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

BRICS Launching New Stablecoin Pegged By Chinese Yuan & Gold-Backed Currency!

We Love Africa: 8-25-2024

What will the new Brics currency look like?

Until now, there have been speculations about whether Brics will launch a new currency in competition with the US dollar or not.

Even though there were official talks on launching a new payment system, like SWIFT, no official news came about Brics currency. But things have changed now.

Brics is thinking of various options, considering what to use to peg the new currency. In this respect, Russia has increased its efforts and wants to launch the currency before its chairmanship ends this year.

As of now, Brics has proposed either launching a cryptocurrency pegged by the Chinese Yuan or a whole new currency pegged by gold.

https://www.youtube.com/watch?v=NKYqgxeZiL4

TNT:

Tishwash: Economist talks about the mechanism for reviving the Iraqi economy

Economic expert Mustafa Hantoush said today: "What the Central Bank of Iraq is doing by empowering foreign banks or foreign investors at the expense of the Iraqi banking system is a fatal blow to future opportunities to advance the Iraqi economy through the banking system."

According to his statement to Mawazine News Agency, the expert Hantoush described the experiences of foreign banks or foreign investors who own national banks as failed experiments, pointing out that they have caused financial disasters for many countries.

The economic expert explained: "Most countries in the world give a very specific percentage to foreign investors in the banking sector in order to preserve capital and profits as an economic cycle within the country." link

Tishwash: Mohammed bin Rashid: Iraq has become the first destination for UAE exports

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Tishwash: To deter escalation and protect his country's forces.. A senior American general visits the Middle East

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Tishwash: Rafidain warns of the risks of accessing customers' personal and financial information

Rafidain Bank warned, today, Saturday, of the risks of accessing customers’ personal and financial information through electronic and telephone fraud.

The bank stated in a statement received by {Euphrates News} a copy of it, that: "It is keen to educate its customers and the public about sound practices in using electronic services in general, and to direct the customer to take caution and care, to ward off the risks that may result from any attempts to access the customer's personal and financial information, through electronic fraud, telephone fraud, viruses and spyware, and identity theft."

Rafidain Bank advised its customers to: "Adhere to the following instructions:

- Avoid easy knowledge of the password, maintain its confidentiality, avoid using common and well-known passwords that are easy to predict, and change them periodically.

The bank advises its customers - for their security and safety - to refrain from using known information such as date of birth, phone number, or any part of the customer's name that is easily recognizable as a password.

- Avoid disclosing the password and personal data and maintain the confidentiality of the salary card number (Master or Visa Card), Internet banking, and the mobile banking application, and not to disclose them even to bank employees.

- Update the customer's information and data, whether his salary is domiciled or otherwise, whenever there is a change through the branches.

- Continuously verify your account movements (via account statement, movements in the mobile application), and if you doubt any of them, review your branch or the Banking Awareness and Public Protection Department in the General Administration of the Bank.

The bank noted "examples of fraudulent messages:

Phishing messages..
- These messages are sent to you by impersonating an employee at your bank, where he sends you messages asking you for information about your bank account or credit card under the pretext of verifying its numbers.
- Fraud through the trick of browsing your account
- Many users have been trapped on social networks through the trick of "Find out who browsed your account on Facebook" or any other social network.

Prize winning messages..
- Such messages claim that you have won valuable prizes or a trip to a certain country, and the sender of the message asks you to pay a certain amount to receive your prize, never do that.
- Fundraising fraud.
- Collecting money in a deceptive manner, as these scammers publish fake stories about a patient in need of treatment or a poor family or others and ask for donations from social media users.

Online job offers:
- If you apply for a job online, you will definitely be asked to fill out an application form. You can do so, but be careful not to write down your bank account number and credit card.
Tips to protect yourself from fraud attempts:
- Do not interact with people who ask you to pay a small amount of money to get a prize or gift or other offers.
- Do not agree to transfer a conversation with a specific person outside of social networks, such as communicating via WhatsApp or providing this person's email address.
- Verify the identity of people who message you due to an emergency while claiming to be your friends or relatives.
- Messages that include spelling and grammatical errors are always suspicious and you should be careful of them.
- If you want to provide help or assistance, do so through official and trusted sources.
- Do not trust pages that represent large companies or public figures that you have not verified.
- Do not trust any social pages that claim that they will make you a quick profit through the Internet or work from home.
- Do not click on links that you receive via WhatsApp or social networks or those that are published in comments.

