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

Warnings Of The Collapse Of The National Currency: Leave The Rotation Of Positions

August 15, 2024 Baghdad/Iraq Observer Professor of political thought, Talib Muhammad Karim, warned today, Thursday, of thecollapse of the national currencydue to thespreadofcorruptionandsuspicionsin theCentral Bank of Iraq, while

criticizing the phenomenon of“rotation of positions.”

Talib said in an interview with “Iraq Observer,” that

“careful specialization to match the state’s economy with the actual need achieves economic growth and stability for local markets and maintains the individual’s income in proportion to his daily living.”

He added, "Corruptionandsuspicionsare not far from theCentral Bank of Iraq, which has causedgreat damageto thereservesandlevelof thenational currency."

The professor of political thought stated, “The central bank has loose addresses and failed steps, which paralyzed the movement of the market and the private sector, which led to a major depression that may increase the phenomenon of poverty, layoffs of the workforce, and increase the area of ​​unemployment.” https://observeriraq.net/تحذيرات-من-انهيار-العملة-الوطنية-اترك/

A Deputy Reveals The Results Of The War On “Hard Currency” Smuggling

July 15, 20:17 Information / Baghdad... On Thursday, Representative Yasser Iskandar revealed the results of the war on the smuggling of hard currency from Iraq. Iskandar said in an interview with Al-Maalouma, “The

smugglingofhard currencyis one of the tools that

draintheeconomyand
createsananomalyin the balance ofexchange ratesand
pushestheparallel markettorise, which
leadstoexcessive pricesin the markets, the price of which is paid by the simple people.”

He added,
"Theefforts of theMinistry of Interiorwith theCentral Bankand supporting formations contributed toreducingthe file ofhard currency smugglingby80%, while directing 11 qualitative strikes to companies and offices dealing in the file of selling currency illegally."

He pointed out that
"currency smugglingis part of corruption thatrequires exceptional efforts to dismantle it, and

government committees are continuing to expose it day after day."

It is noteworthy that thesmugglingofhard currencyleads toanincreaseinexchange ratesin Iraq,whichputs pressureon themarketsandleadsto the emergence ofexcessive prices.Ended 25 F

https://almaalomah.me/news/73456/economy/نائب-يكشف-نتائج-الحرب-على-تهريب-العملة-الصعبة

It Attracts Investors And Limits Currency Smuggling.. A Specialist Explains The Importance Of “Digitizing” Iraqi Banks

Economy | Yesterday, 15:00 | Baghdad today – Baghdad Today, Friday (August 16, 2024), Nawar Al-Saadi, an expert in financial and economic affairs, revealed the

importance of the benefits of“digitizing” thefinancial transactionsofIraqi banks, while noting that

digitizationcanenhance financial inclusionby attracting users who do not deal with traditional banks remotely. Byproviding servicesthat areaccessibleandeasy to use. Al-Saadi told “Baghdad Today” that

“digitizingfinancial transactionsin Iraqi banks can provide great benefits, especially with regard toreducingcases ofcurrency smuggling,” noting that

“by adoptingdigital systems, bankscan track all financial transfers with greateraccuracyandtransparency.”

This means thateverytransactionis automatically recordedandsavedin acentral databasethat can be reviewed at any time.

This allows the relevantauthorities to quicklymonitoranddetect suspicious financial activities,making it difficultfor smugglers to exploit the financial systemtosmuggle currency.” He added,

"Thedigitizationof the banking system contributes toreducingcases ofmoney laundering, as these operations usually depend on exploiting loopholes in traditional systems,

butwiththe presence of anadvanceddigital system, these operations become more complex, and

digitizationallows the use of advanced technologies such asartificial intelligencetoanalyze patterns." in banking data andidentifyinganyabnormal or suspicious transactions,” stressing that

“this helps preventmoney launderingbyearly identifyingunusual activitiesandreportingthemtothe competent authorities.” Al-Saadi explained,

“To implementthisdigital transformationin Iraq, there is aneedforinvestments intechnological infrastructureand developing theinstitutional capabilitiesof banks,” noting that

“thisrequires providing modern technology,training employees to use it effectively, in addition to developinglegislationandlawsthatprotect usersand encourage Ondigital transactions,

it isalso important toenhance customers’ awarenessof the benefits of digital transactions and build their confidence in the new systems.” He stressed that

"digitalizationin bankscontributes to achieving moretransparencyandcredibilityin the financial system, aseverytransactioncan beeasily trackedandreviewed.

It also works toimprove theoperational efficiencyof banksbycompleting transactions morequicklyand at alower cost.

From a security standpoint,digitizationprovideshigher levelsofsecurity." Protection against fraud and theftthroughadvanced encryptiontechnologies. The expert in financial and economic affairs concluded by saying,

“Digitizationcan enhance financial inclusion byattracting userswho do not deal with traditional banks by providingeasy-to-accessandeasy-to-use services.

Thedigitizationof financial transactionsin Iraqi banks alsocarries greatpotentialtoenhanceeconomic stabilityand reduce the risks associated with it.” Money launderingandcurrency smuggling,leading to asaferand moreefficient financial system.”

https://baghdadtoday.news/255745-تجذب-المستثمرين-وتحد-من-تهريب-العملة.-مختص-يبين-أهمية-رقمنة-المصارف-العراقية.html

For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/

Iraq Dinar News - IQD Update - Past Shows Future - Banks Restructured - UST - Timing - Digitization

MilitiaMan and Crew: 8-16-2024

https://www.youtube.com/watch?v=8ZK451vBefQ

Good Afternoon Dinar Recaps,

U.S. Crypto Bill Can Happen This Year, Senate's Schumer Tells Crypto Backers of Harris

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But,strong policies and thoughtful regulations that require transparency and minimum reserve asset standards mitigate these risks.Bank insolvency risk — an issue stemming from traditional, not cryptocurrency markets — can be reduced through more effective capital standards, diversification or policies that allow for the bankruptcy remoteness of stablecoin reserves. or policies that allow for the bankruptcy remoteness of stablecoin reserves.

