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Foreign Minister Discusses With Washington The Issue Of Frozen Iranian Funds In Iraq
Money and business Economy News – Baghdad Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein held an important meeting with the US Under Secretary of State for Political and Administrative Affairs, John Bass, in Washington, DC, during which the issue of frozen Iranian funds in Iraq was discussed.
According to a statement by the Ministry of Foreign Affairs, Fuad Hussein stressed "the importance of strengthening US-Iraqi relations in various fields," noting "the common desire to expand political and economic cooperation between the two countries."
The Minister addressed the issue of frozen Iranian funds in Iraq, stressing the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.
Foreign Minister Discusses With Washington The Issue Of Frozen Iranian Funds In Iraq
Money and business Economy News – Baghdad Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein held an important meeting with the US Under Secretary of State for Political and Administrative Affairs, John Bass, in Washington, DC, during which the issue of frozen Iranian funds in Iraq was discussed.
According to a statement by the Ministry of Foreign Affairs, Fuad Hussein stressed "the importance of strengthening US-Iraqi relations in various fields," noting "the common desire to expand political and economic cooperation between the two countries."
The Minister addressed the issue of frozen Iranian funds in Iraq, stressing the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.
In the context of enhancing economic cooperation and bilateral relations, special emphasis was placed on enhancing economic cooperation between the United States and Iraq. Minister Hussein pointed out the importance of supporting the financial and banking sector in Iraq, with an emphasis on the challenges related to the use of the dollar in financial transactions.
He stressed the "need to find solutions that enhance the stability of the Iraqi economy and contribute to achieving sustainable growth." 2024/07/12 - https://economy-news.net/content.php?id=45145
Foreign Minister From Washington: The US Treasury Evaluated The Efforts Of The Central Bank Positively
Political Yesterday, 23:09 Washington – IA Deputy Prime Minister and Foreign Minister Fouad Hussein confirmed that the US Treasury Department evaluated the efforts of the Central Bank positively, while indicating that a military delegation would visit Washington to hold security discussions.
Hussein said in a press conference held in the American capital, Washington, attended by the Iraqi News Agency (INA), that “our visit to Washington was to attend the NATO summit at the invitation of the American side, and on the sidelines of the summit we held extensive meetings with leaders of several countries, and we held a meeting with the US Treasury Department to discuss issues.” Related to monetary policy and banking signals.
He added, "The US Treasury Department positively evaluated the efforts of the Central Bank," noting that "a military delegation will visit Washington to hold discussions about the security agreement concluded between Iraq and the United States." He continued: "We discussed in the NATO meetings the future of the international mission, along with cooperation with the Iraqi Ministry of Defense." https://www.ina.iq/212487--.html
ICC Opens Office In Iraq: This Is What We Are Working On
Money and business Economy News - Follow-up The Paris-based International Chamber of Commerce (ICC) has announced the expansion of its global presence through the official launch of the chamber’s new headquarters in Iraq from the French capital, thus enhancing the spread of the chamber’s network of offices worldwide.
According to the official website of the International Chamber of Commerce, which was founded in 1919 in the French capital, it has a network of offices in more than 170 countries, and represents more than 45 million business companies.
The website stated that the official launch of the International Chamber of Commerce in Iraq was celebrated at the global headquarters of the Chamber in Paris, which will work to enhance the mission of the International Chamber of Commerce in Iraq, and strengthen the voice of Iraqi businessmen and chambers all over the world.
The report indicated that the International Chamber of Commerce of Iraq will constitute an addition to the total number of international chambers of commerce, reaching 92 around the world.
He added that a delegation from the International Chamber of Commerce of Iraq joined the official celebration in Paris, which was followed by a celebration at the Iraqi embassy in the French capital.
“The context in which companies operate today is one of geo-economic and geopolitical tensions that are causing instability, uncertainty and new challenges in Iraq and beyond,” ICC Secretary General John W. H. Denton was quoted as saying in the report. “Bringing our mission to Iraq will deliver real value to Iraqi companies and the real economies in which they operate.”
According to the report, the ICC Iraq will support the ICC’s institutional goals of promoting peace, prosperity and opportunities for all through local committees on arbitration, alternative dispute resolution, digital economy, intellectual property, trade and investment.
The report pointed out that the founding members of the International Chamber of Commerce of Iraq are Abdul Razzaq Al-Zuhairi, who holds the position of honorary president of the International Chamber of Commerce of Iraq and president of the Federation of Iraqi Chambers of Commerce, in addition to the president of the International Chamber of Commerce of Iraq, Mohsen Al-Hamid, who also heads the “Asriya Group”, along with Ahmed Al-Yasiri, Secretary-General of the International Chamber of Commerce of Iraq, who is also an advisor on international organizations.
The report concluded by pointing out that the members of the International Chamber of Commerce of Iraq, through their headquarters in Iraq, help formulate the policies of the International Chamber of Commerce and alert governments to what interests international business. 106 views 2024/07/12 - https://economy-news.net/content.php?id=45146
Rafidain: The Digital Transformation Plan Is Proceeding According To The Set Schedule
Posted On2024-07-12 By Sotaliraq Rafidain Bank announced the implementation of the comprehensive banking system in the Baladruz branch in Diyala Governorate, stressing that the digital transformation plan is proceeding according to the scheduled timings.
The statement said, “In implementation of the government program to move from paper transactions to electronic transactions to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in the Baladruz branch in Diyala.”
The statement added that the Baladruz branch “has thus joined the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiyah - Safwan - Arar - Trebil), so that the number of branches that have implemented and completed the system has become 32 branches, in an important step to strengthen the banking system and achieve its requirements and leave paper work and move completely to electronic systems.”
He stressed that “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all bank branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions.” LINK
The Iraqi Chambers Of Commerce Signs A Memorandum Of Understanding With Its European Counterparts
Economy European Union Federation of Iraqi Chambers of Commerce Memorandum of Understanding
2024-07-12 08:22 Shafaq News/ The European Union Ambassador to the Republic of Iraq, Thomas Seiler, announced that Iraq had signed a memorandum of understanding with the European Chambers of Commerce.
Sayler said in a statement received by Shafaq News Agency:
“On my initiative, the Federation of Iraqi Chambers of Commerce and the European Chambers (its counterpart at the European Union level) signed today in Brussels a memorandum of understanding for mutual cooperation.”
He added, "This understanding will give Iraqi companies access to better options for cooperation and trade with companies in a large market that includes more than 40 European countries, including the 27 member states of the European Union." He stressed that "supporting small and medium-sized companies and developing the private sector is a major political goal of our cooperation with Iraq." https://shafaq.com/ar/اقتصـاد/غرف-التجارة-العراقية-توق-ع-مذكرة-تفاهم-مع-نظيراتها-الاوروبية
For The First Time...Non-Oil Revenues Recorded An Increase Of 11%
July 11, 2024 Economy / Iraq Obzirfar A report of economic studies and consultations revealed today, Thursday, that
it is the first time in the Iraqi state’s revenues that non-oil revenues have recorded an increase of 11% of total revenues, while oil revenues have fallen below the 90% barrier. The report, which was followed by “Iraq Observer,” said,
“For the first time, Iraq’s non-oil revenues recorded an increase of approximately 11% of total revenues, and oil revenues fell below the 90% barrier.”
He added, "Non-oil revenues for the first five months of the year recorded an amount of 6.24 trillion Iraqi dinars, while oil revenues for the first five months of the current year recorded an amount of 48.4 trillion Iraqi dinars."
He continued, “Revenues from taxes on income and wealth rose by 118%, revenues from commodity taxes and production duties rose by 285%, revenues from duties rose by 50%, while oil revenues rose by 6.4%.”
He stated, “The increase in non-oil revenues is an achievement of economic reform policies and mechanisms for controlling taxes and customs tariffs.” He expected that “the total non-oil revenues for the year 2024 will amount to 15 trillion Iraqi dinars, but they are far from the plan in the 24 budget tables, amounting to 27 trillion dinars.” https://observeriraq.net/لأول-مره-الإيرادات-غير-النفطية-تسجل-ا/
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
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Militiaman, News Dinar Recaps 20 Militiaman, News Dinar Recaps 20
IQD Updates - Iraqi Dinar - Internationalism - WTO - Mechanism - Stability - Major Economic Movement
MilitiaMan and Crew: 7-12-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
IQD Updates - Iraqi Dinar - Internationalism - WTO - Mechanism - Stability - Major Economic Movement
MilitiaMan and Crew: 7-12-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
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KTFA, News Dinar Recaps 20 KTFA, News Dinar Recaps 20
KTFA: Clare: Framework MP: Efforts to nominate one name for the position of Parliament Speaker
7/12/2024
A representative of the Coordination Framework revealed efforts to nominate one name for the position of Speaker of the House of Representatives, which has been vacant for 8 months.