Rafidain Bank called on its customers to "take precautions and be careful to avoid falling victim to criminal methods that aim to defraud citizens and steal their money by people impersonating employees working in financial institutions, international institutions or private companies, and then doing the following:

- Communicating with customers via social media (Facebook, Instagram, WhatsApp) under the pretext of providing financial assistance and prizes or monthly salaries for a specific period, in exchange for obtaining the personal information of the customer and the data and image of the bank card granted to him and the secret number and OTP verification code.

- Using the data and information necessary to create accounts in the name of customers or modify their account data or update their data or request the number that will be sent to you by SMS, and then carrying out electronic transfer operations for the purposes of paying bills and purchases and charging mobile phone balances or making electronic money transfers to other people.

Communicating with the beneficiaries of financial transfers under the pretext of executing them in their favor by mistake, and then asking them to reverse the amount by transferring to a specific account or charging a specific phone balance. link

CHINA To Leave World Bank: A New Financial System?

Fastepo: 8-25-2024

The World Bank has faced ongoing criticism from Global South nations regarding its lending practices and the conditions tied to financial support.

Developing countries have called for a fairer global financial system, pointing to the negative effects of the Structural Adjustment Programs (SAPs) of the 1980s and 1990s, which were intended to stabilize economies but often deepened poverty and inequality in regions like sub-Saharan Africa.

A 2002 UNICEF report noted that 60% of countries implementing SAPs saw reduced access to essential services, contributing to long-term instability.

Another issue is the loss of sovereignty imposed by World Bank loans, with nations like Ghana and Zambia forced to adopt austerity measures that sparked unrest.

Environmental and social concerns have also arisen, as World Bank projects in Indonesia and Ethiopia have been linked to deforestation, displacement, and ecosystem damage.

Additionally, the bank's decision-making is seen as disproportionately influenced by powerful Global North shareholders like the U.S. and Japan, leading to accusations that the bank prioritizes wealthier nations' interests over those of developing countries.

Critics argue that the World Bank's efforts to address past mistakes have been inadequate. Despite creating an Independent Evaluation Group (IEG) to review projects, a 2020 report found that only 45% of recommendations had been fully implemented, raising doubts about the bank’s commitment to reform.

This criticism has intensified due to perceived inequalities in global financial aid, particularly during crises like the COVID-19 pandemic, where aid pledges to African and Latin American countries were seen as insufficient compared to the swift support for Ukraine during the 2022 Russian invasion.

In response to these challenges, China, alongside other BRICS nations, led the establishment of the Asian Infrastructure Investment Bank (AIIB) in 2016.

The AIIB aims to provide a more equitable alternative to the World Bank, focusing on the infrastructure needs of the Global South.

With a capital base of $100 billion and over 100 member states, the AIIB has emerged as a credible competitor to traditional Western-dominated financial institutions, signaling a shift in the global economic order.

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

ANOTHER Currency Is FAILING In Front Of Our Eyes...

Lynette Zang: 8-24-2024

Today's video is about Ethiopia's Birr and it's recent plummet. Could it be failing? And could this be a sign for what's ahead for the dollar?

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

PetroYuan Plans?| Saudi Arabia - China Ties Are Expected to Strengthen Crude Oil Trade in Yuan

Lena Petrova: 8-25-2024

https://www.youtube.com/watch?v=AUKfPzmdJh8

Future Prospects:

Although thecurrent decline in dollar prices may be an indication of the beginning of a change in the market, the continuation of this trend depends on several factors, including local economic policies and global conditions.

Thecoming weeks will remain crucial in determining whether this decline will continue or if it is just a temporary fluctuation in the markets.

These transformations raise questions about the strategies of the Iraqi economy and the extent of their impact on the daily lives of citizens, which makes it necessary to follow economic developments closely to know their full repercussions.https://mustaqila.com/هبوط-الدولار-المفاجئ-أمام-الدينار-الع/

Iraq Is Among The Countries That Buy The Most Gold In 2024

Economy | Today, 09:22 | Baghdad today - follow-up Recent statistics revealed, today, Saturday (August 24, 2024), that Iraq ranked ninth globallyamong the 10 countriesthat bought the mostgoldthis year, and what is meant bygoldis theconversionofforeign cash reservesintogold.

According to statistics, Iraq bought 100 tons of gold this year,

coming ninth out of the 10 countries that bought the most gold this year, compared to 1,298 tons bought by Russia, as amid escalating geopolitical tensions and economic fluctuations, interest in buying gold is increasing.

