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

Iraq Economic News and Points To Ponder Wednesday Evening 6-19-24

Parliamentary Finance: Iraq Needs To Be Liberated From Oil Power In The Field Of Revenues

June 12, 2024 Baghdad/Iraq Observer Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, confirmed that although Iraq possesses all the elements that enable it to advance its economy and liberate itself from oil power in the field of revenues, it lacks unity of decision and vision in the field of directing the economy to its correct destination.

Al-Kadhimi told Iraq Observer, “There is a major imbalance in the Iraqi economy.

If we continue to rely on oil as the country’s sole resource, as approximately 90% of the country’s revenues are derived from it, then this dependence is not guaranteed, given that the oil wealth is not stable in price in global markets, in addition to “The wise countries are moving towards non-oil revenues.” He added, “There are already steps taken by the government, but they are not at the level of ambition to increase revenues, including encouraging internal industry and agriculture.

Also, the fact that the border crossings remain without control, especially those in the Kurdistan region, is one of the most prominent reasons behind the faltering of the internal industry, as the national product remains without protection from the government.”. He continued,

"The increase in non-oil revenues, customs, border crossings, taxes, and all services provided by the Ministry of Electricity and other service ministries must be offset by these huge amounts spent on the ministries, revenues that strengthen the state's balance and treasury in light of the annual budget, in addition to initiatives to support the private sector and investment that... “It would attract and absorb large numbers of labor.” He pointed out that

“Iraq has the qualifications to start with non-oil revenues,

but the system that the economy has followed since 2003 and

what was imposed by the occupation and the

destruction of the infrastructure of most factories and the

failure to solve the problem of electrical energy until now

is considered the main obstacle to the launch of the private sector in the various fields that support The Iraqi economy is important and essential revenues.” He concluded by saying,

“An example of this is what happened currently in self-sufficiency in wheat, and

the wheat crop has now reached 6 million tons of production for this year, but

in return it cost the government approximately more than a trillion dinars, considering that the government took the initiative to buy a ton at a rate of 150 thousand dinars in support of farmers, while in If it is imported, it reaches the governorates at a price of 400 thousand dinars.

Therefore, the issue of reforming the Iraqi economy requires a

government decision,

parliamentary support, and

support from the political blocs, in addition to

understanding from the popular bases.

https://observeriraq.net/المالية-النيابية-العراق-بحاجة-الى-الت/

International Finance: Economic Reform In Iraq Is Witnessing An Increasing Pace, And We Have Invested About Two Billion Dollars

Money and business Economy News _ Baghdad The representative of the International Finance Corporation in Iraq, Bilal Zaghir, confirmed today, Tuesday, that the institution’s investment in Iraq has reached nearly two billion dollars since 2005, while indicating that economic reform is witnessing an increasing pace.

Zaghir said in an interview with the Iraqi News Agency, followed by “Al-Iqtisad News,” that “the work of the International Finance Corporation dates back to the year 2005, and over the years we have been able to invest nearly two billion dollars in a wide range of sectors,” indicating that “our work in Iraq will extend out of our belief in future prospects.”

"For Iraq, the pace of economic reform will accelerate, and this will reflect positively in creating other investment opportunities in all sectors, whether industrial, infrastructure, or in the financial and banking sector."

He added, “The International Finance Corporation is the arm of the World Bank that is concerned with developing the private sector by providing the necessary financing for private sector projects in addition to providing advisory services. Therefore, the framework of the institution’s work expands to include a wide range of financial services to all companies operating in Iraq in addition to providing consulting services".

Zaghir continued, “The IFC’s thinking relates to a group of sectors whose importance we believe and whose importance we share with the Iraqi government, whether investing in the Iraqi industrial sectors, where they are productive and an alternative to imports, and the second part relates to the financial sector, both its banking and non-banking parts, in addition to the importance of investing in infrastructure and improving the services provided.”

For Iraqis throughout the country,” pointing out that “the main point is our work and encouraging the private sector and working with it.”

240 views Added 06/18/2024 - https://economy-news.net/content.php?id=44398

Iraq Is Second In The Arab World To Produce Hydroelectric Power

Hydropower Energy Economy News – Baghdad Iraq ranked second among the largest Arab countries with the largest hydropower capacity in operation, according to recent data issued by the Global Energy Monitor platform.

The total hydropower capacity in operation in 7 Arab countries (Egypt, Iraq, Sudan, Syria, Morocco, Lebanon, and Algeria) is more than 10.2 gigawatts.

Egypt topped the list of Arab countries with the most operational hydroelectric capacity, reaching 2,778 gigawatts, and in second place on the list was Iraq, with a capacity that stabilized at 2,436 gigawatts, followed in third place by Sudan, with a hydroelectric capacity of 1.85 gigawatts.

