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

Iraq Economic News and Points To Ponder Late Friday Evening 6-7-24

In Numbers: The Decline In The Value Of The Reserves Of The Central Bank Of Iraq

Economy | Yesterday, 16:10 | Baghdad Today – Baghdad Economic researcher Manar Al-Obaidi revealed today, Friday (June 7, 2024), a decline in the value of the Central Bank of Iraq’s total foreign reserves by 2.4%.

Al-Obaidi said in a statement, received by “Baghdad Today,” that “the official reserves of the Central Bank of Iraq declined in the fifth month of the current year compared to the end of 2023 by 2.4%, so that the value of the official reserves decreased from 147 trillion dinars in 2023 to reach 143 trillion at the end of the fifth month of the year.” current".

He pointed out that "the Central Bank's gold reserves increased by 16% compared to 2023, bringing the value of the gold reserves to 14.3 trillion dinars, up from 2023, when the value of the gold reserves at the end of last year was 12.3 trillion dinars."

Al-Obaidi added, "As for the investment reserve, it decreased by 4.68% compared to the end of 2023, and its value this year reached 126.4 trillion dinars, after it was at the end of last year at a value of 132.6 trillion dinars."

https://baghdadtoday.news/251067-بالأرقام.-تراجع-قيمة-احتياطيات-البنك-المركزي-العراقي.html

OPEC Plus Assurances Raise Global Oil Prices

Economy | 09:34 - 06/07/2024 Follow - Mawazine News Oil prices rose today, Friday, as assurances from OPEC Plus members Saudi Arabia and Russia indicated readiness to halt or cancel production increases, but the markets are heading towards incurring losses for the third week in a row.

Brent crude futures rose two cents to $79.89 per barrel, and US West Texas Intermediate crude futures rose four cents to $75.59.

Prices rose yesterday, Thursday, when Saudi Arabia and Russia tried to reassure the markets about production agreements, but oil is on its way to recording losses for the third week in a row.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to extend most of the production cuts until 2025, but they left the way open for eight members to gradually cancel the voluntary cuts.

Saudi Energy Minister Prince Abdulaziz bin Salman said yesterday, Thursday, that the OPEC+ alliance can stop or cancel production increases if it finds that the market is not strong enough. https://www.mawazin.net/Details.aspx?jimare=249292

An Economic Expert For Nina: Reducing The External Debt To 9 Billion Dollars And Reducing The Budget Deficit Will Be The Beginning Of Broader Economic Activities In Iraq.

Friday 07, June 2024 14:11 | Economical Number of readings: 377 Baghdad / NINA / Economic affairs expert, Raad Tawij, confirmed that the actions and achievements of the Prime Minister give flexibility to the Iraqi economy, indicating that reducing the external debt to 9 billion dollars and reducing the budget deficit to 63 billion dollars will be the beginning of broader economic activities.

Tawij said in a statement to the National Iraqi News Agency ( NINA ): “The role of the Prime Minister and his work in developing infrastructure, roads and bridges, health projects, productive diplomatic relations, and his interests in communicating with different social segments, give great scope and flexibility for the Iraqi economy to move to greater extents.”

He stressed . “Reducing the external debt to the lowest possible amount, approximately 9 billion dollars, and reducing the budget deficit to 63 billion dollars will be the beginning of broader economic activities, the most important of which is the road to development.”/ https://ninanews.com/Website/News/Details?Key=1131180

A "Strategic Partnership" Between The Kurdistan Government And The International Development Bank

Time: 06/07/2024 13:59:06 Read: 1,196 times {Economic: Al-Furat News} The International Development Bank signed a partnership contract with the Kurdistan Regional Government to implement the “My Account” project, which aims to localize the salaries of regional government employees.

This important step came in conjunction with the bank’s efforts to expand in the region, as part of its strategic plan that aims to enhance its business and increase the number of its branches in the region, which currently number 3 branches.

This partnership is a major achievement within the framework of efforts aimed at spreading and strengthening the culture of electronic payment and achieving financial inclusion, in implementation of the directives of the Central Bank of Iraq.

The International Development Bank aims to continue its efforts in the field of disseminating electronic payment methods in the region, by activating more ATMs and the bank’s POS points of sale. The bank also intends to open its fourth branch in the region during the current year.

Aziz Ahmed - Deputy Director of the Office of the Prime Minister of the Kurdistan Regional Government praised the efforts of the International Development Bank and its contribution to developing the financial system of the region, by providing various facilities and financial services that contribute to achieving this purpose.

