An Economic Expert Rules Out The Possibility Of Establishing A Sovereign Fund In Iraq... And Enumerates The Reasons
Time: 06/12/2024 15:24:35 Read: 1,638 times {Economic: Al-Furat News} An economic expert ruled out the possibility of establishing a sovereign fund in Iraq.
Salah Nouri, the former director of the Financial Supervision Bureau, told Al-Furat News Agency, “Sovereign funds are established to achieve mostly strategic development goals.”
He stated that "most of the sources of financing for sovereign funds for countries that possess natural resources are from the surpluses of these sources (oil and gas) or foreign exchange surpluses." He pointed out that
"the management of sovereign funds is independent and highly experienced in successful investment and developing fund returns." Nouri continued,
“From the above, I think Iraq is not prepared, as there are no surpluses from natural resources (oil and gas) for these funds.
Rather, revenues from the sale of oil are depleted in the general budget in addition to resorting to borrowing (external and internal).
On the contrary, Iraq is likely facing a financial sustainability deficit.” Borrowing results and benefits.
Much has been made of the number 90 Trillion. This is the alleged number of Dinar at large...I do not believe this number is valid and here's why. 1) There are always casualties such as fire & natural disasters. 2) We know there has been an effort, for years, to coax three zero notes out from under mattresses, with some success. 3) We know stolen Dinar have been recovered in very large amounts recently. 4) Here's the biggie: I saw a video some years back, where a jet was seized attempting to leave the country, and it was stacked from floor to ceiling with coffin sized cases full of Dinar.
It had to be trillions. Much to my surprise, the jet was eventually cleared to take off. However, it was no surprise to hear the jet was registered to Nuri Al Maliki. The jet landed in Zurich Switzerland where it was then seized and the Dinar ..FOR READ MORE:
There is NO NEED for an NDA, whatsoever, unless you were a participant in the Private Placements, which were concluded in 2011. The only people who otherwise hold NDAs are bank presidents, branch managers, and of course any of the three letter agencies necessarily involved, such as the UST...
There are several regiments to float a currency: FREE FLOAT - The currency's value is determined solely by supply and demand in the market...MANAGED FLOAT - Similar to a free floating...but a government intervenes by buying or selling its own currency to minimize fluctuations.
Iraqis Are Resorting To “Gold Bullion” Instead Of Money, And The Banking System Is Dying
Economy | Yesterday, 11:18 |Baghdad today - Baghdad Today, Wednesday (June 12, 2024), financial affairs expert Mustafa Hantoush revealed the reason why Iraqis are resorting to purchasing gold bullion in abundance during the current period.
Hantoush said in an interview with "Baghdad Today" that "recently, the demand for buying gold bullion has increased significantly by citizens, especially those with large sums of money.
They have begun to save that money through these bullion instead of depositing their money in banks." He stated that "the reason why citizens resort to buying gold bullion to save their money is as a result of the weakness of the banking system, lack of confidence in this system, and fear for their money due to American sanctions.
This is why we see the majority of Iraqis turning towards gold bullion, especially in light of the
high prices of the yellow metal and the
stability of this price and
its lack of fluctuation like the dollar.".
From mid-December 2022 until now, the Iraqi dinar has continued to fall against the US dollar, until it reached the level of 1,610 dinars against one dollar at a time when the official price of the dollar is 1,300 dinars.
With the decline of the national currency and the rise in poverty and unemployment rates, Iraqi gold markets recorded a large demand from customers to buy the yellow metal amid warnings against buying counterfeit ones.
According to data from the specialized website “Bloomberg”,
Iraq bought 33.9 tons of gold in the year 2022, while the Turkish Consul General in Erbil Hakan Karaçay revealed that Iraq imported Turkish gold worth $1.5 billion during the year 2021.
Iraq's gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.
This increase indicates Iraq's continued strategy to
diversify its foreign reserves and
enhance financial and monetary stability in the long term.
This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.
Many simultaneous factors are strengthening the record levels of gold,
especially in light of the escalation of geopolitical tensions around the world, and
in light of the state of “uncertainty” surrounding the global economy, which supports the trend towards the precious metal as a traditional safe haven in the face of market fluctuations and dire scenarios that impose themselves on the market. the scene.
Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as
it ranks fourth after the Kingdom of Saudi Arabia, Algeria, and Morocco.
💢 Family, watch this. This is one of the non negotiables I've told you about. CMKX adjudicated funds must be paid to shareholders BEFORE we go camping.
