Dinar Recaps Blog Page — Dinar Recaps (2024)

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Bitcoin Purchase Program
"The Act lays out a plan to acquire up to 1,000,000 Bitcoins over a five-year period, capping purchases at 200,000 Bitcoins annually, and then holding such reserves for twenty years. Furthermore, the Act places limits on the use and sale of the reserve following the holding period.

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Economist Expects Sanctions On Iraqi Banks To Be Eased

Posted on 2024-08-03 by sotaliraq Economic researcher Safwan Qusay believes that sanctions imposed on Iraqi banks will be reduced and made financial only.

Qusay said, “The Central Bank has contracted with an international company (K2) for the purpose of auditing banks that have restricted access to the dollar in previous periods, so that these banks can learn the mechanism for complying with international requirements.”

He added, "Everyone is keen on stopping the use of Iraqi banks for money laundering. Private Iraqi banks are not the owners of corrupt money, but there are those who acquire the Iraqi dinar illegally and are trying to use the banks for money laundering and smuggling hard currency."

Qusay continued, "As for the restricted banks, they will be rehabilitated by merging, or these sanctions will be reduced or made financial sanctions in the coming periods." LINK

Al-Sudani Launches The National Development Plan For The Next Five Years

Money and business Prime Minister Mohammed Shia Al-Sudani confirmed today, Saturday, that the five-year development plan (2024-2028) took into account improving services in all fields and directed adherence to it, noting that the plan aims to achieve infrastructure projects, clean energy, the development road, the Faw port, the road network, bridges, residential and industrial cities, modern agriculture, and others.

A statement by the Prime Minister's media office stated that "the Prime Minister launched the five-year national development plan (2024-2028), during the ceremony held today, Saturday, by the Ministry of Planning in cooperation with Iraq's development partners."

In a speech he delivered during the ceremony, Al-Sudani praised “the efforts of the Ministry of Planning, the ministries and their supporting bodies, and international partners, indicating that the five-year development plan has been approved by the Council of Ministers, in recognition by the government of the importance of the country having a development plan with achievable paths and goals,” stressing “the importance of adhering to the plan’s goals, as they are the way to change the lives of Iraqis for the better.”

Al-Sudani pointed out that "Iraq has witnessed a developmental separation since the eighties of the last century due to wars, siege and confrontation with terrorism, which caused gaps in all sectors," stressing "work to restore the wheel of development and bridge those gaps, and that the new plan is consistent with the government's goals and confronting internal or external challenges."

He explained that "the plan provided space for achieving good governance, appropriate mechanisms to combat corruption and adopt the principles of transparency, and took into account the priorities of improving services in all areas, by accelerating the implementation of projects under construction, and moving towards new development and service projects."

He continued: “We started with a series of strategic projects to develop the oil and gas sector, stop waste in it, and rely on our capabilities and projects to secure petroleum derivatives instead of importing. We moved towards projects that are consistent with the 2030 Sustainable Development Vision, including infrastructure projects, clean energy, the development road, the Faw Port, the road and bridge network, residential and industrial cities, modern agriculture, and others.”

He stated: "We emphasize the role of the Kurdistan Region of Iraq and the local governments in the provinces in achieving integration with the government program plans and working in a unified manner for the public interest of the state," noting that "the five-year development plan includes paths with economic dimensions based on the philosophy of economic diversification."

He explained that "the Iraq Development Fund aims to create an integrated investment environment in the country," adding: "We have given the private sector sovereign guarantees to establish industrial and agricultural projects, which will provide it with a wide space that is commensurate with its developmental role."

He stressed: "We are working on reforming the banking and financial sector, automating all economic and service activities, and governing government and service work. We have started automating work at border crossings and moving towards electronic payment in all market and commercial transactions."

He explained: "The five-year development plan adopts comprehensive digital transformation and the adoption of electronic systems in all aspects of life, and that sound planning requires accurate and sound data and indicators, and this is achieved by the general population and housing census that is scheduled to be conducted on November 20."

Al-Sudani stressed that: "The government is making exceptional efforts to implement the census, which has been delayed for a long time. The Ministry of Planning and the supporting agencies have completed all the necessary preparations to implement it. We hope that Iraqi families will contribute to the success of the census and provide correct data."

He stressed that: "The goal of the census is developmental, through which we seek to address negatives in all areas, and we call on all state institutions to cooperate with the Ministry of Planning to ensure the success of the census project." 08/03/2024 - https://economy-news.net/content.php?id=45863

Reuters: Iraq Still Accounts For The Largest Part Of OPEC's Excess Production

Energy OPEC oil output rose in July on a rebound in Saudi supplies and small increases elsewhere, a Reuters survey showed on Friday, offsetting the impact of ongoing voluntary supply cuts from other members and the wider OPEC+ alliance.

The survey, based on shipping data and information from oil industry sources, showed that OPEC pumped 26.70 million barrels per day last month, up 100,000 bpd from June.

The increase comes despite the OPEC+ alliance, which includes OPEC and allies including Russia, maintaining most production cuts until the end of 2025 to support the market in the face of tepid demand growth, rising interest rates and increased US production.

A meeting of senior OPEC+ ministers on Thursday left oil production policy unchanged, including a plan to start unwinding a tranche of output cuts from October.

The ministers stressed that this increase could be temporarily halted or reversed if necessary.