Fourth, Syria ranked on the list of Arab countries with the most hydroelectric power capacity, with an operating capacity of 1,585 gigawatts, and Morocco came in fifth place, with a capacity of 1,395 gigawatts.

Lebanon also came on the list with an operational hydroelectric capacity of 0.108 gigawatts, and finally Algeria ranked on the list of Arab countries with the most hydroelectric capacity, with a capacity of 0.100 gigawatts. Views 95 06/19/2024 - https://economy-news.net/content.php?id=44424

Stability In Dollar Exchange Rates In Baghdad, Basra And Erbil

Wednesday 19, June 2024 12:24 | Economical Number of readings: 327 Baghdad / NINA / The exchange rates of the dollar against the Iraqi dinar witnessed stability today, Wednesday, in Baghdad, Basra, and Erbil. Below is a list of dollar selling prices:

$100 = 147,000 dinars in Baghdad

$100 = 146,800 dinars in Basra

$100 = 147,000 dinars in Erbil.

https://ninanews.com/Website/News/Details?key=1133156

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

Provoking Thoughts and Points To Ponder On Adversity:

As there is no worldly gain without some loss, so there is no worldly loss without some gain.... Set the allowance against the loss, and thou shalt find no loss great. -Francis Quarles

Never complain about your troubles; they are responsible for more than half of your income. -Robert R. Updegraff

A problem is a chance for you to do your best. -Duke Ellington

Emergencies have always been necessary to progress. It was darkness which produced the lamp. It was fog that produced the compass. It was hunger that drove us to exploration. And it took a depression to teach us the real value of a job. -Victor Hugo

Many men owe the grandeur of their lives to their tremendous difficulties. -Charles Haddon Spurgeon

It is often hard to distinguish between the hard knocks in life and those of opportunity. -Frederick Phillips

Fire is the test of gold, adversity of strong men. -Marcus Annaeus Seneca

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

http://famousquotesandauthors.com/quotes_by_topic.htm

Danielle DiMartino Booth: Fed Doesn't Have a Snowball's Chance in Hell of Achieving a Soft Landing

Palisades Gold Radio: 6-19-2024

Tom welcomes back Danielle DiMartino Booth to the show to discuss de-dollarization and its implications for the US economy.

Danielle argues that while concerns over countries moving away from the US dollar system have been ongoing for a long time, the US dollar remains dominant in global transactions due to its vast liquidity pool and lack of competition.

She advises investors to diversify during financial crises instead of doubling down on dollars. The conversation touches upon the Federal Reserve's actions, with Danielle expressing concerns about potential policy errors regarding inflation and outdated data usage.

Danielle discusses employment statistics, mentioning that hard data from the Quarterly Census of Employment and Wages (QCEW) plays a significant role in revisions to non-farm payrolls and Gross Domestic Product (GDP).

She expresses concern over the Fed's reliance on outdated data and potential late action.

The conversation also covers concerns about risks for regional banks, rising bankruptcy rates, and imminent student loan delinquencies. She also discusses signs of a potential recession, including slowdown in credit card spending, increasing charge offs, and decreasing employment levels.

Despite some optimistic predictions, she express skepticism due to the weak economic foundation and the Fed's role in combatting inflation with varying opinions on its likelihood.

Time Stamp References:

0:00 - Introduction

0:45 - Dedollarization Trends

2:47 - Global Dollar Trade

5:49 - Reserves and Data

8:57 - Fed & Global C.B. Cuts

10:49 - Fed & 2024 Elections

12:55 - Consumer 'Health'

13:58 - Fed Revisions & Data Lag

19:44 - Bankruptcies & Inflation

23:44 - Problems Not Priced-In

25:27 - Regional Banking Risk

28:47 - Bigger Banks & Losses

32:52 - Credit Card Spending

34:52 - Deep Long Recession

37:40 - Fed - Hard Landing

38:55 - Inflation Targeting

41:09 - Wrap Up

Talking Points From This Episode

- The US dollar's dominance in global transactions is due to its vast liquidity pool and lack of competition.

- Investors are advised to diversify during financial crises instead of relying on dollars. - Concerns over the Fed's policy errors, outdated data usage, and potential late action in addressing economic issues.

https://www.youtube.com/watch?v=RyDMGo3eUT8

Goldilocks' Comments and Global Economic News Wednesday Afternoon 6-19-24

Good Afternoon Dinar Recaps,

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What is a SPAC? |Barrons

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Today the Independent Evaluation Office (IEO) of the International Monetary Fund (IMF) concluded that newer IMF policy areas such as governance, social spending, digital money, climate change, and gender are leading to “serious” challenges, including overburdening staff. That’s because the expansion of activities beyond its traditional areas has happened with “limited resources and expertise”, including a more or less flat budget in real terms. However, the Board approved each of the expansion areas. Ledger Insights IEO IMF

👆Do you see an urgency here?

