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

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CandyKisses: Dinar Explainer 1: Why Iraq has Two Exchange Rates

By John Lee.

On arecent webinarorganised by theIraq Britain Business Council (IBBC), Professor Frank Gunter ofLehigh Universityexplained the causes and effects of Iraq's dual exchange rate.

The three reasons why Iraq has two exchange rates are:

1. Excessive Demand for US Dollars Internationally:

There is a high demand for US dollars in countries like Iran and Syria, where local currencies have significantly devalued. Entities in these countries are desperate to obtain dollars, which are accepted everywhere and difficult to trace.

The excessive demand for US dollars internationally is driven by several factors:

1. Currency Devaluation in Neighboring Countries:

• The Iranian rial has lost 75% of its value due to sanctions from the US and other nations.

• The Syrian pound has lost 99% of its value primarily due to the ongoing civil war.

• These significant devaluations have led entities in Iran and Syria to seek more stable currencies like the US dollar.

• There is a particular demand for physical US dollars (paper currency) rather than electronic funds transfers (EFTs). Physical dollars are preferred because they are accepted everywhere and are impossible to trace, making them more desirable for transactions that may need to avoid scrutiny.

• Due to these devaluations and economic instability, Iran and Syria find it more feasible to obtain dollars from Iraq. The Iraqi market offers a cheaper source of dollars, requiring fewer real resources compared to other regions.

These factors collectively create a significant international demand for US dollars, which in turn impacts Iraq's exchange rate dynamics by increasing the pressure on its currency system and contributing to the existence of dual exchange rates.

1. Internal Demand for Dollars:

Within Iraq, the dollar has dominated the dinar both as a medium of exchange and as a store of value. Although recent regulatory changes have reduced this dominance, the demand for dollars remains strong.

The internal demand for dollars in Iraq is driven by several key factors highlighted in the text:

1. Dominance of the Dollar:

• Historically, the US dollar has dominated the Iraqi dinar both as a medium of exchange and as a store of value. This dominance means that people prefer to use and hold dollars over the local currency, contributing to the internal demand for dollars.

• Although there have been recent regulatory changes aimed at reducing the dominance of the dollar, the demand remains strong. These changes have not been sufficient to shift the preference from dollars to dinars significantly.

• Iraq's economy is still very much a cash economy. The Central Bank of Iraq estimated that there were 90 trillion dinars outside financial intermediaries, highlighting the extensive use of cash. This reliance on cash further underscores the preference for a stable currency like the dollar.

• The banking system in Iraq is underdeveloped. The state-owned banks are not private sector-oriented, with major banks like Rafidain and Rasheed facing difficulties. Additionally, Iraq is severely under-banked, with only four bank branches and five ATMs per 100,000 Iraqis, compared to the Middle East and Northern Africa average of 14 branches and 37 ATMs.

• The lack of a universal core banking system, which makes it difficult to withdraw funds from a different branch than where the deposit was made, contributes to the preference for holding dollars.

• The perception that deposits have become more insecure has increased the demand for dollars. For instance, the suspension of dollar withdrawals starting January 1, 2024, has likely exacerbated concerns about the security and accessibility of funds, driving people to prefer holding dollars.

These factors collectively create a strong internal demand for dollars in Iraq, complicating efforts to manage the exchange rate and stabilize the economy.

1. De-Dollarization Efforts by the New York Fed:

The New York Federal Reserve has restricted dollar transfers to reduce dollar flows to Iran and Syria. They have also excluded over two dozen Iraqi banks from transactions, which has increased the complexity and demand for dollars in Iraq.

The de-dollarization efforts by the New York Federal Reserve (New York Fed) are part of a broader strategy to control the flow of US dollars, particularly to countries under sanctions such as Iran and Syria. Here are the key points from the text:

1. Restriction on Dollar Transfers:

• The New York Fed has restricted the transfer of physical dollars to Iraq. Previously, both electronic dollars (via electronic funds transfer, or EFT) and paper dollars could be sent to Iraq. Now, the New York Fed primarily allows only electronic transfers while restricting the shipment of actual paper dollars.

• Over two dozen Iraqi banks have been excluded from doing transactions with the New York Fed. The New York Fed will not transfer funds to these banks or respect their transactions. This exclusion is part of the effort to control the flow of dollars and reduce the likelihood that they will end up in countries like Iran and Syria.

• The primary goal of these restrictions is to reduce dollar flows to Iran and Syria. By limiting access to physical dollars and restricting certain banks, the New York Fed aims to make it more difficult for these countries to obtain US dollars, which are in high demand due to the devaluation of their own currencies and economic sanctions.

• The de-dollarization efforts have significant implications for Iraq. The restriction on physical dollar transfers and the exclusion of certain banks have added to the complexity and demand for dollars within Iraq. These measures are part of the broader challenge facing the Iraqi government as it tries to manage its dual exchange rates and stabilize its economy.

These efforts by the New York Fed are part of a strategic initiative to use financial controls as a means of exerting economic pressure on countries like Iran and Syria, while also attempting to mitigate the impact on the Iraqi economy.

You can read more on the history and consequences of the dinar exchange ratehere.

https://www.iraq-businessnews.com/?p=221422

BRICS to Leave UN: What Next?

Fastepo: 6-27-2024

BRICS countries, along with other Global South nations, have voiced their discontent with the United Nations for several reasons. Chief among their concerns is the significant influence Western nations wield in key international organizations and decision-making processes.

These countries believe that the current UN framework does not adequately represent their interests and viewpoints. Consequently, the BRICS nations are pushing for a more democratic and inclusive structure within the UN.

For instance, during the recent BRICS summit, there were calls for comprehensive reform of the UN to ensure greater involvement of emerging nations, including a re-evaluation of the Security Council's composition and the veto power held by the permanent members. Consequently, there have been numerous calls for significant reforms or even a total overhaul of the UN, with the goal of establishing a more equitable and representative system of global governance.