Baqir al-Saadi told Al Furat News Agency, "Currently, there are no developments regarding holding a session or an agreement to elect a new speaker of the House of Representatives." He added, "But there are efforts for political agreements soon to nominate one name for the position, and it will be within a month from now."
KTFA:
Clare: Framework MP: Efforts to nominate one name for the position of Parliament Speaker
7/12/2024
A representative of the Coordination Framework revealed efforts to nominate one name for the position of Speaker of the House of Representatives, which has been vacant for 8 months.
Baqir al-Saadi told Al Furat News Agency, "Currently, there are no developments regarding holding a session or an agreement to elect a new speaker of the House of Representatives."
He added, "But there are efforts for political agreements soon to nominate one name for the position, and it will be within a month from now."
It is worth noting that the House of Representatives has failed twice to elect a new speaker, as its session held on May 18 witnessed fierce competition between MPs Salem al-Issawi and Mahmoud al-Mashhadani, with the former receiving 158 votes while the latter received 137 votes.
From that session, the parliament was unable to elect a speaker, and the position remained vacant.
Raghad LINK
Clare: Marketing 600,000 FTTH fiber optic lines in Iraq
7/12/2024 Baghdad
The Ministry of Communications announced today, Friday, the development of a plan and schedule with the companies contracting with it, in coordination with the Baghdad Municipality and the governorates, to deliver and implement fiber optic lines (FTTH) in all regions and governorates, while indicating the marketing of 600,000 fiber optic lines.
The Director General of the General Company for Communications and Information Technology at the Ministry of Communications, Ali Yassin, said: “The Ministry of Communications, represented by the General Company for Communications and Information Technology, has implemented more than 3 million FTTH fiber optic lines, and 600,000 lines of them have been marketed so far,” noting that “the ministry has developed a plan for the transfer of the rest of the governorates and a schedule with the companies contracted with it for the purpose of implementing and completing the rest of the governorates of Iraq.”
Yassin added, "Coordination has been made with the Baghdad Municipality to facilitate the work of companies contracting with the General Company for Communications and Information Technology to implement and extend cables for FTTH technology, as well as coordination with the governorates to facilitate the task of companies contracting with the General Company for Communications and Information Technology and to set controls and standards for implementation."
He pointed out that "the areas where the lines have been completed, including those on the Karkh side (Al-Saydiya, Al-Jami'a neighborhood, and Al-Adl) and on the Rusafa side (Zayona, and Palestine Street), are all equipped with FTTH service, as are the governorates such as Karbala and Najaf."
He pointed out that "the advantages of the lines are improving the quality of service provided to citizens at competitive prices, especially since most citizens complain about poor Wi-Fi service."
Therefore, FTTH service on optical cable will save them from that.” LINK
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7/11/2024 Baghdad - WAA
Minister of Transport Razzaq Muhaibis Al-Saadawi announced today, Thursday, the signing of a contract with Oliver Wyman Consulting Company to provide consulting services for the Development Road Project, noting that the completion rate of the initial designs for the railway track for the project reached 80 percent and the expressway 75 percent.
Al-Saadawi said in a statement received by the Iraqi News Agency (INA): "Under the patronage of Prime Minister Mohammed Shia al-Sudani, we supervised today the contracting with Oliver Wyman Company to provide consulting services for the Development Road Project," indicating that "signing the contract reflects the government's seriousness in proceeding with the implementation of the strategic development road project."
He added that "the consulting company will help the ministry in marketing the project and supervising investment opportunities in it," noting that "the contract signed on behalf of the ministry by the Director General of Iraqi Railways, Younis Khalid Jawad, and on behalf of the consulting company by Pedro Oliveira, General Manager of Oliver Wyman Company, is the first of its kind in Iraq, in terms of providing financial and economic consulting services for strategic government projects."
He pointed out that "this contract will give international importance to the development road, which enjoys the care and attention of the Prime Minister," noting that "the completion rate of the initial designs for the railway track has reached 80 percent, while the completion rate of the expressway designs has reached 75 percent, and 92 percent of the soil investigations for the project."
Thecontract signing ceremony was attended by the Prime Minister's Advisor for Investment Affairs, Mohamed El-Naggar, and a number of officials in the ministry, according to the statement. LINK
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Clare: ICC Opens Office in Iraq: This is What We Are Working on
7/12/2024 Economy News - Follow-up
The Paris-based International Chamber of Commerce (ICC) has announced the expansion of its global presence through the official launch of the chamber’s new headquarters in Iraq from the French capital, thus enhancing the spread of the chamber’s network of offices worldwide.
According to the official website of the International Chamber of Commerce, which was founded in 1919 in the French capital, it has a network of offices in more than 170 countries, and represents more than 45 million business companies.
The website stated that the official launch of the International Chamber of Commerce in Iraq was celebrated at the global headquarters of the Chamber in Paris, which will work to enhance the mission of the International Chamber of Commerce in Iraq, and strengthen the voice of Iraqi businessmen and chambers all over the world.
The report indicated that the International Chamber of Commerce of Iraq will constitute an addition to the total number of international chambers of commerce, reaching 92 around the world.
He added that a delegation from the International Chamber of Commerce of Iraq joined the official celebration in Paris, which was followed by a celebration at the Iraqi embassy in the French capital.
“The context in which companies operate today is one of geo-economic and geopolitical tensions that are causing instability, uncertainty and new challenges in Iraq and beyond,” ICC Secretary General John W. H. Denton was quoted as saying in the report. “Bringing our mission to Iraq will deliver real value to Iraqi companies and the real economies in which they operate.”
According to the report, the ICC Iraq will support the ICC’s institutional goals of promoting peace, prosperity and opportunities for all through local committees on arbitration, alternative dispute resolution, digital economy, intellectual property, trade and investment.
The report pointed out that the founding members of the International Chamber of Commerce of Iraq are Abdul Razzaq Al-Zuhairi, who holds the position of honorary president of the International Chamber of Commerce of Iraq and president of the Federation of Iraqi Chambers of Commerce, in addition to the president of the International Chamber of Commerce of Iraq, Mohsen Al-Hamid, who also heads the “Asriya Group”, along with Ahmed Al-Yasiri, Secretary-General of the International Chamber of Commerce of Iraq, who is also an advisor on international organizations.
The report concluded by pointing out that the members of the International Chamber of Commerce of Iraq, through their headquarters in Iraq, help formulate the policies of the International Chamber of Commerce and alert governments to what interests international business. LINK
Clare: Baghdad to Washington: The need to find a quick and fair solution to Iranian funds frozen in Iraq
7/12/2024
Iraq called on the United States to "find a quick and fair solution to the Iranian funds frozen in Iraq."
Foreign Minister Fuad Hussein met in Washington with US Under Secretary of State for Political and Management Affairs John Bass, and during the meeting stressed "the need to find a quick and fair solution to the issue of Iranian funds frozen in Iraq."
Hussein expressed his "concern about the situation in Gaza and the spread of the conflict to southern Lebanon."
He stressed "the importance of supporting the financial and banking sector in Iraq, with a focus on the challenges related to the use of the dollar in financial transactions."
Iranian officials say Iraq owes between $9 billion and $11 billion for gas and electricity from Iran. LINK
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Clare: New "secrets" regarding the "theft of the century".. Iraq recovers 20 wanted persons involved in it
7/12/2024 Baghdad
The Director General of the Recovery Department at the Integrity Commission, Ayman Al-Baydani, revealed the qualitative leap witnessed by the Integrity Commission in recovering and pursuing funds and wanted persons, in addition to their files that were submitted to the judiciary.
Al-Baydani said, in an interview followed by "Al-Eqtisad News", that "more than 20 wanted persons involved in the theft of the century case were arrested and their files were sent to the judicial authorities and the matter is in the process of being recovered," indicating that "the authority is in the process of coordinating with the Ministry of Justice and the Legal Department to file lawsuits to recover those funds."
He explained that "in terms of funds, the Integrity Commission was able to track funds abroad and at home, uncover them, and place a seizure notice on them," noting that "the Integrity Commission has a history of achieving recovery numbers that rise to international levels in the modern Iraqi experience, such as the year 2023, the history of the Integrity Commission in recovering nearly 18 wanted persons in various cases, most notably the theft of the century."
Al-Baydani pointed out that "the money inside is not forgotten, we have tracked it down, exposed it and it is now in the process of being recovered to the state treasury." LINK
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HOW to NOT Lose Everything (The Shocking Truth)
Taylor Kenny: 7-11-2024
Imagine waking up to find your savings and assets are suddenly worthless due to a currency reset.
A terrifying reality for millions worldwide.
Taylor Kenney investigates hyperinflation and national debts that can lead to such resets, devastating your personal finances.
With US record breaking debt and persistent inflation, the threat is closer than you think. Act now to ensure your financial security before it’s too late.