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Putin arrives in North Korea, vows to boost cooperation and fight sanctions —Radio Free Asia

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This direct trade in local currencies was not only aimed at expanding bilateral trade to $100 billion under their free trade pact but also meant to develop a mechanism and ecosystem of directly dealing in two currencies. It was presumed to cover around 20-25 per cent of trade in local currency initially. However, the first deal that happened in Indian rupee-UAE dirham was an oil deal. |RFA

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"Japan's Norinchukin Bank to sell US$63b of US, European govt bonds to stem losses" |The Edge Malaysia

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👆 Goldilocks pointed to this article

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BREAKING NEWS - OPEC Power Alliance in Trouble? |Youtube

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Petrodollar Deal Expires; Why this Could Trigger ‘Collapse of Everything’ – Andy Schectman

Kitco News: 6-19-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Andy Schectman, President and Owner of Miles Franklin Precious Metals, who breaks down reports of Saudi Arabia letting the 50-year long Petrodollar agreement with the U.S. expire and what this means for the future of the U.S. dollar as the global reserve currency.

Schectman believes that this marks the end of the era of fiat currency, as commodity backed money will return.

He also weighs in on the latest geopolitical developments, including the latest sanctions against China and Russia, continued weaponization of the U.S. dollar, the accelerating de-dollarization trend, BRICS Plus Foreign Ministers meeting, G7 meeting, BRICS new currency, and more.

Schectman points out how gold fits into the picture, laying out what a new world monetary order – or the Bretton Woods 3 – could look like.

https://www.youtube.com/watch?v=pjtKeewv7pY

KTFA:

Henig: Interesting, IMO.

Vietnam transitions to a cashless society

Monday, June 17, 2024 | 19:47:30

(VOVWORLD) -Visa’s Consumer Payment Attitudes Study 2023 indicates a significant rise in cashless payments, especially mobile wallet transactions, among Vietnam’s merchants.

A remarkable 79% of food and dining establishments and 74% of retailers and convenience stores now accept cashless payments.

Meanwhile, Visa’s Asia Pacific Small and Medium-sized Business (SMB) Research 2023 further indicates that over 40% of SMBs in Vietnam now accept card payments, acknowledging their critical role in business operations. LINK

Henig: Vietnam has golden opportunities to develop silver economy: expert

Source: Xinhua Editor: huaxia

2024-06-17 22:44:15

HANOI, June 17 (Xinhua) -- The aging population and unique characteristics of the elderly group in Vietnam pose many economic and social challenges, but there are also golden opportunities for the country to develop a silver economy, Vietnam News Agency reported Monday, citing Doan Van Binh, vice president of the Vietnam Real Estate Association.

He said the rise of the silver economy reflected a societal re-evaluation of the elderly, which no longer views them as an economic burden, but recognizes their contribution to society and their consumption potential.

Based on Vietnam's actual conditions and the experience of some countries, Vietnam should immediately begin researching, creating a vision, building policies and laws, and setting up specific strategies and action plans to activate and develop the silver economy, he said.

The older generation in Vietnam currently accounts for 8.3 percent of the total population, or 8.16 million, according to the country's Ministry of Labour, Invalids and Social Affairs.

It is forecast that the number will increase to 16.8 million by 2039 and 25.2 million by 2069. LINK

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Clare: IBBC Webinar: Drivers of the Iraqi Dinar Exchange Rate

19th June 2024 By John Lee.

On a webinar organised by theIraq Britain Business Council (IBBC)on Tuesday, Professor Frank Gunter ofLehigh Universityand Dr Ahmed Tabaqchali ofAFC Iraq Fund(andExpert Bloggeron Iraq Business News) discussed the drivers of the Iraqi dinar exchange rate.

The event marks the official launch of the IBBC's new white paper on de-dollarisation of Iraqi economy, which can bedownloaded here. LINK

To view this interesting discussion please see the video below:

https://youtu.be/400yZLln5AE

Clare: Integrity: The arrest of a government employee who seized 131 million dinars

6/19/2024

The Federal Integrity Commission reported that an operation was carried out during the arrest of an employee at a government bank in Maysan Governorate who seized an amount of 131 million dinars from one of the bank’s customers.

An integrity statement, a copy of which was received by {Al-Furat News}, stated that “the Commission’s Maysan Investigation Office formed a working team from its staff, explaining that the team that moved to the Agricultural Cooperative Bank / Maysan branch was able to execute the arrest warrant against one of the employees, because he was involved with other employees.” In the bank, they seized more than 131 million dinars from a customer’s account in the bank.

