Thursday, July 27, 2023

"THE MEDIA COMMISSION WANT SUPPORT THE NATIONAL ECONOMY & THE IRAQI DINAR", 27 JULY

 The Media Commission Issues Directives To Media Organizations To Support The National Economy And The Dinar

Economy |  07/27/2023   Baghdad - Mawazine News, Thursday, the Media and Communications Authority issued directives to media institutions to support the national economy and the Iraqi dinar.

The commission stated, according to a document addressed to media institutions, that “based on the powers vested in us in regulating the media, communications and information technology sectors under Order (65) of 2004 in force, and in support of the national economy and preventing harm to the public and private interests of citizens, the commission directs the necessity for the media to refrain from Publish any misleading or inaccurate news about the national currency and the economic sector based on the Media Broadcasting Rules Regulations issued by the Media and Communications Commission (Part Two / Article 3). inaccurate, with the aim of harming the reputation of persons or companies or harming the national economy and affecting public health and the environment.”

And she stressed, "Otherwise, the media agencies shall bear legal accountability in accordance with the terms of the licensing contract and the powers vested in the Media and Communications Authority and the laws in force." Ended 29 / H    https://www.mawazin.net/Details.aspx?jimare=232190

The Exchange Rate Of The Dollar Touches 158 Thousand Dinars In The Iraqi Market

Economy | 09:30 - 07/27/2023   Baghdad - Mawazine News , the exchange rate of the dollar, on Thursday, touched the barrier of 158 thousand dinars for every 100 dollars.  The selling price of 100 dollars was recorded at 157,750 dinars in the Iraqi market.   While the purchase price was recorded at 155,750 dinars.     https://www.mawazin.net/Details.aspx?jimare=232156

An Economist Told NINA: The Rise In The Dollar Exchange Rate Raised Inflation Rates

Wednesday 26, July 2023 14:55 | Economical Number of readings: 689   Baghdad / NINA / - The specialist in the economic affairs, Dergham Muhammad Ali, confirmed that the rise in the uncontrolled dollar price, despite the fixation of the exchange rate, caused economic damage without effective treatments and caused large inflation.

Dergham Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that "all the solutions developed by the Central Bank to control exchange rates did not bear fruit," indicating that increasing the ceiling of cash sales to approved banks is not the solution, but rather enabling the citizen to obtain dollars without intermediaries. through automated teller machines.

And Muhammad Ali stressed, "The need to follow the course of the dollar in the market and not to be a monopoly by specific banks that sell it at the price it imposes on the citizen, considering that inflation rates have risen due to the depreciation of the local currency against the dollar and that the citizen has moved away from adopting it as a store of value because it is unstable and in decline." Continuing.”/ End     https://ninanews.com/Website/News/Details?Key=1067082

The Dollar Exhausts The Dinar.. The Suffering Of Citizens Continues, And An Economist Proposes A "Crazy Solution"

Economy  2023-07-27 | 2,652 views  Alsumaria News – Economy  The repercussions of the high exchange rates of the dollar in the Iraqi markets against the dinar and its effects on the Iraqi economy continue to exhaust economists and the political class and increase the suffering of citizens.

Despite the many measures taken by the current government, through the Central Bank of Iraq, all that it has worked on will not be able to confront the rise of the dollar and will not be able to stop the series of bleeding the local currency.

The new rise in the Iraqi markets came after the imposition of new US sanctions on 14 Iraqi banks, which caused a big jump in the exchange rates of the dollar, in light of the growing demand for it in the local markets during the past week.

Al-Sumaria News published the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets for Thursday, July 27, 2023. The purchase price of the dollar in Baghdad reached 157,500 per 100 dollars, i.e. an increase of 3000 dinars from yesterday, while the selling price of the dollar reached 155,500 per 100 dollars.

Economists and government advisors proposed a number of solutions, but most of them did not reach the point of solving a problem that threatens the Iraqi economy from time to time. However, what the economist, Nabil Al-Marsoumi, put forward may be considered a "crazy solution."

