News — Dinar Recaps Blog Page — Dinar Recaps (2024)

TNT:

Tishwash: Document stating no taxes on Dinar and the report for Vietnam

This is the summary fromsection6

FOREIGN EXCHANGE AND REMITTANCES

Foreign Exchange

The currency of Iraq is thedinar (IQD). The Central Bank of Iraq devalued the IQD, by 22.7 percent at the end of Dec 2020, to avoid a liquidity crisis. This came as part of the reform plan put in place by the Prime Minister after the country was simultaneously impacted by COVID -19 and the significant drop in oil prices at that time.

Iraqi authorities confirm that in practice,there are no restrictions on current and capital transactions involving currency exchange ifvalid documentation supportsunderlying transactions.

TheInvestment Lawallows investors to repatriate capital brought into Iraq, along with proceeds. Funds can be associated with any form of investment and freely converted into any world currency. TheInvestment Law also allows investors to maintain accounts at banks licensed to operate in Iraq and transfer capital inside or outside of the country.

The GOI’s monetary policy since 2003 has focused on ensuring price stability primarily by maintaining a de facto peg between the IQD and the U.S. dollar,while seeking exchange rate predictabilitybysupplying U.S. dollarsto the Iraqi market. In December 2020, the GOI announced that it would officially devalue the dinar’s peg to the U.S. dollar by 22 percent. Banks may engage in spot transactions in any currency; however, theyare not allowed to engage in forward transactions in Iraqidinars for speculative purposes. There are notaxesor subsidies on purchases or sales of foreign exchange.

the whole report is here https://www.state.gov/reports/2022-investment-climate-statements/iraq/

Here is the link for the same report but for Vietnam

I HAVE NOT READ IT AND I DON'T INTEND to

https://www.state.gov/reports/2023-investment-climate-statements/vietnam/

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BabysMom: Vietnam Tax Document

Vietnam

2. Bilateral Investment Agreements and Taxation Treaties

Vietnam maintains trade relations with 200 countries, and has 65 bilateral investment treaties (BITs) and 26 treaties with investment provisions. It is a party to five free trade agreements (FTAs) with ASEAN, Chile, the Eurasian Customs Union, Japan, and South Korea. As a member of ASEAN, Vietnam also is party to ASEAN FTAs with Australia, New Zealand, China, India, Japan, South Korea, and Hong Kong.

Vietnam finalized an FTA with the European Union in 2015, but the agreement has neither been signed nor ratified. In addition, Vietnam is a member of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP), which was signed on March 8, 2018. Vietnam is a participant in the Regional Comprehensive Economic Partnership (RCEP) negotiations, which include the 10 ASEAN countries and Australia, China, India, Japan, South Korea, and New Zealand, and it is negotiating FTAs with other countries, including Israel.

A full list of signed agreements to which Vietnam is a party is on the UNCTAD website:http://investmentpolicyhub.unctad.org/IIA/CountryBits/229#iiaInnerMenu.

Vietnam has signed double taxation avoidance agreements with 77 countries, listed athttp://taxsummaries.pwc.com/ID/Vietnam-Individual-Foreign-tax-relief-and-tax-treaties. The United States and Vietnam concluded and signed a Double Taxation Avoidance Agreement (DTA) in 2016, but the agreement is still awaiting ratification by the U.S. Congress.

There are no systematic tax disputes between the government and foreign investors. However, an increasing number of U.S. companies disputed tax audits resulting in retroactive tax assessments. These cases may stem from Vietnam’s chronic budget deficits and the need to find sources to fill the revenue gap left from falling tariffs and falling oil revenues. These retroactive tax cases against U.S. companies can obscure the true risks of operating in Vietnam and give some U.S. investors pause when deciding whether to expand operations.

In February 2017, the government released Decree 20/2017/ND-CP, effective since May 2017, which introduced many new transfer-pricing reporting and documentation requirements, as well as new guidance on the tax deductibility of service and interest expenses.

6. Financial Sector

Capital Markets and Portfolio Investment

Although Vietnam welcomes foreign portfolio investment, Morgan Stanley Capital International (MSCI) still classifies Vietnam as a Frontier Market, which precludes some of the world’s biggest asset managers from investing in its stock markets. Vietnam is working to meet the criteria necessary to attain “emerging market” status and attract greater foreign capital inflows.

