Monday, June 24, 2024
Iraq approves the lending strategy, 24 JUNE
Iraq approves the lending strategy
Baghdad – Mawazine News
The Ministerial Council for the Economy approved, on Monday, the national lending strategy, while decided to hold a special session of the Council, in the Kurdistan region, to solve all outstanding economic problems.
This came during a meeting held under the chairmanship of Foreign Minister Fuad Hussein, the 18th session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, the Minister of Planning, the Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, the advisers to the Prime Minister for Economic and Legal Affairs, the Chairman of the Securities Commission, and the Undersecretary of the Ministry of Oil.
The Council discussed, according to a statement received by the Mawazine News Agency, the paragraphs on its agenda and took the necessary decisions on them, and approved the request of the Ministry of Transport to refer the project of extending a railway between the city of Basra and the Shalamja port as far as it is related to the financial powers.
The Council approved the national lending strategy after the Governor of the Central Bank presented a summary of the strategy and what the bank implemented during the previous lending initiatives, and also decided to hold a special session to discuss all opinions, ideas and proposals for maximizing the state’s non-oil revenues.
The Council approved, according to the statement, that the General Company (Or) affiliated with the Ministry of Industry will purchase the damaged and damaged wires from the Ministry of Electricity and its formations in all for a price to be agreed between the two parties.
The Council reviewed the technical report prepared by the Ministry of Commerce on the reality and work of the civil mills, and decided to support the ministry’s measures to improve the quality of flour production provided to citizens as well as approve the transfer of ownership of the mills.
The Council also agreed to cancel the withdrawal of work from the company implementing the contract of Thahir (16) a spherical tank to reach the completion rates to final stages, and the Council decided at the request of the Ministry of Agriculture to open the import of winter crops (halana, carnabablo, lettuce, slgum and shunder).
https://www.mawazin.net/Details.aspx?jimare=250167
Coffee with MarkZ. 06/24/2024
Central Bank publishes mechanism of imposing fines on private banks, 24 JUNE
Central Bank publishes mechanism of imposing fines on private banks
The Central Bank of Iraq revealed the mechanism of imposing fines on private banks and banks.
According to a document issued by the bank on the third of this month, “we would like to inform you that the imposition of fines on banks and non-bank financial institutions is done through a competent committee in this bank based on the Central Bank Law No. (56) of (2004) and the Banking Law No. (94) of (2004) and the instructions and controls that regulate banking operations.”
He added that due to the violation of these laws, instructions and controls by the bank or non-banking financial institution, the purpose of imposing fines on banks and non-bank financial institutions is to prevent them from committing violations of the laws mentioned above and the instructions issued under them to protect them and ensure their safety and the safety of the financial sector in general.
"QFS CONVERSATION" WITH GOLDILOCKS, 24 JUNE
GOLDILOCKS
China has been selling their US Treasury Bonds and buying gold to create a diverse net worth of their holdings in gold. It has allowed them to decouple their economy from the dollar and begin a Treasury Bond Market of their own.
As of May 2024, gold makes up 4.9% of China's foreign exchange reserves. Central Banks have been buying gold at record rates around the world to achieve their Independence and Sovereignty.
The bond market plays an important role in the valuation of financial assets. The utilization of this financial tool will aid the countries who have moved through their Article 4 consultations with the IMF to achieve financial clarity and direction.
China intends to move into their Treasury Bond Market gradually. They intend to use this as a liquidity tool to help manage interest rates and move their monetary system forward through the support of gold as collateral instead of the dollar.
Other countries around the world are in process of doing the same. Over time, we will be witnessing an increase of exchange rates determined by each country's ability to collateralize their newfound level of Independence through gold as it deflates their inflating economies.
It is important for us to watch these new trends as they will create new valuations upon currencies that have been lying dormant for many years. These new local currencies being traded between nations going forward will soon be operating from their own strength and support through gold.
Gold will set us free.
© Goldilocks
https://www.morningstar.com/news/dow-jones/2024061979/bond-trading-by-china-pbocs-wouldnt-be-quantitative-easing-governor-says
https://www.investopedia.com/articles/investing/100814/why-10-year-us-treasury-rates-matter.asp#:~:text=Impacts%20Financial%20Markets,of%20future%20earnings%20is%20higher.