PM’S ADVISOR: IRAQ’S OIL EXPORTS TO THE US INCREASED BY 110% IN TWO YEARS, 30 MARCH

 PM’S ADVISOR: IRAQ’S OIL EXPORTS TO THE US INCREASED BY 110% IN TWO YEARS

The Prime Minister’s Financial Advisor, Mazhar Mohammed Salih, confirmed that Iraq’s oil exports to the United States have increased by more than 110% in two years.

Salih told the Iraqi News Agency (INA): “Economic cooperation between Iraq and the United States extends to many diverse investment, trade, and economic fields. Economic cooperation between Iraq and the United States has witnessed remarkable developments in recent years.”

 He noted that “the volume of trade between the two countries has more than doubled over the past two years, with Iraq’s oil exports to the United States increasing by more than 110%, and Iraq’s imports from the United States increasing significantly over the past two years, with the value of this trade ranging between $9 and $10 billion.”

He explained that “Iraq’s imports were primarily in automobiles, transportation equipment, and engineering and electrical equipment. However, the trade balance remained in Iraq’s favor, with a difference of $5.7 billion, reflecting the continued superiority of Iraqi exports to the United States, 

particularly in the crude oil sector.” He noted that “economic cooperation between Iraq and the United States is developing, with a focus on enhancing trade exchange and supporting joint investment activities, serving the economic interests of both countries.”

Salih stated that “financial and economic cooperation is part of a positive joint dialogue between the two countries. Since the beginning of this year, many mutual understandings have been reached in the field of economic cooperation, which are consistent with supporting stability and economic reforms outlined in the government’s program, particularly the development of an attractive investment cooperation environment for investors between the two friendly countries, within the country’s general economic policy to achieve sustainable development goals.”

Goldilocks Global Banking News: A Comprehensive Overview of Currency Modernization and the Revaluation Journey, 30 MARCH

 Goldilocks Global Banking News: A Comprehensive Overview of Currency Modernization and the Revaluation Journey

Introduction

In the ever-evolving landscape of global finance, the significance of currency modernization and revaluation has become increasingly pertinent. This chapter focuses on the latest developments from Goldilocks Global Banking News, hosted by Freedom Fighter. With an emphasis on currency reforms, particularly, 

the revitalization of the Vietnamese Dong and its strategic alignment with global economic frameworks, this summary delineates critical insights, relevant economic strategies, and relationships, which are pivotal for stakeholders involved in currency exchange and economic stability.

 As economies around the world grapple with inflation, Vietnam stands out as a nation making considerable strides both to modernize its monetary policies and strengthen its currency.

Section 1: Global Reach and Language Accessibility

• The Goldilocks Global Banking News podcast has reached an impressive milestone, now offering translations in multiple languages, including French, German, Hindi, Indonesian, Italian, Japanese, Portuguese, and ;Spanish.
• This initiative aims to enhance accessibility and make vital information available to a broader audience, showcasing a commitment to informative and inclusive discourse on global banking news.

Section 2: Vietnam’s Economic Modernization

• Vietnam has initiated substantial reforms aimed at modernizing its monetary policy framework, a critical facet for developing economies looking to boost their currency’s value.
• Key strategies mentioned include the integration of the Vietnamese Dong into a wider array of global economic goals and pursuing initiatives like sustainable bonds .
• A proactive approach towards controlling inflation is highlighted as essential, paralleling similar efforts undertaken by other nations, particularly Iraq and the United States.
• The Central Bank of Vietnam, known as the State Bank, is refocusing its framework to prioritize macroeconomic stability and inflation control.

Section 3: De-dollarization Efforts

• Vietnam has shifted from a heavy reliance on the U.S. dollar, a transition dating back to 2010, often termed dedollarization.
• This strategic move allows for greater flexibility in exchange rate management and enhances the stability of the Vietnamese Dong in domestic and international trade.
• Research indicates that exchange rate flexibility is integral in mitigating market vulnerabilities, consequently leading to a potential appreciation of the Dong’s value.

