NEWS OF IRAQ BY MNT GOAT, 22 JULY

 EXCLUSIVE: US ISSUES NEW 120-DAY WAIVER LETTING IRAQ PAY IRAN FOR ELECTRICITY

| Reuters (7/18/23)

WASHINGTON, July 18 (Reuters) – The United States on Tuesday moved to let Iraq pay Iran for electricity via non-Iraqi banks, a U.S. official said, a step Washington hopes may keep Tehran from forcing unpopular power cuts during the sweltering Iraqi summer.

Secretary of State Antony Blinken signed a 120-day national security waiver allowing Iraq – heavily dependent on Iranian electricity – to deposit such payments into non-Iraqi banks in third countries instead of into restricted accounts in Iraq, said the official who spoke on condition of anonymity.

(Oh..how nice of the US to grant it…..lol..lol..lol.. They are just “saving face” for they know they must preserve relations with Iraq)

More news….

IRAQ’S NEED TO LEGISLATE IMPORTANT LAWS, INCLUDING THE OIL AND GAS LAW TO COMPLETE THE BUDGET

MP Kazem Al-Touki stressed Iraq’s need to legislate important laws, including the Oil and Gas Law, which complements the federal budget.

Al-Touki said in a press interview seen by “Taqaddam” that: “What matters to the work of the House of Representatives is legislation and oversight, and the country today needs to legislate important and strict laws related to the citizen.”

“Today, laws have been enacted, including the Intelligence and National Security Law, and we have already issued important laws, including electronic extortion,” he said.

“We are waiting for the most important law complementary to the budget and the stability of the country’s economy, which is the controversial oil and gas law,” he said. “All parliamentary committees continue to host officials with intensive visits to state institutions,”  

(The oil and gas law compliments the new budget, Article 140 compliments the oil and gas law. Get it? They are all hard to separate and are connected. They have had 20 years already so what took them so damn long? Now they rush? )

More news….

(HERE COMES ARTICLE 140!)

PARLIAMENT: A NEW MECHANISM TO ACTIVATE THE WORK OF THE ARTICLE 140 COMMITTEE, AND THESE ARE ITS FINANCIAL ALLOCATIONS

The Parliament announced the establishment of a new mechanism to activate the work of the Article 140 Committee, stressing that the financial allocations allocated by the government are very low.

The second deputy Speaker of Parliament, Shakhwan Abdullah, said, in a joint press conference with members of Parliamentary Committee 140 today, Thursday, that “the temporary committee formed in the House of Representatives to follow up on the work of Article 140 of the Constitution Committee, which was suspended for more than 10 years, was activated after the agreement of the political blocs to support the activation of this article.”

See full article in the articles section.

More news….

ENHANCING CONFIDENCE IN THE IRAQI DINAR

To enhance the ability of the Iraqi dinar against foreign currencies to circulate within the country, the following was decided:

1.Collection of all cash guarantees shall be in dinar currency exclusively for internal credits, bank guarantees and letters of guarantee issued to the benefit of the beneficiaries (governmental and private), even if they are in dollar currency and at the official exchange rate.

2.The payment of the sums of the letters of guarantee upon confiscation shall be exclusively in Iraqi dinars and at the official exchange rate.

We ask all authorized banks to take the necessary measures in accordance with the above

More news….

COMPLETION OF THE KARBALA REFINERY AND THE START OF ACTUAL PRODUCTION IN IT

Economy News-Baghdad

Iraq’s oil refining capacity has risen to 1.1 million barrels per day.

According to the Energy Agency, “the oil refining capacity in Iraq is 1.116 million barrels per day in 2022, up from 976,2021 barrels per day in <>,” noting that “the rise came as a result of the completion of the Karbala refinery and the start of actual production in it.”

(VERY GOOD NEWS! Why is this news so important? It is the very start of the end of the dependency of Iraq to import refinery products from outside the country namely from Iran. These are refined fuels such as petrol, diesel fuels needed to run automobiles, small generators and construction machinery. Right now they also mostly need the fuels to run power plants. They will especially need these products to rebuild the Iraqi cities. Iraq did not have refineries and contracted a firm to build one for them. Many more are slotted to be built in this new budget to meet the demands of Iraq.)  