"The only solution currently available to address the current exchange rate crisis is to return the dollar exchange rate to the level before the Corona pandemic, that is, to the level of 1180 dinars per dollar," said economist Nabil Al-Marsoumi, in a post followed by Alsumaria News.

And he adds, "This solution is economically insane and at a high financial and economic cost," pointing out that "it is a temporary solution that will not address the essence of the problem, but it will stop the continuous bleeding of the Iraqi dinar and give the monetary authorities an opportunity to search for serious solutions to the origin of the crisis instead of unenforceable promises."

And the economist asserts, "This idea will be violently rejected by economists, and politicians will implement it, even after a while, because the current battle goes beyond the exchange rate to breaking bones."   LINK

The Repercussions Of The Dollar's Rise Cast A Shadow Over Food Prices In Baghdad

2023-07-27 05:29   Shafaq News/ Shafaq News Agency publishes the prices of basic foodstuffs for the consumer, according to wholesale market traders in the capital, Baghdad, today, Thursday.

According to wholesalers in the Jamila central market in Baghdad, the price of Mahmoud rice (30 kg) reached 63,000 dinars, and the single price was 2,500 dinars per kilogram.

The price of sugar (25 kg) was 33,000 dinars, the price of a single kilogram was 1,500 dinars, while a box of "Zeer" paste (weight 825 grams), consisting of 12 boxes, amounted to 33,500 thousand dinars, the single price was 3,000 dinars.

The price of a liter box of "Zeer" oil, consisting of (20 cans), amounted to 50,000 dinars, and the single price was 3,000 dinars, while the price of Iraqi red eggs for the box (12 layers) amounted to 49,000 dinars, and the single price was 4,500 dinars.

And the exchange rates of the US dollar continued to rise against the Iraqi dinar, today, Thursday, on the main stock exchange in the capital, Baghdad, and in the Kurdistan Region, 157 thousand dinars. 100 dollars ahead.   LINK

Evening News with MarkZ 07/27/2023

Thursday Evening News with MarkZ 

Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Member: Good Thursday evening to all…..cannot believe we are at another weekend already. 

Member: Well July is almost over and Im still hopeful

MZ: Dozens of people were protesting in front of CBI offices in Iraq. People are mad and they took to the streets in Iraq. We talked about this yesterday 

MZ: This has forced the government to make concessions and get serious again. They are saying they are going after “misinformation” as a lot of black market money sellers are purposely sowing dissent because they want you to buy US dollars from them 

MZ: “The Text of the Baghdad-Kurdistan agreement on the implementation of the budget.”  This is a massive move forward and it looks like they have worked through the last of the HCL hold up stuff. Money and agreements- looks like things are moving. 

MZ: In the last 24 hours the Iraq government said they are not going to print any more bigger bills….we are not going to need them. And then they talked the project to delete the zeros. This is key piece. So big bills will not be needed except for settling large debts. It appears they may be changing that value pretty soon. 

Member: I still don’t understand how removing 3 zeros is good for us?

Member:  Removing 3 zeros from rate not currency.? If Dinar is 1,330 it'll go to 1.33 .. not 20,000 Dinar to 25 dinar

MZ: You got it. 

MZ: About Basel3:  It doesn’t appear that Basel 3 bank requirements will go into affect untel end of the year of first part of next year now. To me it sounds like they are kicking the can on Basil requirements. 

Member: Just heard Patriot Rod Steel say he sees new rate coming by end of month or middle of August at the latest

Member: Dr Kia Pruitt had a great video today with rod steel about the RV.

Member: This RV is not a secret anymore just release IT!

Member: Appreciate all your time and effort Mark and Mods….Thank you . 

“THE INFO IN THIS PODCAST IS FOR GENERAL INFO & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY


Markz will be on rumble on SATURDAYS ONLY so he can speak his mind. You will find him on YouTube during the week.

SATURDAYS  GO TO: Odysee at: https://odysee.com/@theoriginalmarkz:e OR THE RUMBLE CHANNEL: https://rumble.com/user/theoriginalmarkz

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.