Section 4: Currency Stability and Economic Fundamentals

• The stabilization of a currency is predicated upon reducing volatility and restoring confidence in economic management. This is evident as Vietnam prepares the Dong for set improvements.
• The measures undertaken include pegging the currency to other stable currencies—a practice similar to efforts underlined by Iraq’s recent initiatives.
• A focus on building foreign currency reserves post-stabilization is essential for economic growth, positioning Vietnam strategically within the competitive landscape of neighboring countries.

Section 5: Automation and the Digital Economy

• A pivotal theme highlighted by Goldilocks is the increasing automation of foreign currency exchange, which is critical in the transition towards a digital economy.
• The implementation of digital assets in banking is heralded as a transformative force, enhancing operational efficiency in the Forex market.
• Technologies such as algorithmic trading systems hold the potential to either buoy currency values or exacerbate risks, dependent on their market execution and economic alignment.

Section 6: Vietnam’s Role in BRICS and Bilateral Trade

• Vietnam’s increased engagement with entities such as China and Russia marks its emergence as a partner in the BRICS nations, indicating a deeper integration within global economic matrices.
• The pursuit of direct trading in national currencies fortifies its position amongst key global players, fundamentally enhancing trade relationships and economic leverage.

Conclusion

The trajectory of Vietnam’s currency modernization serves as a testament to the intricate interdependencies in global economics. The strategic moves towards modernization, inflation control, de-dollarization, and automation position Vietnam favorably in an increasingly complex environment.

 Observing these developments is crucial for economists, investors, and policymakers alike, not only for understanding Vietnam’s stance but also for recognizing broader trends influencing currency valuation and economic stability worldwide. 

As the digital economy evolves, the implications for the Revaluation of Currencies (RV) and Global Currency Reset (GCR) remain significant, paving the way for new financial paradigms and opportunities across the globe.

In summary, holding onto the Dong, as advised by Goldilocks, signals an optimistic outlook for those navigating the evolving landscape of currency and banking, accentuating the fundamental belief that economic stability and modernization are intertwined in the journey toward a robust global economy.

MNT GOAT: THE DINAR will “gradually” go up in rate!! @DINARREVALUATION #iraqidinarinvestor

 

EMPLOYEES WITHDRAW 8 TRILLION DINARS FROM BANKS IN TWO HOURS.. THE MINISTRY OF FINANCE SEEKS A SOLUTION, 30 MARCH

 EMPLOYEES WITHDRAW 8 TRILLION DINARS FROM BANKS IN TWO HOURS.. THE MINISTRY OF FINANCE SEEKS A SOLUTION

Crisis of confidence despite the electronic system

Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, called for stopping the provision of subsidized dollars at an exchange rate of 1,320 dinars for non-essential luxury imports, and instead providing them for the import of necessities such as production lines and agricultural equipment, to reduce the volume of imports later. He pointed out that many private banks were not established according to the needs of economic sectors and that they profit from transfer operations despite being inactive due to their inability to deal with foreign correspondent banks. He also confirmed that the government deposits about 8 trillion dinars monthly as salaries for employees and retirees, but they are withdrawn within only two hours, calling for the matter to be addressed.

oeen Al-Kadhimi, in an interview with journalist Saadoun Mohsen Damd, followed by 964 Network :

The banking system is linked to the Central Bank, the body responsible for regulating banking operations. Numerous workshops have been held recently to develop the banking system. However, there are external factors that influence banks attempting to link up with foreign banks, which also impact the development process.

From our perspective as a parliamentary committee, we believe the Iraqi banking system is still in its early stages of adapting to global regulations. The Central Bank and the Ministry of Finance are required to support the work of banks so they can fulfill their role beyond limited tasks, such as supporting the agricultural and industrial sectors, and other diverse economic sectors.

Some banks are trying to profit solely from dollar transfers, without contributing to other developmental aspects. One of our most important observations is the increasing number of banks being established without feasibility studies. This is despite the fact that they are practically at a standstill because most of them have been unable to link up with international banks to conduct financial transfers, thus preventing them from accessing the currency window.