The survey found that Saudi Arabia provided the biggest boost to supplies last month, by 70,000 barrels per day, as exports rebounded from June when they were lower than expected. Output reached 9 million barrels per day in July, close to the kingdom’s target.

The survey showed that Nigeria recorded the largest decline of 30,000 barrels per day, with exports declining on a monthly basis.

Libya and Iran, two members not required to cut output, along with Iraq, recorded slight increases. The survey found that Iranian output reached 3.22 million barrels per day, the highest since 2018, according to Reuters surveys.

Iran has boosted its exports in recent years despite continued U.S. sanctions. Iraq’s output has risen as exports have increased month-on-month, oil flow data and a tanker-tracking source showed.

The survey also said that OPEC exceeded the target assumed for the nine countries covered by the supply reduction agreements by about 240 thousand barrels per day, and that Iraq still represents the largest part of the excess production.

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, flows data from the London Stock Exchange Group, information from firms that track flows, such as Petro-Logistics and Kpler, and information provided by sources at oil companies, OPEC and consultants. 165 views 2024/08/03 https://economy-news.net/content.php?id=45861

OIL PRICES FALL TO EIGHT-MONTH LOW

Saturday 03 August 2024 04:15 | Economic Number of readings: 231 Baghdad / NINA / Oil prices closed on Friday at their lowest levels since last January, after data showed that job growth in the United States slowed more than expected last month.

Brent crude futures fell $2.71, or 3.41 percent, to reach $76.81 a barrel at settlement. "

West Texas Intermediate crude futures fell $2.79, or 3.66 percent, to record $73.52 at settlement."

Job growth in the United States slowed more than expected in July, and the unemployment rate rose to 4.3 percent, indicating a possible recession. "

Economic data from China, the largest oil importer, showed weak manufacturing activity last month in the United States, Europe and Asia, increasing the risk of a weak global economic recovery, affecting oil consumption.

Data from the London Stock Exchange Group's oil research department showed that Asian crude oil imports fell to their lowest level in two years in June due to weak demand in China and India. "

A meeting of OPEC+ ministers yesterday, Thursday, kept the current oil production policy unchanged, including the alliance's intention to gradually roll back part of the production cuts starting next October." /End2 https://ninanews.com/Website/News/Details?key=1145245

Central Bank Sales Exceeded $1 Billion Last Week

Economy | 03:13 - 03/08/2024 Mawazine News – Baghdad The total sales of the Central Bank of Iraq of hard currency for the US dollar during the past week, which opened the auction, exceeded one billion dollars.

A source stated that the Central Bank sold during the past week and for the 5 days in which the auction was opened, one billion, 410 million, 230 thousand, and 782 dollars, at a daily rate of 282 million, 46 thousand, and 156 dollars, up from one billion, 387 million, 237 thousand, and 49 dollars recorded the previous week.

The highest sales of the dollar were on Sunday, where sales amounted to 274 million, 868 thousand, and 286 dollars, while the lowest sales were on Tuesday, where sales amounted to 262 million, 223 thousand, and 443 dollars.

He pointed out that sales of foreign transfers during the past week amounted to “one billion, 361 million, 480 thousand, and 782 dollars, an increase of 96% compared to cash sales, which amounted to 48 million, 750 thousand dollars.” https://www.mawazin.net/Details.aspx?jimare=252638

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Tishwash: Prime Minister announces launch of five-year national development plan (2024-2028)

Prime Minister Mohammed Shia Al-Sudani announced today, Saturday, the launch of the five-year national development plan (2024-2028).

A statement by the Prime Minister's Media Office received by the Iraqi News Agency (INA) stated that "Prime Minister Mohammed Shia Al-Sudani announced the launch of the five-year national development plan (2024-2028) link

Tishwash: An economist likely to ease the sanctions imposed on Iraqi banks

Today, Friday, economic affairs researcher Safwan Qusay suggested easing the sanctions imposed on Iraqi banks and making them financial only.

Qusay told Al Mada, “The Central Bank has contracted with an international company (K2) for the purpose of auditing banks that have restricted access to the dollar in previous periods, so that these banks can learn how to comply with international requirements.”

He added, "Everyone is keen on the process of stopping the use of Iraqi banks for the purpose of money laundering. The private Iraqi banks are not the owners of corrupt money, but rather there are those who acquire the Iraqi dinar illegally and are trying to use the banks for the purpose of money laundering and smuggling hard currency."

Qusay continued, “As for the restricted banks, they will be rehabilitated through merger, mitigation of these penalties, or making them financial penalties during the coming periods.” link

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Tishwash: Parliamentarian explains: What is the relationship between the operating budget and hosting the new governors?

Member of Parliament, Mohammed Al-Baldawi, said on Thursday that delaying the release of operational budgets was likely the reason for postponing hosting the new governors.

Member of the Parliamentary Planning Committee, Muhammad Al-Baldawi, said: “Hosting the new governors will not take place in the near future, as the absence of an operating budget prevents us from judging their performance,” indicating that “the operating budget has not yet been launched, which makes it difficult to evaluate the performance of the governors based on the projects that have been completed.”

And works.