This video will delve into these proposed changes and the motivations driving them.

https://www.youtube.com/watch?v=IwccA2r2mHI

Japan Panic: Currency In Tatters, US Warns Against Yen Rescue, Economy Contracts Further

Sean foo: 6-28-2024

Japan's economy is in trouble. As the Yen continues a historic slide to a 38-year low, this spells danger for their manufacturing, economic growth and even their stock market. However, their dollar interventions are useless and the US just placed Tokyo on its currency watchlist!

Timestamps & Chapters:

0:00 Yen Collapses To Historic Low

2:40 China Eating Japan's Market Share

5:29 US Warns Against Currency Rescue

8:28 Investors Fleeing Japanese Stocks

11:23 The US Is At Risk

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

It's Too Stupid Not To Be Planned | Bill Holter

Liberty and finance: 6-27-2024

“It’s too stupid to not be the plan,” says Bill Holter . He argues that recent U.S. policy decisions are clearly aimed at destroying the U.S. and surrendering our sovereignty to international bodies.

Whether it's a plan or not, we're seeing a slow motion collapse of the purchasing power of the U.S. dollar. Holter discusses practical ways people can prepared today for what's coming.

INTERVIEW TIMELINE:

0:00 Intro

1:38 Gold & silver update

7:20 Coinage vs bills

10:18 Banking system

12:00 Latest scams

13:00 Which banks will survive?

19:39 Types of gold

22:20 Gold/silver ratio

23:56 Legal tender laws

25:20 Gold/silver stocks

26:10 Mexico and mining

27:55 Gold revaluation

31:39 The plan to destroy America

33:23 Metals confiscation

https://www.youtube.com/watch?v=STV9NEa8P68

Iraq Economic News and Points To Ponder Friday AM 6-28-24

Parliament: Amending The Investment Law Will Reflect Positively On The Future

Iraq 06/27/2024 Baghdad: Al-Sabah The Investment and Development Committee in the House of Representatives intends toamend theInvestment Law, which will reflect positively on this sector.

Committee member Muhammad Al-Zayadi told Al-Sabah:

This law is one of the important laws, as through it the legislative and executive authorities can provide what is best for this sector, noting that the issue of replacing the heads of investment bodies is a matter assigned to the provincial councils. He added that the legislative authority must implement what is stated in the Provincial Councils Law regarding the tasks of local governments, in addition to the fact that the Constitution fully clarifies the tasks and powers of local governments, and therefore what concerns those governments is their own business.

Al-Ziyadi pointed out that the last stage witnessed the absence of the role of the local government, and timid follow-up by the members of the House of Representatives after the task was entrusted to them,

but now the law must be implemented in its entirety and the local councils must present something to their people in all governorates and what they deem appropriate by changing or continuing regarding investment bodies..

He pointed out that we must benefit from the mistakes that occurred in the past to correct the work of investment bodies, explaining that the

violations in the work of the bodies, including extending the work of their heads, which some have spoken about, did not exist because this matter is within the authority of the Council of Ministers, adding that the matter is up to the provincial councils to implement what they see. appropriate according to their powers and do not allow any of the authorities to take away their powers for any reason. https://alsabaah.iq/98624-.html

With its various digital activities, technical and information operations, and its continuous endeavor to enhance cybersecurity and data protection and information related to financial and banking systems”

and to develop a standard framework and controls for developing resilience capabilities Cyber ​​and levels of readiness to confront and respond to the effects resulting from risks, threats and cyber attacks “effectively”

and enhancing the flexibility of financial and banking institutions to cope with technical and information security disruptions Cyber ​​crises, withstand these crises and recover from them in appropriate record periods, and ensure continuity of business and operations and banking activities.

In order to provide a comprehensive framework for organizing, developing and developing this sector in a way that is compatible with modern technical challenges and threats Increasing cybersecurity”

We attach a link to the document on cyber resilience controls for the financial and banking sector in Iraq Commitment to them in order to enhance the cyber resilience of your organizations.

We consider the controls, guidelines, procedures and measures contained in this document an important reference and basis for protecting infrastructure Technology, financial and banking systems” and contributes to enhancing your institutions’ readiness and flexibility in facing technical challenges Security and cyber threats, adapting to them, predicting their risks, containing them, and recovering from them quickly. And guarantee capacity To continue performing tasks and functions and providing services on an ongoing basis.

.. with respect.

Attachments:

- Cyber ​​resilience controls for the financial and banking sector in Iraq in Arabic and English.

https://cbi.iq/static/uploads/up/file-171939700326129.pd

Modify instructions

June 27, 2024
Modify instructions

diamonds: Cancellation of Paragraph ( 5 / d ) of the instructions and standards for circulation and replacement of banknotes, and the counting and sorting mechanisms..For more click here
https://cbi.iq/static/uploads/up/file-1719486275814.pdf

https://cbi.iq/news/view/2608

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[approximate and incomplete translation ofhttps://cbi.iq/static/uploads/up/file-1719486275814.pdf]

All approved banks

M/Instructions and standards for circulation and exchange of banknotes, and mechanisms for counting and sorting

In addition to our Circular No. (34/4/9) dated 1/10/2024 - we would like to inform you of the cancellation of paragraph (5/d) of the instructions and standards.

Circulation and exchange of banknotes and counting and sorting mechanisms included (collecting the amount of (250) dinars on bank deposits About the counting and sorting operations for each bundle) and this will be implemented starting from the date of 7/1/2024.

with respect.

TNT:

Tishwash: Iraq secures its borders with more than 950 thermal cameras

Today, Thursday, the Ministry of Interior announced the deployment of more than 950 thermal cameras on the Iraqi border.

The spokesman for the Ministry and the Security Media Cell, Brigadier General Muqdad Miri, said in a statement received by the “Eshan” platform: “We have reached more than (950) thermal cameras on the Iraqi borders with neighboring countries during the past two years.”

