Thursday, October 31, 2024
Top 7 months ago.. New record high for gold, 1 NOV
Top 7 months ago.. New record high for gold
Gold prices rose to a new record high, on Thursday, and are trending to record the best monthly performance in seven months against the background of the demand for safe haven before the US presidential election, while investors await a report on inflation in the United States in search of indicators of the path of interest rates.
Gold settled in spot transactions at $2786.89 per ounce by 02:54 GMT after recording an all-time high of $2790.15 earlier in the session. Prices jumped by six percent this month.
U.S. gold futures fell 0.1 percent to $2,797.80.
For other precious metals, silver fell 0.3 percent to $33.68 an ounce, platinum stabilized at $1008.68, and palladium fell 0.6 percent to $1141.00. The three metals tend to record monthly gains.
https://alforatnews.iq/news/الأعلى-منذ-7-أشهر-ارتفاع-قياسي-جديد-للذهب
THE CBI CONTINUES TELLING TO THE CITIZENS THAT THEY ARE GOING TO RAISE THE VALUE OF THE DINAR BY MNT GOAT, 1 NOV
Mnt Goat
There is NOT going to any “big lines” or celebrations in Iraq when they revalue in country.
The only thing that will happen is that they will go on with life and know they have more purchasing power, but only after the reinstatement happens...
They are catching up to the rest of the developed world.
Also, you must remember too that the government along with the CBI is constantly now telling the citizens they are going to raise the value of the dinar to the “glory days” of the dinar.
..the CBI is now also broadcasting the videos they produced by the committee, in which my CBI contact told me earlier this year, were being produced and ready for showing, but back then we were told – not yet. Now they are being shown to the public. Yes, it is time and so yet another clue things are close...If you talk to almost any citizens now in Iraq, they will tell you that they expect this event to happen soon.
The Arab Accounting Dinar: A Strategic Tool For Arab Economic Integration, 31 OCT
The Arab Accounting Dinar: A Strategic Tool For Arab Economic Integration
October 30, 2024 Last updated: October 30, 2024
Hussein Al-Falluji* In light of the growing economic challenges facing Arab countries, the role of the Arab Accounting Dinar is emerging as an important strategic tool that may contribute to enhancing economic integration and providing effective solutions to common Arab problems.
Perhaps many followers of Arab affairs are unaware of the existence of the Arab Accounting Dinar, this important economic tool that can play a vital role in promoting economic integration and providing effective solutions to common problems among Arab countries.
Some people wonder about the reasons for not activating this vital project optimally, despite the great opportunities it provides for achieving financial stability and economic prosperity.
The Arab Monetary Fund relies on the Arab Accounting Dinar as the official base currency, which differs from the currencies circulating in Arab and international markets.
The arithmetic exchange rate of the Arab dinar was fixed at the equivalent of three units of Special Drawing Rights specified by the International Monetary Fund.
Special Drawing Rights are an international reserve asset created by the International Monetary Fund in 1969 to supplement the official reserves of member states.
The value of these rights is determined based on a basket of five major international currencies: the Chinese yuan, the US dollar, the European euro, the Japanese yen, and the British pound.
This link to a basket of strong currencies gives the Arab Accounting Dinar relative stability and reduces the risk of global exchange rate fluctuations, enhancing confidence in it as an instrument of financial exchange.
The use of the Arab Accounting Dinar can contribute to facilitating commercial and financial operations between Arab countries, as
it provides a common monetary unit for settling transactions, which may reduce currency conversion costs and increase the efficiency of financial systems.
This unification helps promote intra-regional trade, opens new horizons for economic cooperation, and stimulates growth by expanding markets and facilitating the movement of goods and services.
In addition, the Arab Accounting Dinar represents a step towards greater financial independence for Arab countries.
By reducing dependence on foreign currencies, Arab countries can better control their monetary policies and mitigate the negative effects of global economic fluctuations.
This enhances the ability to plan financial and investment with greater confidence, supporting sustainable development and investment in vital projects and infrastructure.
The widespread use of the Arab Accounting Dinar may also open new opportunities for joint investment among Arab countries.
It facilitates the financing of major regional projects and enhances cooperation between Arab financial institutions.