While the government has acknowledged the need to strengthen both the capital and debt markets, there has been no substantial progress, leaving the banking sector as the primary capital source for Vietnamese companies. Challenges to raising capital domestically include insufficient transparency in Vietnam’s financial markets and non-compliance with internationally accepted accounting standards.

Vietnam has two stock exchanges, which are the HCMC Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX). The State Securities Commission (SSC) regulates both. As of February 2018, HOSE and HNX had total market capitalization of approximately USD 220 billion, surpassing 110 percent of Vietnam’s GDP. Government bonds account for one fifth of the total market capitalization traded on the HNX. A trading floor for unlisted public companies (UPCOM) operates at the Hanoi Securities Center, where many equitized SOEs first list their shares (due to lower transparency requirements) before moving to HOSE or HNX. Roughly 90 percent of the combined market capitalization is in HOSE.

Vietnam complies with International Monetary Fund (IMF) Article VIII. The governmentnotifiedthe IMF that it accepted the obligations of Article VIII, Sections 2, 3, and 4, effective November 8, 2005.

Banks charge relatively high interest rates for new loans because they must continue to service existing non-performing loans (NPLs). Domestic companies, especially small and medium enterprises (SMEs), often have difficulty accessing credit. Foreign investors are generally able to obtain local financing.

Money and Banking System

The State Bank of Vietnam (SBV) estimates that around 70-80 percent of the total population are underbanked or do not have bank accounts, due to an inherent distrust of the banking sector, the engrained habit of holding assets in cash, foreign currency, and gold, and the limited use of financial technology tools. Since recovering from the 2008 global downturn, Vietnam’s banking sector has been stable. However, despite various banking reforms, Vietnam’s banking sector continues to be concentrated at the top and fragmented at the bottom.

By the end of 2017, state-owned or majority state-owned banks accounted for over 46 percent of total assets, and over 40 percent of equity capital in the banking sector. The estimated total assets in the banking system is USD 454.6 billion. In addition, 31 private joint-stock commercial (private) banks, all smaller than the state-owned banks, are gradually gaining market share. There were also nine foreign-owned banks (HSBC, Standards Chartered, Shinhan, Hong Leong, Woori Bank, Public Bank, CIMB Bank, ANZ and United Overseas Bank), 49 branches of foreign banks, 47 representatives of foreign banks, and two joint-venture banks (Vietnam-Russia Bank and Indovina Bank).

Vietnam has made some progress on reducing its NPLs, but most domestic banks remain under-capitalized with high NPL levels that continue to drag on economic growth. Accurate NPL data is not available and the central bank frequently underreports the level of NPLs. Other issues in the banking sector include state-directed lending by state-owned commercial banks, cross-ownership, related-party lending under non-commercial criteria, and preferential loans to SOEs that crowd out credit to SMEs. By law, banks must maintain a minimum chartered capital of VND 3 trillion (roughly USD 134 million).

Currently, the ceiling for total foreign ownership in a Vietnamese bank remains at 30 percent, with a 5 percent limit for non-strategic individual investors, a 15 percent limit for non-strategic institutional investors, and a 20 percent limit for strategic institutional partners. In early 2017, the Prime Minister promised to increase the limits of foreign ownership in local banks, though he did not specify the new ceiling. Prudential measures and regulations apply the same to domestic and foreign banks.

We are unaware of any lost correspondent-banking relationships in the past three years. However, after the SBV took over three failing banks (Ocean Bank, Construction Bank, and Global Petro Commercial Bank (GP Bank)), and placed Dong A Bank under special supervision in 2015, correspondent-banking relationships with those banks may have been limited.

Vietnam has begun studying blockchain technologies in financial services and SBV established a steering committee on financial technology (fintech) in March 2017.

Foreign Exchange and Remittances

Foreign Exchange Policies

There are no restrictions on foreign investors converting and repatriating earnings or investment capital from Vietnam. However, funds associated with any form of investment cannot be freely converted into any world currency.

The SBV has a mechanism to determine the interbank reference exchange rate. In order to provide flexibility in responding to exchange rate volatility, the SBV now announces the interbank reference exchange rate daily. The rate is determined based on the previous day’s average interbank exchange rates, taking into account movements in the currencies of Vietnam’s major trading and investment partners.