HOW to NOT Lose Everything (The Shocking Truth)
Taylor Kenny: 7-11-2024
Imagine waking up to find your savings and assets are suddenly worthless due to a currency reset.
A terrifying reality for millions worldwide.
Taylor Kenney investigates hyperinflation and national debts that can lead to such resets, devastating your personal finances.
With US record breaking debt and persistent inflation, the threat is closer than you think. Act now to ensure your financial security before it’s too late.
CHAPTERS:
00:00 Looming Reset
01:09 Venezuela's Currency Reset
02:30 Argentina's Currency Reset
04:34 Are My Assets Diversified?
06:02 Money vs. Currency
07:48 True Diversification
Customers Panic As $100 Million In Deposits Just Disappeared From Bank Accounts
Atlantis Report: 7-11-2024
In a time when most people use digital transactions and online banking, a recent financial disaster has caused a lot of trouble for banks. Millions are missing from customers' accounts, leaving depositors very worried about their money.
This unusual event has shown that there are problems with financial technology, fintech, and industry and has made people very concerned about the safety of the banking system.
The disappearance of so much money has made people scared that the whole system is about to fail, and trust in banks is diminishing.
SILVER ALERT! Silver POPS on CPI News as the Silver Riggers are LOSING CONTROL!!
(Bix Weir) 7-12-2024
There is an all out battle in the silver price suppression scheme! On one side is a Cabal of Western Bankers & Monetary Masters that have suppressed the price of silver for the part 175 years.
On the other side is the Industrial Demand for Physical Silver that is INSATIABLE and shows NO SIGN of weakening in the foreseeable future!
The outcome of this Epic Battle will CHANGE THE WORLD!
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Why Did Iraq Stop Dealing In The Chinese Yuan?
Economy Why did Iraq stop dealing in the Chinese yuan? Doc-P-493658-638563711944282995
1,919 views Alsumaria News – Local The Parliamentary Finance Committee revealed the reasons behind Iraq’s suspension of dealing in the Chinese yuan, while indicating that many of the Central Bank’s procedures are governed by American will.
Committee member Moeen Al-Kazemi said in a statement to Al-Sumaria News, "The US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred, indicating that "Iraq's money, as we know, is included in the US Federal Bank as a result of the sale of oil at an amount of 3.5 million barrels per day, and this money enters the Federal Bank and is not transferred to Iraq in cash.
Why Did Iraq Stop Dealing In The Chinese Yuan?
Economy Why did Iraq stop dealing in the Chinese yuan? Doc-P-493658-638563711944282995
1,919 views Alsumaria News – Local The Parliamentary Finance Committee revealed the reasons behind Iraq’s suspension of dealing in the Chinese yuan, while indicating that many of the Central Bank’s procedures are governed by American will.
Committee member Moeen Al-Kazemi said in a statement to Al-Sumaria News, "The US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred, indicating that "Iraq's money, as we know, is included in the US Federal Bank as a result of the sale of oil at an amount of 3.5 million barrels per day, and this money enters the Federal Bank and is not transferred to Iraq in cash.
It witnessed a transfer to Iraq through corruption transfers from the Central Bank and the Federal Declaration."
Al-Kadhimi continued, "Many of the central bank's measures are taken by the government with political will, and this will may be explained by administrative and financial reasons, not financing terrorism, and others," and he announced that "the reasons are political with the aim of pressuring the Iraqi government."
Is it possible to deal in Chinese currency?
Al-Kadhimi stressed that "the merchant and the Central Bank must have multiple options and not only deal in dollars, so this suspension is temporary and not permanent," noting that "the committee will ask the Central Bank to address the issue and have a diverse price basket, so that the options are more for the Central Bank and Iraqi merchants."
Al-Kadhimi stated earlier that "China's remittances in the yuan currency have been temporarily suspended until auditing mechanisms are found." He continued, "During the past period, there has been a great deal of manipulation of China's affairs." LINK
Rafidain: The Digital Transformation Plan Is Proceeding According To The Set Schedule
Posted On2024-07-12 By Sotaliraq Rafidain Bank announced the implementation of the comprehensive banking system in the Baladruz branch in Diyala Governorate, stressing that the digital transformation plan is proceeding according to the scheduled timings.
The statement said, “In implementation of the government program to move from paper transactions to electronic transactions to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in the Baladruz branch in Diyala.”[/size]
The statement added that the Baladruz branch “has thus joined the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiyah - Safwan - Arar - Trebil), so that the number of branches that have implemented and completed the system has become 32 branches, in an important step to strengthen the banking system and achieve its requirements and leave paper work and move completely to electronic systems.”
He stressed that “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all bank branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions. LINK
The Budget Returns To The Halls Of Parliament For This Reason
Alsumaria Special 2024-07-11 | 3,335 views MP Baqir Al-Saadi revealed today, Thursday, that the budget will return to the House of Representatives to make some simple amendments to it.
Al-Saadi said in a special interview with: Alsumaria News "There are some minor comments on the budget, so it was returned to Parliament," he said. He added, "After the tenth ofMuharramThe amendments to the budget will be made by a specialized committee and then submitted to Council of Ministers" LINK
Foreign Minister Stresses To US Official The Importance Of Supporting The Financial And Banking Sector In Iraq
Friday 12 July 2024 10:51 | Politics Number of readings: 140
Foreign Minister stresses to US official the importance of supporting the financial and banking sect 1140965-f2e1a470-176e-40d6-9b92-d542cad3318c
[rtl]Baghdad / NINA / Foreign Minister Fuad Hussein met with US Under Secretary of State for Political and Administrative Affairs John Bass in Washington.
The Foreign Minister stressed the importance of supporting the financial and banking sector in Iraq, with a focus on the challenges related to the use of the dollar in financial transactions.
A statement by the Ministry of Foreign Affairs stated: "The Minister stressed the importance of strengthening US-Iraqi relations in various fields and the common desire to expand political and economic cooperation between the two countries."
The discussion, according to the statement, covered several main topics, including Iranian funds in Iraq. In this context, the Foreign Minister touched on the issue of frozen Iranian funds in Iraq, and the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.
Regarding the situation in Gaza, the Foreign Minister expressed his concern about the deteriorating conditions in the Strip, and also expressed his concern about the extension of the conflict to southern Lebanon. He stressed the importance of intensifying international efforts to stop the escalation and achieve peace in the region.
During the meeting, special focus was placed on strengthening economic cooperation between the United States and Iraq.
The Minister pointed out the importance of supporting the financial and banking sector in Iraq, with a focus on the challenges related to the use of the dollar in financial transactions. He stressed the need to find solutions that enhance the stability of the Iraqi economy and contribute to achieving sustainable growth. He also stressed the importance of continuous dialogue and close cooperation to achieve common goals and enhance stability and development in the region.
https://ninanews.com/Website/News/Details?Key=1140965
Secrets Of Smuggling Kurdistan Oil.. Has Iran Become The Second Largest Exporter In OPEC Using It?
Alsumaria Special 2024-07-12 | 1,414 views Alsumaria News – Special Everyone is talking about the smuggling of oil from the Kurdistan Region, and this talk is not new and has been going on for years.
However, for more than a year, specifically since the suspension of the export of Kurdistan oil through the Turkish port of Ceyhan, the map of oil smuggling from the region has changed. Instead of exiting through Turkey, the oil is now exiting through Iran.
Also, the beneficiary now is foreign oil companies and "unknown" subcontractors, not the regional government, in a process that can be described as a "mysterious maze."
Social media sites are flooded with electronic groups for tanker drivers, and there is a wide demand for tanker drivers to transport oil fromKurdistanTo the port of Bandar Abbas in southern Iran, which is a very strange path.
Another indicator is that Iranian reports came out a few days ago, specifically in the city of Bushehr, conveying citizens’ dissatisfaction with the “suffocating congestion caused by Iraqi tankers loaded with oil and fuel,” in addition to major traffic accidents.
After all that, she cameReutersIn a lengthy investigation, she talks about oil smuggling routes.KurdistanAcross Iran, andTürkiyeAlso, but inTürkiye"In much smaller quantities and forms than Iran."
According to the information, foreign companies operating in the region produceKurdistan350 thousand barrels per day, and these companies sell the produced oil to "subcontractors", who distribute this oil or sell it to local refineries in a simple manner, and the other is smuggled at a rate of 200 thousand barrels per day, in a process that information indicates is carried out between foreign companies and contractors only, and has nothing to do with the government.KurdistanOr none of these revenues will enter the regional treasury, as it confirms.Reuters, as evidenced by data from foreign companies operating in the region.
But the selling price of a barrel from foreign companies inKurdistanIt is done at low prices, the price of a barrel of oil is sold for only $35, which means that foreign companies receive less than a quarter of a billion dollars per month, as subcontractors buy oil at these cheap prices, and in turn smuggle this oil.