By providing a stable and unified financial environment, Arab countries can coordinate their financial and investment policies, which enhances the competitiveness of Arab economies at the international level.
Moreover, the Arab Accounting Dinar reflects a collective commitment by Arab countries to achieving integration and unity.
It is not just an economic tool, but a symbol of cooperation and solidarity in facing common challenges.
This commitment strengthens confidence among member states and paves the way for further cooperation in other areas such as education, health and culture.
Although there may be challenges to promoting the use of the ABD, such as the need to modernize financial infrastructure and coordinate monetary policy, the potential benefits make it an essential investment for the future.
Political will and joint cooperation are the basis for achieving success in this endeavor and overcoming obstacles to achieve the desired economic integration.
In conclusion: Activating and adopting the Arab Accounting Dinar represents a real opportunity for Arab countries to enhance economic integration and achieve common prosperity.
By expanding the use of this unit of account and activating the proposals supporting it, Arab countries can build a more stable and prosperous future for their people, based on economic cooperation, solidarity and unity.
* Independent politician
https://www.xe.com/currencyconverter/convert/?Amount=1&From=XDR&To=USD
1.00 IMF Special Drawing Rights = 1.3302209 US Dollars
1 USD = 0.751755 XDR
https://mustaqila.com/الدينار-العربي-الحسابي/
EXCERPT FROM MARKZ, 31 OCT
EXCERPT FROM MARKZ
Prime Minister's Advisor: Iraq is moving towards strengthening partnership with foreign companies and stimulating investment, 31 OCT
Prime Minister's Advisor: Iraq is moving towards strengthening partnership with foreign companies and stimulating investment
The Prime Minister's Representative, Technical Advisor and Head of the Sovereign Loans Initiative, Mohammed Sahib Al-Daraji, confirmed today, Thursday, that the private sector is a fundamental pillar in the government's new economic plan, while pointing to the government's efforts to reduce the transfer of hard currency and support national projects.
Al-Daraji conveyed, in his speech during the first Iraqi Economic Forum, which was attended by the correspondent of the Iraqi News Agency (INA), "the greetings of Prime Minister Mohammed Shia al-Sudani and his support for this conference," explaining that "the Iraqi government has begun taking real steps to support the Iraqi economy, as it has changed the philosophy of the economy that suffered from a lack of clarity in the economic vision for more than twenty years."
He pointed out that "the government is working on a new approach that considers the private sector a fundamental pillar and seeks to integrate its outputs into the national product," noting that "the government provides special support to the investment and business environment sectors, as it seeks to separate direct investment and provide an appropriate environment for the private sector to participate in projects. The government also encourages partnerships with foreign companies to demonstrate developments in the customs and tax system, such as unifying taxes and customs tariffs across regions, and exempting foreign companies from some special taxes."
He pointed out that "Iraq has begun to guarantee the private sector before international financial institutions through the Sovereign Guarantees Initiative, and has moved towards establishing an international market for carbon bonds to support project financing."
He pointed out the "three priorities of the Iraqi economy: localizing industries, integrating with global financial institutions, and developing competencies for the public and private sectors," adding that "the Iraqi market is open to global companies, especially in the construction and clean energy sectors, and that there is a trend to support the private sector through new legislation such as laws to protect intellectual property and partnerships between the public and private sectors."
He added, "The government supports the economy based on partnership with the private sector, with a focus on reducing the transfer of hard currency abroad.
He expressed his "hope that these conferences will produce outcomes that support the current government's orientations, which is the most attentive to the private sector and the most involved in decisions," noting "the presence of representatives from the private sector on the Development Fund's Board of Directors and within the Prime Minister's official delegations as a message of support for businessmen link
JUDY NOTES, 31 OCT
JUDY NOTES
Wed. 30 Oct. 2024: Tier4b funds released in Brazil.
On Fri. 1 Nov. 2024 Texas, the possible site of the new US Republic Capitol, was going to gold-backed currency.
On Wed. 30 Oct. 2024 Joanna Morning Star: “I was on the phone with Chief Fast Horse and his guest, Robert. Chief Fast Horse was driving to a private plane hangar they have in Santa Barbara to then fly over to the Hopi reservation in Sedona, Arizona. So yeah, this is cool. Humanitarian work is commencing. Chief says the RV would never work when the US was a corporation. He says they are now dispersing the funds because we are in the new Republic. Wanted to share the good news.”
