Quote: "the meeting comes under highly complex economic conditions...discussing a number of aspects related to the role of monetary policy in facing risks resulted from the repercussions of possible macroeconomic shocks..."
In other words, something is going to happen and they're telling the largest entities in the world that they're facing risks resulting from repercussions of possible macroeconomic shocks.
In other words if something happens in a small country, something else could happen in a big country...If the bank of International Settlements is telling this to other central banks who does business with other central banks, those that need to know this information just got told something's up.
The Bank of International Settlements is the central banks of all central banks. They move markets. Commercial traders fear central banks because of the amount of money they have to be able to throw at markets.
The Bank of International Settlements talked with language I've never heard before in my 30 years of trading. When central banks have to be very very careful on how they say things because what they say will move markets. People can lose and make money.
Article "The Arab Monetary Fund of the International Settlements organized a meeting...on Wednesday and Tuesday November 15th 16th of 2023"
This article did not come out until the 16th. The 15th they never mentioned it...Why not tell you in advance they're having a meeting...?
5 years of waiting and America welcomes... What does it mean for Iraq to join the European Bank?
The European Bank for Reconstruction and Development officially included Iraq in its membership, becoming the 74th member of the multilateral lender, and the US administration welcomed this step.
Official Media The Iraqi Ministry of Foreign Affairs announced, on Thursday, November 16, 2023, that Iraq has officially joined the European Bank for Reconstruction and Development
Ministry spokesman Ahmed Al-Sahhaf said in a statement, “Iraq has joined the European Bank for Reconstruction and Development (EBRD), as it has completed the accession procedures and is now the 74th member of the bank,” noting that “Iraq had previously submitted an application to join the bank in April 2018.” The Board of Governors approved his membership in October 2020.”
He continued, "The process of becoming a contributing member has now been completed, and as a shareholder, Iraq can apply to benefit from the financial and political support provided by the European Bank for Reconstruction and Development."
The President of the European Bank for Reconstruction and Development, Odile Renaud-Basso, said, according to the statement: “I am pleased to welcome Iraq as a member of the Bank. We are fully committed to dealing with the country, and when the time comes, we look forward to starting work in Iraq, and applying our expertise to develop its economy.”
The statement concluded, “This achievement was the culmination of effortsEmbassy of the Republic of IraqIn London and its continued efforts with the bank’s management in London, and the possibility of the bank’s contribution to infrastructure projects inIraqIncluding a project Development pathThe American administration welcomed the Iraqi step, and stated in a
comment on the matter that “accessionIraqThe European Bank allows its companies to access loans that contribute to improving products and services and enhancing communication with the world.”
He will joinIraqTo the bank’s region in the southern and eastern Mediterranean, which includes Egypt, Jordan, Lebanon, Morocco, Tunisia, the West Bank and the Gaza Strip, given the strong economic ties between it and those countries.
The Iraqi government applied to join the bank for the first time in 2018, and its status as a shareholder enables it to apply to become a recipient economy, which would provide financing and political support from the bank.
And it was foundedEuropean BankFor Reconstruction and Development (EPRD) in 1991 to assist the former communist countries in the EastEuropeOn the transition to a market economy. The Group of Seven major countries owns a majority stake in the bank.
The Foundation launched its operations in the southern and eastern Mediterranean region in 2011, and has so far invested nearly 19 billion euros in 363 projects to support the private sector and sustainable development.
The importance of joining helpsEuropean BankIt has been working on developing the economies of developing countries since its establishment in 1991, and investment is an important tool to help build market economies, and from this standpoint comes the importance of joiningIraqTo him, considering thatIraqIt represents a wide arena and a good environment for investment in various fields and sectors, and joining can helpIraqTo this bank in promoting the development renaissance in the country and this will provide great job opportunities, in addition to making...IraqA destination for giant European companies, thus supporting the Iraqi economy and moving away from the grip of the mono-economy that depends on oil, according to experts.
Experts and specialists also expressed their hope that the accession would be revitalizedIraqFor membershipEuropean BankFor reconstruction and development, the wheel of reconstruction is turning and the revival of many of the large projects that the current government has begun to implement.
