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

KTFA:

Clare: Inclusion of commercial centers and private stores in the electronic payment system in Iraq

7/20/2024 Baghdad

The government media team announced, today, Saturday, ongoing directives and government follow-ups to include all shopping centers, pharmacies, medical clinics, shops and private stores in the electronic payment system.

The team's spokesman, Haider Majeed, said, "The official institutions continue to implement the decisions of the Council of Ministers and the directives of Prime Minister Mohammed Shia al-Sudani regarding the digital transformation process in the electronic payment file, which is one of the most important priorities of the government program."

He added, "The electronic payment process began in 10 government fuel stations in the capital, Baghdad, distributed between Karkh and Rusafa, and then the work expanded to all fuel filling stations in the governorates of Iraq, after which it included all private fuel filling stations."

Regarding official institutions, Majeed confirmed that “most of the institutions that provide services and have direct contact with citizens operate with the electronic payment system, starting with the Directorate of Passports, Nationality and Civil Status, followed by the Ministry of Health institutions, public clinics, and then the rest of the operating institutions in succession.”

He pointed out that "there are ongoing directives from the government and follow-ups between the Central Bank of Iraq, the Ministry of Finance, and the rest of the official institutions, to include private stores, pharmacies, medical clinics, shops, and markets in malls in the electronic payment file," stressing that "work is continuing in this regard." LINK

Clare: Iraq participates in UNCTAD technical meetings.. What is its relationship to international trade?

7/20/2024 Baghdad

The Ministry of Commerce announced today, Saturday, its participation in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul.

The ministry stated, in a statement received by "Al-Eqtisad News", that it "participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization."

Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries joining the organization, and how Iraq can benefit from these experiences in its process of joining. The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed."

Al-Hashemi stressed that "Iraq's participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward quickly towards achieving full accession to the World Trade Organization, as the exchange of knowledge and experiences gained from these meetings will have a significant positive impact on improving Iraq's negotiating capabilities and achieving its economic goals."

The statement indicated that "this participation is part of the ongoing efforts made by the Ministry of Trade to enhance Iraq's international economic relations, and to take advantage of the available opportunities to enhance economic and commercial development in the country." LINK

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Clare: Members welcome Iraq’s return to WTO accession talks after 16 years

18 JULY 2024

ACCESSIONS

At the third meeting of the Working Party on the Accession of Iraq on 18 July, WTO members welcomed the formal resumption of the country’s accession process after a 16-year hiatus, commending Iraq for its renewed political commitment and engagement in the accession process.

Iraq reaffirmed its pledge to join the WTO, highlighting significant economic and legislative reforms.

Mr. Atheer Dawood Salman Al Ghrairi, Iraq's Minister of Trade, led a high-level delegation from Baghdad at the third meeting of the Working Party. Ambassador Saqr Almoqbel of the Kingdom of Saudi Arabia, who chaired the Working Party for the first time since his appointment last year, welcomed Iraq's return to Geneva after many years, highlighting the significance of the formal resumption of Iraq's accession process. “The Minister's presence here, the first since 2008, sends a clear signal that Iraq's accession process is now back on track,” he remarked. The Working Party held itssecond meeting in April 2008and aninformal meeting in November 2017.

The Chair acknowledged “the tremendous efforts by everyone, of course, starting with Iraq, but also members and partners, as well as former Chair Ambassador Omar Hilale of Morocco, to make today's meeting a reality”. He also referred tohis visit to Baghdadin January 2024, where he met with senior Iraqi government officials, including President Abdul Latif Rashid.

Minister Al Ghrairi noted the importance of the meeting, which “represents a distinctive step for the Government and the people of Iraq towards becoming a full-fledged member of the WTO, a target we seek to achieve as a means to enhance our national economic strategy and integration in the global economy”. He further stated that despite ongoing security, political, and regional challenges, “the Government of Iraq remains steadfast in its commitment to pursue a reform agenda in terms of enhancing trade policies, boosting the business environment, and creating favourable conditions for foreign investment.”

Minister Al Ghrairi highlighted the special importance attached by the Government to aligning its trade policies and regulatory frameworks with international rules and standards and strengthening institutional capacities to meet WTO requirements. “The National Committee on Iraq's Accession has intensified efforts and made substantial progress in fulfilling the accession requirements,” he said. Ahead of the third Working Party meeting, Iraq submitted key negotiating documents, including its initial market access offers on goods and services.

WTO Deputy Director-General Xiangchen Zhang stressed the significance of this meeting not only for Iraq but also for the Arab region, which still has a large number of accessions under way. “As the largest region outside the multilateral trading system, this moment signifies a renewed opportunity for progress and collaboration towards accession for Iraq and hopefully other Arab nations aspiring to join the WTO, enhancing regional and global trade dynamics.” He also emphasized the importance of technical assistance and capacity building in the region, especially for Iraq in view of its status as a post-conflict country.

Members highlighted the significance of Iraq's accession for the multilateral trading system. Many Arab members emphasized that Iraq's accession would contribute to regional integration efforts in support of peace and security. Other participants in the meeting included observer governments and international organizations.

Iraq provided an update on its initial contacts with members regarding bilateral market access negotiations, noting that initial offers on goods and services were submitted in early May. The Iraqi delegation expressed readiness to further engage with WTO members.

The Working Party discussed various aspects of Iraq's foreign trade regime based on its revised Memorandum of the Foreign Trade Regime (MFTR) and other supporting documentation. Iraq provided a report on legislative developments, highlighting its latest efforts to conform with WTO-related rules.

Next steps

The Chair invited Iraq and WTO members to intensify bilateral negotiations on market access, building on the recent contacts.

The Chair invited members to submit specific questions in writing by 15 August. He also asked Iraq to provide replies to members' questions and to submit other requested accession documents. The Chair asked the WTO Secretariat to work with Iraq to revise its MFTR, which will serve as the basis for continuing the examination of Iraq's foreign trade regime at the next meeting of the Working Party.

In addition, the Chair asked Iraq to revise its Legislative Action Plan and submit copies of WTO-related legislation to provide an up-to-date picture of ongoing reforms.

The importance of technical assistance was emphasized, with several members and international organizations offering support. The Secretariat plans to organize a Round Table to discuss Iraq's technical assistance needs to further facilitate its accession process.

The Chair suggested that the fourth Working Party meeting could be scheduled for the first quarter of 2025, contingent on the progress of the outlined steps.

https://www.wto.org/english/ne.....ul24_e.htm

Clare: Parliament's agenda for tomorrow

7/20/2024

The Media Department of the House of Representatives announced today, Saturday, the Parliament's agenda for tomorrow, Sunday.