Properly regulated and backed by quality reserves, stablecoins — with their instant and simultaneous settlement on blockchains — reduce counterparty risk because obligations are satisfied immediately.

~~~~~~~~~

INTERVIEW WITH BOB LOCKon his new book, "MANAGING SUDDEN WEALTH THROUGH SMART TEAM BUILDING A Guide For The Post-RV World".

Listen onYoutube Currency Facts

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159 Countries Set to Adopt BRICS New Payment System

Joshua Ramos August 16, 2024

Amid the alliance’s continued efforts to create a SWIFT alternative, the economic alliance has sought to create its very own BRICS payment system. It will play a major role in the alliance trade dealings. Specifically, allowing unilateral settlement to be done without the need for the US dollar.

The move is poised to be vital for the bloc and participating nations, and it appears there will be a lot of them. According to one Russian official, there are already 159 countries seeking to adopt the system currently. With a potential launch coming in October, it could have massive global market ramifications.

Countries Flock to BRICS Payment System as SWIFT Opposition Emerges

The past several years have seen the BRICS alliance committed to enhanced de-dollarization efforts. With the impact of Western sanctions on Russia, the move is a clear promotion of local currency and alternative settlement methods. Although many have been skeptical, there is no denying its popularity to this point.

According to Russia’s Central Bank Governor, Elvira Nabiullina, 159 countries are ready to adopt the BRICS payment system when it goes live. Indeed, these foreign participants are looking to explore an expansion to Russia’s System for Transmitting Financial Messages (SPFS) platform.

Nabiullina said the system “is an alternative to SWIFT.” Moreover, she added, “Similar infrastructure exists in some other countries. We are holding discussions on the interaction of such platforms, but here the interest and technical readiness of our partners are important.”

The payment system has become increasingly important for the alliance. The mechanism is a priority of the upcoming BRICS 2024 Summit, according to the head of Russia’s BRICS Presidency Council, Viktoria Panova.

“Active efforts are underway to create a financial payment mechanism that would make cooperation between BRICS countries easier, maintaining their sovereign trade and economic exchanges,” she said. “This issue tops the agenda because every member of the group sees it as important,” she added.

The system’s debut should come with immediate activity. Additionally, it could open the door to expanded trade dealings for the alliance. With a plethora of nations seeking membership, they could opt to embrace the system when it launches. At this point, there is a chance it is ready for October’s critical summit.

Read full post here: https://watcher.guru/news/159-countries-set-to-adopt-brics-new-payment-system?c=515

The Iraqi Digital Path Diagnoses The Errors Of The Electronic Payment System And Confirms: We Must Start At The Top Of The Pyramid

Posted On2024-08-16 By Sotaliraq The head of the Iraqi Digital Path Council, Dr. Safad Al-Shammari, identified several errors in the electronic payment system, which the government is calling for to address from time to time, while he stressed that to address these problems, it is necessary to start with the state ministries.

Al-Shammari said, “The electronic payment system in Iraq requires a set of basic requirements, including, foremost, the technical infrastructure, with the availability of fast and reliable internet networks, the development of modern and secure electronic payment platforms, and improving the means of connection between financial institutions, banks and electronic payment companies, not to mention security and protection, by ensuring digital security through data encryption and protection of sensitive information.”

Al-Shammari pointed out that “the success of electronic payment requires the development of anti-electronic fraud measures, such as multi-factor verification, and the availability of strong legislation to protect users from cybercrimes, which should be accompanied by awareness and digital culture, by spreading awareness among users about the benefits and mechanisms of using electronic payment.”

He added, “In return for a basic need, which is integration with banks and financial institutions, by enhancing cooperation between electronic payment companies and banks to provide integrated services, and enabling instant money transfers between different accounts, which are regulated by the legal and regulatory framework, by establishing clear laws and legislation to regulate electronic payment services, with real government oversight to ensure that all parties adhere to the required standards.”

Al-Shammari stipulates that “for this system to succeed, this government must support public policies by providing incentives and encouragements to companies and citizens to use electronic payment, in an effort to build users’ confidence in the system through reliable and transparent experiences, in addition to ensuring the stability and reliability of the system at all times.”

He stressed that “the electronic payment process was launched as a popular digital financial culture for all citizens, before it started at the top of the pyramid, represented by the state ministries themselves, which was a concern for all citizens when it started working on it, while it faced a challenge represented by the resistance of some of the parties assigned to implement this process in various ways and pretexts, which did not support the opportunities for generalization as a prevailing culture in Iraqi society, in addition to a number of technical factors, most notably the weakness of the technical infrastructure, lack of internet coverage or slow speed.

” Pointing out that “this makes access to electronic payment services difficult or unreliable, and the lack of advanced devices and systems in some rural or remote areas, not to mention security and privacy concerns, with increased concerns about electronic fraud and cyber attacks, and lack of confidence in the system’s ability to protect personal and financial data, which was reflected in individuals’ hesitation to switch from cash to digital payment methods due to old habits or lack of understanding of technology.

” Noting that “this matter has increased the chances of some sectors or even the people working in them resisting change, for fear of losing control or being exposed to new risks.”

Al-Shammari concludes, “Despite the great benefits that the electronic payment system can provide, there are some potential negative effects that must be taken into account, including what is known as the digital divide.