He added, “This number of cameras came after only 200 were installed over the past years.” link

Tishwash: Iraq signs a contract with Saudi Arabia to build a submarine cable to increase internet capacity

The Iraqi Ministry of Communications signed a contract for the submarine cable construction project with the Saudi Telecom Company with the aim of increasing internet capacity in Iraq.

Iraqi Minister of Communications Hiyam Al-Yasiri stated that this contract is the third of its kind signed by the current Iraqi government.

She said in a press conference following the signing, "After signing this contract, the landing procedures will begin, which include surveying the site for water and moving the necessary ships for that, and then landing the cable at the Al-Faw station to be used in marketing internet capacities and increasing the internet capacities entering Iraq."

Omar Al-Amiri, Director General of the Department of Relations and Media at the Iraqi Ministry of Communications, said, “Many international companies will pass their capacities through submarine and land optical cables, and this will help facilitate the movement of international communications and will link the countries of Africa and Asia to Europe via Iraq.”

He stressed that such projects will have a "positive economic impact on Iraq by activating and investing in its geographical location."

For his part, Ali Yassin, Director General of the Iraqi General Company for Communications and Information Technology, explained that “the To Africa submarine cable is one of the most important strategic submarine cables that passes through more than 33 countries.”

He added that Iraq's joining this path will help increase Internet capacities.

The Iraqi Ministry of Communications stated that the new submarine cable project strengthens Iraq's geographical position and consolidates its success in international communications (transit) called (the Road of Civilizations), noting that the rate of international communications passing through Iraq has increased to more than (one terabyte) during the past two months. link

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Tishwash: “National Bank violations” place the governor of the Central Bank before parliamentary accountability

MP Alia Nassif directed a parliamentary question to the Governor of the Central Bank of Iraq regarding the preparation of non-Iraqi employees and managers and their salaries working in the National Bank.

She called in a tweet she published on her account on the X platform, which the “Iraq Observer” agency viewed, which stated: Based on Article 61/Seventh of the Constitution and Article 29 of the Law of the Council of Representatives and its formations and Articles “50, 51, 53” of the internal regulations of the Council of Representatives, to inform Parliament of the legal basis for the National Bank’s violation of Iraqi laws, the Central Bank, the Banking Law and the instructions of the Central Bank.

She pointed out the reasons for not declaring the actual salaries of the National Bank employees to the Social Security Department, especially non-Iraqis, due to the receipt of information about tax evasion and informing Parliament of the procedures.

Earlier, Representative for the State of Law, Alia Nassif, revealed that the National Bank of Iraq controls 33% of dollar sales in Iraq, confirming that this bank is 77% owned by non-Iraqis.

Nassif said in a tweet on the #Iraq."

Nassif added: “In 2023, this bank bought $10.8 billion from the currency sales window. The volume of dollars sold from the currency sales window for the year 2023 amounted to $33.4 billion, according to data from the Central Bank of Iraq. The National Bank’s dollar purchase rate is 33% of the total sales of the foreign currency window.”

Nassif asked: “Who is responsible for this financial disaster?”

The book addressed to the governor link

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Tishwash: Construction of a modern bank in Sidekan at a cost of 1.4 billion dinars

As part of the Kurdistan Regional Government's efforts to improve and develop the banking system, the establishment of an advanced bank in the Sidekan area within the boundaries of the Soran Independent Administration is scheduled to be completed in the near future, to facilitate the completion of citizens' transactions.

The mayor of Sidekan district, Ihsan Chalabi, said in a statement to the Information Department in the regional government that "the process of establishing the modern Sidekan Bank is underway at a cost of 1.4 billion dinars, knowing that the completion rate has reached 95%," noting that "the establishment of this bank will contribute to strengthening the banking system in the region."

"The completion of the bank will provide a great service to the citizens of the judiciary and will save them a lot of time and expenses," he added.

A number of residents of the district confirmed that the bank "will be very useful because it will save them a lot of effort and time during their reviews of government departments and institutions in the cities of Soran and Erbil."

It should be noted that the Kurdistan Regional Government has taken important steps in the field of salary distribution and digitization of the banking system as by 2025, one million people will have their own bank accounts. link

Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Evening 6-27-24

Good Evening Dinar Recaps,

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Newshound'sDaily Breakdown Podcastfor June 27, 2024

MP3 Here

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Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Afternoon 6-27-24

Good Afternoon Dinar Recaps,

WEF regards Việt Nam as a model of robust developing economy

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Read more:IMF

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Read more:Oil Price

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Newshound'sDaily Breakdown PodcastLink

Newshound'sNews Telegram RoomLink

Q & A ClassroomLink

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Seeds of Wisdom Team™Website

Subscribe toNewsletter

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Iraq Economic News and Points To Ponder Thursday Afternoon 6-27-24

Will Gold Reach $3,000 Per Ounce Soon?

Money and business Economy News - follow up Recent analysis by Bank of America shows that “gold prices could rise to $3,000 per ounce over the next 12-18 months.”

The investment bank noted that in 2023, investor demand for gold increased significantly: the accumulation of private bullion and their purchase by central banks accounted for 49% and 43% of purchases, respectively.

However, leveraged ETFs such as the SPDR Gold Trust have seen a decline in assets under management, slowing aggregate demand growth.

Central bank purchases remain a crucial factor in supporting gold prices. While the latest survey conducted by the World Gold Council indicates the continued need for gold among monetary authorities. Views 72 Added 06/27/2024 - https://economy-news.net/content.php?id=44670

Iraq Sells 104 Million Barrels Of Oil During May

Economy | 06/27/2024 Baghdad - Mawazine News The Ministry of Oil revealed, today, Thursday, the proceeds of Iraq’s oil exports during the month of May.