Gold reached an all-time high of $2,531.75 per ounce after surpassing $2,500 for the first time this month amid growing expectations that the Federal Reserve is close to cutting interest rates.

https://baghdadtoday.news/256384-العراق-ضمن-أكثر-الدول-شراءً-للذهب-خلال-2024.html

More Than 100 Tons.. Iraq Is The Ninth Largest Buyer Of Gold In 2024

Economy 2024-08-24 | 2,315 views Alsumaria News-Economy Iraq ranked ninth globally among the 10 countries that bought the most gold this year.

What is meant bygoldis theconversionofforeign monetary reserves into gold,notthegold of goldsmithsandcitizens.

Iraq bought 100 tons of gold this year, coming ninth out of the 10 countries that bought the most gold this year, compared to 1,298 tons bought by Russia, as amid escalating geopolitical tensions and economic fluctuations, interest in buying gold is increasing.

This comes as the price of the precious metal reached an all-time high of $2,531.75 per ounce after surpassing $2,500 for the first time this month amid growing expectations that the Federal Reserve is close to cutting interest rates.

The price of bullion usually benefits from low interest rates, and central banks hold gold reserves because of its strong collateral, liquidity and yield characteristics.

https://www.alsumaria.tv/news/economy/497884/أكثر-من-100-طن-العراق-تاسع-أكبر-مشترٍ-للذهب-في-2024

Oil Prices Rise More Than 1 Percent As Dollar Falls

Saturday 24 August 2024 00:11 | Economic Number of readings: 321 Baghdad / NINA / Oil prices rose by more than one percent on Friday, with the decline of the dollar.

Brent crude futures rose 95 cents, or 1.23 percent, to $78.17 a barrel, while US West Texas Intermediate crude futures rose $1.06, or 1.45 percent, to $74.07 a barrel. "

Brent crude futures fell about two percent since the beginning of the week, while West Texas Intermediate crude lost more than three percent." https://ninanews.com/Website/News/Details?key=1149395

Economist Talks About The Mechanism For Reviving The Iraqi Economy

Economy | 08/24/2024 Mawazine News – Baghdad Economic expert Mustafa Hantoush said today: "What the Central Bank of Iraq is doing by empowering foreign banks or foreign investors at the expense of the Iraqi banking system is a fatal blow to future opportunities to advance the Iraqi economy through the banking system."

According to his statement to Mawazine News Agency, the expert Hantoush described the experiences of foreign banks or foreign investors who own national banks as failed experiments, pointing out that they have caused financial disasters for many countries.

The economic expert explained: "Most countries in the world give a very specific percentage to foreign investors in the banking sector in order to preserve capital and profits as an economic cycle within the country https://www.mawazin.net/Details.aspx?jimare=253831

Iraq And America To Resume Negotiations On The Banking Sector Next Monday

Banks Economy News – Baghdad A delegation from the Central Bank of Iraq is traveling to the United States of America to resume negotiations on the banking sector.

An informed source told Al-Eqtisad News that a delegation from the Central Bank of Iraq will begin negotiations with the American side on August 26 in America.

He added that the Central Bank has moved towards signing a contract with the international company Oliver Wyman to present a plan on reforming the private banking sector, within the next six months.

He pointed out that the proposed plan includes merging some banks or cancelling the licenses of some banks. 358 views 08/24/2024 - https://economy-news.net/content.php?id=46669

More than one billion dollars in sales of the Central Bank of Iraq during a week

Time: 2024/08/24 Read: 1,287 times {Economic: Al Furat News} The total sales of hard currency by the Central Bank of Iraq during the past week, which was opened in the auction last week, amounted to more than one billion dollars.

Sources reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened, one billion, 135 million, 635 thousand, and 274 dollars, at a daily rate of 277 million, 127 million, and 456 dollars, lower sales than the previous week, which amounted to one billion, 384 million, 31 million, and 47 dollars .

The highest dollar sales were on Wednesday, when they reached 283 million, 616 thousand, and 416 dollars, while the lowest sales were on Tuesday, when sales reached 268 million, 304 thousand, and 25 dollars .

Foreign remittance sales during the past week amounted to 1 billion, 66 million, 985 thousand, and 274 dollars, an increase of 94% compared to cash sales, which amounted to 68 million, 650 thousand dollars .LINK

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

Good Morning Dinar Recaps,

DBS Bank Uses Smart Contracts To Disburse Government Grants

The solution was created using systems developed during the company’s participation in another MAS-led effort on digital currencies, Project Guardian.

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Iraq Is In The Grip Of Corruption: Who Bears Responsibility And Where Does The Solution Lie?

Last updated: August 22, 2024 The Independent / Investigative Report / - Today, Iraq lives in the grip of deep-rooted corruption, similar to a multi-headed ogre that does not stop growing and expanding, seizing the country’s resources and obstructing development and progress efforts.

