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The Kurdistan Region Deposits 70 Billion Dinars In Non-Oil Revenues Into The Federal Government’s Account
July 1, 2024 Members of the security forces wearing masks walk in front of the citadel of Erbil, a touristic landmark usually busy with visitors, in the capital of the northern Iraqi Kurdish autonomous region, during a period of a global pandemic of the coronavirus Covid-19 on March 15, 2020. (Photo by Safin HAMID / AFP)
Erbil/Iraq Observer Today, Monday, the Ministry of Finance in the Kurdistan Region announced the deposit of more than 70 billion dinars in the federal government’s account as non-oil revenues for the month of March.
The Kurdistan Region Deposits 70 Billion Dinars In Non-Oil Revenues Into The Federal Government’s Account
July 1, 2024 Members of the security forces wearing masks walk in front of the citadel of Erbil, a touristic landmark usually busy with visitors, in the capital of the northern Iraqi Kurdish autonomous region, during a period of a global pandemic of the coronavirus Covid-19 on March 15, 2020. (Photo by Safin HAMID / AFP)
Erbil/Iraq Observer Today, Monday, the Ministry of Finance in the Kurdistan Region announced the deposit of more than 70 billion dinars in the federal government’s account as non-oil revenues for the month of March.
According to a statement issued by the ministry, it explained that
“the Kurdistan Regional Government sent non-oil revenues for the month of March to the Iraqi Ministry of Finance.” The statement also indicated that
“the region deposited in the Erbil branch of the Central Bank of Iraq the amount of 70 billion, 130 million and 250 thousand dinars as the federal treasury’s share of non-oil revenues for the same month.”
This announcement comes within the framework of continued cooperation between the Kurdistan Region and the federal government regarding achieving financial and economic stability in Iraqhttps://observeriraq.net/إقليم-كردستان-يودع-70-مليار-دينار-كإيراد/
Iraq Signs The Singapore Convention To Attract Foreign Investments
Amr Salem July 1, 2024 Part of the Iraqi capital, Baghdad. Photo: Shafaq News
Baghdad (IraqiNews.com) – Iraq hailed the ratification of the United Nations Convention on International Settlement Agreements Resulting from Mediation (Singapore Convention) as a historic step toward attracting foreign investors.
Iraq’s National Investment Commission (NIC) and the United Nations Development Programme (UNDP), under the auspices of Prime Minister Mohammed Shia Al-Sudani, conducted a high-profile mediation meeting on Wednesday, according to a statement released by UNDP.
The Prime Minister’s Advisor, Nasser Al-Asadi, reaffirmed the government’s unwavering focus on foreign investment.
“We are continuing our progressive reforms and working to make Iraq an appealing and secure investment destination,” Al-Asadi explained.
“Iraq’s admission to the Singapore Convention is a big step forward, strengthening our efforts to develop a dynamic corporate sector,” the Iraqi official stated.
“We will continue our efforts to boost investment, eradicate corruption, and provide job opportunities for the youth,” Al-Asadi elaborated.
Iraq took a huge stride forward on April 17, 2024, when it signed the Singapore Convention, which makes it easier to implement mediated settlement agreements, paving the way for more international trade and commerce between countries.
The conference was attended by the European Union (EU) Ambassador to Iraq, Thomas Seiler, who confirmed that the EU is collaborating with the Iraqi government and UNDP to assist Iraq in becoming a secure and appealing destination for foreign investment, including from the 27 EU Member States.
https://www.iraqinews.com/iraq/iraq-signs-the-singapore-convention-to-attract-foreign-investments/
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Forget the times of your distress, but never forget what they taught you.-Herbert Gasser
You can learn little from victory. You can learn everything from defeat.-Christy Mathewson
A smooth sea never made a skillful mariner.-English proverb
When a man is pushed, tormented, defeated, he has a chance to learn something; he has been put on his wits ... he has gained facts, learned his ignorance, is cured of the insanity of conceit, has got moderation and real skill.-Ralph Waldo Emerson
From their errors and mistakes, the wise and good learn wisdom for the future.-Plutarch
By becoming more unhappy, we sometimes learn how to be less so.-Madame Swetchine
Every experience, however bitter, has its lesson, and to focus one's attention on the lesson helps one overcome the bitterness.-Edward Howard Griggs
A good scare is worth more to a man than good advice.-Edgar Watson Howe
It is from the level of calamities ... that we learn impressive and useful lessons.-William Makepeace Thackeray
When I have listened to my mistakes, I have grown.-Hugh Prather
We only think when we are confronted with a problem.-John Dewey
http://famousquotesandauthors.com/topics/adversity_quotes.html
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Economics, Gold and Silver, News DINARRECAPS8 Economics, Gold and Silver, News DINARRECAPS8
Seeds of Wisdom RV and Economics Updates Monday Evening 7-1-24
Good evening Dinar Recaps
NEW JAPANESE BANKNOTES TO BE ISSUED FROM JULY 2024
"The banknotes feature as an anti-counterfeiting measure the world’s first three-dimensional holograms that make the portraits on bills appear to rotate when tilted. Tactile marks allow the visually impaired to identify the denominations."
"From the time that they are issued, the new banknotes will be available from financial institutions and ATMs. Currently issued banknotes will continue to be legal tender."
Seeds of Wisdom RV and Economics Updates Monday Evening 7-1-24
Good evening Dinar Recaps
NEW JAPANESE BANKNOTES TO BE ISSUED FROM JULY 2024
"The banknotes feature as an anti-counterfeiting measure the world’s first three-dimensional holograms that make the portraits on bills appear to rotate when tilted. Tactile marks allow the visually impaired to identify the denominations."
"From the time that they are issued, the new banknotes will be available from financial institutions and ATMs. Currently issued banknotes will continue to be legal tender."
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COMMERCIAL REAL ESTATE FACING UNCERTAIN TIMES
"US Banks Dumping Exposure To $2,500,000,000,000 Market Before ‘Inevitable Losses’ Hammer Balance Sheets: Report"
"Some of the biggest banks in America are quietly selling their exposure to a troubled sector of the US economy, according to a new report.
The banks are beginning to dump commercial real estate loans in a push to “cut their losses,” reports the New York Times."
“…These steps indicate a grudging acceptance by some lenders that the banking industry’s strategy of ‘extend and pretend’ is running out of steam, and that many property owners – especially owners of office buildings – are going to default on mortgages. That means big losses for lenders are inevitable and bank earnings will suffer.”
© Newshounds News™
Read more:Daily Hodl
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WHAT EXACTLY IS FEDNOW?
"The FedNow Service is a new service for instant payments built by the Federal Reserve to help make everyday payments fast and convenient for American households and businesses. Banks and credit unions of all sizes can sign up for the FedNow Service and offer new instant payment services to their customers. In the coming years, customers of banks and credit unions who sign up for the FedNow Service will be able to use their financial institution's app, website, and other interfaces to send instant payments directly from their bank accounts quickly and securely. "
"The FedNow Service enables individuals and businesses to send and receive payments within seconds at any time of the day, on any day of the year, so that the receiver of a payment can use the funds immediately."
Instant payments allow consumers and businesses to send and receive funds from their accounts at banks and credit unions in real-time, any time of day, any day of the year, with immediate funds available to receivers.
© Newshounds News™
Read more:FederalReserve
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IS FEDNOW A CBDC?
"Is the FedNow Service replacing cash? Is it a central bank digital currency?
No. The FedNow Service is not related to a digital currency. The FedNow Service is a payment service the Federal Reserve is making available for banks and credit unions to transfer funds for their customers."
"Does the Fed have access to my bank account with the FedNow Service?
