THE MINISTERIAL COUNCIL FOR THE ECONOMY DECIDES TO SUPPORT THE INDEPENDENCE OF THE CENTRAL BANK IN FORMULATING MONETARY POLICY BY MNT GOAT, 13 JUNE

 MNT GOAT

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.”

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

‘Inescapable Debt Trap’: Fed Going ‘Right Back’ to 0% | Brien Lundin

Iraq raises its gold possessions to more than 145 tons, 13 JUNE

  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 BY AWAKE IN 3D, 13 JUNE

 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

1. Overview of the New U.S. Sanctions
2. Russia’s Response to the Sanctions
3. The Shift Towards the Chinese Yuan
4. 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.

Contributing article: Reuters:Russia, hit by new US sanctions, halts dollar and euro trade on main bourse

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© GCR Real-Time News

NADER FROM MID EAST: More News from Iraq & Future plans (Changes to the channel, more info ab...

Terrorism No Longer a Threat: Iraqi PM, 13 JUNE

Terrorism No Longer a Threat: Iraqi PM

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.

"RV UPDATE" BY TEXAS SNAKE, 13 JUNE

 TEXAS SNAKE

Well several calls and unfortunately nothing new to report, we are all awaiting the GO trigger.

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TEXAS SNAKE

A practicing doctor who is a citizen of Iraq living in Texas, a former client of mine has agreed to contact family members in country tonight to determine what the current in country rate of the IQD is today,  It is almost 0530 in the morning and he asked if I could await his reply until it is closer to 0800 Iraq time.  I will report once he calls me back.

Have received a number of projected exchange rates on Zim IQD and Dong but have been asked not to share but I believe we will be agreeable should these rates be actual .

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Well folks banker feels very positive about what he hopes is confirmed in the morning when he calls me.  Will report afterwards either way.

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It was exoressed that several bond holder paymasters had been called to Reno however there is no confirmation of this thus far.  Will open for a short time should anyone have some additional info.----

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JUNE 6

Texas Snake, [06/03/2024, 10:32:59 p. m.]:

Well it's about 0530 AM in country and the info I am receiving is that the new rates will appear either when the banks open today or they will wait for the FOREX opening on Wednesday to be able to publish the new rate in the Gazette Paper.  Wish I had better intel but most of the UK is asleep now.

Not much reason to open as this is all I have at this time...

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Well folks the information I have rec'ed today indicates a number of the large bondholder paymasters have been invited to Reno to begin exchanging their bond portfolios over the next 24 to 48 hour window. 

We are then scheduled to begin receiving notification to begin scheduling appointments. 

I have this info from 3 sources and am waiting confirmation from the banker, hopefully tonight or early AM.  Will open for a short time so any members who have any news can share. 

 Thanks for all the members joining us and GOD Bless.

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https://dinarevaluation.blogspot.com/2024/06/rv-update-by-texas-snake-6-june.html