DINAR IRAQ & DONG VIETNAM UPDATE, 22 JULY

 More than 5 months since the decision to reduce the exchange rate, and the dollar is still high

The exchange rates of the dollar are still high despite government decisions to reduce it in the main currency market, which increased the suffering of citizens due to the high market prices.

The capital’s markets are witnessing a noticeable rise in the prices of its imported products due to the continued rise in the price of the dollar, and the citizen complains about its rise despite government decisions to reduce it.

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Economist: US sanctions on Iraqi banks have a political goal

7-21-2023

Economist - US sanctions on Iraqi banks have a political goalToday, Friday, the economic expert, Aziz Shwan, said that the US sanctions imposed on a number of Iraqi banks “have a political goal.”

Schwan said in an interview with “ Al-Jarida ”, that “the violations of the banks are twofold, intended and unintended,” explaining that “the penalties were imposed on these private banks by the American side because of bank transfers according to the controls of the Central Bank to accounts outside Iraq, and the Americans have notes on these bank accounts through their sources.” It would have been more appropriate for the American side to find a mechanism to warn the Central Bank or the concerned National Bank for the purpose of conducting additional verification of certain bank account codes or (Swift). Without this cooperation, the issue of these sanctions becomes a purely political matter.”

And Shwan continued, “As for the intended aspect of the violations, it is the presence of a kind of collusion on the part of some employees in these banks to facilitate bank transfers, and this aspect must be audited by the Central Bank and the concerned regulatory and legal authorities.”

jaredaiq.net

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The crisis of the rise of the dollar returns to the fore… and an upcoming parliamentary procedure

2023-07-21 01:44

The crisis of the rise of the dollar returns to the fore... and an upcoming parliamentary procedureShafaq News/ The Parliamentary Finance Committee confirmed, on Friday, its intention to host the Governor of the Central Bank and the Minister of Finance during the next week, to find out the reasons for not controlling the parallel exchange rate.

The parallel price means the exchange rate of the dollar in the market and exchange offices, and not the official rate set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers.

The exchange rates of the US dollar rose against the Iraqi dinar, in the Baghdad markets, and in Erbil, the capital of the Kurdistan region, after Washington imposed sanctions on 14 Iraqi banks.

As the Al-Kifah and Al-Harithiya stock exchanges recorded, with the closing, yesterday evening, Thursday, 150,900 dinars for 100 dollars, while in Erbil it recorded 151,000 dinars for every 100 dollars, and the purchase price was 150,950 dinars for 100 dollars.

In this context, member of the Finance Committee, Moein Al-Kadhimi, told Shafaq News agency, “The government tried to control the exchange rate, by reducing the dollar from 145 to 130, and was able to provide remittances to countries to which remittances can be sent.”

Al-Kadhimi added, “But there are other countries from which Iraqi merchants import, and US sanctions prevent sending these remittances, forcing these merchants to obtain dollars from the parallel market.”

He explains, “Which leads to the dollar’s price remaining high in this market, and with the recent measures of the US Federal Reserve not to deal with a number of private banks, it had an impact on the dollar’s price rise, to reach 155.”

Regarding the procedures of the Finance Committee in this regard, Al-Kazemi confirms, “There will be a hosting of the Governor of the Central Bank and the Ministry of Finance during the next week, to find out the real reasons for the inability to control the parallel price.”

A member of the Finance Committee explains, “The lack of control over the parallel price is due to the sanctions imposed by the United States on countries such as Iraq, Syria, Iran, Lebanon, and even on some Turkish companies, which leads to an increase in the black market demand for the dollar.”

On Wednesday, the US Treasury Department 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 covered by 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 Al-Qartas for Investment and Finance, as well as the Islamic Spectrum, Elaph Bank, Erbil Bank for Investment and Finance, the International Islamic Bank, Pan-Iraq Bank, Mosul Bank for Development and Investment, Al-Rajeh Bank, Sumer Commercial Bank, Trust International Islamic Bank, Ur Islamic Bank, 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.

shafaq.com

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Citizens in Mosul call on the central bank and the government to solve the exchange rate problem

Mosul (NINA) – Citizens from Mosul called on the central bank and the government to take urgent measures to address the problem of the continuous rise in the exchange rates of the dollar, which has reached in the markets about 150,<> dinars per hundred dollars.