No. The Federal Reserve and the FedNow Service cannot access individuals' bank accounts or control how they choose to spend their money."
© Newshounds News™
Read more:FederalReserve
~~~~~~~~~
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Good Evening Dinar Recaps,
"Stripe and Coinbase have partnered to expand the global adoption of cryptocurrency and provide faster, cheaper financial infrastructure."
"This collaboration aims to serve businesses and people around the world, Coinbase said in a Thursday (June 27) blog post."
"With this partnership, Stripe will add USDC on Base to its crypto payouts product, according to the post. This will enable Stripe platforms to make “faster, cheaper” money transfers to more than 150 countries."
Good Evening Dinar Recaps,
"Stripe and Coinbase have partnered to expand the global adoption of cryptocurrency and provide faster, cheaper financial infrastructure." "This collaboration aims to serve businesses and people around the world, Coinbase said in a Thursday (June 27) blog post."
"With this partnership, Stripe will add USDC on Base to its crypto payouts product, according to the post. This will enable Stripe platforms to make “faster, cheaper” money transfers to more than 150 countries."
"In addition, Stripe will add USDC on Base to its fiat-to-crypto onramp, allowing customers in the U.S. to make faster fiat-to-crypto conversions, the post said."
"In a third key integration that’s part of this collaboration, Coinbase will add Stripe’s fiat-to-crypto onramp to Coinbase Wallet. This integration will enable instant purchase of crypto with credit cards and Apple Pay, per the post."
Read more:PYMNTS
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Circle Snags First Stablecoin License Under EU's New MiCA Crypto Rules
Circle Mint France will issue the euro-denominated EURC stablecoin and USDC in the European Union in compliance with MiCA.
Circle is claiming bragging rights as the first global stablecoin issuer to comply with MiCA.
Before the rules took effect on June 30, some exchanges delisted euro-denominated stablecoins, such as Tether’s EURT.
Circle became the first global stablecoin issuer to secure an Electronic Money Institution (EMI) license, a prerequisite to offering dollar- and euro-pegged crypto tokens in the European Union (EU) under the Markets in Crypto Assets (MiCA) regulatory framework.
Read more:CoinDesk
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U.S. Marshals Service Announces Partnership With Coinbase To Manage and Dispose Cryptocurrencies
The US government has announced it is using American crypto exchange Coinbase to custody its digital assets.
The U.S. Marshals Service (USMS), a sub-tier of the Department of Justice (DOJ), has revealed that it is custodying digital assets with Coinbase as part of its program to manage and dispose of large amounts of “Class 1” cryptocurrencies.
“The U.S. Marshals Service (USMS) Department of Justice (DOJ), on behalf of the Asset Forfeiture Division (AFD) has a requirement for managing and disposing of large quantities of popular cryptocurrency assets, known as Class 1 cryptocurrencies. This will require the use of multiple, industry leading, storage and liquidation techniques employed in a manner that is professional, lawful, and consistent with Department and USMS policy.
This contract will also streamline custody, management, and disposal processes for cryptocurrency assets while allowing for the diversification of the type of cryptocurrency assets that can be managed and disposed of under the Government’s forfeiture programs.”
In a blog post, Coinbase says it has a “longstanding history” of working with government agencies.
“Coinbase has a longstanding history of supporting law enforcement agencies, dating back to the founding of our law enforcement program in 2014. Today, Coinbase works with every major U.S. federal, state, and local law enforcement agency, as well as international agencies on every continent.
Read More: Daily Hodl
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DE-DOLLARIZATION
Is Saudi Arabia pulling back from the dollar for oil trade? It appears SA is looking to diversify its oil trade.
"American economic dominance is no longer as stark, with its share of world GDP falling from 40% to 25% since 1960. Moreover, US dependence on Saudi oil has slid considerably, given a historic explosion in US domestic production."
"For instance, Saudi Arabia is among potential BRICS candidates, an economic bloc that has become one of the leading voices against the dollar. It's also linked with China to help establish mBridge, a cross-border payments system that uses central bank digital currencies."
Read more:Markets Business Insider
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WILL CBDC's TURN US INTO A CASHLESS SOCIETY?
"Digital economies require digital currencies."
"Personal, government and business payments shifted away from mainly cash to online and digital payments, embraced FinTech (eg, for financial market transactions, lending, wealth management), with tech companies such as Apple and Alibaba disintermediating banks."
"Retail, wholesale, cross-border and financial payment systems now enable e-commerce and digital finance including digital assets and cryptocurrencies such as Bitcoin and Ethereum. Data suggests there is substantial appetite for cryptocurrencies in the Middle East and North Africa: the region had the sixth largest crypto economy globally, with an estimated $389.8 billion in on-chain value received, in the year ending June 2023 (about 7.2 percent of global transaction volumes)."
"Saudi Arabia reported the highest growth globally in the volume of cryptocurrency transactions during this period."
Read more:Currency Insider
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Experts Say It Is Likely That The Cash Mass Will Be Directed To Investing In Stocks
Economical 07/01/2024 Baghdad: Hussein Thaghab Experts expected a positive movement in the trading of the Iraqi Stock Exchange for various companies, based on a number of facts that the country is witnessing, foremost of which is the difficulty of money leaving Iraq, as it is looking for new investment outlets, and stock trading is one of the most important of these outlets in front of the monetary mass.
The economic expert, Dr. Saif Al-Halafi:
There are real reasons behind the high volume of trading in the Iraqi stock market, the most important of which is the rapid and uncontrolled growth, especially the less expensive real estate financing and purchase sector in Iraq.
Experts Say It Is Likely That The Cash Mass Will Be Directed To Investing In Stocks
Economical 07/01/2024 Baghdad: Hussein Thaghab Experts expected a positive movement in the trading of the Iraqi Stock Exchange for various companies, based on a number of facts that the country is witnessing, foremost of which is the difficulty of money leaving Iraq, as it is looking for new investment outlets, and stock trading is one of the most important of these outlets in front of the monetary mass.
The economic expert, Dr. Saif Al-Halafi:
There are real reasons behind the high volume of trading in the Iraqi stock market, the most important of which is the rapid and uncontrolled growth, especially the less expensive real estate financing and purchase sector in Iraq.
He added that the huge inflation in the rise in house prices inside Iraq, which may continue with turbulent growth for a period of no less than three years, which will witness crazy increases in their prices in a way that leads to the employment of large capital, whose owners were unable to export it outside Iraq and direct it to their foreign investments due to... The strictness of the US Federal Reserve’s procedures and the strict control by the US Treasury on all foreign transfers.
He pointed out that we notice that the increasing demand for real estate sometimes heads to major cities such as Baghdad, Erbil, Sulaymaniyah, Najaf, Basra, and Karbala, where political and security stability has improved and the abundance of the business world in the private sector has had an insane impact on the increase in demand for real estate and in proportions that vary from time to time depending on the strength of this. The governorates and the strength of the center of the capital, Baghdad.
Al-Halafi continued that in the next stage, the demand trend will witness a sharp shift with the addition of governorates and cities that fall within the Al-Faw-Umm Qasr axis and the development road, passing through the cities of Muthanna and Nasiriyah and joining Baghdad and Mosul, due to the concentration of the future business world environment in the Al-Faw Basin and the development road, and this is what the power of capital transfer has led to. Large and medium.
He pointed out that there is a noticeable increase in the concentration of this money in Basra and Baghdad, which has increased pressure on the real estate market, especially Iraq’s urgent annual need for more than 250,000 housing units annually.