GUYS YOU CAN FIND ALOT OF INFO AT MARK'S WEBSITE: GO TO: https://theoriginalmarkz.com/home

COFFEE WITH MARKZ ( SPANISH), 27 JULY

 "Café con MarkZ" Charla del jueves por la mañana 7-27-2023

Integrante: Buenos días a todos…¿Hoy es nuestro día????
Integrante: ¡¡Es un buen día para algo bueno!!
Miembro: Bearded Patriot dijo esto y Wolvie lo confirmó... Desde AHORA MISMO hasta el LUNES POR LA NOCHE... ¡MIRA LO QUE PASA! Prepárate…..es todo lo que puedo decir…….
MZ: Con todo lo que se está desmoronando en este momento... y con la charla del frente iraquí... que les dieron un plazo de 72 horas para lidiar con el cambio de precio después de las protestas de ayer... eso encaja con todo lo que soy. audiencia. Así que mire entre anoche y el lunes por la noche.
MZ: Después de que ayer fuera un gran día de noticias... hoy está bastante seco. Esto no es inusual.
Miembro: No confunda el silencio con la inacción.
MZ: Los contactos todavía están callados... Todavía dicen que están bajo un NDA... como máximo dicen "todavía no hay efectivo gastable". Algunos vendedores de bonos habían vendido a "revendedores" a un precio bajo... y tienen efectivo gastable pero eso es una cosa completamente diferente.
MZ: MilitiaMan lanzó un video realmente sólido anoche sobre "Eliminar el proyecto 3 cero". El proyecto aún existe y se está discutiendo. Esto no significa que quiten los 3 ceros de los billetes... Significa que separan las denominaciones más bajas y ya no necesitarán los 3 ceros. Esto significa que están revaluando la moneda.
MZ: Ver esto de nuevo en las noticias es algo bueno. Otro buen punto que tuvo MM fue que establecieron una ventana de 72 horas para que el CBI y todos los demás se ocuparan de los mercados paralelos y las tasas para cambiar eso... la última vez que tuvieron ese tipo de reunión cambiaron la tasa. Fueron de 1500 a 1310.
Miembro: Las cosas en Irak se están poniendo inestables. Me empieza a preocupar un poco. Parece que no pueden hacer nada más que tropezar con sus propios pies.
Miembro: EE. UU. necesita salir del camino y dejar de intentar detener lo que no se puede detener
Miembro: Frank26 dijo el sábado. podría ser grande
Miembro: Los ciudadanos iraquíes están cansados ​​de esperar.  
.
Miembro: El mundo entero está cansado de esperar.
MZ: fuera de Vietnam “Vietnam tiene como objetivo explotar anualmente 2 millones de toneladas de tierras raras”, esto señala cuán estratégica es el área y su valor. Vietnam es una potencia de fabricación y tecnología. Tienen grandes cantidades de mineral de hierro y reservas de energía sin explotar. Tienen depósitos considerables o minerales de tierras raras... esto ayudará a recuperar pronto el valor de su moneda en el nuevo mundo basado en productos básicos. .
Miembro: ¡Qué conveniente es que todos estos países encuentren metales, petróleo y otros productos básicos cuando estamos cerca de la RV y Nesara/Gesara... los sombreros blancos en control!
Miembro: Me pregunto si los "sombreros blancos" son reales???
Miembro: Ver muchos acontecimientos en todo el mundo, rezar para que uno de ellos finalmente sea el que nos saque
MZ: Una buena de Jim Rickerds " La moneda BRICS aprovechará el oro para vencer al dólar". Dice que esta moneda no será intercambiable por oro, pero estará ligada al oro. Él considera que esto es el asesino de los petrodólares y estoy de acuerdo con él.
Miembro: Mark, ¿cuál es tu opinión sobre el futuro del Foro Económico Mundial?
MZ: Depende de qué reinicio gane. Personalmente creo que eventualmente desaparecerán.
Miembro: Acabo de salir de mi cooperativa de ahorro y crédito en GA. Configuración completamente nueva con ahora solo 2 ventanillas y también una nueva área de espera dedicada con asientos
Miembro: Muchas noticias anoche. Basilea 3 es el principio del fin. Auge. Comienza hoy abróchate el cinturón todo lo que viene junto.
Miembro: Ya es mucho tiempo para que termine esta locura.
Miembro: ¡Sigan con la fe! Tener paciencia es muy difícil.
Miembro: Todos…. mantener las vibraciones altas y positivas.