Al-Baldawi explained that “the work of the Kirkuk and Diyala governorates is being disrupted due to the failure to resolve the issue of the council president in them, and until now the government has not received an evaluation of the governors’ performance,” noting that “there are ongoing problems in the Baghdad governorate and other governorates whose governments have not yet stabilized.” link

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Tishwash: Reuters: Iraq still accounts for the largest part of OPEC's excess production

OPEC oil output rose in July on a rebound in Saudi supplies and small increases elsewhere, a Reuters survey showed on Friday, offsetting the impact of ongoing voluntary supply cuts from other members and the wider OPEC+ alliance.

The survey, based on shipping data and information from oil industry sources, showed that OPEC pumped 26.70 million barrels per day last month, up 100,000 bpd from June.

The increase comes despite the OPEC+ alliance, which includes OPEC and allies including Russia, maintaining most production cuts until the end of 2025 to support the market in the face of tepid demand growth, rising interest rates and increased US production.

A meeting of senior OPEC+ ministers on Thursday left oil production policy unchanged, including a plan to start unwinding a tranche of output cuts from October.

The ministers stressed that this increase could be temporarily halted or reversed if necessary.

The survey found that Saudi Arabia provided the biggest boost to supplies last month, by 70,000 barrels per day, as exports rebounded from June when they were lower than expected. Output reached 9 million barrels per day in July, close to the kingdom’s target.

The survey showed that Nigeria recorded the largest decline of 30,000 barrels per day, with exports declining on a monthly basis.

Libya and Iran, two members not required to cut output, along with Iraq, recorded slight increases. The survey found that Iran’s output reached 3.22 million barrels per day, the highest since 2018, according to Reuters surveys.

Iran has boosted its exports in recent years despite continued U.S. sanctions. Iraq’s output has risen as exports have increased month-on-month, oil flow data and a tanker-tracking source showed.

The survey also said that OPEC exceeded the target assumed for the nine countries covered by the supply reduction agreements by about 240 thousand barrels per day, and that Iraq still represents the largest part of the excess production.

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, flows data from the London Stock Exchange Group, information from firms that track flows, such as Petro-Logistics and Kpler, and information provided by sources at oil companies, OPEC and consultants. link

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This initiative represents a pivotal milestone for Venom and the broader crypto industry. In what could end up as the world’s largest blockchain use case, this project underscores Venom’s leadership and innovation in the blockchain space.

By betting on Venom,the Philippine government demonstrates unprecedented trust and confidence in blockchain as a secure, scalable, and efficient solution for national-level operations.

This move is poised to revolutionize the way governments and large institutions handle data, transactions, and record-keeping, setting a new standard for transparency and efficiency.

Project scope and impact

The Philippines is making a significant leap forward by launching an ambitious project to use Venom technology to digitize approximately ten billion accountable forms such as but not limited to invoices or receipts, cash tickets, documentary stamps, and special bank receipts, individually identified, accounted for, and afforded appropriate security.

This initiative marks a new phase in the country's digitalization journey andpromises to revolutionize financial operations.

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The plan will be funded by reallocating resources within the Federal Reserve Systemand the Treasury Department, ensuring robust cybersecurity and physical security measures.

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"The FDIC began counting the number of commercial banks in 1934. That year, 14,146 commercial banks were operating in the United States. That number didn’t change much for the next 50 years. After a low of 13,114 in 1959,the U.S. commercial bank count climbed to an all-time high of 14,469 in 1983.

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IQD Update - Iraq Dinar News - Theft of Century - Unifying Accounts - Raise Value of the Dinar - COM

MilitiaMan and Crew: 8-2-20244

https://www.youtube.com/watch?v=phfCr1HOfY0

Circular from the Central Bank to banks and exchange companies: Reject travel tickets from internationally sanctioned airlines

Local | 04:34 - 02/08/2024 Muzain News – Baghdad The Central Bank of Iraq informed, on Friday, government and private banks and exchange companies not to accept travel tickets issued by airlines and travel and tourism companies included on local or international sanctions lists in the sale of cash dollars for travelers. https://www.mawazin.net/Details.aspx?jimare=252578

Exchange Markets Under Pressure: Dollar Continues To Rise In Baghdad And Erbil

August 1, 2024 Baghdad - Al-Zaman The US dollar exchange rate witnessed a significant increase on Thursday morning in the markets of Baghdad and Erbil, the capital of the Kurdistan Region. This increase comes after a period of relative stability in exchange rates, which raises concerns among traders and consumers in Iraq.

At the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, the dollar recorded a price of 149,250 Iraqi dinars per 100 dollars, compared to 149,100 dinars recorded yesterday, Wednesday. This slight increase may not seem significant, but it reflects an upward trend that may affect the financial stability in the country.

In the details of local prices, our correspondent reported that the selling prices in exchange shops in Baghdad also witnessed an increase, as the selling price reached 150,250 dinars for every 100 dollars, while the purchase price reached 148,250 dinars.

In contrast, in Erbil, the dollar prices also increased, as exchange shops recorded a selling price of 149,500 dinars and a purchase price of 149,400 dinars for every 100 dollars.

The rise in the dollar price is the result of several economic factors, including fluctuations in global financial markets, the impact of regional fluctuations on the Iraqi economy, or changes in monetary policy. Given the economic situation in Iraq, there may be a reciprocal effect between fiscal policy and geopolitical events.

The monetary policies of the Central Bank of Iraq contribute to this rise, especially if there is a reduction in cash reserves or changes in interest rates. In addition, local inflation can lead to increased demand for the dollar as a safe haven, which contributes to higher prices.