This is a GCR (bookend) side that we must see before the RV side takes place (completely opposite bookend/analogy). Regardless of what your favorite gurus say, this is a must. No notifications until this happens. Good news, it can happen fast when it's ready to go.
We're talking hours to days. Absolutely not weeks to get it all done. And then we still have T3 groups which need their 1% liquidity up to 30% to 50% complete before T4B notifications.
Allow the process to work out. Remain grounded. Observe but don't ABSORB.
Iraqi President stresses importance of cooperation with Iran in various sectors
Shafaq News/ Iraqi President Abdul Latif Jamal Rashid stressed the significance of Iraq's cooperation with Iran across various sectors during a meeting with Iran's Acting Foreign Minister Ali Bagheri Kani and his accompanying delegation at the Baghdad Palace.
According to a statement from the Iraqi Presidency, President Rashid highlighted the "deep bilateral relations between Iraq and Iran and the need for joint efforts to strengthen these ties," drawing on the "historical and religious bonds between the neighboring peoples."
Moreover, he underscored the importance of collaboration in the fields of economy, trade, tourism, and energy, as well as coordination and consultation on issues of mutual interest.
The Iraqi President discussed with his guests the security agreement between the two countries and its "positive impact on reinforcing border security and stability, serving to enhance mutual security." reiterating Iraq's commitment to maintaining balanced relations with neighboring countries and the world in line with its vision to "promote peace and stability in the region and serve national interests."
The discussions also covered the situation in Palestine, with President Rashid calling for an immediate ceasefire and the protection of civilians, affirming Iraq's support for the Palestinian people's right to self-determination and the establishment of an independent state on their national soil.
For his part, Bagheri emphasized Iran's eagerness to expand "constructive cooperation" with Iraq in various fields, aiming to achieve the "aspirations of the two friendly nations for progress and prosperity and to consolidate security and stability in the region."
The Iranian Acting foreign minister started his visit to Baghdad on Thursday morning by paying homage to the statues of Iranian Revolutionary Guard Commander Qassem Soleimani and Deputy Chief of the Popular Mobilization Forces Abu Mahdi al-Muhandis, located on the airport road in the Iraqi capital.
A government source informed Shafaq News Agency that Bagheri's visit is part of a regional tour, during which he will meet with the Iraqi Presidency, the Prime Minister, the Parliament, the Supreme Judicial Council, the National Security Advisor, and other political figures.
The source added that Bagheri is expected to travel to Erbil, the capital of the Kurdistan Region, on Friday to hold meetings with Kurdish officials.
OMG! As part of the internationalization of the RMB
China will be able to control the exchange rates of the U.S. Dollar against foreign emerging market currencies.
This is the end of the Dollar!
Once the global elites realize that Western banks are now making RMB loans and not dollar loans,
The digital petroyuan gold token has launched.
This means the world is dumping dollar bonds,
The dollar collapse is going to be sudden,
Because they will realize they are holding worthless paper.
MIKECRISTO
China has launched their tokenized digital petroyuan backed by gold in the mbridge.
China’s RMB just replaced the petrodollar
The U.S. Treasury should have immediately launched their gold reserves to protect the U.S. Dollar from hyperinflation
As 60% of the worlds population immediately dumps the dollar.
The fact that it’s not forthcoming (U.S. gold revaluation) tells you the U.S. Treasury doesn’t have any gold.
The world needs to understand the U.S. Treasury bond market is funded off the world needing dollar reserves aka bank derivatives (off balance sheet dollars).
When the Petrodollar ends on June 9th, there is no need for the world to hold U.S. Treasuries as the global world reserve asset in the oil trade.
The Japanese yen will hyperinflate against their U.S. Treasury holdings.
Japan will be forced to liquidate all their dollars and U.S. treasuries that fund the Gates Foundation,
The Gates Foundation will fold. Melinda Gates leaves the Gates Foundation on Friday June 7th, two days before the petrodollar ends (June 9th). Bill and Melinda Gates knew the petrodollar was going to end.
Coincidence? No? The monetary even is going down NOW!
If anyone believes Donald Trump (or Joe Biden for that matter) will be President on November 5th, I have a bridge to sell you!
U.S. Treasury must roll over $10 trillion in bonds, of which they don’t have the money. Saudi is protecting their oil against a collapsing fiat dollar. The Fed isn’t going to print this kind of money.
June 9th the Agreement between United States and Saudi Arabia to sell Saudi Oil in USD exclusively ends. Saudi Prince has already notified U.S. that this agreement will NOT be renewed and they will no longer accept USD.