Coffee with MarkZ 07/27/2023

MarkZ Thursday  Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Member: Good morning Everyone…Is today our day????

Member:  It’s a good day for something good!!

Member: Bearded Patriot said this and Wolvie confirmed……From RIGHT NOW till MONDAY NIGHT……WATCH WHAT HAPPENS! Be ready…..that’s all I can say…….

MZ: With everything that is coming unglued right now….and with the chatter from the Iraqi front…..that they were given 72 hours deadline to deal with the change in price after yesterday’s protests…..that fits in with everything I am hearing. So watch between last night and Monday night. 

MZ: After yesterday being a big news day…today is pretty dry. This is not unusual. 

Member: Do not mistake silence for inaction.

MZ: Contacts are still being quiet….They are still saying they are under an NDA…..at the most they say “no spendable cash yet”  Some bond sellers had sold to “resellers” at a low price… and have spendable cash but that is a whole different thing. 

MZ:  MilitiaMan dropped a really  solid video last night about the “Deleting the 3 zero project”  The project still exists and is being discussed. This does not mean they take the 3 zeros off the notes …..It means they break out the lower denominations and they won’t need the 3 zero notes any more. This means they are revaluing the currency. 

MZ: Seeing this back in the news is a good thing. Another good point MM had was they established a 72 hour window for the CBI and everyone else to deal with the parallel markets and rates to change that…….last time they had that kind of meeting they changed the rate. They went for 1500 to 1310. 

Member: Things in Iraq are getting shakey . It's beginning to worry me a little. They seems to not be able to do anything but trip over their own feet.

Member:  the US needs to get outta the way and stop trying to stop what can't be stopped

Member: Frank26 said Sat. could be big

                          

Member: The Iraqi citizens are tired of waiting

Member: The entire world is tired of waiting. 

MZ: out of Vietnam “ Vietnam aims to annually exploit 2MN tonnes of rare earths” this points out how strategic the area is and its value. Vietnam is a powerhouse of  manufacturing and technology . They have large amounts of iron ore and untapped energy reserves. They have sizable deposits or rare earth minerals…this will help back the value of their currency in the new commodity based world soon. . 

Member: How convenient all this countries are finding metals, petrolium and other commodities when we are close to the RV and Nesara/Gesara …White Hats in control!

Member: I wonder if "white hats" are for real???

Member: Seeing a lot of happenings around the world, praying that one of them will finally be the one to kick us off

MZ: A good one from Jim Rickerds “BRICS currency will leverage gold to beat the dollar”  He says this currency will not be exchangeable for gold but will be tied to gold. He considers this the petrodollar killer and I agree with him. 

Member: Mark, What’s your thoughts on the WEFs future ?

MZ: Depends on which reset wins. Personally I think they will eventually go away. 

Member: Just walked out of my credit union in GA. Whole new set up with now only 2 Teller Windows & also a new dedicated waiting area with seating

Member:  Lots of news last night. Basel 3 is the beginning of the end. Boom. Starts today buckle up everything coming together.

Member: It is way beyond time for this insanity to end.

Member: Keep up the faith! Having patience is very hard.

Member: Everyone…. keep the vibes high and positive.

SATURDAY GO TO: Odysee at: https://odysee.com/@theoriginalmarkz:e OR THE RUMBLE CHANNEL: https://rumble.com/user/theoriginalmarkz

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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!

MARK HAS BEEN INVOLVED IN THIS FOR MANY YEARS FROM THE HISTORY AND MADE MANY CONTACTS WORLDWIDE. HE RESPECTS EACH OF THEM AND PROTECTS THEIR PRIVACY. HE VERIFIES INFORMATION BEFORE HE SHARES YET THINGS CHANGE AND IT IS NOT IN HIS CONTROL.

THE INFORMATION PROVIDED IN THE STREAM IS IN MARKZ OPINION - INFORMATION PROVIDED IS BY VETTED CONTACTS - INFORMATION CAN AND MAY CHANGE AT ANY TIME WITH OR WITHOUT NOTICE.

