Dinar Recaps Blog Page — Dinar Recaps (2024)

Good Afternoon Dinar Recaps,

Colorado Church group tokenizes $2.5M chapel

This may be the first tokenized church in the world.YEP

A network of affiliated church groups called the “Colorado House of Prayer” has tokenized its main chapel in an effort to purchase the $2.5 million building.

The pastor heading the project, Blake Bush, says he was compelled by a higher power to use blockchain technology as a tool for advancing the group’s mission.

Tokenize the building

According to a report from Forbes, Bush’s congregation and other church groups had beenrentingthe building from its owner, a local businessperson who also owns a car dealership.

The 11,457-square-foot building, called “Old Stone Church” due to its stone exterior, was purchased by its current owner in 2022 at a cost of $2.2 million. Reportedly, Bush and the Colorado House of Prayer group intend to purchase the building for $2.5 million

Bush says he came up with the idea of tokenizing the building — putting it on the blockchain as a digital asset that can be split into shares — after a spiritual experience.

“I heard the Lord say, ‘tokenize the building,'" Bush told Forbes, later adding that he had been “praying for this for years” and that God had told him to “go get my house.”

Blockchain and real estate

In order to accomplish his holy mission, Bush and the group created “Stone Coin,” a digital asset used to raise money for the purchase of Old Stone Church. The coin is tied to a real estate token created by REtokens and running on the Polymesh private blockchain.

Like any tokenization project, the results will depend on the amount of positive token-flow and reactive value. The project is reportedly seeking investors after having raised about half of its goal.

In the future the token’s board, which includes Bush and other religious leaders as well as the mayor of a nearby town, plans to open up token sales to non-parishioners. While this could potentially put the digital asset ownership at risk of an outsider takeover, Bush doesn’t appear to be too concerned about that.

When presented with the notion that, for example, Satanists could end up making a run on the church’s tokens, Bush quipped that he’d be grateful, “let’s introduce you to Jesus.”

@ Newshounds News™

Source:

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Crypto enthusiast Edward Farina highlighted the map in a post on the social media platform X. The map describes how coins like XRP can serve as a global reserve asset, with gold as an essential anchor.

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Economist Identifies Weaknesses In Banking System: 80% Of Money Supply In Citizens’ Homes

Economy |Baghdad Today – Baghdad Financial and economic expert Alaa Jaloub Al-Fahd revealed today, Sunday (August 18, 2024), a weakness in the Iraqi banking system, while confirming the presence of 80% of the cash mass in citizens’ homes.

Al-Fahd told Baghdad Today, "The amount of cash liquidity pumped into the local market is estimated at the size of annual government spending, and this includes salaries, wages, and others. It constitutes a large percentage and is considered the citizen's purchasing power."

He added that "the rise in income levels after 2003, due to the increase in salaries, led to an increase in purchasing power, and this led to an increase in the level of demand for real estate and other things," indicating that "the rise in real estate prices has nothing to do with the issue of the increase in the citizen's cash liquidity or not, because this increase is dependent on the issue of supply and demand."

Al-Fahd explained that "any increase or decrease in the volume of liquidity is estimated by the volume of real spending and the volume of savings, considering that the citizen's income is divided between consumption and savings, and the higher the savings rate, the more it is supposed to be exploited economically through investment."

He pointed out that "there is a weakness in the banking system's ability to absorb all the cash available to citizens, as most of this cash is inside homes, far from banks," noting that "the amount of cash available to citizens in homes is estimated at more than 80% of the issued cash mass, and this constitutes a weakness in the banking system, in withdrawing that mass and investing it."

It is noteworthy that financial expert Saleh Al-Masrafi confirmed on Tuesday (August 6, 2024) that Iraq is among the highest countries in the Middle East in the file of hoarding money, while he diagnosed a grave error in the Iraqi banking system .

The banker said in an interview with Baghdad Today, "The accumulations that have continued for many years have pushed citizens to lose confidence in banks and resort to hoarding money in their homes," indicating that "its percentage reaches 70% of financial liquidity, and these are large numbers that indicate that we are among the highest countries in the Middle East in hoarding money ."

He added that "hoarding money in the financial concept is a grave mistake that will confuse the financial process and reduce the government's ability to provide liquidity to pay salaries," explaining that "resorting to electronic payment is a step in the right direction, but the most important thing is withdrawing liquidity, and there are several ways ."

The banker pointed out that "the recent issuance of treasury bonds is a correct decision, but the media propaganda to create a culture of safe investment in the street is very weak, and this is what creates low rates of dealing with them, even though the interest rates are attractive ."

He stressed the "necessity of seeking to expand the circle of withdrawing liquidity from homes and creating a movement of money that contributes to increasing the recovery of investment and granting government loans, especially with the presence of requests that exceed by 5 times the amount of money allocated for loans in any sector, especially housing." LINK

Is It Time To Remove The Zeros?

Economic 2024/08/18 There is an economic principle in the free market economy, capitalism, or whatever you call it, to treat the defect or distortion in the economic structure as a result of the shock.

That is, accepting the financial, economic and social effects of this measure in the hope of improving the economic reality.

In order to clarify this principle and analyze its effects as a means of spreading economic culture, we will address the issue of deleting zeros from the currency in order to reduce its effects on the size of the monetary mass and the value of money.

The more difficult and complex the solutions to reduce the dollar exchange rate between the official and parallel rates become, the more calls for the necessity of deleting zeros increase, believing that it is one of the solutions.

Here, if the decision is made to remove zeros, this means treating the defect with the shock effect, but we must first present the most prominent advantages and disadvantages of removing zeros and compare them to reach an optimal solution and a sound decision.

This is the best way to spread the culture of discrimination among the public, rather than addressing specialists because they are aware of the optimal solution.

One of the most prominent advantages of removing zeros is reducing the size of the monetary mass, not its value (simply the number of banknotes used in circulation).

This advantage results in the ease of carrying cash amounts and protecting them from theft or damage.

As for the disadvantages, deleting zeros will create countless social problems that we can do without at this stage due to the inability to convince the public to accept the decrease in the size of the monetary mass while acknowledging that the real value of the money is not affected.

The issue is related to the mind and the memory’s preservation of large amounts, and then the solution of commercial and personal contracts and agreements creates disagreements and an inability to reach an understanding.

From the above analysis, it is clear that the procedure of deleting zeros is not appropriate at the present time. However, with the use of electronic payment operations, the environment will be mature and acceptable for the idea of ​​implementing the decision to delete zeros, and the process will be automatic without the citizen feeling it. But is it time to issue the decision?

We see that it is too early due to the recent introduction of electronic payment technology in commercial, market, official and private transactions.