This activity raises a lot of questions and question marks, the first of which is who are these subcontractors? How much do they sell the smuggled oil abroad for and how much do they profit from it? How do the tankers move from the oil-producing fields to the Iranian border? How do they enter?IranOfficially?
And where does this oil go? Since Iran is basically an oil producer, questions arise about whether Iran buys this oil at lower prices so that it can sell and export it to the world at the global price as Iranian oil, especially since Iran faces difficulties in developing oil production technologies.
Perhaps this matter clearly raises an explanation for how Iran became the second largest oil exporter inOPECAfter Saudi Arabia and removedIraqWithin a short period, Iran may have benefited from Kurdish oil for export and increased its share in the export market without the need to increase its oil production.
Another detail that can be taken into consideration is thatIraqHe has previously filed a lawsuit againstTürkiyeTo allow the passage of oilKurdistanAnd export it without approvalIraqHow can he deal with it?IraqWith Iran allowing the passage of the region's oil by tankers through its territory to the port of Bandar Abbas? LINK
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TNT: Tishwash: The Central Bank explains the reasons for the rise in dollar prices
Today, Wednesday, a member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, explained the reasons for the rise in dollar exchange rates in the local market.
Berihi said in a statement to the Maalouma Agency, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar in the local market is not related to the measures taken by the bank, but rather due to the American restrictions imposed on the Central Bank and related to the electronic platform.”
He added, "Another reason related to the rise in the exchange rate of the dollar is the connection to the electronic platform that controls the floating of the currency in the market where it is less than the demand. Therefore, the price of the dollar will be raised and the platform is controlled by the US Federal Reserve, which will cause a difference from the official price."
TNT:
Tishwash: The Central Bank explains the reasons for the rise in dollar prices
Today, Wednesday, a member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, explained the reasons for the rise in dollar exchange rates in the local market.
Berihi said in a statement to the Maalouma Agency, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar in the local market is not related to the measures taken by the bank, but rather due to the American restrictions imposed on the Central Bank and related to the electronic platform.”
He added, "Another reason related to the rise in the exchange rate of the dollar is the connection to the electronic platform that controls the floating of the currency in the market where it is less than the demand. Therefore, the price of the dollar will be raised and the platform is controlled by the US Federal Reserve, which will cause a difference from the official price."
During the past few days, the exchange rates of the dollar against the dinar recorded a noticeable increase in the stock market and banking shops in the capital, Baghdad, and the provinces.
During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on private banks, and banning the dollar under many pretexts, which in one way or another led to a severe financial crisis in the local markets. link
Tishwash: Foreign Minister discusses with Washington the issue of frozen Iranian funds in Iraq
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein held an important meeting with the US Under Secretary of State for Political and Administrative Affairs, John Bass, in Washington, DC, during which the issue of frozen Iranian funds in Iraq was discussed.
According to a statement by the Ministry of Foreign Affairs, Fuad Hussein stressed "the importance of strengthening US-Iraqi relations in various fields," noting "the common desire to expand political and economic cooperation between the two countries."
The Minister addressed the issue of frozen Iranian funds in Iraq, stressing the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.
In the context of enhancing economic cooperation and bilateral relations, special emphasis was placed on enhancing economic cooperation between the United States and Iraq. Minister Hussein pointed out the importance of supporting the financial and banking sector in Iraq, with an emphasis on the challenges related to the use of the dollar in financial transactions.
He stressed the "need to find solutions that enhance the stability of the Iraqi economy and contribute to achieving sustainable growth." link
*************
Tishwash: Financial Supervision announces the preparation of a draft of the updated unified accounting system
The Financial Supervision Bureau announced, on Thursday, that it has taken measures to develop and improve the accounting and auditing professions in Iraq. While it referred to the issuance of the internal control guide binding on all government agencies, it confirmed the preparation of a draft of the updated unified accounting system in accordance with international standards.
The Deputy Chairman of the Financial Supervision Bureau, Qaisar Al-Saadi, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "the Federal Financial Supervision Bureau seeks to achieve its objectives specified by its founding law, including developing the accounting and auditing professions in Iraq."
He explained that "one of the most prominent steps taken by the Bureau is issuing reports evaluating the internal control systems in ministries, entities not affiliated with a ministry, and governorates," indicating that "the aim of this is to raise the level of performance of these formations, enhance efforts to combat financial and administrative corruption, improve institutional performance, and work on the principle of preventive control to reduce this phenomenon."
He pointed out that "the Bureau issued the Internal Control Guide, which was circulated to all government agencies for mandatory adoption starting from 7/1/2024," noting that "this guide aims to help these agencies accomplish their work in a way that ensures tight control and oversight over financial transactions and the preservation of public money."
He added, "The Court has completed preparing a draft of the updated unified accounting system in accordance with international standards. This draft has been circulated to government agencies, unions and universities for the purpose of expressing their opinions and making appropriate amendments in preparation for its actual implementation in the near future."
He added: "The Bureau also contributed to holding the first session of the Audit and Accounting Standards Board in the Republic of Iraq for the year 2024 after an interruption of more than four years, during which the audit and accounting issues were discussed and appropriate decisions were taken regarding them, which contributes to developing the work of the profession in Iraq."
He pointed out that "these steps come within the framework of the Bureau's commitment to developing and improving the accounting and auditing professions in Iraq in line with international standards and contributing to enhancing integrity and transparency in government institutions."
He added, "The Bureau relies in its work on the international standards issued by the International Organization of Supreme Audit Institutions (INTOSAI). The Bureau is also a prominent member of the organization and has many contributions, including participation as a member of (5) working groups, attendance at seminars between INTOSAI and the United Nations, and cooperation with the INTOSAI Development Initiative in its various programs, in addition to the Bureau assuming the chairmanship of the Strategic Planning Committee in the organization."
Al-Saadi explained that “the Court cooperates with international and local organizations and similar oversight bodies such as the Dutch Court of Audit in the field of performance evaluation and peer review, the Court of Auditors in Morocco in the field of judicial oversight, and the Polish Oversight Body in the field of risk-based auditing, as well as the German Cooperation Agency (GIZ), the Korea International Cooperation Agency (Koica), the Japan International Cooperation Agency (Jika), and the Indian Technical and Economic Cooperation Program (ITEC).”
He pointed out to the "multiple activities with oversight bodies in Arab and Islamic countries such as the General Auditing Bureau in the Kingdom of Saudi Arabia, the Audit Bureau in the State of Qatar, the Turkish Court of Accounts, the Supreme Audit Court in the Islamic Republic of Iran, the Accounting Council in the Algerian Republic, and many others," noting that "these standards and evidence contribute, along with international cooperation, to enhancing the effectiveness and efficiency of the Bureau in carrying out its oversight work in a way that ensures transparency and integrity in government institutions."
He stressed the "commitment of the Federal Audit Bureau to enhance transparency and integrity in all state institutions by working in accordance with international standards and effective cooperation with regulatory bodies and international organizations," stressing "continuing efforts to develop the accounting and auditing professions and providing technical and accounting support to ensure optimal performance and preservation of public funds, in addition to giving great importance to supporting the role of youth in building the future by enhancing their capabilities to be real partners in combating corruption and evaluating government performance in order to achieve the desired goals link
Mot .. Not Saying - I Could Use Da RV – Buuttttttt
Mot: . Gunna beeeee un of Thos Daze!!!!
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Economics, Gold and Silver, News DINARRECAPS8 Economics, Gold and Silver, News DINARRECAPS8
Good Afternoon Dinar Recaps,
BIOMETRIC PASSPORTS BY GOOGLE
"Google Walletis rolling out support for American biometric passports. Users scan their passport with Google Wallet to add it as an ID pass, and can then perform identity verification by connecting their phone to an NFC scanner or scanning a QR code generated by the ID pass. They are still recommended to carry a physical copy of their passport, however."
"Google Wallet also added support for 29 more banks to its payment feature in June, and is up to 170 added this year alone, indicating the focus remains on payments, for now. Mobile driver’s licenses from several states are already available in Google Wallet.”
Good Afternoon Dinar Recaps,
BIOMETRIC PASSPORTS BY GOOGLE
"Google Walletis rolling out support for American biometric passports. Users scan their passport with Google Wallet to add it as an ID pass, and can then perform identity verification by connecting their phone to an NFC scanner or scanning a QR code generated by the ID pass. They are still recommended to carry a physical copy of their passport, however."
"Google Wallet also added support for 29 more banks to its payment feature in June, and is up to 170 added this year alone, indicating the focus remains on payments, for now. Mobile driver’s licenses from several states are already available in Google Wallet.”
"In Europe, where member states are working towards launching interoperable digital wallets for all citizens, they will store national ID cards that function as travel IDs within the EU."
