Sudanese adviser reassures Iraqis: No cash problems, 19 JUNE

Sudanese adviser reassures Iraqis: No cash problems

Baghdad – Mil

Prime Minister’s Advisor Madhar Mohammed Saleh confirmed on Monday that Iraq has ranked a distinguished position with international groups that follow the best banking compliance systems, making it safe from any international financial risks, denying the existence of cash problems.

Saleh said, according to the official agency, and followed by “Mil, that “the mechanisms of cash issuance are one of the exclusive competencies of the Central Bank of Iraq because it is the issuing bank based on its Law No. 56 of 2004,” noting that “what is published here and there about problems in cash liquidity is far from the firm institutional basis of the monetary authority in Iraq, which is one of the most important authorities concerned with the issues of availability of cash and the stability of the payment system, which adds the sustainability of the stability of transactions in the national economy.”

He added, “Managing cash, building the cash foundation and controlling the country’s liquidity levels is subject to the principle of a long-term scheme consistent with the achievement of the operational objectives of monetary policy in order to achieve the intermediate goals of stability, sustainable economic growth and the determination of long-term cash flows.”

Saleh indicated that “Iraq has occupied a distinguished rank among the international financial groups that follow the best international banking compliance systems, which makes our country safe from any international financial risks,” pointing out that “Iraq is an essential pillar in regional and international financial cooperation institutions in the scope of combating money laundering, crime and terrorism funds.”

He pointed out that “Iraq recently received a clear positive praise in its strong anti-money laundering policies at the Financial Action Organization conference for the Middle East and North Africa region held in the Kingdom of Bahrain, a certificate from the international financial community confirming the solidity of the financial and banking system in Iraq with the principles of compliance and the integrity of financial and banking operations.”

https://miliq.news/political/31667–.html

"QFS CONVERSATION" WITH GOLDILOCKS, 19 JUNE

 GOLDILOCKS

Putin visits Vietnam. Why? “The main issues relate to shoring up economic and commercial ties, including arms sales.”

Putin and Vietnam's leaders were said to have been working on an agreement regarding ruble-dong currency transactions through the banking system. This meeting is expected to enable payment for goods and services.

Currently, Vietnam is expanding the value of its currency through the expansion of its elderly population through healthcare, commercial trade, and military arms expansion.

Proper military spending over GDP stabilizes and promotes currency values of a country. Why? Money spent on the military ends up in the private sector as payment for goods and services the military requires.

Each of these are indicators of a growing economy that justifies a higher value through demand on their currency inside a Market Economy.    Vision Times   Education CFR   Nature

© Goldilocks
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Nervous about the market? Here’s one thing you could do if shares start sinking fast

Jack Janasiewicz: The bottom line … is that there’s a disinflationary impulse coming. I think [Fed Chair Jerome] Powell was right to sort of look at [hotter-than-expected] January, February, March inflation data as maybe a little bit of an anomaly or a pause but not a reversal of that trend that’s going to continue to head to that 2% target.

So, again, heading in the right direction, it may be slower than people would like. But we’re going to 2%.

And then the other thing I would point to as well — the labor side of their mandate is becoming a little more focused. [The Fed] is one of the only central banks that has the dual mandate with price stability and full employment. It feels like the price stability side is coming into better focus.

As the economy slows a little bit here, and you start to see the unemployment rate tick a little bit higher … the Fed [could start] to focus on making sure that the unemployment rate doesn’t start to rise.

That could be the trigger for rate cuts. So we’re not ruling out rate cuts by September. We could easily have a cut. The data will tell us that, but I think the big takeaway for us is [inflation] going in the right direction.   CNN  

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Liquidity risk surged 41.4% at LCH’s Paris-based clearing house in the first quarter, reaching a level not seen in almost five years. | Risk Net

Iraq's Move to Strengthen the Dinar and Reduce US Dollar Reliance/ iqd/ ...

Al-Sudani: Iraq Is On The Right Path, 19 JUNE

 Al-Sudani: Iraq Is On The Right Path

Political | 07:21 - 06/18/2024   Al-Sudani: Iraq is on the right path 161862024_IMG_9871

Baghdad - Mawazine News   Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani affirmed the government’s support for all arts, while indicating that Iraq is on the right path.

This came during Al-Sudani’s reception this afternoon with a group of Iraqi plastic artists and sculptors on the occasion of Eid Al-Adha, according to a statement received by Mawazine News Agency.

Al-Sudani offered congratulations to those present on the occasion of the blessed Eid, stressing that art has historically flourished in Iraq since ancient civilizations, and the cultural connection of plastic art has not been cut off in subsequent eras, which was embodied in the important drawings left by the Iraqi artist.

He explained that Iraqi plastic art is an Arab pioneer, and this size and artistic cultural weight makes the task of plastic artists and sculptors double. Because they are the heirs of all the creators of civilizations in this land, pointing to the necessity of establishing a museum for Iraqi plastic art in Baghdad.

He also stressed that Iraq went through stages in which the treasures of contemporary Iraqi art were looted, and we have worked to restore many of them.

He pointed to the government’s interest in culture and arts in general, and allocated for the first time more than 13 billion for various types of arts, stressing the importance of holding conferences and cultural activities, due to the cultural sector’s need for them and in order to introduce the reality of Iraq, and the government will take care of them, and His Excellency stated that, at the request of the university president Arabic: The Iraqi pavilion at the Arab League was awarded 15 paintings by Iraqi artists.

