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

The Iraqi Banking System: A Noticeable Increase In The Number Of Bank Accounts And The Size Of Citizens’ Deposits

Time: 07/24/2024 13:01:43 Read: 1,898 times {Economic: Al-Furat News} The banking system in Iraq is regaining citizens’ confidence in it little by little, with the increase in the number of bank accounts in banks and banks spread throughout the country.

Banking systems around the world face increasing challenges in light of rapid economic and financial changes.

To ensure the stability of these systems and protect depositors' funds, many countries are moving to join the International Association of Deposit Insurers.

This membership is not just a formality, but rather a strategic step that carries with it great benefits for member states and their banking systems.

In Iraq, economic and political challenges over the decades have provided a strong justification for keeping money at home rather than putting it in banks.

However, the joining of the Iraqi Deposit Insurance Company (ICDI) to the International Organization of Deposit Insurers came as a decisive step in improving confidence in the banking system.

Since its accession, Iraq has witnessed a

noticeable increase in the number of bank accounts and the

size of deposits,

which reflects a significant improvement in citizens’ confidence in banks.

This development enhances Iraq’s ability to

attract investments and

support economic growth

by converting savings into productive investments.

In a world of increasing economic and financial interconnectedness, countries cannot act in isolation from each other.

Membership in international deposit insurance bodies reflects countries' commitment to international cooperation and exchange of experiences, and confirms their tireless pursuit of achieving financial stability and protecting depositors' funds.

This membership is not just a formality, but rather a strategic investment in the future of the banking system and the national economy as a whole.

International cooperation: the cornerstone of deposit guarantee

International bodies provide a unique platform for exchanging experiences and knowledge between member states.

National financial institutions can benefit from the successful experiences of other countries in the field of deposit insurance, and avoid the mistakes that some countries have made.

This continuous exchange contributes to the development and modernization of deposit insurance policies and procedures in line with global best practices.

Joining the International Association of Deposit Insurers (IADI) enhances the transparency and credibility of the national banking system.

The state's commitment to strict international standards in the field of deposit insurance sends a positive message to citizens and investors that

their deposits with member banks of the deposit insurance system are in safe hands and that the

banking system is subject to effective local monitoring and supervision.

International bodies not only provide a platform for exchanging experiences, but also provide technical and advisory support to their members.

National institutions can benefit from the expertise of international specialists in developing and implementing effective deposit insurance policies, assessing potential risks, and preparing for financial crises.

By adhering to international standards and applying best practices, national institutions can reduce the risks of financial crises and enhance the stability of the banking system.

This stability is not a goal in itself, but rather a means to achieve broader economic and social goals, such as increasing economic growth rates and providing job opportunities.

When citizens and investors trust the banking system, they are more willing to deposit their money in banks.

This increased confidence leads to an increase in the volume of deposits available for investment, which supports economic activity and contributes to achieving sustainable development.

The impact of membership in international bodies is not limited to enhancing financial stability and confidence in the banking system,

but rather extends to supporting economic development.

Increasing the volume of deposits available for investment can

contribute to financing development projects,

providing loans to small and medium enterprises, and

creating new job opportunities.

Malaysia:

Malaysia joined the International Association of Deposit Insurers, which helped improve deposit insurance policies and increase confidence in the banking system.

This accession led to an increase in the volume of bank deposits and greater financial stability, which contributed to supporting economic growth in the country.

South Korea:

After the Asian financial crisis in the late 1990s, South Korea joined the International Association of Deposit Insurers.

International membership helped restore confidence in the banking system and strengthen the stability of the national economy, allowing South Korea to achieve a rapid economic recovery.

https://alforatnews.iq/news/النظام-المصرفي-العراقي-زيادة-ملحوظة-في-عدد-الحسابات-البنكية-وحجم-الودائع-للمواطنين

Iraq Suspends Banking Transactions In Chinese Yuan

Amr Salem July 24, 2024 The Central Bank of Iraq. Photo: AFP Baghdad (IraqiNews.com) – Member of the parliamentary finance committee, Moeen Al-Kadhimi, revealed that Iraq has chosen to discontinue using the Chinese yuan in financial transactions.

Al-Kadhimi told Al-Forat News that the decision was made due to worries about potential manipulation and other difficulties with certain transfers.

Iraq has been ordered by the US Federal Reserve to stop trading in Chinese yuan, citing discrepancies and specific issues with transactions, according to Al-Kadhimi.

The Iraqi lawmaker clarified that the US Federal Reserve receives $3.5 million generated from Iraq’s daily oil exports, noting that the money is regulated through transfers that the Central Bank of Iraq (CBI) authorizes.

Before transferring cash to the specified Iraqi organizations, the Federal Reserve has to authorize these transfers and the related commercial activities.

In order to provide the CBI and Iraqi businesses additional alternatives, Al-Kadhimi added that the parliamentary finance committee will push the CBI to address this problem and diversify its currency basket.

In February 2023, the CBI announced that the financing of foreign trade with China will be regulated directly in the Chinese yuan through two options.

The first option includes strengthening the balances of Iraqi banks that have accounts with Chinese banks in the Chinese yuan, while the

second option includes strengthening the balances of Iraqi banks through the accounts of the CBI, in the Chinese yuan, with the J.P. Morgan bank, and the Development Bank in Singapore.

Later in 2023, Iraq enhanced its balances in the yuan currency through the Singapore Development Bank to finance the country’s trade with China by about $12 billion annually.