Despite efforts to combat this scourge, corruption continues to worsen, raising urgent questions about who bears responsibility for the continuation of this situation and where real solutions can be found.

Sudanese Government Censorship: Efforts Of Questionable Effectiveness

Since Muhammad Shiaa Al-Sudani assumed the position of Prime Minister, fighting corruption has been his government's top priority.

The Sudanese came to carry the banner of change and promise to achieve what previous governments could not do, but Iraq, which suffers from deep-rooted corruption, requires more than just promises and slogans.

The new government issued many directives, including a call for an immediate response to corruption reports and the implementation of judicial decisions within 24 hours, but these efforts, despite their apparent seriousness, are still subject to doubt.

The question that arises is: Is launching these initiatives enough to bring about radical change in a country where corruption is part of the power structure?

Al-Sudani may be right in his enthusiasm to fight corruption, but can he withstand the challenges of political pressure and internal collusion?

Corruption in Iraq is not just an individual case here or there; It is a complex system that benefits influential parties capable of aborting any attempt at reform.

Although Sudanese has begun to move stagnant waters through bold decisions, his success remains dependent on his ability to confront the whales of corruption that have deep networks within state institutions.

In light of these complications, can the Sudanese government fulfill its promises, or will it join the list of governments that made big promises but failed to fulfill them?

House Oversight: Poor Performance And Limited Impact

is supposed to play The Iraqi Council of Representatives a central role in monitoring the government and holding those responsible for corruption accountable.

However, the reality reflects a clear weakness in the Council's performance, as it has often become part of the problem rather than part of the solution.

The political alliances that control the Council are often a stumbling block to activating its oversight role.

This manifests itself in delaying or disrupting parliamentary inquiries under partisan pressure or as a result of political bargaining.

This weakness in the supervisory role exacerbates the phenomenon of corruption and provides the corrupt with the opportunity to evade accountability.

The Council, which was supposed to be the guarantor of protecting the people’s rights and monitoring the performance of the executive authority, has become a tool in the hands of political alliances that prefer to preserve their own interests at the expense of the public interest.

In this context, the influence of narrow partisan interests that hinder the work of the Council cannot be ignored.

These interests prevent the activation of parliamentary oversight as required, and make it difficult to pass the necessary laws to combat corruption.

The result is that corruption files remain unresolved, without a radical solution, which weakens the people’s confidence in the House of Representatives and enhances the climate of impunity.

Judicial Oversight: Weakness In Resolving Major Cases

The judiciary in Iraq is considered the last stronghold that citizens must resort to in the face of corruption, but this fortress has also become breached.

The weakness of the judicial system in dealing with major corruption cases reflects a deeper problem of independence and political pressures affecting the administration of justice.

Many cases related to corruption remain stuck in the corridors of the judiciary, where trials are delayed and rulings are postponed due to political interference or pressure exerted by influential people.

This dynamic not only obstructs the course of justice, but also reinforces a culture of impunity.

Corrupt people in Iraq are well aware that the judiciary, which should be a strict watchdog, can be exploited by complicating legal procedures or using political connections to avoid accountability.

In this climate, corruption becomes an integral part of daily life, and citizens feel that the judicial system is powerless to protect them or preserve their rights.

Without real and comprehensive reform of the judicial system, corruption will continue to spread unchecked, and the Iraqi judiciary will continue to be seen as part of the problem rather than part of the solution.

The Role Of Media And Culture: Between Awareness And Misinformation

The media in any society is the watchdog and the voice of the oppressed,

but in Iraq, the media is often part of a network of interests that fuels corruption rather than exposes it.

The Iraqi media has the ability to expose corruption and shed light on illegal practices,

but this role is often undermined by political and economic ties that limit its independence.

The media, which is supposed to be a platform for transparency, often turns into tools of misinformation. Manipulation of information, bias in coverage, and reliance on suspicious sources of funding are all factors that make the media unable to fulfill its role in the fight against corruption.

Instead of being a means of educating the public and motivating them to hold them accountable, the media has become part of the system that protects the corrupt and closes the doors to any attempt at reform.

On the cultural side, Iraq faces great challenges in establishing the values ​​of integrity and accountability. Public culture often tolerates corruption or considers it part of “realpolitik.”

The arts, education, and independent media are all tools that should be used to promote a culture that respects the law and promotes transparency.

Without a radical change in the cultural and media system, corruption will continue and the Iraqi people will remain hostage to a system that lacks integrity.

The American Role: Suspicious Influence And Intentional Disregard?

The issue of corruption in Iraq cannot be addressed without referring to the role that the United States has played since its occupation of the country in 2003.