The office added that the process of withdrawing the amount from the customer’s current account at the bank took place without his knowledge, after forging his signatures and seizing his money deposited for the accused’s account, in conjunction with other employees.

He pointed out that the operation was carried out in accordance with the provisions of Article (316) of the Penal Code, noting that a proper arrest report was prepared for the operation, and that he was presented with the accused to the judge of the investigative court specialized in looking into integrity cases in Maysan. To issue the appropriate decision. LINK

BRICS Financial System Accelerates As Malaysia Plans To Join BRICS & De-Dollarize Asia

Sean Foo: 6-19-2024

In another shocking update, another Asian country wants to join BRICS. Malaysia, an ASEAN nation, wants to join the bloc.

The agenda is all about de-dollarizing their economy to make it more resilient against big moves in the reserve currency.

Here's why Malaysia's making this big leap and why the West must pay attention.

Timestamps & Chapters:

0:00 Malaysia's Sudden Membership Bid

2:33 Breaking Away From The US Dollar

5:46 China Brings Economic Windfall

9:00 BRICS Financial System Accelerates

12:19 BRICS Is Winning Big

https://www.youtube.com/watch?v=QPnum1Qk-DI

China Ditch US Bonds: How it impact the Global Economy?

Fastepo: 6-19-2024

China has recently sold approximately $50 billion in US Treasury bonds, reducing its holdings to the lowest level in 14 years.

This move is part of China's strategy to decrease its dependence on US financial instruments amidst ongoing geopolitical tensions with the United States.

As of March 2024, China's holdings have dropped to $767 billion, down from $816 billion in December 2023.

China's actions reflect a broader trend of "dedollarization," where the country aims to reduce the dominance of the US dollar in international trade and finance.

This strategic shift has significant implications for global financial markets, particularly in the context of rising US interest rates and the increasing yield spreads between different types of US debt instruments.

https://www.youtube.com/watch?v=nk-RR-w5G8E

BRICS Makes Major De-Dollarization Announcement

Geopolitical Analyst: 6-19-2024

At a meeting Tuesday in Russia, BRICS announced that it is in the final stages of its de-dollarization mission.

According to BRICS representatives at the meeting, their new payment system was confirmed, and it will become a competitor for the current global reserve US dollar.

Economic ministers of leading BRICS member countries have announced that they are in the final stages of completing complete de-dollarization.

The bloc’s goal is for its multipolar international monetary system to mark the end of the US dollar as the sole global reserve currency.

A new payment system has been rumored and discussed for a significant time, but now the BRICS alliance has officially confirmed its development and first target: the US Dollar.

The BRICS economic alliance has sought to challenge the global economic status quo for the last two years. The bloc has sought increased resistance from the Western-dominated financial order. Those efforts have come in the form of increased de-dollarization practices and the promotion of the bloc’s own local currencies.

Furthermore, the BRICS alliance initiated this two-day meeting with 20 countries in attendance to discuss expansion and economic cooperation.

Foreign Ministers of countries belonging to the bloc are currently in the Russian city of Nizhny Novgorod.

Topics at hand included the upcoming expansion of the BRICS+, de-dollarization efforts, and building further economic and trade relations with one another.

Now, its work in developing its BRICS currency has also been discussed. BRICS aims to cut ties with the US dollar and use local currencies for all cross-border transactions among member nations.

The move is attracting other developing countries to join BRICS in 2024.

The idea of ditching the US Dollar for local currencies and a new global reserve has become more popular.

The alliance’s gold-backed currency concept and CBDCs are considered worthy alternatives.

https://www.youtube.com/watch?v=4IBJr5Liunw

Goldilocks' Comments and Global Economic News Wednesday AM 6-19-24

Good Morning Dinar Recaps,

Nervous about the market? Here’s one thing you could do if shares start sinking fast

Jack Janasiewicz: The bottom line … is that there’s a disinflationary impulse coming. I think [Fed Chair Jerome] Powell was right to sort of look at [hotter-than-expected]January, February, March inflation data as maybe a little bit of an anomaly or a pause but not a reversal of that trend that’s going to continue to head to that 2% target.

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Liquidity risk surged 41.4% at LCH’s Paris-based clearing house in the first quarter, reaching a level not seen in almost five years. |Risk Net

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OPEC sees no peak oil demand long term, secretary general says |Gulf Business

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Guaranteed basic income programs spread across the country: Is it coming to your city? |Fox News

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Bank-to-bank payment messaging network Swift is working to facilitate interoperability of Verifcation of Payee schemes across Europe as new research shows that 83% of SMEs across France, Germany, Italy and Spain rank upfront beneficiary checks as important to them in trading across borders.