It means state banks can link up to M-BRIDGE, bypassing the SWIFT system and interface with the PBoC and the state banks could then potentially hold RMB as reserves.
===>>>>> This would allow China to control the gold price inside the U.S. state banking system!
Iraq seeks to attract foreign investment by amending its laws
The Iraqi Parliamentary Investment Committee aims to amend some investment laws during the next legislative term, with the aim of attracting foreign investments and capital.
According to committee member, Dhia al-Hindi, representatives of the World Bank Group working in investment and private projects were hosted to discuss some paragraphs of laws on investment, which are considered in opposition to sustainable development in Iraq, including the investment law and the company law.
Al-Hindi explained that representatives of the World Bank cited the experiences of the Kingdom of Saudi Arabia and the United Arab Emirates, where the foreign investor in those countries has the right to own and manage the company by 100%, while his share in Iraq is limited to only 49%.
Al-Hindi called for amending some paragraphs of the law to create an attractive environment for investors and capital, noting that amending laws is within the jurisdiction of Parliament, while the laws governing the economic process remain “socialist.”
Al-Hindi stressed that the committee is continuing to amend the commercial arbitration and investment laws, and approve the industrial investment and mineral investment law.
Al-Hindi stated that the committee will address the government regarding amending some paragraphs of the investment law to be subjected to study in the State Shura Council, and then sent to Parliament.
These efforts come within the framework of Iraq's efforts to strengthen its economy and attract foreign investments, especially in light of the economic crises it is experiencing.
It is expected that the amendments to the laws will contribute to improving the investment environment in Iraq and attract more foreign investments and capital, which will contribute to the development of the Iraqi economy and create new job opportunities link
THE MINISTERIAL COUNCIL FOR THE ECONOMY DECIDES TO SUPPORT THE INDEPENDENCE OF THE CENTRAL BANK IN FORMULATING MONETARY POLICY
Today, Monday, Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, chaired the seventeenth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, and advisors. Prime Minister for Economic and Legal Affairs, and Chairman of the Securities Commission.
A statement by the Council, a copy of which {Al-Furat News} received, stated that it: “discussed the items on its agenda and took the necessary decisions regarding them. It also hosted the head of the Financial Supervision Bureau and his deputy, and the Director General of the Legal Department in the Bureau, to study and evaluate partnership contracts between the public and private sectors.” And a statement of the economic feasibility of its continuation or termination.”
He added, “Where the head of the Bureau reviewed those contracts that were divided between important contracts that benefit the state budget, and others that lacked economic feasibility, the Council decided to complete the discussions in the presence of representatives of the relevant ministries in order to resolve this important file.”
The Council continued, “It also decided to approve the recommendations of the committee formed to study the adoption of Iraqi, Gulf, or higher specifications when importing vehicles, in order to preserve the lives and safety of citizens and users of vehicles and roads, while determining the contribution of foreign capital to Iraqi banks was discussed.”
He added, “In line with the state’s general policy of supporting the Iraqi and foreign banking sector and foreign investments in Iraq, the Council decided to support the independence of the Central Bank of Iraq in formulating monetary policy in accordance with its applicable laws and instructions.”
Iraq raises its gold possessions to more than 145 tons
The World Gold Council announced on Thursday that Iraq has increased its gold holdings to reach more than 145 tons of global gold reserves.
According to the latest table issued by the Council for the month of June, viewed by Shafaq News Agency, the volume of Iraq’s gold possessions reached 145.7 tons, compared to 142.6 tons during the month of May.
The Council explained that Iraq dropped in rank to reach 31st place globally out of 100 countries listed in the table with the largest gold reserves, and this amount represents 9.8% of the rest of its other reserves.
The Council indicated that the United States of America has the largest possession of gold in the world with 8,133.5 thousand tons, followed by Germany with 3,352.9 thousand tons, then Italy with 2,451.8 thousand tons, while Suriname came at the bottom of the list with 1.2 thousand tons.
It is noteworthy that the World Gold Council is based in the United Kingdom, and includes members of the largest gold mining companies in the world, and has extensive experience and deep knowledge of the factors affecting the gold market. link
Russia Bans all US Dollar and Euro Trading on Moscow Exchange as Chinese Yuan Dominates
Russia Bans All US Dollar and Euro Trading on Moscow Exchange: Chinese Yuan Dominates
On June 12, 2024 By Awake-In-3D
Is the Dollar’s Dominance in Jeopardy After Russia’s Latest Action?
