Dinar Recaps Blog Page — Dinar Recaps (2024)

Why Gold is Your BEST DEFENSE Right Now

Taylor Kenny: 8-8-2024

Fueled by runaway government debt and relentless money printing, Taylor Kenney further explores the continuing collapse of the U.S. dollar.

As a currency reset looms with central banks worldwide scrambling, gold takes center stage as the ultimate financial safeguard.

Taylor reveals why now is the moment to shield your assets to prepare for what's coming next.

CHAPTERS:

00:00 Currency Reset

02:22 National Debt Skyrocketing

04:44 Unsustainable Debt Burden

07:14 Weimer, Germany

08:07 Central Banks Gold Demand

https://www.youtube.com/watch?v=6MG7enS-WJQ

Why GOLD; Dollar Death & New BRICS Gold Currency, Q&A | Andy Schectman

Soar Financially: 8-8-2024

Andy Schectman of Miles Franklin joins us at the Rule Symposium to discuss the decay of the US Dollar, the new BRICS currency "The Unit" which will be GOLD BACKED and answers audience questions.

We dive deep into the dealings of China in the silver market and other shenanigans by the big banks, including JP Morgan.

Chapters & Timestamps (AI generated):

00:00 Introduction

00:09 Erosion of the Dollar and Government Spending

00:25 New BRICs Settlement Currency

00:38 Special Coverage from the World Symposium

01:00 Introduction of Guests

01:14 Audience Questions

01:30 Precious Metals IRA and Exit Strategy

02:00 Benefits of Precious Metals IRA

02:37 Definition of IRA and Its Benefits

03:15 Undervaluation of Assets and Future Strategies

03:55 Market Trends and Precious Metals Allocation

04:36 Future of Precious Metals Market

05:00 Storage Business Potential

05:12 Importance of Storage and Brokerage Business

06:00 Future of Precious Metals Market Continued

06:50 Macro Questions: Gold and Silver Revaluation

08:00 Historical Perspective on Gold and Silver

09:00 Real Value of Gold and Silver

11:00 China and Bullion Banks

12:50 Importance of Gold to China

15:00 BRICs Currency and Project Enbridge

16:20 Project Enbridge and Central Bank Digital Currencies

17:50 Impact of New BRICs Currency on USD

19:00 Implications of New Settlement Currency

20:50 Transparency in Gold Holdings

22:00 Gold Revaluation Account

23:50 Repatriation of Gold by Countries

25:00 Project Enbridge and Cross-Border Payments

26:20 Impact on US Dollar

27:30 Presentation Highlights at Rule Symposium

29:00 Actions and Ramifications of US Policies

31:00 Resetting the System and Modern Monetary Theory

32:00 JP Morgan and Silver Price Target

33:50 JP Morgan's Role in Precious Metals Market

36:30 Interview with Chairman of Silver Institute

37:20 Closing Remarks and Call to Action

https://www.youtube.com/watch?v=aJOWsyd8WY8

Good evening Dinar Recaps,

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TNT:

Tishwash: Iraq raises its gold holdings to more than 148 tons

The World Gold Council announced today, Thursday, that Iraq has increased its gold holdings to more than 148 tons.

According to the latest report published by the Council in August 2024, which was reviewed by Al-Eqtisad News, Iraq advanced one rank to reach 29th place globally out of 100 countries included in the table, after it was ranked 30th.

The report indicated that Iraq ranks third in the Arab world after Saudi Arabia and Lebanon.

The report indicated that Iraq increased its gold holdings to 148.3 tons, after it was 145.7 tons, which represents 10.02% of its total other reserves.

The Council also indicated that the United States tops the list of countries with the largest gold reserves in the world, with 8,133.5 tons, followed by Germany with 3,351.5 tons, then Italy with 2,814 tons, while Suriname came at the bottom of the list with 1.2 tons.

The World Gold Council, headquartered in the United Kingdom, has extensive experience in analyzing market changes and includes the world's largest gold mining companies as members. link

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Tishwash: Al-Qurayshi: Political and economic interests are behind the American forces remaining in Iraq

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Tishwash: Saleh: There is no problem with liquidity at all, and what happened in the American markets requires caution.

The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, denied the existence of a problem with the cash liquidity in the Iraqi currency.

Saleh said in a press statement, "There is no problem with liquidity at all because it is covered by foreign currency," indicating that "the mechanism for obtaining cash liquidity is that oil sales are converted into US dollars, and when the government needs the dinar for internal exchange, it exchanges oil sales for dollars and goes to the cash issuing bank, which is the central bank, to give it the currency."