The spread of electronic payment may widen the gap between different groups in society, especially between those who have good access to technology and those who lack it, such as the elderly or residents of rural areas. In addition to the security threats resulting from the increasing reliance on digital systems, there may be an increase in electronic fraud and cyber attacks.

” He indicated that “this exposes users’ data and financial accounts to risk, and the loss of privacy, as it requires collecting more data about individuals and their transactions, which raises concerns about privacy and how this data is used, in addition to what is known as financial exclusion, when some individuals or small companies find it difficult to join the electronic payment system due to costs or technical requirements, which may lead to their exclusion from the digital market.

These are requirements and factors that must be carefully considered to reach the stage of sound digital dealings.”

It is noteworthy that the Iraqi government decided last year to oblige all its institutions - in addition to private schools and universities, gas stations, stores, restaurants, pharmacies, medical clinics, and others - to use electronic payment tools, and gave them a deadline to completely switch to this approach until the beginning of next June. LINK

WFP: Iraq Moving On A Positive Path Due To Security Stability

The World Food Programme (WFP) praised the situation in Iraq, noting that it is moving on a "positive path" as a result of security improvements and stability, while explaining that its role in Iraq is shifting from emergency response to building resilience and long-term sustainable development.

The Relief Web website reported a WFP brief on Iraq, stating that "recent improvements in the security environment and political stability have created opportunities for Iraq to move on a positive path. However, the harmful effects of climate change are affecting agricultural productivity, with increased salinity, desertification, reduced water flow in the Tigris and Euphrates rivers, and reduced rainfall, which has led to the loss of 12 million hectares of arable land, significantly impacting agricultural production."

The brief noted that "the repercussions of the climate change crisis have disproportionately affected the most vulnerable communities, and in a strategic move, WFP in Iraq is shifting its role from emergency response to building resilience and long-term sustainable development," indicating that "this shift is particularly important given Iraq's vulnerability to climate change, which is particularly evident in the southern region of the country."

He added, "The World Food Programme is working to align the targeting of beneficiaries through the National Bridges Programme for Skills Development and Youth Economic Empowerment, climate-friendly agricultural practices activities, and strengthening the safety net of the national social protection system to ensure alignment with strategic objectives and expand outreach to areas that previously suffered from a lack of services." https://www.radionawa.com/all-detail.aspx?jimare=39189

Oil Falls As Middle East Calm Attempts Continue

Local | 08/16/2024 Mawazine News – Baghdad Oil prices fell in early trading on Friday, but benchmark Brent crude was still hovering above $80 a barrel, which it had managed to regain yesterday. Today's decline in oil comes despite positive US economic data that calmed investors' fears about a possible recession in the United States, the world's largest oil consumer.

With the economic data calm, oil markets are likely to return to full focus on geopolitical tensions, with expectations of Iranian attacks against the Israeli occupation, while a new round of negotiations began yesterday to reach a ceasefire in the Gaza war.

The talks, which Hamas did not attend, were extended and are scheduled to resume in the Qatari capital, Doha, today. Investors were renewed optimistic about US economic growth after a series of data released this week, the latest of which were retail sales and unemployment claims, which helped calm fears of a sharp slowdown in the US economy.

Brent crude futures for December delivery fell $0.3, or 0.35%, to $80.83 a barrel by 03:40 a.m. GMT. US West Texas Intermediate (WTI) crude futures for September delivery fell $0.3, or 0.4%, to close at $77.7 a barrel. By the end of trading on Thursday, Brent crude futures rose 1.6% to $81.04 a barrel, while WTI crude futures rose 1.53% to $78.16 a barrel.

The data reinforced market expectations that the US Federal Reserve will begin cutting interest rates at its September meeting, which could boost economic activity and oil consumption.

Continued concerns about slowing global demand continue to limit gains, after China reported a slowdown in factory production growth in July and a fourth month of declines in refinery output, confirming the country's weak economic recovery.

Alongside Middle East tensions, markets are monitoring the conflict between Russia and Ukraine after Moscow announced Yesterday it said it would bolster its border defences and send in additional troops days after Ukraine launched its biggest attack on Russian territory since the war began. https://www.mawazin.net/Details.aspx?jimare=253371

For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/

Is the dollar doomed? Feat. Andy Schectman - LFTV Ep 186

Kinesis Money: 8-16-2024

n this week’s episode of Live from the Vault, Andrew Maguire is joined by Andy Schectman, President & Owner of Miles Franklin, one of the first companies to be approved as an authorised reseller of minted products.

The precious metals experts open with a discussion about the Bank of International Settlements Project mBridge, before discussing the widespread repatriation of gold by global central banks amid continued developments in the BRICS saga.

https://www.youtube.com/watch?v=X5mFb4NtPzw

These 2 Powerful Countries Got Invited To Attend BRICS 2024 Summit! What's Going On?

We Love Africa: 8-15-2024

BRICS rolled out their first two invitations to Venezuela and Bolivia to attend the 2024 summit.

Venezuela was the first country to receive the invitation and President Nicolas Maduro will attend the summit. “As BRICS chair, President Vladimir Putin invites President Nicolas Maduro to attend the BRICS+ summit,”

The Eastern European nation Bolivia is the second country to have received the BRICS invitation for the 2024 summit. The Bolivian President Luis Arce will attend the summit along with his delegates. “He (the President) has been invited to the summit in Kazan in October,” State news agency ABI said.

Both Venezuela and Bolivia are interested in joining the alliance to revive their respective native economies.

The 16th BRICS summit will be held from October 22 to 24, 2024 in the Kazan region of Russia. Decisions about inducting new countries, de-dollarization, and new currency status could be discussed.

In addition, bloc is keen on de-dollarization and aims to push local currencies ahead of the US dollar for cross-border transactions.