The financial advisor to the Prime Minister, Mazhar, outlinedMohammed SalehThe importance of joiningIraqtoEuropean BankFor reconstruction and development, while stressing that accession was the result of sober and constructive consultations carried out by economic diplomacy.
Saleh said: “JoinIraqtoEuropean BankFor Reconstruction and Development, he has been preparing since he agreedBoard of GovernorsHe joined the 74th member in 2020,” pointing out that “the accession was the result of sober and constructive consultations carried out by economic diplomacy over the years to reach the stage of full accession to membership in this multilateral European financial institution,” according to the official agency. He added, “This will enable Our country is able to implement our priorities in sustainable economic development, which he undertakesEuropean BankReconstruction tasks there and improving important aspects of Iraq’s infrastructure.”
He explained that “the European Bank for Reconstruction and Development (EBRD) is a multilateral development bank that uses investment as a tool to help build market economies. It was founded in 1991 and initially He devoted its work to the Eastern European transitional countries that transitioned from centralized economies to markets.” The aforementioned bank financed 5,035 projects from 1991 until 2020, with a total value of business volume amounting to 120 billion euros.”
He pointed out that "the European Bank works specifically for reconstruction and development in 38 countries in the southern and eastern Mediterranean, Central and Eastern Europe, and Central Asia." It also finances large and small projects in a variety of sectors, including public works and agribusiness." Natural resources, infrastructure such as road projects, water and sanitation, and the digital and technological sector."
He continued: “Thus, the European Bank for Reconstruction and Development serves the interests of all its shareholders - whose total number today exceeds more than 74 countries from 5 continents, in addition to the European Union countries themselves.” He stressed that “Iraq’s membership in the European Bank for Reconstruction and Development will represent a true European investment partnership in launching important strategic projects in our country, such as the large Iraq development project (Development Road), which is a project that will link the interests of Iraq and the global south with Europe on the one hand, and the interests of Europe and Iraq with the global south.” The world on the other hand. link
Changes in commercial transactions... Iraq replaces the dollar with other currencies to stabilize the dinar, 19 NOV
Member of the Parliamentary Finance Committee, Nermin Maarouf, confirmed today, Saturday, that the Central Bank has made notable efforts recently to reduce pressure on the US dollar against the Iraqi dinar, and to control instability in the value of the dollar.
Marouf told Al-Mutala’ Agency, “The measures that have been adopted include dealing with some merchants abroad in other currencies, such as the Indian rupee, the Chinese yuan, and the Emirati dirham, based on the volume of trade exchanges that Iraq conducts with those countries, especially with China and India, and aims to This step reduces the pressure on buying dollars in commercial transactions.”
Marouf indicated that "these measures have not yet fully entered into force, as traders informed her that India has agreed to deal in the Indian rupee, but she is awaiting the resolution of the official mechanism between the government of Iraq and India before implementing them fully."
She stressed the need to accelerate procedures related to this matter to achieve stability of the Iraqi dinar against the US dollar.
She added, "A bilateral agreement must be reached between countries and Iraq to deal in the currency of the country with which trade is conducted, given that the dollar is considered the prevailing currency in most commercial transactions currently."
Marouf concluded her statement by "calling to speed up procedures and reach an official agreement to implement these steps, in order to enhance the stability of the Iraqi dinar and achieve greater financial independence for the country." link
[Call the bank experiment results] Of about 300 people...half of them told me Mr. Frank, they said it's a scam. And the other half told me, Mr Frank, they told me everything and more...The experiment worked. I didn't give you a phone number for a bank...I gave you an 800 number for Chase Financial call center...Of nearly 300 phone calls we were able to find a pattern...
the names of these operators. We found the operators that were negative...Yet there were these other operators that were...educated or maybe students of the Iraqi dinar said, oh, yes you need to talk to our Wealth Management Department let me transfer you over there right away...The experiment was a success! [See yesterday's Spain Bank Story Below 11-18-2023]
Community comment "We don't have to pay taxes on dinar exchange." Stop that nonsense...how dumb is that. Where in history of the United States of America have you seen our government say you don't have to pay any tax on any of that?They'll chase you until Hades to get the taxes they think you owe them. Don't deceive yourself.