Political tensions and internal economic crises lead to market instability. Political unrest may affect investor confidence and increase exchange rate volatility. LINK

Oil Prices Rise But Set For Fourth Weekly Loss

Energy Economy News – Baghdad Oil prices rose in early trading on Friday, but were on track for a fourth straight weekly loss, as disappointing signs of growth in global fuel demand outweighed concerns about supply disruptions from the Middle East, a key producing region.

Brent crude futures rose 33 cents, or 0.4 percent, to $79.85 a barrel by 0020 GMT, after falling 1.5 percent in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 38 cents, or 0.5 percent, to $76.69, after falling 2.1 percent on Thursday.

On a weekly basis, Brent crude futures are heading for a 1.7 percent decline, while West Texas Intermediate crude futures are heading for a 1.1 percent decline.

Four weeks of declines would be the longest losing streak for both benchmarks since a seven-week losing streak that ended in early December.

Surveys on Thursday showed weak manufacturing activity last month in the United States, Europe and Asia, raising the risk that a weak global economic recovery could weigh on oil consumption.

"Markets remain cautious on Chinese oil demand after June data came in weaker than expected," analysts at consultancy FGE said.

Asia's crude oil imports fell to their lowest in two years in July due to weak demand in China and India, data compiled by LSEG Oil Research showed.

Oil investors are watching developments in the Middle East with caution, as the killing of two senior leaders of Hamas and Hezbollah in Lebanon has raised fears that the region could be on the brink of all-out war, which could disrupt supplies.

81 views Added 08/02/2024 - 10:51 AM https://economy-news.net/content.php?id=45849

Iraq Ranked 82nd In The Manufacturing Index

Local Economy News – Baghdad The head of the Strategic Center for Human Rights, Fadhel Al-Gharawi, confirmed today, Friday, that the manufacturing industries in Iraq are still suffering from many challenges, noting that Iraq ranked 82nd out of 126 countries in the Industrial Manufacturing Index.

Al-Gharawi said in a statement today that China topped the world in manufacturing production, with more than $4.97 trillion, followed by Germany ($751 billion), India ($450 billion), South Korea ($426 billion), and Russia ($287 billion).

He added that Iraq recorded $4 billion and 750 million in 2023 and $4 billion and 725 million in 2022, up from $4 billion and 630 million in 2021, indicating that the highest production of manufacturing industries witnessed by Iraq during the past five years was in 2019, when it amounted to $4 billion and 994 million.

Al-Gharawi noted that Iraq has 4,000 diverse factories, including a group of factories specialized in manufacturing industries, adding, "However, most of them are stopped due to poor management and planning and the lack of marketing and support for the national product."

The head of the center continued by saying that the manufacturing industries may be an important economic resource for the country, contributing to the diversification of the economy’s sources instead of relying on oil. 76 views 08/02/2024 - https://economy-news.net/content.php?id=45857

Investment Reveals The Location Of The First Economic City In Iraq

Economy | 10:11 - 02/08/2024 Mawazine News – Baghdad The National Investment Commission revealed on Friday the location of the first economic city in Iraq, noting that economic cities represent investment portfolios capable of attracting and bringing in local and foreign capital.

Hanan Jassim, the spokesperson for the Investment Commission, said: "The Chairman of the National Investment Commission, Haider Muhammad Makiya, during his meeting in the presence of committee members and representatives of the ministries and relevant sectoral bodies from Maysan Governorate, called for the importance of intensifying efforts and coordinating them in a detailed and precise manner that contributes to creating a realistic vision and a successful announcement for investors, businessmen and companies wishing to make this type of investment."

She added that "the attendees were informed of the full borders of the regions distributed according to the projects to be established and the ownership of the lands with the possibility of expanding some of them," indicating that "it was agreed on the importance of preparing a clear map of road networks, water and electricity sources and other requirements for granting investment licenses for these projects, which will be among the topics and discussions of the upcoming meetings."

Jassim pointed out that "the committee's work witnessed the presentation of a number of proposals and ideas that support the implementation of such projects, based on the Prime Minister's approval of the minutes and recommendations of the Diwani Order Committee (23674), which decided to form the Higher Committee for the Economic Development and Advancement of the Al-Tayeb Area in Maysan Governorate and its Neighboring Areas, headed by the Chairman of the National Investment Commission and the membership of various state bodies, including the Governor of Maysan, the Chairman of the Maysan Investment Commission, the Chairman of the Industrial Cities Authority in the Ministry of Industry and Minerals, in addition to a number of general managers in the Ministries of Finance, Planning, Oil and Education and a representative of the Prime Minister's Office."

Jassim explained that "the Higher Committee for the Development and Advancement of the Al-Tayeb Area in Maysan Governorate and its Neighboring Areas has actually begun its work, headed by the Chairman of the National Investment Commission, Haider Mohammed Makiya."

She stressed that "the development and Advancement of the Al-Tayeb Area, southeast of Maysan Governorate, will be the first economic city in Iraq and will represent a successful model and an economic resource for the state that can be applied in other governorates of the country,"

explaining that "this model will represent diverse and ready investment portfolios capable of attracting and bringing in local and foreign capital."