Baghdad also increased its assets in UAE dirham and was negotiating to increase its balances in euros to finance trade with the European Union. https://www.iraqinews.com/iraq/iraq-suspends-banking-transactions-in-chinese-yuan/

Drilling Techniques And Oil Reserves

Economical 07/24/2024 Walid Khaled Al-Zaidi It is an axiom of work in oil fields that advanced, highly efficient drilling mechanisms produce important results at the level of extraction and new discovery, especially the quantities of reserve crude that lie in the depths of those fields and in the southern regions in particular.

This is confirmed by a group of specialized geologists that the statistics are based to a large extent.

To data estimated decades ago that unexplored fields in Iraq may contain much larger oil reserves than originally indicated, and

Iraq may exceed its fifth place in the world in terms of oil reserve quantities at the level of oil-rich countries.

What reinforces these indicators are the actions taken by the Ministry of Oil these days and by updating Drilling mechanisms in some southern fields through the inauguration of the giant drilling rig in Iraq, which operates with a power of up to (2000) horsepower, in the Majnoon field specifically.

The impact of the drilling process with this device, which is the largest in Iraq, has many benefits that other less powerful devices have not been able to achieve, and

its positive effects on the production process in the aforementioned field are worthy of attention because it is characterized by a superior ability to drill greater depths compared to devices with less power than it,

because all its equipment Manufactured with high technology for the purpose of reaching deep levels of drilling operations that can achieve the desired purpose, which is mostly drilling exploratory and appraisal wells,

in addition to the technical technology to address situations and problems that may occur during drilling operations deep into the targeted wells, as well as

providing geological information about the rock layers that can be It adds new numbers to the size of national reserves in addition to what was confirmed in

previous statistics that showed that Iraq is ranked fifth among the best countries that possess growing oil reserves,

according to statistics from the Italian oil company Eni, and among the ten largest countries in the world, with an amount of (145) billion barrels, before Approximately two years, with a growth rate that can change upwards

The modern uses that the Ministry of Oil is working on, through its well-drilling company, have all the possibilities at the level of new exploration, including recording modern numbers in the field of field reserves in all regions of Iraq, and on an increasing basis, after widely varying estimates regarding these indicators and through the numbers of the US Department of Energy before For almost two decades, I indicated that Iraq has (112) billion barrels of reserve.

The US Geological Survey previously estimated Iraqi oil reserves at (78) billion barrels in 1995,

but local oil sources expected at the time that the potential reserves might reach (300) billion barrels.

After these indicators, evidence comes to indicate beyond doubt that the actions and procedures of those in charge of the oil sector, and through modernization and investment in drilling operations, lead to the fact that the levels of oil reserves in Iraq are rising in a proportional manner with those procedures and through the great efforts that the Ministry of Oil seeks to achieve development goals.

Determining the graphical indicators for everything related to this field and the successes it can achieve in the long term, which will bring oil, which is the vital economic factor, to great positive effects on the comprehensive development of our country. https://alsabaah.iq/99883-.htm

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

Iraq Dinar Update - IQD Revaluation-Key Indicators - Deposit Insurance -Arbitration law - Guarantees

MilitiaMan and Crew: 7-24-2024

https://www.youtube.com/watch?v=W99J2Oy-fik

Good Evening Dinar Recaps,

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Iraq, US Agree To Reach Understanding On Concept Of New Phase Of Security Relationship

Wednesday 24 July 2024 | Politics Number of readings: 192 Baghdad / NINA / Iraq and the United States of America agreed to reach an understanding on the concept of a new phase of the bilateral security relationship, which includes cooperation through liaison officers, training, and traditional security cooperation programs.

The two sides agreed, in a joint statement issued after the second round of talks in Washington, to commit to developing Iraq's security and defense capabilities and their determination to deepen security cooperation across a full range of issues to advance the common interest of both countries in the security and sovereignty of Iraq, and in the stability of the region.

The 2024 Joint Security Cooperation Dialogue builds on the discussions held during the visit of the Iraqi-Sudanese Prime Minister to Washington, DC, in April of this year and the inaugural Joint Security Cooperation Dialogue last summer.

They agreed to establish a bilateral High Military Committee to analyze three factors, the threat from ISIS, operational requirements, and the capability levels of the Iraqi security forces, in addition to continuing consultations on enhancing bilateral cooperation to ensure the lasting defeat of ISIS after more than a decade of cooperation between the international coalition and Iraq.

The Joint Security Cooperation Dialogue continued on the basis of the work of the High Military Committee over the past six months and in recognition of the upcoming tenth anniversary of the Global Coalition to Defeat ISIS military mission in Iraq.

A detailed joint statement on the future of the Global Coalition’s mission and presence in Iraq is scheduled to be issued shortly after the conclusion of the Higher Military Committee.

The two sides affirmed the importance of Iraq’s continued support for the Global Coalition to Defeat ISIS in Syria and around the world.

In addition, the delegations reached an understanding on the concept of a new phase in the bilateral security relationship, which includes cooperation through liaison officers, training, and traditional security cooperation programs.

The delegations also discussed efforts to build the operational capacity of Iraqi security forces through U.S. military assistance and security cooperation programs, including through Foreign Military Sales and Foreign Military Financing.

The two sides emphasized the importance of continued cooperation to ensure the sustainability of U.S. military equipment used by Iraqi security forces. The delegations emphasized the value of professional military education and technical training programs and decided to enhance both.

In support of Iraq’s sovereignty and security, the delegations emphasized that the advisory mission is in Iraq at the invitation of the Iraqi government to support Iraqi security forces in the fight against ISIS and to support and develop Iraqi security forces, including Kurdish security forces.

The Iraqi representatives affirmed their absolute commitment to protect U.S. and Coalition personnel, advisors, convoys, and diplomatic facilities.