Call to establish a digital gold market in Iraq, 31 OCT
Call to establish a digital gold market in Iraq
The economic and financial expert, Dr. Saif Al-Halfi, called for the establishment of a digital gold market in Iraq, the establishment of which requires cooperation between the Central Bank of Iraq, the Securities Commission, and the Iraq Stock Exchange, as it provides Iraqi investors with the opportunity to participate in the global gold market, which attracts additional investments to Iraq, and also enhances cooperation between the Iraqi banking system and international financial institutions.
Al-Halfi said that the Central Bank can issue digital gold bullion in different weights: 1 gram, 10 grams, 100 grams, approved by the government. These digital bullion can be traded on the Iraq Stock Exchange in the same way that stocks or bonds are traded, and through the market’s financial intermediaries system, where investors can buy bullion using local currencies or convert them into foreign currencies.
He added that the market can be linked to global gold prices and currency exchange rates, which enhances transparency and interaction with the global market. A platform similar to the Forex markets can also be used to trade digital gold inside Iraq in the Iraq Stock Exchange, noting that gold prices will be determined according to global exchange rates for gold and foreign currencies. This will allow investors the opportunity to speculate on gold price fluctuations and link them to changes in global currency prices, which increases profit opportunities and creates many job opportunities.
Regarding the economic benefits, Al-Halfi said: Through this market, liquidity is withdrawn from the banking system, and the digital gold market can act as a tool to withdraw cash liquidity. Instead of keeping money in banks, investors may prefer to buy digital gold, which is a safe asset that maintains its value, protects the investor’s money from high inflation rates, reduces the money supply, which is the goal, and limits inflation.
He pointed out that the digital gold market contributes to diversifying the Iraqi economy, away from the traditional reliance on oil. The market can be a platform to encourage financial innovation and develop new investment tools, especially exploiting the opportunities of the Faw Port entering operation next year, and what it provides in terms of a large base for investors, especially individuals and companies, as well as the goal we seek on the path of development.
He pointed out that establishing a digital gold market requires a strong technical infrastructure, including secure electronic platforms and clear regulatory laws to protect investors’ rights. This will increase job opportunities, the ability to diversify and innovate, and the emergence of a start-up culture.
Al-Halfi explained that the digital gold markets aim to enhance transparency and ease in gold trading, and provide investors with a real opportunity to work, trade and speculate on gold prices without the need to own actual gold. When the investor wants to convert gold into bullion or jewelry, these foundations allow him to convert digital gold into bullion while paying mining and crafting fees. All of these products create real and comprehensive investment business opportunities, which creates and enhances a flexible and innovative investment environment in Iraq.
Gold is one of the financial assets that has always been a safe haven for investors, especially in times of economic, political and regional turmoil. Here, with the global digital and financial development, new markets have emerged for digital gold trading, where gold can be easily bought and sold through electronic platforms. In light of these developments, it is possible to create a market for digital gold trading in Iraq, especially with the government’s trend towards establishing digital banks and strengthening electronic payment systems, especially the use of electronic payment cards. link
NADER FROM MID EAST HIGHLIGHTS NOTES : UNDERSTANDING THE RELATION BETWEEN THE OIL PRICE AND THE ECONOMY OF IRAQ, 31 OCT
NADER FROM MID EAST
Summary
The speaker discusses recent changes in oil prices, emphasizing the need to lower the budgeted price from $70 to $40 due to market conditions.
Highlights
- 📉 Oil prices are currently high, affecting gas prices.
- 💼 The CBI chairman suggests lowering the price from $70 to $40.
- ⛽ Gas prices have reached around $50-$56 recently.
- 📊 Keeping oil priced at $70 could lead to financial losses in the future.
- 🌍 Anticipation of a decline in oil prices after geopolitical tensions ease.
- 💡 Adjusting the budget to reflect lower oil prices is necessary.
- 🔄 The goal is to align gas prices with updated rates for better financial planning.
Key Insights
- 📈 Current oil prices are unsustainable, indicating a potential market correction is needed to stabilize the economy.