The experience is still limited to absorbing such a transformation, and when the percentage of acceptance and use of electronic payment tools reaches 90 percent of citizens, then the decision to delete zeros can be implemented easily and smoothly. It takes time to spread the culture of electronic payment, and it is required to intensify media and advertising campaigns to focus it in the citizen's memory and accept it.

In such a case, the concerned authorities should reduce the costs of using electronic payment and impose strict control over fraud and manipulation, and then expand and diversify electronic payment companies throughout the country.

Those concerned should start with state institutions in using electronic payment for all transactions, and then the culture of electronic payment will expand. https://alsabaah.iq/101197-.html

Government Advisor Explains The Possibility Of Using The Dinar Instead Of The Dollar In Oil Sales

Money and business Economy News – Baghdad The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, clarified today, Sunday, what is being circulated in some media outlets regarding the possibility of using the dinar instead of the dollar in oil sales.

Saleh said in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the adoption of the dinar in the pricing of oil, or what is called (petro dinar), especially when the national currency is not one of the international reserve currencies, requires the availability of foreign reserve currencies or gold, as Russia did when it bought Russian oil with gold-backed rubles, which caused problems that we will come to later."

He added that "these foreign reserves must be available (as a necessary condition) and operate according to a high standard of efficiency that guarantees the stability of the exchange rate linked to oil (the petro dinar) in order to hedge against oil price fluctuations to ensure the stability of the exchange rate (the petro dinar) itself from the beginning."

He added that “linking oil sales to the dinar on a fixed basis with oil prices instead of the foreign reserves base means linking the dinar to the oil asset cycle first, and that oil is sold according to global oil prices. If the exchange rate of the dinar (petrodinar) against the (petrodollar) is fixed, for example, and oil prices fall, then the demand for the dinar for accounting purposes will certainly fall, and the dinar will be exchanged for oil in larger quantities and the demand for the (petrodinar) will be lower, and vice versa.”

He pointed out that "any deviation between oil prices (petrodollar) and the exchange rate (petrodinar) according to international market data will be considered a cost that requires compensation by paying fewer dinars or collecting a higher dinar in the opposite case," indicating that "international reserve currencies are foreign currencies held by central banks and global financial institutions as part of their cash reserves.

These currencies are used in international transactions and settling debts between countries, and are a standard for international payments and facilitating global trade."

He explained that "Russia suffered a lot when it priced its exported oil in rubles (petrorubles) and the ruble is a non-reserve currency and committed to a value for the ruble that was initially denominated in gold to ensure the stability of oil revenues. Here (petrorubles) were subject to two asset cycles at the same time (which complicated the scene of selling oil in local currency and stabilizing the value of the petrorubles)."

He pointed out that "the first cycle: is the result of the impact of what is called the gold assets cycle and its impact on the value of the (petroruble) or the local currency denominated in exported oil, while the second: is the oil assets cycle, and its impact on the value of a barrel of oil outside the global price and the reflection of that on oil revenues priced in that currency."

He stressed that "the two cycles are asset cycles that are linked and contradictory at the same time on the value of (the currency priced in the exported oil, such as the petroruble), which made pricing Russian oil in rubles as a local currency and according to the data of the global oil market a very complex issue."

He added that "the principle of using the dinar as a local currency in international oil exchanges (petrodinar) is not without many challenges, which is why those potential challenges must be carefully considered, especially the issue of the flexibility or stability of the value of the (petrodinar) itself to change and fluctuation, especially since we in the oil market are not price makers in it, but rather price takers."

He noted that "the global oil market will control the fluctuation of the local currency (petrodinar), in addition to the importance of international recognition of it, and the financial infrastructure necessary to support such operations of (petrodinar), in other words, the strategy of relying the value of the currency directly on oil exports may make the value of the local currency vulnerable to fluctuations in the global market."

Saleh added that “the proposal to sell oil in dinars as a local currency must take into account an important theory in global trade called the Law of One Price, which is an economic concept that assumes that the same commodity must be sold at the same prices in all markets when the price is expressed in the same currency, provided that there are no transportation costs or trade barriers such as customs tariffs and others.

The Law of One Price is the basis for many economic and trade models, and the theory is based on the assumption that markets operate efficiently.”

He added: “The single price theory is the basic path to understanding the pricing mechanism in foreign exchange markets, as the theory seeks to explain that currency exchange rates always reflect the difference in prices between two countries, and when oil is priced in dollars (petrodollars), the exchange rate of the dinar (petrodinar) should be consistent with oil prices without fluctuation and at the same time consistent with the (petrodollars) and also steadily,

and these are two issues that are difficult to control because they are external international factors that determine the value of the local currency so that it operates regularly and in a stable price compatibility with the oil market and international foreign currencies at the same time.”

“For example, if a barrel of oil is sold in the United States at $76 and in Europe at 72 euros, the single price theory predicts that, taking into account the exchange rate between the dollar and the euro, the price of a barrel of oil should be equal after adjusting the currency, provided that there are no transportation costs or trade barriers.

This requires that the value of oil sold to Europe and America be consistent with the fluctuations in currency prices in order to ensure that the single price theory is in place.

Thus, adopting the local currency in global trade is a very complex issue to ensure the stability of oil prices consistent with the value of the Iraqi dinar (petrodinar), especially in a fixed exchange rate system (exchange rate), unless discounts are granted or differences are charged in oil marketing operations or floating (petrodinar).

Then, for example, the Oil Marketing Company (SOMO) will play a dual role in oil and monetary policies, whether in the field of oil pricing or pricing the oil dinar exchange rate (petrodinar),” he continued.

He added: "The strength and stability of the Iraqi dinar will remain linked to the factors of real growth and diversity in the national economy, in addition to achieving an appropriate surplus in the current account of the balance of payments, and linking the national currency to a basket of foreign currencies that provides stability in the value of the dinar itself.

In light of the above, introducing mechanisms for stabilizing the dinar exchange rate into a single rentier economy exclusively based on the oil dinar is an economic trend with ambiguous results and is very vague, in addition to entering the (petrodinar) system, which requires risks (the aforementioned single price theory) to ensure its stability in light of the fluctuations in the oil assets cycle and a single rentier economy, not to mention not knowing the adopted exchange system (petrodinar).

Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices? These are paths that have no answers on the ground and are really very ambiguous." Views 56 2024/08/18 - https://economy-news.net/content.php?id=46433

KTFA

Clare: Baghdad hosts regional technology summit

8/18/2024Baghdad

Baghdad witnessed the launch of the Huawei Middle East and Central Asia Business Tour, which brought together more than 200 of its partners and customers from various industries to explore new avenues for growth and win the future of digital transformation in Iraq. The event highlights the importance of developing a stronger partnership ecosystem in Iraq and stimulates in-depth discussion on how comprehensive ICT solutions can enable key sectors including education, healthcare, government, real estate, and finance.