She continued, "Al-Tayeb City will include a group of diverse projects in various economic specializations, including projects specialized in the residential sector, others in the industrial sector, and other economic projects,

in addition to recreational and academic projects," noting that "developing the region will achieve a great economic return that will contribute to stimulating the economic base in the governorate, and providing job opportunities for the governorate's people."

https://www.mawazin.net/Details.aspx?jimare=252562

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

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Clare: Iraq Stock Exchange trades more than 60 billion dinars in shares during July

8/1/2024

The Iraq Stock Exchange announced on Thursday that it will hold 21 trading sessions in July 2024, at a rate of five sessions per week. The sessions were not held on the first and tenth of Muharram, which fell during the month.

According to the trading indicators for the month of July, the number of traded shares reached (61,327,427,127) shares, an increase of (80%) over the month of June, with a financial value of (60,199,416,955) dinars, an increase of (76%) over the month of June.

According to the index, the number of executed contracts reached (11,309) contracts, an increase of (26%) over the month of June.

The ISX60 index closed at 896.25 points in the last session of July 2024, up 1.6% from its June closing of 882.03 points.

The ISX15 free float index closed at (1008.30) points in the last session of July 2024, achieving an increase of (0.2%) from its closing in June (1005.49) last. LINK

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Clare: The House of Representatives publishes the agenda of its sessions for next Saturday and Sunday

8/2/2024 Baghdad –

The Iraqi News Agency (INA) publishes the agenda of the sessions of the House of Representatives next Saturday and Sunday, according to what was announced by the media department of the Council.

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

Agenda for session No. (4), Saturday, August 3, 2024

Reading verses from the Holy Quran

Public Affairs Department No. (27) of 2016. (Committee First:

First reading of the draft law on the Second Amendment to the Legal Amnesty Law, Security and Defense Committee, Human Rights Committee), (2) Articles.) the light

Second: First reading of the draft arbitration law. Legal Committee, Finance Committee (47 articles).

Third: Report and discuss the second reading of the draft law on compensation for the properties of those affected by the former regime.

Committee of Martyrs, Victims and Political Prisoners).

The session begins at one o'clock in the afternoon

House of Representatives LINK

Clare: Arab currencies top the list of the strongest in the world.. Is the Iraqi dinar among them?

8/2/2024

Four Arab currencies top the list of the 10 most powerful currencies in the world out of 180 currencies recognized by the United Nations. The US dollar comes in tenth place globally. The following is a list of the most powerful currencies in the world:

1. Kuwaiti Dinar: equivalent to 3.27 dollars

The Kuwaiti Dinar is the most valuable currency in the world. Since its introduction in 1960, the Kuwaiti Dinar has continued to top the list of the most valuable currencies thanks to Kuwait's economic stability and oil reserves.

2. Bahraini Dinar: equivalent to 2.65 dollars

The Bahraini Dinar is the second strongest currency in the world. The Bahraini Dinar is pegged to the US Dollar and is used exclusively in Bahrain, which has a large expatriate community, including a large number of Indians.

3. Omani Rial: equivalent to 2.60 dollars

The Omani Riyal is the third most valuable currency in the world. It was introduced after Oman stopped using the Indian Rupee. The economy of the Sultanate of Oman is heavily dependent on the oil sector.

4. Jordanian Dinar: equivalent to 1.41 dollars

The Jordanian dinar has been the official currency of Jordan since it replaced the Palestinian pound in 1950, with fixed exchange rates and a diversified economy.

5. British Pound: equivalent to 1.26 dollars

The pound sterling is used in Great Britain and has an important place in global finance, thanks to London's status as a financial centre and intense commercial activity.

6. Gibraltar Pound: equivalent to 1.26 dollars

7. Cayman Islands Dollar: equivalent to $1.20

8. Swiss Franc: equivalent to 1.14 dollars

9. Euro: equivalent to 1.08 dollars

10. US Dollar: Equivalent to $1.00

These currencies continue to play a major role in the global economy, as their strength reflects the economic and financial stability of the countries that issue them. LINK

*Future endeavors

TheIraqi government seeks to implement theASYCUDAWorldsystem in all customs locations across the country by mid-2025, according to the report, which confirms that after that, thefocuswill be onmodernizing customs controland building anelectronic“single window” for trade based onASYCUDAtechnology.

Thiscomprehensive platform, which links multiple government agencies involved in goods clearance, isexpected to automate customs processes and enhance Iraq's logistical efficiency and trade competitiveness.

https://www.alsumaria.tv/news/economy/495884/ما-هو-نظام-الأسيكودا-في-العراق-وبماذا-يخدم-العراقيين؟-تقرير-دولي-يفصل

Adviser To The Prime Minister: We Are Heading Towards Reforming The Government Banking Sector

Economical 08/01/2024 Baghdad: the mainstay of the emirate The Financial Advisor to the Prime Minister, Dr. Mazhar Muhammad Saleh, stated that

reforming the banking system is one of the most prominent priorities of the government’s approach, because of its positive effects in all aspects of the economy, indicating that the

first steps of that reform began through thegovernment banking sector,

whichcurrently dominates more thanOf85percent of the assets of the banking system, its

banking operations and activities account for approximately the same percentage of total deposits and credit.

Earlier, Prime Minister Muhammad Shiaa Al-Sudani chaired a special meeting to develop the work of government banks, and directed to resolve the procedures for developing the work of Rafidain Bank.