He pointed out that "the Central Bank, in order to maintain market stability, sells foreign currency to the market through a currency sale window and auction, to withdraw liquidity again and then repeat it again to achieve natural growth in the issued currency."

Regarding the size of the monetary mass, Saleh explained that “there was an increase in liquidity during the year, as the issued currency became around 100 trillion dinars, after it was 80 trillion dinars,” stressing that “these booms do not have an impact as long as they are covered by foreign currency.”

The Prime Minister's financial advisor believes that economic circles around the world were surprised by the sharp fluctuations and declines in the US stock market amid a wave of panic over fears of a possible recession in the world's largest economy, and that "these declines were based on a combination of local and global economic factors that led to a weakening of investor confidence in the performance of the US economy. If the situation continues for six consecutive months, the recession will turn into a major depression that will hit all economies around the world."

Saleh pointed out that “the US Energy Information Administration had previously announced that it expected average prices to reach about $89 per barrel for the rest of 2024, but there is a gradual decline in global oil prices, which has begun to coincide with the decline in the value of financial assets in the US markets, especially the decline in the benchmark oil (Brent crude), which ranges around $76 per barrel for futures contracts after reaching nearly $88 per barrel last June, which requires more caution and economic precaution.” link

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Tishwash: Al-Alaq: The financial situation in Iraq is going according to plan

The Governor of the Central Bank, Ali Al-Alaq, confirmed the stability of the financial situation in Iraq, and revealed new mechanisms to facilitate foreign trade, including a new mechanism for small traders’ transfers. He also pointed to the importance of the upcoming meeting in New York to resolve the problem of sanctioned banks, stressing the existence of a government move to strengthen the banking sector.

Financial situation in Iraq

Al-Alaq confirmed in an interview with the Iraqi News Agency (INA) that "the financial situation in Iraq is still proceeding according to what is planned in the state's general budget, despite external and local challenges." He explained that "there is high coordination between the Central Bank, the Prime Minister and the Ministry of Finance to ensure the stability and sustainability of the financial aspect."

He added: "We are working closely with the Ministry of Finance to implement the financial plan drawn up in the general budget, which ensures that the objectives, programs and needs are covered." He also pointed out that "the rotation of allocations for governorates and ministries is happening for the first time, which contributes to providing the necessary balances for their role."

Foreign trade

Al-Alaq stated that “the Central Bank is making a major shift in organizing foreign trade to achieve transparency in foreign transfer operations, starting from the transfer and reaching the final beneficiary.” He explained that “this process includes international auditing institutions to ensure that the information is in line with local and international standards.”

Al-Alaq pointed out that "the audit process used to be conducted later, but now the process does not proceed unless all conditions and documents are met." He stressed that "large and medium-sized importing companies have adopted this new system, which contributes to securing their imports with high fluidity."

Other international currencies

Al-Alaq said: “The Central Bank has opened channels for Chinese, Turkish, Indian and Emirati currencies, which represent a significant weight in foreign trade.” He added that “the suspension of these operations for a period was aimed at providing sufficient oversight of these operations, and that a new audit mechanism has been put in place by an international company.”

He explained that "commercial foreign transfer operations are now subject to review by the competent international company, to ensure the safety of the operations."

The difference between the market and the official price

Al-Alaq confirmed that "the Central Bank sells more than $250 million daily at the official price to cover foreign trade, which explains the absence of inflation or price increases." He explained that "the parallel market consists of illegal trade or trade escaping from the fundamental procedures."

Al-Alaq pointed out that "the view of the dollar price should focus on the Central Bank's sales at the official price to settle various needs."

low inflation

"The central bank's main goal is to maintain the general price level and limit inflation," Al-Alaq said. "Monetary policy has succeeded in controlling this aspect, as the level of inflation in Iraq is much lower compared to other countries," he added.

Cooperation with the US Treasury

Al-Alaq praised the cooperation with international organizations such as the International Monetary Fund, the Federal Reserve and the US Treasury, explaining that "there is great praise for the transformations, management and organization of the external transfer process in the Central Bank of Iraq."

Al-Alaq pointed out that "the Central Bank is working to create a direct relationship between the Iraqi bank and the correspondent without going through the Federal Bank, with the aim of facilitating transfer operations."

Upcoming meeting in New York

Al-Alaq announced that "meetings will be held with the Federal Reserve and the US Treasury Department at the end of August to review all aspects related to external transfer operations and discuss sanctions on some banks."