LIKE IT OR NOT THIS SEEMS TO BE THE DIRECTION THAT TECHNOLOGY IS TAKING US. ALL THE MORE REASON FOR LEGISLATION THAT PROTECTS THE PRIVACY AND SECURITY OF INDIVIDUALS.
@ Newshounds News™
Read more:Biometric Update
~~~~~~~~~
DONALD TRUMP IS SCHEDULED TO SPEAK AT THE ANNUAL BITCOIN CONFERENCE IN NASHVILLE IN JULY
"President Donald Trump has been officially announced as a speaker at Bitcoin 2024, the world’s largest Bitcoin conference, taking place in Nashville, Tennessee, July 25-27. This announcement marks a significant milestone for the event, which has earned a reputation for historic news and major industry announcements."
"With two U.S. Presidential candidates, Robert F. Kennedy Jr. and Donald Trump, both slated to speak, Bitcoin 2024 is poised to be a pivotal event, potentially shaping the future of Bitcoin and cryptocurrency policy in the U.S."
"In May, Trump said he would ensure that the future of Bitcoin and crypto will be made in the USA, while also promising to protect the right to self-custody to the nation's 50 million crypto holders, if elected president."
WE'RE SEEING A DISTINCT DIVIDING LINE POLITICALLY IN THE STANCE OF REPUBLICAN VERSES DEMOCRAT IN REGARDS TO BITCOIN AND THE FUTURE OF CRYPTO LEGISLATION
@ Newshounds News™
Read more:Bitcoin Magazine
~~~~~~~~~
BRAD GARLINGHOUSE COMMENTS REGARDING THE LAWSUIT AGAINST RIPPLE
"As many have noticed - and some have already pointed out - there have been numerous misleading and some factually inaccurate headlines describing the decision made by a California judge yesterday in the class action lawsuit about XRP. (I’m happy to see some correcting them - I wish I could tag / link them all here)
To be absolutely clear, this is a big win – all class action claims in the suit were DISMISSED, and absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security (per the NY Court decision). The CA ruling dismissed all allegations that Ripple had somehow violated federal securities law by selling XRP.
As for the single state law claim that will now be scheduled for trial: the sole plaintiff didn’t buy XRP directly from Ripple and can’t say if he even heard the statement before he traded and only owned a couple hundred XRP. This was a clear example of the trolls that unsuccessfully tried to take advantage of the US legal system and distort statements to seek 100’s of millions in class action settlements."
@ Newshounds News™
Read more:BGarlinghouse
~~~~~~~~~
UNISWAP LABS PRESSES SEC TO DROP RULES REGARDING DECENTRALIZED EXCHANGES
"Since at least April 2023, the SEC has proposed expanding the definition of what qualifies as an exchange in the Exchange Act of 1934 — explicitly arguing that it should include crypto market participants in DeFi.Uniswap has been among those arguing against it. In a July 9 letter, Uniswap added further arguments following a comment letter it sent last month, calling for the SEC to drop its proposed amendments. " "Its new argument is that with the Chevon decision
"“For all of these reasons, the Commission should not adopt the proposed amendments,” said Uniswap.“The Commission drafted the proposed amendments against a legal backdrop that no longer exists.”
@ Newshounds News™
Read more:Coin Telegraph
~~~~~~~~~
Fideum FI
Integration of traditional finance and the digital asset ecosystem
Introduction
Fideum is a fintech company focused on accelerating the digital transformation of financial institutions, banks, and small—to medium-sized enterprises (SMEs) through its eponymous blockchain infrastructure.With thestrategic backing of Mastercard Europeand a recent win at the Mastercard Lighthouse program,Fideum aims to position itself as a reliable partner for entities seeking to delve into and capitalize on digital assets.
Founded in 2018, the project initially made waves with its non-custodial mobile wallets, amassing a user base of over 80,000.
In response to the 2022 bear market,Fideum pivotedtowards serving institutional clients, developing white-label solutions thatcater to high-net-worth individuals and larger entities. This shift, leveraging existing infrastructure, led to profitability by 2023 and cemented Fideum’s position as a fintech innovator, continually adapting to market needs and regulatory landscapes.
This report delves into Fideum’s market, technology, tokenomics, team, partnerships, audits, roadmap, and the risks and opportunities it faces.
Technical specifications:
Fideum’s technical stack is designed to provide security and scalability. The platform has a microservice architecture that ensures flexibility and modularity, allowing for various services to be incorporated seamlessly.
—Backend technologies: The core backend is developed using Java OpenJDK 17, with Spring Boot and Hibernate to streamline development and manage database interactions.
—Frontend technologies: The web and mobile user interfaces are built using React and Expo, with Firebase providing real-time database and authentication services. TypeScript enhances code quality and maintainability.
—Blockchain infrastructure:The platform supports ERC20, BEP20, and TRC20 standards, ensuring compatibility with major blockchain networks such as Ethereum, BNB Chain, and Tron.
—Smart contracts:The use of smart contracts automates transactions and agreements, reducing the need for intermediaries and enhancing efficiency.
—On-chain monitoring solutions:Fideum provides real-time insights into blockchain transactions and activities, allowing for proactive monitoring of suspicious activities.
—Database management: PostgreSQL is used for data storage and management.
—Additional technologies:Kafka is used for real-time data processing, and Minio provides scalable storage for unstructured data.
@ Newshounds News™
Read the full Report Here: Crypto Slate
~~~~~~~~~
European stablecoin market declines under newly imposed MiCA rules.
Stablecoins trading momentum have slowed amid a broader crypto market downturn.
The market capitalization of European stablecoins declined in June due to the implementation of the Markets in Crypto-Assets (MiCA) regulation, according to CCData’s latest stablecoin report.
The market cap of Euro-based stablecoins fell by 2.51%, hitting a seven-month low of $307 million, the lowest since November 2023. During this period, Tether’s EURT stablecoin’s market cap dropped by 26%, mainly due to delistings from major exchanges like Bitstamp.
CCData noted that MiCA’s implementation spurred interest in stablecoins that comply with local laws. MiCA, the EU’s comprehensive crypto regulation package, was recently enacted. It allows firms licensed by one member state to operate throughout the EU.
However,stablecoin issuers like Tether have criticized the rules for their stringent requirements, such as limits on trading volumes for certain stablecoins.
Despite these challenges, several issuers and their stablecoins, including Circle’s USDC and EURC, Societe Generale’s EURCV, Monerium’s EURe, Membrane’s EUROe, and Quantoz’s EURD, are recognized under the law.
Stablecoins volume fall
In June, the global stablecoin market cap rose by 0.53% to $161 billion, marking a nine-month growth streak and the highest stablecoin market cap since April 2022.
CCData said:
“Stablecoin market dominance is currently at 6.83%, rising from 6.22% in May. The increase in the stablecoin dominance highlights the negative price action of digital assets, with Bitcoin and Ethereum retracing the gains made following the surprise approval of spot Ethereum ETFs in the US.”
Despite the growth, stablecoin trading momentum has slowed amid a downturn in the digital asset market.
Stablecoin trading volume on centralized exchanges fell by 18% to a seven-month low of $907 billion in June. Similarly, on-chain transfer volume decreased for the second consecutive month by 7.5% to $1.8 trillion, the lowest since February 2024. This decline aligns with ongoing bearish market sentiments.
The report alsohighlighted that USDC had the highest on-chain transfer volume in June, surpassing USDT and DAI.
CCData stated:
“Among the top five stablecoins on Ethereum, USDC leads with $786 billion in on-chain transfer volume, representing 43.6% of the market share. USDT and DAI follow with transfer volumes of $616 billion and $334 billion, accounting for 34.2% and 18.5% of the volumes.”
@ Newshounds News™
Read more:Crypto Slate
~~~~~~~~~
CENTRAL BANK OF IRAQ (CBI) INTERESTED IN FURTHERING THEIR POSITION ON E-REGULATION
"Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq (CBI), chaired a meeting on the regulation of e-commerce in Iraq, with participation from relevant authorities.
The meeting discussed controls and consumer protection measures, focusing on registration procedures and obtaining licenses for e-commerce activities.
The committee defined service providers and established a licensing process through an electronic platform to be developed by the Ministry of Commerce. Committee members emphasized the importance of licensing regulations to safeguard all parties involved in e-commerce."
@ Newshounds News™
Read more: Iraq Business News
~~~~~~~~~
FTC MAKES A STATEMENT ON CRYPTO AS ASSETS ENTER NEW PHASE
"The chairperson of the U.S. Commodity Futures Trading Commission (CFTC) Rostin Behnam is warning that the crypto industry is likely to face more headwinds from regulators over the coming months.
Speaking at the 2024 Milken Institute Global Conference, the CFTC chair says that the crypto industry will “probably see in the next six to 18 months or six to 24 months another cycle of enforcement actions” amid “asset appreciation and [renewed] interest by retail investors.”