"Playing with F.I.R.E. Without Getting Burned" BY TAMMY TRENTA , 27 JULY

By Tammy Trenta, MBA, CFP, CTC, CEXP; Founder and CEO - Family Financial

We live in a world marked by immediacy. Technology fills our days with instant gratification where even the most obscure requests can be met on demand. Convenience is the new ideal; it should be easy to get the ‘boring stuff’ out of the way quickly to do the things we truly want to do.

The F.I.R.E. movement (Financial Independence, Retire Early) is an example of this new mindset; some are banking their futures on the peaceful coexistence of immediacy and practicality. F.I.R.E. throws the old standard - working a nine-to-five job through age 65 - out the window. It states that with enough discipline, people can and should retire as young as they choose - even in their 30s.

But achieving any ambitious goal requires sacrifice - which is rarely convenient. To avoid being burned by F.I.R.E., you’ll need to find the right balance of sacrifice and practicality.

Knowing how much to save

The first step is to figure out how much you’ll actually need during your retirement years. Think about what you want your life to look like and what is likely to change over time (Family status? Location? Inheritance?). And don’t forget about inflation!

Once you identify the amount you’ll need and when, consider what you need to live on now and your capacity for saving. Will you make it? If the answer is no, your options are to spend less, earn more, or a timeline adjustment. Each option requires a hard reality check.

Spending less

What are you (really) willing to give up today for an independent tomorrow? If you’re just starting out, drastic adjustments are easier to implement. But if you’ve already achieved a comfortable lifestyle, are you realistically going to go backwards to save money?

I speak from experience. Prior to the pandemic, our family was comfortable, but overwhelmed by the accumulation of stuff. The minimalist lifestyle was appealing, so we downsized. But when COVID hit and my son was home from school for a year, we were overwhelmed in the opposite direction - we quickly learned that staring at each other in our 800-square-foot apartment was enough to drive us all mad.

Sacrifice is a very individual concept and will look differently for everyone. Housing (often your largest expense) is a great example. Teaming up with roommates or living with parents to save money can be appealing for some, but is a dealbreaker for others. In major cities, we are seeing a big push for “pods” - inexpensive spaces just large enough to sleep in, with communal areas to eat and shower. While this doesn’t appeal to me, it works for many.

Earning more

If you are ambitious enough to try to retire before 40, chances are, you’re also ambitious enough to shoot for a job that pays very well. When it comes to your (short) career path, a good rule of thumb is to aim to double your income every 5 years.

Gone are the days of corporate loyalty when people would work at the same job for decades. Now, trading up for more money is all but expected. And today’s gig economy offers plenty of flexible options for those looking for an income boost. However you go about it, remember, doubling your income means doubling your savings - a big incentive if you’re a F.I.R.E. adherent. 

And be sure to give higher education the scrutiny it deserves. We’re well beyond the days when college automatically equaled better income potential. If you’re into F.I.R.E., you may be savvy enough to learn the skills you need without the hefty tuition bill.

Controlling the Burn

If F.I.R.E. feels a bit too hot for your lifestyle, there are F.I.R.E.-lite alternatives. Retiring at 50 instead of 40 could give you some freedom while giving your pocketbook additional power. Extended breaks here and there could allow you to explore while keeping your earning potential intact. And part-time gigs are a way to give your daily life breathing room.

So before you jump into the F.I.R.E., let's sprinkle in a dash of reality. Life, with its beautiful unpredictability, may throw a curveball or two. If you're blessed with a long, vibrant life expectancy, remember: plans sometimes dance to their own tune. And should you grace the world with your presence longer than expected, make sure your treasure chest is bountiful. No crystal ball here, just some heart-to-heart advice: tread with care and ensure the adventure is truly golden.

https://www.nasdaq.com/articles/playing-with-fire-without-getting-burned

"BANK OWNERS & CITIZENS PROTEST DETERIORATION OF IQD", 27 JULY

Depreciation of Iraqi Dinar sparks Protests

Dozens of people have reportedly protested in front of the offices of the Central Bank of Iraq (CBI) in Baghdad following a fall in value of the Iraqi Dinar (IQD) against the US dollar. Over the previous two days, the dollar is said to have risen from 1,470 dinars to 1,570 dinars.