In his opening remarks, Mr. Alex Zhang, Vice President of Enterprise Business at Huawei Middle East and Central Asia, emphasized the importance of digital transformation for Iraq, saying: “Digital transformation is not just a strategic imperative for Iraq, but a path to sustainable growth.

By leveraging advanced technologies and building strong partnerships, we can overcome challenges and open up unprecedented horizons for progress in the fields of government, education, healthcare, real estate, and financial services. Huawei is committed to investing in Iraq’s ICT infrastructure and strengthening the partnership ecosystem to drive this transformation.”

Rafid Abbas Kheder, Member of the Sub-Board of Directors of the Commercial Environment, also delivered the keynote speech titled “In Iraq for Iraq”, where he emphasized: “Huawei has been operating in the Iraqi market for more than 20 years and is dedicated to becoming a major contributor to the national digital economy. With an open mindset and continuous collaboration strategy, Huawei will work hand in hand with all partners and customers to achieve shared growth and success and start a new chapter in a thriving digital economy in Iraq.”

Huawei experts presented a comprehensive range of sector-specific solutions, each designed to empower key sectors in Iraq:

- *Education: Building a dynamic learning environment through robust network infrastructure, secure data centers, and smart classroom solutions.

- *Healthcare: Improving patient care and operational efficiency through smart wards, advanced medical imaging technology, and reliable hospital network solutions.

- *Finance: Securing sensitive financial data through robust networks and advanced storage solutions, allowing financial institutions to operate efficiently and drive economic stability.

- *Government: Enhance government services and decision making through smart office systems, advanced campus networks, and lightweight data centers to improve operations.

- *Real Estate: Leveraging Huawei's smart property management technology, creating a sustainable and efficient environment that optimizes energy consumption and enhances tenant experiences.

In the evening session, Jason Yang, Huawei’s Business Director for the Middle East and Central Asia, emphasized Iraq’s potential for digital growth, saying: “We see tremendous potential in the digitization of government and businesses in Iraq. Huawei’s commitment to strategic investment, strong partnerships, and partner-driven leadership approach puts the company at the forefront of driving this digital transformation.”

The event also introduced HUAWEI eKit, a platform designed for SMEs. This platform combines multiple functions including marketing, transactions, services, and partner operations, and offers a range of products that include networking products and collaboration tools specifically designed to meet the needs of SMEs.

Huawei’s trade show is a milestone in the digital transformation journey to provide an open and collaborative platform for the Iraqi market. The event was well received by attendees and reinforced Huawei’s role as a strategic partner in the region through its solutions. LINK

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Clare: Al-Sudani: The government pays great attention to the electricity file

8/18/2024Baghdad

Prime Minister Mohammed Shia Al-Sudani confirmed today, Sunday, that the government pays great attention to the electricity file.

The Prime Minister's Media Office stated in a statement received by "Al-Eqtisad News" that "Al-Sudani chaired a meeting of the electricity team concerned with the electrical energy file, in the presence of the Minister of Electricity."

The meeting witnessed "discussing the development of a new technical and economic vision to address the problem of the shortage in the provision of electrical energy in the short and long term, and developing rapid solutions that would contribute to providing electricity to citizens and other vital sectors," according to the statement.

The meeting also discussed "the mechanism adopted to provide fuel, and the financing mechanism in the new economic model for electricity production projects, which the government has planned as part of its new vision in this important sector."

During the meeting, the Prime Minister stressed that "the government pays great attention to the electric power file, as it is one of the foundations on which economic plans and infrastructure projects in all sectors depend, and to create a development renaissance in the country." LINK

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Courtesy of Dinar Guru: https://www.dinarguru.com/

This is what we investors looking for iqd # dinar

Nader: 8-18-2024

https://www.youtube.com/watch?v=NMLAv3JOC3I

Three Currencies to Watch and Why IQD TRY ARS

Edu Matrix: 8-18-2024

Three Currencies to Watch and Why IQD TRY ARS - Rates These countries are on the path to a high GDP which could easily result in a higher currency rate.

https://www.youtube.com/watch?v=fN2uFrxqQIo

TNT:

Tishwash: Is it time to remove the zeros?

Yasser Al-Mutawali

There is an economic principle in the free market economy, capitalism, or whatever you call it, to treat the defect or distortion in the economic structure as a result of the shock.

That is, accepting the financial, economic and social effects of this measure in the hope of improving the economic reality.

In order to clarify this principle and analyze its effects as a means of spreading economic culture, we will address the issue of deleting zeros from the currency in order to reduce its effects on the size of the monetary mass and the value of money. The more difficult and complex the solutions to reduce the dollar exchange rate between the official and parallel rates become, the more calls for the necessity of deleting zeros increase, believing that it is one of the solutions.

Here, if the decision is made to remove zeros, this means treating the defect with the shock effect, but we must first present the most prominent advantages and disadvantages of removing zeros and compare them to reach an optimal solution and a sound decision.

This is the best way to spread the culture of discrimination among the public, rather than addressing specialists because they are aware of the optimal solution. One of the most prominent advantages of removing zeros is reducing the size of the monetary mass, not its value (simply the number of banknotes used in circulation). This advantage results in the ease of carrying cash amounts and protecting them from theft or damage.

As for the disadvantages, deleting zeros will create countless social problems that we can do without at this stage due to the inability to convince the public to accept the decrease in the size of the monetary mass while acknowledging that the real value of the money is not affected. The issue is related to the mind and the memory’s preservation of large amounts, and then the solution of commercial and personal contracts and agreements creates disagreements and an inability to reach an understanding.

From the above analysis, it is clear that the procedure of deleting zeros is not appropriate at the present time. However, with the use of electronic payment operations, the environment will be mature and acceptable for the idea of ​​implementing the decision to delete zeros, and the process will be automatic without the citizen feeling it. But is it time to issue the decision? We see that it is too early due to the recent introduction of electronic payment technology in commercial, market, official and private transactions. The experience is still limited to absorbing such a transformation, and when the percentage of acceptance and use of electronic payment tools reaches 90 percent of citizens, then the decision to delete zeros can be implemented easily and smoothly. It takes time to spread the culture of electronic payment, and it is required to intensify media and advertising campaigns to focus it in the citizen's memory and accept it. In such a case, the concerned authorities should reduce the costs of using electronic payment and impose strict control over fraud and manipulation, and then expand and diversify electronic payment companies throughout the country.

Those concerned should start with state institutions in using electronic payment for all transactions, and then the culture of electronic payment will expand. link

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Tishwash: The environment is fertile for investment and solid global companies.. Parliament is "optimistic" about the government and is monitoring

Today, Sunday (August 18, 2024), the Parliamentary Investment Committee described the investment companies operating in Iraq as “solid and international,” stressing thatParliament monitors their work.