One of the most prominent merchants in the city of Mosul, Hassan Klawi, said in a statement to the Iraqi National News Agency (Nina) that “the continued rise in this way affects the economic situation and markets in Mosul and all of Iraq.”

He added that “the markets of Mosul are witnessing a very large recession due to the high prices of food products, which was a major reason for the rise in the price of the dollar, which negatively affected the Mosul street, calling on the Central Bank to intervene quickly to solve the crisis of the rise in the price of the dollar, which negatively affected citizens due to the deterioration of the economic conditions in Iraq in general, especially Nineveh.”

Citizen Uday Al-Badrani stressed that “this increase has led to a deterioration in the purchasing power of citizens and an increase in the cost of living.

Prices have been significantly affected, he said, as prices of basic commodities, foodstuffs and basic necessities have risen. Various economic sectors, such as industry, agriculture and trade, have also been affected by the high import costs and the decline in investments, which led to the deterioration of the economic situation and increased unemployment and poverty rates,”

he said, calling on the Central Bank to intervene quickly in order to end the violations of these high prices in light of this difficult economic situation.

Iraq Renews Deal to supply Lebanon with Oil, 22 JULY

 By John Lee.

The governments of Iraq and Lebanon have signed a Memorandum of Understanding (MoU) wherein Iraq will supply Lebanon with quantities of fuel and crude oil.

The agreement, in line with Cabinet Decision No. 23265 in 2023, aims to support Lebanon's electricity sector and strengthen cooperation between the two countries, serving their mutual interests.

During the signing ceremony, Iraq's Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, emphasized the renewal of the agreement for another year with an increased quantity of gas oil based on mutual consent.

Additionally, a new contract for crude oil will be arranged, and technical committees from both sides will define the appropriate mechanisms for executing the agreement, including quantity determination, transportation, loading, unloading, and other logistical and technical commitments. Subsequently, both countries' cabinets will approve the joint committee's recommendations.

Lebanon's Minister of Energy and Water, Walid Fayyad, praised Iraq's support to overcome his country's fuel supply crisis for power stations. This gesture of support is deeply appreciated by the Lebanese government and people.

(Source: Iraqi Ministry of Oil)

LINK

NEWS OF ZIMBABWE & INDONESIA, 22 JULY

 Reserve Bank Of Zimbabwe Owes Over $4bn For Goods And Services | Pindula (7/22/23)

The Reserve Bank of Zimbabwe owes more than $4 billion to banks and companies, including commodities giant Trafigura Group and South African Airways, for fuel, corn, and other goods and services.

Private credit has saved Zimbabwe’s economy from total collapse, according to John Mangudya, the central bank’s governor. He told Bloomberg:

The creditors were supplying Zimbabwe in good faith, supplying things like fuel in advance, which was consumed by Zimbabweans. It’s only right that the country repays.

Trafigura is Zimbabwe’s second-largest private creditor, owed $66 million, behind Holbud, which is owed $85 million. SAA is owed $61 million for airline services. Mangudya expects the recent appreciation of the Zimbabwean dollar against the greenback to continue, which should alleviate pricing pressures.

John Mangudya expects the recent appreciation of the Zimbabwean dollar against the US dollar to continue, which he believes will alleviate pricing pressures. He also expects to see negative month-on-month inflation in July.

The central bank’s quasi-fiscal activities have been criticised by the International Monetary Fund, which has urged authorities to end them. Zimbabwe cannot access credit from international financial institutions as it is already $17 billion in arrears. Zimbabwe’s Treasury plans to seek lawmaker approval to assume the central bank’s external obligations.

Former Finance Minister Tendai Biti is also on record criticising the central government for off-budget spending such as subsidies, loan guarantees, and tax exemptions, as well as the accumulation of off-budget debts or other financial obligations and sidelining of Parliament in key economic policy decisions.

 Biti argues that laws affecting the economy have mostly been made through Statutory Instruments and the Presidential Powers (Temporary Measures) Act, bypassing the role of Parliament. He argues that Parliament should take back its powers to act on policies that affect the economy to prevent negative consequences for millions of people, particularly pensioners. 

https://www.pindula.co.zw/2023/07/22/reserve-bank-of-zimbabwe-owes-over-4bn-for-goods-and-services/

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Harambe:  Indonesia launches a national exchange and clearing house as it steps up crypto regulation (7/21/23)

Indonesia has jumped on the crypto regulation bandwagon. As interest in crypto keeps growing worldwide, governments are trying to figure out how to handle these digital assets well. In this way, Indonesia has made a big step forward by opening its national crypto market and clearing house. 