The Ministry stated in a brief statement received by Mawazine News, that “the total oil exports achieved for the month of May, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to (104) million and (130) thousand and (292) barrels.” https://www.mawazin.net/Details.aspx?jimare=250349

Oil Prices Fell Due To Fears Of A Slowdown In Demand

Energy Economy News _ Baghdad Oil prices fell in early Asian trading, Thursday, after a sudden increase in US inventories reinforced fears of a slowdown in demand in the largest oil consumer, but concern that any possible expansion of the Gaza war could disrupt Middle East supplies limited the declines.

Brent crude futures fell 30 cents, or 0.4 percent, to $84.17 per barrel by 0028 GMT. US West Texas Intermediate crude futures also fell 32 cents, or 0.4 percent, to $80.58 per barrel.

The two benchmarks had recorded a slight increase at settlement yesterday, Wednesday.

The US Energy Information Administration announced that the country's crude oil inventories rose by 3.6 million barrels last week, which surprised analysts polled by Reuters who expected a decline of 2.9 million barrels.

Gasoline stocks in the United States also increased by 2.7 million barrels, compared to analysts' expectations of a decrease of one million barrels.

In the Middle East, escalating cross-border tensions between Israel and the Lebanese Hezbollah group in recent weeks have exacerbated fears of an all-out war between Israel and Hezbollah. 06/27/2024 - https://economy-news.net/content.php?id=44660

Dollar Prices Against The Dinar In The Markets Now

Economy | - 06/27/2024 Baghdad - Mawazine News The exchange rates of the dollar against the dinar witnessed a slight decline in the markets today, Thursday.

Selling prices in banking shops decreased in the local markets in Baghdad to 148,000 dinars, while purchasing prices reached 146,500 dinars for every 100 dollars.

As for Kurdistan, selling prices reached 147,000 dinars, while purchasing prices were 146,500 for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=250331

How Much Did The Central Bank Sell For The Dollar At Today's Auction?

Economy | - 06/27/2024 Baghdad - Mawazine News The Central Bank of Iraq revealed, today, Thursday, its sales of the dollar in the currency auction.

According to the bank’s data, the total internal cash withdrawals amounted to $25,580,000, while the total amounts of transfers abroad, which include transfers and credits, amounted to $250,418,667, while the total sale amounted to $275,998,667. https://www.mawazin.net/Details.aspx?jimare=250344

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

Provoking Thoughts and Points To Ponder On Adversity:

Americans are like a rich father who wishes he knew how to give his sons the hardships that made him rich.-Robert Frost

I would never have amounted to anything were it not for adversity. I was forced to come up the hard way.-J. C. Penney

Adversity introduces a man to himself.-Anonymous

I thank God for my handicaps for, through them, I have found myself, my work, and my God.-Helen Keller

When one's own problems are unsolvable and all best efforts are frustrated, it is lifesaving to listen to other people's problems.-Suzanne Massie

This struggle of people against their conditions, this is where you find the meaning in life.-Rose Chernin

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

http://famousquotesandauthors.com/quotes_by_topic.html

Iraq News Highlights and Points To Ponder Thursday AM 6-27-24

What Is The Importance Of Iraq Joining International Agreements?

Money and business Economy News – Baghdad Today, Wednesday, the head of the National Investment Authority, Haider Makiya, stressed the importance of Iraq joining international agreements to enhance the investment sector, pointing out that Iraq has provided real guarantees to attract foreign investments.

Makiya said, in his speech, during the launch of the National Investment Commission conference in cooperation with the United Nations Development Programme, that “Iraq’s accession to the International Settlement Agreement resulting from international mediation and disputes that was signed in 2024, will contribute to achieving the goals of sustainable development and encouraging the increasing use of international mediation as a means.”

Effective for settling cross-border disputes, for the purpose of maintaining trade and investment relations between the parties involved in the investment process.”

He added, "This agreement has a pivotal dimension, foremost of which is finding an alternative method to litigation procedures before international arbitration bodies in disputes arising from investment, especially since Iraq joined in 2015 the International Center for the Settlement of Investment Disputes between States and Citizens of Other Countries, and this "It will give foreign investors the right to resort to the Washington Center."

He continued, "Also, the Republic of Iraq's accession to the New York Convention on the Recognition of Foreign Judgments of 1958 means completing all the legislative environment necessary to provide real guarantees and protection for foreign investors, and this will positively reflect on attracting foreign capital to Iraq, which aims at the process of construction and reconstruction, and will raise Iraq's classification."

He explained, "This agreement enhances the Iraqi investment reality, because it includes many international and qualitative strategic investment opportunities that impose contracts with specialized foreign companies for investment purposes

This requires Iraq to provide legal protection to those companies by resolving disputes in the event that they arise from investment contracts that It is imposed by state institutions on these companies, which prefer to resort to international arbitration to guarantee their rights, as stipulated in Article 27 of Investment Law No. 13.

He pointed out, “Iraq’s accession to the International Mediation Agreement (Singapore Agreement) is necessary to attract foreign investments and achieve intended development, especially in light of Iraq’s transformation and dependence on a free market economy.

This agreement will also create a legal framework that allows reliance on agreements.” The settlement resulting from mediation is easily implemented by all countries.”

Makkia stressed that "the legal department at the National Investment Commission and the investment authorities in the governorates will work to include international investment contracts based on mediation mechanisms in disputes related to investment before resorting to international arbitration, which will send a message of reassurance to foreign investors and foreign companies to proceed with resolving disputes related to these contracts, in an easier way than entering into international commercial arbitration procedures."

He pointed out that "the Republic of Iraq's accession to the International Commercial Arbitration Convention and the Singapore Mediation Convention, in addition to concluding many agreements to encourage and protect mutual investments between Iraq and many international countries, made Iraq occupy the fourth place in the classification of foreign direct investment."

And the best emerging markets to invest in 2024.”