He stated that Iraq's problem lies in its being a flexible and effective economy, as we see the presence of clarity in monetary policy and its tools represented by the policies of the Central Bank,
but on the contrary we see an almost complete absence in Iraq's financial policy and its executive tools represented by the government's ability to impose taxes at multiple and specific levels on... Those with high monthly financial incomes and those with large projects in Iraq,
in addition to the policy of imposing fees and customs tariffs on all goods and commodities entering Iraq, along with the policy of reducing government spending by supporting and encouraging the private sector and facilitating its mission in creating jobs for young people and the unemployed.
He said: Here we question and explain the urgent desires of the Central Bank to raise the ceilings of capital ratios for banks operating in Iraq to 400 billion dinars, and
it may be followed by the urgent and increasing acceleration in raising the ratios of monetary and credit reserves.
These tools have made clear the Central Bank’s desire to cool the accelerating hot economy in the housing and construction sector.
But in all of this market turmoil, the high levels of cash liquidity with inflation rates and the inability of Iraqi funds to migrate abroad will help the strong demand in the direction of the Iraqi stock market,
which will be a likely and safe destination for those funds in order to maintain their monetary strength without being influenced by factors. Inflation has the ability to reduce its value.
As for the member of the Baghdad Economic Forum, Jassem Al-Aradi, he confirmed that the size of the monetary mass that was directed outside the country has now changed its course to the internal local market, where it targeted real estate and lands, and from there headed to the stock trading market, albeit in a relative manner, but the data indicate that trading in the stock market It will be her next destination.
He pointed out that many capitalists have come to realize that purchasing shares makes them owners of a percentage of the company's assets, and these matters have encouraged many to buy shares in different joint-stock companies, pointing out the importance of promoting the culture of investing in shares.
He stated that increasing the volume of stock trading reflects the effectiveness of the national economy, anticipating that the coming period will witness a gradual growth in stock trading in terms of number and value. https://alsabaah.iq/98769-.html
Selling Cash Dollars To Travelers
July 01, 2024 Selling cash dollars to travelers :diamonds: Later, in our letters numbered 4604/8/9 on 4/17/2024, 5061/8/9 on 4/25/2024, and 270/1/9 on 6/2/2024, in order to ensure that travelers receive cash dollars and spare exchange companies from passing transactions Unsound, the following is decided..For more, click here: https://cbi.iq/static/uploads/up/file-171982354878802.pdf
https://cbi.iq/news/view/2609
~~~~~
[incomplete and approximate translation ofhttps://cbi.iq/static/uploads/up/file-171982354878802.pdf]
Rafidain Bank
Al Rasheed Bank
Trade Bank of Iraq
Exchange companies currently operating in airports
All exchange companies, category (8,15).
M/Selling cash dollars to travelers
Later in our books numbered 5705/8/4 at 1/75/415 and 50517/8/4 at 74/4/7517 and 0 1/8/1770 at
77 In order to ensure that travelers can obtain cash dollars and spare exchange companies from passing illegal transactions
Salima decides the following:
1. Determine 41/75/1710 as the final date for starting the mechanism mentioned in our books above.
2. The aforementioned banks and exchange companies operating at the airport are entitled to a lump sum commission of (151,000) dinars From the customer for each transaction, the exchange companies outside the airport collect it for the benefit of companies and banks operating at the airport according to a mechanism determined between the two parties (banks, companies operating at the airport, and exchange companies). outside the airport).
3. The above-mentioned banks have the right to charge the exchange companies no more than? One dinar for every one dollar in amounts The receiving window on behalf of exchange companies.
4. Al-Rashid and Al-Rafidain Banks opened outlets for them at airports (Baghdad, Basra, Najaf) and the establishment of the bank Al-Iraqi Trade opened outlets at airports (Baghdad, Najaf, Basra, Sulaymaniyah, Erbil).
5. Exchange companies must transfer their dealings to one of the above-mentioned banks no later than 2024/7/11.
6. The continuation of the work of the exchange companies currently operating at the airport (Al-Rayyan, Al-Fanjan, Sama Baghdad Al-Qand), in addition to The banks mentioned above, with the possibility of contracting with other exchange companies.
with respect.
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Trouble brings experience, and experience brings wisdom.-Anonymous
A woman has got to love a bad man once or twice in her life to be thankful for a good one.-Marjorie Kinnan Rawlings
Adversity has the effect of eliciting talents, which, in prosperous circ*mstances, would have lain dormant.-Horace
Adversity is a severe instructor. ... He that wrestles with us strengthens our nerves and sharpens our skill. Our antagonist is our helper.-Edmund Burke
Experience is a good teacher, but she sends in terrific bills.-Minna Antrim
http://famousquotesandauthors.com/topics/adversity_quotes.html
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TNT: Tishwash: Postponement of pensioner salaries distribution until tomorrow due to bank holiday
An informed source expected that the distribution of retirees' salaries would be postponed until tomorrow, Tuesday, due to the date of their distribution coinciding with the holiday of all banks today, Monday, due to the implementation of the semi-annual inventory.
The source explained to Shafaq News Agency that all banks in Iraq are closed today to conduct semi-annual inventory and financial systems operations, which affects the process of distributing salaries.
The source pointed out that the Ministry of Finance and the retirement departments are working to expedite the necessary procedures to ensure that salaries are paid as soon as possible after the end of the bank holiday.
It is noteworthy that the semi-annual inventory process carried out by banks includes reviewing accounts and ensuring conformity of financial records, which is a periodic procedure carried out in order to maintain the accuracy of financial and banking operations. link
TNT:
Tishwash: Postponement of pensioner salaries distribution until tomorrow due to bank holiday
An informed source expected that the distribution of retirees' salaries would be postponed until tomorrow, Tuesday, due to the date of their distribution coinciding with the holiday of all banks today, Monday, due to the implementation of the semi-annual inventory.
The source explained to Shafaq News Agency that all banks in Iraq are closed today to conduct semi-annual inventory and financial systems operations, which affects the process of distributing salaries.
The source pointed out that the Ministry of Finance and the retirement departments are working to expedite the necessary procedures to ensure that salaries are paid as soon as possible after the end of the bank holiday.
It is noteworthy that the semi-annual inventory process carried out by banks includes reviewing accounts and ensuring conformity of financial records, which is a periodic procedure carried out in order to maintain the accuracy of financial and banking operations. link
Al-Sudani: The world has realized the importance of Iraq's stability for international and regional security
Prime Minister Muhammad Shiaa Al-Sudani confirmed that the world realized the importance of Iraq’s stability for international and regional security, during his reception of the delegation of the European Foundation for Dialogue and Development.
During the meeting, according to a statement received by {Al-Furat News}, Al-Sudani reiterated “the importance of the cultural and social diversity enjoyed by the Iraqi people, which represents a social wealth that supports communication between fraternal factions, and consolidates unity of ranks against extremism, which represents an ideology alien to our people and its history.” ".
Rais stressed the government's "continuous support for this diversity, and the strengthening of places of worship for all religions and sects and freedom of practices in them, and throughout Iraq, which is full of mosques, Islamic mosques, Christian churches, Sabian-Mandaean and Yazidi temples, and the rest of the components of the Iraqi spectrum."
Al-Sudani mentioned, “The attempt of terrorism to dismantle this heritage and historical fabric, and the victory of the Iraqis and their overcoming that ordeal, and the recovery that Iraq is now going through in various fields, just as the world has realized the importance of Iraq’s stability for international and regional security, and what the government has followed in its program strengthening the principle of government of services and community care.”
“And setting priorities in public service, economic reform, combating corruption, and fighting poverty and unemployment, to enhance the value of citizenship.”