Delegations discussed the continued urgent need to return displaced persons and detainees currently in northeastern Syria to their countries of origin and to support reintegration efforts into local communities in Iraq. Repatriations represent an important line of effort in the ongoing fight against ISIS./ End https://ninanews.com/Website/News/Details?Key=1143380

Iraqi Banking System.. A Significant Increase In The Number Of Bank Accounts And The Volume Of Deposits For Citizens

Time: 2024/07/24 13:01:43 Read: 1,716 times {Economic: Al Furat News} The banking system in Iraq is gradually regaining citizens’ confidence with the increase in the number of bank accounts in the country.

Banking systems around the world are facing increasing challenges in light of rapid economic and financial changes. To ensure the stability of these systems and protect depositors’ funds, many countries are moving towards joining the International Association of Deposit Insurers. This membership is not just a formality, but a strategic step that carries significant benefits for member countries and their banking systems.

In Iraq, economic and political challenges over the decades have provided a strong justification for keeping money at home rather than in banks. However, the accession of the Iraqi Deposit Insurance Corporation (ICDI) to the International Association of Deposit Insurers was a decisive step in improving confidence in the banking system.

Since its accession, Iraq has witnessed a significant increase in the number of bank accounts and the volume of deposits, reflecting a significant improvement in citizens’ confidence in banks. This development enhances Iraq’s ability to attract investment and support economic growth by converting savings into productive investments.

In a world characterized by increasing economic and financial interdependence, countries cannot operate in isolation from each other. Membership in international deposit insurance bodies reflects countries’ commitment to international cooperation and exchange of expertise, and confirms their relentless pursuit of financial stability and the protection of depositors’ funds.

This membership is not just a formality, but a strategic investment in the future of the banking system and the national economy as a whole.

International cooperation: the cornerstone of deposit insurance

International bodies provide a unique platform for the exchange of expertise and knowledge between member states. National financial institutions can benefit from the successful experiences of other countries in the field of deposit insurance, and avoid the mistakes made by some countries.

This ongoing exchange contributes to the development and modernization of deposit insurance policies and procedures in line with international best practices. Joining the International Association of Deposit Insurers (IADI) enhances the transparency and credibility of the national banking system.

A country’s commitment to strict international standards in the field of deposit insurance sends a positive message to citizens and investors, stating that their deposits with banks that are members of the deposit insurance system are in safe hands and that the banking system is subject to effective local monitoring and supervision.

International bodies do not only provide a platform for the exchange of expertise, but also provide technical and advisory support to their members.

National institutions can benefit from the expertise of international specialists in developing and implementing effective deposit insurance policies, assessing potential risks, and preparing for financial crises.

By adhering to international standards and implementing best practices, national institutions can reduce the risk of financial crises and enhance the stability of the banking system.

This stability is not an end in itself, but rather a means to achieve broader economic and social goals, such as increasing economic growth rates and creating job opportunities. When citizens and investors trust the banking system, they are more willing to deposit their money in banks.

This increased confidence leads to an increase in the volume of deposits available for investment, which supports economic activity and contributes to achieving sustainable development.

The impact of membership in international bodies is not limited to enhancing financial stability and confidence in the banking system, but extends to supporting economic development. Increasing the volume of deposits available for investment can contribute to financing development projects, providing loans to small and medium enterprises, and creating new job opportunities.

Malaysia:

Malaysia joined the International Association of Deposit Insurers, which helped improve deposit insurance policies and increase confidence in the banking system.

This accession led to an increase in the volume of bank deposits and greater financial stability, which contributed to supporting economic growth in the country.

South Korea:

After the Asian financial crisis in the late 1990s, South Korea joined the International Association of Deposit Insurers. International membership helped restore confidence in the banking system and stabilise the national economy, allowing South Korea to achieve a rapid economic recovery. LINK

"Vigilant Guardian"... Harmonious Supervisory Cooperation To Guarantee Citizens' Deposits In Iraqi Banks

Time: 2024/07/24 Reading: 923 times {Economic: Al Furat News} At the heart of the Iraqi financial system, the harmonious cooperation between the Banking Control Department and the Iraqi Deposit Insurance Corporation (ICDI) is evident as two fundamental pillars in the edifice of financial stability.

Despite the apparent overlap in their duties, a deeper look into the details of their roles reveals a precise functional integration that ensures the safety and strength of the country’s banking sector.

The Banking Control Department’s mission is to supervise and closely monitor banking institutions operating in Iraq. It acts as a vigilant guardian that ensures strict adherence to applicable financial and accounting standards.

The department’s responsibilities extend to assessing banks’ financial performance and ensuring their compliance with relevant banking laws and regulations, particularly with regard to liquidity and solvency requirements. In times of crisis, the department intervenes decisively to contain the repercussions and provide the necessary support to maintain the stability of the banking system and prevent its collapse.

On the other hand, the Iraqi Deposit Insurance Corporation (ICDI) plays a pivotal role in protecting and ensuring the safety of public deposits. It is a safety net that protects savings from loss in the event of a bank going bankrupt.

By providing guarantees on bank deposits up to a certain limit, ICDI instills confidence in depositors and encourages them to save and invest in banks instead of hoarding, which contributes to increasing the liquidity available to the national economy, thus driving growth and development.

The integration between the Banking Supervision Department and the ICDI lies in the harmonious distribution of roles and tasks that ensures the achievement of the ultimate goal, which is to preserve the banking system and enhance its stability.