Remittance Policies

Vietnam allows foreign businesses to remit profits, capital contributions, and other legal investment activity revenues in hard currency. There are no time constraints on remittances or limitations on outflow remittances of profits or revenue. However, outward foreign currency transactions require certain supporting documents (such as audited financial statements, import/foreign-service procurement contracts and proof of tax obligation fulfillment, and approval of the SBV on loan contracts etc.).

Sovereign Wealth Funds

The State Capital Investment Corporation (SCIC) technically qualifies as a sovereign wealth fund (SWF), as its mandate is to invest dividends and proceeds from privatization in assets outside of the state-owned sector. It was estimated at USD 2.8 billion in June 2016 (an updated estimate is not available.) However, the SCIC does not manage or invest balance-of-payment surpluses, official foreign currency operations, government transfer payments, fiscal surpluses, or surpluses from resource exports. SCIC’s primary mandate is to manage the non-privatized portion of SOEs. By July 2017, the SCIC managed a portfolio of 141 equitized SOEs, including 134 joint-stock companies, and three limited companies in various sectors. The SCIC invests 100 percent of its portfolio in Vietnam, and the SCIC’s investment of dividends and divestment proceeds does not appear to have any ramifications for U.S. investors. The SCIC budget is reasonably transparent, audited, and can be found athttp://www.scic.vn/.

In addition, the SCIC is working toward membership in the IMF-hosted International Working Group on SWFs.

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Tishwash: A parliamentary committee reveals the reasons for obstructing the legislation of the oil and gas law

Today, Saturday, member of the Oil, Gas and Natural Resources Committee, Kazem Al-Touki, revealed the reasons for obstructing the legislation of the oil and gas law, while stressing the difficulty of legislating the law.

Al-Touki told Al-Maalouma Agency, “The differences have negatively affected the legislation of the oil and gas law, which faces many political and technical obstacles.”

He added, “Legislating the oil and gas law is not an easy matter, especially after the decisions of the Federal Supreme Court to stop the region’s export of oil through the Turkish Ceyhan port.”

He pointed out that "the legislation of the oil and gas law needs more dialogue and negotiation between Baghdad and Erbil, especially since the legislation of this law was part of the political agreement prior to the formation of the government. link

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Global Economic News from the Seeds of Wisdom Team Friday Afternoon 6-28-24

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KTFA:

Clare: Dinar Explainer 2: Consequences of Iraq's Two Exchange Rates

28th June 2024

On arecent webinarorganised by theIraq Britain Business Council (IBBC), Professor Frank Gunter ofLehigh Universityoutlined the key changes in the dinar exchange rate over the years, as well as the consequences of having two exchange rates. (For more on the reasons why Iraq has two exchange rates,click here).

Current Exchange Rates

There are two exchange rates in Iraq: the official exchange rate and the market rate.

The official exchange rate is approximately 1,310 Iraqi dinars per US dollar.

The market rate is higher, at around 1,460 Iraqi dinars per US dollar, which represents a 12% gap between the two rates.

Impact of Dual Exchange Rates

The existence of dual exchange rates has several negative effects on Iraq's economy:

It slows economic growth by disrupting existing contracts and discouraging trade and investment both domestically and internationally.

It encourages corruption, as individuals and entities can profit from the difference between the official and market rates by being paid in dollars and making payments in dinars.

It complicates fiscal policy, making it harder for the government to manage the economy effectively.

Historical Changes in Exchange Rates

December 2020: Thedinar was devaluedby 23%, primarily due to the fiscal crisis of 2020 and the drop in oil prices. This devaluation was intended to allow the Ministry of Finance to obtain more dinars for each dollar of oil revenue.

February 2023: There was arevaluation, increasing the value of the dinarfrom 1,450 to 1,310 per dollar. This revaluation was beneficial for importers, as it made imports cheaper, but it negatively impacted exporters of non-oil goods, making their products more expensive abroad.

Effect of Dollar Appreciation

Since the revaluation in February 2023, the US dollar has appreciated by about 3.3%. This further makes imports cheaper in Iraq but makes exports more expensive, affecting the balance of trade.

Challenges of Dual Exchange Rates

The dual exchange rates have contributed to economic disruption by making it difficult to conduct business with predictable costs and revenues. The gap between the rates incentivizes corrupt practices and complicates governmental fiscal management, ultimately leading to slower economic growth.