Al-Sudani also explained to the European Foundation delegation “the nature of the constructive relations that the government has adopted with the countries of the world, and the prospects for fruitful partnerships with the countries of the European Union and the agreements and memoranda of understanding that have been signed, or with neighboring countries and regional countries, through adopting the principle of mutual interests, which is one of the results of the stability of the Iraqi experience, despite the problems it faced that the Iraqis overcame through democratic construction and consolidation of constitutional institutions of government, in the best way among the forms of democracies existing in the region.”
The Prime Minister addressed "the events in Gaza and the continued brutal aggression against our Palestinian people, stressing Iraq's firm and principled position, and stating that the government is working with the countries of the region to prevent the expansion of the conflict arena, in addition to continuing to send relief and humanitarian aid."
For its part, “the delegation of the European Foundation expressed its appreciation for the warm reception, and praised the tangible state of stability in Iraq, through the tours it made in the capital, Baghdad, and its briefing on various development projects, stressing the necessity of conveying this image away from attempts to mislead.” link
************
Tishwash: This is in Iraqi news
Japan.. New banknotes using "3D" images
Japan is set to issue new banknotes that will use, for the first time in the world, advanced holograms, as an anti-counterfeiting measure.
The Japanese Kyodo News Agency said that this change is the first in the design of Japanese currency in 20 years, explaining that the size of the printing of the face value numbers on the new 10,000-yen, 5,000-yen and 1,000-yen banknotes will be larger than on the current issues, so that all people can easily recognize them, while the tactile marks will make it easier for the visually impaired to know their value.
The process of printing currencies using the new technology is scheduled to begin next Wednesday.
By the end of March next year, approximately 7.5 billion new banknotes will be printed.
Kyodo quoted the government as confirming that the current banknotes will remain valid even after the new banknotes are introduced link
Mot: .. and then just Like That --- Pooooof!!!!
Mot: Extra hungry!!
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Iraq Economic News and Points To Ponder Late Sunday Evening 6-30-24
The Prime Minister's Advisor Announces That Iraq Has Completed Its Integration Steps By Providing Safe Environments To Attract Investment
Economy News – Baghdad On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified the important strategic, field and organizational factors encouraging international investors to work in Iraq, while pointing out two basic starting points for the development of the investment environment in the country.
Prime Minister Mohammed Shia al-Sudani confirmed last week, while chairing the eighth meeting of the Higher Committee for Reconstruction and Investment, that Iraq has become a safe and attractive environment for capital from international companies, and a preferred market for businessmen and investors, thanks to the facilities and legislation provided by the government since its formation.
Iraq Economic News and Points To Ponder Late Sunday Evening 6-30-24
The Prime Minister's Advisor Announces That Iraq Has Completed Its Integration Steps By Providing Safe Environments To Attract Investment
Economy News – Baghdad On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified the important strategic, field and organizational factors encouraging international investors to work in Iraq, while pointing out two basic starting points for the development of the investment environment in the country.
Prime Minister Mohammed Shia al-Sudani confirmed last week, while chairing the eighth meeting of the Higher Committee for Reconstruction and Investment, that Iraq has become a safe and attractive environment for capital from international companies, and a preferred market for businessmen and investors, thanks to the facilities and legislation provided by the government since its formation.
Saleh said, in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Prime Minister's statement regarding the development of the investment environment in Iraq comes from two main starting points: the first is Iraq's completion of its integration steps in providing safe and appropriate environments to attract foreign investment in Iraq, the latest of which is our country's accession to the agreement sponsored by the United Nations and called the Singapore Investment Agreement."
He added, "This agreement seeks to improve the investment climate in member states by enhancing transparency and fair regulatory procedures, in addition to providing mechanisms for resolving disputes between investors and countries through faster mediation or international arbitration, which gives investors a legal means to guarantee their rights, all of which are factors that the government of the Republic of Iraq believes in to encourage international investors to invest in our country with high resources."
Saleh stressed that "the Singapore Agreement and joining it is an important step towards enhancing international trade and investment, which contributes to achieving economic growth and improving economic relations between international groups."
He added that "the second part, which the Prime Minister referred to, is the momentum of the natural and human material resources of an important strategic country like Iraq, which ranked ninth among the countries of the world in terms of natural resources, and first in the world in possessing one square kilometer of resources in the ground."
He explained that "the geographical location of Iraq, which connects European countries by land with Asian countries by sea, encouraged the launch of the Development Road project, which took its executive steps from the Faw Port upwards within the construction of the dry canal and the upcoming related industrial, agricultural and service projects and in accordance with an important regional and international cooperation framework to attract global investments."
He pointed out that "all these strategic, field and organizational factors represent a positive invitation for international investors to work in Iraq under the direct sponsorship of the executive authority to facilitate their work and with high-precision legal protection." 154 views 06/30/2024 https://economy-news.net/content.php?id=44769
Central Bank Sales For Today Exceeded $279 Million
Sunday 30 June 2024 13:10 | Economic Number of readings: 167
Baghdad / NINA / The Central Bank of Iraq announced, today, Sunday, the total sales of foreign currency through the electronic window.
The window recorded the total amounts of transfers abroad (remittances, credits) of $ 254,007,407, while the total cash sales amounted to $ 25,860,000, and the total sales amounted to $ 279,867,407.
The selling price for transfers and cash was assigned at 1310 dinars per dollar, while the bond credits and international settlements for the electronic card were at 1305 dinars. / End 11 https://ninanews.com/Website/News/Details?key=1137912
Dollar Prices In Baghdad And Erbil Markets Now
Economy 06/30/2024 Baghdad - Mawazine News publishes an evening list of dollar prices against the Iraqi dinar in the markets of the capital, Baghdad, and Erbil. The list is as follows:
Baghdad Selling prices: 148,000 Buying prices: 146,500
Erbil Selling prices: 147,750 Buying prices: 146,500
https://www.mawazin.net/Details.aspx?jimare=250522
Economist: Direct Banking Investment Is Prohibited By Order Of The Central Bank
Economy Central Bank of Iraq Investment law 2024-06-30 02:32 Shafaq News/ Economic expert Mustafa Akram Hantoush explained on Sunday that the Central Bank of Iraq is adopting a “strict” central policy in its dealings with the banking sector, which limits the ability of banks to engage in direct investment and financing economic projects.
Hantoush told Shafaq News Agency that this policy makes it difficult for the banking system and investors to invest their capital in new projects without obtaining special approvals from the Central Bank.
Hantoush added that the current procedures followed by the Central Bank prevent banks from entering the fields of direct investment, which hinders the realization of a vital role for the banking sector in moving the wheel of the national economy. He explained that
the banking system, in light of these procedures, does not have sufficient capacity to play an effective investment role in line with normal banking rules, but rather the investment decision becomes subject to the directions and approvals of the Central Bank.
Hantoush stressed that this approach lacks the concept of "financial liberalization" for banks, which would provide the banking sector the opportunity to enter the Iraqi market directly and support investment opportunities, while adhering to banking and legal controls.
He stressed that reviewing these policies may be a necessary step to activate the role of banks in supporting economic projects and promoting investment in Iraq. https://shafaq.com/ar/اقتصـاد/خبير-اقتصادي-الاستثمار-المصرفي-المباشر-محظور-ب-مر-البنك-المركزي
Iraq, Saudi Arabia Conclude A Deal For A Submarine Cable Construction Project
Amr Salem June 30, 2024 Underwater internet cables. Photo: Shafaq News Baghdad (IraqiNews.com) – The Iraqi Ministry of Communications signed on Thursday a contract for a submarine cable construction project with the Saudi Telecom Company (STC) to increase internet capacity in Iraq.