For his part, Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank, stressed the importance of signing this partnership with the Kurdistan Regional Government to localize the salaries of regional government employees and provide all the facilities that contribute to achieving this goal smoothly and with great flexibility. LINK

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

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

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

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

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

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

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

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

Provoking Thoughts and Points To Ponder On Adversity:

Every failure made me more confident. Because I wanted even more to achieve things, as revenge. To show that I could. -Roman Polanski

Adversity is, to me at least, a tonic and a bracer. -Sir Walter Scott

Difficulties should act as a tonic. They should spur us to greater exertion. -B. C. Forbes

There are times in everyone's life when something constructive is born out of adversity ... when things seem so bad that you've got to grab your fate by the shoulders and shake it. -Anonymous

Brave men rejoice in adversity, just as brave soldiers triumph in war. -Marcus Annaeus Seneca

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

http://famousquotesandauthors.com/quotes_by_topic.html

Iraq Dinar-IQD Update-PM Al-Sudani-Digital Payments-AMF-High Quality Currency-Increase Gold Reserves

MilitiaMan and Crew: 6-7-2024

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=_ob8qen9kE4

Goldilocks' Comments and Global Economic News Friday Evening 6-7-24

Good Evening Dinar Recaps,

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IBM and Pasqal Initiate Collaboration to Define Classical-Quantum Integration for Quantum-Centric Supercomputers |The Quantum Insider

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Quantum startup Pasqal partners with US competitor IBM to develop ‘quantum-centric supercomputing’ |Sifted

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IOTA has launched its L2 EVM network focusing on real-world asset usage |CoinJournal

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Technology and Gold are merging together forming new alliances/digital networks that move money electronically enabling standard digital protocols for tokenized assets and their payment systems governed by artificial intelligence.

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Institutional Investor: Who They Are and How They Invest |Investopedia

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#VinceLanci : #BRICS mBridge Platform Goes Live |Youtube

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10 cents, 49 cents, and 3 cents a coin are not bad prices for precious metals. 😉

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The Financial Reset Feat. Bill Holter - LFTV Ep 176

Kinesis Money: 6-7-2024

In this week’s episode of Live from the Vault Andrew Maguire is joined by popular returning guest Bill Holter, former stockbroker and branch manager turned precious metals expert and Miles Franklin contributor.

The old friends discuss the shadowy movements operating behind the scenes to reset the world’s financial system, and how individuals can take steps to protect themselves and their families from coming troubles.

Timestamps

00:00 Start

02:35 How Bill is preparing himself for the future

06:45 What’s been going wrong for the Fed since 2008

11:10 The BRICS Alliance threat to the globalist agenda

16:50 The upcoming US election

20:45 Is the West pushing for World War 3?

25:30 How to take responsibility for ourselves in these times

30:00 The Sound Money Movement

34:30 Silver leading the rally

40:45 Are there still opportunities for people? Yes

43:00 What about Bitcoin?

https://www.youtube.com/watch?v=w_5A3BdUbQQ

Iraqi Economic News and Points To Ponder Friday AM 6-7-24

Investment Law In The Balance Of The Economy

Economical 06/06/2024 Dr.. Adnan Hadi Jaaz There is no doubt that investment is one of the most important factors that can contribute effectively to correcting the defect in the structure of the Iraqi economy, diversifying sources of income, and reducing dependence on oil.

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

Therefore, the law that is drawn up to attract investment must direct the financial surpluses of Iraqi society and make them move in the direction that uses capital efficiently and achieves the maximum for Iraq. Possible benefit.

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

The private sector is the second wing of the economy, and reality and history have proven that its distance from the economic scene was one of the biggest historical mistakes in Iraq.

However, in a quick reading of the new investment law, we are disappointed according to our vision and economic ambitions, and fears have increased for the future of this country’s economy, and in this article we try to explain the reasons for this not optimistic vision.

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

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

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

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

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

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

This is a lot of talk.

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

Does the law allow us to prevent it? The second question is: He has the right to invest the surplus, regardless of its size: five, ten, or even twenty dunams, and perhaps more!

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

Is this goal worth all these high economic costs?

Yes, it can stimulate the economy and increase growth if Iraq produces what the real estate sector needs, and therefore we say that it is an expansionary financial policy that aims to increase growth rates and income by increasing production rates and thus increasing employment and income rates in a way that contributes to solving the unemployment problem that haunts the political class and always threatens it. By failure.

If we

give the land for free with exemptions from taxes and fees, in addition to an

interest-free loan to the investor, and we

allow the employment of foreigners, and we

allow the export of foreign exchange, which is the financial surpluses of citizens and the loans that came from the Central Bank and Iraqi banks, then all these sacrifices are for the sake of increasing the well-being of the wealthy, nothing more and nothing less.

There is a real solution to the problem of housing the poor and the middle class, and even

if the needs of these segments are to be met, there are shorter and much less expensive ways, as the cost is great and very significant for the economic policy in general.

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

I believe that with the presence of crazy financial surpluses, including money laundering and the legalization of corruption funds, and some segments on which there are no restrictions, and they are many without detail, this is what I call the effect.