In summary, the official and market exchange rates in Iraq have undergone significant changes in recent years, driven by economic crises and fiscal policy decisions. The dual rates present ongoing challenges for economic stability, growth, and governance.

The consequences of having two exchange rates in Iraq can be summarised as:

Slowing Economic Growth

The dual exchange rate system disrupts existing contracts and discourages both domestic and international trade and investment. This disruption hinders economic stability and growth.

Encouraging Corruption

The gap between the official and market exchange rates creates opportunities for corrupt practices. Individuals and entities can profit from the difference by being paid in dollars and making payments in dinars, exploiting the discrepancy for financial gain.

Complicating Fiscal Policy

Managing the economy becomes more challenging with dual exchange rates. The existence of two rates complicates fiscal policy, making it difficult for the government to implement effective economic measures and maintain financial stability.

LINK

TNT:

CandyKisses: Dinar Explainer 1: Why Iraq has Two Exchange Rates

By John Lee.

On arecent webinarorganised by theIraq Britain Business Council (IBBC), Professor Frank Gunter ofLehigh Universityexplained the causes and effects of Iraq's dual exchange rate.

The three reasons why Iraq has two exchange rates are:

1. Excessive Demand for US Dollars Internationally:

There is a high demand for US dollars in countries like Iran and Syria, where local currencies have significantly devalued. Entities in these countries are desperate to obtain dollars, which are accepted everywhere and difficult to trace.

The excessive demand for US dollars internationally is driven by several factors:

1. Currency Devaluation in Neighboring Countries:

• The Iranian rial has lost 75% of its value due to sanctions from the US and other nations.

• The Syrian pound has lost 99% of its value primarily due to the ongoing civil war.

• These significant devaluations have led entities in Iran and Syria to seek more stable currencies like the US dollar.

• There is a particular demand for physical US dollars (paper currency) rather than electronic funds transfers (EFTs). Physical dollars are preferred because they are accepted everywhere and are impossible to trace, making them more desirable for transactions that may need to avoid scrutiny.

• Due to these devaluations and economic instability, Iran and Syria find it more feasible to obtain dollars from Iraq. The Iraqi market offers a cheaper source of dollars, requiring fewer real resources compared to other regions.

These factors collectively create a significant international demand for US dollars, which in turn impacts Iraq's exchange rate dynamics by increasing the pressure on its currency system and contributing to the existence of dual exchange rates.

1. Internal Demand for Dollars:

Within Iraq, the dollar has dominated the dinar both as a medium of exchange and as a store of value. Although recent regulatory changes have reduced this dominance, the demand for dollars remains strong.

The internal demand for dollars in Iraq is driven by several key factors highlighted in the text:

1. Dominance of the Dollar:

• Historically, the US dollar has dominated the Iraqi dinar both as a medium of exchange and as a store of value. This dominance means that people prefer to use and hold dollars over the local currency, contributing to the internal demand for dollars.

• Although there have been recent regulatory changes aimed at reducing the dominance of the dollar, the demand remains strong. These changes have not been sufficient to shift the preference from dollars to dinars significantly.

• Iraq's economy is still very much a cash economy. The Central Bank of Iraq estimated that there were 90 trillion dinars outside financial intermediaries, highlighting the extensive use of cash. This reliance on cash further underscores the preference for a stable currency like the dollar.

• The banking system in Iraq is underdeveloped. The state-owned banks are not private sector-oriented, with major banks like Rafidain and Rasheed facing difficulties. Additionally, Iraq is severely under-banked, with only four bank branches and five ATMs per 100,000 Iraqis, compared to the Middle East and Northern Africa average of 14 branches and 37 ATMs.

• The lack of a universal core banking system, which makes it difficult to withdraw funds from a different branch than where the deposit was made, contributes to the preference for holding dollars.

• The perception that deposits have become more insecure has increased the demand for dollars. For instance, the suspension of dollar withdrawals starting January 1, 2024, has likely exacerbated concerns about the security and accessibility of funds, driving people to prefer holding dollars.

These factors collectively create a strong internal demand for dollars in Iraq, complicating efforts to manage the exchange rate and stabilize the economy.