In a press conference after signing the deal, the Iraqi Minister of Communications, Hiyam Al-Yasiri, said that this is the third deal signed by the current Iraqi government.
The director of the media department in the Iraqi Communications Ministry, Omar Al-Amiri, explained that the project will help facilitate the movement of global communications and link the countries of Africa and Asia to Europe via Iraq.
Al-Amiri noted that such projects will have a positive economic impact on Iraq by utilizing its geographical location.
In June 2023, the Iraqi Ministry of Communications announced that it was launching internet service through space to provide the best internet service to people in Iraq.
Projects to provide internet via fiber-optic cables require a relatively long time to complete the deployment of cables in all areas because of the difficulties represented in the excavation works and the expensive costs of these projects.
In order to diversify the sources of internet service, increase competitiveness, and reduce prices, the concerned department in the Iraqi Ministry of Communications started the contractual procedures to introduce ‘internet via space’ service in Iraq for the first time.
Iraq is following in the footsteps of developed countries that employ low-orbit satellite technology to deliver internet access directly to people via a vast network of satellites operated by reputable corporations.
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Even if misfortune is only good for bringing a fool to his senses, it would still be just to deem it good for something.-Jean de la Fontaine
Never does a man know the force that is in him till some mighty affection or grief has humanized the soul.-Frederick W. Robertson
Disappointment is the nurse of wisdom.-Sir Boyle Roche
Challenges make you discover things about yourself that you never really knew. They're what make the instrument stretch, what make you go beyond the norm.-Cicely Tyson
A woman is like a tea bag: you never know her strength until you drop her in hot water.-Nancy Reagan
http://famousquotesandauthors.com/topics/adversity_quotes.html
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Seeds of Wisdom RV And Economics Updates Sunday Afternoon 6-30-24
Good Evening Dinar Recaps,
XRP News Today: Did the Binance Ruling Sink SEC Plans to Appeal?
XRP gained 0.28% on Saturday, June 29, closing the session at $0.4722.
SEC vs. crypto case-related news drove buyer demand for XRP.
On Sunday, investors should consider the possible influence of the latest court ruling on ongoing SEC vs. crypto cases.
Ripple Chief Legal Officer Stuart Alderoty shared the news of the court ruling, saying:
Seeds of Wisdom RV And Economics Updates Sunday Afternoon 6-30-24
Good Evening Dinar Recaps,
XRP News Today: Did the Binance Ruling Sink SEC Plans to Appeal?
XRP gained 0.28% on Saturday, June 29, closing the session at $0.4722.
SEC vs. crypto case-related news drove buyer demand for XRP.
On Sunday, investors should consider the possible influence of the latest court ruling on ongoing SEC vs. crypto cases.
Ripple Chief Legal Officer Stuart Alderoty shared the news of the court ruling, saying:
“For all the SEC has done to muddy the waters with its inconsistent legal theories, the Courts are seeing right through them. The Binance decision last night is long but absolutely worth a read.”
Read more:FX Empire
~~~~~~~~~
Ripple vs SEC Case As of June 30, 2024: Torres’s Verdict On XRP Stands
The legal landscape surrounding cryptocurrencies in the U.S., especially XRP, is gaining much-needed clarity. Two recent court decisions have significantly impacted the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple and broader industry regulations.
In a significant victory for the crypto industry, District Judge Amy Berman Jackson has bolstered the legal precedent set by Judge Analisa Torres in the SEC vs. Ripple case. Judge Jackson’s decision in the Binance vs. SEC case centered on the classification of Binance’s BNB token.
The SEC argues that secondary sales of BNB by users on crypto exchanges constituted unregistered securities offerings. However, Judge Jackson disagreed, dismissing the SEC’s claim.
This ruling, shared on X by Fox Business journalist Eleanor Terrett, aligns with Judge Torres’ previous decision in the Ripple case.
Read more:Times Tabloid
~~~~~~~~~
XRP Secondary Sales Deemed Non-Securities, Judge Torres’ Doctrine Stands
Judge Jackson’s ruling that XRP secondary sales aren’t securities boosts Ripple and sets a crucial precedent for the entire crypto industry.
Judge Jackson and Torres’ aligned decisions clarify that crypto assets traded by individuals on exchanges do not qualify as securities.
XRP price jumped over 1% after the ruling, aiming to regain $0.50, with increased interest from derivatives traders on OKX and BitMEX.
Judge Amy Berman Jackson has upheld Judge Torres’ doctrine, asserting that XRP’s secondary sales are not securities. This ruling came during the Binance vs. SEC case, where the SEC’s claim regarding secondary sales of Binance’s BNB was dismissed. To that end, the ruling by Judge Jackson, in concurrence with that of Judge Torres on the sale of XRP, sets an example in the crypto industry.
Read more:Crypto News Land
~~~~~~~~~
Pro-XRP Lawyer Sees Binance Ruling as Boost for XRP Non-Security Status
Attorney Bill Morgan says Binance case ruling boosts XRP’s non-security status.
Judge Jackson cited Judge Torres’ Ripple case decision when dismissing parts of the SEC’s case against Binance.
Morgan highlights that the ruling aligns with Judge Torres’ interpretation of the Howey test.
Read more:Coin Edition
~~~~~~~~~
XRP Lawsuit: Ripple Notches Massive Wins as CEO Brad Garlinghouse Clarifies XRP’s Security Status
Ripple Labs CEO Brad Garlinghouse has taken swipes at news outlets over inaccurate reporting of a court decision involving XRP and the US Securities and Exchange Commission (SEC).
The fiasco began following a ruling by Judge Phyllis Hamilton of the US District Court for the Northern District of California, which threw out a class action suit against the issuers of the XRP token. While considered a massive win for Ripple Labs, the judge allowed an individual state law claim to proceed to trial based on alleged “misleading statements” made by Garlinghouse in 2017.
As XRP’s community celebrated the dismissal of securities law violation, CoinDesk and a raft of crypto news outlets reported that Hamilton’s decision could imply that XRP may be a security. The reporting triggered a stir in the ecosystem as XRP enthusiasts believe the question of the asset being a security was finalized in a 2023 decision by District Judge Analisa Torres in New York’s Southern District.
CoinDesk described the ruling as a “fly in the ointment,” but the report elicited fierce kickbacks from XRP’s community, with Garlinghouse leading the charge. According to Garlinghouse on X (formerly Twitter), Garlinghouse described the report as “embarrassing,” noting that Hamilton did not expressly term XRP as a security.
Read more:ZyCrypto
~~~~~~~~~
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Iraq Economic News and Points To Ponder Sunday AM 6-30-24
Investment: Iraq Has Become An Important Economic Destination In The Region
Information/Baghdad.. The National Investment Commission confirmed today, Saturday, that Iraq has become an important investment destination in the region and the world.
The Authority’s media said in a statement to the “Al-Ma’louma” Agency, “The improvement in the investment climate inside Iraq reflects the government efforts made to strengthen the economic and investment sector.”
He added, "The National Investment Commission monitors its investment and strategic projects in order to continue the rates of achievement and record the nature of the challenges that must be addressed to ensure the progress of work in Baghdad and the provinces." He pointed out that "there are major movements to create a safe climate to attract investments that achieve sustainable development in Iraq.”
Iraq Economic News and Points To Ponder Sunday AM 6-30-24
Investment: Iraq Has Become An Important Economic Destination In The Region
Information/Baghdad.. The National Investment Commission confirmed today, Saturday, that Iraq has become an important investment destination in the region and the world.