The Central Bank sometimes justifies some of the violations of its instructions by private banks. It must then address the missing relationship between the public and the banks. Some citizens lost their money after certain banks declared bankruptcy, and the Central Bank must also address this issue.

Improving banking performance is key, and we have approached the Central Bank about addressing the issue of depositing funds and the difficulty depositors face in withdrawing them later, while improving interest rates to ensure depositors feel valued. Most importantly, we are increasing automation, moving away from cash transactions.

The internet is no obstacle to the electronic transformation of financial transactions. Banks must improve their digital applications and technologies to benefit from the country’s internet services and quality. Employee and retiree salaries, which amount to approximately 8 trillion dinars, are now paid electronically, but they are withdrawn within two hours, immediately emptying all banks. This must be addressed.

The Ministry of Finance’s monthly priority is to convert its dollar balances into dinars to boost remittances and foreign imports, which are often for luxury goods, as traders benefit from the exchange rate difference. This must stop, and subsidized dollars must be allocated to essential needs, such as importing production lines, to reduce imports later.

HOLLLY CELIANO : the Vietnam dong will position to Vietnam as a leader in Southeast Asia's Cryptocurrency Market in the future, 30 MARCH

 HOLLLY CELIANO 

 The summary reports on Vietnam's new stablecoin linked to the Vietnamese Dong (VND), named V NST, aiming to position Vietnam as a leader in Southeast Asia's cryptocurrency market by 2030. 

Vietnam is also working with SBI to improve cross-border payments using XRP. 

There are notable leadership changes, and Celiano disputes the idea of an upcoming market crash, suggesting that the economy is transitioning to decentralized finance. 

Additionally, Trump’s World Liberty Financial plans to issue a dollar-pegged stablecoin, USD1. 

Ripple's recent legal win against the SEC may enhance its credibility in supporting Iraq's digital dinar. 

The DTCC has introduced new trading capabilities. 

Celiano urges individuals to be proactive in protecting their personal information amid economic changes, underscoring significant transformations in global economies, particularly in cryptocurrency.

TNT ; Someone exchanged their dinar for $5.90 @DINARREVALUATION #iraqidinar #iraqidinarinvestor

 

IRAQI PORTS AUTHORITY DISCUSSES OPERATING MECHANISMS FOR THE GRAND FAW PORT WITH THE AMERICAN COMPANY KBR WITH COMMENTS OF MNT GOAT, 30 MARCH

IRAQI PORTS AUTHORITY DISCUSSES OPERATING MECHANISMS FOR THE GRAND FAW PORT WITH THE AMERICAN COMPANY KBR

The General Company for Iraqi Ports announced on Wednesday that a meeting was held at the Ministry of Transport headquarters with representatives from the American company KBR, in the presence of representatives from the Ministry of Planning, to discuss the mechanisms for the actual transition to operating the Grand Faw Port after the completion of the project’s basic work.

Farhan Al-Fartousi, Director General of Iraqi Ports, told Shafaq News Agency, “The Grand Faw Port is going through a pivotal phase, as many preliminary works have been completed. This meeting is a strategic step to coordinate efforts between government agencies and international companies, ensuring the success of future operations.”

Al-Fartousi pointed out that “the meeting comes within the framework of preparing for the transition to the actual operational phase of the port, relying on available international expertise and in line with the Prime Minister’s government program,” stressing that “qualifying Iraqi cadres to manage and operate the port is a key priority in the programs for contracting with international companies.”

The cost of the Faw Port is approximately 4.6 billion euros, with an estimated capacity of 99 million tons annually, making it one of the largest ports overlooking the Gulf and the tenth largest in the world. The foundation stone for this project was laid on April 5, 2010.

The Grand Faw Port issue and the delays in its completion have sparked widespread controversy in Iraq. MPs have accused successive governments of striking deals with neighboring countries that squandered the port’s construction in favor of those countries’ ports. The project has also experienced some delays following the mysterious suicide of the technical director of the South Korean company Daewoo, which was implementing the Grand Faw Port project.

(Again more past corruption is exposed. When will it all come out?)