Committee member Mohammed Al-Ziyadi told Baghdad Today, "All investment companies operating in Iraq are solid and international, and have many businesses in different countries. Any company operating in Iraq works according to specifications, and its file is audited and all its previous businesses in different countries are reviewed," stressing "the need for Parliament to monitor the work of these companies."

He added, "Iraq is not obligated to introduce any unsound foreign company, especially since Iraq has an important and fertile investment environment and all international companies have a real desire to work within it, especially in light of the security and political stability after the formation of the current government."

Since the first day that Mohammed Shia al-Sudani assumed power in the country, he stressed his keenness to attract solid international companies to implement road, bridge and infrastructure projects in Iraq.

Here, the Parliamentary Transport Committee confirms the success of the Iraqi government in developing external roads and paying attention to this file.

The head of the committee, Zahra Al-Bajari, told Baghdad Today, Saturday (August 10, 2024), that “the government has succeeded in developing many external roads between the governorates, and there is a clear and tangible improvement in those roads, through paving and tiling,” noting that “certainly this matter has contributed greatly to reducing traffic accidents, which used to occur on a daily basis due to the deterioration of those roads,” and she added: “We still need more attention to this file.”

Prime Minister Mohammed Shia al-Sudani has repeatedly stressed that his government is moving forward to fulfill its promises to implement service projects in Baghdad and the governorates. On May 27, 2024, the prime minister said, at the Rustumiyah, Al-Muhandisin and Al-Shaljiya bridges, as part of the first package of projects to ease traffic congestion in the capital, Baghdad, that his government is moving forward to fulfill its promises to the people and implement service projects in Baghdad and the governorates, indicating that "there are 4 projects at the level of bridges and overpasses in Anbar, Diwaniyah, Dhi Qar and Maysan, which will be opened within the next three months." link

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Tishwash: Has the spark ignited in the Iraqi dinar and the near-total collapse?

Economic expert Mustafa Hantoush said today, Saturday, that the current thinking about changing monetary policies for the next stage is incorrect, regardless of the people who will be nominated for the position of governor.

Hantoush told the “Iraq Observer” agency, “Iraq is currently going through a phase of almost complete collapse in monetary policies, which are: “the policy of preserving the national banking system - the policy of international monetary relations - the policy of protecting the local currency against foreign currencies.”

dollar mill

The economic expert continued: “In addition to the policy of activating banking operations and supporting the Iraqi market - the financing policy supporting the Iraqi industrial, agricultural, tourism and other sectors - the policy of the technical legal banking opinion supporting the movement of markets flexibly - the policy of activating the tools of the money market in the stock market - the policy of supporting electronic transactions.” Therefore, the next stage must be to rescue monetary policies through national monetary and banking plans.

Economic data

Globally, the dollar approached its highest level in two weeks against the yen after its largest one-day gains against its major counterparts in four weeks, as strong US economic data eliminated fears of recession.

New procedures

The dollar was particularly strong against the Japanese currency thanks to higher Treasury yields as traders scaled back bets that the Federal Reserve will be forced to take aggressive easing measures next month.

Risk-sensitive currencies such as the pound were strong as an improving economic outlook lifted stocks.

The dollar index, which measures the greenback against six major currencies including the yen, the pound and the euro, was little changed at 103.20 after rising 0.41% overnight, its biggest gain since July 18.

The dollar fell slightly to 149.11 yen, but remained close to yesterday's high of 149.40, a level last seen on Aug. 2.

The Commerce Department said retail sales rose 1.0% last month, beating expectations for a 0.3% gain. Separate figures showed 227,000 Americans filed for unemployment benefits last week, fewer than the 235,000 expected.

Traders are convinced that the Federal Reserve will cut interest rates on September 18, but the size of the cut is being discussed, according to a statement.

The odds are currently at 25% for a large 50 basis point cut, down from 36% the day before, according to CME Group's FedWatch tool.

Low salaries

Surprisingly weak monthly payrolls data at the start of the month has raised the odds of a larger cut to 71%.

Sterling was slightly higher at $1.2859, building on a 0.21% advance overnight. The British currency got additional support from strong GDP figures on Tuesday.

The euro was steady at $1.0973 after falling 0.36 percent in the previous session.

The risk-sensitive Australian dollar was steady at $0.66105 after advancing 0.2 percent the previous day after data showed a much larger-than-expected increase in jobs. link

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Tishwash: Controlling 80% of currency smuggling in Iraq.. 6 qualitative strikes "paid off" and efforts continue

The Parliamentary Security and Defense Committee revealed, today, Sunday (August 18, 2024), the secrets of 6 qualitative strikes against what it called hard currency smuggling mafias in Iraq.

Committee member MP Yasser Iskandar Watout said in an interview with Baghdad Today, "Smuggling hard currency in all its forms is a drain on the country's economic capabilities and leads to pressure on the markets by raising exchange rates, which leads to an increase in prices."

"There are efforts being made, some of which are exceptional, through the reports we receive that reflect the continuation of implementing a series of strategies to reduce the smuggling of hard currency, which has been controlled by up to 80% in recent months through the efforts of the Ministry of Interior and its formations with the Central Bank, which has achieved positive results in this regard," added Watout.

He pointed out that "6 operations took place in the past months, representing qualitative strikes against the hard currency smuggling mafias in Iraq, which bore fruit, explaining, "But has smuggling ended completely? The answer is no, and efforts are continuing to end these illegal acts, which are taking place with complications that require intensive and doubled work by the competent authorities."

Financial and economic expert Nawar Al-Saadi revealed on Friday (August 16, 2024) the importance of the benefits of “digitizing” financial transactions for Iraqi banks, while pointing out that digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.

Al-Saadi told Baghdad Today that “digitizing financial transactions in Iraqi banks can provide significant benefits, especially in terms of reducing currency smuggling,” indicating that “by adopting digital systems, banks can track all financial transfers with greater accuracy and transparency. This means that each transaction is automatically recorded and saved in a central database that can be reviewed at any time. This allows the relevant authorities to monitor and quickly detect suspicious financial activities, making it difficult for smugglers to exploit the financial system to smuggle currencies.”

“Digitizing the banking system contributes to reducing money laundering cases, as these operations usually depend on exploiting loopholes in traditional systems, but with an advanced digital system, these operations become more complex. Digitization also allows the use of advanced technologies such as artificial intelligence to analyze patterns in banking data and identify any abnormal or suspicious transactions,” he added, stressing that “this helps prevent money laundering by early identification of unusual activities and reporting them to the competent authorities.”