The 2024 BRICS summit will decide the prospects of the US dollar that could affect the American economy.

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

Germany Nord Stream Bombshell, Japan Crashes & PM Resigns, Prepare For U.S. Price Controls

Sean Foo: 8-16-2024

Germany drops a big update on the Nord Stream saga. However, this doesn't change the fact their economy is still in real danger with deindustrialization not stopping.

Meanwhile, Japan's Prime Minister resigns and US Price Controls might be coming if Harris wins!

Timestamps & Chapters:

0:00 Nord Stream Saga Big Update

2:18 Goodbye To Cheap Russian Gas

6:08 Japan's Kishida Shock Resignation

9:20 US Crazy Price Controls Plan

https://www.youtube.com/watch?v=KoT8N43bo2Q

Parliamentary Meeting Soon To Follow Up On The Increase In Oil Revenues

Money and business Economy News – Baghdad Member of the Parliamentary Finance Committee Mustafa Al-Karawi said, “The last meeting held by the Finance Committee aimed to follow up on the government’s measures to increase non-oil measures, considering that they are important in light of the continuous fluctuation in oil prices, and seeking to increase them is the best solution to achieve stability for the Iraqi economy and the possibility of implementing the budget that was voted on in the House of Representatives.”

Al-Karawi said, "The details of the revenues were discussed and periodic meetings will be held almost every month in order to follow up on the progress made in increasing non-oil revenues."

He added, "The most important risks that threaten the financial and economic situation in Iraq are that the budget depends by ninety percent or eighty-five percent on oil revenues, and thus the instability or decline of the oil price causes a problem in implementing the budget."

80 views 2024/08/16 - https://economy-news.net/content.php?id=46368

Nineveh Oil Fields Plan To Raise Production To 50 Thousand Barrels Per Day

2024-08-16 04:42 Shafaq News/ A source in the Iraqi North Oil Company reported on Friday that there is a trend to increase production by 50 thousand barrels per day to cover the needs of Baiji refineries.

The source told Shafaq News Agency, "The Minister of Oil, Hayan Abdul Ghani, directed the North Oil Company to raise its production to the highest levels, as it is currently limited to 350 thousand barrels per day from Kirkuk oil fields, and this quantity does not meet the needs of the Baiji refineries, whose production capacity exceeds 350 thousand barrels per day."

He added, "The company has completed the work of replacing the crude oil pipelines from Batma station to Ain Zala station in the Nineveh Oil Fields Authority, with exceptional efforts to increase production, develop our oil fields, and facilitate the flow of crude oil within the operating stations."

The source confirmed that "the company's upcoming plan is to add 50,000 barrels per day from Nineveh fields."

A source in the company reported last Monday that technical and engineering crews had restored life to an oil well in the Batma field in Nineveh, noting that they were working to raise the field’s production to 10,000 barrels per day.

The source pointed out that "an engineering and technical team has begun preparing a plan to develop and raise the capacities of oil fields throughout Nineveh Governorate in order to increase production, support the national economy, and provide the state treasury with funds."

In this context, oil expert Ali Khalil explained to Shafaq News Agency, "The Ain Zalah field was discovered in Nineveh in 1939, and in 1953 the Batma oil field was discovered, and after 2003, exploration was carried out in a number of oil sites in Nineveh within the oil licensing rounds."

He added, "Four oil fields are being developed by the Federal Ministry of Oil: Sasan near Badush, Alan near Al-Ayadhiya west of Nineveh, Qasab, and Jawn south of Mosul. The fields currently being worked on are Qayyarah, Najma, Ain Zalah, Batma, and Wasifa."

He stressed that "Mosul's oil fields were discovered in December 1932 by Iraqi, Italian, British, German, French, Dutch and Swiss companies, and their investment was made by these companies in exchange for mortgaging the oil at a rate exceeding 50%. At that time, 71 wells were discovered, and only 27 of them were exploited, 10 of which were giant and produced oil at different levels."

The oil expert pointed out that "doubling interest in Nineveh fields could raise production to more than 500 thousand barrels for the North Oil Company, meaning that Nineveh fields have the capacity to produce 150 thousand barrels per day." LINK

"Secret Procedures" And "Great Privileges"... What Is The Story Behind The Increase In Mps' Salaries In Iraq?

Money and business Economy News – Baghdad Over the past two days, the media and social networking sites have been buzzing with the story of the “secret procedures” that took place inside the Iraqi parliament in the session of last Wednesday, August 7, regarding adding “privileges and raising the salaries of members of the House of Representatives.”

The story was revealed by the Ishraqat Kanun bloc "partially", where it talked about the MPs not being informed of the tables that were intended to raise the MPs' salaries, and that this matter was confidential, while no information or clarifications were issued after that about the story.

According to following the context of the session and what was read during this session, the parliament presidency's presentation of this matter came in conjunction with "exploitation" of the first reading of the amendment to the House of Representatives Law, which was included for reading and amendment based on a decision by the Federal Court declaring the unconstitutionality of some phrases in Articles 48 and 50 related to the House of Representatives' appointment of advisors.

However, the parliament went further than that, amending several articles in the House of Representatives Law, including articles related to the privileges of MPs and adding personal guards for MPs, not just for the Speaker of Parliament and his two deputies, in addition to making these guards designated for the MP even after the end of his term and service in Parliament.

At the same time, and based on Article 64 of the House of Representatives Law, this article allows the Speaker of Parliament and his two deputies to issue instructions allocating their salaries and the salaries of the deputies and employees of the Council, meaning that they are not subject to a unified law, but rather instructions issued by the Speaker of Parliament and his two deputies to set the required figures for salaries.