American policies in Iraq, especially with regard to reconstruction and the distribution of contracts, have contributed greatly to creating a fertile environment for corruption.

Many US-financed reconstruction contracts were not well thought out and were implemented without adequate oversight, resulting in billions of dollars being wasted.

This financial chaos not only contributed to rampant corruption, but also helped build networks of corrupt people who still maintain their influence inside Iraq.

Although US forces have largely withdrawn, American influence remains strong in Iraq.

There are accusations that the United States turns a blind eye to some corruption files in order to preserve its strategic interests.

These policies, whether the result of negligence or design, have contributed to the deepening of the corruption crisis in Iraq, making it difficult for any Iraqi government to achieve real progress in combating this phenomenon.

The Role Of The United Nations: International Oversight And Its Limited Impact

The United Nations, which is supposed to be a neutral international body that contributes to enhancing transparency and supporting the rule of law, was not immune from criticism in Iraq.

Some UN-run aid programs have faced accusations of corruption or mismanagement, reducing Iraqis' confidence in the UN's oversight role.

Limited transparency in UN operations, and the absence of real accountability for those working in these programmes, have raised questions about the effectiveness of international oversight in combating corruption.

If international organizations are unable to provide a role model for transparency and integrity, how can corrupt Iraqi institutions be expected to achieve this?

Popular And Religious Censorship: A Latent Force That Needs To Be Activated

The Iraqi people have a latent power that can change the equation, but this power is often muzzled or not activated as required.

Popular oversight, which is practiced through protests, demonstrations, and civil society participation, is considered one of the most important means of putting pressure on the government and institutions to combat corruption.

At the same time, religious institutions play a major role in shaping public opinion in Iraq.

However, some of these institutions may provide moral or legal cover for the corrupt, whether intentionally or unintentionally.

If the religious role is properly activated, it can be a driving force towards reform and change.

Proposed solutions: Either reform the system or form an anti-corruption coalition

Combating corruption in Iraq requires taking radical and decisive steps, so the proposed solutions can be divided into two stages:

Fix The System From Within:

Current political leaders are required to adopt real reforms, far from rhetorical slogans and empty statements.

These reforms must include enhancing transparency and accountability in all state institutions, and ensuring the independence of the judiciary to be able to resolve major corruption-related cases without political interference.

Also, activating independent and effective parliamentary and judicial oversight is considered an imperative necessity to stop the flow of corruption.

The commitment of those in charge of the political process to reform is not an option, but rather a necessity for survival.

The continuation of corruption will ultimately lead to the collapse of the entire system, and

therefore the national interest requires taking radical measures to save what can be saved.

Forming An Anti-Corruption Political Coalition:

If the current leaders fail to reform the system from within, the alternative is to form an anti-corruption political coalition.

This coalition must include independent and honest political forces capable of presenting a new generation of politicians and administrators who are committed to the principles of transparency and integrity.

The new coalition must have a clear program aimed at restoring the people’s confidence in government institutions, and work closely with civil society organizations to educate citizens and motivate them to participate effectively in monitoring the government’s performance.

Supporting the coalition internationally is also a necessary step to strengthen its position and undertake the structural reforms required to eliminate corruption.

The international community, especially countries and organizations that have an interest in Iraq's stability, must realize that supporting the anti-corruption coalition is in everyone's interest, and enhances the chances of building a stable and transparent state.

Conclusion

Ultimately, the battle against corruption in Iraq remains an existential battle that requires the combined efforts of all components of society.

Real reform will not be achieved unless there is a strong political will supported by enlightened popular awareness.

Iraq needs a real renaissance that begins with breaking the cycle of corruption, to provide a better future for future generations. https://mustaqila.com/العراق-في-قبضة-الفساد/

Good Afternoon Dinar Recaps,

Cardano has postponed its much-anticipated Chang hard fork to September 1, moving the date from August 27.

This hard fork is significant not just for its technical upgrades but also for how it involves the community in decision-making.Intersect highlighted that it's the first time such a wide range of community members and engineers have been involved in the process.

In summary, the delay of the Chang hard fork to September 1 allows Cardano to fully prepare for this critical upgrade.

At the same time, the potential partnership with Algorand could lead to groundbreaking advancements in decentralized AI, marking an important moment in the blockchain industry's evolution.

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Recently, IOTA announced that it has completed the final phase of the European Blockchain Pre-Commercial Procurement.

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TNT:

Tishwash: Iraq and America to resume negotiations on the banking sector next Monday

A delegation from the Central Bank of Iraq is traveling to the United States of America to resume negotiations on the banking sector.

