. The work of corrupt suspicious banks and their agents and brokers will stop.

8. A higher ceiling will be set for the amounts transferred abroad from the active exchange currency to ensure that the currency is not smuggled.

9. Changing the currency affects the psychological aspect represented by the desire for a currency with a high exchange rate. This rise brings joy to the return of the dinar to its rich past.

Disadvantages of the replacement process:

1. The emergence of a mathematical problem between the old and new numbers in transactions and in reading and managing trillion numbers.

2. The need to print large denominations.

3. Foreign shares of the stock exchange will decrease by 20% because foreign investors believe that changing the currency will reduce profits.

4. Removing three zeros from the currency may contribute to creating a state of monetary illusion

5. It will cost the state budget large sums of money, in addition to being a door to financial corruption, in addition to not addressing the problem of financial inflation because the Iraqi market imports all goods and services from abroad, which means a drain on hard currencies.

6. There is no official data on the cost of Iraqi banknotes. Note that the cost of a banknote in Britain is 7 US cents. It is sufficient to know the number of notes in circulation to give an idea of the total cost.

7. Four billion notes. Thus, the cost of printing them becomes 289 million dollars. This amount is huge

8. Add to that another amount to mint coins, not to mention the money needed to face the consequences of deleting zeros, such as replacing postage and financial stamps.

9. Feeling poor: Deleting zeros makes a person feel poor, as someone who had ten million dinars now only has ten thousand of them

10. Expecting prices to rise.

11. In light of the inevitability of introducing the Kurdish language to the first issue of the currency after the new constitution comes into effect, it is necessary to benefit from the experiences of other currencies.

For example, the euro is the currency of many peoples in Europe, but it does not contain any language, only symbols, numbers and pictures.

Amer Al-Abadi 11/15/2016

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Tishwash: Parliamentary Finance reveals the effects of the oil price increase and its differences in the 2023 and 2024 budgets

Member of the Finance Committee in the Iraqi Council of Representatives, Mustafa Al-Karawi, revealed today, Monday, the effects of the increase in the price of oil and its difference in the 2023 and 2024 budgets, while he spoke about the fate of the revenues of the difference in the price of a barrel, which is approaching the $10 limit for each barrel sold.

Al-Karawi said, "90 percent of the country's revenues depend mainly on oil, and the more oil revenues or the price of a barrel of oil increase, the lower the expected deficit in Iraq's budget."

He added, "There is no big difference between the 2023-2024 budgets, as the government relied on a price difference of about $10 if it built its budget on $70 per barrel and expected the current price of $80 per barrel."

Al-Karawi explained that "the increase in oil revenues will contribute to bridging the deficit, and since the expected difference is $10, the deficit coverage will be 16 trillion dinars in the 2024 budget."

It is noteworthy that Iraq sells about four million and 250 thousand barrels of oil per day, and needs about 54 trillion dinars as salaries,as the 2024 budget was approved at a fixed price of $70 per barrel, while the current price of a barrel is $90, whichreflects the fluctuations of the oil market. link

Tishwash: Prime Minister's Advisor Announces Iraq's Completion of Integration Steps by Providing Safe Environments to Attract Investment

The financial advisor to the Prime Minister, Mazhar Mohammed Salih, identified on Sunday the important strategic, field and organizational factors that encourage international investors to work in Iraq, while pointing out two basic starting points for the development of the investment environment in the country.

Prime Minister Mohammed Shia al-Sudani confirmed last week, while chairing the eighth meeting of the Higher Committee for Reconstruction and Investment, that Iraq has become a safe and attractive environment for capital from international companies, and a preferred market for businessmen and investors, thanks to the facilities and legislation provided by the government since its formation.

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Tishwash: Rafidain Bank announces the implementation of the comprehensive banking system in 31 of its branches in Iraq

Rafidain Bank announced today, Tuesday, the implementation of the comprehensive banking system in the Pharmacists Branch in Basra, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil).

Thus, the number of effective and completed branches of the system becomes (31) branches, in an important step to strengthen the banking system, achieve its requirements, and move away from paper work and completely towards electronic systems.

The bank confirmed in a statement today that the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all the bank’s branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions link

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Tishwash: The Ministerial Council for Economy issues decisions, including obligating government agencies to purchase national products

The Ministerial Council for Economy issued several decisions during its meeting in Baghdad, today, Monday, including obligating government agencies to purchase the national product in support of the country's economy, and the Ministry of Water Resources submitting a detailed report on the salinity treatment project, while approving several projects in the Rutba district in Anbar Governorate.