The Prime Minister explained, “Iraq is on the right path at all levels, and the national service government has a clear image based on a thoughtful government program that represents an essential step for building confidence between the political system and the people.”

Al-Sudani confirmed, during the meeting, his approval of a set of proposals presented by the delegation of plastic artists. And artists, concerned with the interest in fine art, and its support by ministries and government institutions, and promised to form a committee to follow up on the requirements of the proposals and work to implement them.    https://www.mawazin.net/Details.aspx?jimare=249907

"RV UPDATE" BY TRUTH WARRIORS, 19 JUNE

 TRUTH WARRIORS

🇺🇸💥🇺🇸. Venezuela government lifting their economy up by signing contracts with the Brics countries!  💥💥💥. This will probably raise the value of their bolivar!  🇺🇸💥🇺🇸👇👇

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🇺🇸💥🇺🇸. Using ATMs in Iraq! 🇺🇸💥🇺🇸👇👇

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🇺🇸💥🇺🇸. China and the U.S. Pacific Naval fleet worked together a few years ago to clean out Taiwan.  💥💥💥. There were deadly biolabs underground and human trafficking!  💥💥💥Everything is always done ahead of the time it is out in the public!  🇺🇸💥🇺🇸👇👇👇

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🇺🇸💥🇺🇸. Notifications released for Tier 4B in Brazil and Columbia……on Wolverines chat just now!  💥💥💥. Our turn will come sometime…..🇺🇸

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🇺🇸💥🇺🇸. The fiat dollar will die on Sunday, June 9.  💥💥💥. However, our financial system will be resurrected with our new U.S. Note which is gold backed! 🇺🇸💥❤️🇺🇸

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TRUTH WARRIORS

🇺🇸💥🇺🇸. Notifications released for Tier 4B in Brazil and Columbia……on Wolverines chat just now!  💥💥💥. Our turn will come sometime…..🇺🇸💥🇺🇸

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🇺🇸💥🇺🇸.Iraq and Germany making agreements for projects for private sector!  Sudani has been a very busy man!  🇺🇸💥🇺🇸👇👇

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🇺🇸💥🇺🇸. Interesting.  Currency companies told to stop selling foreign currencies in Iraq now in this window…….before what?  💥💥💥. Perhaps before the camper event?  Just supposition since that event is very close. 🇺🇸💥🇺🇸👇👇

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🇺🇸💥🇺🇸. Iraq is shifting to a gold backed currency!  This makes their dependence on oil to back their currency non relevant!  🇺🇸💥🇺🇸👇👇

https://dinarevaluation.blogspot.com/2024/06/rv-update-by-truth-warriors-via-bearded.html

It's about to happen whether you are ready or not

Behind the scenes of an exciting session of merchants and restaurant owners who “invested” in the exchange rate difference in Iraq, 19 JUNE

 Behind the scenes of an exciting session of merchants and restaurant owners who “invested” in the exchange rate difference in Iraq

A lengthy report by the American newspaper “The National” reviewed the scenes of investing in the exchange rate difference in Iraq, where businessmen, merchants, and restaurant owners benefited by operating their money in this trade, by withdrawing the dollar from the central bank and selling it on the black market, which achieved huge and rapid profits in this way, However, the recent actions of the Central Bank caused problems between these partners due to losses.

The report, translated by “Baghdad Today,” says, “Despite recent efforts for reforms, challenges remain, and well-connected businessmen are still exploiting loopholes in the foreign currency sales window managed by the Central Bank of Iraq to make obscene amounts of money.” From the margin between the official exchange rate and the black market rate.

The National spoke to dozens of businessmen who said the strict measures had helped simplify the import process and forced many to formalize their transactions, but they said there was still room for manipulation.

One of the businessmen said: “There are still ways to circumvent the procedures,” adding that  “falsifying invoices and arrangements at border crossings and manipulating the prices of goods by setting inflated prices by exporters are among the common methods.”

In a room decorated with intricate tapestries and ornate tapestries, The National attended a tense meeting of businessmen, their faces etched with a mixture of frustration and resignation.

They have banded together to resolve a months-long financial crisis that has escalated beyond the bounds of legality, plunging them into the murky waters of clan diplomacy.

By accessing a government-run platform offering US dollars at the official rate, a businessman lured other traders with a deal promising them huge profits from the spread between official and black market rates, sources involved told The National.

With hundreds of millions of Iraqi dinars in circulation, traders received unexpected cash gains. But as the days and months passed, the businessman found himself unable to pay his debts, leaving the merchants in a precarious situation.

No official complaint was filed against him, and the businessman did not face any trial.

“It is clear that we have reached an impasse,” a representative of the businessman who lives in a neighboring country told the audience, who exchanged wary glances. "We can't continue down this path. It's time to cut our losses."

His proposal hung in the air, and was met with hesitant votes of approval.

Giving up half of the two billion Iraqi dinars was a bitter pill to swallow, but it seemed the only viable option in the face of mounting losses and uncertainty.

The owner of a famous restaurant chain in Baghdad told The National newspaper after the meeting: “We say that whoever loses half his money is not a loser.”

“At least I have half my capital in my hands – better than nothing,” he said.

“There is no business that allows you to hit the jackpot like taking advantage of the exchange rate margin in a short period of time, which is why we invested heavily with him.

He added: "Over the past months, he has been paying us on time, but it seems that he has been having problems recently."  link