In general, this amendment and move coincided with a response to a decision issued by the Federal Court separately from the decision of the unconstitutionality of Articles 48 and 50 of the House of Representatives Law, as the Federal Court issued a decision based on a lawsuit filed by one of the representatives, which led to reducing the salaries of the general managers in the House of Representatives in their capacity as employees, and their salaries were not reduced or the decision to reduce their salaries issued since 2017 in the Abadi government was not implemented.

Based on the decision of the Federal Supreme Court, the reduction even included the salaries of members of the House of Representatives who hold a preparatory certificate and a bachelor’s degree, while the salaries of those with a master’s degree remained stable or decreased slightly, with a slight increase in the salaries of those with a doctorate.

In general, the average salary of a representative decreased from 8 million and 200 thousand dinars to about 6 million dinars, which prompted the parliament presidency to implement paragraph 64 of the House of Representatives Law, which includes “issuing instructions on raising the salaries of representatives,” but no details were revealed about the size of the increase in these salaries and how much they will amount to, as the representatives have not yet seen any tables related to them.

Before the reduction, the salaries of the representatives ranged between 10 and 15 million dinars, but they currently range between 8 and 10 million, before the reduction to 6 million for the majority of the members of the council, meaning that there is a widening gap between the members of parliament so that the salaries may be between 6 and 10 million dinars.

To view the latest news, follow us on Telegram https://t.me/Economynews2021

385 views 2024/08/16 - https://economy-news.net/content.php?id=46372

Al-Sudani announces readiness to launch the “largest” electricity production project in Iraq

Posted On2024-08-15 By Sotaliraq Prime Minister Mohammed Shia al-Sudani announced on Thursday that his government is ready to launch the “largest” electricity production in Iraq at a rate of 10,000 megawatts.

Al-Sudani said in a speech during the ceremony to launch the executive works of the projects of three power stations in Karbala Governorate, that this project is a strategic project in electrical energy, which will be implemented according to a new economic model and a new vision that will be announced to the private sector, after it has been studied by a team of consultants specializing in electricity.

He stressed that the stability of energy sources is an encouraging factor for investment and development, and pushes for the development of sources of income by activating all other economic sectors, in addition to the ongoing work to improve the transportation and distribution sector, to deliver electricity service in a sustainable manner to the citizen, without it being a burden on the state and its financial budget.

Al-Sudani also pointed out that the combined cycle projects and solar energy projects are part of the government's plans to reform the electricity system, indicating that the launch of the solar energy project in Karbala and Babylon will continue with the rest of the governorates, which is happening for the first time in Iraq.

He stressed the importance of supporting the private sector, which represents a support for the government in facing crises, emphasizing the special nature of Karbala Governorate, which is visited by millions of visitors throughout the year from inside and outside Iraq.

The three projects launched by Al-Sudani in Karbala are: the combined cycle of the Karbala gas station with a capacity of (132 megawatts), the Karbala investment solar energy station with a capacity of (300 megawatts), and the Karbala secondary transformer station, 400 KV, with a capacity of (1500 megawatts).

It is worth noting that the three station projects will achieve an increase in the production of electrical energy, as the combined cycle of the Karbala gas station contributes to adding (132) megawatts to the currently operating station, with a total design capacity of (250) megawatts, while the Karbala solar energy investment station project is one of several important contracts concluded by the government in the field of renewable energy projects with a number of specialized international companies, including signing a contract to implement a solar energy station with a private sector company with a capacity of (300) megawatts.

As for the Karbala Banks Secondary Station 400 KV, with a capacity of (1500) megawatts, it is being implemented within the second phase of the electrical energy transmission projects, under the contract with the German company Siemens, and is the first transformer station of its kind in Karbala, and will contribute to relieving bottlenecks in the network, thus raising the level of stability and meeting the needs of the various sectors in the Middle Euphrates region. LINK

TNT:

Tishwash: Activating the joint strategic framework on the table of the foreign ministers of Iraq and Turkey

Foreign Minister Fuad Hussein confirmed, today, Thursday (August 15, 2024), that he discussed with his Turkish counterpart, Hakan Fidan, ways to activate the strategic framework agreement between the two countries.

Hussein said in a post on the "X" platform, which was followed by "Baghdad Today", "Today we held a fruitful meeting with our friend Hakan Fidan," indicating that "the meeting discussed frameworks for enhancing joint cooperation between our two countries."

He added, "During the meeting, we discussed ways to activate the strategic framework agreement that was signed during President Erdogan's visit to Baghdad," noting that "the two parties stressed the importance of deepening bilateral relations in a way that serves common interests link

Tishwash: The Ministry of Foreign Affairs reveals the postponement of the announcement of the end of the international coalition's military mission in Iraq

Today, Thursday, the Ministry of Foreign Affairs announced the postponement of the announcement of the end of the international coalition's military mission.

The Ministry stated, in a statement received by the “Al-Ma’louma” Agency, that “there are no American forces in Iraq except for the military advisors who are under the umbrella of the international coalition.” These advisors are included in the outcomes of the work of the Supreme Military Committee, and the two parties are committed to the established mechanisms and their outcomes.”

He added, "The work of the Supreme Military Committee focused during the past months on assessing the threat of ISIS with the aim of reaching a deadline to end the military mission of Operation Inherent Resolve, and on this basis, the presence of international coalition advisors of all nationalities on Iraqi soil will be ended."

The Iraqi Foreign Ministry pointed out that “these discussions included details that included the hierarchy of advisors' withdrawal from the sites, and all that remained agreement on the details and date of the announcement and some other logistical aspects,” noting that “we were very close to announcing this agreement, but due to recent developments, Postponing the announcement of the end of the international coalition’s military mission in Iraq.”