The Authority’s media said in a statement to the “Al-Ma’louma” Agency, “The improvement in the investment climate inside Iraq reflects the government efforts made to strengthen the economic and investment sector.”
He added, "The National Investment Commission monitors its investment and strategic projects in order to continue the rates of achievement and record the nature of the challenges that must be addressed to ensure the progress of work in Baghdad and the provinces." He pointed out that "there are major movements to create a safe climate to attract investments that achieve sustainable development in Iraq.” https://almaalomah.me/news/68835/economy/الاستثمار:-العراق-بات-وجهة-اقتصادية-مهمة-بالمنطقة
A Deputy Identifies The Positive Points In The Chinese Agreement.. “The Best For The Iraqi Economy.”
Posted On 06-29-2024 By Sotaliraq Today, Saturday, Representative Rafiq Al-Salhi identified the positive points in the Baghdad-Beijing Agreement and its impact on the national economy.
Al-Salhi said in an interview, “No one disagrees on China’s economic dimension on the international stage at the present time, with its capabilities growing in all fields to become a major economic power on the global level.”
He added, “The economic agreement between Baghdad and Beijing is important for both parties and carries positive dimensions in terms of creating flexibility in the implementation of strategic projects by Chinese companies that are distinguished by their ability, high efficiency, and interaction with the situation in a positive way.”
He pointed out that "the Baghdad-Beijing agreement is the best for the national economy, and reviving its provisions will constitute another support in opening new economic horizons through development projects, especially with regard to the Grand Faw Port."
It is noteworthy that Iraq signed an economic agreement with China during the era of Abdul Mahdi’s government, but international pressure led to its postponement. LINK
Oil Rises Significantly And Is Heading For Gains For The Third Week In A Row
Saturday 29 June 2024 08:55 | Economic Number of readings: 206 Baghdad / NINA / Crude oil prices witnessed a noticeable rise during global market trading, and prices are heading to achieve gains for the third week in a row, supported by improved market sentiment regarding the possibility that American demand for crude oil will increase during the coming period, driven by strong economic growth data in the United States. United States (the largest consumer of crude oil in the world).
At the end of trading yesterday, Friday, spot contracts for Brent crude witnessed a jump of 0.34% and reached about $85.66 per barrel, and spot contracts for West Texas Intermediate crude also rose by 0.57% and recorded about $82.22 per barrel.
Crude oil prices received support that enhanced their rise during global market trading on Friday, after data received from the US Bureau of Economic Analysis yesterday showed that the final reading of the gross domestic product growth rate in the United States recorded a growth of 1.4% during the first quarter of this year, In the same quarter, the US GDP price index recorded a growth of about 3.1% during the first quarter, which reinforced market speculation about the possibility that US demand for crude oil would increase during the coming period, supporting oil price levels in the market.
In this regard, crude oil prices recorded a clear rise during market trading, amid the prevailing state of fear in the global market regarding the possibility that the crude oil market will be exposed to a large supply deficit during the coming period, especially after a Ukrainian plane caused a fire to break out in an oil tank for the Russian Druzhba pipeline.
(One of the largest parts of the Transneft system, which monopolizes Russian pipelines), in the Tambov region, southeast of Moscow, which led to a fire in a crude oil warehouse, which pushed oil prices to rise in the last week’s trading.
Also, crude oil prices rose significantly during trading, coinciding with the escalation of geopolitical tensions in the Middle East between Israel and Lebanese Hezbollah, with Hezbollah intensifying its attacks with missiles and drones in northern Israel during the past weeks, which increased pressure on the Israeli government, and led to... Escalating tensions in the region, which may extend to areas rich in crude oil, and this would enhance expectations of the possibility that the oil market will be exposed to a shortage of supplies, and lead to a rise in crude oil prices in the market.https://ninanews.com/Website/News/Details?key=1137691
Iraq Transfers $1 Billion Abroad In A Week
Economy | 03:08 - 06/29/2024 Baghdad – Mawazine News The total sales of the Central Bank of Iraq of the dollar during the week in which the auction was opened amounted to more than one billion dollars. The Central Bank sold, during the past week and for the 4 days in which the auction was opened, one billion, 105 million, 258 thousand, and 154 dollars, at a daily average of 276 million, 314 million, and 538 dollars, lower than the week before the Eid holiday, which amounted to one billion, 378 million, 885 thousand, and 407 dollars.
The highest sales of the dollar were on Wednesday, where sales amounted to 281 million, 804 thousand, and 784 dollars, while the lowest sales were on Sunday, where sales amounted to 273 million, 244 thousand, and 330 dollars.
Foreign remittance sales last week amounted to 1 billion, 005 million, 048 thousand and 154 dollars, an increase of 90% compared to cash sales which amounted to 100 million 210 thousand dollars.
Sales went in the form of cash and remittances abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards amounted to 1310 dinars per dollar, and the selling price of remittances abroad amounted to 1310 dinars per dollar, while the cash selling price amounted to 1305 dinars per dollar. https://www.mawazin.net/Details.aspx?jimare=250464
Find Out The Exchange Rate Of The Dollar On The Baghdad Stock Exchange
Baghdad - Mawazine News The dollar exchange rate against the dinar rose slightly today, Saturday, in the central stock exchange and the markets of the capital, Baghdad.
With the opening of the Al-Kifah and Al-Harithiya stock exchanges, dollar prices recorded 147,250 dinars for every 100 dollars, while they closed last Thursday at 147,150 dinars for every 100 dollars.
Selling prices in banking shops in local markets stabilized at a selling price of 148,250 dinars, while purchasing prices reached 146,250 dinars for every 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=250452
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Who hath not known ill fortune, never knew himself, or his own virtue.-David Mallett
Adversity is the trial of principle. Without it a man hardly knows whether he is honest or not. -Henry Fielding
I think the years I have spent in prison have been the most formative and important in my life because of the discipline, the sensations, but chiefly the opportunity to think clearly, to try to understand things. -Jawaharlal Nehru
We only really face up to ourselves when we are afraid.-Thomas Bernhard
Difficulties are things that show what men are.-Epictetus
http://famousquotesandauthors.com/topics/adversity_quotes.html
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The Latest RV And Economics Updates from the Seeds of Wisdom Sunday AM 6-30-24
Good Morning Dinar Recaps,
Iraqi Dinar: IBBC ISSUES MAJOR NEW PAPER ON DE-DOLLARISATION OF IRAQ
Professor Frank Gunter publishes a new paper commissioned as part of a series by IBBC's advisory council on the challenges of de-dollarisation for Iraq.
The Advisory Council members and IBBC members have actively contributed to the paper in the past 4 months. It will be presented online on the 18th June in a webinar and in person at the Spring Conference on 2nd July. The Arabic translation will be published soon.
Previous advisory papers include 2020, 'Iraq 2020: Country at the Crossroads', 'Corruption Worse Than ISIS: Causes and Cures Cures for Iraqi Corruption', 'Seaports and Airports of Iraq: Rules Versus Infrastructure' and 'Privatization of State-Owned Enterprises'.
The Latest RV And Economics Updates from the Seeds of Wisdom Sunday AM 6-30-24
Good Morning Dinar Recaps,
Iraqi Dinar: IBBC ISSUES MAJOR NEW PAPER ON DE-DOLLARISATION OF IRAQ
Professor Frank Gunter publishes a new paper commissioned as part of a series by IBBC's advisory council on the challenges of de-dollarisation for Iraq.
The Advisory Council members and IBBC members have actively contributed to the paper in the past 4 months. It will be presented online on the 18th June in a webinar and in person at the Spring Conference on 2nd July. The Arabic translation will be published soon.