Lifting restrictions on banks

Al-Alaq stressed that "lifting restrictions on some banks is of interest to the Central Bank," noting that "the banking reform plan includes auditing previous operations and contracting with an international consulting firm to develop a future strategy for the banking sector."

Housing Initiative

Al-Alaq revealed "a government move to increase capital to support the housing sector through the Real Estate Bank and the Housing Fund." He added that "the Central Bank plays an exceptional role in bridging the housing financing deficit."

Al-Alaq explained that "the government will increase the capital of the Real Estate Bank and the Housing Fund to support the housing sector," stressing that "the Real Estate Bank will work to meet all requests to purchase housing units." link

Thenew mechanism guarantees 100 percent access of the dollar to the traveler, and we started with it in Baghdad, then Najaf, Basra, Erbil, Sulaymaniyah, and Kirkuk.

- A government move to increase capital support for the Real Estate Bank and the Housing Fund in the budget

The Bank’s initiatives have an exceptional role in trying to fill the housing deficit

- The capital increase paragraph for the Real Estate Bank and the Housing Fund in the budget has not been implemented yet

-We do not want bank financing to be a substitute for the investor’s obligations

We directed the Real Estate Bank to finance complexes with completion rates of 80 to 90 percent

https://alforatnews.iq/news/محافظ-البنك-المركزي-لا%C2%A0توجه-لإعادة-النظر-بأسعار-صرف-الدولار-ونخوض-عملية-تحول-كبرى

The Iraqi Central Bank Resolves The Controversy Over Reconsidering The Dollar Exchange Rates

August 7, 2024 Baghdad/Iraq Observer The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Wednesday, that the financial situation in Iraq is proceeding as planned, while noting that the
controversy over the dollar exchange rates has been resolved.

Al-Alaq said in a press interview followed by “Iraq Observer,” that “there are external and local challenges, but in general, thefinancial situation in Iraq is still proceeding within what is planned in the state’s general budget,” indicating that “there is high coordination between the central bank and the president.”

The ministers and the Ministry of Finance are committed to ensuring the financial aspect of its continuity, stability and sustainability.”

He stated that “whatwe are focusing on in the current and next stage is to make everyone involved in sound fundamentalist channels,” pointing out that

“thepresence of these small traders outside the system puts pressure on the dollar monetary market and causes its rise.” He pointed out that

“there aresolutionsthat we are working on withinternationalandfinancial institutionsin order to organize thetrade process of small merchants,” explaining that

“a meeting was held yesterday in this regard as a continuation of previous meetings, and

we need some time to organize this remaining process of foreign trade.”

Regarding other currencies, Al-Alaq confirmed that

“theCentral Bankopened channels for theChinese,Turkish,IndianandEmiraticurrencies, which are currencies that represent a large weight in foreign trade, as

there was a pause for a period due to a new regulation aimed at providing adequate control over these operations, becausewe discovered in the previous formula that there is some fraud in the use of currencies.”

These channels are either for unrealistic exporters or for returning sums from one country to another,” he explained, explaining that

“anew auditing mechanismhas been put in place,carried out by an international company, and

we have finished organizing this process and it is now being launched again.” He pointed out that

“all commercial external transfer operations are subject to review by the competent international company, which is an intermediary between the Iraqi banks and the correspondent bank, in order to reassure the correspondent bank that these operations are sound and audited,” pointing out that

“some banks havecorrespondent banksandothers do not havecorrespondent banks.”

It isinternationally accredited, and now it is seeking to do so, but it is long overdue, and the

Central Bankis constantly urging the opening of relationships withcorrespondent banks, because theIraqi Bank without external correspondents is considered alocal bankand cannot open to the world.”

He stressed that “after our banks got to know the banks and realized the importance of these relationships,they began to move against those banks, and theCentral Bank, for its part,supports and helps this trend.”

https://observeriraq.net/المركزي-العراقي-يحسم-جدل-إعادة-النظر-ب/

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

Good Evening Dinar Recaps,

Read:Coin Telegraph

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Centralized exchanges
"A centralized crypto exchange is similar to a traditional financial institution in which a centralized company acts as an intermediary between transaction participants. Leading centralized crypto exchanges that support XRP trading include Binance, Coinbase, Kraken and Bybit."

Fiat currency
"Many centralized exchanges allow the U.S. dollar or other fiat currencies for payment. Fiat currencies are government-supported currencies that are not backed by physical assets. Examples include the U.S. dollar, Japanese yen and euro."