"Without a regulatory framework, without that transparency, without those tools that we typically use as regulators, you are going to continue to see this fraud and manipulation.
And putting aside the legitimacy and where this technology may go and what role it might play in our economy and commerce, the internet, digital assets generally… we just have to think about things from a regulatory and consumer protection standpoint. And I think that needs to be our guiding light in terms of driving this conversation, filling these regulatory gaps and creating this framework that’s ultimately going to protect American investors.”
IF CRYPTOS ARE CLASSIFIED AS COMMODITIES INSTEAD OF SECURITIES, THEY WOULD FALL UNDER THE AUTHORITY OF THE CFTC INSTEAD OF THE SEC
@ Newshounds News™
Read more:Daily Hodl
~~~~~~~~~
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KTFA, News Dinar Recaps 20 KTFA, News Dinar Recaps 20
KTFA: RE: Wed. Night CC:
Buckeyetree: I appreciated the thought from the UB2B of who now controls the oil, and it is not Iran any longer!! That was a great UB2B.
The report that the IQD shows up on some of the major hotels as currency to use to purchase hotel stays as one guest shared in interview on UB2B was great news. That could be a sign of international recognition. (I am hoping that the Private Bankers in the USA are on the same page in great expectation if the world now knows. No more "it's a scam.")
Also, if I remember correctly, Eddie shared in a recent report that he and other Iraqis felt like they had a fancy car in Iraq, but it had no engine. I might use that metaphor in another similar application. Those new high tech ATM machines are like that fancy car in Iraq, but they do not have the engine to run them yet. Those ATMs are waiting for the new rate and lower notes! The Iraqis and ATMs may not have to wait much longer. IMO!! We hope and pray.
KTFA:
RE: Wed. Night CC: https://youtu.be/arJ5wta8aHk
Buckeyetree: I appreciated the thought from the UB2B of who now controls the oil, and it is not Iran any longer!! That was a great UB2B.
The report that the IQD shows up on some of the major hotels as currency to use to purchase hotel stays as one guest shared in interview on UB2B was great news. That could be a sign of international recognition. (I am hoping that the Private Bankers in the USA are on the same page in great expectation if the world now knows. No more "it's a scam.")
Also, if I remember correctly, Eddie shared in a recent report that he and other Iraqis felt like they had a fancy car in Iraq, but it had no engine. I might use that metaphor in another similar application. Those new high tech ATM machines are like that fancy car in Iraq, but they do not have the engine to run them yet. Those ATMs are waiting for the new rate and lower notes! The Iraqis and ATMs may not have to wait much longer. IMO!! We hope and pray.
Finally, if I understood correctly from recent articles and reports that the dinar will only be sold at the airport starting on the 14th. Also, that Sudani recently had a meeting with the Exchangers who were about to go on strike, and they suddenly changed their tune and reversed their plans, hopefully happily. Sudani is a mover and shaker in a good way. There could be something maybe significant about the 14th just before WTO on the 18th. IMO!!
IMO, not just soccer, those big screens around the country in Iraq may soon serve a dual purpose. For us, it seems past time.
Many banks here and abroad seem to be on the brink of collapse due to large debt.
IMO, the reinstatement of the IQD may bring liquidity and less debt to some of the banks, a banking stimulus. Good leadership and good reforms in Iraq will bring blessings from a once war torn country. Industrial cities, hospitals, railroad, ATMs, vast resources, miracles. Thanks to Dr. Shabibi, Sudani, and Alak. Most of all, Praise God.
Clare: Iraq stops dealing with the Chinese yuan...and the currency basket is an alternative
7/11/2024
The Parliamentary Finance Committee revealed that Iraq has decided to stop dealing with the Chinese yuan in financial transfer
Committee member Moeen Al-Kazemi said in a press statement that "the US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred."
He believed that "many decisions by the Central Bank are imposed by the US Federal Bank," according to him.
Al-Kazemi pointed out that "Iraq's money, as we know, is placed in the US Federal Bank as a result of the sale of oil at a rate of 3.5 million barrels per day, and this money enters the US Federal Bank and is not transferred to Iraq in cash, but is transferred to Iraq through transfers issued by the Central Bank and the Federal Bank is notified and then the Federal Bank is convinced of this transfer and commercial transaction and on the basis of it releases amounts to the relevant parties exporting to Iraq."
He noted that "many of the Central Bank's procedures are governed by the American will, and this will may be explained for administrative and financial reasons, non-financing of terrorism, and others," believing that "the reasons are political with the aim of pressuring the Iraqi government," according to his expression.
Regarding the impact of canceling dealing in the Chinese currency, Al-Kadhimi pointed out that "the merchant and the Central Bank have multiple options and not to deal only with the dollar, so this suspension is temporary and not permanent."
As for what the Parliamentary Finance Committee will do in this regard, a member of the committee explained, "We will ask the Central Bank to address the issue and for the currency basket to be diverse, so that the options are more for the Central Bank and Iraqi merchants."
It is noteworthy that Iraq has strengthened its assets denominated in yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about $ 12 billion annually.
Iraq has also moved to strengthen its assets in the Emirati dirham and negotiated an increase in its assets denominated in euros to finance trade with the European Union, and Iraq has also begun opening bank accounts in the Indian rupee for a number of Iraqi banks.
Since the beginning of 2023, the Central Bank of Iraq has issued several decisions aimed at maintaining the stability of the general monetary and economic situation and confronting the risks of fluctuations in the exchange rate of the Iraqi dinar against the US dollar, in addition to facilitating import and export operations by opening new horizons with international banks, including Chinese banks.
Among the decisions of the Central Bank of Iraq is to enhance the balances of Iraqi banks that have accounts with Chinese banks in Chinese yuan, as dealing in yuan directly without the mediation of the US dollar contributes to facilitating and accelerating financial transactions, and will reduce import costs and protect against the risks of fluctuating exchange rates within Iraq. LINK
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Clare: A representative of the framework: The 2024 budget will be returned to the House of Representatives and the reason is revealed
7/11/2024
Baqir Al Saadi, a representative of the Coordination Framework, confirmed today, Thursday, that the 2024 budget will be returned to Parliament if it resumes its work.
Al-Saadi told Al-Furat News Agency, "The 2024 budget tables will be returned to the House of Representatives to make minor amendments to them."
He added, "The matter will be completed once Parliament begins its work."
From.. Raghad LINK
Ryan1216: I don’t understand how the budget can be sent back to Parliament when the President signed and sent it to the Gazette for publishing.
Clare: THE AMENDMENTS NEVER GOT PUBLISHED IN THE GAZETTE YET... imo
************
Clare: International Chamber of Commerce launches new office in Iraq
7/11/2024
The International Chamber of Commerce (ICC), headquartered in Paris, announced the expansion of its global presence with the official launch of a new office in Iraq.
ICC, founded in 1919 in Paris, has a network of offices in more than 170 countries, representing over 45 million businesses.
The ICC reported that the official launch of the ICC office in Iraq took place at the organization's global headquarters in Paris. The new office is expected to "advance the ICC's mission in Iraq and strengthen the voice of Iraqi businesspeople and chambers globally."
The report noted that ICC Iraq will add to the total number of ICC offices, bringing the count to 92 worldwide.
A delegation from ICC Iraq attended the official launch celebration in Paris, followed by a celebration at the Iraqi Embassy in the French capital.
ICC Secretary General John W.H. Denton was quoted as saying, "The context in which businesses operate today is marked by geo-economic and geo-political tensions giving rise to instability, uncertainty and new challenges in Iraq and beyond. Bringing our mission to Iraq will deliver real value for Iraqi business and the real economies in which they operate."
According to the report, "ICC Iraq will support ICC's institutional objectives for business to foster peace, prosperity, and opportunity for all through local commissions on arbitration and ADR, digital economy, intellectual property, and trade and investment."
The report highlighted that "ICC Iraq's founding members are Abdulrazaq Al-Zuheere, who serves as ICC Iraq Honorary Chair and President of the Federation of Iraqi Chambers of Commerce (FICC), Mohsin Al Hamed, Chair of ICC Iraq and Al-Asriya Group, and Ahmed Alyasiri, ICC Iraq Secretary General and International Organisation Consultant at FICC."
The report concluded by noting that ICC Iraq members, through their office in Iraq, will help shape ICC policies and alert governments to issues of interest to international business. LINK
Clare: Activity Transactions on the FITR Platform
July 10, 2024
TRANSLATION:
Republic of Iraq
Central Bank of Iraq
Directorate of Supervision of Non-Banking Financial Institutions
Exchange Companies Control
Section, Audit and Inspection Division
Issue: 2/22/22Date: 7/10/2022
Exchange companies / categories (A, B) and mediation companies in buying and selling foreign currencies, category CActivities transactions on the FITR platform /e
Kind regards....Later, with our circulars numbered 20/3/33 and 35 dated 2/4 and 7/3/2024, and regarding your inquiries about the possibility of uploading data after completing each of the company's activities.