Swift bids to connect VoP schemes across Europe FinExtra

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Polls will be posted in theGoldilocks' Q & A ClassroomLink

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Goldilocks'Daily Breakdown PodcastLink

Goldilocks'Telegram Room

Goldilocks' Q & A ClassroomLink

Follow Goldilocks'Roadmap

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Iraq News Highlights and Points To Ponder Wednesday AM 6-19-24

International Finance: Economic Reform In Iraq Is Witnessing An Increasing Pace And We Have Invested About Two Billion Dollars

Money and business Economy News _ Baghdad The representative of the International Finance Corporation in Iraq, Bilal Zaghir, confirmed today, Tuesday, that the institution’s investment in Iraq has reached nearly two billion dollars since 2005, while indicating that economic reform is witnessing an increasing pace.

Zaghir said in an interview with the Iraqi News Agency, followed by “Al-Iqtisad News,” that “the work of the International Finance Corporation dates back to the year 2005, and over the years we have been able to invest nearly two billion dollars in a wide range of sectors,” indicating that “our work in Iraq will extend out of our belief in future prospects.”

"For Iraq, the pace of economic reform will accelerate, and this will reflect positively in creating other investment opportunities in all sectors, whether industrial, infrastructure, or in the financial and banking sector."

He added, “The International Finance Corporation is the arm of the World Bank that is concerned with developing the private sector by providing the necessary financing for private sector projects in addition to providing advisory services.

Therefore, the framework of the institution’s work expands to include a wide range of financial services to all companies operating in Iraq in addition to providing consulting services".

Zaghir continued, “The IFC’s thinking relates to a group of sectors whose importance we believe and whose importance we share with the Iraqi government, whether investing in the Iraqi industrial sectors, where they are productive and an alternative to imports, and the second part relates to the financial sector, both its banking and non-banking parts, in addition to the importance of investing in infrastructure and improving the services provided.

” For Iraqis throughout the country,” pointing out that “the main point is our work and encouraging the private sector and working with it.” Views 172 06/18/2024 - https://economy-news.net/content.php?id=44398

Al-Sudani: Iraq Is On The Right Path

Political | 07:21 - 06/18/2024 Al-Sudani: Iraq is on the right path 161862024_IMG_9871

Baghdad - Mawazine News Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani affirmed the government’s support for all arts, while indicating that Iraq is on the right path.

This came during Al-Sudani’s reception this afternoon with a group of Iraqi plastic artists and sculptors on the occasion of Eid Al-Adha, according to a statement received by Mawazine News Agency.

Al-Sudani offered congratulations to those present on the occasion of the blessed Eid, stressing that art has historically flourished in Iraq since ancient civilizations, and the cultural connection of plastic art has not been cut off in subsequent eras, which was embodied in the important drawings left by the Iraqi artist.

He explained that Iraqi plastic art is an Arab pioneer, and this size and artistic cultural weight makes the task of plastic artists and sculptors double. Because they are the heirs of all the creators of civilizations in this land, pointing to the necessity of establishing a museum for Iraqi plastic art in Baghdad.

He also stressed that Iraq went through stages in which the treasures of contemporary Iraqi art were looted, and we have worked to restore many of them.

He pointed to the government’s interest in culture and arts in general, and allocated for the first time more than 13 billion for various types of arts, stressing the importance of holding conferences and cultural activities, due to the cultural sector’s need for them and in order to introduce the reality of Iraq, and the government will take care of them, and His Excellency stated that, at the request of the university president Arabic: The Iraqi pavilion at the Arab League was awarded 15 paintings by Iraqi artists.

The Prime Minister explained, “Iraq is on the right path at all levels, and the national service government has a clear image based on a thoughtful government program that represents an essential step for building confidence between the political system and the people.”

Al-Sudani confirmed, during the meeting, his approval of a set of proposals presented by the delegation of plastic artists. And artists, concerned with the interest in fine art, and its support by ministries and government institutions, and promised to form a committee to follow up on the requirements of the proposals and work to implement them. https://www.mawazin.net/Details.aspx?jimare=249907

The Sudanese Advisor Reassures: Iraq Is Safe From Any Financial Risks

Economy | 07:23 - 06/17/2024 Baghdad - Mawazine News Advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Monday, that Iraq ranked distinguished among international groups that follow the best banking compliance systems, which makes it safe from any international financial risks, noting that the international community also praised the solidity of the financial and banking system.