ThePrime Minister's Media Officesaid that Al-Sudani was briefed during the meeting, which was attended by representatives ofErnst & Youngfor auditing and financial consulting, on the technical and administrative procedures for theRafidain Bankdevelopment project, which were taken during the period that followed the signing of the contract with the company specialized in structuring and developing work in the banking sector.

It is noteworthy that the development plan of Rafidain Bank includes a comprehensive review and evaluation of the bank’s work, and the implementation of structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, in which advanced electronic programs and modern technology are adopted in all banking transactions, and the optimal use of human and technical resources, and the transition to... Automated work, which helps the bank’s ability to meet banking requirements Globalism. Counselor Saleh told “Al-Sabah”:

At the same time, the study, which is being prepared by theinternational auditing and accounting firmErnst Young, is based on the principle of creating a highly efficient government commercial banking sector that takes the lead with the rest of the banking market in financing market activity and with digital foundations and financial and accounting technologies in accordance with modern financial engineering. He pointed out that

this leads tothe

birth of a government bank that

specializes in managing government banking operations exclusively and
is considered a cornerstone in organizing the treasury account and stabilizing government cash flow budgets, meaning that
it will at the same time be the public finance arm of the government banking organization. Saleh believes that

these steps can achievethe

goals that lead to “the birth of a hom*ogeneous banking market that

operates according to competitive principles and can
integrate with the local and international financial and banking system with
high credit and banking efficiency required by the sustainable development goals and the
requirements of the availability of market institutions and their
integration between financing services on the one hand and real investment.” And production growth on the one hand Other. https://alsabaah.iq/100342-.html

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Tishwash: Pentagon: Within 72 hours, Iran and its allies will launch a large-scale attack on Israel

CNN, citing the Pentagon, reported on Thursday that Iran and its allies will launch a large-scale attack on Israel within the next 72 hours.

Senior American officials say they expect the upcoming Iranian attack to be very similar to the Iranian attack last April 13 - but on a larger scale - because it is likely to also include the intervention of Lebanese Hezbollah, which did not participate in the previous attack.

Senior officials in President Joe Biden's administration fear that since the context this time is the assassination of a Hamas leader in Tehran and not an Iranian general in Damascus, it may be difficult for them to mobilize the same international and regional coalition of countries that stopped the previous Iranian attack.

Last Wednesday, US intelligence services began receiving clear indications that Iran will respond, according to an American official.

Iran had held an emergency meeting of the Supreme National Security Council following the assassination of Haniyeh in Tehran, accusing Israel of the assassination and threatening a harsh response. This coincided with the assassination of Hezbollah leader Fouad Shukr in an Israeli raid hours before Haniyeh's assassination. link

Investment reveals the location of the first economic city in Iraq

The National Investment Commission revealed, today, Friday, the location of the first economic city in Iraq, while indicating that economic cities represent investment portfolios capable of attracting and bringing in local and foreign capital.

Hanan Jassim, spokeswoman for the National Investment Commission, told the Iraqi News Agency (INA): "The head of the National Investment Commission, Haider Mohammed Makiya, during his meeting in the presence of committee members and representatives of the ministries and relevant sectoral bodies in Maysan Governorate

Called for the importance of intensifying efforts and coordinating them in a detailed and precise manner that contributes to creating a realistic vision and a successful announcement for investors, businessmen and companies wishing to undertake this type of investment."

She added that "the attendees were informed of the full borders of the regions distributed according to the projects to be established and the ownership of the lands with the possibility of expanding some of them," indicating that "it was agreed on the importance of preparing a clear map of road networks, water and electricity sources and other requirements for granting investment licenses for these projects, which will be among the topics and discussions of the upcoming meetings."

Jassim pointed out that "the committee's work witnessed the presentation of a number of proposals and ideas that support the implementation of such projects, based on the Prime Minister's approval of the minutes and recommendations of the Diwani Order Committee (23674), which decided to form the Higher Committee for the Economic Development and Advancement of the Al-Tayeb Area in Maysan Governorate and its Neighboring Areas

Headed by the Chairman of the National Investment Commission and the membership of various state bodies, including the Governor of Maysan, the Chairman of the Maysan Investment Commission, the Chairman of the Industrial Cities Authority in the Ministry of Industry and Minerals, in addition to a number of general managers in the Ministries of Finance, Planning, Oil and Education and a representative of the Prime Minister's Office."

Jassim explained that "the Higher Committee for the Development and Advancement of the Al-Tayeb Area in Maysan Governorate and its Neighboring Areas has actually begun its work, headed by the Chairman of the National Investment Commission, Haider Mohammed Makiya."

She stressed that "the development and Advancement of the Al-Tayeb Area, southeast of Maysan Governorate, will be the first economic city in Iraq and will represent a successful model and an economic resource for the state that can be applied in other governorates of the country," explaining that "this model will represent diverse and ready investment portfolios capable of attracting and bringing in local and foreign capital."

She continued, "Al-Tayeb City will include a group of diverse projects in various economic specializations, including projects specialized in the residential sector, others in the industrial sector, and other economic projects, in addition to recreational and academic projects," noting that "developing the region will achieve a great economic return that will contribute to stimulating the economic base in the governorate, and providing job opportunities for the governorate's people." link

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Tishwash: Despite their large numbers, a shocking percentage of government and private banking services in Iraq

A government advisor revealed a shocking percentage and number of banking services in the public and private sectors provided to the public in Iraq.