While the Department plays the role of the “guardian” that monitors and guides, the ICDI plays the role of the “safe haven” that protects and provides reassurance. This precise functional integration reflects the close cooperation between the two institutions, and demonstrates that their roles are not conflicting, but rather complementary and harmonious to achieve a common goal, which is to protect deposits and ensure their successful and safe use by banks.

The Iraqi experience is the best evidence of the effectiveness of this integration. Following Iraq’s accession to the International Association of Deposit Insurers, the country witnessed a significant improvement in the stability of its financial system, and a significant increase in the volume of bank deposits, indicating the growing confidence of citizens in the banking system.

These positive results confirm that close cooperation between the Banking Supervision Department and the ICDI plays a crucial role in achieving the desired financial stability.

In conclusion, there is no doubt that the integration between the Banking Control Department and the Iraqi Deposit Insurance Corporation constitutes a model to be emulated for constructive cooperation between state institutions.

This integration contributes to achieving the common goals of protecting depositors’ funds, enhancing financial stability, and driving sustainable economic development in Iraq. LINK

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

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Chris Macintosh: We are Facing a 1 in 100-Year Financial Rebalancing

Palisades Gold Radio: 7-24-2024

Tom Bodrovics welcomes a new guest to the show Chris Macintosh. Chris is the founder of CapitalistExploits and a seasoned hedge fund manager with experience in seven countries.

They engage in a discussion revolving around ongoing recalibrations and rotations in capital markets, focusing primarily on the deindustrialization of the West and financialization as significant shifts over the last few decades.

Chris underlines the disconnect between Western nations' massive market caps and their actual production capabilities. He also discusses short-term changes such as the increasing dominance of few companies in the S&P 500, accounting for a substantial percentage of market capitalization, and passive capital flows from Western economies affecting investing, particularly smaller companies.

Chris expands on the potential consequences of a mere 10% rebalance in Western markets, emphasizing instability arising from massive sovereign debts, derivative markets, and potential debt cycle inflation. He highlights the anomaly of passive capital flows toward large cap stocks and the importance of asymmetry in investing for low downside risk with significant upside potential.

Chris mentions automation selling during a downturn and seeking contrarian sectors as an alternative investment strategy. The conversation shifts to cover geopolitical risks, including the possibility of 'great taking' or conflict, having assets outside the financial system in counter-cyclical, counter-jurisdictional asset classes like food, shelter, agriculture, precious metals, and maintaining a long-term perspective.

Chris discusses the importance of education, problem-solving skills, diversification, and taking action to deal with fear. He prefers Latin and South America for living and investing.

He advocates for banking in multiple jurisdictions and investing in cash-flowing businesses.

Time Stamp References:

0:00 – Introduction

1:07 - Economic Overview & Trends

14:30 - Derivatives & Rebalancing

24:14 - A Silent Bull Market

27:59 - Liquidity Analysis

31:30 - Great Taking & Risks

36:05 - Cloudstrike & Russia

39:08 - War & Capital Shifts

42:57 - Politics Stability & Capital

49:07 - Interesting Jurisdictions

54:19 - Banking & Diversification

58:24 - Fear, Volatility & Action

1:04:13 - Wrap Up

Talking Points From This Episode

- The West's massive market caps vs production capabilities create instability due to debt and derivative risks.

- The impact of passive capital flows on investing, with unloved sectors offering potential protection.

– Preparing for a rotation away from overvalued equities and towards undervalued sectors.

https://www.youtube.com/watch?v=YjrkdxSpVp8

Causing A Huge Financial Inflation.. Al-Saadi Identifies A Parliamentary "Point Of Contention" Regarding The Drug Law

Policy 2024-07-24 |404 views Alsumaria News - Special: Today, Wednesday, the Deputy Chairman of the Parliamentary Legal Committee, Murtada Al-Saadi, revealed the most prominent differences with the Parliamentary Health Committee regarding the Drug Law, while he pointed out the position of the Ministry of Interior regarding the naming of the law.

Al-Saadi told Sumaria News: "I submitted the drug law proposal at the beginning of the session and we worked on it for more than a year. There were many hostings and its first reading was completed after our efforts with the parliamentary health committee"

He added that "there is a point of disagreement about naming the site and whether it will be an agency, a commission or a directorate," indicating that "the legal committee stresses that it should remain a general directorate for drugs and this is an important part."

He pointed out that "parties in the Ministry of Interior are working hard to make it a body, and we objected to it because it will cause significant inflation and save huge sums of money, which will result in flabbiness like the rest of the bodies."

He explained that "the committee is now with the Ministry of Health and the vision is one to proceed with preparing the report and working to complete this important law and withdraw all the observations submitted by the representatives."

Earlier this month, the head of the Parliamentary Health Committee, Majid Shankali, said that "the committee will work during the current legislative session on the first amendment to the Narcotics Law of 2017." LINK

President Of The Republic: Iraq Is Politically, Security-Wise And Economically Stable And Supports Human Rights

Time: 2024/07/23 Reading: 169 times

President of the Republic: Iraq is politically, security-wise and economically stable and supports h Screenshot-gallery-97

{Politics: Al Furat News} President of the Republic Abdul Latif Jamal Rashid confirmed today, Tuesday, that Iraq seeks to develop its relations positively with various countries of the world, based on the stability it is witnessing on the security, political and economic levels.

The Presidency of the Republic stated in a statement received by {Al Furat News}, that "Rashid received at the Baghdad Palace, the German Federal Ambassador Christine Hohmann, the Chargé d'Affairs of the Kingdom of the Netherlands Laetitia Van Asch, the Canadian Chargé d'Affairs Marie Therese Hilal, in addition to the Political Advisor to the Embassy of the United Kingdom Angus Clarkson."