According to Associated Press, bank owners called for "official action" to prop up the dinar.

Last week the US banned 14 Iraqi banks from conducting dollar transactions.

https://www.iraq-businessnews.com/2023/07/27/depreciation-of-iraqi-dinar-sparks-protests/

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Bank owners and citizens protest deterioration of the Iraqi dinar following US ban on Iraqi banks

IRBIL, Iraq (AP) — Dozens of people protested in front of the Central Bank of Iraq in Baghdad and bank owners called for official action to stem a sharp increase in the dollar exchange rate Wednesday, after the United States blacklisted 14 Iraqi banks.

Over the past two days, the market rate of the dollar jumped from 1,470 dinar per dollar to 1,570 dinar per dollar. The jump came after the U.S. listed 14 private Iraqi banks among banks that are banned from dealing with U.S. dollars due to suspicions of money laundering and funneling funds to Iran.

The ban was imposed by the U.S. Treasury Department and the Federal Reserve Bank of New York and was first reported by the Wall Street Journal on July 19.

“The listing of almost one third of the private banks as banned from dealing with the U.S. dollar will have negative consequences from many perspectives,” Haidar al Shamaa, owner of a private bank in Baghdad said at a news conference Wednesday.

He called on “the brothers at the Iraqi government to work ... to undo the damage which occurred to us specifically, and to the Iraqi banking section in general.” 

The 14 banks facing the ban issued a joint statement urging the Iraqi government to address the issue and warning that banning a third of Iraq’s private banks from dollar trading would not only impact the dollar price but hinder foreign investment.

Protesters organized by a group calling itself Thuwar Tishreen (October Revolutionaries), which is connected to a movement that started mass protests in Iraq in 2021, also demanded that the government take action to halt inflation.

Also on Wednesday, central bank chief Ali al-Allaq told the state-run Iraqi News Agency that his institution continues to provide dollars at the official rate of 1,320 dinar to the dollar for “all legitimate transactions” including “remittances and credits for various imports.”

He blamed the current rise in the street price of the dollar on the “reluctance of certain merchants” who “do not practice legitimate activities and operations” to use the official electronic platform used for currency requests.

On Sunday, the Iraqi Prime Minister Mohammed Shia al Sudani met with al-Allaq and discussed measures to stabilize the dinar price against the dollar.

A similar dive in the value of the dinar took place earlier this year after measures taken by the United States late last year to stamp out money laundering and the channeling of dollars to Iran and Syria from Iraq severely restricted Iraq’s access to hard currency.

https://apnews.com/article/iraq-banks-us-ban-iran-dinar-exchange-rate-c530a3583ae2b2f62b118c3552629151

"THE GOVERNMENT IS PROCEEDING WITH ITS MEASURES TO BYPASS US FEDERAL CONSPIRACY", 27 JULY

 Al-Sudani confirms that the government is proceeding with its measures to bypass the US federal conspiracy

7-26-2023
Al-Sudani confirms that the government is proceeding with its measures to bypass the US federal conspiracyInformation / Baghdad..
The leader of the State of Law Coalition, MP Muhammad Saadoun al-Sudani, confirmed on Wednesday that the government would proceed with its economic measures in order to overcome the issue of the high exchange rate of the US dollar against the Iraqi dinar.
Al-Sudani said in a statement to Al-Maalouma, “The biggest challenges facing the Al-Sudani government today are related to the high exchange rate of the US dollar against the Iraqi dinar.”
He added, “The actions of the US Federal Bank are a conspiracy against the government to curtail its role at the regional and international levels, due to its success in attracting solid international companies to implement important service projects.”
He pointed out that “the Sudanese government is continuing its financial measures to overcome the crisis of the high exchange rate of the US dollar against the Iraqi dinar in the local market.”
And the US Treasury decided, during the past week, to stop 14 Iraqi banks from trading and selling hard currency, which caused a rise in the exchange rates of the dollar in the local markets.
almaalomah.me