1. De-Dollarization Efforts by the New York Fed:

The New York Federal Reserve has restricted dollar transfers to reduce dollar flows to Iran and Syria. They have also excluded over two dozen Iraqi banks from transactions, which has increased the complexity and demand for dollars in Iraq.

The de-dollarization efforts by the New York Federal Reserve (New York Fed) are part of a broader strategy to control the flow of US dollars, particularly to countries under sanctions such as Iran and Syria. Here are the key points from the text:

1. Restriction on Dollar Transfers:

• The New York Fed has restricted the transfer of physical dollars to Iraq. Previously, both electronic dollars (via electronic funds transfer, or EFT) and paper dollars could be sent to Iraq. Now, the New York Fed primarily allows only electronic transfers while restricting the shipment of actual paper dollars.

• Over two dozen Iraqi banks have been excluded from doing transactions with the New York Fed. The New York Fed will not transfer funds to these banks or respect their transactions. This exclusion is part of the effort to control the flow of dollars and reduce the likelihood that they will end up in countries like Iran and Syria.

• The primary goal of these restrictions is to reduce dollar flows to Iran and Syria. By limiting access to physical dollars and restricting certain banks, the New York Fed aims to make it more difficult for these countries to obtain US dollars, which are in high demand due to the devaluation of their own currencies and economic sanctions.

• The de-dollarization efforts have significant implications for Iraq. The restriction on physical dollar transfers and the exclusion of certain banks have added to the complexity and demand for dollars within Iraq. These measures are part of the broader challenge facing the Iraqi government as it tries to manage its dual exchange rates and stabilize its economy.

These efforts by the New York Fed are part of a strategic initiative to use financial controls as a means of exerting economic pressure on countries like Iran and Syria, while also attempting to mitigate the impact on the Iraqi economy.

You can read more on the history and consequences of the dinar exchange ratehere.

https://www.iraq-businessnews.com/?p=221422

BRICS to Leave UN: What Next?

Fastepo: 6-27-2024

BRICS countries, along with other Global South nations, have voiced their discontent with the United Nations for several reasons. Chief among their concerns is the significant influence Western nations wield in key international organizations and decision-making processes.

These countries believe that the current UN framework does not adequately represent their interests and viewpoints. Consequently, the BRICS nations are pushing for a more democratic and inclusive structure within the UN.

For instance, during the recent BRICS summit, there were calls for comprehensive reform of the UN to ensure greater involvement of emerging nations, including a re-evaluation of the Security Council's composition and the veto power held by the permanent members. Consequently, there have been numerous calls for significant reforms or even a total overhaul of the UN, with the goal of establishing a more equitable and representative system of global governance.

This video will delve into these proposed changes and the motivations driving them.

https://www.youtube.com/watch?v=IwccA2r2mHI

Japan Panic: Currency In Tatters, US Warns Against Yen Rescue, Economy Contracts Further

Sean foo: 6-28-2024

Japan's economy is in trouble. As the Yen continues a historic slide to a 38-year low, this spells danger for their manufacturing, economic growth and even their stock market. However, their dollar interventions are useless and the US just placed Tokyo on its currency watchlist!

Timestamps & Chapters:

0:00 Yen Collapses To Historic Low

2:40 China Eating Japan's Market Share

5:29 US Warns Against Currency Rescue

8:28 Investors Fleeing Japanese Stocks

11:23 The US Is At Risk

https://www.youtube.com/watch?v=LklSTNozWuE

It's Too Stupid Not To Be Planned | Bill Holter

Liberty and finance: 6-27-2024

“It’s too stupid to not be the plan,” says Bill Holter . He argues that recent U.S. policy decisions are clearly aimed at destroying the U.S. and surrendering our sovereignty to international bodies.

Whether it's a plan or not, we're seeing a slow motion collapse of the purchasing power of the U.S. dollar. Holter discusses practical ways people can prepared today for what's coming.

INTERVIEW TIMELINE:

0:00 Intro

1:38 Gold & silver update

7:20 Coinage vs bills

10:18 Banking system

12:00 Latest scams

13:00 Which banks will survive?