We would like to inform you that your companies can register activity transactions, buying and selling foreign currency outside the window, internal money transfers sent and received, external money transfers sent and received, available to the exchange companies Finti A, B via the companies (Western Union, Money Gram) on the FITR platform above by uploading documents. The data is at the end of the working day, with the exception of dollar sales transactions to traveling citizens, which require real-time recording with respect.
Mr. Dr. Ammar Hamad Khalaf
Deputy Governor Agency
7/10/2024
************
7/11/2024 Baghdad - WAA - Fatima Rahma
The Financial Supervision Bureau announced today, Thursday, that it has taken measures to develop and improve the accounting and auditing professions in Iraq. While it referred to the issuance of the internal control guide binding on all government agencies, it confirmed the preparation of a draft of the updated unified accounting system in accordance with international standards.
The Deputy Chairman of the Financial Supervision Bureau, Qaisar Al-Saadi, told the Iraqi News Agency (INA): "The Federal Financial Supervision Bureau seeks to achieve its objectives specified by its founding law, including developing the accounting and auditing professions in Iraq."
He explained that "one of the most prominent steps taken by the Bureau is issuing reports evaluating the internal control systems in ministries, entities not affiliated with a ministry, and governorates," indicating that "the aim of this is to raise the level of performance of these formations, enhance efforts to combat financial and administrative corruption, improve institutional performance, and work on the principle of preventive control to reduce this phenomenon."
He pointed out that "the Bureau issued the Internal Control Guide, which was circulated to all government agencies for mandatory adoption starting from 7/1/2024," noting that "this guide aims to help these agencies accomplish their work in a way that ensures tight control and oversight over financial transactions and the preservation of public money."
He added, "The Court has completed preparing a draft of the updated unified accounting system in accordance with international standards. This draft has been circulated to government agencies, unions and universities for the purpose of expressing their opinions and making appropriate amendments in preparation for its actual implementation in the near future."
He added: "The Bureau also contributed to holding the first session of the Audit and Accounting Standards Board in the Republic of Iraq for the year 2024 after an interruption of more than four years, during which the audit and accounting issues were discussed and appropriate decisions were taken regarding them, which contributes to developing the work of the profession in Iraq."
He pointed out that "these steps come within the framework of the Bureau's commitment to developing and improving the accounting and auditing professions in Iraq in line with international standards and contributing to enhancing integrity and transparency in government institutions."
He added, "The Bureau relies in its work on the international standards issued by the International Organization of Supreme Audit Institutions (INTOSAI). The Bureau is also a prominent member of the organization and has many contributions, including participation as a member of (5) working groups, attendance at seminars between INTOSAI and the United Nations, and cooperation with the INTOSAI Development Initiative in its various programs, in addition to the Bureau assuming the chairmanship of the Strategic Planning Committee in the organization."
Al-Saadi explained that “the Court cooperates with international and local organizations and similar oversight bodies such as the Dutch Court of Audit in the field of performance evaluation and peer review, the Court of Auditors in Morocco in the field of judicial oversight, and the Polish Oversight Body in the field of risk-based auditing, as well as the German Cooperation Agency (GIZ), the Korea International Cooperation Agency (KOICA), the Japan International Cooperation Agency (Jika), and the Indian Technical and Economic Cooperation Program (ITEC).”
He pointed out to the "multiple activities with oversight bodies in Arab and Islamic countries such as the General Auditing Bureau in the Kingdom of Saudi Arabia, the Audit Bureau in the State of Qatar, the Turkish Court of Accounts, the Supreme Audit Court in the Islamic Republic of Iran, the Accounting Council in the Algerian Republic, and many others," noting that "these standards and evidence contribute, along with international cooperation, to enhancing the effectiveness and efficiency of the Bureau in carrying out its oversight work in a way that ensures transparency and integrity in government institutions."
He stressed the "commitment of the Federal Audit Bureau to enhance transparency and integrity in all state institutions by working in accordance with international standards and effective cooperation with regulatory bodies and international organizations,"
Stressing "continuing efforts to develop the accounting and auditing professions and providing technical and accounting support to ensure optimal performance and preservation of public funds, in addition to giving great importance to supporting the role of youth in building the future by enhancing their capabilities to be real partners in combating corruption and evaluating government performance in order to achieve the desired goals." LINK
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Economics, News Dinar Recaps 20 Economics, News Dinar Recaps 20
TNT: Tishwash: Al-Sudani reviews Rafidain Bank reform procedures with Ernst & Young
Prime Minister Mohammed Shia Al-Sudani held a special meeting on Wednesday to develop the workof government banks, in the presence of representatives of Ernst & Young for auditing and financial consulting.
Al-Sudani was briefed, according to a statement published by his media office, on the "technical and administrative procedures related to the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector."
Al-Sudani stressed, "The need to continue intensive meetings between the Supreme Committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank."
TNT:
Tishwash: Al-Sudani reviews Rafidain Bank reform procedures with Ernst & Young
Prime Minister Mohammed Shia Al-Sudani held a special meeting on Wednesday to develop the workof government banks, in the presence of representatives of Ernst & Young for auditing and financial consulting.
Al-Sudani was briefed, according to a statement published by his media office, on the "technical and administrative procedures related to the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector."
Al-Sudani stressed, "The need to continue intensive meetings between the Supreme Committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank."
The statement indicated that "the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank's work, and implementing structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transition to automated work, which helps the bank's ability to meet global banking requirements." link
Tishwash: A representative accuses America of obstructing Iraq's economic openness to the countries of the world
Today, Wednesday, Deputy Chairman of the Parliamentary Economics Committee, Yasser Al-Husseini, accused the United States of America of obstructing Iraq's economic openness to the countries of the world.
Al-Husseini said in an interview with the Maalouma Agency, “The United States of America stands against Iraq's economic openness to the countries of the world, indicating that America has contributed greatly to preventing international companies from coming to Iraq.”
He added, "America stands as a stumbling block in the way of the growth of the Iraqi economy," noting that "what Iraq has reached is due to American interference in internal affairs."
He continued, "America does not want Iraq to be at the forefront of economically developed countries." link
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Tishwash: Economic: The ambiguity of the Central Bank's dealings serves the Americans
Today, Wednesday, economic expert Mustafa Hantoush revealed the existence of ambiguity in the Central Bank's dealings, behind which there are intentions that serve American interests.
Hantoush said in a statement to the Maalouma Agency, “The absence of weekly bulletins on the distribution of the dollar from the Central Bank has made the process of selling the dollar more ambiguous,” noting that “the ambiguity in the Central Bank’s recent dealings regarding the file of distributing the dollar.”
He continued, "The confusion in the work of the Central Bank enabled the American side to eliminate Iraqi banking by introducing foreign banks and granting them privileges in the country," pointing out that "80% of the dollar is distributed to foreign banks operating in Iraq in a step called presenting banking work on a platter." Who went to America and foreign banks?
It is noteworthy that the Central Bank authorized the work of three exchange companies inside airports, neglecting hundreds of companies in a decision that many considered a flop, which resulted in the decision increasing the US exchange rate against the Iraqi dinar to more than 150 thousand dinars . link
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Tishwash: For the first time, the Iraqi state's non-oil revenues record an increase of 11%
The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations announced on Thursday that for the first time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier.
A report issued by the institution today stated that non-oil revenues for the first five months of the current year amounted to 6.24 trillion Iraqi dinars, while oil revenues for the same period of the current year amounted to 48.4 trillion Iraqi dinars.
According to the report, tax revenues on income and wealth increased by 118%, while revenues from commodity taxes and production fees increased by 285%.
The institution's report indicated that fee revenues increased by 50%, while oil revenues increased by 6.4%.
The continued reliance of the Iraqi state on oil as the sole source of the general budget is a dangerous matter in the face of global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions. link
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Tishwash: Revealing the volume of trade exchange between Iraq and Saudi Arabia
The Saudi-Iraqi Business Council estimated the volume of trade exchange between the two countries at 5 billion riyals, with an annual growth of 12%, according to the head of the council, Mohammed Al-Khorayef.
The council stated in a report that the council is working to develop Saudi investments in Iraq, in conjunction with the interest of the private and governmental sectors in the Kingdom in investing in Baghdad.
It indicated that Iraq is preparing to propose a law to protect Saudi-Iraqi investment and discuss it before Parliament in preparation for its approval in the coming few months, to enhance economic cooperation between the Kingdom and Iraq, according to a statement issued by the Federation of Saudi Chambers.
In December of last year, Saudi Arabia and Iraq signed a partnership agreement in the field of private sector industrial investments, at a time when the Kingdom’s ambassador at the time confirmed that there were many investment opportunities being studied.