He stressed that "the noticeable improvement in the investment climate in Iraq comes as a result of the government's efforts to enhance the economic and investment sector, in attracting foreign investments," calling on foreign companies, foreign investors and businessmen to "visit Iraq to learn about the investment opportunities included in the investment map,

and to attend the Iraq Investment Forum that will be held next November, which will launch more than 100 investment opportunities with complete approvals, and to see the advantages and guarantees that the investment law will provide to investors." Views 42 06/26/2024 - https://economy-news.net/content.php?id=44638

Haider Makiya: Iraq Is An “Important Destination” And We Are Witnessing An Improvement In The Investment Climate

The first 06/27/2024 The head of the National Investment Commission, Haider Makkiya, stated that the improvement in the investment climate inside Iraq reflects the government efforts made to strengthen the economic and investment sector, while he stressed that Iraq has become an important investment destination in the region.

The National Investment Commission organized a conference attended by Al-Sabah yesterday, Wednesday, under the title of mediation “New Horizons” to facilitate business and retain investors in Iraq.

Makiya explained, in his speech, that the conference aims to introduce the importance of Iraq’s accession to the international settlement agreement resulting from mediation (the Singapore Agreement), as the accession document was signed last April in New York City in coordination with the Iraqi representation at the United Nations in conjunction with the visit of the Prime Minister. To Washington.

He added that the agreement contributes to achieving sustainable development goals and encouraging the increasing use of international mediation as an effective means of settling cross-border disputes with the aim of maintaining commercial relations between the parties involved in the investment process.

For his part, the representative of Prime Minister Nasser Al-Asadi stressed the importance of the agreement that keeps disputes away from complex judicial procedures at a time when we are witnessing important achievements on the economic level through the projects implemented and being completed.

Al-Asadi explained that the agreement is an important instrument to enhance trade and provide a special framework to enhance investments and aims to find a consensual formula without imposing a decision on the opponents.

As for the European Union Ambassador, Thomas Seiber, he said: We seek to grow and develop the economy, and we welcome the initiative of Prime Minister Muhammad Shiaa Al-Sudani, and we find that the signing of the agreement is important and enhances Iraqi economic capabilities. He explained that we are working with the government to create a safe climate to attract investments that achieve sustainable development, pointing out the importance of strengthening Iraqi international relations and that adopting international agreements in Iraq encourages the global economic community to enter Iraq.

The United Nations Resident Representative in Iraq, Oba Lats, explained the importance of the agreement, which comes from the fact that it is concerned with investment and resolving disputes in a quick and uncomplicated time and is low-cost by adopting mediation in a way that suits the interests of investors. https://alsabaah.iq/98637-.html

A New Decline In The Dollar Against The Iraqi Dinar In Baghdad

Market Economy News _ Baghdad The exchange rate of the US dollar against the Iraqi dinar fell on Thursday morning in the markets of Baghdad and in Erbil, the capital of the Kurdistan Region.

Dollar prices recorded a decline with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,150 dinars for every 100 dollars, while yesterday, Wednesday, they recorded 147,650 for every 100 dollars.

Selling prices in banking shops witnessed a decline in the local markets in Baghdad, where the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars.

Views 65 Added 06/27/2024 - https://economy-news.net/content.php?id=4466

Iraq's Oil Exports Exceeded 100 Million Barrels In May

2024-06-27 Shafaq News/ The Ministry of Oil announced, on Thursday, the total oil exports achieved for the month of last May, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO).

She said in a statement, received by Shafaq News Agency, that the amount of crude oil exports amounted to (104) million, (130) thousand, and (292) barrels.

The statistics indicated that the total quantities of crude oil exported for the month of May from the oil fields in central and southern Iraq amounted to (104) million, (130) thousand, and (292) barrels. LINK

Al-Atwani Calls For Reforming The Tax System In Iraq

Economy , 06/27/2024 Number of readings: 132 Baghdad - Iraq Today: Chairman of the Finance Committee, Atwan Al-Atwani, stressed the need to develop the tax work system and keep up with activities, to contribute to increasing non-oil resources. He also discussed how to provide an environment that helps contribute to increasing income and supplying the general budget with non-oil resources.

The Media Department of the House of Representatives stated in a press statement, “The Chairman of the Finance Committee, Eng. Atwan Al-Atwani, in the presence of Representative Mustafa Al-Karawi, a member of the committee, received the German Agency for International Cooperation (GIZ) project FFM Strengthening Public Financial Management with the support of the German government and the European Union.

The Chairman of the Committee stressed the need to develop the tax work system and keep pace with activities, to contribute to increasing non-oil resources, given that the state relies heavily on oil resources.

For his part, Mustafa Daoud Salman, the agency's representative, spoke about the importance of sustainable financing and following a specific methodology in the tax system and its implementation mechanism, in addition to taking into account the structural structure of tax work, in terms of providing services in exchange for imposing taxes. How to provide a conducive environment to contribute to increasing income and supplying the general budget with non-oil resources was discussed, in accordance with tax standards followed in the world. LINK

Parliament: Amending the investment law will reflect positively on the future

Iraq 06/27/2024 The Investment and Development Committee in the House of Representatives intends to amend the Investment Law, which will reflect positively on this sector.

Committee member Mohammed Al-Ziyadi told Al-Sabah: This law is an important law, as it enables the legislative and executive authorities to provide what is best for this sector, noting that the issue of replacing heads of investment bodies is a matter that falls under the governorate councils.

He added that the legislative authority must implement the tasks of local governments stipulated in the governorate councils law, in addition to the fact that the constitution has fully clarified the tasks and powers of local governments, and therefore what concerns these governments is their own business.

Al-Ziyadi pointed out that the last stage witnessed the absence of the role of the local government, and timid follow-up by the members of the House of Representatives after the task was entrusted to them, but now the law must be implemented in its entirety and the local councils must present something to their people in all governorates and what they deem appropriate by changing or continuing regarding investment bodies. .