An informed source told Al-Eqtisad News that a delegation from the Central Bank of Iraq will begin negotiations with the American side on August 26 in America.

He added that the Central Bank has moved towards signing a contract with the international company Oliver Wyman to present a plan on reforming the private banking sector, within the next six months.

He pointed out that the proposed plan includes merging some banks or cancelling the licenses of some banks. link

Tishwash: A parliamentary invitation to host the responsible authorities to find out the reason for the rise in the price of the dollar

Today, Saturday, independent MP Jawad Al-Yassari called on the Presidency of Parliament to host the relevant authorities to find out the government's measures regarding the dollar crisis.

The leftist told the Maalouma Agency, “The rise in the exchange rate of the dollar against the Iraqi dinar is still ongoing in an unprecedented manner, stressing the need to determine the causes of this crisis and its clear negative impact on the economic and social conditions in the country.”

He added, "A number of independent representatives had previously called on the Presidency of the House of Representatives to host the relevant authorities to learn about the government's measures regarding the dollar crisis."

He pointed out that "the slow financial measures taken by the government would cause additional damage."

He stressed the need to "develop quick solutions and stop the rise in dollar prices in local markets."link

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Tishwash: Al-Marsoumi expects a "tragic and exciting chapter" after "hidden hands" tamper with budget tables figures

Economic expert Nabil Al-Marsoumi revealed, today, Saturday (August 24, 2024), what he called hidden hands that tampered with and changed the numbers of the budget tables in its paper and electronic versions.

Al-Marsoumi said in a post on the Facebook platform, followed by Baghdad Today, that "the Presidency of the Republic has not approved the 2024 budget tables and they have not yet been published in the Iraqi Gazette, despite the parliament voting on them about two months ago," indicating that "the reason for this is the hidden hand that tampered with and changed the numbers of the tables in the paper and electronic versions and added 15 trillion dinars to them."

He added, "After the two letters sent by the Prime Minister's Office to the House of Representatives to investigate this issue, and after the complaint submitted by MP Basem Khashan to the Federal Court, it seems that there is an exciting tragic chapter that we will witness in the coming days."

Acting Speaker of Parliament Mohsen Al-Mandalawi confirmed on Wednesday (August 21, 2024) that the budget tables voted on by the Council are the same as those sent by the Council of Ministers.

According to documents issued by the director of Al-Mandlawi’s office, received by “Baghdad Today”, “the budget tables voted on by the House of Representatives are the same ones sent by the Council of Ministers and returned to it, according to Parliamentary Resolution No. 64, without any amendment, and the aforementioned tables are the same ones that were sent after approval to the government.”

It is worth noting that the member of the Parliamentary Finance Committee, Moeen Al-Kazemi, revealed on Wednesday (June 26, 2024), that an appeal was filed by a member of the Legal Committee in Parliament, against the approval of the 2024 budget schedules.

Al-Kadhimi told Baghdad Today that the appeal was submitted "on the grounds that the numbers included in the budget items will change, and thus this is considered a change to the law and requires the enactment of a new law with a first and second reading, and final approval."

He pointed out that "another objection is to changing the financing of oil producing companies from self-financing to central financing, and this matter is considered another piece of legislation that cannot be included in the budget tables."

Al-Kadhimi pointed out that "the Federal Supreme Court referred this lawsuit to the Presidency of the Council of Representatives and requested an answer within 15 days."

On June 3, 2024, the House of Representatives voted on the tables of the Federal General Budget Law No. 2024, amended (13) for the year and its attachments, Tables (A/B/C/D/E and F link

IQD Update - Iraq Dinar News - #iraqi dinar #iraqi dinar exchange rate USA / Prime Minister of Iraq

MilitiaMan: 8-23-2024

https://www.youtube.com/watch?v=UvbU-3xMXCo

Good Morning Dinar Recaps,

The central bank predicts that“all financial institutions active in retail payment transactions will be reachable” by the end of 2026 “at the latest”.

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Read more:FinTech Futures

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Read more:Coin Telegraph

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Tourists can download the app and register via email.Currently they have to top up at banks and hotels, with the ability to enter card details via the app coming soon.

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Economist Points To A “Solution” That Will “Lower” The Dollar Exchange Rate

Baghdad Today – Baghdad Today, Thursday (August 22, 2024), Mustafa Akram Hantoush, an expert in economic and financial affairs, commented on the reasons for the fluctuations in the dollar exchange rate in the Iraqi markets.

Hantoush told Baghdad Today, "The parallel market needs to be dismantled in order for the exchange rate to decrease.