Al-Saadi explained that “to implement this digital transformation in Iraq, there is a need for investments in technological infrastructure and developing the institutional capabilities of banks,” noting that “this requires providing modern technology, training employees to use it effectively, in addition to developing legislation and laws that protect users and encourage digital transactions. It is also important to enhance customer awareness of the benefits of digital transactions and build their confidence in the new systems.”

He stressed that “digitization in banks contributes to achieving more transparency and credibility in the financial system, as each transaction can be easily tracked and reviewed. It also improves the operational efficiency of banks by completing transactions faster and at a lower cost. In terms of security, digitization provides higher levels of protection against fraud and theft through advanced encryption technologies.”

The financial and economic expert concluded by saying, “Digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services. Digitizing financial transactions in Iraqi banks also has great potential to enhance economic stability and reduce the risks associated with money laundering and currency smuggling, leading to a safer and more efficient financial system link

Geopolitical Analyst: BRICS No Longer Attaching Importance to the US Dollar

Sunday, 18 August 2024

In a world where geopolitical tensions often dictate the ebb and flow of energy markets, Iran’s oil exports are demonstrating a remarkable resilience. Recently, Petroleum Minister Javad Owji announced that Iran is successfully exporting oil to over 17 countries, presenting a compelling narrative of adaptation and survival.

This announcement reflects not just the ingenuity of the Iranian oil sector but also highlights the evolving dynamics in global energy markets, particularly in the context of U.S. sanctions and Iran’s recent engagement with BRICS.

For years, Iran’s oil industry has operated under the heavy burden of economic sanctions imposed by the United States. These sanctions aimed to cripple the country’s vital revenue stream and limit its global oil market access. However, Minister Owji’s remarks signal a significant pivot. Iran has managed to neutralize these sanctions, indicating that the nation’s oil exports are still viable despite the economic pressures.

How has this been achieved? The answer lies in Iran’s strategic partnerships and a shift in the geographic focus of its oil trade. Instead of relying solely on traditional markets, Tehran has sought new buyers in Asia, Europe, and elsewhere, establishing relationships that circumvent traditional trade routes and channels. These efforts not only address immediate economic concerns but also underscore a broader trend of nations diversifying their energy sources to mitigate risks associated with geopolitical instability.

An essential factor in Iran’s oil export strategy has been its recent accession to the BRICS alliance—a group that includes Brazil, Russia, India, China, and South Africa. Membership in this influential bloc has equipped Iran with new avenues for economic cooperation, trade, and investment. BRICS countries represent a significant portion of the world’s population and, importantly, a substantial share of global energy demand.

The implications of Iran’s BRICS membership extend beyond mere geopolitical positioning. Enhanced ties with member nations offer Tehran a more stable customer base for its oil exports, less influenced by Western sanctions. Countries like China and India, both energy-hungry giants with a vested interest in stable oil supplies, are increasingly looking towards Iran as a reliable partner, providing Tehran with an essential lifeline in its quest for economic recovery.

As we look ahead, the evolution of Iran’s oil export capabilities presents a fascinating opportunity for potential buyers. With a diversification strategy in place and a growing list of countries willing to engage with Iranian oil, the market is set for a shift. The historical barriers imposed by Western policies are beginning to crumble, creating a ripple effect that could significantly alter the dynamics of global oil trade.

In this new landscape, nations are recognizing the importance of diversification in their energy portfolios. Iran’s ability to offer competitively priced oil could draw in countries that are looking to strengthen their energy security while navigating the complexities of international relations. As Minister Owji stated, Iran is establishing a robust network of trade routes that could enhance its status as a key player in the global energy sector.

Iran’s oil export strategy is evolving in exciting ways, moving beyond the traditional confines of economic sanctions and political isolation. As Javad Owji’s commentary highlights, the Islamic Republic is steadily redefining its role in the international oil market through innovation and adaptability. With membership in BRICS providing a significant boost, the prospects for Iran as a key oil supplier are increasingly bright.

Just as the global energy market continuously transforms, so too does Iran’s strategy to remain competitive. As the world watches, the coming months and years will reveal how effectively Tehran can leverage its partnerships and market opportunities to create a sustainable future for its oil exports. In the midst of adversity, Iran’s tenacity serves as a reminder of the complex interplay between energy, politics, and economic resilience.

Watch the video below from Geopolitical Analyst for more information.

https://dinarchronicles.com/2024/08/18/geopolitical-analyst-brics-no-longer-attaching-importance-to-the-us-dollar/

https://youtu.be/I1Oc2De95To

Courtesy of Dinar Guru: https://www.dinarguru.com/

Frank26 Question: "What are you looking for next?" I'm looking for Sudani to come out and show the Iraqi citizens their new currency, their lower notes in whatever fashion that he'll take.

Militia Man

BREAKING Iraq Delays US Troop Withdrawal This is a MAJOR Development

Edu Matrix: 8-18-2024

THIS IS MAJOR - Iraq Delays US Troop Withdrawal Issues Surrounding Tensions in the Region

https://www.youtube.com/watch?v=7wzQAxz9cq8

Bullion Bulletin - AUGUST 17, 2024

Miles Franklin: 8-18-2024

Welcome to our eighth compilation of videos from the previous week! We are dedicated to bringing you the latest insights and updates in the precious metals industry. In this compilation, you'll find a variety of engaging and informative content featuring expert analysis and discussions.

https://www.youtube.com/watch?v=jz-xRCag174

TNT:

Tishwash: Government advisor explains the possibility of using the dinar instead of the dollar in oil sales

The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, clarified today, Sunday, what is being circulated in some media outlets regarding the possibility of using the dinar instead of the dollar in oil sales.

Saleh said in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the adoption of the dinar in the pricing of oil, or what is called (petro dinar), especially when the national currency is not one of the international reserve currencies, requires the availability of foreign reserve currencies or gold, as Russia did when it bought Russian oil with gold-backed rubles, which caused problems that we will come to later."

He added that "these foreign reserves must be available (as a necessary condition) and operate according to a high standard of efficiency that guarantees the stability of the exchange rate linked to oil (the petro dinar) in order to hedge against oil price fluctuations to ensure the stability of the exchange rate (the petro dinar) itself from the beginning."

He added that “linking oil sales to the dinar on a fixed basis with oil prices instead of the foreign reserves base means linking the dinar to the oil asset cycle first, and that oil is sold according to global oil prices. If the exchange rate of the dinar (petrodinar) against the (petrodollar) is fixed, for example, and oil prices fall, then the demand for the dinar for accounting purposes will certainly fall, and the dinar will be exchanged for oil in larger quantities and the demand for the (petrodinar) will be lower, and vice versa.”

He pointed out that "any deviation between oil prices (petrodollar) and the exchange rate (petrodinar) according to international market data will be considered a cost that requires compensation by paying fewer dinars or collecting a higher dinar in the opposite case," indicating that "international reserve currencies are foreign currencies held by central banks and global financial institutions as part of their cash reserves. These currencies are used in international transactions and settling debts between countries, and are a standard for international payments and facilitating global trade."