Last November, Saudi Minister of Investment Khalid Al-Falih also announced that the Kingdom is studying the launch of the first free economic zone with Iraq, in the border area in Arar, expressing his hopes that the zone would be the first free economic zone with a neighboring country without taxes, fees or entry visas to serve investors in both countries.
5 billion Saudi Riyals equals 1,333,082,700.00 US Dollars link
Mot: ... Lets go Deep Sea Diving!! -- It will beeeee Fun they Said!!!!
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More Than 3 Billion Shares Traded In The Iraq Stock Exchange During The Week
Market Economy News – Baghdad The Iraq Stock Exchange witnessed remarkable activity during the second week of July 2024, as more than 3 billion shares were traded with a total value exceeding 3 billion Iraqi dinars.
The main trading index ISX60 rose by 2.84% to close at 904.16 points, while the ISX15 rose by 1.73% to close at 1016.57 points.
These indicators indicate the continued confidence of investors in the Iraqi market, and reflect the positive developments in the Iraqi economy in general.
Highlights from the weekly report:
More Than 3 Billion Shares Traded In The Iraq Stock Exchange During The Week
Market Economy News – Baghdad The Iraq Stock Exchange witnessed remarkable activity during the second week of July 2024, as more than 3 billion shares were traded with a total value exceeding 3 billion Iraqi dinars.
The main trading index ISX60 rose by 2.84% to close at 904.16 points, while the ISX15 rose by 1.73% to close at 1016.57 points.
These indicators indicate the continued confidence of investors in the Iraqi market, and reflect the positive developments in the Iraqi economy in general.
Highlights from the weekly report:
Significant rise in trading indicators: The ISX60 index rose by 2.84% to close at 904.16 points, while the ISX15 index rose by 1.73% to close at 1016.57 points.
High trading activity: More than 3 billion shares were traded with a total value exceeding 3 billion Iraqi dinars.
Investor Confidence: The rise in trading indicators reflects the continued confidence of investors in the Iraqi market. Views 29 2024/07/11 - https://economy-news.net/content.php?id=45124
Iraq Stops Dealing With The Chinese Yuan...And The Currency Basket Is An Alternative
Time: 2024/07/11 09:13:56 Read: 2,639 times {Economic: Al Furat News} The Parliamentary Finance Committee revealed that Iraq has decided to stop dealing with the Chinese yuan in financial transfers.
Committee member Moeen Al-Kazemi said in a press statement that "the US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred."
He believed that "many decisions by the Central Bank are imposed by the US Federal Bank," according to him.
Al-Kazemi pointed out that "Iraq's money, as we know, is placed in the US Federal Bank as a result of the sale of oil at a rate of 3.5 million barrels per day, and this money enters the US Federal Bank and is not transferred to Iraq in cash, but is transferred to Iraq through transfers issued by the Central Bank and the Federal Bank is notified and then the Federal Bank is convinced of this transfer and commercial transaction and on the basis of it releases amounts to the relevant parties exporting to Iraq."
He noted that "many of the Central Bank's procedures are governed by the American will, and this will may be explained for administrative and financial reasons, non-financing of terrorism, and others," believing that "the reasons are political with the aim of pressuring the Iraqi government," according to his expression.
Regarding the impact of canceling dealing in the Chinese currency, Al-Kadhimi pointed out that "the merchant and the Central Bank have multiple options and not to deal only with the dollar, so this suspension is temporary and not permanent."
As for what the Parliamentary Finance Committee will do in this regard, a member of the committee explained, "We will ask the Central Bank to address the issue and for the currency basket to be diverse, so that the options are more for the Central Bank and Iraqi merchants."
It is noteworthy that Iraq has strengthened its assets denominated in yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about $ 12 billion annually.
Iraq has also moved to strengthen its assets in the Emirati dirham and negotiated an increase in its assets denominated in euros to finance trade with the European Union, and Iraq has also begun opening bank accounts in the Indian rupee for a number of Iraqi banks.
Since the beginning of 2023, the Central Bank of Iraq has issued several decisions aimed at maintaining the stability of the general monetary and economic situation and confronting the risks of fluctuations in the exchange rate of the Iraqi dinar against the US dollar, in addition to facilitating import and export operations by opening new horizons with international banks, including Chinese banks.
Among the decisions of the Central Bank of Iraq is to enhance the balances of Iraqi banks that have accounts with Chinese banks in Chinese yuan, as dealing in yuan directly without the mediation of the US dollar contributes to facilitating and accelerating financial transactions, and will reduce import costs and protect against the risks of fluctuating exchange rates within Iraq. LINK
For The First Time, Iraq's Non-Oil Revenues Record An 11% Increase
Economy 2024-07-11 | 404 views Alsumaria News – Economy Today, Thursday, the head of the "Iraq Al-Future" Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed the total non-oil revenues for the year 2024, while he indicated that the non-oil revenues for the first five months of the year recorded an amount of 6.24 trillion Iraqi dinars.
Al-Obaidi said in a tweet followed by Sumaria News, "Non-oil revenues account for 11% of total revenues, and oil revenues are below the 90% barrier," indicating that "non-oil revenues for the first five months of the year amounted to 6.24 trillion Iraqi dinars."
He pointed out that "oil revenues for the first five months of the current year amounted to 48.4 trillion Iraqi dinars, and income and wealth tax revenues increased by 118%."
He added that "commodity tax revenues increased, production fees by 285%, and fee revenues increased by 50%, while oil revenues increased by 6.4%."
Al-Obaidi considered that "the increase in non-oil revenues is an achievement of economic reform policies and mechanisms for controlling taxes and customs tariffs, and it is expected that total non-oil revenues for the year 2024 will reach around 15 trillion Iraqi dinars, but they are far from the plan in the 24 budget tables, which amounts to 27 trillion dinars." LINK
Iraq Needs 5 Million Housing Units
Iraq 2024/07/11 Experts in sustainable development, real estate and economic development have estimated that Iraq needs nearly 5 million fully serviced, organized housing units to end the housing crisis that has been rampant for decades.
The researcher in private sector development and finance, Dr. Aqil Jabr Al-Muhammadawi, said in an interview with Al-Sabah: “Baghdad is at the forefront of the housing deficit indicators in relation to the population at 31 percent, and the housing deficit rate for the years 2023-2024 reached 26 percent of the total population of Iraq, which is 45 million people, according to statistics from the Ministry of Planning.”
He pointed out that "the housing deficit index has the highest priority in the challenges of the current executive government, and the challenges of the housing, housing and construction sector as a whole have cast a shadow over the importance of evaluating the strategic plans for housing and housing in successive governments, up to the age of the current government."
He explained that "Iraq has been witnessing a real and actual housing crisis for decades and successive governments, as a result of the lack of implementation of large housing projects that meet the current gap of about three million housing units, in addition to the exorbitant prices of real estate."
He stressed that "the worsening housing crisis requires adopting an approach and policy of joint effort between the state and the population, and integrating financing of the public and private housing sector, through comprehensive, effective and integrated solutions and collective efforts in which all state institutions, mixed government sectors and the private sector come together, in addition to allocating an appropriate independent budget within a strategic plan for housing and housing, commensurate with the size of the housing crisis."
Al-Muhammadi called for "finding investment allocations for housing in the federal budget, reprogramming the national housing project, evaluating the proposed projects in the strategic and development plans, enhancing the (residential complexes) strategy and highlighting the participation and role of the private sector, including an integrated infrastructure, supporting allocations and developing the activities of the (Housing Fund), and facilitating the work of local, Arab and international private real estate investment companies."
For his part, the head of the Osool Foundation for Economic Development and Sustainable Development, Khaled Al-Jaberi, told Al-Sabah: “The deficit rate in housing units in Iraq exceeds 5 million units, while local investment bodies were able to reach the threshold of approximately 200,000 units, which is a small number compared to the total deficit.”
He pointed out that, "In addition to what was mentioned above, the governorates, especially Baghdad, suffer from poor land distribution."
“This situation has led to traffic congestion and increased pressure on infrastructure, including sewage, water, sanitation and other municipal services, which has put pressure on the government to provide funds to be spent on solving the problems created by the chaos of land distribution through investment for local authorities,” Al-Jabri said, noting that “therefore, solutions to establish new cities come to cover a large part of the current deficit, and over time, these cities are expected to help confront the population growth rate, which is estimated at about 2.5 percent annually.”
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Iraqi Dinar-IQD Update -Road Map-Bank Merger-Ernst & Young-Massive Implications-New Mechanism Dollar
MilitiaMan and Crew: 7-11-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraqi Dinar-IQD Update -Road Map-Bank Merger-Ernst & Young-Massive Implications-New Mechanism Dollar
MilitiaMan and Crew: 7-11-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
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