IQD Update Part 2 - Iraqi Dinar - Automation for Revenues - Singapore Agreement - Global Investors

MilitiaMan and Crew: 7-2-2024

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=RwFH2DD9ZE8

Iraq's Economy Under The Bullets: How Violence Affects Investment

July 2, 2024 Baghdad/Al-Masala Event: The spread of weapons in Iraq represents a major challenge to security and stability in Iraq, while it is difficult to reach an accurate number that limits the number of weapons that Iraqis possess.

However, unofficial reports indicate that the number exceeds 15 million weapons, ranging from light, medium and heavy.

This widespread proliferation of weapons is mainly due to the inability to enforce the law on everyone, which creates a chaotic environment dominated by armed conflicts.

Tribal conflicts, especially in the southern and central Euphrates regions, are among the most prominent manifestations of this chaos, as tribes fight using heavy and medium weapons, leading to many casualties.

International armed groups are spreading in Iraq, whether on the border with Syria or in the northern regions of the country. These groups are often linked to neighboring countries, such as the Kurdistan Workers' Party, contributing to increasing the complexity of the security scene in Iraq and exacerbating the problem of the spread of weapons.

Dozens of Iraqis are killed every month due to the use of weapons, whether in tribal conflicts or in individual crimes.

As for the arms market in Iraq, it is difficult to control, according to a security source who says: “Weapons are traded illegally and at high prices, which makes it difficult for the authorities to control this market.”

Even doctors in Iraq face death threats while working in hospitals, reflecting the extent to which the spread of weapons affects various aspects of daily life.

The Iraqi police forces find it difficult to confront the loose weapons, as they fear intervening in armed conflicts for fear of being attacked.

This situation reflects the state's weakness in imposing its control over all areas and maintaining security effectively.

Under these circ*mstances, it becomes necessary to take serious measures to limit the spread of weapons in Iraq, by strengthening the capabilities of the security services and strictly enforcing the law on everyone, in addition to enhancing cooperation with the international community to limit the flow of weapons into the country.

In his government program, Iraqi Prime Minister Mohammed Shia al-Sudani pledged to end the phenomenon of loose weapons outside the official and legitimate institutions.

The spread of weapons in Iraq has significant negative effects on the lives of individuals and society in general, as it contributes to the rise in rates of violent crimes, such as murder, theft, and armed assaults, which makes the daily lives of individuals more dangerous and increases the feeling of insecurity.

Armed conflicts between clans result in many casualties and destruction of property, and these conflicts are often long-lasting and exacerbate social tensions. https://almasalah.com/archives/95819

The Dollar In The Parallel Market.. Al-Sudani’s Advisor Presents A Different Vision And Economic Experts: An Imaginary Stability

2024-07-02 Shafaq News/ The advisor to the Iraqi Prime Minister disagreed with what four economic experts said regarding the "stability" of the US dollar exchange rate against the Iraqi dinar, stressing that "the stability of the dollar is real and solid and not imaginary as some believe."

However, the economic experts said that the stability is "not reassuring," and what is happening now is a decrease in the dollar's volatility, while stability will occur when the dollar returns to the official price of the Central Bank.

The Prime Minister’s Advisor for Financial Affairs, Mazhar Mohammed Saleh, says, “The exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1,220 dinars per dollar.

It is a stable trend for the exchange rate and the stable external value of the dinar revolves around it, which is embodied by the state of stability in the relative prices of goods and services to a large extent.”

Saleh added to Shafaq News Agency, "Based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds $100 billion,

which is the highest in the history of Iraq in the development of its international reserves, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market due to urgent international or regional political events here and there."

He explains, "After the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments within the country since last year, legally, the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets and at a rate of 10 percent of the total supply and demand transactions for the currency."

Saleh concluded by saying, “Accordingly, the stability of the exchange rate of the dinar to the dollar that the country is witnessing, even in the secondary markets above, is a real and solid stability and not an illusion as some believe.

Rather, it is derived from the strength of the impact of the price and quantity factors of the monetary and fiscal policies and their integration in imposing overall price stability in the country and containing the inflationary expectations that were caused by the forces of the parallel exchange market during the past years.”

But the economic researcher, Ali Abdul-Kazem, explained that “the stability of the dollar occurs when the dollar returns to the official price of the Central Bank, but until now its price is more than 15 points above the official price in the budget, so there is no stability, but the fluctuation in the parallel market is somewhat stable as a result of several things, including the increase in the number of dollars that were for pilgrims.”

Abdul-Kazem added to Shafaq News Agency, "The budget has not been launched yet and its implementation began this month, and this also has an impact, as well as increasing the Central Bank's sales of dollars, and the recession witnessed by the markets reduces import operations, and all these reasons and others have helped to keep the dollar low in the current markets, as for the stabilization process, when the dollar reaches the official price, then it can be said that the dollar price has stabilized between the parallel and official."