The President of the Republic pointed out that "the Iraqi government is working on developing comprehensive plans to rehabilitate and operate factories and plants, and attract investors due to the existence of equal and promising opportunities for companies to invest in Iraq through vital and developmental projects, especially since Iraq today enjoys political, security and economic stability."

He stressed, "Iraq's efforts in combating violence against women and children, finding solutions to the issues of displaced persons, supporting human rights in general, and the means to activate joint international cooperation in this field,"

noting that "Iraq cares about and supports human rights in a distinctive way, and supports its principles and adopts them as a basis for legislating its laws and organizing community work, as all complaints in this regard receive attention and follow-up from the Presidency of the Republic and the relevant authorities."

In turn, representatives of diplomatic missions expressed their happiness with the "development taking place in Iraq," stressing "their countries' keenness to support Iraq's stability and expand the horizons of cooperation with it in various fields." LINK

Parliamentary Investment: Approval Of The Arbitration Law Will Protect Foreign Capital From Sanction

Economy Information / Baghdad .. Member of the Parliamentary Economic and Investment Committee, MP Mohammed Al-Ziyadi, confirmed today, Tuesday, that the approval of the arbitration law will protect foreign capital from international financial sanctions.

Al-Ziyadi said in a statement to / Al-Maalouma / agency, "Tomorrow's session will witness the first reading of the arbitration law, which is a step towards activating commercial investment in Iraq."

He pointed out that "Iraq is in dire need of approving this law because it will open up horizons for commercial cooperation and investment of funds, in addition to thinking about ways that help attract investors and capital."

Al-Ziyadi stressed the "necessity of not touching the foundations of the state and the integration of government institutions."

It is noteworthy that the Presidency of the Iraqi Council of Representatives included the first reading paragraph of the draft arbitration law in its session that will be held tomorrow, Wednesday. LINK

The Government Approves A Package Of New Decisions

Economy , 07/24/2024 10:23 , Number of readings: 162 Baghdad - Iraq Today: The Iraqi Council of Ministers approved a package of decisions in various economic and service sectors, most notably the construction of dozens of schools in a number of governorates.

The Prime Minister's Media Office stated in a statement that the Council held its thirtieth regular session chaired by Muhammad Shiaa Al-Sudani, during which the general situation in the country was discussed, and the implementation of the government program priorities was followed up. The session reviewed the most important files related to development and economic aspects, as well as considering the topics on the agenda, and making decisions about it.

Al-Sudani stressed that the ministries and security agencies must rely on what is available at the Military Industrialization Authority, especially since the equipment and products it produces conform to standards and at an appropriate cost, which represents an essential factor in achieving autonomy.

He stressed that these industries could be a base for developing multiple civil industries, because part of the factories serve civil ministries, including the electrical transformer rehabilitation factory.

1- Increasing the total cost of the project (acquisition of the plot of land numbered (5686/1) m 43, Yaramjah al-Sharqiya/Mosul, Nineveh Governorate)/Ministry of Justice.

2- Approval of the amount of the increase due on undisbursed dues, within Cabinet Resolution 301 of 2021, in (Contract 1 Direct Invitation/2012), a project to build (251) school buildings, using the prefabricated concrete construction method, in the governorates except Baghdad.

In the project contract (4/assignment/2012), which includes the construction of (73) schools using the prefabricated concrete construction method in the governorates of Baghdad and Babylon, with (60) schools in Baghdad and (13) in Babylon. In the draft contract (1/assignment/2012), the construction of (65) schools in place of those in danger of collapse, of various capacities, using the prefabricated concrete construction method, with (20) in Babylon, (41) in Muthanna, and (4) in Diwaniyah.

3- Approving the amount of the increase in the total costs and the reserve percentage for the projects recorded in the letter of the Ministry of Planning, dated July 8, 2024, which includes the previously executed spare orders, which are required to be implemented ( the second phase), and the spare orders resulting from the amount of uncompleted works in accordance with the decision of the Council of Ministers (301 For the year 2021).

4- Increasing the amount of reserve for the contract (construction of the North Tikrit Bridge) and its approaches (first phase) within the project (construction of the Tikrit Concrete Bridge (North Tikrit Bridge) and its approaches).

8- Increasing the amount of reserve and the total cost of the main project (paving streets in the center of Basra Governorate with sidewalks, number 7).

In the course of treatments for the electric power sector, the Council of Ministers approved the recommendation of the Central Committee for Review and Approval of Referral in the Ministry of Electricity, regarding the signing of a contract addendum with BFT Company within the investment plan, which Includes the design, equipping and implementation of electric power transmission lines by the concerned company, according to the following: 1-

Adopting the prevailing standard costs that serve the interest of the Ministry of Electricity.

2- Determine the lines that will be implemented within the contract, after obtaining the necessary approvals, provided that they do not exceed the contractual financial ceiling specified in the contract annex, and only mention the total lengths of the lines.

3- BFT Company shall bear the previous bank commissions, while the General Company for Electricity Transmission/Central Region shall bear the integrity and accuracy of contractual procedures, in accordance with laws, regulations and instructions.

Within the framework of developing and supporting the national industry, the Council approved the recommendations of the minutes of the meeting of the Dry Gas Committee for Investment Projects, regarding (Khor Al-Zubair Fertilizer Factory/ Southern Fertilizers General Company, Abu Al-Khaseeb Fertilizer Project/ Under Referral Procedures, and New Projects), taking into account the comments of the Minister of Industry and Minerals at the minutes, including:

1- Determining the price of dry gas supplied to the Southern Fertilizers Factory: 50 dinars/mqm, for the General Company line, and the partnership line with the private sector, and the price of gas for the attached projects shall be 75 dinars/mqm, and the new projects that are announced shall be according to a price equation agreed upon between the Ministries of Oil and Industry, and with the approval of the Ministerial Council for the Economy.