Don't be that way. That's part of proper stewardship. You're going to pay taxes and pay them... [NOTE: Consult your tax professionals at the appropriate time to determinate proper tax for your unique circumstances]
Does The Fluctuation Of Oil Prices Affect Iraq's Budget? A Government Advisor Responds
Time: 11/19/2023 Read: 442 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, said that the general financial trend for the year 2023 is “towards the upside” despite the fluctuation in oil prices.
Saleh told {Al-Furat News} agency, "The fluctuation of oil prices between rise and fall and its impact on the budget deficit. We find that this depends on the annual average revenues from a barrel of oil from the same source."
He stated, “The result of this impact on the total revenues of the annual general budget is that price fluctuations will certainly occur that fluctuate between rise and fall, but the general trend in 2023 is towards the rise.”
Three OPEC+ sources told Reuters that the group is scheduled to consider whether to make an additional cut in oil supplies when it meets later this month, after prices fell about 20% since late September.
The price of Brent crude fell to about $80.6 per barrel from the highest level in 2023 recorded in September, near $98. Concerns about demand and a potential surplus next year have put pressure on prices, despite support from OPEC+ cuts and conflict in the Middle East.
Saudi Arabia, Russia and other OPEC+ members have already pledged to reduce overall oil production by 5.16 million barrels per day, or about 5% of daily global demand, in a series of steps that began in late 2022. The cut includes 3.66 million barrels per day from OPEC+. In addition to a voluntary reduction from Saudi Arabia and Russia.
On June 12, the House of Representatives approved the largest draft budget law in the country’s history for the current year, with a total amounting to 198 trillion and 910 billion dinars ($153 billion), while the total state revenues under the draft law amounted to 134 trillion and 552.9 billion.
The fiscal deficit amounts within the budget law were estimated at more than 64.36 trillion dinars, at record levels amounting to more than two-thirds of the last deficit witnessed by Iraq’s budget recorded in 2021. Iraq relied heavily,
in its recently approved budget, on oil revenues, which within the law amounted to approximately 117.2 trillion dinars. While the total non-oil revenues amounted to about 17.3 trillion, which means that the Iraqi budget has become hostage to international oil prices, as the price of a barrel of oil was estimated at 70 dollars, and the amount of daily exports is 3.5 million barrels per day, of which 400 thousand barrels per day are from the Kurdistan region of Iraq and are suspended. Since last March due to a dispute with Turkey. Raghad Dahham LINK
Al-Sudani Stresses The Importance Of Investing In High Oil Prices To Increase Financial Allocations, 19 nov
Time: 11/19/2023 Read: 572 times {Politics: Al-Furat News} Prime Minister Muhammad Shiaa Al-Sudani chaired, this Sunday morning, the regular meeting to follow up on the Ministry of Oil and oil projects, and the progress of implementation of the Ministry’s plans prepared to develop the oil sector in Iraq, in the presence of the Minister of Oil, the Ministry’s senior staff, and the Prime Minister’s advisors. For oil and energy affairs.
A statement from the Prime Minister’s Office, a copy of which {Al-Furat News} received, stated, “The meeting witnessed a review of projects in the extraction and distribution sectors, the export axis, gas and refinery projects, completion rates, and the most prominent problems facing the progress of implementation, in addition to discussing the investment opportunities announced by the ministry in 2023.” .
The Prime Minister stressed the need to advance this vital sector, in all its aspects. Because it is linked to the state’s plans and desired development, pointing to the importance of investing in the relative rise in global oil prices, in increasing financial allocations through optimal investment of oil and gas.
He pointed out that oil constitutes the main source of income, and the government is working to develop the oil sector and other sectors related to the chemical, petrochemical, and fertilizer industries, according to what was stated in its government program, as well as developing the electricity sector and working on the integrated energy projects plan program, pointing to the government’s policy of continuing to provide Support at the level of solutions, policies and decisions.
During the meeting, Al-Sudani was briefed on the results of the discussions held between the Ministry of Oil in the Federal Government and the Ministry of Natural Resources in the Kurdistan Regional Government of Iraq, in order to complete the procedures for re-exporting crude oil through the Turkish port of Ceyhan. LINK