Cryptocurrency
"Crypto exchanges often allow users to buy and sell one cryptocurrency using other cryptocurrencies. It’s common for crypto traders to buy and sell altcoins like XRP using bitcoin."

But others require noncustodial wallets that leave the user responsible for securing private keys. Centralized exchanges such as Kraken and Coinbase offer users custodian wallets.

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However, when the U.S. took the bold step of using the dollar’s dominance to punish Russia after its invasion of Ukraine, suddenly there seemed to be a consensus among countries that Washington was weaponizing its currency.

It does not matter how far away they are from the United States; the two traders prefer this because it has a stable value, at least when compared with their respective national currencies."

"While the Kenyan leader has gone as far as to plead with traders to use local currencies, several African countries have banned the use of foreign currency in domestic transactions. However, this approach has often not translated into the increased local currency use. Instead, it has driven traders underground, harming local economies."

@ Newshounds News™

Read more:Bitcoin

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The price of XRP rose 3 cents, or around 2%, after the judgement was published."

@ Newshounds News™

Read more: CoinDesk

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Economic Freight Train Is Coming | Gregory Mannarino

Liberty and Finance: 8-7-2024

Gregory Mannarino warns of a looming economic trainwreck driven by massive currency devaluation and unsustainable debt levels.

He believes that the central banks' policies, such as suppressing interest rates and weakening the dollar, are setting the stage for a severe financial crisis.

Mannarino argues that these actions disproportionately benefit corporations and the wealthy, leaving average citizens vulnerable.

He emphasizes the need for awareness and proactive measures to mitigate the impact of the impending economic downturn on individuals and communities.

INTERVIEW TIMELINE:

0:00 Intro

2:10 Volatile markets

12:18 The “solution”

18:19 Dividing the population

27:46 Preparedness

https://www.youtube.com/watch?v=D1scwsMyYdc

Why the Yen Carry Trade Unwind is Breaking the Market

Heresy financial: 8-7-2024

TIMECODES

0:00 Intro

0:23 What a Carry Trade is

2:42 The Yen Carry Trade

7:57 the Change in Direction of Currencies Compared to Each Other

10:49 This is not a Black Swan

12:36 Massive Spike In the VIX

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

Commodities To Go 'Through the Roof' After Brutal 80% Market Crash: David Hunter

Commodities Culture: 8-7-2024

David Hunter forecasts that the broad market is set for an 80% crash in the next year, in a bust he believes could be one of the biggest financial downturns in history.

The good news for commodities investors is that he sees an unprecedented supercycle for hard assets on the other side, where gold, silver, energy, uranium, copper, and other vital commodities will explode in value beyond what anyone can anticipate.

00:00 Introduction

00:44 The Fed's Next Move

01:42 State of the Broad Market

05:58 Implications of Rate Cuts

11:07 History Repeating

13:52 Canada Has No Gold

17:44 BRICS Versus the West

23:22 Oil and Geopolitics

26:43 Thoughts on Uranium

28:24 Forecast For Copper

30:07 Agricultural Commodities

33:54 Inflation Leading to Civil Unrest

36:18 Get Your House in Order

42:40 Gold and Silver's Role

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

For Categories (A - B).. The Trade Bank Of Iraq Invites Exchange Companies To Participate In The Dollar Selling Window

Economy |Baghdad Today - Baghdad Today, Wednesday (August 7, 2024), the Trade Bank of Iraq called on all exchange companies of categories (A - B) to visit its branches to participate in entering the window for buying and selling foreign currency for cash dollars for travelers .

The bank said in a statement received by "Baghdad Today", "Based on the directives of the Central Bank of Iraq and to achieve the objectives set by the management of the Trade Bank of Iraq, in order to facilitate and simplify the procedures for selling cash dollars to travelers, the Trade Bank of Iraq calls on all exchange companies of categories (A, B) licensed by the Central Bank of Iraq to visit its branches to open a special bank account to participate in entering the window for selling and buying foreign currency for cash dollars for travelers.

It is noteworthy that the Central Bank of Iraq decided on July 4, 2024, to start selling dollars to travelers, exclusively through corporate and bank outlets at international airports.

Meanwhile, the Central Bank decided to grant category “AB” exchange companies the ability to record internal and external remittance activities via the FITR platform. LINK

Financial Disaster Looms: Two-Thirds Of Oil Revenues Spent On Salaries And Welfare

August 7, 2024 Baghdad/Al-Masala: Iraq is facing a serious financial crisis that threatens the stability of its national economy, as figures reveal that a large portion of oil revenues is spent on salaries and social costs.