He pointed out that we must benefit from the mistakes that occurred in the past to correct the work of investment bodies, explaining that the violations in the work of the bodies, including extending the work of their heads, which some have spoken about, did not exist because this matter is within the authority of the Council of Ministers,

adding that the matter is up to the provincial councils to implement what they see. appropriate according to their powers and do not allow any of the authorities to take away their powers for any reason. Edited by: Adhraa Juma https://alsabaah.iq/98624-.html

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

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CandyKisses: Al-Muthanna Investment: The governorate is witnessing a qualitative boom in the size of projects

Information/Muthanna...The Muthana Investment Authority confirmed on Thursday that the governorate is witnessing a qualitative boom in the size of economic projects during the current period.

The head of the authority, Adel al-Yasiri, told the Information Agency that "the province has dozens of investment projects, including completed and others under construction, which will be completed within specific timetables."He added, "The Muthanna Investment Commission is currently supervising dozens of projects in various vital sectors that drive the economic wheel in the province."

Al-Yasiri pointed out that "all these projects are of great benefit and return to Muthanna in general and to the people of the province by providing job opportunities and implementation with the best engineering specifications required."

CandyKisses: Sudani stresses the importance of developing cooperation with NATO after the end of the mission of the international coalition in Iraq

Shafaq News / Prime Minister Mohammed Shiaa Al-Sudani stressed on Thursday the importance of developing cooperation with NATO after the end of the mission of the international coalition led by the United States of America in Iraq.

This came during his meeting with the commander of the North Atlantic Treaty Organization (NATO) mission in Iraq, General Lucas Schroers, who recently took office, according to a statement issued by the Sudanese media office.

The statement stated that, during the meeting, the security situation in the region was discussed, and the efforts of the mission and its cooperation with the Iraqi security institutions in the field of advice and training were reviewed, and in the field of intelligence coordination towards the prosecution of remnants of remnants of ISIS terrorist gangs.

The statement added that the Prime Minister stressed the importance of developing bilateral cooperation with the mission in the areas of training and information coordination, with the Iraqi armed forces after the end of the international coalition mission in Iraq, in a way that enhances security and helps in the stability of the region.

For his part, General Schroors expressed his thanks to the government, for supporting the mission, and providing the necessary facilities for its work in Iraq, according to the statement.

Earlier this year, the Iraqi Foreign Ministry announced the success of the negotiations with America and the agreement to form a "supreme military committee" to draft a specific and clear timetable that determines the duration of the presence of the advisers of the international coalition in Iraq.

On Wednesday, June 5, a political source was informed, revealed a 40-day deadline granted by armed Iraqi factions to Prime Minister Mohammed Shia Al-Sudani, to resolve the file of removing US forces from the country, promising that otherwise it would resume their attacks against US military forces.

In early February, attacks by armed groups on U.S. forces in Iraq and Syria stopped, after a drone attack killed three U.S. soldiers in Jordan, in response to which the United States carried out air strikes on sites in Iraq and Syria.

In the midst of the new developments, a political source familiar with Shafaq News told Agency that "a number of armed factions have given the Sudanese and his government until mid-July to resolve the file of removing American forces from the country."

The source added, "The factions stipulated the establishment of an announced and binding timetable for the resolvement of this file, and otherwise military operations against American goals and interests in Iraq and the region will be resurred."

On January 30, 2024, the Hezbollah Iraq Brigades announced the cessation of its operations against US forces in order to “not embarrass the Iraqi government,” recommending its fighters “temporarily negative defense.”

Iraqi armed factions launched periodic attacks on US bases in Iraq and Syria, which began in late October 2023, against the backdrop of the Gaza war.

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CandyKisses: Al-Sudani receives the commander of the NATO mission in Iraq

Prime Minister Mohamed Shia Al-Sudani received, on Thursday, the Commander of the North Atlantic Treaty Organization (NATO) Mission in Iraq, General Lucas Schroers, who recently assumed his duties.

During the meeting, they discussed the security situation in the region, and reviewed the mission's efforts and cooperation with Iraqi security institutions in the field of advice and training, and in the field of intelligence coordination towards pursuing the remnants of ISIS terrorist gangs.

The Prime Minister stressed the importance of developing bilateral cooperation with the mission in the fields of training and information coordination with the Iraqi armed forces after the end of the international coalition mission in Iraq, in a way that enhances security and helps stabilize the region.

For his part, General Schroers expressed his thanks to the government for supporting the mission and providing the necessary facilities for its work in Iraq.

Prime Minister's Media Office

27- June- 2024

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Tishwash: European Union: The Iraqi government has achieved development in international investment

The European Union announced, on Wednesday, that the Iraqi government has achieved progress in international investment, while noting that it sets an example of cooperation with international legal standards.

The European Union Ambassador to Iraq, Thomas Seiler, said in his speech during the launch of the National Investment Commission conference in cooperation with the United Nations Development Programme, entitled (Mediation: New Horizons for Facilitating Business and Retaining Investors in Iraq), followed by “Al-Iqtisad News,” “I congratulate the Iraqi state and business leaders on the great Iraqi achievement.” represented by the signing of the Singapore Agreement on Mediation,” indicating that “this agreement is considered a basic international treaty that seeks to reach a settlement between the conflicting parties.”

He added, "One of the points of importance for the Iraqi government is the development in international investment as well as commercial transactions, taking into account that disputes may arise due to differences between parties across countries. Therefore, when this happens, the parties need an appropriate method to resolve these disputes in an efficient manner and in an appropriate time, and thus mediation."

It is the one who does this, as it provides an opportunity for the parties to resolve the problem effectively when disputes arise. It also gives an opportunity for the parties to maintain working relationships, which is consistent with the best interest of investors as well as local companies who seek to move forward with investment operations, which are extremely important for Iraq.

He explained that "Iraq, by signing the Singapore Convention, has clearly sent a signal about its commitment to developing the mediation infrastructure, and therefore this requires adopting legislation to enforce mediation operations that take place based on approvals issued by Iraqi courts and are applicable to the parties, as well as the list of countries joining this increasing convention, represented recently by the accession of the Kingdom of Saudi Arabia, Turkey, Jordan and Iran."