TRANSLATION:

Republic of Iraq House of Representatives

The fifth electoral session, the third legislative year, the second legislative term

In the name of God, the most gracious, the most merciful

Republic of Iraq House of Representatives

Reading) verses from the Holy Quran, I hate pain

First: First reading! Economy and Industry for the draft law reforming economic laws. (Committee on Commerce, Committee on Investment and Development, Committee on Legal, Committee on Finance), (16 articles). One

Agenda for Session No. (2), Sunday, July 21, 2024

Second: The first reading of the proposed law on the first amendment to the Law of the National Authority for Nuclear, Radiological, Chemical and Biological Control No. (1) of 2024. Health and Environment Committee (2 articles). F

Third: The first reading of the draft Islamic investment sukuk law, the Finance Committee, the Legal Committee, the Investment and Development Committee (19 articles).

Fourth, report and discuss the second reading of the draft law on compensation for the properties of those affected by the former regime.

Paradise for martyrs, victims and political prisoners).

No Najoma Ni Novineh Ran

The session begins at eleven in the morning LINK

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Clare: $27.5 billion is the volume of trade exchange between Iraq and China in the first half of 2024

7/20/2024 Baghdad

An economic institution announced that the volume of trade exchange between Iraq and China during the first half of this year amounted to $27.5 billion.

The head of the Iraq Future Economic Foundation, Munar Al-Obaidi, said that "Chinese exports to Iraq grew in the first half of this year by 16.17% compared to the first half of 2023, and by 12.17% compared to the second half of 2023."

He added that "the total value of Chinese exports to Iraq amounted to $8.15 billion in the first half of this year compared to $7 billion in the first half of 2023 and $7.3 billion in the second half of 2023."

Al-Obaidi continued: "Chinese exports to Iraq during 2024 are expected to exceed $16 billion, which is the highest historical value."

He explained that "China's exports of electrical appliances, which mainly include air conditioners, amounted to 23% of China's total exports, followed by exports of electronic devices represented by mobile phones, televisions and the like By 13%, and Chinese cars ranked third with 6% of the total value of Chinese exports to Iraq.

He explained that "China's exports of iron-based materials declined, and China's exports of car fuel decreased by 95%, in addition to a decrease in exports of clothing accessories."

He pointed out that "in contrast, China's exports of fruit-based products increased by 62%, ranking 14th among the most exported goods to Iraq."

He stressed that "the volume of trade exchange between Iraq and China amounted to $27.5 billion in the first half of this year, up by 14.38% compared to the first half of 2023 and 7.24% compared to the second half of 2023, and it is expected that trade exchange with China will reach more than $55 billion by the end of this year, making it Iraq's largest trading partner." LINK

Good Afternoon Dinar Recaps,

JORDAN LAUNCHES NATIONAL TECHNOLOGY NETWORK

@ Newshounds News™

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The agreement allows the CBUAE and the NBE to SWAP LOCAL CURRENCIES with a nominal value of up to AED 3 billion and ETB 46 billion, supporting the financial and commercial cooperation between the UAE and Ethiopia through the provision of LIQUIDITY IN LOCAL CURRENCIES to financial markets, enabling more effective and efficient settlement of cross-border transactions."

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Companies doing business abroad often use currency swaps to get more favorable loan rates in the local currency than if they borrowed money from a local bank.

Considered to be a foreign exchange transaction, currency swaps are not required by law to be shown on a company's balance sheet.

Read more: Investopedia

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Peter Grandich: The BRICS are Changing the Landscape for Gold Investors

Palisades Gold Radio: 7-20-2024

Tom welcomes returning guest Peter Grandich from Peter Grandich and Company for a discussion on current economic risks and market trends.

Grandich expresses concern over the markets' failure to acknowledge major issues. He argues that gold markets show some recognition of these issues, while the stock market remains complacent.

With experience through three financial crises, Grandich warns that this situation is more severe due to political division and lack of meaningful solutions from Congress or the Fed.

He criticizes the Fed's role in exacerbating debt through money creation during the pandemic.

Peter discusses societal shifts towards consuming beyond means and their impact on happiness, the stock market, and the economy.

He traces these trends to the influence of television and the internet, which have convinced people that they need more money for happiness. They note that some of the happiest people have little or no wealth while some wealthy individuals are unhappy.

He criticize politicians' approach to economics compared to household management, resulting in societal issues like increasing consumer debt and a culture of living beyond it's means.

Grandich discusses potential risks to the markets, including political instability leading up to the U.S. election and the impact on foreign investors divesting from American securities.

He emphasizes gold's importance as a store of value in the new economic structure and advocates for capital preservation due to perceived market overvaluation.

Grandich encourages individuals to build a "financial ark" through self-sufficiency, preparing for potential financial hardships, and diversifying portfolios with stocks, bonds, and gold. He also mentions the junior resource market as an area of potential undervaluation for companies searching for metals and base metals.

Time Stamp References:

0:00 – Introduction

0:31 - Markets & Uncertainty

2:12 - Fixing Things & Politics

5:40 - Exponential Debt Crises

8:30 - Mass Media & Marketing

10:57 - Historic Comparisons

13:55 - Fed Perception/Reality

16:58 - Dot Plots & Fed Cuts

19:26 - Political Turmoil Risk

23:59 - BRICS Alliance & Gold

28:20 - Building a Financial Ark

32:19 - Defining Bubbles

35:56 - Anti-Bubble Opportunities

38:52 - Thoughts on Uranium

41:27 - Base Metals & Miners

46:35 - Crash Scenarios & Gold

49:20 - Wrap Up

https://www.youtube.com/watch?v=GVNhPKF05Vw

TNT:

Tishwash: Trade participates in UNCTAD meetings on Arab countries’ accession to WTO

The Ministry of Trade announced, today, Saturday, its participation in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul.

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Tishwash: What is the benefit of Iraq joining the World Trade Organization? Al-Monitor sheds light on the "secrets"

Iraq announced the resumption of negotiations to join the World Trade Organization for the first time since 2008, a step that may benefit the Iraqi economy but will take a long time.

Al-Monitor reported in a report translated by "Al-Eqtisad News" that "the Iraqi negotiating teams began "preparatory meetings" at the headquarters of the World Trade Organization in Geneva, and the Iraqi delegation included officials from ministries in the federal government and the Kurdistan Regional Government, while another meeting will be held at an unspecified date to review Iraq's accession to the World Trade Organization."

The World Trade Organization is an intergovernmental organization that aims to promote international trade. It provides a platform for governments to negotiate trade rules and disputes among themselves. Member states make key decisions. The WTO has 164 members who say they are responsible for 98% of world trade.

Iraq first applied to join the WTO in 2004, the year after the U.S. invasion that toppled dictator Saddam Hussein. A “working group” was then set up, but there has been little progress since then. The group last met formally in 2008. An informal meeting was held in 2017, according to the WTO’s website.

The process has gained significant momentum recently. In January, a WTO delegation visited Baghdad “to mobilize political support for the resumption of Iraq’s WTO accession process.” The discussion focused on Iraq’s economic reforms and was led by Saqr bin Abdullah Al-Muqbil, Saudi Arabia’s ambassador to the WTO and chair of the Iraq Accession Working Group, the organization said in a statement at the time.