In response to a new round of U.S. sanctions, Russia has halted all trading in dollars and euros on the Moscow Exchange, significantly impacting global financial markets.
Daily trading volumes for the yuan-ruble pair now regularly exceed 8 billion rubles, far surpassing the volumes for dollar-ruble and euro-ruble trading.
In This Article
Overview of the New U.S. Sanctions
Russia’s Response to the Sanctions
The Shift Towards the Chinese Yuan
Global Financial Implications
Overview of the New U.S. Sanctions
The U.S. Treasury announced a fresh round of sanctions aimed at cutting the flow of money and goods sustaining Russia’s war in Ukraine.
These sanctions targeted the Moscow Exchange Group, leading to a significant decision by Russia to halt trading and settlements in U.S. dollars and euros.
The sanctions, announced on a public holiday in Russia, aim to weaken Russia’s financial architecture, particularly its defense industry and the acquisition of goods to further its aggression against Ukraine.
Russia’s Response to the Sanctions
In a swift response to the sanctions, the Moscow Exchange and the central bank issued statements within an hour, announcing the immediate suspension of dollar and euro trading.
This decision forces banks, companies, and investors to conduct transactions directly between parties in the OTC market, bypassing the central exchange.
The central bank reassured the public that all funds in these currencies remain secure, emphasizing that companies and individuals can continue to buy and sell dollars and euros through Russian banks. However, the shift to OTC trading eliminates the liquidity, clearing, and oversight advantages of the central exchange.
The Shift Towards the Chinese Yuan
As Russia strengthens trade and political ties with Beijing, the Chinese yuan has already become the most traded currency on the Moscow Exchange.
In May, the yuan accounted for 53.6% of all foreign currency traded on MOEX. This shift reflects Russia’s strategic pivot towards China amidst ongoing geopolitical tensions.
Daily trading volumes for the yuan-ruble pair now regularly exceed 8 billion rubles, far surpassing the volumes for dollar-ruble and euro-ruble trading. This trend underscores the growing influence of the yuan in Russia’s financial system.
Global Financial Implications
The suspension of dollar and euro trading on the Moscow Exchange has significant implications for the global financial system. It signals a potential realignment of global financial flows and increased reliance on alternative currencies like the yuan.
The sanctions are expected to reduce trading volumes on the Moscow Exchange, impacting its profitability and possibly leading to more volatile trading conditions. The move also reflects Russia’s readiness for such sanctions, having braced for this scenario for around two years.
The growing dominance of the yuan on the Moscow Exchange may influence other global markets as countries and investors adjust to the shifting landscape. The long-term effects of these changes will depend on how effectively Russia and its trading partners navigate the new financial environment.
The Bottom Line
In response to the latest U.S. sanctions, Russia has halted dollar and euro trading on the Moscow Exchange.
This significant move, along with the rising dominance of the Chinese yuan, highlights the changing dynamics of global finance.
ERBIL — Iraqi Prime Minister Mohammed Shia' Al-Sudani affirmed that the remnants of terrorism no longer pose a threat to the existence of the country, praising the unified stance demonstrated by the Iraqis rallying around their armed forces to eliminate the danger of Islamic State militants.
In a published statement regarding the tenth anniversary of IS attacks on Mosul and parts of central and northern Iraq, the Iraqi PM said that ten years ago, under ambiguous circumstances and with support from the forces of evil and hatred in the world, IS committed their crime and aggression against the Iraqi people in Mosul.
“They terrorized its inhabitants with a barbaric attack fueled by vile objectives, delusions, and enmity towards every bright step the Iraqi people achieved following the fall of the dictatorship,” PM Al-Sudani stated.
“We emerged from this experience stronger and more determined to continue rebuilding, developing, and advancing Iraq, and to nurture generations that bear responsibility and look to a promising future,” added the Iraqi PM.
Furthermore, he notes that they will continue to take every step to ensure the stabilization of the country and protection from extremists.
“The remnants of terrorism no longer pose a threat to the existence of the Iraqi state. Today, our people enjoy security and stability as a result of the sacrifices of our righteous martyrs, enabling us to continue working diligently with high determination to achieve an economic and humanitarian revival in a free and dignified Iraq,” concluded the Iraqi Premier.
On June 10th, 2014, the city of Mosul, the second-largest city in Iraq, fell to IS militants, with reports indicating more than 6,000 people killed and an estimated 500,000 civilians fled from the city.