Saleh said, “Cash issuance mechanisms are one of the exclusive powers of the Central Bank of Iraq as it is the issuing bank based on its Law No. 56 of 2004,” indicating that “what is published here and there about problems in cash liquidity is far from the solid institutional basis of the monetary authority in Iraq, which It is considered one of the most important authorities concerned with the issues of the availability of cash liquidity and the stability of the payments system, which contributes to the sustainability of the stability of transactions in the national economy.”

He added, "Managing cash liquidity, building the monetary foundation, and controlling liquidity levels in the country are subject to the principle of a long-term plan that is consistent with achieving the operational objectives of monetary policy in order to achieve the intermediate goals of stability and sustainable economic growth and determine the stability of long-term cash flows."

He stated that "Iraq occupies a distinguished rank among the international financial groups that follow the best international banking compliance systems, which makes our country safe from any international financial risks," pointing out that "Iraq is a cornerstone of regional and international financial cooperation institutions in the scope of combating money laundering and money laundering crimes." Crime and terrorism."

He stated that "Iraq recently received clear, positive praise for its strong anti-money laundering policies at the Financial Action Organization conference for the Middle East and North Africa region, which was held in the Kingdom of Bahrain, and it is a testimony from the international financial community that confirms the solidity of the financial and banking system in Iraq with the principles of compliance and the integrity of financial and banking operations." https://www.mawazin.net/Details.aspx?jimare=249866

Accumulated Since 2011.. Basra Sends An Invitation To Baghdad Regarding 45 Trillion Dinars It Owes

Baghdad today – Basra Today, Tuesday (June 18, 2024), the head of the Services Committee in the Basra Governorate Council, Imad Al-Mutawri, revealed that there are large sums of money owed by the federal government to Basra Governorate, indicating that for 13 years after 2011, the Ministry of Finance was late in disbursing the full allocations to the governorate.

Al-Mutawri told “Baghdad Today” that “Basra has ambitious service plans, and although the funds allocated to it in the 2024 budget do not match the size of the need to implement important and large projects, the governorate is asking Baghdad for an amount amounting to 45 trillion, which has been owed by the government since 2011.”

He added, "The Ministry of Finance must spend these amounts for the purpose of completing ongoing projects or implementing new projects for the current year."

It is noteworthy that the House of Representatives voted to allocate an amount exceeding 850 billion dinars to Basra Governorate in the 2024 budget, which led to a series of local and federal objections to these allocations.

It is worth noting that the Iraqi Parliament voted on Monday (June 3, 2024) on the schedules of the Federal General Budget Law No. 2024.

A statement by the Council's Media Department, received by "Baghdad Today", stated that "the House of Representatives voted on the schedules of the Federal General Budget Law No. 2024 amended 13 for the year and its annexes, Schedules (A/B/C/D/E and F)." LINK

Provoking Thoughts and Points To Ponder On Adversity:

Woman's discontent increases in exact proportion to her development. -Elizabeth Cady Stanton

Restlessness is discontent, and discontent is the first necessity of progress. -Thomas A. Edison

Noble discontent is the path to heaven. -Thomas W. Higginson

No pain, no palm; no thorns, no throne; no gall, no glory; no cross, no crown. -William Penn

Times of stress and difficulty are seasons of opportunity when the seeds of progress are sown. -Thomas F. Woodlock

The gem cannot be polished without friction, nor man perfected without trials. -Confucius

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

http://famousquotesandauthors.com/quotes_by_topic.htm

TNT:

CandyKisses: Iraq talks again about electrical interconnection with Saudi Arabia

A government statement said that it "received Prime Minister Mohamed Shia Al-Sudani, Minister of Trade in Saudi Arabia Majid Al-Qasabi and his accompanying delegation."

During the meeting, according to the statement, they "discussed bilateral relations between the two countries, ways to enhance joint cooperation, and stressed the importance of concerted efforts to reduce tension and crises facing the region, and the need to continue joint efforts to stop the war on Gaza as soon as possible, and open humanitarian corridors for the delivery of humanitarian and relief aid."

He added, "The meeting witnessed a discussion of coordination procedures between Iraq and Saudi Arabia to hold the sixth session of the Iraqi-Saudi Coordination Council, and follow-up the implementation of the outputs of the previous session in accordance with the competence of each subcommittee, including the political, security and military committee during the coming period, and determine the date of its convening in coordination between the ministries of foreign affairs of the two countries, as well as discuss the completion of electrical interconnection according to the memorandum of understanding signed between the two countries, and follow up the executive minutes of the principles of electrical interconnection through the relevant technical committee. "

Al-Sudani praised "the efforts of the Kingdom of Saudi Arabia for the success of the Hajj ceremonies, and praised the level of services provided to Iraqi pilgrims," and stressed "the importance of reviewing Iraq's share next year, based on the population percentage approved in United Nations statistics."