Previously, there were solutions to the issue of cigarettes and gold, and the tax was reduced and the merchant was allowed to buy through the platform again, and the exchange rate stabilized at 145 thousand dinars."

He added, "We have small traders who do not have a facilitating mechanism, and we have trades such as gold and cleaning materials that have not been processed, and we have huge trade with Iran and Syria worth millions of dollars, and these can be processed by giving them currency or gold," stressing that "most countries have solved the problem of trade with Iran, despite the American sanctions imposed on them, and solved the problem of travel to those countries."

The dollar exchange rate in the parallel markets rose again, as the markets recorded prices close to 150,000 dinars for every 100 dollars, even though the Central Bank of Iraq sells it at 1,320 dinars for every one dollar.

With the government's efforts to control prices in parallel markets, commercial markets witnessed a decline in the exchange rate in recent weeks, but it rose again, which indicates an economic problem that is still present in the country.

In response, parliamentarians raised a movement to question the governor of the Central Bank within the legislative dome, as the Finance Committee in the House of Representatives, on Sunday (August 4, 2024), directed a request to the Presidency of Parliament to question the governor of the Central Bank .

A document signed by the members of the Finance Committee, received by Baghdad Today, stated: “We, the members of the Finance Committee listed below, are the signatories for the purpose of hosting the Governor of the Central Bank due to a major defect in the management of the bank .”

The document added: "Therefore, we demand that the Governor of the Central Bank be questioned in the nearest session, in accordance with the applicable articles of the constitution and internal regulations." LINK

Economist Puts “Extortion, Bribery And Smuggling” As The Main Causes Of Dollar Exchange Rate Fluctuations

Posted On 2024-08-21 By Sotaliraq Economic researcher Diaa Al-Mohsen placed the blackmail, bribery and smuggling operations carried out by dollar dealers who are unable to disclose the sources of their money as the primary reasons for the fluctuation of the dollar exchange rate in local markets.

Al-Mohsen explained that “the old authority is still struggling to address the issue of the dollar exchange rate. All the measures it has taken since taking over the management of the Central Bank barely touch on the real problem that led to these increases, which in one way or another had a major impact on the economic situation of the Iraqi family.”

He noted that “the Iraqi market depends entirely on securing its needs through imports that eat up all the revenues generated from Iraqi oil sales.”

In an interview with Al-Mada, Al-Mohsen pointed out that “there are many reasons for the fluctuation of exchange rates other than the above, as many dealers do not enter the dollar for reasons related to the nature of the money they obtain (the national currency).

Some obtain the Iraqi dinar through bribery, others obtain it through blackmail, some of them deal in drugs and human organs, and many others cannot disclose the sources of their money or the final beneficiary of the process of sending it abroad, which exposes them to many legal problems and may expose them to penalties according to Iraqi law.”

He pointed out that “these people are forced to go to the black market to request dollars, and thus the exchange rate of the dollar against the Iraqi dinar rises to increase the demand for the dollar.

We should not forget that there are those who smuggle dollars by tampering with the documents for importing goods, and this tampering occurs at border crossings, and in the end the country is the biggest loser and behind it the ordinary citizen.”

Regarding the dominance of the dollar, the economic researcher continued, “There does not seem to be a glimmer of hope on the horizon to get rid of the dominance of the US dollar as long as the bank’s management insists on keeping the Iraqi economy revolving in the orbit of the US dollar.

If there was a real administration working for the benefit of the national economy, it would have done everything in its power to diversify the sources of currencies it deals with, which is what the current administration does not want.”

He continued, "I believe that the government should seriously consider activating the economic sectors, especially with the Central Bank of Iraq talking about reserves exceeding $115 billion. It is possible to simplify the procedures for granting loans to project owners who have feasibility studies for the projects they want to implement that are in the interest of the Iraqi economy, and grant them soft loans in exchange for the project being the collateral, to reduce the gap between market requirements and imports, and to bridge this gap by increasing local production to cover the needs of the local market and by relying on modern technology in relation to industries, and by relying on modern agricultural techniques in relation to agriculture."

He stressed, "Only here will we have put the Iraqi economy on the right path, and as for words other than what we said, they will be nothing more than plowing the sea."

The dollar exchange rate in the parallel markets in Iraq rose again, as the dollar price recorded an increase with the closing of the Al-Kifah and Al-Harithiya stock exchanges to reach 149,300 dinars for every 100 dollars, while it recorded a decrease last Saturday with the closing of the Al-Kifah and Al-Harithiya stock exchanges to reach 149,550 Iraqi dinars for every 100 dollars. LINK

Is Iraq Heading Towards Printing New Paper Currency?