With alarming figures showing that more than two-thirds of oil revenues are spent on salaries and social welfare, concerns are real about the country's ability to cope with potential fluctuations in global oil prices.

As pressure on the general budget continues, the big question arises: How will Iraq deal with the upcoming economic challenges in light of increasing financial dependence on oil revenues?

Economic analyst Nabil Al-Marsoumi said that salaries and social welfare consume a large portion of Iraq's oil revenues, leaving the national economy vulnerable to fluctuations in global oil prices.

The state's actual accounts for the first half of 2024 showed worrying data indicating that:

- Salaries of employees on the permanent staff amounted to 28.189 trillion dinars.

- Social care costs amounted to 12.244 trillion dinars.

- Total salaries and social care amounted to 40.433 trillion dinars.

These numbers represent:

-69% of general expenses

-77% of operating expenses

-69% of oil revenues

This means that more than two-thirds of oil revenues are spent on salaries and social welfare, putting significant pressure on the public budget and limiting the ability to finance other projects.

And the drop in the price of a barrel of oil to $60 will result in oil revenues being barely enough to cover salaries and social welfare costs alone.

The economic analyst commented, saying: “May God prolong the life of oil, raise its price, and keep the horror of decline away from it,” expressing hope that oil prices would continue to rise to avoid negative effects on the national economy.

This warning comes at a time when global markets are facing significant fluctuations in oil prices, making it necessary for the Iraqi government to take measures to improve resource management and enhance non-oil sources of income to ensure financial and economic sustainability. https://almasalah.com/archives/97832

Dollar Exchange Rates Rise In Iraqi Stock Exchanges

Economy 2024-08-07 2,626 views Alsumaria News – Local Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Wednesday, August 7, 2024.

The dollar prices rose slightly at the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,950 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, they rose, as the selling price reached 151,000 dinars for every 100 dollars, while the buying price reached 149,000 dinars for every 100 dollars.

On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets. LINK

Economist Explains The Impact Of Regional Tension On Iraqi Oil Exports

Economy Information/Baghdad... Economic expert Safwan Qusay accused America and the Zionist entity of creating tensions in the region and affecting oil exports.

Qusay told Al-Maalouma, "Oil prices have fallen to $77 per barrel, but the value of the decline is less than the decline in the value of stocks."

He added, "There is a fear of the expansion of the circle of conflict in the region, especially since Iran is a large country and the process of its entry into a conflict in the Middle East requires time and funding. Certainly, the American economy will shift from a development zone to a war zone, which will affect industrial and technological companies."

He added, "Oil supplies will be affected in the event of a comprehensive war in the Strait of Hormuz, as exports from this region represent 20 percent of the world's oil exports."

He explained that "the Strait of Hormuz represents a pivotal point, as any conflict in this strait will negatively affect Iraqi oil exports as well as revenues." He explained that "Iraq has a reserve at the level of the Central Bank that can finance operating expenses for no less than 360 days only." LINK

Finance Figures Lead Experts Into A “Fiery Debate”… Continuous Bleeding Of Iraq’s Financial Future

Economy 2024-08-07 1,313 views Alsumaria News – Economy Experts and those interested in economic affairs in Iraq are immersed in a deep discussion about the size of the "old renewed" danger, which the spending and revenue figures remind us of from time to time with an increase in the risk rate, as a result of the increase in the size of spending monthly and annually in Iraq.

The latest report of the Ministry of Finance’s accounts revealed the size of revenues and expenditures in Iraq during the first half of the current year.

The report showed that employee salaries and social welfare consume two-thirds of the budget revenues, with a continuous increase due to continued employment and continued increase in allocations, with expectations that salary amounts will rise above the 50 trillion barrier for the first time by the end of the current year, in contrast to indicators of a decline in Iraq’s revenues due to the decline in oil prices.

Employee salaries in Iraq have reached more than 28 trillion dinars and social welfare more than 12 trillion dinars, so that the total welfare salaries and salaries are more than 40 trillion dinars during the first half of this year, which was described by the economic expert Nabil Al-Marsoumi as more than two-thirds of public expenditures and oil revenues are spent on salaries and welfare. Al-

Marsoumi explained that if the price of a barrel of oil falls to $60, oil revenues will be enough to cover salaries and social welfare only.

Accordingly, this means that Iraq is separated by less than $20 per barrel, so that all investment projects and all types of Iraqi expenses will stop, even the ration card perhaps, and the expenses of commodity supplies for schools, hospitals, and others.