19:39 Types of gold

22:20 Gold/silver ratio

23:56 Legal tender laws

25:20 Gold/silver stocks

26:10 Mexico and mining

27:55 Gold revaluation

31:39 The plan to destroy America

33:23 Metals confiscation

https://www.youtube.com/watch?v=STV9NEa8P68

Iraq Economic News and Points To Ponder Friday AM 6-28-24

Parliament: Amending The Investment Law Will Reflect Positively On The Future

Iraq 06/27/2024 Baghdad: Al-Sabah The Investment and Development Committee in the House of Representatives intends toamend theInvestment Law, which will reflect positively on this sector.

Committee member Muhammad Al-Zayadi told Al-Sabah:

This law is one of the important laws, as through it the legislative and executive authorities can provide what is best for this sector, noting that the issue of replacing the heads of investment bodies is a matter assigned to the provincial councils. He added that the legislative authority must implement what is stated in the Provincial Councils Law regarding the tasks of local governments, in addition to the fact that the Constitution fully clarifies the tasks and powers of local governments, and therefore what concerns those governments is their own business.

Al-Ziyadi pointed out that the last stage witnessed the absence of the role of the local government, and timid follow-up by the members of the House of Representatives after the task was entrusted to them,

but now the law must be implemented in its entirety and the local councils must present something to their people in all governorates and what they deem appropriate by changing or continuing regarding investment bodies..

He pointed out that we must benefit from the mistakes that occurred in the past to correct the work of investment bodies, explaining that the

violations in the work of the bodies, including extending the work of their heads, which some have spoken about, did not exist because this matter is within the authority of the Council of Ministers, adding that the matter is up to the provincial councils to implement what they see. appropriate according to their powers and do not allow any of the authorities to take away their powers for any reason. https://alsabaah.iq/98624-.html

With its various digital activities, technical and information operations, and its continuous endeavor to enhance cybersecurity and data protection and information related to financial and banking systems”

and to develop a standard framework and controls for developing resilience capabilities Cyber ​​and levels of readiness to confront and respond to the effects resulting from risks, threats and cyber attacks “effectively”

and enhancing the flexibility of financial and banking institutions to cope with technical and information security disruptions Cyber ​​crises, withstand these crises and recover from them in appropriate record periods, and ensure continuity of business and operations and banking activities.

In order to provide a comprehensive framework for organizing, developing and developing this sector in a way that is compatible with modern technical challenges and threats Increasing cybersecurity”

We attach a link to the document on cyber resilience controls for the financial and banking sector in Iraq Commitment to them in order to enhance the cyber resilience of your organizations.

We consider the controls, guidelines, procedures and measures contained in this document an important reference and basis for protecting infrastructure Technology, financial and banking systems” and contributes to enhancing your institutions’ readiness and flexibility in facing technical challenges Security and cyber threats, adapting to them, predicting their risks, containing them, and recovering from them quickly. And guarantee capacity To continue performing tasks and functions and providing services on an ongoing basis.

.. with respect.

Attachments:

- Cyber ​​resilience controls for the financial and banking sector in Iraq in Arabic and English.

https://cbi.iq/static/uploads/up/file-171939700326129.pd

Modify instructions

June 27, 2024
Modify instructions

diamonds: Cancellation of Paragraph ( 5 / d ) of the instructions and standards for circulation and replacement of banknotes, and the counting and sorting mechanisms..For more click here
https://cbi.iq/static/uploads/up/file-1719486275814.pdf

https://cbi.iq/news/view/2608

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[approximate and incomplete translation ofhttps://cbi.iq/static/uploads/up/file-1719486275814.pdf]

All approved banks

M/Instructions and standards for circulation and exchange of banknotes, and mechanisms for counting and sorting

In addition to our Circular No. (34/4/9) dated 1/10/2024 - we would like to inform you of the cancellation of paragraph (5/d) of the instructions and standards.

Circulation and exchange of banknotes and counting and sorting mechanisms included (collecting the amount of (250) dinars on bank deposits About the counting and sorting operations for each bundle) and this will be implemented starting from the date of 7/1/2024.

with respect.

TNT:

Tishwash: Iraq secures its borders with more than 950 thermal cameras

Today, Thursday, the Ministry of Interior announced the deployment of more than 950 thermal cameras on the Iraqi border.

The spokesman for the Ministry and the Security Media Cell, Brigadier General Muqdad Miri, said in a statement received by the “Eshan” platform: “We have reached more than (950) thermal cameras on the Iraqi borders with neighboring countries during the past two years.”