A basic requirement for WTO accession is consistent trade policies across the country, including tariff rates and customs procedures. Thus, differences in the tariff structure between the federal government and the Kurdistan Regional Government have been an obstacle to Iraq’s efforts to join the WTO.

The UN team for Iraq said in a statement that Iraq decided to unify the two customs systems in 2019, and the Federal Ministry of Finance finally approved the unified customs tariff framework in February of this year.

Joining the WTO could benefit Iraq. According to a report issued by the Council on Foreign Relations in April 2023, the WTO has been largely successful in expanding free trade.

The Council noted that the dollar value of international trade has quadrupled since the establishment of the World Trade Organization in 1995, and that average tariffs do not exceed 3%.

According to the Council on Foreign Relations, there are also negative aspects to the WTO.

The council noted in the report that "globalization and free trade have their drawbacks. These include the potential for economic inequality and job loss."

The WTO has been particularly criticized for its application of rules toward China.

“The WTO is also struggling to perform its third function – enforcing the rules – particularly with China. Since joining the WTO in 2001, China has violated global trade rules by providing extensive subsidies to its domestic industries and stealing technology and other intellectual property. China has faced few, if any, consequences for its actions,” the council said.

China has a growing presence in Iraq, and there have been significant Chinese investments in Iraqi oil and infrastructure in recent years.

The WTO says it has helped facilitate poverty alleviation in developing economies by promoting trade.

In September 2023, WTO Director-General Ngozi Okonjo-Iweala told the Center for Strategic and International Studies: “Over the past generation, market-oriented reforms in places like Eastern Europe, India, and China, together with the open global economy anchored in the GATT/WTO system, have boosted growth and trade and helped lift more than a billion people out of extreme poverty.”

GATT stands for General Agreement on Tariffs and Trade, the predecessor to the World Trade Organization.

Iraq's trade is dominated by oil. Crude oil accounted for 90% of Iraq's $123 billion in exports in 2022. Iraq imported $67.1 billion that year, with the main imports being refined petroleum, broadcasting equipment, and cars.

These figures gave Iraq a trade surplus of more than $50 billion in 2022, according to the Observatory of Economic Complexity.

Iraq may have a long wait before joining the WTO. East Timor joined in February after seven years of negotiations. Comoros joined at the same time — a process that took 17 years, Arabian Gulf Business Insight reported at the time. link

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Tishwash: Opening a group of factories and plants in the field of military industries in Iraq

Prime Minister Mohammed Shia Al-Sudani inaugurated today, Saturday, a group of factories and plants in the field of military industries.

The Prime Minister's Media Office stated in a statement received by "Al-Eqtisad News" that "Prime Minister Mohammed Shia Al-Sudani reviewed the executive work of the project to produce medium-range ammunition, oils and electric cars at the Military Industrialization Authority."

He added that "the Prime Minister inaugurated the distribution and power transformer rehabilitation and maintenance laboratory/first phase, the qualitative testing laboratories and the firing ranges for the light equipment production line in the Military Industrialization Authority's industrial complex."

He pointed out that "the Prime Minister launched the executive work on the capsule factory project for light ammunition, affiliated with the General Military Industries Company, and launched the executive work on the military and civilian boats production factory project in the industrial complex of the Military Industrialization Authority."

He added that "Al-Sudani inaugurated the iron alloys and colored metals factory at the General Military Industries Company."
Prime Minister Mohammed Shia Al-Sudani inaugurated today, Saturday, the factories for the production of light ammunition and mortar shells at the industrial complex of the Military Industrialization Authority.

This morning, the Prime Minister arrived at the industrial complex of the Military Industrialization Authority south of Baghdad to inaugurate a number of military production factories and rehabilitation laboratories. link

KTFA:

Clare: Iraq announces the imminent offering of 100 investment opportunities to international companies

Makiya said in a statement received by the Iraqi News Agency (INA): "The National Investment Commission and the Iraqi Economic Council have completed all preparations to hold a major investment forum in which about 100 investment opportunities will be presented in all Iraqi governorates."LINK

Clare: Minister of Trade: All countries are keen on Iraq's return as a global economic player

Al-Ghariri told the Iraqi News Agency (INA): "The resumption of negotiations for Iraq's accession to the World Trade Organization is a qualitative event and a testament to what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy."

He expressed his "aspiration for the fourth round of negotiations to be held during the first quarter of next year," stressing that "this acceleration means that the negotiations are proceeding very quickly towards Iraq's accession to the World Trade Organization, considering Iraq an important economic bloc and all countries are keen for Iraq to return as an economic player in a multilateral system."

For his part, the Saudi Ambassador to the World Trade Organization, Saqr Abdullah Al-Muqbil, told the Iraqi News Agency (INA): "There is a positive view that we will find Iraq joining a multilateral trade system as it is one of the largest economies outside this organization."

Al-Muqbil stressed that "the Kingdom of Saudi Arabia has a priority to achieve Iraq's desire to join the organization."

In turn, the official responsible for Iraq's accession to the World Trade Organization said: "The member states were happy with the Iraqi delegation, and we hope that the Iraqi delegation has completed this long journey."

She added: "We seek to see Iraq become a member of the World Trade Organization."
The Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced last Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years.LINK

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Clare: Removing Zeros from the Iraqi Currency: Talk Returns and Possibility of Implementation

Sadiq Al-Azraqi7/19/2024

Removing zeros from a currency is a procedure undertaken by some countries in order to revalue the national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.

For example, if the currency is the “dinar” and its value is equal to 1,000 dinars, after removing three zeros, its value will become one new dinar.

One of the possible reasons for deleting zeros is to combat inflation. When a currency suffers from high inflation, the nominal values ​​can become very high and impractical to be offered in large quantities in daily transactions. Deleting zeros can contribute to enhancing confidence in the national currency, facilitating accounting operations and financial transactions; this may contribute to improving the country's image before investors and the international community.

Potential challenges of deleting zeros include printing new currency, modifying accounting systems, and training on how to use the new currency. It may initially cause some confusion among residents and consumers, and if the deletion process is not implemented well, it may lead to economic disruptions. As a result, deleting zeros is not a solution to all economic problems, but rather a procedure that requires good planning and careful implementation to ensure that the desired goals are achieved, according to experts.

Examples of countries that have taken this action include Turkey in 2005 when it removed six zeros from its currency, Brazil on several occasions in the 1980s and 1990s, Zimbabwe, which removed twelve zeros from its currency in 2009, and Venezuela, which removed five zeros in 2018. The number of cases in the world in which currency zeros were removed is estimated at 70 cases witnessed by the world since 1960.

In a renewed statement by the Governor of the Central Bank of Iraq, Ali Al-Alaq, he said that “the project to remove zeros from the currency is still ongoing,” meaning removing three zeros from the Iraqi dinar. For example, the value of the 1,000-dinar banknote will be replaced with a one-dinar note from the new currency, five thousand with five dinars, ten thousand with ten dinars, and so on.