The economic expert, Karim Al-Helou, agrees with what Ali Abdul-Kazem said regarding the instability of the dollar, “but these are temporary cases, because the issue of the dollar in Iraq is supply and demand. When bank transfers abroad increase without obstacles and routine, the demand for the dollar decreases, which leads to its decline.

When there are obstacles in Iraqi banks, especially with Iran, from which Iraq imports 13 billion dollars annually, we need hard currency to deliver it to Iran, or some places where a platform has not been opened, such as Iran and others, these require going to the market.”

Al-Halou explained to Shafaq News Agency, "This stability is temporary and lasts for days, and there are mafias specializing in the dollar that have huge amounts of dollars that they put down in the market, which leads to a decrease in its price, and then they buy it again and the supply decreases, which leads to demand for it and its price rises again."

He points out that "the budget has not been launched yet, and many projects are stalled due to the lack of advances for these projects, although the Prime Minister recently launched the delivery of advances, but it takes time due to the bureaucracy. Therefore, in this case, the demand for imported materials from abroad decreases, and therefore the demand for the dollar decreases, which leads to a kind of calm and stability that exists."

He explains, "Iraq imports 90 percent of its materials from abroad, most of which are in dollars. Some countries have opened platforms for them, and the Central Bank's transfers amount to 280 million dollars, which is a huge amount. In addition, citizens' travel for Hajj and other purposes, in addition to the summer vacation not starting for the sixth grade, all of this leads to a decrease in demand for the dollar."

“Therefore, all these factors lead the dollar to calm and stability. It previously fell to 144, but then rose again to 148, and the difference with the official 1320 is more than 15 points. Therefore, this is not stability. Rather, the correct stability is as it was before, when it was 1120 in the Central Bank and 1121 abroad. This situation continued for years, and strategic projects were set at 1121 for the dollar.

However, after former Prime Minister Mustafa Al-Kadhimi raised the dollar price against the dinar, the current Prime Minister, Mohammed Shia Al-Sudani, came and restored it, but the fluctuation continued, due to the presence of mafias, a political lobby, and banks affiliated with parties that have a relationship with the dollar file.”

Al-Halou concluded his speech by saying, “Therefore, the stability is not reassuring and not natural. Rather, it is merely periods for certain cases related to imports, travel, and all factors related to the exit of the dollar from Iraq.”

This is what the economic expert, Diaa Mohsen, also went to, who explained that “what is rumored about the stability of the US dollar exchange rate in the local market is a lie that some of those who ride the government ship are trying to promote, because the citizen knows that when the Prime Minister presented his government program to the Iraqi Council of Representatives, one of his priorities was to reduce the dollar exchange rate against the Iraqi dinar, and many pages were created to promote this topic, but to no avail,” he said.

Speaking to Shafaq News Agency, Mohsen attributed the rise in the US dollar exchange rate in the local market to a number of reasons that the Central Bank of Iraq could not address.

Either because it knows these reasons (and this is a disaster) but it cannot confront those responsible for this rise, or because it does not know these reasons (and this disaster is greater than the previous one) because the Central Bank of Iraq is entrusted with the money of the Iraqi people and not following up on this money and its spending doors is a breach of trust, he said.

He added, "Therefore, the talk about the stability of the US dollar in the local market is not true, because everyone knows that the decline in the exchange rate of the US dollar occurred during the Eid al-Adha holiday, and there is a relatively long holiday. In addition to that, Iraqi traders have begun to use other methods than smuggling the dollar out of Iraq, which is represented by buying gold and smuggling it."

He continued, "In general, we do not believe that the monetary authority, with its confusion in taking measures, can control the exchange rate of the US dollar, nor do the executive authority's measures have the ability to limit currency smuggling operations, whether foreign currency or gold. As for prices, they will not exceed 1,500 dinars per dollar and will not fall below 1,450 dinars per dollar."

While the economic expert, Abdul Rahman Al-Shaikhli, believes that “the fluctuation in the dollar price is a natural matter, and it continues from time to time as a result of being affected by the smallest details, including the departure and return of pilgrims, so the price will remain between 1450 and 1500 dinars continuously, and the fluctuation between these two numbers is a natural thing.”

Al-Shaikhli pointed out during his interview with Shafaq News Agency, "There are some residents abroad who control the currency by issuing and withdrawing the dollar when anything happens inside Iraq, taking advantage of opportunities to manipulate its price. This situation exists in all countries of the world and may be very clear in Iraq because we have not witnessed this experience before, but this remains a natural issue, and we should not worry about it, but if it continues for a long time, it can then be considered an abnormal event." LINK

Iraqi Dinar Part 1 - IQD Update - Progession of Intergration, Accession & implementation of Reforms

MilitiaMan and Crew: 7-1-2024

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=MmpiskQKQBI