He added, “This number of cameras came after only 200 were installed over the past years.” link

Tishwash: Iraq signs a contract with Saudi Arabia to build a submarine cable to increase internet capacity

The Iraqi Ministry of Communications signed a contract for the submarine cable construction project with the Saudi Telecom Company with the aim of increasing internet capacity in Iraq.

Iraqi Minister of Communications Hiyam Al-Yasiri stated that this contract is the third of its kind signed by the current Iraqi government.

She said in a press conference following the signing, "After signing this contract, the landing procedures will begin, which include surveying the site for water and moving the necessary ships for that, and then landing the cable at the Al-Faw station to be used in marketing internet capacities and increasing the internet capacities entering Iraq."

Omar Al-Amiri, Director General of the Department of Relations and Media at the Iraqi Ministry of Communications, said, “Many international companies will pass their capacities through submarine and land optical cables, and this will help facilitate the movement of international communications and will link the countries of Africa and Asia to Europe via Iraq.”

He stressed that such projects will have a "positive economic impact on Iraq by activating and investing in its geographical location."

For his part, Ali Yassin, Director General of the Iraqi General Company for Communications and Information Technology, explained that “the To Africa submarine cable is one of the most important strategic submarine cables that passes through more than 33 countries.”

He added that Iraq's joining this path will help increase Internet capacities.

The Iraqi Ministry of Communications stated that the new submarine cable project strengthens Iraq's geographical position and consolidates its success in international communications (transit) called (the Road of Civilizations), noting that the rate of international communications passing through Iraq has increased to more than (one terabyte) during the past two months. link

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Tishwash: “National Bank violations” place the governor of the Central Bank before parliamentary accountability

MP Alia Nassif directed a parliamentary question to the Governor of the Central Bank of Iraq regarding the preparation of non-Iraqi employees and managers and their salaries working in the National Bank.

She called in a tweet she published on her account on the X platform, which the “Iraq Observer” agency viewed, which stated: Based on Article 61/Seventh of the Constitution and Article 29 of the Law of the Council of Representatives and its formations and Articles “50, 51, 53” of the internal regulations of the Council of Representatives, to inform Parliament of the legal basis for the National Bank’s violation of Iraqi laws, the Central Bank, the Banking Law and the instructions of the Central Bank.

She pointed out the reasons for not declaring the actual salaries of the National Bank employees to the Social Security Department, especially non-Iraqis, due to the receipt of information about tax evasion and informing Parliament of the procedures.

Earlier, Representative for the State of Law, Alia Nassif, revealed that the National Bank of Iraq controls 33% of dollar sales in Iraq, confirming that this bank is 77% owned by non-Iraqis.

Nassif said in a tweet on the #Iraq."

Nassif added: “In 2023, this bank bought $10.8 billion from the currency sales window. The volume of dollars sold from the currency sales window for the year 2023 amounted to $33.4 billion, according to data from the Central Bank of Iraq. The National Bank’s dollar purchase rate is 33% of the total sales of the foreign currency window.”

Nassif asked: “Who is responsible for this financial disaster?”

The book addressed to the governor link

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Tishwash: Construction of a modern bank in Sidekan at a cost of 1.4 billion dinars

As part of the Kurdistan Regional Government's efforts to improve and develop the banking system, the establishment of an advanced bank in the Sidekan area within the boundaries of the Soran Independent Administration is scheduled to be completed in the near future, to facilitate the completion of citizens' transactions.

The mayor of Sidekan district, Ihsan Chalabi, said in a statement to the Information Department in the regional government that "the process of establishing the modern Sidekan Bank is underway at a cost of 1.4 billion dinars, knowing that the completion rate has reached 95%," noting that "the establishment of this bank will contribute to strengthening the banking system in the region."

"The completion of the bank will provide a great service to the citizens of the judiciary and will save them a lot of time and expenses," he added.

A number of residents of the district confirmed that the bank "will be very useful because it will save them a lot of effort and time during their reviews of government departments and institutions in the cities of Soran and Erbil."