According to experts, the actual value of the money people own does not change after deleting the zeros, but this step contributes to simplifying the buying and selling processes for individuals and companies, and makes the financial amounts simpler and more understandable. Instead of dealing with huge numbers such as a trillion or a million (1,000,000 Iraqi dinars), they can be converted to just one thousand 1,000 dinars after deleting three zeros.

Removing zeros helps in issuing small currencies such as coins, enables the re-pricing of small goods at lower prices, facilitates their circulation and their survival in the markets, and gives a positive psychological boost to the population with the fact that the Iraqi dinar can now buy more goods and services.

Therefore, countries aim to remove zeros to restore confidence in the local currency among residents and investors, to increase demand for it, and for the local currency to become more competitive with foreign currencies and to be less replaced by other currencies.

The policy of deleting zeros is often linked to broader economic reforms, such as raising interest rates on bank deposits, to encourage people to save in banks and benefit from high interest rates on their bank deposits, in an attempt to withdraw liquidity from the market, reduce consumption and lower prices.

This also entails exploiting this liquidity to expand productive projects, attract local and foreign investments within the country and create many job opportunities so that the local economy can ultimately recover.

But on the other hand, deleting zeros may cost Iraq money to print new banknotes. For example, after deleting 3 zeros from the Iraqi dinar, when we talk about a 200-dinar banknote, it is actually equivalent to 200,000 dinars. As a result, it may be necessary to print 4 more 50-dinar banknotes instead of the 50,000-dinar banknote.

However, according to the available results, this may not have a clear impact on improving the local economy if it is not part of a package of economic reforms that help reduce the amount of money circulating among people and stimulate the economy, especially since Iraq's economy is an oil economy that needs to stimulate other productive sectors to drive the local economy.

Could removing zeros from the Iraqi dinar be a real start to stimulating the Iraqi economy, after it became clear that all plans were unable to rescue the dinar from its declining value?

In a statement by the financial advisor to the Iraqi government, Mazhar Muhammad Salih, he said that “the phenomenon of multiplying zeros in the monetary unit or adding zeros usually comes as a result of economies being exposed to rampant waves of inflation or sharp increases in the price level that continue for years due to wars, blockades and conflicts that lead to financing the deficit of government budgets through the issuance of money,” noting that the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which necessitates the issuance of larger denominations of money due to the lack of value of smaller denominations of money and the disappearance of their ability to cover high-value transactions and exchanges in the market, according to his description.

Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, believes that “Iraq is not prepared for the project of deleting zeros,” and explains, “We always hear the Central Bank’s statements about implementing a project, only to then back down from implementation for undisclosed reasons.”

Regarding the implementation of the project to remove zeros from the Iraqi currency, banking consultant Abdul Rahman Al-Shaikhli recalls that the printing of the Iraqi dinar in the nineties of the last century was done by poor printing presses and that “the first factor that stood in the way of the project was the discrepancy between the official exchange rate (now 1332 dinars per dollar) and the parallel market exchange rate (now rising above 1500 dinars) and it constituted an obstacle to the implementation of the project.”

He points out that "the project will be successful if an exchange rate of one thousand dinars for every one dollar is reached. At that time, deleting the three zeros will achieve its economic feasibility, as the exchange rate will be transformed into one dinar for every one dollar, and this is what the late former governor of the Central Bank, Sinan Al-Shabibi, aspired to," he said.

Al-Shaikhli added that the other factor that affected the project to remove zeros from the Iraqi currency was the call made by the government of former Prime Minister Nouri al-Maliki for the years 2006-2014, to legislate the infrastructure law, which was opposed by a number of political blocs in parliament at the time, as it leads to an increase in investments in Iraq through deferred payment, which limits the value of the monetary project, he said. LINK

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Clare: THE WTO FULL ACCESSION HAS NEVER BEEN A REQUIREMENT FOR A RATE CHANGE.

DON'T LOSE SIGHT OF THE VIDEO THAT WAS RELEASED IN IRAQ & ARAB NATIONS EXPLAINING ALAQ'S COMMENT ABOUT THE DELETION OF THE ZEROS.... THAT WAS HUGE!!!

THIS IS WHAT WE WANT THE DELETION OF THE ZEROS!!!! COME ON CBI...LOL

THE SLEW OF ARTICLES LIKE WS & FRANK TOLD US HAVE STARTED!!! IMO

STAY TEMPERED AND SMART!

Clare: Mikati visits Iraq at Al-Sudani's invitation

7/19/2024

Lebanese Prime Minister Najib Mikati is scheduled to visit Iraq in the coming hours, responding to an invitation from Prime Minister Mohammed Shia al-Sudani.

The Lebanese newspaper "Al-Jumhuriya" quoted government sources in the country as saying that Mikati will be accompanied on his visit by a ministerial delegation that includes: Minister of Energy Walid Fayyad, Minister of Economy Amin Salam, Minister of Agriculture Abbas Hajj Hassan, and Minister of Industry George Bouchikian, in addition to a number of advisors.

The Iraqi government agreed in July to unload the fuel shipment despite Beirut not paying the financial dues it owes to Baghdad.

This comes after a call made by Lebanese Prime Minister Najib Mikati to his Iraqi counterpart, Mohammed Shia al-Sudani, and after Minister Fayyad had made several calls to his counterpart, Iraqi Oil Minister Hayan Abdul Ghani, the Iraqi Prime Minister’s Office, and the Iraqi Embassy in Lebanon, to address the fuel dues crisis and spare Lebanon total darkness.

The Lebanese Minister had previously announced that the Iraqi Oil Marketing Company (SOMO) had stopped unloading fuel oil tankers exported to Lebanon due to non-payment of the due funds for the second year in a row.

Fayyad said, "For the fifth consecutive month, the Central Bank of Lebanon has not transferred the price of fuel shipments to the Iraqi government's account, and thus Lebanon becomes financially exposed to Iraq, as the due funds have not been transferred for the second consecutive year," according to the Lebanese newspaper Al-Akhbar. LINK

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Clare: Government advisor reveals Iraq's gold reserves have risen to 150 tons... and the reason for its high price

7/18/2024

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Thursday, that Iraq’s gold reserves have risen to 150 tons, while noting the reason for its high price.

Saleh told {Euphrates News} that: "Gold is one of the most important safe investment havens in the world, which is resorted to by the investment portfolios of central banks and various investors through international financial markets, including the Central Bank of Iraq, which currently holds less than 150 tons of cash gold within Iraq's international reserves, relying on a standard rule for optimal diversification of the investment portfolio of Iraq's international reserves."

He added, "It is a rule adopted globally by multilateral international financial organizations such as the International Monetary Fund, the World Bank and others, within the principle of ensuring the liquidity of investment portfolios and protecting them from various financial and economic risks and various fluctuations affecting the value of financial assets, by resorting to safe and optimal diversification of investment portfolios."