He pointed out that “the bilateral relationship with the United States in all fields, including the security relationship, is completely separate from the path of the relationship with the international coalition forces.” This relationship existed before the coalition and will continue after it, and the Iraqi delegation discussed the future of the security relationship in the areas of training, arming, equipping and cooperation.” Security, in light of what is permitted by the Iraqi Constitution and the framework of the strategic agreement between Iraq and the United States. link

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Tishwash: A deputy reveals the results of the war on “hard currency” smuggling

On Thursday, Representative Yasser Iskandar revealed the results of the war on the smuggling of hard currency from Iraq.

Iskandar said in an interview with Al-Maalouma, “The smuggling of hard currency is one of the tools that drain the economy and creates an anomaly in the balance of exchange rates and pushes the parallel market to rise, which leads to excessive prices in the markets, the price of which is paid by the simple people.”

He added, “The efforts of the Ministry of Interior with the Central Bank and supporting formations contributed to reducing the file of hard currency smuggling by 80%, while directing 11 specific strikes to companies and offices dealing in the file of selling currency illegally.”

He pointed out that "currency smuggling is part of corruption that requires exceptional efforts to dismantle it, and government committees are continuing to expose it day after day."

It is noteworthy that the smuggling of hard currency leads to an increase in exchange rates in Iraq, which puts pressure on the markets and leads to the emergence of excessive prices. link

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Tishwash: Parliamentary Oil Committee reveals details of oil smuggling from the region to Iranian ports

The Parliamentary Oil and Gas Committee revealed, on Thursday, the details of oil smuggling from the Kurdistan Region to Iranian ports, explaining that this operation caused a crisis in the transfer of crude oil between Iraqi refineries.

The committee’s deputy chairman, Adnan al-Jaberi, said in a press interview, “We have seen a document issued by the State Oil Marketing Organization (SOMO) regarding the smuggling of oil from the Kurdistan Region to Iranian ports,” noting that “this document states that oil is smuggled from Erbil and Sulaymaniyah via tankers through the Bashmakh and Pirouz Khan crossings.”

Al-Jabri added, "The document revealed that the price of transporting one ton of crude oil to Iran is $135," noting that "this issue caused an internal crisis in the land transport of oil, considering that most of the tankers are private and have turned towards loading these smuggled materials, and there has been a defect in the transport of official oil, because SOMO pays $33 per official ton, while the cost of transporting smuggled oil reaches $135 per ton, and thus most of the tankers have turned to transporting smuggled oil."

Al-Jaberi continued, "This crisis has caused the accumulation of crude oil in a number of refineries, which has affected the quantity of petroleum derivatives in these refineries," noting that "the Parliamentary Oil and Gas Committee is following up on this issue with importance, and we will host general managers in this regard." link

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Among Them Is The Delay In Distributing Profits.. An Economic Diagnosis Of The Reasons For The Decline In Stock Prices On The Iraqi Stock Exchange

Stock Exchange Economy News – Baghdad Financial markets expert, Tamara Hussein, attributed the decline in stock prices on the Iraqi Stock Exchange today, Thursday, to the lack of demand from investors.

Most of the stocks in the Iraq Stock Exchange have witnessed a decline in their value since the tension in the region, as the leading stocks continue to decline.

Hussein said, in an interview with "Al-Eqtisad News", that "the decline in stock prices in the Iraqi Stock Exchange is due to many reasons, the most important of which is the weak demand due to the lack of liquidity available in the market, as well as the increase in banks' capital through subscriptions that were conducted in previous months, as they withdrew a lot of money from investors."

She added, "The other reason is the delay in distributing the profits that were approved by some banks," adding, "We hope that the market's performance will improve after they are distributed."

She pointed out that, "The third issue revolves around foreign investors' sales, in addition to inaccurate news that talks about the possibility of a global crisis in the financial markets, which caused a state of panic and withdrawal from trading, which is an expected and natural situation."

The financial markets expert expected that "leading companies will regain their usual positions in the coming months." To view the latest news, follow us on Telegram https://t.me/Economynews2021 - https://economy-news.net/content.php?id=46336

The Stock Market Ends The Week With Losses

Stock Exchange Economy News – Baghdad The stock market ended its week, Thursday, with losses of 0.20%. The session witnessed the trading of 3.4 billion shares, worth 1.8 billion dinars.

552 transactions were executed on the shares of 36 traded companies.

The value of shares of 15 traded companies decreased, while the value of shares of 5 other companies increased. 103 viewS 2024/08/15 - https://economy-news.net/content.php?id=46354

Central Bank Of Iraq Announces The Establishment Of A Complaints Management Platform

Banks Economy News – Baghdad The Central Bank of Iraq announced, on Thursday, the establishment of a platform to manage citizens’ complaints, while confirming that the period for processing the complaint will not take more than five days.

The Central Bank's media office said in a statement, seen by "Al-Eqtisad News", that "the platform was created in the context of work to develop institutional work performance and simplify government procedures by shifting to digital transactions, and for regulatory objectives that are consistent with the Central Bank of Iraq Law No. (56) of 2004 as the sectoral body supervising the work of all licensed financial institutions."

He added, "The establishment of the platform also came in view of the continuous development witnessed by the electronic financial industry, and due to its great importance in achieving economic growth, financial stability and enhancing levels of financial inclusion, the Central Bank of Iraq has created an electronic platform for managing the complaints system."