- 🔍 The CBI’s proactive approach to adjusting oil prices demonstrates awareness of economic fluctuations.
- 🛢️ High gas prices directly impact consumer behavior and spending, leading to broader economic implications.
- 🔮 Future predictions suggest a downward trend in oil prices, influenced by geopolitical events, hinting at market volatility.
- 📑 Budget adjustments are crucial to avoid losses and ensure that pricing aligns with real market conditions.
- 🤝 Collaboration between financial institutions and government is vital for effective economic management during turbulent times.
- 🔗 Understanding the relationship between oil prices and the economy can guide better financial decisions moving forward.
The private sector has begun a new phase, 31 OCT
The private sector has begun a new phase
Dr. Murtadha Al-Khafaji, a member of the Iraqi Businessmen Union, stated that the Iraqi private sector has begun a new phase that is different from the previous one, and it has become possible to rely on its capabilities to implement projects.
Al-Khafaji said: The projects implemented by the Iraqi private sector indicate the potential of local effort, which has become comparable to global effort, as local capabilities have been developed during the last decade. He added that Iraqi human resources have gained a lot of experience, through interaction with global expertise, which has worked in more than one economic aspect. He pointed out that national companies must occupy the appropriate place within the local labor market. link
RV UPDATE BY TEXAS SNAKE, 31 OCT
Texas Snake
It is now in pretty good opinion that between now and the day after election day, we will be informed about our appointment scheduled, so remain connected for update.
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TEXAS SNAKE
Fri. 25 Oct. 2024 Texas Snake
Especially since the redemption center people had been ready and waiting since 8:00 am.
Customs Announces A Significant Increase In Trebil Port Revenues After Linking It To The ASYCUDA Program, 31 OCT
Customs Announces A Significant Increase In Trebil Port Revenues After Linking It To The ASYCUDA Program
Trebil border crossing between Iraq and Jordan Money and business Economy News – Baghdad The General Authority of Customs confirmed, on Wednesday, that linking the Trebil port to the global ASYCUDA program has reduced cases of smuggling, manipulation and forgery, while indicating a significant increase in the port’s revenues.
The Director of the Trebil Border Customs, Asim Hamid Al-Shawka, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Trebil port is a commercial and vital port and one of the most important ports in the western region in terms of revenues and exports that pass through it", noting that "it is a link between the Hashemite Kingdom of Jordan and the world through the port of Aqaba."
He added that "the reasons for the increased flow of commercial traffic inside the port are due to the ease of work there and the facilities it provides in accordance with the controls and instructions," noting that "this has made most traders import their goods through the Trebil border port."
Al-Shawka explained that "the movement of travelers from Iraq to Jordan is witnessing large numbers of travelers entering and leaving from Iraqis, Arab tourists and foreigners," indicating that "the credit goes to all the security forces that secured the expressway that connects the port to Anbar Governorate, reaching Baghdad and the rest of the governorates of Iraq."
He continued: "All goods are imported through our center from various global origins, the most important of which are food, agricultural fertilizers, dyes, construction materials, human medicines, veterinary medicines, medical supplies, agricultural materials and cars,"
noting that "our center is distinguished by a transit line for transporting goods from various countries of the world through Iraq to neighboring countries, and various Iraqi products are exported through it to the Hashemite Kingdom of Jordan and the rest of the world, the most important of which are soft drinks, juices, dates, asphalt, furniture and other Iraqi products."
He pointed out that "a crude oil pipeline passes through our center to the Hashemite Kingdom of Jordan, and based on the directives of Prime Minister Mohammed Shia Al-Sudani and Minister of Finance Taif Sami, and under the direct supervision of the Director of the General Authority of Customs Hassan Hamoud, the port was linked to the global ASYCUDA program, which enhanced the reduction of cases of smuggling, manipulation and forgery, and led to a significant increase in revenues over previous years."
He pointed out that "cases of smuggling food items unfit for human consumption were monitored and destroyed, and the smugglers were referred to the judiciary to receive their just punishment," explaining that "this success was achieved through cooperation between the General Authority of Customs, represented by the Trebil Customs Center, and the Border Ports Authority and all supporting departments in terms of the mechanism for exchanging information.