Saleh pointed out that "there is an inverse correlation between gold and oil on the one hand and the value of the dollar on the other hand. Whenever the value of the US currency declines or investment returns in the US currency decline, such as the returns on dollar-denominated bonds or interest on dollar deposits, investors go towards the safe haven, which is gold, which is stable in value and guaranteed purchasing power."

"Gold is a rare asset whose (asset cycle) is long and stable, mostly without serious fluctuations, which encourages this stability by investing in the market value of gold and within the standard limits required by investment portfolios in terms of growth and stability in the value of its components in a balanced manner without incurring {unrealized} losses, as they are called in accounting,"

Saleh continued, "noting that countries can issue gold-backed bonds (gold bonds) in order to borrow from the financial market, as the gold guarantee is one of the basic attractive and desirable guarantees in global financial markets."

He continuedby saying, "We cannot fail to mention that 17% of the world's gold is currently stored in the vaults of central banks in countries, and that 77% of the world's gold wealth has been extracted," noting that "50% of that wealth has been manufactured for various purposes, such as woven goods, industrial or craft materials, and other jewelry."

Saleh concluded by saying, “The value of gold in the world is currently estimated at about 15 trillion dollars, which represents a percentage of the annual global gross product of about 14% only, while the quantities of gold discovered from the depths of the earth {currently in circulation and stored} are estimated at about 187 thousand tons distributed in various parts of the world.”

Raghad LINK

Good Afternoon Dinar Recaps,

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Trade: The Third Negotiating Meeting Of Iraq With The World Trade Organization Is Held At Its Headquarters In Geneva

Thursday 18 July 2024 18:25 | Economic Number of readings: 239 Baghdad / NINA / The Ministry of Trade announced today, Thursday, that the third negotiating meeting of Iraq with the World Trade Organization will be held at the organization's headquarters in Geneva.

The ministry's statement stated that "the Minister of Trade, head of the team concerned with Iraq's accession to the World Trade Organization, chaired the Iraqi side in the third negotiating meeting, in the presence of the Deputy Director-General of the Organization, Zhang Xing Chen, head of the working group for Iraq's accession, and the gentlemen and members of the team and representatives of the WTO countries."

Minister Al-Ghariri pointed out during a speech he delivered at the meeting, the importance of Iraq being part of the rules-based multilateral trading system.

The minister stressed that we are pleased with the holding of the third meeting of the working group after sixteen years since the last meeting of the working group, which represents a fundamental step for us, government and people, on our way to joining, in addition to being a means through which we seek to achieve the development and diversification of our national economy and our integration with the global economy.

The minister pointed out that the Iraqi government is committed to its economic reform program by strengthening trade policy, improving the business environment, and creating favorable conditions for foreign investment, and that joining the World Trade Organization will contribute significantly to enhancing transparency, encouraging competition, and stimulating sustainable economic growth for Iraq.

He stressed that the new Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, and within its government program, has set a clear vision for the future of economic liberalization in Iraq, which included setting timetables to achieve the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which stipulated supporting local and foreign investments and unifying customs policies at all borders and other measures to facilitate trade and investment and create investment opportunities.

The minister stressed that the government also attached special importance to aligning its trade policy and regulatory legislation with international capabilities, rules and standards and strengthening institutional capabilities to effectively meet the requirements of the World Trade Organization. /End8 https://ninanews.com/Website/News/Details?key=1142112

Minister Of Trade: Iraq's Accession To The World Trade Organization Will Contribute To Stimulating Economic Growth

Minister of Commerce Athir Al-Ghariri Money and business Economy News – Baghdad Minister of Trade Athir Dawood Salman Al-Ghurairi confirmed on Thursday that Iraq’s accession to the World Trade Organization will contribute to stimulating economic growth, during his speech at the third negotiating meeting with the World Trade Organization in the Swiss city of Geneva.

The Ministry of Trade said in a statement, seen by "Economy News", that "the Minister of Trade and the head of the team concerned with Iraq's accession to the World Trade Organization headed the Iraqi side in the third negotiating meeting with the World Trade Organization, in the presence of the Deputy Director-General of the Organization, Zhang Xing Chen, the head of the working group for Iraq's accession, members of the team and representatives of the WTO countries at the organization's headquarters in Geneva."

The minister pointed out - according to the statement - during a speech he gave at the meeting to "the importance of Iraq being part of the rules-based multilateral trading system," stressing that "we are pleased with the holding of the third meeting of the working group after sixteen years since the last meeting of the working group, which represents a fundamental step for us, government and people, on our way to joining, in addition to being a means through which we seek to achieve development and diversification of our national economy and our integration with the global economy."

The minister pointed out that "the government of Iraq is committed to its economic reform program by strengthening trade policy, improving the business environment and creating favorable conditions for foreign investment," indicating that "joining the World Trade Organization will contribute significantly to enhancing transparency, encouraging competition and stimulating sustainable economic growth for Iraq."

He continued, "The new Iraqi government, led by Prime Minister Mohammed Shia al-Sudani, and within its government program, has set a clear vision for the future of economic liberalization in Iraq, which includes setting timetables to achieve the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which stipulate supporting local and foreign investments and unifying customs policies at all borders and other measures to facilitate trade and investment and create investment opportunities."

The minister explained that "the government has also given special importance to aligning its trade policy and regulatory legislation with international capabilities, rules and standards and strengthening institutional capabilities to effectively meet the requirements of the World Trade Organization."191 views 2024/07/18 - https://economy-news.net/content.php?id=45361

Proposed Vision To Activate The Government And Central Bank Procedures In Economic And Banking Reform

Samir Al-Nusairi By analyzing the efforts and measures taken by the government and the Central Bank to implement what is stated in the government program of the government of the Sudanese Prime Minister, which is the ninth government after the change in 2003, and which has been in charge for approximately one year and eight months, and which has been able to achieve an acceptable percentage of the specified goals in the field of economic, financial and banking reform, and which included many economic sectors and fields that occupied almost most of the axes of the government program, but without achieving comprehensive and radical economic reform that begins with financial and banking reform, the government’s complete goals and visions cannot be achieved.

Therefore, the government program, as I see it, is a four-year strategy to achieve the revolution of economic, financial and banking reform.

The reason for launching this strategy is “because Iraq, after 20 years of economic failures, mismanagement, and mismanagement of public funds due to administrative and financial corruption, the loss of a sound economic approach, political conflicts, and instability in the business environment, has led to reliance on oil as a primary source of revenues from the general budget, which constitutes approximately 93% of the total resources and approximately 60% of the gross domestic product, and the failure to activate the productive sectors that generate national income.”

Which led to "a blurred vision and lack of clarity in the decisions of the reform process of previous governments, except for some achievements made by the Central Bank of Iraq during the past years, in which it overcame the challenges of monetary policy at rates that enabled it to maintain the stability of the dinar exchange rate during the previous years despite the economic crises and challenges.

Unfortunately, the fluctuation in exchange rates returned after the amendments made to the official exchange rate in 2020 and 2023 for many reasons, most notably the lack of control over financing foreign trade, non-compliance with international banking standards, the presence of unofficial border crossings, illegal inter-trade, and speculators in the foreign exchange market and their access to cash dollars allocated to travelers, which constitutes less than 10% of the supply for foreign transfers.