Accordingly, Al-Marsoumi comments by saying: "May God prolong the life of oil, raise its price, and keep the horror of the decline away from it!"

Economic expert Munar Al-Obaidi said two days ago that it is expected that government sector salaries for the year 2024 will exceed the 50 trillion Iraqi dinar barrier for the first time in Iraq's history, reaching 56 trillion Iraqi dinars and representing more than 44% of total expenditures after representing less than 40% of total expenditures in previous years. The

total value of government sector salaries until mid-2024 amounted to 28 trillion Iraqi dinars, an increase of 19% compared to last year. In contrast, total revenues for the current year are expected to decrease by 3% compared to the previous year, according to Al-Obaidi.

Amidst this raging debate about the ongoing indicators of the slow collapse, death and gradual bleeding of Iraq's financial power and its financial fate, with rapidly rising expenditures and declining revenues, specialists describe the most dangerous payments as the monthly payments in a fixed installment that are not linked to the increase or decrease in revenue, namely salaries and the share of retirees in the budget, and the monthly share of care and support in the budget,

because they are expenses that are difficult to reverse except by the trick of reducing the value of the currency and have become exposed after 2021, or by imposing taxes and withholding allocations, and they will face popular rejection, in a vicious circle from which there is no escape. LINK

TNT:

Tishwash: Central Bank Governor's Resignation: Admission of Failure or Escape from the Repercussions of the Financial Crisis?

The Governor of the Central Bank of Iraq, Ali Al-Alaq, submitted a request to relieve him of his post to Prime Minister Mohammed Al-Sudani, amid a series of issues and problems in the financial and banking sector in Iraq, which include the failure to control the dollar exchange rate on the black market.

An informed source revealed to Al-Mustaqilla today, Tuesday, that Al-Alaq decided to submit his resignation after facing multiple problems in the financial sector, in addition to his inability to fulfill his promises to control the exchange rate. This request comes at a sensitive time for the Iraqi economy, which suffers from severe fluctuations in exchange rates and direct impacts on the local economy.

The main reasons that prompted Al-Alaq to submit his resignation are related to the ongoing difficulties in managing the financial and banking sector, in addition to the major challenges in controlling the dollar exchange rate on the black market. Since taking office, Al-Alaq has made many promises to achieve financial stability, but he has faced great difficulties in implementing them, which has led to increasing pressure on him.

A document obtained by Al-Mustaqilla today, Tuesday, revealed that the Speaker of Parliament has agreed to host the Governor of the Central Bank, Ali Mohsen Al-Alaq, by the Parliamentary Integrity Committee. This hosting aims to discuss the challenges facing the Central Bank and investigate the reasons that led to the request for his resignation.

Al-Alaq’s resignation could raise questions about the future of financial policy in Iraq. The central bank is central to economic stability, and any change in its leadership could have a significant impact on financial markets and confidence in the banking system.

Iraq faces major economic challenges that require strong and qualified financial leadership. The most prominent of these challenges are:

Controlling the exchange rate: Iraq needs effective policies to control the dollar exchange rate and prevent speculation that leads to sharp fluctuations.

Banking system reform: Improving the efficiency and transparency of the banking system to keep pace with international standards.

Combating corruption: Promoting integrity and transparency in financial institutions to prevent corruption and restore investor confidence. link

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Tishwash: Finance seeks to improve financial performance and enhance spending efficiency

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Tishwash: Rafidain announces the implementation of the comprehensive banking system in 37 branches

Rafidain Bank announced today, Wednesday, the implementation of the comprehensive banking system in 37 branches.

The media office of Rafidain Bank stated in a statement received by the Iraqi News Agency (INA), that "in implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens, the comprehensive banking system was applied in the Al-Amir neighborhood branch in Najaf and the Kut branch, thus joining the branches in which the comprehensive system was activated in Baghdad and the governorates in addition to the branches of the border crossings (Zurbatiya - Safwan - Arar - Trebil) so that the number of branches in effect and completed for the system becomes (37) branches."

He added, "This important step came to strengthen the banking system, meet its requirements, and move away from paper work and towards completely electronic systems."

He added that "the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timetables to include all bank branches in implementing the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions." link

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Tishwash: Agenda of the House of Representatives session tomorrow, Wednesday

The Iraqi News Agency (INA) publishes the agenda of tomorrow's session of the House of Representatives, Wednesday, according to what was published by the media department.