It should be noted that the Kurdistan Regional Government has taken important steps in the field of salary distribution and digitization of the banking system as by 2025, one million people will have their own bank accounts. link

Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Evening 6-27-24

Good Evening Dinar Recaps,

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Newshound'sDaily Breakdown Podcastfor June 27, 2024

MP3 Here

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Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Afternoon 6-27-24

Good Afternoon Dinar Recaps,

WEF regards Việt Nam as a model of robust developing economy

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Iraq Economic News and Points To Ponder Thursday Afternoon 6-27-24

Will Gold Reach $3,000 Per Ounce Soon?

Money and business Economy News - follow up Recent analysis by Bank of America shows that “gold prices could rise to $3,000 per ounce over the next 12-18 months.”

The investment bank noted that in 2023, investor demand for gold increased significantly: the accumulation of private bullion and their purchase by central banks accounted for 49% and 43% of purchases, respectively.

However, leveraged ETFs such as the SPDR Gold Trust have seen a decline in assets under management, slowing aggregate demand growth.

Central bank purchases remain a crucial factor in supporting gold prices. While the latest survey conducted by the World Gold Council indicates the continued need for gold among monetary authorities. Views 72 Added 06/27/2024 - https://economy-news.net/content.php?id=44670

Iraq Sells 104 Million Barrels Of Oil During May

Economy | 06/27/2024 Baghdad - Mawazine News The Ministry of Oil revealed, today, Thursday, the proceeds of Iraq’s oil exports during the month of May.

The Ministry stated in a brief statement received by Mawazine News, that “the total oil exports achieved for the month of May, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to (104) million and (130) thousand and (292) barrels.” https://www.mawazin.net/Details.aspx?jimare=250349

Oil Prices Fell Due To Fears Of A Slowdown In Demand

Energy Economy News _ Baghdad Oil prices fell in early Asian trading, Thursday, after a sudden increase in US inventories reinforced fears of a slowdown in demand in the largest oil consumer, but concern that any possible expansion of the Gaza war could disrupt Middle East supplies limited the declines.

Brent crude futures fell 30 cents, or 0.4 percent, to $84.17 per barrel by 0028 GMT. US West Texas Intermediate crude futures also fell 32 cents, or 0.4 percent, to $80.58 per barrel.

The two benchmarks had recorded a slight increase at settlement yesterday, Wednesday.

The US Energy Information Administration announced that the country's crude oil inventories rose by 3.6 million barrels last week, which surprised analysts polled by Reuters who expected a decline of 2.9 million barrels.

Gasoline stocks in the United States also increased by 2.7 million barrels, compared to analysts' expectations of a decrease of one million barrels.

In the Middle East, escalating cross-border tensions between Israel and the Lebanese Hezbollah group in recent weeks have exacerbated fears of an all-out war between Israel and Hezbollah. 06/27/2024 - https://economy-news.net/content.php?id=44660

Dollar Prices Against The Dinar In The Markets Now

Economy | - 06/27/2024 Baghdad - Mawazine News The exchange rates of the dollar against the dinar witnessed a slight decline in the markets today, Thursday.

Selling prices in banking shops decreased in the local markets in Baghdad to 148,000 dinars, while purchasing prices reached 146,500 dinars for every 100 dollars.

As for Kurdistan, selling prices reached 147,000 dinars, while purchasing prices were 146,500 for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=250331

How Much Did The Central Bank Sell For The Dollar At Today's Auction?

Economy | - 06/27/2024 Baghdad - Mawazine News The Central Bank of Iraq revealed, today, Thursday, its sales of the dollar in the currency auction.

According to the bank’s data, the total internal cash withdrawals amounted to $25,580,000, while the total amounts of transfers abroad, which include transfers and credits, amounted to $250,418,667, while the total sale amounted to $275,998,667. https://www.mawazin.net/Details.aspx?jimare=250344

To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/]

Provoking Thoughts and Points To Ponder On Adversity:

Americans are like a rich father who wishes he knew how to give his sons the hardships that made him rich.-Robert Frost

I would never have amounted to anything were it not for adversity. I was forced to come up the hard way.-J. C. Penney

Adversity introduces a man to himself.-Anonymous

I thank God for my handicaps for, through them, I have found myself, my work, and my God.-Helen Keller

When one's own problems are unsolvable and all best efforts are frustrated, it is lifesaving to listen to other people's problems.-Suzanne Massie

This struggle of people against their conditions, this is where you find the meaning in life.-Rose Chernin

http://famousquotesandauthors.com/topics/adversity_quotes.html

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