2- The Ministry of Oil is committed to allocating and equipping new industrial projects planned to be established in partnership with the private sector, by public companies in the Ministry of Industry and Minerals, with quantities of dry gas, according to the need of those projects for quantities, and according to a timetable for equipping, and at prices that achieve the economic feasibility of establishing those projects, and the quantities and prices are regulated through an agreement between the Ministries of Oil and Industry, and with the approval of the Ministerial Council for the Economy.

3- The Ministry of Industry and Minerals shall restore the economic balance of the partnership contracts that have been concluded, or that are under contract to establish new industrial projects, by renegotiating with the companies participating with it, to reach an economically feasible formula that ensures the continuation and continuation of implementation, in a manner that does not harm the interests of both parties.

The Council of Ministers approved the recommendations of the competent authority in the Ministry of Industry and Minerals (Industrial Development and Organization Department), based on the Iraqi Products Protection Law (11 of 2010) amended, as follows:

1- Extending the imposition of an additional customs duty of 65% of the unit of measurement of the product (plastic ampoules), imported to Iraq from all countries of origin, for a period of 4 years and without reduction.

2- Imposing an additional customs duty of 30% of the unit of measurement of a product (aluminum cans for soft drinks, juices and energy drinks).

3- The Ministry of Finance/General Authority of Customs shall apply the customs duty on the aforementioned products and notify the Ministry of Industry and Minerals/Department of Industrial Development and Organization, with a periodic notification about the imported quantities, the value of the additional duties on the imported foreign product, the exporting countries and the importing entities.

In the oil sector file, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (24062 T) for the year 2024 regarding the authority to purchase and implement, which includes raising the authority to purchase and implement the Oil Projects Company for the project (the connecting pipeline network for the unit/FCC, in the Basra refinery), from 100 million dinars to 500 million dinars, based on the instructions to facilitate the implementation of the Federal General Budget Law of the Republic of Iraq (1 of 2023 ).

The Council approved the recommendation of the Ministerial Council for the Economy (24225 Q), regarding the approval of the report of the committee formed in accordance with the Diwani Order (24573 of 2024), issued by the Office of the Prime Minister, regarding studying the economics of the oil and gas sector in Iraq, leading to approving and showing the real costs along the way. The value chain, according to economic principles.

In the process of developing the infrastructure of border crossings to receive visitors and expatriates, the Council of Ministers approved the Ministry of Finance allocating an amount of (5) billion dinars to Wasit Governorate from the emergency reserve, based on the provisions of the Federal General Budget Law (13 of 2023), for the rehabilitation and establishment of a “transport square.”

Visitors at the Zurbatiyah border crossing with its annexes, in a regular, geometric manner befitting the status of Iraq and the reception of visitors.

The Council also approved the Ministry of Finance allocating an amount of (7) billion dinars to Maysan Governorate from the emergency reserve, in accordance with the provisions of the General Budget Law, for the purpose of urgent rehabilitation of the Al-Shayb border crossing, Including the establishment of 3 squares, in preparation for the influx of visitors to the holy shrines on the fortieth anniversary of Imam Hussein. ‘

Maysan Governorate should follow the direct invitation method, as an exception to the instructions for implementing government contracts (2 of 2014) for the purpose of implementation, and assigning Maysan Governorate to implement the project (establishing the new Al-Shayb border crossing) in a turnkey format, as an exception to the controls attached to the instructions for implementing government contracts.

The Council also approved the Ministry of Finance allocating an amount of (3.5) billion dinars to Diyala Governorate from the emergency reserve, based on the Federal General Budget Law, for the purpose of rehabilitating the Al-Mundhiriya border crossing, in preparation for receiving visitors , and authorizing Diyala Governorate to have direct implementation authority for the purpose of implementing the project, and it includes (Project Establishment of the new Al-Mundhiriya border crossing) within Diyala Governorate's allocations from the Liberated Governorates Reconstruction Fund.

In this regard, and in order to benefit from the experience of the Supreme Authority for Hajj and Umrah in the processes of delegation and reverse delegation; The Council approved the following:

1. Authorizing the Authority to contract with private transport companies for the purpose of renting (2000) buses, as an exception to the Government Contracts Implementation Instructions No. (2) of 2014, and the controls attached there for the purpose of transporting visitors to Imam Hussein (peace be upon him) during the fortieth visit. The Ministry of Finance allocates the required amount from the budget of the Prime Minister's Office.

2. Reducing the percentage of tax withheld from contracted transport companies on contracts concluded from (3%) to (1%), according to the authority vested in the Ministry of Finance.

3. Approval of the guarantees submitted to the Supreme Authority for Hajj and Umrah by the companies to be contracted with, in accordance with the fundamental mechanisms and procedures followed by the Authority for contracting purposes.

4. Approval of subscription receipts for companies to be contracted with in the Department of Labor and Social Security.

5. The Supreme Authority for Hajj and Umrah is responsible for the validity and safety of contractual procedures, and the Prime Minister’s Office forms committees to follow up and monitor the work mechanism.

In order to develop the work of the Iraqi air system and raise its level of efficiency, the Council agreed to exempt the General Company for Airport and Air Navigation Management from contracting methods and instructions for implementing government contracts (2 of 2014), in implementing projects related to developing the infrastructure for special devices and equipment for air traffic management systems.