Mazhar Mohammed Saleh told {Al Furat News} agency, "The point of stability in the banking market in particular and the financial market in general is not the large number of private banks and financial companies, but rather the point of achieving (financial depth), which means how much banking and financial activities and services contribute to the growth of the country's annual gross domestic product, i.e. through the breadth of services provided by these banking companies to the public in terms of quality and quantity to maximize the added value in economic activity."

He added that these banking services "in the gross domestic product revolve around a growth rate that does not exceed 1.5% in most cases, which is a low percentage compared to developed countries where this percentage rises to more than 20%."

Saleh explained that "based on this, the solidity and stability of the financial and banking market in particular is measured by the number of services provided to the public, and the number of its services still does not exceed 12 services at best, while it should rise to 45 banking services as a minimum."

"As for banking density, which is measured by the population's share of bank branch services, despite the huge number of government and private banks, the share of their branches in providing banking services to the population is still low," he continued. "

It is noted that the services of a single branch of these banks are still not commensurate with the population, and the banking density in our country is about 40,000 people per branch on average, while it should not exceed ten thousand people per branch unless it is less, as is the case in developed countries, where a single branch provides its services to an average of no more than six thousand people per bank branch." link

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Tishwash: The Ministry of Commerce announces the launch of the electronic reservation system for participation in the 48th session of the Baghdad International Fair, starting from

The Iraqi General Company for Exhibitions and Commercial Services at the Ministry of Trade announced the launch of the electronic reservation system for participation in the 48th session of the Baghdad International Fair, starting from today, Thursday, the first of August, and through the company's official website (www.expo.gov.iq).

The company's general manager, Mustafa Al-Maani, said in a statement: "In implementation of the directives of the Minister of Trade, Athir Al-Ghariri, the electronic reservation system was launched for the seventh consecutive year to reserve space, location and other technical matters for participation in the 48th session of the Baghdad International Fair, which will be launched under the patronage of the Prime Minister and under the slogan (Investment, Development, Prosperity) for the period from the first to the seventh of next November.

The statement explained that "the company, within its plans, has adopted the electronic reservation system to keep pace with developments and communication to reduce routine, time, effort and reviews in this aspect."

Pointing out that "this system aims to create an integrated database on the nature and size of participation in the Baghdad International Fair, through the electronic map through which it is possible to know the participating countries and entities and the locations of their pavilions with all related information as well as the charts." link

KTFA:

Clare: Mazhar Saleh: A trend towards reforming the government banking sector

8/1/2024

Baghdad: Imad Al-Emara

The financial advisor to the Prime Minister, Dr. Mazhar Mohammed Salih, considered the reform of the banking system as one of the most prominent priorities of the government program, due to its positive effects on all aspects of the economy.

Salih explained to Al-Sabah that "the government's vision for economic reform focused to a large extent on banking reform, which is one of the priorities of the government program, and the first steps began through Rafidain Bank," noting that "the government banking sector currently dominates more than 85 percent of the banking system's assets, and its banking operations and activities account for almost the same percentage of total deposits and bank credit." LINK

Clare: Prime Minister's Advisor: We are moving towards reforming the government banking sector

8/1/2024 Baghdad: The pillar of the emirate

The financial advisor to the Prime Minister, Dr. Mazhar Mohammed Salih, stated that reforming the banking system is one of the most prominent priorities of the government program, due to its positive impact on all aspects of the economy, indicating that the first steps of this reform began through the government banking sector, which currently dominates more than 85 percent of the banking system's assets, and its banking operations and activities account for almost the same percentage of total deposits and credit.

Earlier, Prime Minister Mohammed Shia al-Sudani chaired a special meeting to develop the work of government banks, and directed the finalization of procedures for developing the work of Rafidain Bank.

The Prime Minister's media office said that during the meeting, which was attended by representatives of Ernst & Young for auditing and financial consulting, Al-Sudani was briefed on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector.

It is noteworthy that the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank's work, and structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transitioning to automated work, which helps the bank's ability to meet
global banking requirements.

Advisor Saleh told Al-Sabah: "The government's vision for economic reform focused largely on banking reform, which is one of the priorities of the government's program, and the first steps began through Rafidain Bank," noting that "the reform principles established by the government program, which was approved by the House of Representatives, are based on regular executive priorities, foremost of which is reforming the banking sector, as the Prime Minister's vision for economic reform focused on reforming the government banking sector, which currently dominates more than 85 percent of the banking system's assets, and its banking operations and activities account for almost the same percentage of total deposits and bank credit."

Saleh pointed out that this beginning came because these banks are large and important, but they are burdened with the legacy left by the conflicts of the past half century and their repercussions on the efficiency of this large banking system, whose capital base still constitutes only a low percentage not exceeding 22 percent of the total capital of the banking system

Indicating that "in light of this banking dominance burdened by inherited problems, our country suffers from limited growth in the activity of the banking market and its division between private banks, the number of which exceeds 50 banks, but they are limited in activity in deposits and credit, but they do not have a unified and hom*ogeneous competitive banking market with government banks, as government banks monopolize market shares and banking activity and they are suffering greatly and their activity lives on sovereign banking liquidity as they are banks of a purely rentier nature that deal with large government deposits that affect their liquidity."