However, the Central Bank was able to build excellent foreign exchange reserves and maintain the general level of prices and the annual inflation rate at around 4% after it was 7.5% at the beginning of 2023. This confirms that the government and the Central Bank reviewed previous reform policies in 2023 through diagnosis and analysis and concluded that economic problems are the cause of most of Iraq's crises and that "the real solution to Iraq's crises is to work with a comprehensive change approach.

I mean here drawing a strategic and executive roadmap to activate the procedures for economic, financial, banking, administrative and legislative reforms by adopting radical change for the coming years while benefiting from the experience of institutions and experts in the government and the private sector in confronting crises and activating the reform procedures of the government and the Central Bank, and according to the proposed vision that I put before the eyes of the Prime Minister, the Governor of the Central Bank and the Ministerial Council for the Economy, as follows:

First - Starting a systematic movement to draw a roadmap for economic, administrative and legal reform carried out by the Iraqi elites and economic, financial and banking competencies (government and private sector) by establishing the Supreme Economic Council, with the private sector in all economic sectors as a member thereof, and the private banking sector as a basic member of its membership as the financing and investment sector that must contribute to sustainable development.

The reform movement should be based on several important economic pillars that adopt a new methodology for managing the economy and achieving the central goal of moving the economy from rentier to productive and from cash to digital, and activating the non-oil productive sectors to reach 30% of the general budget revenues in 2026, creating sustainable development, achieving diversity in resources, and developing economic and human structures for the sound construction of the national economy and building the preliminaries for the transition to a social market economy, provided that its recommendations, after approval by the Council of Ministers, are binding for implementation by the ministries, agencies and relevant bodies.

Second: Forming a (Central Follow-up Committee) linked to the Prime Minister’s Office to follow up on the implementation of decisions and has the authority to monitor and evaluate. It is formed under the chairmanship of the Prime Minister and includes a group of government advisors and experts and private sector experts.

Thirdly - Moving to central management of the economy so that the principle of (central planning and decentralization of implementation) is implemented. This means that the Supreme Council of the Economy will undertake the drawing up of plans and policies centrally and distribute their implementation to the ministries and specialized bodies within the government structure after approval by the Council of Ministers.

Fourth: Providing soft loans to finance small, medium and large projects in accordance with the national lending strategy recently launched by the Central Bank, and establishing a legal and institutional system to manage, develop and advance them, and issuing a special law for them. As well as issuing and amending the laws of the legal environment to regulate the economic process, which means issuing new laws instead of the laws issued in 2004, due to the changes that have occurred in the national economy during the past two decades.

Fifth: Activating investment in the agricultural, industrial, energy, tourism, services and housing sectors, as well as working to reform, develop and grow the banking sector through monetary policy applications and regulating the relationship and restrictions governing financial and monetary policies, in addition to the serious trend towards reforming the tax, financial and customs system. Addressing cases of failure to achieve the required growth rates in national income and overcoming the rise in unemployment and poverty rates.

Sixth: Developing a new methodology to overcome the challenges of instability in the financial and monetary systems. This means developing coordinated and balanced plans to overcome the challenges of monetary policy, the challenges of the deficit in non-oil revenue, and the deficit in the balance of payments and the trade balance.

Seventh: Accelerating the implementation of the e-government program and coordinating it with the electronic payment system, and the procedures for digital transformation in banking transactions, and focusing on activating the procedures of the Central Bank to implement the objectives of its third strategy, and following up on the decisions issued by the government regarding the use of electronic payment in commercial exchanges and banking operations, and establishing the National Company for Electronic Payment, which was announced by the Central Bank.

Eighth - Reviewing the banking market in Iraq towards activating the implementation of government decisions regarding government banks and the decisions of the Central Bank.

By classifying private banks, merging them, increasing their capital, and adopting them as solid international banks as correspondent banks, activating and accelerating joint procedures from the US Treasury regarding lifting sanctions and restrictions on the use of the US dollar in international transactions, and activating mechanisms, instructions, and controls for private banks’ commitment to complying with international banking standards.

Ninth: The necessity of having a representative of the private banking sector on the Board of Directors of the Central Bank and forming an advisory council for the Central Bank of experts and consultants working in the private banking sector and academics specializing in monetary policy in universities to study policies and programs and express an opinion on them before referring them to the Board of Directors to take the necessary decisions for implementation.

216 views Added 2024/07/18 - https://economy-news.net/content.php?id=45342

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

Gold & Silver Prices Crash Again, While Global Tech Outage Shuts Down Airlines & More

Arcadia Economics: 7-19-2024

Gold and silver prices continued their sharp selloff on Friday morning, which follows a selloff in the stock markets this week.

And before the markets were opening, a global tech outage hit airlines and business services.

There's a lot happening this morning.

And fortunately Vince Lanci is here to break it all down and explain how it's impacting the markets.

To find out more, click to watch the video now!

https://www.youtube.com/watch?v=z20y9sEeFxc

Gold becoming legal tender Feat. Rob Kientz - LFTV Ep 182

Kinesis Money: 7-19-2024

In this week’s episode of Live from the Vault, Andrew Maguire and Rob Kientz of Gold Silver Pros discuss the changing world order, shifting market sentiments worldwide, and the transformative potential of sound money in fostering economic stability.

The precious metals experts delve into the principles of the Citizens for Sound Money movement, critically examine global Central Bank Digital Currency (CBDC) projects and issue a powerful call to action for today’s youth.

Timestamps

00:00 Start

02:45 Rob’s involvement with Citizens for Sound Money

11:15 Central Bank Digital Currencies

21:50 Physical gold’s impact and future

29:00 What’s happening in America

38:00 The United Kingdom and the youth

44:00 Retail and wholesale market sentiment

54:00 The dedollarisation process, war and geopolitcal change

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

BRICS Leave IMF and WTO: What are the alternatives?

Fastepo: 7-18-2024

At the upcoming BRICS summit in Kazan, one of the key topics on the agenda is the reform of international financial institutions, specifically the International Monetary Fund (IMF) and the World Trade Organization (WTO).

Russian Foreign Minister Sergey Lavrov has emphasized the importance of addressing these issues to enhance the global economic governance system and make it more inclusive and representative of emerging economies.

The BRICS nations, which include Brazil, Russia, India, China, and South Africa, are pushing for reforms that will better reflect the economic realities of the 21st century.

They argue that the current structures of the IMF and WTO disproportionately favor developed countries and do not adequately represent the interests of the Global South.

This includes calls for revising the IMF's quota system to give more weight to developing nations and for restoring the full functionality of the WTO's dispute settlement mechanism.

In this video, we explore the reasons behind the dissatisfaction with the IMF and WTO by examining cases where their policies have caused significant issues for borrowing countries.