For his part, Al-Qasabi conveyed "the greetings of Saudi King Salman bin Abdulaziz Al Saud and Saudi Crown Prince Mohammed bin Salman Al Saud to the Prime Minister," stressing "his government's aspiration to expand the horizons of constructive cooperation, in various fields, in a way that contributes to strengthening relations between Baghdad and Riyadh, and achieving the interests of the peoples of the two countries."

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CandyKisses: The government announces monitoring. 13 billion dinars to support culture and arts

Baghdad - Iraq Today:

Prime Minister Mohamed Shia al-Sudani confirmed that his government has allocated more than 13 billion dinars to support culture and arts.

The Prime Minister's Media Office said in a statement that "Al-Sudani received a group of Iraqi plastic artists and sculptors on the occasion of Eid al-Adha."

Al-Sudani pointed out that "art has flourished historically in Iraq since ancient civilizations, and the cultural connection of plastic art has not been interrupted in subsequent eras, which is embodied in the important drawings left by the Iraqi artist," noting that "Iraqi plastic art is a pioneer in the Arab world, and this size and weight of artistic civilization makes the task of plastic artists and sculptors doubled, because they are the heirs of all civilizations makers in this land."

"The importance of establishing a museum of Iraqi plastic art in Baghdad," he said, noting that "Iraq has gone through stages in which the treasures of contemporary Iraqi art were looted, and we have worked to restore many of them."

He pointed out that "the government allocated 13 billion for various types of arts," stressing "the importance of holding conferences and cultural activities, because of the need of the cultural sector and in order to introduce the reality of Iraq, and the government will take care of them."

"At the request of the president of the Arab League, the Iraqi pavilion in the Arab League was awarded 15 paintings by Iraqi artists," he said.

The Prime Minister explained that "Iraq is on the right track at all levels, and the national service government has a clear picture based on a well-thought-out government program that represents an essential step to build trust between the political system and the people," stressing his approval of "a set of proposals submitted by the delegation of plastic artists and artists, regarding interest in plastic art, and its support by ministries and government institutions, and promised to form a committee to follow up on the requirements of the proposals and work to implement them."

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Tishwash: Behind the scenes of an exciting session of merchants and restaurant owners who “invested” in the exchange rate difference in Iraq

A lengthy report by the American newspaper “The National” reviewed the scenes of investing in the exchange rate difference in Iraq, where businessmen, merchants, and restaurant owners benefited by operating their money in this trade, by withdrawing the dollar from the central bank and selling it on the black market, which achieved huge and rapid profits in this way, However, the recent actions of the Central Bank caused problems between these partners due to losses.

The report, translated by “Baghdad Today,” says, “Despite recent efforts for reforms, challenges remain, and well-connected businessmen are still exploiting loopholes in the foreign currency sales window managed by the Central Bank of Iraq to make obscene amounts of money.” From the margin between the official exchange rate and the black market rate.

The National spoke to dozens of businessmen who said the strict measures had helped simplify the import process and forced many to formalize their transactions, but they said there was still room for manipulation.

One of the businessmen said: “There are still ways to circumvent the procedures,” adding that“falsifying invoices and arrangements at border crossings and manipulating the prices of goods by setting inflated prices by exporters are among the common methods.”

In a room decorated with intricate tapestries and ornate tapestries, The National attended a tense meeting of businessmen, their faces etched with a mixture of frustration and resignation.

They have banded together to resolve a months-long financial crisis that has escalated beyond the bounds of legality, plunging them into the murky waters of clan diplomacy.

By accessing a government-run platform offering US dollars at the official rate, a businessman lured other traders with a deal promising them huge profits from the spread between official and black market rates, sources involved told The National.

With hundreds of millions of Iraqi dinars in circulation, traders received unexpected cash gains. But as the days and months passed, the businessman found himself unable to pay his debts, leaving the merchants in a precarious situation.

No official complaint was filed against him, and the businessman did not face any trial.

“It is clear that we have reached an impasse,” a representative of the businessman who lives in a neighboring country told the audience, who exchanged wary glances. "We can't continue down this path. It's time to cut our losses."

His proposal hung in the air, and was met with hesitant votes of approval.

Giving up half of the two billion Iraqi dinars was a bitter pill to swallow, but it seemed the only viable option in the face of mounting losses and uncertainty.

The owner of a famous restaurant chain in Baghdad told The National newspaper after the meeting: “We say that whoever loses half his money is not a loser.”

“At least I have half my capital in my hands – better than nothing,” he said.

“There is no business that allows you to hit the jackpot like taking advantage of the exchange rate margin in a short period of time, which is why we invested heavily with him.