He explained that "Russia suffered a lot when it priced its exported oil in rubles (petrorubles) and the ruble is a non-reserve currency and committed to a value for the ruble that was initially denominated in gold to ensure the stability of oil revenues. Here (petrorubles) were subject to two asset cycles at the same time (which complicated the scene of selling oil in local currency and stabilizing the value of the petrorubles)."

He pointed out that "the first cycle: is the result of the impact of what is called the gold assets cycle and its impact on the value of the (petroruble) or the local currency denominated in exported oil, while the second: is the oil assets cycle, and its impact on the value of a barrel of oil outside the global price and the reflection of that on oil revenues priced in that currency."

He stressed that "the two cycles are asset cycles that are linked and contradictory at the same time on the value of (the currency priced in the exported oil, such as the petroruble), which made pricing Russian oil in rubles as a local currency and according to the data of the global oil market a very complex issue."

He added that "the principle of using the dinar as a local currency in international oil exchanges (petrodinar) is not without many challenges, which is why those potential challenges must be carefully considered, especially the issue of the flexibility or stability of the value of the (petrodinar) itself to change and fluctuation, especially since we in the oil market are not price makers in it, but rather price takers."

He noted that "the global oil market will control the fluctuation of the local currency (petrodinar), in addition to the importance of international recognition of it, and the financial infrastructure necessary to support such operations of (petrodinar), in other words, the strategy of relying the value of the currency directly on oil exports may make the value of the local currency vulnerable to fluctuations in the global market."

Saleh added that “the proposal to sell oil in dinars as a local currency must take into account an important theory in global trade called the Law of One Price, which is an economic concept that assumes that the same commodity must be sold at the same prices in all markets when the price is expressed in the same currency, provided that there are no transportation costs or trade barriers such as customs tariffs and others. The Law of One Price is the basis for many economic and trade models, and the theory is based on the assumption that markets operate efficiently.”

He added: “The single price theory is the basic path to understanding the pricing mechanism in foreign exchange markets, as the theory seeks to explain that currency exchange rates always reflect the difference in prices between two countries, and when oil is priced in dollars (petrodollars), the exchange rate of the dinar (petrodinar) should be consistent with oil prices without fluctuation and at the same time consistent with the (petrodollars) and also steadily, and these are two issues that are difficult to control because they are external international factors that determine the value of the local currency so that it operates regularly and in a stable price compatibility with the oil market and international foreign currencies at the same time.”

“For example, if a barrel of oil is sold in the United States at $76 and in Europe at 72 euros, the single price theory predicts that, taking into account the exchange rate between the dollar and the euro, the price of a barrel of oil should be equal after adjusting the currency, provided that there are no transportation costs or trade barriers. This requires that the value of oil sold to Europe and America be consistent with the fluctuations in currency prices in order to ensure that the single price theory is in place. Thus, adopting the local currency in global trade is a very complex issue to ensure the stability of oil prices consistent with the value of the Iraqi dinar (petrodinar), especially in a fixed exchange rate system (exchange rate), unless discounts are granted or differences are charged in oil marketing operations or floating (petrodinar). Then, for example, the Oil Marketing Company (SOMO) will play a dual role in oil and monetary policies, whether in the field of oil pricing or pricing the oil dinar exchange rate (petrodinar),” he continued.

He added: "The strength and stability of the Iraqi dinar will remain linked to the factors of real growth and diversity in the national economy, in addition to achieving an appropriate surplus in the current account of the balance of payments, and linking the national currency to a basket of foreign currencies that provides stability in the value of the dinar itself.

In light of the above, introducing mechanisms for stabilizing the dinar exchange rate into a single rentier economy exclusively based on the oil dinar is an economic trend with ambiguous results and is very vague, in addition to entering the (petrodinar) system, which requires risks (the aforementioned single price theory) to ensure its stability in light of the fluctuations in the oil assets cycle and a single rentier economy, not to mention not knowing the adopted exchange system (petrodinar).

Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices? These are paths that have no answers on the ground and are really very ambiguous." link

I’m a Financial Expert: 4 Things You Don’t Know About Your Money

Laura Beck Fri, August 16, 2024 GOBankingRates

You might think you’ve got a handle on your finances, but there’s probably a thing or two you don’t understand.

GOBankingRates spoke with financial experts to uncover some surprising truths about money that many people overlook. Carlos Rodriguez, director of financial planning at Edelman Financial Engines, pointed to EFE’s 2023 Everyday Wealth in America report, which indicated that 46% of Americans cite personal finances as their top source of stress. That emphasizes the importance of effective financial management for overall well-being.

From investment strategies to the power of small savings, these insights could change the way you think about your hard-earned cash. Here are four things you (probably) don’t know about your money.

Earning passive income doesn't need to be difficult. You can start this week.

Being Too Conservative Can Cost You Big Time

If you’re the type to keep your money tucked safely away in a savings account, you might want to reconsider.

Robert R. Johnson, Ph.D., CFA, professor of finance at Creighton University’s Heider College of Business, has some eye-opening data to share.

“Being conservative with investments over time is extremely costly,” he said. “From 1926 through 2023, government bonds earned an average return of 5.1%. One dollar invested in government bonds at the beginning of 1926 would have grown to $133 by the end of 2023.”

Sounds pretty good, right? Well, hold onto your hats. Johnson continued, “Over that same time period, large stocks (think S&P 500) earned 10.1% compounded annually. That same dollar invested in an index of large cap stocks would have grown to $14,568 by the end of 2023.”

That’s not a typo, folks. We’re talking about a difference of over $14,000 from a single dollar. As Johnson put it, “A 5% annual difference in returns results in an astronomical difference in terminal wealth.”

You Can’t Save Your Way to Wealth – You Need To Invest

If you think squirreling away money in a savings account is your ticket to wealth, think again. Johnson busts this common myth wide open.

“One of the biggest money myths is that you can save your way to wealth,” he said. “The wealthy save and invest. The middle class, too often, simply save. Unfortunately, it isn’t enough that people simply save. That is a necessary condition for building wealth, but not a sufficient condition for wealth accumulation.”

To Read More: https://www.yahoo.com/finance/news/m-financial-expert-4-things-170009313.html

Good Afternoon Dinar Recaps,

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One community member Aron Madarasz confused it with some illicit activity stating: “It means that this is a fake. RLUSD isn’t issued yet. This is a trustline on the XRPL everybody can create, and everybody can name it as wanted. RLUSD will be issued by Ripple on the ledger but not as a trustline thing.”

Source:Crypto News Flash

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Environmental Impact Of Crypto Mining

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When Will the RV/GCR Happen?