He continued: “After Iraq ratified the New York Convention 2021, we welcome the great efforts to adopt the mediation law and I believe that it will be launched soon,” noting that “the issue of ratification is very important and therefore the Iraqi government is providing evidence and an example of alignment and cooperation with international legal standards as well as through the adoption of these mechanisms for effective alternative dispute resolution, as they are very important for enhancing investment as well as economic development and stability.”

He pointed out that "Iraq has made great progress in the United Nations program as well as through international programs," stressing "the Iraqi government's continued support for this process link

Iraq Economic News and Points To ponder Wednesday Evening 6-26-24

Experts: The Path To Development Is The Beginning Of An Economic Partnership

Economical 06/26/2024 Baghdad: Shukran Al-Fatlawi Economic affairs specialists believe that the “development path” represents a qualitative shift in the Iraqi economy and the beginning of a new and important phase, which

qualifies it to be the main point of contact in the issues of trade linkage between the East and West, the Gulf and Europe, in addition to its

strategic and developmental importance and its role in

eliminating unemployment, reviving the labor market and

activating... The wheel of industry.

During the “Development Road” conference organized by Iraq last year,

which witnessed broad international participation that expressed its real desire to participate in the Iraqi strategic project, Prime Minister Muhammad Shia’ al-Sudani affirmed that the “Development Road,” which

extends from the far south of Iraq to Turkey, is an ambitious and thoughtful plan to change... The reality

is towards a solid economic structure, and that the project, with its work platforms,

added value to national and local products, and economic levers, is a

pillar of the sustainable non-oil economy, and a

link that serves Iraq’s neighbors and the region. He added that

Iraq will launch this promising project towards an economic partnership with neighboring countries and the region, which will make Iraq a source of modern industries and goods, and all of this will rely on multimodal corridors, more than 1,200 km of railways, their joint interoperability, and highways.

The Director General of the General Railway Company of the Ministry of Transport, Younis Al-Kaabi, confirmed in a press statement that

“the development road is proceeding at a confident pace, and that

the Supreme Committee discussed in its last meeting the latest developments in the project, as the percentage of railway designs exceeded 76% and the

highway reached approximately 68%, and soil and topographic surveys exceeded 90%.” He stressed that

"the project is receiving international attention, as all countries have a desire to be part, participate or support the project," noting that

"large, reputable international companies have expressed their willingness to work on the project, and this gives more reliability that the project is capable of success."

Economist Dr. Adnan Bahia pointed out in an interview with “Al-Sabah” that

the importance of Iraq lies in its geographical location, a direct link between the Arabian Gulf, Turkey, and then Europe, which qualifies it to be the main and important focal point in issues of commercial connectivity and transit, as well as trade.

He crossed the seas between East and West, thus placing him in the experience of international trade between East and West, the Gulf and Europe. He continued that

after China launched the “Belt and Road” initiative, dozens of countries joined the agreement that revives trade between East and West,

indicating that the “Belt and Road” initiative includes the maritime line represented by trade through ports in the Arabian Sea, the Arabian Gulf and other seas, in addition to land routes. spread in East Asia, then the Middle East towards Europe, expressing his regret that Iraq, for many ill-considered reasons, turned away from this path and did not join the Chinese initiative.

Bahiya considered Iraq’s establishment of an alternative road to the “Belt and Road Initiative,” which is the “development road,” an important initiative, as it links the Arabian Gulf on which it is currently located, and the large Al-Faw port, in which work has reached advanced stages, pointing to the completion of its first phase, which contains Five berths,

in addition to the berths of Umm Qasr Port, Khor Abdullah Port and Al-Zubair Port, all of which are ports that make the country distinguished by the ability to accommodate large ships and deliver goods from the sea to Al-Faw and then to Europe.

He noted the importance of having a new private road with a high capacity to contain large quantities of international trade and unload shipments from ships, and then send them overland to Europe through the “development road” that connects the port of Al-Faw and western Iraq towards the Fish Khabour area on the border between Iraq and Turkey. Close to the Syrian border, then entering Turkey and then to Europe.

For her part, the researcher in economic affairs, Suhad Al-Shammari, in an interview with Al-Sabah, described the “development path” as a qualitative shift in the Iraqi economy, and a new beginning for an important stage, as it brings together important regional partnerships that create common ground that protects interests and develops and maintains relations with neighboring countries.

Al-Shammari added that the development road plays a role in resolving problems and confronting conflicts, as

it is a comprehensive project that starts from the port of Al-Faw and passes through many Iraqi governorates, in addition to transporting passengers and goods more widely and in a shorter time and addresses many problems related to vital sectors in Iraq, stressing that

The strategic project represents Iraq's return to the global platform with a strong economy and expanded investment projects. https://alsabaah.iq/98526-.html

Integrated Projects

Economical 06/26/2024 Walid Khaled Al-Zaidi There is no disagreement about the utmost importance of the issue of integration in implementing development projects and the degree of interconnection between them so that the results are broader in scope, more useful, and of better quality, so that the quality and level of integration become comprehensive and not partial in the form of harmony and interaction in the process that reaches the point of strategic production so that its form has long-term results and is based on implementation.

Multiple projects, such as investing in oil and gas fields and linking them to petrochemical industry projects, and then going further to produce clean energy (for example).

As a matter of objectivity, it must be said that the integrated projects in the field of oil are the most prominent things that can be pushed to be the best examples of this issue,

because oil as a raw material is a necessary raw material for the production of other manufactured materials, as well as gas, some of which is associated with this crude during the extraction operations from The interior of the earth, whether at the level of wells or various fields, as the process of expansion of integration models in oil projects represents a prominent feature because it is a clear and multifaceted indicator of the ability of each country to adopt these projects for development, growth and economic advancement.

Several countries have presented pioneering models in benefiting from the expansion Its projects include extraction stages and then derivation of other materials, leading to the production of materials different from the originally extracted primary material.