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

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

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

We must be patient in approving this law, and we must push financial surpluses of all kinds in another, more efficient direction, as they are an important financial resource and the key to solving many of Iraq’s economic, political and social problems.

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

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

it can be said that Iraq is pursuing a financial and monetary policy with clear features and results for the present and the future, and that these reasons for the investment law are somewhat logical. https://alsabaah.iq/97948-.html

Indicators Of The Growth Of Bank Cards In Iraq

June 06, 2024 The Central Bank of Iraq announces indicators of the growth of bank cards with the total number of them issued for the years (2018 - 2023), which show an increase in the number of cards over the past years. Central Bank of Iraq information Office June 6, 2024 https://cbi.iq/news/view/2602

Indicators of the growth of bank cards in Iraq Clip_image004 https://cbi.iq/static/uploads/up/file-171765993776734.jpg

The Iraqi National Bank: We Do Not Deal With Companies Suspended By The Central Bank

June 6, 2024 Last updated: June 6, 2024 Independent/- The National Bank of Iraq confirmed that it does not deal with companies that the Central Bank of Iraq has stopped from entering the window for buying and selling foreign currency, pointing out that

this comes in compliance with international standards for combating money laundering.

The bank said in a statement,

“This confirmation is based on the National Bank of Iraq’s firm commitment to good governance and full transparency in implementing the instructions of the Central Bank of Iraq, and the bank’s keenness to apply the highest international standards to combat money laundering and terrorist financing.”

Commenting on this decision, the bank’s authorized director, Ayman Abu Dhaim, stressed the importance of adhering to the principles of good governance as a basic pillar in all of the bank’s activities, saying:

“We believe that good governance enhances trust with our customers and partners, and contributes to enhancing financial and economic stability.

Transparency in implementing the instructions of the Central Bank of Iraq represents an integral part of our strategy to maintain the integrity of banking operations.” Abu Dhaim explained,

“The National Bank of Iraq adheres to the highest international standards in combating money laundering and terrorist financing, and follows strict procedures in auditing all financial transactions and verifying the sources of funds to ensure that they are not used in illegal activities.

It also works to regularly update its systems to comply with best practices.” International and the instructions of the Central Bank of Iraq.

Abu Dhaim pointed out “the importance of the due diligence procedures followed by the bank to ensure the safety of customer funds and companies’ assets,” and said:

“We are keen to implement due diligence procedures accurately, as we periodically examine transactions and ensure their compliance with national and international standards.”

These measures contribute to enhancing confidence in our financial system and ensuring the safety of our customers’ funds.” Abu Dhaim stressed,

“The National Bank of Iraq places the interest of the national economy and the safety of the banking sector at the top of its priorities, and that

its commitment to the instructions of the Central Bank of Iraq comes within the framework of this keenness to enhance financial stability and combat illegal practices.” https://mustaqila.com/الأهلي-العراقي-لا-نتعامل-مع-الشركات-ال/

Provoking Thoughts and Points To Ponder On Adversity:

The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy. -Martin Luther King, Jr.

Great occasions do not make heroes or cowards; they simply unveil them to the eyes of men. Silently and imperceptibly, as we wake or sleep, we grow strong or weak; and at last some crisis shows what we have become. -Brooke Foss Westcott

What does not destroy me, makes me strong. -Friedrich Nietzsche

I long ago came to the conclusion that all life is six to five against. -Damon Runyon

(Adversity is) the state in which a man most easily becomes acquainted with himself, being especially free from admirers then. -Samuel Johnson

Adversity has the same effect on a man that severe training has on the pugilist - it reduces him to his fighting weight. -Josh Billings

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

http://famousquotesandauthors.com/quotes_by_topic.html

TNT:

CandyKissses: Integrity reveals moves to recover two of those involved in the theft of the century

CandyKisses: Deputy: Hidden hands working to prevent the rise of Iraq

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:

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CcandyKisses: After the assurances of OPEC Plus Oil prices rebound

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

http://famousquotesandauthors.com/quotes_by_topic.html

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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Clare: Representative Hadi Al-Salami raises a parliamentary question about the fate of 57 trillion dinars in the 2023 budget

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?

Goldilocks' Comments and Global Economic News Thursday Afternoon 6-6-24

Good Evening Dinar Recaps,

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 pointed to this article

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Silver Technical Scoop: Precious Benefit, Market Divergences |SilverSeek

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ISO 20022 in bytes for payments: Supporting your CBPR+ readiness |Swift

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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

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Bank of Canada cuts key interest rate to 4.75% |CBC News

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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

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Project mBridge reaches minimum viable product stage and invites further international participation |BIS

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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.

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

http://famousquotesandauthors.com/quotes_by_topic.html

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.

https://www.youtube.com/watch?v=29_95n4Xfeg

BRICS IS EXPANDING: Turkey, a NATO Member, Announces Plans to Join BRICS Bloc in 2024

Lena Petrova: 6-5-2024

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