Navigation, radars, air guidance and automated landing systems, communications for air navigation and cybersecurity systems, as well as what is related to restructuring Iraqi air routes,

linking them to the global network of neighboring countries, transforming the navigation system in Iraq, and reducing the longitudinal separation between aircraft, which contributes to increasing the density of aircraft movement. In the Iraqi airspace, it maximizes the company's resources.

It was approved to authorize the Ministry of Education to contract, in a direct referral manner, with the Iraqi Media Network and the House of Cultural Affairs in the Ministry of Culture, to complete the printing of school curricula.

The Council authorized the Ministry of Construction, Housing, Municipalities and Public Works to choose the appropriate agreement method, as an exception to Government Contracts Implementation Instructions No. (2 of 2014) for the purpose of repairing the minaret of the Al-Khalifa Mosque.

It was also approved to exempt the Central Agency for Standardization and Quality Control from the provisions of Article Seven of Instructions No. (1 of 2023), the provisions to facilitate the implementation of the Federal General Budget Law, with regard to purchasing and equipping laboratories with the devices, equipment, and laboratory supplies necessary for the work of the device, based on the aforementioned instructions. LINK

Al-Fahd stated, "We expect that there will be a gradual decline in the dollar exchange rate in the coming days.

This rise is common with the implementation of any new policy by theCentral Bank of Iraq, asspeculatorstry to exploit this in order to increase their profits." He added,

"TheCentral Bank of Iraqhas discussions and procedures with theUS Federal Bankin order to control the exchange rate in the parallel market, and

this rise is due to the rise in illicit trade, but the

Central Bank of Iraqemphasized control over the dollar fileand

there are positive discussions with theAmericanside."".

Since Eid al-Adha, the exchange rate of the dollar has risen to more than 152 thousand dinars in the parallel market and money exchangers, after hovering around 145 thousand dinars for every 100 dollars.

Prices returned to decline last week, with the dollar now hovering around 149 thousand dinars for every 100 dollars.

TheCentral Bankimposed a mechanism that prevents the delivery of dollars to travelers except at airports, which increased the demand for dollars in the parallel market afterillicit tradewasfinancedthrough theparallel market via travelers’ dollars.

https://baghdadtoday.news/254073-سببان-وراء-ارتفاع-أسعار-صرف-الدولار-في-العراق.-ما-التوقعات-حول-مصيره؟.html

The Role Of The Iraq Stock Exchange In Supporting Monetary Policy In Iraq

July 23, 2024 Last updated: July 23, 2024 Lawyer and banking expert Saif Al-Halafi

The world is now moving with rapid steps, racing with the wind, in therole of stocks supporting monetary policies, especially since the old classical theories considered that stock markets were not among the tools of monetary policy.

If the Iraqi stock market is exploited in the correct way that brings local and international investments, it can help in diversifying The Iraqi economy and creating new opportunities driving economic integration in Iraq, which makes the Iraqi stock market a valuable tool for monetary policies https://mustaqila.com/دور-سوق-العراق-لأوراق-المالية-في

Completion Bonds (Second Issue)

July 23, 2024 :diamonds: demand for trading in national bonds ( Enjaz Bonds / First Issuance the request of the Ministry of Finance, this bank will offer ( Enjaz Bonds / Second Issuance ) on behalf of the aforementioned Ministry for an amount 1,500,000,000,000. (of) high Due to the and at) dinars Iraqi (one trillion and five hundred billion Iraqi dinars) ... For more, click here : https://cbi.iq/static/uploads/up/file-172172636358958.pdf https://cbi.iq/news/view/2620

Next Year: The Opening Of 3 International Airports

The first 07/21/2024 Baghdad: Batoul Al-Hassani

Next year, the Ministry of Transport will open three new international airports within the southern and northern regions of the country.

Director of the Ministry's Media Office, Maytham Al-Safi, explained to Al-Sabah that the ongoing work through local and international companies within the international airports of Holy Karbala, Nasiriyah and Mosul is continuing at an increasing pace and according to the prepared and predetermined timetable for completion.

He revealed coordination with the Imam Hussein Shrine to implement and complete the Karbala International Airport project, which is considered one of the vital projects important to strengthen the aviation infrastructure in the country, as a British company is responsible for its construction at a total cost of $500 million.

The airport is expected to receive six million visitors annually, making it the largest. in the country.

Al-Safi stated that work is underway at Nasiriyah Airport in Dhi Qar Governorate, by two companies, the

first of which is Chinese and is carrying out its construction according to international standards, and the

second of Turkey is supervising the implementation, while the designs of Mosul Airport are being completed by a consulting party, in addition to the continuation of contracting, manufacturing and factory inspections. And training for navigational systems, devices and specialized equipment Consecutively.

He stressed that the three airports will be opened next year, which is expected to contribute significantly to

improving the air transport infrastructure in Iraq, in addition to

strengthening economic and tourism ties with various countries of the world and

opening new international destinations through them. https://alsabaah.iq/99674-.html

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Furthermore, he points out that many publications have started to mentionBRICS as a group that will offer a successful alternative to the greenback."

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IS TRUMP RIGHT TO WORRY THAT CHINA COULD TAKE OVER CRYPTO?

Still, others believe the suggestion that China may once again try to gain dominance in the global crypto market is just plain wrong. Leading cryptocurrencies like Bitcoin and Ether are toodiversified and decentralizednow to allow control by any one sovereign state.

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As U.S. Debt Hits Historic Levels, How Close Are We to a Complete System Failure?

Daniela Cambone: 7-23-2024

The U.S. deficit will become worrisome if tax revenue collected by the government falls far short of, or gets too close to, the debt service, claims Joel Litman, President and CEO of Valens Research.