By making a platform for trading cryptos that is safe and regulated, Indonesia hopes to boost investor trust, attract foreign investments, and stop illegal activities that are linked to cryptos. 

Indonesia’s crypto regulation launch

According to a statement released Thursday by the nation’s commodities regulator, Indonesia’s stock market and clearing house for digital assets are now functioning after numerous delays.

In the past few years, Indonesia has become one of the crypto markets with the fastest growth. Many people in the country know a lot about technology, and many people who don’t have bank accounts but want other financial services have helped coins spread quickly. 

However,  the crypto business couldn’t grow well because there weren’t any clear rules, and there was a chance of scams.

Indonesia has a unique connection to crypto. Investment in these digital assets is permissible, but their usage as a method of exchange is not.

Throughout the outbreak in Indonesia, crypto coins became increasingly popular as investments. Additionally, as of June, more than 17.54 million people in the nation had invested in digital assets. This number far exceeded the total number of investors registered with the local stock exchange.

However, recent developments in the world economy, including the increase in interest rates, have tempered public interest in cryptos. Crypto transactions in Indonesia between January and June were 66.44 trillion rupiah ($4.42 billion), down 68.7% from last year.

Previously, it was reported that Bappebti would restrict the sale of cryptos to local transactions while maintaining them in line with global market developments. There will be a one-month window for licensed merchants to join the exchange.

According to Bappebti, the top five most traded cryptos were Tether, Bitcoin, Ethereum, Ripple, and Binance Coin.

As of at least December 2021, development on the project had begun. In September 2022, Pang Hue Kai, CEO of one of Indonesia’s 25 licensed crypto exchanges, Tokokrypto (partially controlled by Binance), hailed the endeavor as “a catalyst for the Indonesian crypto ecosystem.”

Because of the time it takes to evaluate prospective exchange members, the original launch date of December 2022 has been pushed back to June 2023. Trade Minister Zulkifli Hasan announced at the time, welcoming all operational crypto exchanges with national registration.

"VIETNAM BANKS PROVE ATTRACTIVE TO FOREIGN INVESTORS", 22 JULY

Vietnamese banks prove attractive to foreign investors | Vietnam+ (7/21/23)

A number of Vietnamese banks are grabbing interest of foreign investors who are major banks or financial groups.

The Southeast Asia Commercial Joint Stock Bank (SeABank, coded SSB) has revealed a plan on the private placement of nearly 95 million shares, equivalent to 4.63% of its current shares and over 3.7% when the placement is completed, to a professional stock investor expected to be the Norwegian Investment Fund for Developing Countries (Norfund).

SeABank said the offering price will be not lower than 12,861 VND (over 0.5 USD) per share, which was stated in the audited 2022 separate financial statement, and the highest price is expected at 37,032 VND per share. The bank is set to collect a minimum of more than 1.2 trillion VND and a maximum of over 3.5 trillion VND from this deal.

Saigon - Hanoi Commercial Joint Stock Bank (SHB, coded SHB) is also attracting foreign investors. Reuters recently cited its private source as saying that SHB is preparing to offer 20% of its shares’ value to a strategic partner. The names of the parties concerned have not been disclosed, but some information sources said several potential investors from the Republic of Korea and Japan have had meetings with SHB.

The value of this deal is hope to stand at 2 - 2.3 billion USD, and the transaction will be completed in 2023 or early 2024 after getting approval from the State Bank of Vietnam (SBV).

Foreign investors’ ownership of SHB is just around 7% at present, much below the ceiling limit of 30% set by the SBV. This is considered a promising opportunity for foreign investors.

Earlier, SHB finished the transfer of 50% of the charter capital of its SHB Finance Co. Ltd to Thailand’s Bank of Ayudhya Public Co. Ltd (Krungsri), a strategic member of the MUFG group of Japan, after over one year since SHB and Krungsri signed a capital transfer contract. The two sides will continue transferring the remaining 50% after three years as stated in the contract.