We must not forget the Anbar government, represented by the Anbar Governor and the Chairman of the Provincial Council, with their unlimited support for the Western Region Customs Directorate and the ports affiliated with the Western Region." https://economy-news.net/content.php?id=49310
STATUS OF THE RV, PART. 2 BY MNT GOAT, 31 OCT
And lastly, a VERY IMPORTANT article:
😊 I saved the best, juiciest article to review for last. Yes, the best for last. It is titled:
“IRAQ SELECTS TEAMS OF EX-US TREASURY DEPARTMENT OFFICIALS TO REFORM BANK, FOLLOWING US PRESSURE CAMPAIGN“. Let’s explore what this news is telling us and why it is so important to us. I quote from the article:
“Chip Poncy and his ex-government colleagues in K2 Integrity’s Washington office have been meeting Iraqi officials to discuss changes to the financial sector. Now they have been tasked with cleaning up Rafidain Bank, which has been at the center of major corruption inquiries over the last year. A high profile assignment won by executives at K2 Integrity to reform Iraq’s scandal-hit Rafidain Bank will be undertaken by a team of former US Treasury Department officials who have been meeting Iraqi financial officials since the summer, Intelligence Online has learnt.
Chip Poncy, a former director at the Department’s office of Terrorist Financing and Financial Crimes (TFFC), now a partner in K2’s Washington office, met officials from the Iraqi Central Bank during a training event in Dubai on 30 May. A second meeting occured in late August in New York, attended by Ali Mohsen Al-Alaq, the current governor of the Iraqi Central Bank Poncy will be leading on the assignment with Sarah Runge, who was his assistant at the TFFC office between 2012 and 2013. Two other former Department of Treasury executives, including Poncy’s former Harvard college friend Juan Zarate and Danny Glaser, who heads K2’s Washington DC office, will also advise on the assignment, Intelligence Online understands.
An official Iraqi government statement said the company will be working to “enhance banking operations” at Rafidain in order to expand its cross-border correspondent banking relationships. K2 agreed an earlier contract to advise the Central Bank on US dollar transactions in early 2024, according to local reports citing official documents.”
These are the “big guns” coming to Iraq in the final stages prior to the movement of the process to delete the zeros and the reinstatement that will follow. If you read the article you can clearly see the reason why they are in Iraq and what their assignment is. The US Federal Reserve wants the Reinstatement and want it as soon as they can clean up the dollar and to get Iraq off the dollar entirely, except for normal banking practices as with any country dealing in international commerce. Folks, this is huge for the Rafidain bank, the largest of the CBI banks in the country.
We all should be VERY excited about this news. This is the WOW! news for us today.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/Ministry Of Justice: Completing The Electronic Documentation System And Canceling The Validity Of Paper Issuances Of Agencies, 31 OCT
Ministry Of Justice: Completing The Electronic Documentation System And Canceling The Validity Of Paper Issuances Of Agencies
Buratha News Agency1662024-10-30 The Ministry of Justice announced today, Wednesday, the completion of work on the electronic documentation system and the cancellation of the validity of paper issuances of agencies in all notary public departments in Baghdad and the governorates.
The ministry stated in a statement that "based on the directives of the Minister of Justice, Khaled Shawani, to rely on modern technologies in the work of the judicial departments, and in cooperation with the General Secretariat of the Council of Ministers, the Notary Public Department announced the completion of work on the electronic security code system (QR) for all agencies and in all departments affiliated with it in Baghdad and the governorates."
The ministry quoted the Director General of the Notary Public Department, Youssef Hawiz Khorshid, as saying, "All 178 notary public departments in Baghdad and the governorates have been fully equipped with the requirements for working with the barcode system in order to achieve a complete transition to digitization in the department's work." https://burathanews.com/arabic/news/452191
" Even the UN has said that the UN needs to let go of Iraq now" BY MNT GOAT, 31 OCT
What else is in the news?
☹ The rest of the articles stem around rebuilding the economy and what they are doing to help facilitate this. Also there are a couple article about the U.S. and one specifically got my attention.
This one is titled “MP: AMERICA IS WAGING AN ECONOMIC WAR AGAINST IRAQ”.