On August 17, 2024 By Awake-In-3D

Endgame GCR Podcast Episode 4

What you will learn in this episode:

• What is Japan’s Economic Influence on Current Financial System?

• What are the Signs of the Fiat Currency System’s Collapse?

* Why Inflation is a Key Driver of Fiat Financial System Weakness

• How Carry Trades Create Global Financial System Instability

• The Problem With Central Bank Interest Rate Manipulation

• Why Demand for Commodities and Precious Metals is Related to the RV/GCR

• What Will Happen if the United States Begins Buying Gold?

• Why the New BRICS Gold-Backed Financial System is Important

• The Revaluation of Currencies Amid a Fiat Financial System Collapse

• Rejecting the “Shotgun” GCR/RV Event Narrative

• What are the Key Indicators to Watch in the Coming Financial Collapse?

In this episode, the focus is on answering the central question: “When will the Global Currency Reset (GCR) and the Revaluation of Currencies (RV) happen?” It becomes clear that the RV/GCR will align with the collapse of the global fiat currency system. This sets the stage for the discussion, which explores current financial events that are leading towards this shift.

What is Japan’s Economic Influence on Current Financial System?

We look at Japan’s recent economic instability and how it affects the global financial landscape. Japan’s interest rate hikes and market volatility are early signs of a broader shift. Given Japan’s role as the fourth-largest economy and its status as a key reserve currency, its actions have a significant impact on the future of the global financial system.

What are the Signs of the Fiat Currency System’s Collapse?

Key indicators of the impending collapse of the fiat currency system are examined. The idea that the collapse will unfold “slowly at first, then all of a sudden” is discussed. The gradual breakdown of the fiat system is directly linked to the eventual realization of the GCR and RV, making it essential to track these developments.

Why Inflation is a Key Driver of Fiat Financial System Weakness

Inflation is identified as one of the main factors weakening the fiat currency system. It is described as a hidden tax that reduces the purchasing power of currencies around the world. This episode points out that inflation is unique to fiat systems and accelerates their collapse, driving up the cost of goods and services.

How Carry Trades Create Global Financial System Instability

There’s a detailed exploration of the carry trade, particularly between Japan and the US. The way investors profit from borrowing in low-interest countries and investing in higher-interest markets is explained. The unwinding of the carry trade is recognized as a key indicator of financial instability and is a sign of bigger disruptions to come.

The Problem With Central Bank Interest Rate Manipulation

We take a closer look at how central banks around the world manipulate interest rates in an attempt to manage inflation. These adjustments are contributing to a global recession and could even lead to a depression. The manipulation of interest rates plays a significant role in weakening the fiat system and preparing for its collapse.

Why Demand for Commodities and Precious Metals is Related to the RV/GCR

The episode also addresses the growing global demand for commodities, especially gold, silver, and other industrial metals. More individuals and central banks are diversifying into precious metals to safeguard against future instability. The increasing purchases of gold by central banks are a clear signal that they are preparing for the collapse of fiat currencies and the transition to a gold-backed system.

There’s further discussion on how central banks are using gold as a hedge against the coming collapse of the fiat system. Despite what is said publicly, their ongoing accumulation of gold shows that they are preparing for a post-fiat world where gold-backed systems will dominate.

What Will Happen if the United States Begins Buying Gold?

The episode emphasizes the unique position of the US dollar as the world’s reserve currency, being used in over 80% of global transactions. Speculation arises over what would happen if the US started buying gold, which would signal a loss of confidence in the dollar and likely cause panic in global markets.

Why the New BRICS Gold-Backed Financial System is Important

The discussion also explores the efforts of BRICS nations to create an alternative gold-backed financial system. This system could challenge the dominance of the US dollar and potentially force the Federal Reserve to adopt a similar gold-backed approach. Such a shift would create significant changes in the global financial landscape.

The Revaluation of Currencies Amid a Fiat Financial System Collapse

As the fiat currency system collapses, opportunities for currency revaluation (RV) are expected to emerge. This transition will likely happen gradually, with the RV being part of a larger shift towards a gold-backed system.

Rejecting the “Shotgun” GCR/RV Event Narrative

There’s a clear rejection of the idea of a sudden, global “shotgun” GCR/RV event. Instead, the transition is expected to be gradual, with notifications and preparations required from governments and central banks. An overnight switch is deemed unrealistic, and a step-by-step process is considered far more likely.

What are the Key Indicators to Watch in the Coming Financial Collapse?

The episode concludes by recapping the five key indicators that signal the collapse of the fiat system and the opportunity for currency revaluation: inflation, interest rates, carry trade unwinding, central bank gold purchases, and the US dollar’s position as the world reserve currency. These factors provide a roadmap for understanding and tracking the impending shifts in the financial system.

Approximate Time Markers For Each Topic

0:00 – Introduction to the GCR and RV Timeline
2:00 – Japan’s Economic Influence on Global Finance
6:00 – Signs of the Fiat Currency System’s Collapse
9:00 – Inflation as a Key Driver of Fiat System Weakness
13:00 – The Carry Trade and Its Role in Global Financial Instability
19:00 – Central Bank Interest Rate Manipulation
23:00 – Increasing Demand for Commodities and Precious Metals
27:00 – Gold Purchases as a Hedge Against the Fiat Collapse
30:00 – The US Dollar as the World’s Reserve Currency
33:00 – The BRICS Gold-Backed Financial System
36:00 – The Revaluation of Currencies Amid the Fiat System Collapse
39:00 – Rejecting the “Shotgun” GCR/RV Event
43:00 – Key Indicators to Watch for the Coming Collapse

Podcast Links:

Endgame GCR Episode 4 on Rumble

Endgame GCR Episode 4 on YouTube

© GCR Real-Time News

Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog
Join my Telegram Channel to comment and ask questions here: GCR_RealTimeNews
Follow me on Twitter: @Real_AwakeIn3D

https://ai3d.blog/when-will-the-rv-gcr-happen/

https://www.youtube.com/watch?v=Eqfa12rI6LU&feature=youtu.be

KTFA:

Clare: Iraq "Moves to Profit-Sharing" in New Oil Contracts

17th August 2024

By Charles Kennedy for theOilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views ofIraq Business News.

Iraq Moves to Profit-Sharing Terms in New Oil and Gas Contracts

Iraq seeks to attract more investment in its oil and gas industry by moving to profit-sharing contracts for new bid rounds from the technical service contracts it has awarded so far.

Click here to read the full report.

LINK

Clare: Finance: The Accounting Department begins working with the electronic issuance verification system (QR)

The ministry said in a statement received by the Iraqi News Agency (INA): "The Accounting Department has started working with the electronic check-in system using (QR code) regarding withdrawing amounts," noting that "the financing platform is currently limited to answering inquiries from spending units for the financing process in ministries, governorates and entities not affiliated with a ministry."