Money and business Economy News – Baghdad Committee member Moeen Al-Kazemi said in a statement followed by "Al-Eqtisad News": "There is no intention to print new paper currency at the Central Bank," noting that "the Ministry of Finance began funding ministries and governorates with salaries two days ago."

He added that "the cash mass required monthly to pay employees' salaries is estimated at four million employees and four million beneficiaries of the Retirement Authority and two million social care, which is approximately 7 trillion and 500 billion dinars."

He continued that "this quantity is prepared monthly and there is no shortage in this aspect, considering that the current export is approximately 3 million and 400 thousand barrels of oil at a price of more than $ 75 per barrel."

He explained that "providing the necessary liquidity is done by the Central Bank and delivered to the Ministry of Finance, which in turn delivers these numbers and the cash mass to the ministries and governorates, and there is no acute problem regarding cash liquidity." 360 views Added 08/22/2024 - https://economy-news.net/content.php?id=46608

Parliamentary Finance: Iraq Needs More Than 7 Trillion Monthly To Finance Salaries

Economy 22:03 - 2024-08-22 Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, announced today, Thursday, that the Ministry of Finance needs more than 7 trillion dinars per month to finance salaries in Iraq.

Al-Kadhimi explained in a press interview that "the Central Bank of Iraq continues to provide cash liquidity to the Ministry of Finance, which in turn provides it to citizens directly through the disbursem*nt of salaries, loans, and financing of projects."

He continued, "the Ministry of Finance needs more than 7 trillion dinars per month in cash to finance the salaries of employees, retirees, and beneficiaries of the social protection network."

Al-Kadhimi stressed that "employees' salaries are fully secured and there is no delay," noting that "the Central Bank provides cash liquidity to the Ministry of Finance periodically to disburse employees' salaries on time." https://kirkuktv.net/AR/Details/22025

Oil Revenues Under The Microscope Of The Extractive Industries Transparency Authority

Economic 08/22/2024 Employing oil revenues to achieve effective economic development was the focus of discussion among economic experts participating in the workshop to discuss the performance evaluation reports of the Extractive Industries Transparency Authority.

The attendees focused on the extent to which oil revenues contribute to achieving sustainable development that provides a decent life for society and contributes effectively to eliminating poverty.

The motives for issuing these reports also come from the fact that Iraq is the third richest country in the world in terms of abundant natural resources.

Oil expert Dr. Ali Nima said: Iraq joined the Extractive Industries Transparency Initiative in 2011 and issued 13 reports, and the 14th report is under completion.

He pointed out that the initiative has evolved from what it was and has now focused on where the revenues are invested? How much?

Where were the quantities of oil sold and the prices, in addition to the contracts and how are they organized?

He pointed out that the report issued is extremely important as it contains accurate information about all aspects of this sector, oil sales operations from SOMO and the Oil Products Distribution Company. The report also includes production quantities according to each company and the average export price in Europe, America and Asia, and how prices are compared.

Nima pointed out that the issue of social benefits of oil companies towards local communities has witnessed development in this regard, and the (benefits) are now directed to sectors that truly serve those areas, raise the level of services provided to the local community, and make it feel the presence of real support.

Adnan Bahiya, a specialist in transparency affairs in extractive industries, said: The main objective in preparing transparency reports in extractive industries is to show the extent to which oil wealth contributes to achieving real, sustainable development.

He pointed out that the motives for issuing these reports come from the fact that Iraq is the third richest country in the world in terms of abundant natural resources that have not reflected their positive impact on society and the economy in general.

Rather, we find poverty rates in the country varying from one governorate to another, and this was not supposed to happen in a country like Iraq, as we find poverty rates in Basra Governorate reaching 15%, in Kurdistan 6%, and in other governorates exceeding 30% despite the existence of a large amount of wealth in Iraq.

Bahiya stressed the necessity of employing financial revenues in real development that contributes to raising the percentage of the national product and not going to easy revenues that come through taxes and raising their percentages or their experience from this form of revenue, indicating that Iraq is a country capable of rising strongly and creating real sustainable development and that this matter requires a real and effective will.

Bahiya stated that the mission of the Transparency Commission is to clarify the paths of financial revenues, as Iraq cannot be a country rich in resources and suffer from an economic decline in many aspects of the economy.

Bahiya sees the necessity of working towards a real direction towards sustainable development through a serious and gradual approach to the sectors that have the elements to start the renaissance, as there are natural and human resources in Iraq that can be employed in a way that creates the highest levels of benefit. https://alsabaah.iq/101529-.html