The representative of the Sadiqoun parliamentary bloc, Rafiq Hashem, accused America of practicing economic warfare against Iraq, stressing that the trend towards Russia and China is the only salvation from American hegemony.
This attitude of the U.S. I find ironic in a way in that the U.S. has a golden opportunity to help rebuild Iraq and prosper from a roaring economy.
So, why don’t they do it? Why still keep trying to suck the life out of them? We as investors have witnessed all the US corruption and even the holding back the Project to Delete the Zeros and the Reinstatement in 2012-2013.
Think of how much better Iraq could be if they had completed the process in 2013, as planned by Dr. Shabibi.
It is said that trillions, not billions, of dollars could have gone to rebuilding Iraq but instead it was stolen, most went to Iran and terrorists. Now with the slow reaction of the US to support the Iraq economy, as we in today’s news, one must come to the conclusion that this hegemony is what the US really wanted all along and take the Iraqi military bases to be used to control their middle eastern policies of endless wars.
Sorry, but I let reality speak for itself. These are useless, endless wars being diabolically orchestrated by the CIA for the military industrial complex and all the secret payoffs in the background. One has to ask – was the 2003 invasion really about weapons of mass destruction and freeing the Iraqi people or more about accomplishing these other objectives?
I think all my readers know the TRUTH now.
So, you see that when I talk about Iraq and how it has to now dig itself out of a hole that was dug by the US you know what I mean. Everyone thought that once they were out of sanctions things would go smoothly and the process to get back their currency and grow their economy would come easy.
Well… here we sit and its already over a year and a half since the “full” release of “all” UN Chapter VII sanctions. So what happened?
Even the UN has said that the UN needs to let go of Iraq now.
Two major steps would be in the freeing up of the revenue collection from the oil sales and abolishing the DFI fund.
They second would be the re-establishment of the Iraqi dinar on the foreign currency exchanges with a fair and nominal rate. Everything else being done is to get Iraq to these two goals.
As investors we must stay focused and not go off half-cocked on all this other nonsense about some global currency reset GCR. Just remember I have been warning all of you about these scams to buy all these other currencies. The only true horse that I am betting on is the Iraqi dinar. The rest are just long shots. Get it? Of course, this is just what I am doing and so you decide what you will do but be prepared to take the consequences too and no complaints and crying over spilt milk later.
Al-Sudani Discusses With The Commander Of The NATO Mission In Iraq Ways Of Cooperation In Light Of The End Of The International Coalition Mission, 31 OCT
Al-Sudani Discusses With The Commander Of The NATO Mission In Iraq Ways Of Cooperation In Light Of The End Of The International Coalition Mission
Wednesday 30 October 2024 18:05 | Politics Number of readings: 125 Baghdad / NINA / Prime Minister and Commander-in-Chief of the Armed Forces Mohammed Shia al-Sudani discussed with the Commander of the NATO Mission in Iraq, Lieutenant General Lukas Schweizers, ways of cooperation in light of the end of the international coalition mission.
The Prime Minister's media office said in a statement: "Al-Sudani met today with the Commander of the NATO Mission in Iraq. During the meeting, ways of security and military cooperation between Iraq and the alliance countries were discussed, in light of the end of the mission of the international coalition to fight ISIS in Iraq."
Al-Sudani was briefed on the outcomes of the high-level meeting between Iraq and the alliance, which was held in Brussels last August, and directed the formation of a joint committee between the two sides, headed by the Iraqi side by the National Security Advisor, to discuss all frameworks of cooperation.
The Prime Minister stressed Iraq's desire to move to bilateral cooperation with the alliance countries that participated in the international coalition, and to enhance the areas of training and joint advice with the Iraqi armed forces, especially after the Iraqi forces have acquired advanced levels of technical and field effectiveness.
Al-Sudani also touched on the developments in the security situation in the region, with the continued Zionist aggression on Gaza and Lebanon, its threat to regional peace, and its attempts to expand the conflict, reiterating the importance of international and UN organizations and major countries assuming their roles and responsibilities towards stopping the aggression and preventing the genocide of the steadfast Palestinian people. / https://ninanews.com/Website/News/Details?key=1165272