However, he remains optimistic about the overall U.S. economy. “U.S. assets are easily 50 trillion at the lowest end, probably closer to 100 trillion.

The U.S. government is still the biggest landowner of U.S. land in the United States,” he states.

Furthermore, Litman provides a clear and informed perspective on why the U.S. remains financially resilient and what measures could ensure continued economic stability.

Don't miss this insightful analysis that challenges common alarmist views and offers a deeper understanding of national debt dynamics.

CHAPTERS:

00:00 US debt

5:52 The breaking point of US debt

7:53 Servicing the debt

11:04 Warren Buffet ends deficit in 5 minutes

16:01 Diminishing purchasing power

17:52 Real estate

https://www.youtube.com/watch?v=2PO01EuI_ik

China Sell 68% of its US Treasury: What's next?

Fastepo: 7-23-2024

The general U.S. perspective of US treasury emphasizes the security and reliability of Treasury securities. Critics, however, point to different aspects.

They often argue that the massive issuance of U.S. Treasuries is a reflection of the significant national debt, which stood at approximately $34.9 trillion as of July 2024.

They argue that this growing debt could pose long-term economic risks, including potential inflation and increased borrowing costs.

Additionally, they highlight the dependency of the U.S. on foreign investment, particularly from countries like China and Japan, which hold large amounts of U.S. debt—around $1.15 trillion and $1.1 trillion, respectively, as of early 2024.

https://www.youtube.com/watch?v=GcSk0AtWu2w

As Washington Threatens To Shutdown China Banks, Beijing Sells Record $79.7B In US Debt & Stocks

Sean Foo: 7-23-2024

Jake Sullivan, the US NSA advisor, just warned Chinese banks. This threat is a dangerous one and risks upsetting the global economy.

Trade could be severely disrupted and supply chains broken. Meanwhile, China understands the risk and a recent report confirms they are exiting dollar assets in a big way.

They sold $79.7 Billion of US assets from January to May this year, a new record.

Timestamps & Chapters:

0:00 Sullivan Targets China Banks

2:43 China Fleeing US Assets

5:55 Feeding Into Further De-Dollarization

7:51 Sponsor: Indigo Precious Metals

9:15 Risking China Anti-USD Trade

10:27 Disastrous China Tariff Risk

13:29 China Has No Choice

https://www.youtube.com/watch?v=pX3SDYSRNLY

TNT:

Tishwash: IMF: Iraq, Qatar increase their gold holdings

Data from the International Monetary Fund showed an increase in gold reserves in Iraq and Qatar.

According to these data, in May 2024, Iraq increased its gold reserves by 2,644 tons to 148,305 tons.

The data showed that Qatar increased its gold reserves by 3,112 tonnes to 106,423 tonnes in June 2024, according to Reuters. link

Tishwash: Iraq eyes drawdown of US-led forces starting September, sources say

Iraq wants troops from a U.S.-led military coalition to begin withdrawing in September and to formally end the coalition's work by September 2025, four Iraqi sources said, with some U.S. forces likely to remain in a newly negotiated advisory capacity.

The Iraqi position is being discussed with U.S. officials in Washington this week at a security summit and there is no formal agreement on ending the coalition or any associated timetable yet, the Iraqi sources and U.S officials said.

U.S. State Department spokesperson Mathew Miller told a news briefing that both sides were meeting in Washington this week to determine how to transition the U.S.-led coalition's mission based on the threat posed by Islamic State, adding he had no further details.

U.S.-led forces invaded Iraq in 2003, toppled former leader Saddam Hussein and then withdrew in 2011, only to return in 2014 to fight Islamic State at the head of the coalition.

The U.S. currently has around 2,500 troops in Iraq at the head of a more than 80-member coalition that was formed in 2014 to repel Islamic State as it rampaged across Iraq and Syria.

They are housed at three main bases, one in Baghdad, one in western Anbar province and another in the northern Kurdistan region.

It is unclear how many troops would leave under a deal, with Iraqi sources saying they expected most to eventually depart but U.S. officials saying many may remain under a newly negotiated advise and assist mission.

U.S. officials are keen to have some military footprint in Iraq on a bilateral basis, in part to help support its presence across the border in Syria, where it has around 900 troops.

The issue is highly politicized, with mainly Iran-aligned Iraqi political factions looking to show that they are pushing out the country's one-time occupier again, while U.S. officials want to avoid giving Iran and its allies a win.

There are also concerns about Islamic State's ability to regroup.

The jihadist group was declared territorially defeated in Iraq in 2017 and in Syria in 2019 but still carries out attacks in both countries and is on track to double its attacks in Syria this year compared to 2023, the U.S. military said.

The group and its affiliates have also in recent months carried out attacks in Iran and Russia, as well as in Oman last week for the first time.

While the coalition's mission is to advise and assist Iraqi forces in the fight against the Islamic State, Western officials say the U.S. and its allies also see its presence in Iraq as a check on Iranian influence.

Washington and Baghdad initiated talks on the future of the coalition in January amid tit-for-tat attacks between Iran-backed Shi'ite Muslim armed groups and U.S. forces that were sparked by the Israel-Hamas war.

An agreement to draw down the coalition could be a political win for Prime Minister Mohammed Shia al-Sudani, who has been under pressure from Iran-aligned factions to push out U.S. forces but has sought to do so in a way that balances Iraq's delicate position as an ally of both Washington and Tehran. link

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Tishwash: The Oil and Gas Law has been imprisoned in Parliament for 19 years and is threatened with deportation to the next session

The secret lies in the consensus of political forces