He added: "Over the past months, he has been paying us on time, but it seems that he has been having problems recently." link

Iraq Economic News and Points To Ponder Tuesday Afternoon 6-18-24

International Finance: Economic Reform In Iraq Is Witnessing An Increasing Pace And We Have Invested About Two Billion Dollars

Economy Today, 17:24 Baghdad - IA - Wissam Al-Mulla The representative of the International Finance Corporation in Iraq, Bilal Zaghir, confirmed today, Tuesday, that the institution’s investment in Iraq has reached nearly two billion dollars since 2005, while indicating that economic reform is witnessing an increasing pace.

Zaghir told the Iraqi News Agency (INA): “The work of the International Finance Corporation dates back to the year 2005, and over the years we have been able to invest approximately two billion dollars in a wide range of sectors,” noting that “our work in Iraq will extend our belief in the future prospects of Iraq and the acceleration of the pace of reform.”

"This will be reflected positively in creating other investment opportunities in all sectors, whether industrial, infrastructure, or in the financial and banking sectors."

He added, “The International Finance Corporation is the arm of the World Bank that is concerned with developing the private sector by

providing the necessary financing for private sector projects in addition to

providing advisory services.

Therefore, the framework of the institution’s work expands to include a wide range of financial services to all companies operating in Iraq, in addition to providing consulting services". Zaghir continued,

“The IFC’s thinking relates to a group of sectors whose importance we believe and whose importance we share with the Iraqi government, whether

investing in the Iraqi industrial sectors, where they are productive and an alternative to imports, and the second part relates to the

financial sector, both its banking and non-banking parts, in addition to the importance of investing in infrastructure and improving the services provided.” For Iraqis throughout the country,” pointing out that “the main point is our work and encouraging the private sector and working with it.” https://www.ina.iq/211005--.html

A list of dollar prices in 3 governorates, including Baghdad

Economy | 02:39 - 06/18/2024 Baghdad - Mawazine News publishes a list of exchange rates for the dollar against the Iraqi dinar in 3 governorates, including the capital, Baghdad.

Baghdad: Selling prices: 147,000 Purchasing prices: 145,500

Erbil: Selling prices: 147,000 Purchasing prices: 146,000

Basra: Selling prices: 146,500 Purchasing prices: 145,500

https://www.mawazin.net/Details.aspx?jimare=249889

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

Provoking Thoughts and Points To Ponder On Adversity:

I think these difficult times have helped me to understand better than before how infinitely rich and beautiful life is in every way that so many things that one goes around worrying about are of no importance whatsoever. -Isak Dinesen

Problems are the price of progress. Don't bring me anything but trouble. -Charles F. Kettering

Trouble is the thing that strong men grow by. Met in the right way, it is a sure-fire means of putting iron into the victim's will and making him a tougher man to down forever after. -H. Bertram Lewis

Every time you meet a situation, though you think at the time it is an impossibility and you go through the torture of the damned, once you have met it and lived through it, you find that forever after you are freer than you were before. -Eleanor Roosevelt

I have always fought for ideas - until I learned that it isn't ideas but grief, struggle, and flashes of vision which enlighten. -Margaret Anderson

I have learned in the great University of Hard Knocks a philosophy that no woman who has had an easy life ever acquires. I have learned to live each day as it comes, and not to borrow trouble by dreading tomorrow. It is the dark menace of the future that makes cowards of us. -Dorothy Dix

Discontent and disorder were signs of energy and hope, not of despair. -C. V. Wedgwood

We say: mad with joy. We should say: wise with grief. -Marguerite Yourcenar

There are some things you learn best in calm, and some in storm. -Willa Cather

Discontent is the first step in the progress of a man or a nation. -Oscar Wilde

Were there none who were discontented with what they have, the world would never reach anything better. -Florence Nightingale

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

http://famousquotesandauthors.com/quotes_by_topic.htm

Goldilocks' Comments and Global Economic News Tuesday Evening 6-18-24

Good Evening Dinar Recaps,

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Vietnam's outperformance relative to peers is a good news story that doesn't get enough notice. Like China, it is a communist country that has embraced enterprise and growth. Others should study its method for success.
My first Uber was in Hanoi.Vietnam welcomes trade, commerce, and innovation. Twitter

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Vietnam is moving on up..

It looks like their Market Status is becoming a reality. |

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Watch “Webinar: Latest changes to the International Valuation Standards (IVS) - February 2024”on #Vimeo |Vimeo

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Tokenization May Provide Global Markets With More Efficiency, According to SEC Commissioner |DailyHodl

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Speech by Governor Bowman on innovation in the financial system -Federal Reserve Board

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