Previous advisory papers include 2020, 'Iraq 2020: Country at the Crossroads', 'Corruption Worse Than ISIS: Causes and Cures Cures for Iraqi Corruption', 'Seaports and Airports of Iraq: Rules Versus Infrastructure' and 'Privatization of State-Owned Enterprises'.
Professor Gunter provides an analysis of the drivers of impact on the dinar exchange rate and examines how best to deal with the parallel market of dinars to dollars. He outlines the practical policy initiatives that should reduce the gap between the official and parallel exchange rates in the medium-term.
In particular he lauds the Government of Iraq on its commitment to tackle corruption and to modernise the banking system in one fell swoop but warns of the pressure on the dinar exchange rate as budgets are overstretched and the new banking recipients (state banks) receive the liquidity to enable the economy to perform.
He writes 'All three of these forces -the anti-corruption effort, the banking liberalization, and the lavish 2023-2025 budget- will create challenges for the management of the dinar exchange rate. One could argue that over the last two decades the Government of Iraq (GoI) had little control over its exchange rate; that exchange rate policy was determined by other sectors of the political economy in Iraq.
But even if this is true, the level of the exchange rate and changes in that level are believed by many Iraqis and foreigners as providing valuable insight into the quality of economic management in Iraq.
This importance is exemplified by the current efforts to de-dollarize the Iraqi economy while there is excess demand for dollars. This excess demand is shown by a parallel exchange rate of roughly 1500 dinars per dollar compared to the official exchange rate of 1310 dinars per dollar.
An important cause of this exchange rate gap is that the GoI, with the strong encouragement of the U.S. Federal Reserve, is attempting to reduce the use of the U.S. dollar in both Iraq's internal economy and its external transactions. Since 2003, the U.S. dollar has facilitated economic growth in Iraq by providing a widely accepted medium of exchange for purchases as well as a reliable store of value for savings. In the long run, whether de-dollarization will have a significant adverse impact on the Iraq economy will depend on how rapidly the GoI can increase both the efficiency of alternative mediums of exchange and the perceived security of alternative stores of value.'
© Newshounds News™
Source:Iraq Business News
~~~~~~~~~
To Boost Foreign Investments, Iraq signs Singapore Convention
From the UN Development Programme (UNDP). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.
In a landmark move to attract foreign investors to Iraq, the country celebrated its signing of the United Nations Convention on International Settlement Agreements Resulting from Mediation ("Singapore Convention").
Under the patronage of H.E. Prime Minister Mohammed Shia Al-Sudani, the United Nations Development Programme (UNDP) and the National Investment Commission (NIC) of Iraq hosted a high-profile conference on mediation today [Wednesday 26th June, 2o24].
Creating an environment for global investors
Kick-starting the conference on behalf of H.E. the Prime Minister Mohammed Shia` Al-Sudani, the Advisor to the Prime Minister, Nasser Saleh Abdulnabi Al-Asadi reiterated the government's unwavering focus on foreign investment.
"We are steadfast in our progressive reforms, striving to transform Iraq into an inviting and secure investment destination. Iraq's accession to the Singapore Convention is a significant milestone, fortifying our efforts to build a robust business sector. We will persist in our endeavours to bolster investment, combat corruption, and generate employment opportunities for our youth," he said.
On April 17, 2024, Iraq took a significant step by signing the Singapore Convention, as the Convention eases enforcement of mediated settlement agreements, paving the way for enhanced international trade and commerce between countries.
"Iraq is ready to strengthen its collaboration with countries across the globe to foster investment as well as diversify and increase its trade, and the Convention is an important tool for us to operationalize this," ` said Dr. Hayder Makiya [Makiyya], Chairman of the National Investment Commission.
Iraq enters its new chapter
The conference, generously backed by the European Union, was joined by the European Union Ambassador to Iraq, Thomas Seiler.
"We are working hand in hand with the government and UNDP to support the government's ambition to make Iraq a secure and attractive destination for foreign investments, including from the 27 EU Member States. Effective mediation opens a new door for Iraq's international trade and business."
Through its Anti-Corruption and Commercial Dispute Resolution Initiatives funded by the European Union, UNDP has also been working with Iraqi universities to build the capacities of law students in commercial dispute resolution, including mediation.
"With the signing of the Singapore Convention, Iraq is committed to transforming the landscape of commercial cross-border dispute resolution which will significantly impact businesses engaged in international trade and commerce. We will continue supporting the Government in legislation and building the necessary institutional and human capacity to make mediation work." said Auke Lootsma, Resident Representative of UNDP.
The hope is that Iraq's signing of the Singapore Convention is the foundational beginning the country needs in order to attract and instill confidence in investors who wish to do business there - creating a climate that is conducive and safe for foreign investment.
About the Singapore Convention
The Singapore Convention is a multilateral treaty that provides a uniform and efficient framework for the enforcement of international settlement agreements resulting from mediation. It applies to agreements concluded by parties to resolve commercial disputes and facilitates international trade by enabling easy cross-border enforcement of these settlements. As of 11 June 2024, the Convention has 57 signatories and 14 parties. Iraq is the most recent signatory of the convention.
About UNDP's Commercial Dispute Resolution Initiative
To create an inclusive ecosystem for investors and boost foreign investment, UNDP has been strengthening commercial dispute resolution legislation and practices in Iraq. In addition to the support for mediation, the initiative includes technical support for drafting new law on arbitration in compliance with the UNCITRAL Model Law on International Commercial Arbitration and international best practices. By facilitating consultations, workshops, and discussions with a broad range of stakeholders, UNDP aims to enhance capacity building and mainstream efficient commercial dispute resolution practices across the country.
© Newshounds News™
Source:Iraq Business News
~~~~~~~~~
DRAGON BOND: What it Means, How it Works
What Is a Dragon Bond?
A dragon bond is a long-term debt security issued by firms operating in Asian nations (excluding Japan), but denominated in foreign, stable currencies, such as the U.S. dollar (USD) or the Japanese yen (JPY).
Dragon bonds are Asian corporate bonds, ex-Japan, but denominated in a foreign currency.
Dragon bonds are denominated in currencies deemed to be more stable than the home currency to help mitigate the foreign exchange risk.
Dragon bonds, introduced by the Asian Development Bank (ADB) in 1991, are analogous to eurobonds issued by European corporations in foreign currencies.
Understanding Dragon Bonds
A dragon bond is a fixed-income security denominated in currencies deemed more stable than the home currency; it is seen as more attractive to foreign investors as a result. The rationale for structuring them to be as appealing as possible to investors outside of Asia is because they mitigate the foreign exchange risk that can impact returns as currency values fluctuate. Dragon bonds are similar to eurobonds in that they are denominated in foreign currencies that are liquid and stable, but in the Asian context instead of Europe.
Dragon bonds were first introduced in 1991 by the Asian Development Bank (ADB). Because of the foreign denomination, these can be more complex than other bonds because of international differences in taxation, regulatory compliance issues facing firms that issue them, plus limited liquidity in trading them in secondary markets.
Dragon Bonds and Currency Risk
Dragon bonds were created to broaden the market for fixed-income securities in Asia and develop more active Asian financial markets. Although Asian companies had issued bonds in local currencies, they appealed mostly to domestic investors limiting access to capital. Foreign investors were often reluctant to buy bonds dominated in currencies that could fluctuate rapidly. Currencies such as the U.S. dollar and Japanese yen were considered stable enough for accumulating assets.
For example, an Indonesian company might issue a 20-year bond denominated in Indonesian rupiah (IDR), with a coupon rate of 4-percent paid annually. If the U.S. dollar-Indonesian rupiah (USD/IDR) were 10,000 rupiahs per one U.S. dollar, then a 100-million rupiah bond would be the equivalent of $10,000. Each interest payment of 4 million rupiah would represent $400 at the time the bond is issued.