He added, "The work of the platform is summarized in automating the receipt of all public complaints by financial institutions via the electronic complaint form link, and its processing is managed under the supervision of the Central Bank of Iraq and its financial institutions through this platform." He continued,

"The period of processing the complaint does not take more than five working days, by the financial institution concerned with the complaint, in addition to its importance and nature."

The bank indicated, according to the statement, that "the prepared platform is in the training phase for authorized banking and non-banking financial institutions, and it will be launched in real time after the training operations are completed."

The Central Bank published the platform link, which appears below:

https://cbi.iq/static/uploads/up/file-172371164075527.pdf

116 views Added 2024/08/15 - https://economy-news.net/content.php?id=46348

Al-Sudani's Advisor: Iraq's External Debt Does Not Exceed 9 Billion Dollars

Economy | 12:16 - 08/15/2024 Mawazine News – Baghdad The financial advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Thursday, that Iraq's external debts do not exceed 9 billion dollars.

Salih said that "Iraq's external debts due during the current decade do not exceed 9 billion dollars in all cases."

He added that "the general budget provides sufficient annual allocations to service all debts, which means paying installments and interest, according to the nature of the debt, which is called debt amortization."

He continued that "Iraq has not recorded any default in paying its external debt obligations over the past twenty years," noting that "payment mechanisms are carried out according to strict financial and banking rules that are highly coordinated between the Ministry of Finance and the Central Bank of Iraq."

He added that "this has shown sustainable stability in the creditworthiness indicators of global rating agencies, since the adoption of the first credit rating for Iraq in 2016 until the present time."

https://www.mawazin.net/Details.aspx?jimare=253309

Dollar Exchange Rates Stabilize In Baghdad And Erbil

Thursday 15 August 2024 10:34 | Economic Number of readings: 175 Baghdad / NINA / The exchange rates of the US dollar stabilized, Thursday morning, in the markets of Baghdad and Erbil.

The price of the dollar stabilized with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 150,000 Iraqi dinars for every 100 dollars, which is the same price as yesterday, Wednesday.

The selling price stabilized in exchange shops in the local markets in Baghdad at 151,000 dinars, and the purchase price was 149,000 dinars, for every 100 dollars.

In Erbil, the dollar also stabilized in exchange shops at a selling price of 150,000 dinars and a purchase of 149,900 dinars for every 100 dollars. / End H To https://ninanews.com/Website/News/Details?key=1147871

For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/

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Clare: The Central Bank of Iraq organizes an awareness workshop on illicit gains

August 15, 2024

The Central Bank of Iraq, Human Resources Directorate/Women's Affairs Division, organized an awareness workshop on illicit gains in cooperation with the Integrity Commission.

The workshop addressed the laws, legislation and penalties related to illicit gains and the importance of applying e-governance in state departments and institutions to reduce them.

The workshop reviewed the role and efforts of the Central Bank of Iraq in responding to the requirements of the Integrity Commission, especially in implementing the National Strategy for Integrity and Combating Corruption (2021-2024).

It is noteworthy that the Central Bank of Iraq has organized many seminars and workshops for its employees in the field of combating corruption during the past months.

Central Bank of Iraq
Media Office
August 15, 2024

https://cbi.iq/news/view/2641

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Clare: Parliamentary Finance Committee to US Delegation: The Triennial Budget Represents an Important Message to Foreign Companies

8/14/2024 Baghdad

The head of the parliamentary finance committee, Atwan Al-Atwani, confirmed to the delegation of the US embassy in Baghdad, on Wednesday, that the three-year budget represents an important message to foreign companies.

The media office of the head of the parliamentary finance committee said in a statement, seen by "Al-Eqtisad News", that "the head of the parliamentary finance committee, Atwan Al-Atwani, received a delegation from the US embassy in Baghdad, headed by the Minister Plenipotentiary for Economic and Commercial Affairs, Julie Jules."

The statement added that "Al-Atwani reviewed - during the meeting - the financial and monetary situation in the country, and the role of the finance committee in monitoring the implementation of the general budget law, especially the paragraphs related to maximizing non-oil revenues or those supporting the private sector and investment."

It pointed out that "Al-Atwani addressed the most important challenges facing financial policy in Iraq, most notably the restrictions and procedures of the US Treasury, which have had a significant impact on the work of the banking sector and caused the continued crisis of fluctuations in the dollar price."

The head of the finance committee - according to the statement - touched on "the importance of the private sector entering as a major partner with the government in implementing and financing projects and providing services," stressing "his committee's determination to approve the law on partnership between the public and private sectors, in addition to amending the tax law in a manner that keeps pace with the development taking place in the work of the tax system, whether in providing services or collection."

The statement added that "the meeting discussed ways to enhance joint bilateral cooperation between Iraq and the United States within the framework of the Strategic Framework Agreement, and to activate its economic contents related to developing capabilities and helping to reform the financial and banking system."

For its part, the US embassy delegation praised "the experience of the three-year budget for its tangible positive repercussions in terms of improving the living conditions of Iraqis and enabling the government to perform its duties," stressing "its readiness to cooperate and work together with the Finance Committee to solve the existing problems between the US Treasury and Iraqi banks."

Al-Atwani stressed - according to the statement - that "the three-year budget represents an important message to foreign countries and companies that Iraq's financial situation is good and there is no obstruction or halt in contracts and implementation," explaining that "Iraq is rich in its wealth and energies and all it needs is wise management of money."