Those who follow the situation in Iraq in the field of oil and other mineral resources see an abundance of possibilities for directing the Iraqi economy towards implementing projects with integrated stages, and although this matter requires advanced technology and accumulated experience that makes a difference in production and accommodates various projects,

but those in charge of the Iraqi economy in general and the oil field In particular, they realized the concept of integration in business management and the diversity of its production.

There is no doubt that the focus at the present time is moving towards expanding projects to take advantage of their advantages in product diversity and increasing its activity through additional stages, methods and other complementary processes that can be called project integration and

the addition of new products from The same raw material for what was produced before, which is what the government has currently directed to push towards implementing integrated work in the energy sector and providing means of export for manufactured products to include developing oil and gas fields and linking them to petrochemical projects, clean energy and other materials, and through activating the Al-Faw refinery project as its first stage.

The Al-Faw refinery project will provide means of exporting petroleum products, linked to the petrochemical industries project and a storage project, in addition to many projects that could be complementary and implemented by the Ministry of Oil in multiple regions of the country that have the elements for successful implementation in the governorates of Basra, Maysan, and Dhi Qar.

These projects and others will have a significant impact in achieving Qualitative development and renaissance in the reality of the oil industry and all industries related to it on a broad national scale, based on effective evaluation and productive exchange between the basic units inside Iraq,

in a way that can clearly work on a set of economic measures and transfers, creating close links for promising development, and operating a package of interconnected projects and successive production cycles. To benefit from resources and expand the framework of the benefits of the national economy.

https://alsabaah.iq/98527-.html

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

Provoking Thoughts and Points To Ponder On Adversity:

When I was very young, I tried selling used cars. It didn't last long. I guess that was my good luck too, that I didn't show more promise at it, or I might have been an automobile dealer.-King Vidor

Supporting myself at an early age was the best training for life I could have possibly received.-Lea Thompson

In my youth, poverty enriched me, but now I can afford wealth.-Marc Chagall

I'm very grateful that I was too poor to get to art school until I was 21. ... I was old enough when I got there to know how to get something out of it.-Henry Moore

The most valuable gift I ever received was ... the gift of insecurity ... my father left us. My mother's love might not have prepared me for life the way my father's departure did. He forced us out on the road, where we had to earn our bread.-Lillian Gish

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Tishwash: Parliamentary Law: Laws awaiting legislation in the next legislative term

Today, Wednesday, the Parliamentary Legal Committee revealed the laws that could be enacted during the next legislative term, while confirming that the drug and drug laws are at the top of these laws.

Committee member Raed al-Maliki told the Maalouma Agency, “There are many important laws waiting to be passed during the next legislative term, most notably the drug, landlord, and intelligence laws.”

He pointed out that "service and economic laws will see the light of day, noting that there are some proposals submitted by representatives that will be included on the Council's agenda during the next legislative term."

He continued, “There is a desire to pass the service and retirement law for members of the Popular Mobilization Forces, in addition to amending the Personal Status Law.” link

Tishwash: Southern anger escalates... protests and closure of government headquarters

Several Iraqi governorates witnessed, on Wednesday morning, demonstrations demanding the provision of basic services, including water and electricity.

In a new escalation of protests in Dhi Qar Governorate, demonstrators closed the governorate’s office building and its council, until demands were met, according to video scenes obtained by Shafaq News Agency.

As for Babylon, dozens of residents of the Khamisiyah and Al-Ghazali areas demonstrated in front of the Babylon Governorate Office, to demand the provision of water to their areas, which suffer from unprecedented scarcity.

The water crisis forced residents to abandon their areas and the agricultural and livestock wealth in the most important agricultural areas south of Babil Governorate was completely destroyed.

The capital, Baghdad, woke up to the launch of two demanding demonstrations in Tahrir Square and in front of the Provincial Council building.

According to Shafaq News Agency correspondent, dozens of “whose appointments were canceled and those fleeing from the Ministry of Defense” gathered in Tahrir Square, to demand their return to service.

In a second demonstration, dozens of educators and administrators gathered near the Baghdad Provincial Council, to demand the issuance of an appointment order for them.

Iraq has been suffering from a chronic electricity shortage for decades, as a result of the siege and successive wars, and residents have been protesting for many years the frequent power outages, especially during the summer, when temperatures sometimes exceed the 50 degree Celsius barrier. link

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CandyKisses: Al-Amiri calls for the removal of foreign forces from Iraq

A statement by the media office of the head of the Nabnani Alliance said that "Amiri received Dorrell, and the meeting discussed many files, most notably the development of relations between the two countries in all fields, especially the economic aspect, especially after the improvement of the security situation and stability, which encourages French companies and their arrival to work and invest in Iraq."

According to the statement, the two sides also discussed the file of the presence of the international coalition, and Al-Amiri stressed the need for all its forces to leave Iraq to achieve full national sovereignty. The meeting also discussed the aggression on Gaza, and Amiri stressed the need to stop Western support for the Zionist massacres and the war of extermination of the Palestinian people.

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Tishwash: A representative points out 7 controversial points that stand before the legislation of the oil and gas law

Member of the Parliamentary Oil and Gas Committee, Representative Ali Al-Mashkoor, confirmed on Tuesday that seven points of contention between the region and the center stand before the legislation of the oil and gas law, indicating that the seven points are administrative and technical.

Al-Mashkoor said in a statement to the Maalouma Agency, “The dialogues between the center and the region regarding agreement on the oil and gas law are still continuing between the technical and administrative committees to discuss the paragraphs of the law proposed by both sides.” “

He added, "The disputed legal materials are summarized in seven points and are distributed between administrative and technical, the most prominent of which is the region's demand to include a clause in which the right of objection (veto) on decisions should be in a small percentage, and this matter is unacceptable by the center.”

Al-Mashkoor pointed out that “no decision can be issued except in the interest of the region at the expense of the general interest of the country.”link