To an Indonesian investor, an investment of 100 million rupiah would pay 4 million rupiah per year with return of principal after 20 years. But for an investor buying such a bond with U.S. dollars, an unfavorable movement between the relative value of the two currencies could create extra risk.
If in the next year the exchange rate shifted from 10,000 IDR/1 USD to 11,000 IDR/1 USD, then the first coupon payment of 4 million rupiah would only be worth only about $364 instead of $400 as anticipated when the bond was first issued. The bond's 100-million rupiah face value would be worth about $9,091. And if the prevailing interest rate moves up, the value of the bond would be even lower.
However, a dragon bond denominated in USD, while still subject to interest rate risk, would not be subject to currency risk. The regional economy has changed significantly in the years since the introduction of dragon bonds in 1991, including the 1997 Asian financial crisis, and the growth of the Chinese economy. However, dragon bonds continue to help Asian markets attract more foreign investment.
© Newshounds News™
Read more:Investopedia
~~~~~~~~~
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TNT: Tishwash: In the presence of Al-Sudani...the launch of the central celebration of the National Day of the Iraqi Press
The activities of the central ceremony held by the Iraqi Journalists Syndicate on the occasion of the National Day of the Iraqi Press were launched at the Al-Rashid Hotel in Baghdad this morning, under the slogan (Iraqi journalists give freedom and inspiration to build)
In the presence of Prime Minister Muhammad Shiaa Al-Sudani, Acting Speaker of the House of Representatives Mohsen Al-Mandalawi, and the Head of the Journalists Syndicate.Iraqis, President of the Union of Arab Journalists, Muayyad Al-Lami, and a number of ministers, leaders, officials, ambassadors, and Arab and foreign delegations. ink
TNT:
Tishwash: In the presence of Al-Sudani...the launch of the central celebration of the National Day of the Iraqi Press
The activities of the central ceremony held by the Iraqi Journalists Syndicate on the occasion of the National Day of the Iraqi Press were launched at the Al-Rashid Hotel in Baghdad this morning, under the slogan (Iraqi journalists give freedom and inspiration to build)
In the presence of Prime Minister Muhammad Shiaa Al-Sudani, Acting Speaker of the House of Representatives Mohsen Al-Mandalawi, and the Head of the Journalists Syndicate.Iraqis, President of the Union of Arab Journalists, Muayyad Al-Lami, and a number of ministers, leaders, officials, ambassadors, and Arab and foreign delegations. ink
Tishwash: Next month...the salaries of retired workers will increase
The Ministry of Labor and Social Affairs will begin increasing the salaries of retired workers next July.
The Ministry's official spokesman, Najm Al-Uqabi, said in a statement received by Al-Maalouma, “The Ministry will begin implementing the increase in the salaries of retired workers starting in July, indicating that it will be in the amount of 150 thousand dinars distributed according to a retirement formula."
He pointed out that “the maximum limit for the worker’s pension will be 700 thousand dinars according to a retirement formula.” The one who receives the minimum amount of 350 thousand will have a salary of 500 thousand after adding the increase, and so on.” link
************
Tishwash: Will the state adopt the provision of sovereign guarantees to finance private industrial projects?
The financial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh, explained today, Friday, that the state has adopted a policy of providing sovereign guarantees for loans obtained by the private sector to finance an important package of private industrial projects.
Saleh told Al Furat News Agency: “There is a fundamental link in financing and implementation adopted by the government program and general policy in development, and its basics are summarized in the high implementation of the listed and ongoing government investment projects that faced procrastination and halting for many years.”
He added, "The current investment program is based on completing the implementation of investment projects without interruption and in accordance with the financial resources allocated to them included in the Federal General Budget Law, while ensuring the sustainability of the funding sources necessary for the continuation of implementation, especially in the field of high-service infrastructure such as projects to develop electricity, drinking water, roads, sewers, etc., with priority that touches the lives of citizens."
He pointed out: "Based on the above, the increase in revenues is one of the important financing levers in overcoming the problems that were facing government projects, which are called (slowed), and which have now entered into implementation and completion, in accordance with the approved policy (No more slowed projects)."
He expressed: "Therefore, there is a clear correlation between the capacity to implement urban projects in the country and the growth of public revenue sources (whether oil or non-oil) and harnessing their high financial flows to serve the requirements of economic development in our country in a way that maximizes the gross domestic product and provides high and sustainable employment sources at the same time.
The private sector assumes an important responsibility in implementation as it is the effective strategic partner in developing the Iraqi economy and advancing its infrastructure and various production activities."
Saleh noted that "the state has adopted a policy of providing sovereign guarantees for loans obtained by the private sector to finance an important package of civil industrial projects, most notably projects to produce industrial and construction outputs related to the advancement of reconstruction, housing and infrastructure, with sovereign guarantees for the private sector amounting to 85% of the value of private activity, specifically industrial activity." link
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Tishwash: Economist reveals the main factors that influenced the implementation of the Maronites
Former Director of the Financial Supervision Bureau, Salah Nouri, revealed today, Friday, the basic factors that influenced the implementation of the budget approval.
Nouri told Al Furat News Agency: “The main factors affecting the proper implementation of the Maronites are:
_Approval of the budget early, at least in the third month of the fiscal year
_Accuracy of financial allocations according to the priorities of the government program
-The speed of cash financing for public spending units. This concerns the duties of the Ministries of Finance and Planning, the Council of Ministers, and the Representatives
As for the executive departments, Salah added, “Transparency, integrity and quality in the use and spending of funds according to the approved financial allocations.”
He stated, “The efficiency of the executive human resources in the public spending units, based on the basics of implementing the aforementioned general budget, will greatly affect the achievement this year in terms of delays in approving the budget and delays in financing, in addition to the weakness of efficiency, transparency, integrity, and quality, especially in investment projects.” link
Mot: ... the Wisdom of ole ""Earl""
Mot: Perfect It Was !!!
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Project mBRIDGE Explained: BRICS, Multi Currency Reality Via New Blockchain Settlement System
Lena Petroa: 6-29-2024
Blockchain-based project mBRIDGE will become the foundation for a new, global alternative financial system. mBridge does not support settlements made in U.S. dollars.
Today, Warwick and Lena discussed how project mBRIDGE works, its structure, key stakeholders as well as the benefits that it will facilitate for the global majority.
The discussion focuses on the process of de-dollarization, the BRICS+ bloc and the future of payment settlements.
Project mBRIDGE Explained: BRICS, Multi Currency Reality Via New Blockchain Settlement System
Lena Petroa: 6-29-2024
Blockchain-based project mBRIDGE will become the foundation for a new, global alternative financial system. mBridge does not support settlements made in U.S. dollars.
Today, Warwick and Lena discussed how project mBRIDGE works, its structure, key stakeholders as well as the benefits that it will facilitate for the global majority.
The discussion focuses on the process of de-dollarization, the BRICS+ bloc and the future of payment settlements.
BRICS Shocked Dollar by Switching to Gold Reserve: What next?
Fastepo: 6-29-2024
In this video, we explore the recent global shift toward increasing gold reserves and examine how this trend impacts the relationship between gold prices and the US dollar.
We delve into the reasons behind various countries' moves to diversify their reserves away from the US dollar. Additionally, we analyse how gold prices typically respond to fluctuations in the US dollar.
What Is Money?
Lynette Zang: 6-29-2024
Today we are talking about money, what it is, how it's created and the lie that has been sold to us...
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