We also discuss the solutions proposed by the Global South to address these challenges.

https://www.youtube.com/watch?v=omM52PEIgIQ

TNT:

Minister of Trade: All countries are keen on Iraq's return as a global economic player

Minister of Trade Athir Dawood Al-Ghariri confirmed today, Friday, that negotiations for Iraq's accession to the World Trade Organization are proceeding at a rapid pace, while indicating that all countries are keen on Iraq's return as a global economic player.

Tishwash: Al-Rafidain announces the implementation of the comprehensive banking system in 33 branches

Al-Rafidain Bank announced today, Friday, the implementation of the comprehensive banking system in the Al-Nour branch in Kirkuk, while indicating the implementation of the comprehensive banking system in 33 branches.

A statement from the bank received by Al-Mada stated that, “In implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, Al-Rafidain Bank announces the implementation of the comprehensive banking system in the Al-Nour branch in Kirkuk, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates in addition to To the branches of the border crossings (Zurbatieh - Safwan - Arar - Trebil), bringing the number of branches in force and completed for the system to (33), in an important step to strengthen the banking system, achieve its requirements, abandon paper work, and move completely to electronic systems.

The bank confirmed that “the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all branches of the bank in implementing the system, especially since one of the priorities and adoptions of the government program is electronic Transformation in financial transactions, reducing episodes of red tape for citizens, reducing time, simplifying procedures, removing obstacles, and intensifying efforts to improve the level of services provided.” customers and complete their transactions. link

************

Tishwash: An economist warns against Arab and foreign banks taking over their Iraqi counterparts: they control the dollar

On Thursday, economic affairs researcher Ahmed Abd Rabbo warned of the acquisition of Iraqi banks by many Arab and foreign banks, while stating that these banks control the dollar exchange rate in local markets in Iraq.

Abd Rabbo said, “The takeover of the sanctioned local banks’ accounts by Arab and foreign banks affects, to some extent, the banking sectors in Iraq.” Pointing out, “This acquisition is the participation of these foreign banks in the Iraqi banking sector, but it amounts to a sale and delivery, and it is as happened in the local industrial and agricultural sector, as these sectors have become imported, so the The banking sector has also become imported.”

Abd Rabbo pointed out in his interview with (Al-Mada), that “foreign banks control the dollar exchange rate, as they found the appropriate opportunity to acquire the shares of Iraqi banks after some Iraqi banks were exposed to American sanctions.”

He added, "Iraq needs to some extent to correct the course of monetary policy in a way that is compatible with the Iraqi economic situation, and to give Iraqi banks a great opportunity to take their role in the monetary arena."

Since the US Treasury imposed sanctions on Iraqi banks, as a result of dollar smuggling to Iran, foreign banks have dominated the financial arena and controlled a large percentage of dollar sales in Iraq, as the National Bank of Iraq accounts for a third of foreign currency sales, which are considered the main source of the Iraqi economy, as they are Many of the shares in this bank are owned by Arab and foreign banks. link

Tishwash: Proposed vision to activate the government and central bank procedures in economic and banking reform

By analyzing the efforts and measures taken by the government and the Central Bank to implement what is stated in the government program of the government of the Sudanese Prime Minister, which is the ninth government after the change in 2003, and which has been in charge for approximately one year and eight months, and which has been able to achieve an acceptable percentage of the specified goals in the field of economic, financial and banking reform.

And which included many economic sectors and fields that occupied almost most of the axes of the government program, but without achieving comprehensive and radical economic reform that begins with financial and banking reform, the government’s complete goals and visions cannot be achieved. Therefore, the government program, as I see it, is a four-year strategy to achieve the revolution of economic, financial and banking reform.

The reason for launching this strategy is “because Iraq, after 20 years of economic failures, mismanagement, and mismanagement of public funds due to administrative and financial corruption, the loss of a sound economic approach, political conflicts, and instability in the business environment, has led to reliance on oil as a primary source of revenues from the general budget, which constitutes approximately 93% of the total resources and approximately 60% of the gross domestic product, and the failure to activate the productive sectors that generate national income.”

Which led to "a blurred vision and lack of clarity in the decisions of the reform process of previous governments, except for some achievements made by the Central Bank of Iraq during the past years, in which it overcame the challenges of monetary policy at rates that enabled it to maintain the stability of the dinar exchange rate during the previous years despite the economic crises and challenges.

Unfortunately, the fluctuation in exchange rates returned after the amendments made to the official exchange rate in 2020 and 2023 for many reasons, most notably the lack of control over financing foreign trade, non-compliance with international banking standards, the presence of unofficial border crossings, illegal inter-trade, and speculators in the foreign exchange market and their access to cash dollars allocated to travelers, which constitutes less than 10% of the supply for foreign transfers.

However, the Central Bank was able to build excellent foreign exchange reserves and maintain the general level of prices and the annual inflation rate at around 4% after it was 7.5% at the beginning of 2023. This confirms that the government and the Central Bank reviewed previous reform policies in 2023 through diagnosis and analysis and concluded that economic problems are the cause of most of Iraq's crises and that "the real solution to Iraq's crises is to work with a comprehensive change approach.

Second: Forming a (Central Follow-up Committee) linked to the Prime Minister’s Office to follow up on the implementation of decisions and has the authority to monitor and evaluate. It is formed under the chairmanship of the Prime Minister and includes a group of government advisors and experts and private sector experts.

Thirdly - Moving to central management of the economy so that the principle of (central planning and decentralization of implementation) is implemented. This means that the Supreme Council of the Economy will undertake the drawing up of plans and policies centrally and distribute their implementation to the ministries and specialized bodies within the government structure after approval by the Council of Ministers.

Fourth: Providing soft loans to finance small, medium and large projects in accordance with the national lending strategy recently launched by the Central Bank, and establishing a legal and institutional system to manage, develop and advance them, and issuing a special law for them. As well as issuing and amending the laws of the legal environment to regulate the economic process, which means issuing new laws instead of the laws issued in 2004, due to the changes that have occurred in the national economy during the past two decades.

Fifth: Activating investment in the agricultural, industrial, energy, tourism, services and housing sectors, as well as working to reform, develop and grow the banking sector through monetary policy applications and regulating the relationship and restrictions governing financial and monetary policies, in addition to the serious trend towards reforming the tax, financial and customs system. Addressing cases of failure to achieve the required growth rates in national income and overcoming the rise in unemployment and poverty rates.

Sixth: Developing a new methodology to overcome the challenges of instability in the financial and monetary systems. This means developing coordinated and balanced plans to overcome the challenges of monetary policy, the challenges of the deficit in non-oil revenue, and the deficit in the balance of payments and the trade balance.

Seventh: Accelerating the implementation of the e-government program and coordinating it with the electronic payment system, and the procedures for digital transformation in banking transactions, and focusing on activating the procedures of the Central Bank to implement the objectives of its third strategy, and following up on the decisions issued by the government regarding the use of electronic payment in commercial exchanges and banking operations, and establishing the National Company for Electronic Payment, which was announced by the Central Bank.