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Iraqi banks sanctioned by America call on the federal government to remove the damage
2023-07-26 02:55
Iraqi banks sanctioned by America call on the federal government to remove the damageShafaq News/ Today, Wednesday, the 14 Iraqi banks that were sanctioned by the US Federal Bank called for an end to the damage caused to them as a result of those sanctions.
And the punished group of banks stated in a statement today, “It was announced on Thursday, July 20, 2023, that our banks would stop dealing with the US dollar currency through the Central Bank of Iraq under the guidance of the US Federal Bank, while we regret this directive and we would like to show that we apply the best standards.” Verification and auditing, through specialized Iraqi and foreign cadres and through advanced international programs and systems applied by the best international banks in the field of compliance, combating money laundering and terrorist financing, and verifying all companies and individuals in accordance with the various international dealing prevention regulations, including the regulations of the OFAC Department or others, and all this in order to Avoid suspicious transactions.
The banks also said: We work under the umbrella and oversight of the Central Bank of Iraq and provide various banking services, including coverage of foreign imports, stressing, “We are fully prepared to undergo auditing of all our transactions, whether from the Central Bank of Iraq or from international auditing companies, and we bear all responsibility for any abuses that Found”.
The statement noted that the presence of nearly a third of private banks within the prohibition of dealing in US dollars will have negative responses in many aspects, not only on the exchange rate of the Iraqi dinar against the US dollar, but its impact will be very significant in several directions, including stopping foreign investment.
In its statement, the banks called on the Iraqi government to work with all the means available to it to remove the damage that occurred to it in particular, and to the Iraqi banking sector in general, and to provide the necessary support in order to resolve the above issue as soon as possible.
On Wednesday, July 19, the US Treasury imposed sanctions on 14 Iraqi banks in a crackdown on Iran’s dollar transactions.
The Wall Street Journal quoted US officials as saying that “the move came after the disclosure of information indicating that the targeted banks were involved in money laundering and fraudulent transactions.”
The newspaper added, “Some of these operations may relate to individuals subject to sanctions, which increases fears that Iran will benefit from them.”
A senior US official told the newspaper: “We have strong reason to suspect that some of these money laundering operations may benefit either individuals covered by US sanctions, or persons who may be included in the sanctions.”
“The main danger of sanctions in Iraq is definitely related to Iran,” the US official added.
Shafaq News agency learned that the sanctions affected “banks (the Islamic Advisor for Investment and Finance, the Islamic Qartas for Investment and Finance, as well as the Islamic Spectrum, Elaf Bank, Erbil Bank for Investment and Finance, the International Islamic Bank, Trans-Iraq Bank, Mosul Bank for Development and Investment, Al-Rajeh Bank, Sumer Commercial Bank, Trust International Islamic Bank, and Ur Islamic Bank The Islamic World Bank for Investment and Finance and Zain Iraq Islamic Bank for Investment and Finance.
And the US Treasury Department prevented four other Iraqi banks from accessing the dollar last November, and also imposed, in cooperation with the Central Bank of Iraq, stricter controls on financial transfers in the country in general.
In the past weeks, the Central Bank of Iraq had excluded 4 private Iraqi banks from the currency sale auction (namely: Al-Ansari, Al-Sharq Al-Awsat, Al-Qabid, and Asia) following directives and warnings from the US Treasury about these banks accused of smuggling currency.
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“Finance” criticizes a decision that caused the dollar to rise, and does not rule out imposing sanctions on the Iraqi Central Bank
2023-07-26 06:31
Finance criticizes a decision that caused the dollar to rise and does not rule out imposing sanctions on the Iraqi Central BankShafaq News/ The Parliamentary Finance Committee criticized, on Wednesday, the recent decision of the Central Bank of Iraq to allow exchange companies to sell dollars to citizens wishing to travel, while it did not rule out that this would lead to new US sanctions on the country.
The deputy head of the committee, Ahmed Mazhar, told Shafaq News agency, “The Central Bank took a wrong decision when it allowed exchange companies to sell dollars directly to citizens wishing to travel outside Iraq.”
Mazhar asked, “We do not know how the central bank administration made such a decision?”, indicating that “this decision may collide with the policy of the US Treasury, and new sanctions may be issued that may affect the central bank if the situation continues as it is now.”
He pointed out that “the sanctions issued by the US Treasury reflected negatively on the market, and the exchange rate of the dollar against the Iraqi dinar will continue to rise further.”
Yesterday, Monday, the Central Bank of Iraq decided, according to Shafaq News Agency, to “facilitate cash sales in US dollars for travelers. It was decided to allow exchange companies of categories (A and B) wishing to open accounts with this bank in both dinar and dollar currencies for the purpose of participating in a sale window and buying foreign currency.