Krungsri once said that it would spend 5.1 billion THB (156 million USD) on this transaction.

The stocks of SSB and SHB have also been listed in the basket of VN30 Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on the Ho Chi Minh Stock Exchange (HoSE). Insiders said the presence in the VN30 basket will enhance these stocks’ attractiveness and values even further.

Meanwhile, more than 1.19 billion shares of Vietnam Prosperity Joint Stock Commercial Bank (VPBank, coded VPB) will be offered through a private placement to Sumitomo Mitsui Banking Corporation (SMBC) of Japan’s Sumitomo Mitsui Financial Group, Inc (SMFG). They equal over 17.73% of VPBank’s current shares and 15% when the placement is completed.

The transaction will be made in the third or fourth quarter of 2023 after the SBV approves and the State Securities Commission confirms its reception of all necessary papers.

With a planned offering price of 30,159 VND per share, VPBank hopes to gain more than 35.9 trillion VND (1.5 billion USD) and raise its charter capital by over 11.9 trillion VND. This deal will set a new record in transaction value in the banking sector.

Likewise, leaders of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Lien Viet Post Joint Stock Commercial Bank (LPBank), and Nam A Commercial Joint Stock Bank (Nam A Bank) said their banks are planning to increase charter capital by selling shares to foreign investors.

Nguyen Quoc Hung, Secretary General of the Vietnam Banks Association, said with rich experience, foreign banks and financial groups will make consideration before pouring money so as to ensure profitability and improve the governance capacity of domestic credit institutions.

Many banks have reached or almost reached the ceiling limits of foreign ownership. However, others still have low foreign ownership rates such as SeABank, Nam A Bank, Bac A Bank, BVBank, and KienLongBank. This is one of the factors making Vietnamese banks more attractive to foreign investors, he opined.

https://en.vietnamplus.vn/vietnamese-banks-prove-attractive-to-foreign-investors/259757.vnp

Frank26…..7-21-23……RATE CHANGED AGAIN

KTFA

Friday Night Update

Frank26…..7-21-23……RATE CHANGED AGAIN

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Frank26: They are pairing the Iraqi dinar with many currencies from all around the world…and that pairing  is bringing the Iraqi dinar on a International Stage….not full accepted yet but greatly appreciated.

Please listen to full video for all the information .

DINARLAND UPDATE, 22 JULY

 MarkZ

[via PDK]

I keep hearing rumors that whales have money. I have great whale contacts- phenomenal whale contacts in Reno, Miami, Shanghai and Hong Kong and Zurich. And I cannot find a single one that has spendable dollars. Quite a few of them talk about having money in their accounts but they can’t get to it. Its on hold.  But are they very hopeful they will soon see a release of it- yes.  But they just have not seen it yet.

Most of my contacts have just gone dark … I still think things are exceptionally positive. I am trying to make myself stay calm during this process. Just buckle up and stay ready. Start getting your ducks in a row with preparations.

MilitiaMan (KTFA)

We’ve been waiting for and are still waiting for the 2023-2024 budget to have allocations to pay for things and to get projects started…we have to see if Sunday is one of those days that subsequently presents itself for them to expose things/roll out process.

They (Iraq) need to expose some things to us and this exposure could happen as early as tomorrow or Sunday or Monday. They have work to do and contracts to deal with.  People need to get paid so they are going to have to show their cards. Basically that is where they are at I believe the short term looks better than the long term right now.

Sandy Ingram

                         

If Iran were to sway Iraq to go against their signed agreement with the Untied States, both Iran and Iraq could end up under sanctions.  This would mean Iraq would no longer be able to secretly help Iraq to stay afloat.  Everybody knows Iraq is helping their neighbors, it’s how they help them that matters.  No US dollars.

Bruce (The Big Call)

[via WiserNow]

We’ve been told that the redemption centers are now on high alert as of …Friday.  And the information we have from another source directly connected to the process is that we should be there for our notifications…Friday, Saturday or Sunday.  We could get notified anytime within that period…Let’s see what happens with this window.

Mountain Goat

I know we are right at the cusps of this event happening.  I know for a fact that Iraq is now a full member of the WTO yet they hold back the news and officially announcing it.   Why?   Could it be they want Iraq to coordinate this event with the reinstatement of the dinar?