He continued, "We suffer from the problem of unfair US Treasury sanctions against 14 Iraqi banks without prior warning," indicating that "obligating Iraq to cover its foreign transactions through the platform and punishing a large number of its local banks are among the most important reasons for the continuation of the dollar crisis and the creation of the parallel market."

Al-Atwani expressed his "hope that this meeting will be a starting point for a new phase of cooperation, understanding and assistance in addressing the problem of US Treasury restrictions and procedures on the financial and banking sector." LINK

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Clare: Italian company begins work on updating Mosul's basic design

8/15/2024

The cadres of the Italian company in charge of the project to develop and modernize the basic design of the city of Mosul began, today, Wednesday, the geographical survey work in the city.

Nineveh Deputy Governor for Reconstruction Affairs, Abdul Wahab Sultan, told Shafaq News Agency, "The cadres of the Italian company (SGI), which is responsible for the project to update the basic design of the city of Mosul, have started their work in the field geographical survey in the city, in the first steps aimed at implementing the project to develop the basic design of Mosul."

Sultan stressed that "the Nineveh Governorate administration is proceeding with all its energy and determination to develop Mosul and change its reality for the better, which can only be achieved through implementing the city's basic design expansion project."

Last March, the governor of Nineveh announced the signing of a contract to update and expand the basic design of the city of Mosul, after the last expansion of the city since the year 2000.

The expansion of Mosul includes a distance of 7 km in all directions from Mosul, and the new design is supposed to secure 160 thousand dunums of land that will be allocated to establish large projects and infrastructure that will serve the city and all components in Nineveh.

Over the past years, the project has been met with objections from some components in the Nineveh Plain, while political forces from the Shabak component that have an armed faction announced their refusal to allow the implementation of the expansion project towards eastern Mosul, under the pretext of fear of demographic change. LINK

Clare: Al-Sudani concludes his visit to Karbala.. This is what it included

8/15/2024Baghdad

Prime Minister Mohammed Shia Al-Sudani concluded his visit to the holy Karbala Governorate today, Thursday, which included the opening of several projects.

The Prime Minister's media office stated in a statement received by "Al-Eqtisad News" that "Al-Suwani returned to the capital, Baghdad, after concluding his visit to the holy Karbala Governorate, which included:

■ Follow up on work in the facilities and installations of Karbala International Airport.

■ Launching the implementation works for three power station projects:

● Combined cycle of Karbala gas station with a capacity of (132 megawatts).

●Karbala Solar Power Plant Investment Project with a capacity of (300 megawatts),

● Karbala Banks Secondary Transformation Station 400 kV, with a capacity of (1500 MVA), as part of a package of projects to resolve bottlenecks in the transmission of electrical energy.

■ Announcing the largest project to produce (10) thousand megawatts of electric power.

■ Inauguration of Karbala Industrial City, and launching of executive works for four industrial projects/first phase, in the city, which are:

● Industrial gases plant with a capacity of (1000 tons/day).

● White oil factory with a capacity of (1000 cubic meters/day).

●Vacuum distillation plant with a capacity of (2500 tons/day), and organic solvent plant with a capacity of (1000 cubic meters/day). LINK

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Clare: Al-Sudani announces readiness to launch the "largest" electricity production project in Iraq

8/15/2024

Prime Minister Mohammed Shia al-Sudani announced on Thursday that his government is ready to launch the "largest" electricity production in Iraq at a rate of 10,000 megawatts.

Al-Sudani said in a speech during the ceremony to launch the executive works of the projects of three power stations in Karbala Governorate, that this project is a strategic project in electrical energy, which will be implemented according to a new economic model and a new vision that will be announced to the private sector, after it has been studied by a team of consultants specializing in electricity.

He stressed that the stability of energy sources is an encouraging factor for investment and development, and pushes for the development of sources of income by activating all other economic sectors, in addition to the ongoing work to improve the transportation and distribution sector, to deliver electricity service in a sustainable manner to the citizen, without it being a burden on the state and its financial budget.

Al-Sudani also pointed out that the combined cycle projects and solar energy projects are part of the government's plans to reform the electricity system, indicating that the launch of the solar energy project in Karbala and Babylon will continue with the rest of the governorates, which is happening for the first time in Iraq.

He stressed the importance of supporting the private sector, which represents a support for the government in facing crises, emphasizing the special nature of Karbala Governorate, which is visited by millions of visitors throughout the year from inside and outside Iraq.

The three projects launched by Al-Sudani in Karbala are: the combined cycle of the Karbala gas station with a capacity of (132 megawatts), the Karbala investment solar energy station with a capacity of (300 megawatts), and the Karbala secondary transformer station, 400 KV, with a capacity of (1500 megawatts).

It is worth noting that the three station projects will achieve an increase in the production of electrical energy, as the combined cycle of the Karbala gas station contributes to adding (132) megawatts to the currently operating station, with a total design capacity of (250) megawatts, while the Karbala solar energy investment station project is one of several important contracts concluded by the government in the field of renewable energy projects with a number of specialized international companies, including signing a contract to implement a solar energy station with a private sector company with a capacity of (300) megawatts.

As for the Karbala Banks Secondary Station 400 KV, with a capacity of (1500) megawatts, it is being implemented within the second phase of the electrical energy transmission projects, under the contract with the German company Siemens, and is the first transformer station of its kind in Karbala, and will contribute to relieving bottlenecks in the network, thus raising the level of stability and meeting the needs of the various sectors in the Middle Euphrates region. LINK