Good Evening Dinar Recaps,

Now Reuters reported that five payment providers have applied, citing sources. They are Google Pay, Walmart-backed PhonePe, Cred, Amazon Pay and Mobikwik.

PhonePe is India’s leading payments app, followed by GooglePay. Together they make up 85% of transactions and value for UPI, India’s successful instant payment solution, which processes almost 14 billion transactions monthly.

Not mentioned among the digital rupee applicants is third ranked player PayTM, which has a 6% UPI market share. Cred is fourth, AmazonPay is sixth and Mobikwik is sixteenth, but the UPI figures drop off significantly beyond the big three.

If the CBDC follows UPI, then banks might end up playing second fiddle to the payment apps.Three banks rank in the top ten for UPI apps – Axis, ICICI and Kotak Mahindra – with the largest in the fifth spot. However, the three banks combined have a market share of less than one percent.

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@ Newshounds News™

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Here Are The Dollar Prices In The Iraqi Stock Exchanges

Economy 2024-08-06 | 2,525 views Alsumaria News – Local Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Tuesday, August 6, 2024.

The dollar prices decreased with the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,800 dinars for every 100 dollars.

As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,750 dinars, while the purchase price reached 148,750 dinars for every 100 dollars. On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets. LINK

More Than 1000 Contractors Declare Bankruptcy In Sulaymaniyah

2024-08-06 Shafaq News/ The Contractors Union in Sulaymaniyah Governorate renewed, on Tuesday, its demand to pay contractors’ dues for completed projects that have been stopped since 2014, revealing at the same time the bankruptcy of more than 1,000 contractors in the governorate.

The spokesman for the Contractors Union, Sulaymaniyah branch, Zain Abdullah, said during a press conference attended by Shafak News Agency, that contractors have been suffering since 2014 until now from the non-payment of financial dues for completed projects, as well as the non-granting of a financial guarantee letter, and the non-disbursem*nt of insurance related to completed projects.

He added that after holding two separate meetings with the management of the regional bank and the central bank in Sulaymaniyah, it was agreed to form a committee and disburse financial insurance and the financial guarantee letter according to the completion rates of the projects within a period not exceeding three days.

Abdullah also pointed out that during the period from 1/2/2023 to 7/1/2024, a financial amount of 179 billion dinars was disbursed for new projects only in Sulaymaniyah, while the financial amounts were not disbursed for the completed projects implemented in 2014.

The union demanded that all dues be paid as soon as possible and that clearing houses be opened between companies so that funds can be transferred to the companies’ bank accounts.

He continued on behalf of the union that the contractors declared bankruptcy, and out of a total of 1200 contractors in Sulaymaniyah, there are now only 100 contractors working, and the rest have stopped working due to lack of financial liquidity. LINK

Oil Issues Clarification Regarding Basra-Haditha Pipeline

Tuesday 06 , August 2024 | Economic Number of readings: 50 Baghdad / NINA / The Ministry of Oil issued a clarification regarding the (Basra-Haditha) pipeline.

The ministry stated in a statement: "Despite the many statements published by our ministry, which clearly explained the full truth of the Basra-Haditha crude oil pipeline project with all its details and the economic feasibility of its establishment, some still insist on addressing the project, describing it with inaccurate and unrealistic information.

From time to time, articles are still circulating in the media or on social media insisting on calling the project by a name other than the official name announced for it, drawing unrealistic scenarios that are not consistent with the direction of the ministry, which leads the oil wealth with confident steps and wise policies witnessed by everyone, achieving distinguished successes at all levels of extraction, transportation, refining and distribution."

She added: "The Ministry of Oil has been keen, as is its custom, to be transparent in sharing with the Iraqi people all the developments witnessed by the oil sector and the important achievements made in it, out of its keenness to convey accurate information, as not a period passes without news to our people about completed projects and others under construction or in the process of starting implementation, as these achievements are backed by the tremendous efforts of our ministry's cadres and its various formations."

She continued: "Based on this principle, the ministry is currently preparing to start implementing one of the giant strategic projects in the field of transporting crude oil from Rumaila in Basra Governorate in the south to Haditha in Anbar Governorate in the north, as the project serves two main goals: diversifying export outlets and supplying current and future refineries and power stations with crude oil."