It added that "this comes within the framework of the government's orientation to simplify government procedures, reduce time and effort, in addition to reducing administrative momentum in institutions, and moving away from paper transactions." LINK

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Courtesy of Dinar Guru: https://www.dinarguru.com/

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Shocking! 159 Countries Adopting BRICS New Payment System! What's Next?

We Love Africa: 8-17-2024

Do you know what shocks will be given to the West at the Brics Summit 2024?

As of now, the world seems to be busy with broader political issues. However, Brics has been working secretly and as of now, it not only has put a new payment system in place but is attracting hundreds of countries

. It’s just unbelievable that 159 out of the 195 countries of the world have already committed to adopting this new Brics payment system.

What does that mean for the West-dominated SWIFT payment system?

What are these countries that are joining hands with Brics against the West’s bullying payment system?

https://www.youtube.com/watch?v=fR-zQ4mxoJQ

Bigger Banking Crisis Than '08 When Amid Dollar Crisis | Matthew Piepenburg

Liberty and Finance: 8-17-2024

Matthew Piepenburg discusses the recent Yen crisis which led to a world-wide market panic.

He notes that when the Dollar enters a similar crisis, the U.S. could face a banking crisis worse than 2008.

Owning gold has a record of preserving purchasing power through inflationary times, he notes.

INTERVIEW TIMELINE:

0:00 Intro

1:34 Yen crisis

13:30 Currency destruction

24:50 1929 parallel

35:10 Owning gold

https://www.youtube.com/watch?v=-UGp8xRY3n8

Chinese companies dominated the bidding round last May, which offered 29 oil and gas projects, winning 10 of the oil and gas blocks and fields put up for auction.

The competition activities for the licensing rounds in Iraq (the fifth supplementary and the sixth) continued for 3 days during last May, as 7 Chinese companies acquired the license to develop a number of Iraqi oil projects, while no licenses were granted to any of the other foreign or Arab companies applying, other than... Local companies.

The Iraqi Ministry of Oil said that the agreements would increase production by 750,000 barrels of crude and 850 million standard cubic feet of gas.

Through the licensing round, Iraq seeks to increase the production of natural gas, which it wants to use to operate power plants that rely heavily on gas imported from Iran.

Oil Minister Hayan Abdul Ghani said that increasing gas production may allow more flexibility to supply gas to electric power stations. https://www.alsumaria.tv/news/economy/497157/تقاسم-الأرباح-العراق-يجري-أكبر-تغيير-بطريقة-تعامله-مع-شركات-النفط-منذ

Minister Of Oil: We Stopped Burning 65% Of The Gas

August 15, 22:15 Information / Baghdad... Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani confirmed today, Thursday, the contracting of all gas fields and the cessation of burning 65% of its quantities, while pointing out that

Iraqi gas is distinguished globally by containing ethane used in petrochemical industries.

Abdul Ghani told the official agency and his follower, “Al-Ma’louma”, that

“there are no difficulties or technical problems in the process of developing exploratory fields and patches within the fifth complementary and sixth licensing rounds, as all the information needed by the companies that were signed with is available in an information bag that includes many standards and information.

” Through which companies can submit their prices, in addition to that there are deadlines set for companies to submit these offers, as the process took more than six months to study this information.” He added,

"During this period, the Ministry of Oil was answering all inquiries submitted by these companies, with the aim of facilitating the process of submitting offers and preparing them at the required level." He pointed out,

"The expected production rates for the patches are estimated at 700 to 750 thousand barrels per day, in addition to investing 850 mqmq per day of gas, but

it is hoped that the real levels will be higher than the speculative levels," noting,

"There are fields that are now producing large quantities." From the gas that is used to the national grid that equips the various power stations, the percentage of gas investment has reached more than 65 percent, while the quantities that are currently burned and have not been invested so far do not exceed 35 percent of the total gas quantities.” He continued,

"All gas fields have been contracted to invest and employ them through various contracts," pointing out,

"There are contracts in Dhi Qar Governorate that have been signed and are now being implemented in contract with (the American Baker Hughes Company), where the completion rate has reached more than 65 percent." %, and there are contracts signed with the French company Total to invest gas from five oil fields, which are (Majnoon field, West Qurna 2 field, Luhais field, Tuba field, and Artawi field), and through these contracts, all the gas that is currently being burned will be invested.” He stressed,

“The Ministry of Oil plans to completely stop burning gas at the beginning of 2028, and use all the gas produced to generate electric power and other industries,” adding that

“Iraqi gas is distinguished internationally by a specification that differs from other types of gas, as it contains a high percentage of the ethane compound.” Which can be employed and used in the petrochemical industries.” Ended 25 n

https://almaalomah.me/news/73464/economy/وزير-النفط:-أوقفنا-حرق-65-من-الغاز

Financial Advisor To The Prime Minister: Iraq's Total External Debt Does Not Exceed $9 Billion

Baghdad Times Financial Advisor to the Prime Minister, Mazhar Muhammad Salih:

Iraq’s total external debt does not exceed $9 billion, and

the general budget provides annual allocations to tighten it and its benefits under the heading of debt amortization.

Saleh: Iraq has not recorded any default on its debts for 20 years, which gave it a stable credit rating.

https://baghdad-times.net/مستشار-رئيس-الوزراء-المالي-مجموع-الدي/

Internal debt increased by 11%... Iraq borrows 10 trillion dinars

August 13, 2024
Baghdad / Iraq Observer

The head of the “Future Iraq”Foundation for Economic Studies and Consultations, Manar Al-Obaidi, revealed that theIraqi government borrowed 10 trillion dinars during the past 6 months, which led to an increase in internal debt by 11%.

Al-Obaidi said in a blog post on Facebook followed by Iraq Observer,

“In just 6 months, the government borrowed 10 trillion dinars, and the following came:

3 trillion dinars from government banks,
4 trillion dinars from commercial banks, and
3 trillion dinars from selling bonds,”

pointing out that this Borrowing increased the internal debt by 11% within six months.” He added,

“The total borrowing from these parties amounted to 21 trillion dinars, representing

17% of the volume of commercial and government bank deposits and representing
10% of the banks’ assets, in addition to the obligations of the Ministry of Finance to the Central Bank, amounting to 41 trillion dinars, representing
21% of the assets of the Central Bank.”

“In other words, approximately 15% of the financial sector’s funds exist as debts with the central government.”

It would have been better to invest this money in an investment fund that would provide revenues for the state that would increase the volume of non-oil revenues and would be a guarantee for the future of generations, according to Al-Obaidi.https://observeriraq.net/الدين-الداخلي-ازداد-11-العراق-يقترض-10-ترل/

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