Iraq tops list of importers of Turkish grains, pulses, and oils
Shafaq News/ Iraq ranked first among countries receiving Turkish exports of grains, pulses, oilseeds, and related products during the first five months of this year.
Celal Kadooğlu, Chairman of Cereals, Pulses, Oilseeds, and Products Exporters' Association, stated that their exports in the first five months of 2024 increased by 9.2% compared to the same period last year, reaching $1.4 billion.
In a statement, Kadooğlu noted that 51.5% of their exports are to the Middle East and 24.19% to African countries, emphasizing that exports to Iraq, the largest importer of products from the region, surged by 16.2% in the first five months of the year compared to the previous year.
Article: "Iraq is preparing to establish a project that will change the oil map.. Will it affect energy producers?" Quote: "Included the project of this new pipeline with an estimated amount of 6.5 billion dinars or $4.9 billion." Think about what they just said, 6.5 billion Iraqi dinar equates to $4.9 billion...It is like saying the dinar is worth 1.32 to $0.76...That to me will be considered a REER.
All we're looking for now, to some degree, is when are they going show these amendments to be law. We heard different things about the president having to sign, not sign, we have 15 days time frames and people are debating on when that time frame starts - was it June 3rd or was it the day he received it? Do we know the exact day he received it? I don't. But we know our time is short...Once the amendments are passed into law, we'd like to think that prior to that they're going to expose the new real effective exchange rate and probably mention they've done the project to delete the zeros which get you the nominal effective exchange rate.
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If they have a real effective exchange rate like al-Sudani said, that the dinar is going to be stronger than the dollar, the parallel market goes away...Obviously the stronger the currency is the cheaper it is for Iraq to do what they need to do. It's a no-brainer. It's that simple.
The black market is going to exist if the United States dollar is less than the Iraqi dinar...There's not much demand for the dollar now...They've got it under control. Is it showtime? I sure hope so.
I don't care if you've been in this for 20 years. What we're seeing now is completely different. It's a progression. Some people don't like the progression. They just want it to be over and done. Welcome to the club.
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You kind of need the IMF article VIII compliance and that's what we're waiting for which is a real effective exchange rate. I think these guys are about ready to expose that. I think al-Sudani...Alaq from the Central Bank of Iraq all of them have this in their eyes to see this come to fruition and very quickly...
Anybody going with Sudani is going against the mafias and going against those that are going to have their dollar auctions dry up.
Anybody going with Sudani is going against the mafias and going against those that are going to have their dollar auctions dry up. They're going to have lots of different little things happen to them that are going to be painful. Anybody that's holding the dollar when they change the exchange rate...those exchange companies, 197 banks that got tagged by the central bank... they're going to have a painful experience because if you're no...FOR READ MORE:https://dinarevaluation.blogspot.com/2024/06/rv-update-by-militiaman-10-june.html
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.”
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 TimesEducation CFRNature
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
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