Eighth - Reviewing the banking market in Iraq towards activating the implementation of government decisions regarding government banks and the decisions of the Central Bank.

By classifying private banks, merging them, increasing their capital, and adopting them as solid international banks as correspondent banks, activating and accelerating joint procedures from the US Treasury regarding lifting sanctions and restrictions on the use of the US dollar in international transactions, and activating mechanisms, instructions, and controls for private banks’ commitment to complying with international banking standards.

Ninth: The necessity of having a representative of the private banking sector on the Board of Directors of the Central Bank and forming an advisory council for the Central Bank of experts and consultants working in the private banking sector and academics specializing in monetary policy in universities to study policies and programs and express an opinion on them before referring them to the Board of Directors to take the necessary decisions for implementation. link

Breaking World News:

BREAKING - London stock market hit by technical fallout‼

BREAKING: Major US airlines including American Airlines, Delta and United grounding all of their flights due to IT issues

BREAKING : A significant Microsoft outage has occurred, causing major issues to dozens of services and affecting thousands to millions of users nationwide

BREAKING: Global IT outage live: Computer havoc caused by Crowdstrike outage could take days to fix - ABC News

Widespread technology outage disrupts flights, banks, media outlets and companies around the world

CHARLOTTE GRAHAM-McLAY and ELAINE KURTENBACH

Updated Fri, July 19, 2024 at 7:09 AM EDT

WELLINGTON, New Zealand (AP) — A global technology outage grounded flights, knocked banks and hospital systems offline and media outlets off air on Friday in a massive disruption that affected companies and services around the world and highlighted dependence on software from a handful of providers.

Cybersecurity firm CrowdStrike said that the issue believed to be behind the outage was not a security incident or cyberattack — and that a fix was on the way. The company said the problem occurred when it deployed a faulty update to computers running Microsoft Windows.

But hours after the problem was first detected, the disarray continued — and escalated.

Long lines formed at airports in the U.S., Europe and Asia as airlines lost access to check-in and booking services at a time when many travelers are heading away on summer vacations. News outlets in Australia — where telecommunications were severely affected — were pushed off air for hours. Hospitals and doctor's offices had problems with their appointment systems, while banks in South Africa and New Zealand reported outages to their payment system or websites and apps.

Some athletes and spectators descending on Paris ahead of the Olympics were delayed, but Games organizers said disruptions were limited and didn't affect ticketing or the torch relay.

DownDectector, which tracks user-reported disruptions to internet services, recorded that airlines, payment platforms and online shopping websites across the world were affected — although the disruption appeared piecemeal and was apparently related to whether the companies used Microsoft cloud-based services.

Cyber expert James Bore said real harm would be caused by the outage because systems we’ve come to rely on at critical times are not going to be available. Hospitals, for example, will struggle to sort out appointments and those who need care may not get it.

“There are going to be deaths because of this. It’s inevitable,’’ Bore said. “We’ve got so many systems tied up with this.”

Microsoft 365 posted on social media platform X that the company was “working on rerouting the impacted traffic to alternate systems to alleviate impact” and that they were “observing a positive trend in service availability.”

The company did not respond to a request for comment.

CrowdStrike said in an emailed statement that the company “is actively working with customers impacted by a defect found in a single content update for Windows hosts.”

It said: “This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed.”

The Austin, Texas-based company's Nasdaq-traded shares were down nearly 15% in premarket trading early Friday.

A recording playing on its customer service line said, “CrowdStrike is aware of the reports of crashes on Microsoft ports related to the Falcon sensor,” referring to one of its products used to block online attacks.

Meanwhile, governments, officials and companies across the world scrambled to respond.

New Zealand's acting prime minister, David Seymour, said on X that officials in the country were “moving at pace to understand the potential impacts,” adding that he had no information indicating it was a cybersecurity threat.

The issue was causing “inconvenience" for the public and businesses, he added.

On Friday morning, major delays reported at airports grew, with most attributing the problems in booking systems of individual airlines.

In the U.S., the FAA said the airlines United, American, Delta and Allegiant had all been grounded.

Airlines and railways in the U.K. were also affected, with longer than usual waiting times.

With athletes and spectators arriving from around the world for the Paris Olympics, the city's airport authority said its computer systems were not affected by the outage, but that disruptions to airline operations was causing delays at two major Paris airports. The Paris Olympics organizers said the outage affected their computer systems and the arrival of some delegations and their uniforms and accreditations had been delayed.

But the impact was limited, the organizers said, and the outages had not affected ticketing or the torch relay.

In Germany, Berlin-Brandenburg Airport halted flights for several hours due to difficulties in checking in passengers, while landings at Zurich airport were suspended and flights in Hungary, Italy and Turkey disrupted.

The Dutch carrier KLM said it had been “forced to suspend most” of its operations.

Amsterdam’s Schiphol Airport warned that the outage was having a “major impact on flights” to and from the busy European hub. The chaotic morning coincided with one of the busiest days of the year for Schiphol.

Widespread problems were reported at Australian airports, where lines grew and some passengers were stranded as online check-in services and self-service booths were disabled — although flights were still operating.

In India, Hong Kong and Thailand, many airlines were forced to manually check in passengers. An airline in Kenya was also reporting disruption.

While the outages were being experienced worldwide, Australia appeared to be severely affected by the issue. Disruption reported on the site DownDetector included the banks NAB, Commonwealth and Bendigo, and the airlines Virgin Australia and Qantas, as well as internet and phone providers such as Telstra.

National news outlets — including public broadcaster ABC and Sky News Australia — were unable to broadcast on their TV and radio channels for hours. Some news anchors went on air online from dark offices, in front of computers showing “blue screens of death.”

Hospitals in several countries also reported problems.

Britain’s National Health Service said the outage caused problems at most doctors’ offices across England. NHS England said in a statement said the glitch was affecting the appointment and patient record system used across the public health system.

Some hospitals in northern Germany canceled all elective surgery scheduled for Friday, but emergency care was unaffected.

Israel said its hospitals and post office operations were disrupted.

In South Africa, at least one major bank said it was experiencing nationwide service disruptions as customers reported they were unable to make payments using their bank cards in stores. The New Zealand banks ASB and Kiwibank said their services were down as well.

Shipping was disrupted too: A major container hub in the Baltic port of Gdansk, Poland, the Baltic Hub, said it was battling problems resulting from the global system outage.

Kurtenbach reported from Bangkok. Associated Press journalists around the world contributed. LINK

Good Evening Dinar Recaps,

An Update on Vietnam’s Quest for Crypto Regulation

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DE-DOLLARIZATION CONTINUES TO BE THE THEME OF BRICS NATIONS

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More laws and reforms are required to ascertain the secured flow of cryptocurrency transactions in the country so that no scams or fraud occur risking the investor’s funds.The future of the cryptocurrencies are more secure and reliable in the country when these regulatory frameworks are put in place.

Read more: Binance

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Read more:Metals Edge

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Read more:Investopedia

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