"INVESTING IN THE STOCK MARKET: 3 STEPS TO DOUBLE YOUR MONEY" FROM NASDAQ, 27 JULY

 The investing world is full of empty promises, and there are plenty of investments that guarantee to make you a lot of money essentially overnight. Generally, though, if it seems too good to be true, it probably is.

However, with the right strategy, investing in the stock market can be a fantastic way to generate long-term wealth -- and you don't need to invest a lot of money to reap the rewards. While investing isn't a "get rich quick" tactic, there are a few easy (and legitimate) ways to double your money with next to no effort.


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Image source: Getty Images.


1. Take advantage of passive investments


One of the easiest ways to make money in the stock market is to invest in passive investments like  index funds or exchange-traded funds (ETFs). While actively managed funds have a professional choosing the stocks within the fund, passive funds track certain stock market indexes, like the S&P 500 or the Dow Jones Industrial Average, and attempt to mirror their performance.


In other words, by investing in, say, an S&P 500 ETF, you'll instantly be investing in all the stocks that make up the S&P 500 index. The S&P 500 includes stocks from 500 of the largest companies in the U.S., and you can gain exposure to all of them with a single investment.


While it may seem counterintuitive, passive funds like index funds and ETFs tend to outperform actively managed mutual funds. In fact, between 2010 and 2020, only 24% of actively managed funds managed to outperform their passive counterparts, according to research from Morningstar.


With passive investments, not only is it easy to invest in some of the world's strongest companies, but your money is more likely to grow faster, too.


2. Don't try to time the market


One of the most daunting aspects of investing in the stock market is figuring out what to do during market downturns. When the market starts to take a turn for the worse, it can be tempting to sell your investments and withdraw all your money.


However, selling your investments during periods of volatility can be a major risk because it involves trying to time the market. When you time the market, you're trying to sell your stocks just before prices begin to fall, then reinvest when prices are at rock bottom.

While this sounds like a smart strategy, it's nearly impossible to pull off. The stock market is unpredictable, and nobody knows exactly when market downturns will occur or how long they'll last. If you sell or buy at the wrong time, you could end up losing money.


You're better off, then, holding your investments through periods of volatility. Keep in mind that you won't actually lose money unless you sell your stocks. Even if the market does crash, as long as you don't sell, there's a good chance your investments will rebound eventually and you won't lose any money.


3. Leave your money alone


It takes time for your money to grow. To earn as much as possible, it's best to leave your investments alone for several years or, ideally, decades.


The longer you let your money grow, the more you can potentially earn. Compound interest helps your savings grow exponentially the more time they have to accumulate, similar to a snowball rolling down a hill. It will take time for the snowball to gain speed, but after a while, it will start getting bigger and rolling faster down the hill. The longer it rolls down that hill, the larger it will become and the quicker it will grow.


Putting it all together


By taking advantage of all three of these strategies, you can easily double your money.

Say, for instance, you're investing in an S&P 500 ETF and earning a modest 7% average annual return on your investments -- which is just below the market's long-term average. If you invested $1,000 right now and made no additional contributions, you'd double your money within around 10 years.


However, let's say that in addition to your initial $1,000 investment, you continue investing $100 per month, all other factors remaining the same. In this scenario, you'd reach $2,000 in less than one year. After 10 years, you'd have more than $18,500. In 30 years, you'd accumulate around $121,000.


Investing in the stock market can be intimidating, but it doesn't have to be. With the right strategy in place, you can easily double your money and build wealth that lasts a lifetime.

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