The Ministry clarified in response to the recent article that discussed the project with inaccurate information, the Ministry of Oil would like to say that the officials in our Ministry have stated in more than one forum and occasion that the project does not extend to the port of Aqaba and does not contain any new pipelines outside the borders,

but rather work is being done in parallel with the implementation of the project to link it with the Iraqi-Turkish export pipeline by linking the Haditha warehouse to the (IT1A) station in Baiji with a 200 km long pipeline, where the cadres of our Ministry, represented by the formations of the Oil Projects Company, the Lines and Pipelines Company, and the North Oil Company, have rehabilitated and maintained the pipeline extending from the (IT1A) station in Baiji to the Turkish border point in Fishkhabur,

which was severely damaged during the events that the northern governorates were exposed to during the past years, where the Ministry provided, by resorting to the maintenance option, despite its difficulty, large sums of money estimated at 500 million dollars.

She added that the halt of oil exports through the Turkish port of Ceyhan costs the state large financial fees and causes the loss of customers in Europe and North America, which calls for accelerating the start of this vital project, as all the oil produced from the Kirkuk fields and the northern region is consumed in the refining sector and the halt of crude oil exports from the Kurdistan Region.

She pointed out that the projects implemented by our ministry, especially the strategic ones, are subject to in-depth studies at all technical and economic levels that extend over many years, taking into consideration long-term oil policies and market needs.

Reputable international companies are called upon to prepare technical and engineering documents in order to mature them before they are ready for implementation. Accordingly, the statement that the project is not economically feasible is contrary to reality, as the Ministry of Oil is the most keen on the success of the projects it implements and ensuring their economic feasibility.

She explained that a large part of the oil from this pipeline will be consumed locally by equipping the refineries of the central and southern regions of Nasiriyah, Samawah, Karbala, Najaf, Diwaniyah and the refineries of the northern region, in addition to supplying power stations with crude oil during peak times.

She added that our ministry has repeatedly stated that the Haditha-Aqaba pipeline project is not included in the ministry's plans and that in any case it will be subject to a technical and economic feasibility study, but some people, due to their lack of full understanding of the project's components, continue to present it inaccurately, describing the project in a way that it does not contain, provoking people's emotions in obstructing the project and putting obstacles in the way of the country's progress and prosperity.

She pointed out that the project will be a fundamental pillar in driving the Iraqi economy by maximizing financial resources, raising the country's overall growth level, and delivering Iraqi oil to European and American markets through the port of Ceyhan and perhaps in the future through the port of Tartous or the port of Tripoli on the Mediterranean Sea at competitive costs that allow the sale of oil at rates higher than the price offered for oil available at Gulf ports thanks to the short distance and low shipping costs.

The project, with its large facilities extending along the pipeline route, whether the giant warehouses in both Rumaila and Haditha or the pumping stations, will create significant job opportunities for the country's people.

The project's location near the development road will support the government's orientations to raise the globality of the project and make it a global energy corridor alongside the trade corridor and push surrounding countries to invest in oil and gas transport projects through Iraq, which will positively reflect on the country's economy.

The Ministry of Oil stressed that it is the guardian of the country's oil policy and the guarantor of the success of the projects that are planned accurately and with the most efficient Iraqi expertise and employing the latest technologies by harnessing major international companies in the field of consulting, planning, manufacturing and implementation.

It called on all media interested in the oil field to clarify information from the accredited media outlets in our ministry or through the responsible authorities in the formations of the Ministry of Oil in order to obtain accurate information and an objective and constructive presentation in describing projects in general and the Basra-Haditha crude oil pipeline project in particular. /

https://ninanews.com/Website/News/Details?key=1145998

Iraq Exports More Than 8 Million Barrels Of Crude Oil And Its Derivatives To America In A Month

2024-08-06 Shafaq News/ The US Energy Information Administration announced on Tuesday that Iraq exported more than 8 million barrels of crude oil and its derivatives to the United States during the month of May of this year.

A schedule of the administration, which Shafaq News Agency has reviewed, showed that Iraq's exports of oil and its derivatives in April amounted to 8.460 million barrels, down by 2.52 million barrels from what it recorded in April, which amounted to 10.512 million barrels.

The US Energy Information Administration stated that OPEC's exports of crude oil and its products to America during April amounted to 47 million and 348 thousand barrels, with Saudi Arabia leading the highest rate of exports to America, amounting to 15 million and 69 thousand barrels during the same period of time.

Iraqi oil exports to the United States have increased significantly over recent years, with export figures reaching record levels in some months, due in part to Iraq's ability to increase its oil production, as well as rising global demand for oil.

Oil trade relations between Iraq and the United States play an important role in strengthening economic relations between the two countries, and contribute to enhancing the stability of the global oil market and providing energy to the American and global economies. LINK