The government advisor explained that "in order to advance the Iraqi banking market, the first steps of reform have inevitably begun with government banks, especially major commercial banks such as Rafidain Bank. Based on the above, and with the aim of making government banks operate according to capital efficiency standards and lead the financing and development activity in the country on competitive foundations that provide financial inclusion at the same time, the study being prepared by the global auditing and accounting firm Ernst Young is based on the principle of creating a highly efficient government commercial banking sector that takes the initiative with the rest of the banking market in financing market activity on digital foundations and financial and accounting technologies in accordance with modern financial engineering.

He pointed out that this leads to the birth of a government bank specialized in managing government banking operations exclusively and is a fundamental pillar in organizing the treasury account and stabilizing government cash flow budgets, i.e. at the same time being the arm of public finance in government banking organization."

Saleh believes that these steps can achieve the goals that lead to “the birth of a hom*ogeneous banking market that operates according to competitive principles and can integrate with the local and international financial and banking system with high credit and banking efficiency required by the goals of sustainable development and the requirements of the availability of market institutions and their integration between financing services on the one hand and real investment and production growth on the other hand.” LINK

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Clare: One of the most prominent defendants in the tax deposit theft case was extradited

8/1/2024 Baghdad

The head of the Integrity Commission, Judge Haider Hanoun, announced the extradition of one of the most prominent defendants in the tax deposit theft case.

Hanoun said in a press conference attended by "Al-Eqtisad News", "The issue of the theft of the century will not die no matter how much the corrupt try to hide it from the oversight agencies and the people's eyes," indicating that "fighting corruption is one of the government's priorities."

Hanoun added, "Qasim Mohammed was recovered from the Kurdistan Region and the managing director of the Humpbacked Whale Company after he had fled to Turkey. He is one of the major defendants in the case of stealing tax deposits and the theft recorded against the defendant is 988 billion Iraqi dinars, which are not final numbers," noting that "Nour Zuhair is a defendant who is on bail and will be tried."

He stressed that "the Prime Minister is following up on the issue of tax deposits on a daily basis," stressing that "another accused person, Mohammed Falah Al-Janabi, the managing director of Al-Qant Company, has been arrested. He is accused of stealing more than a trillion dinars through 79 forged checks." LINK

Clare: By names and addresses.. Details of the arrest of 8 main suspects in the theft case of the century

8/1/2024

The Federal Integrity Commission announced, today, Thursday, an official list of the details of the arrest of 8 main defendants in the case of theft of tax deposits "the theft of the century". They are:

1- Qasim Muhammad Muhammad
was arrested.
Position / Managing Director of Al-Hut Al-Haddab Company
Charge / Receiving 55 checks and 11 eleven appearances
Total stolen amounts
nine hundred and eighty-two billion dinars from the tax deposit account

2- The fugitive accused Abdul Mahdi Tawfiq Mahdi
Location Lebanon
Stolen amounts two trillion two hundred and eighty-three billion Iraqi dinars
Receiving 155 checks for an amount from the tax deposit account

3- The accused Muhammad Falah Abdullah Al-Janabi
Location / United Arab Emirates
Position Managing Director of Al-Qant Company
Receiving 79 checks for
stolen funds / one trillion one hundred and eighty-five billion two hundred and twenty million

4- The fugitive accused Hussein Kawa Abdul Qader Abdul Aziz
Location / Erbil
Position / Managing Director of Baghdad Winds Company
Stolen funds / six hundred and seven billion Iraqi dinars by receiving 40 checks

5- The fugitive accused Abdul Rahman Muhammad Ibrahim
Location / Erbil
Position Managing Director of Badia Al-Masaa Company
Stolen funds / six hundred Twenty-four billion Iraqi dinars through 37 checks

6- The fugitive accused Alaa Khalaf Maran Al-Omar
Location: Lebanon
Position: Office of the former Prime Minister
Stolen funds: Four hundred and ninety-seven billion Iraqi dinars

7- The fugitive accused Abdul Amir Hassoun Ali Taha
Location: State of Kuwait
Position: Managing Director of Al-Fawaris Company
Stolen funds: Receiving an amount of one hundred and twenty-four million US dollars in exchange for facilitating procedures at the Ministry of Finance

8- The fugitive accused Muhammad Hassoun Ali Taha
Location: State of Kuwait Position
: Deputy Managing Director of Al-Fawaris Company.LINK

Clare: Judge Hanoun: The final amount of the theft of tax deposits exceeds what is announced

8/1/2024

Judge Haider Hanoun, head of the Integrity Commission, confirmed: "The final amount of the theft of tax deposits exceeds what is announced, because the Tax Authority has not yet informed us of the actual amount of stolen money.

Hanoun called on the Ministry of Finance and the Tax Authority to provide the Integrity Commission with the names and accounts of the companies from which those funds were stolen and have now become Iraqi money owned by the people. Otherwise, after 15 days, the head of the Tax Authority will be asked to hand over those documents or proceed with all legal measures.

He pointed out: "The amount offered today belongs to the former Director General of the Railway Directorate, which is more than two million dollars and another amount in Iraqi dinars in addition to 9 properties, 5 of which are worth more than 8 billion Iraqi dinars."

He continued: "We are coordinating with the State of Kuwait to extradite two other accused, who are two brothers who were working with the main accused, Nour Zuhair. LINK

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